30 Days 30 Ways To Better Wealth Management

In an uncertain market, these can offer tax savings and flexibility that avoids risk.

Some investments work best in a taxable account, while others fit well into an IRA or a 401(k).

How multi-generational tax savings are achieved when parents help children start Roth IRAs.

SPDR Gold Trust investors should welcome news that wash sale rules don’t apply to gold.

Help them keep more of what they earn after they stop working.

Many HNW clients are using these state-run plans to shelter assets from the inheritance tax.

Consider these strategies to help build savings.

This tool can help clients save on taxes, adding to their bottom line.

Separating the roles of the two professionals can be counterproductive for clients.

IRS: There is a special rule for those who rent their residence for 14 days or less.

For some clients in high-income tax states, incomplete non-grantor trusts may be just the ticket.

They can help reduce the tax drag of required minimum distributions.

If avoiding taxes just attracts the IRS, it defeats the purpose.

Selling assets that are over allocation may generate unwelcome tax.

Clients with net worth skewed to one stock may need tax-efficient ways to diversify.

Treat their tax liabilities as expenses, and plan accordingly.

Intelligent planning can help both parties save money.

Savvy moves in the fourth quarter can help clients owe less to the IRS next April.

After a death, identify and record the allowable partial steps-ups in cost basis of assets.

Often under-used, HSAs can be a powerful tool for clients.

Munis are a great option for high-income taxpayers, but be mindful of the AMT.

Where and how to get up-to-date and concise information.

These are now less common as an estate must have more than $10.8 million to be taxed.

For starters, these may be subject to the 3.8% net investment income tax.

Here is a handy checklist for clients preparing to change their living situations.

Clients must digest that they will likely pay more for taxes in their lifetimes than anything else.

Clients can consider gifting up to $14,000 to as many individuals each year before gift taxes kick in.

Strategizing Wealth Transfers to Heirs to Lower Taxes

But watch out for the pitfalls of this common end-of-year-practice.

Provide informative and entertaining tidbits to engage clients and attract new ones.

Help clients deploy their RMD funds to cover both expenses and taxes.