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This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estateplan document extraction tool to stand alongside its highly popular tax return scanning tool – which highlights how advances in AI technology have allowed tools like Holistiplan to go beyond tax returns and scan nearly any kind of document (..)
Which could prove to be a boon for the financial advice industry as more consumers are willing to entrust their assets to an advisor (while at the same time possibly making it tougher for some advisors to differentiate themselves primarily by how they put their clients' interests first?).
Taxes are a central component of financial planning. Almost every financial planning issue – whether it is retirement, investments, cash flow, insurance, or estateplanning – has tax considerations, and advisors provide a great deal of value in helping clients minimize their overall tax burden.
Estateplanning. Tax strategies. Succession planning. In the race to stand out, many financial advisors have expanded their service offerings. Insurance consulting. The thinking is simple: More services signal more value.
Which means that on any given workday, advisors might find themselves reviewing one client’s portfolio and another’s estateplan in the morning, and having a meeting with a third client later in the afternoon. With this approach, the advisor can focus on particular planning areas (e.g.,
Understand the basics first, and then create an estateplan. Wills and trusts are both important estateplanning tools with important differences. If you don’t, these assets will likely be paid to your probate estate, possibly triggering income tax. Communicate, Communicate, Communicate.
Podcasts Rick Ferri talks estateplanning with Ryan Barrett and Mike Piper. riabiz.com) Communication Having a public presence can be scary for advisers. advisorperspectives.com) IRAs Why asset location matters from a tax-perspective. bloomberg.com) Charitable giving strategies are as varied as the client.
For example, an advisor may think of "risk management" in terms of life and property insurance coverage, whereas HNW clients may instead think of tax and estate-planning strategies as asset protection measures – particularly for the future wealth of their heirs.
Tax deductions can save you thousands annually by reducing your taxable income through legitimate business expenses. Understanding these deductions is more critical than ever as tax laws evolve, presenting new opportunities for savings. Understanding this distinction is crucial for maximizing your tax benefits effectively.
Charitable Contributions: Donating appreciated stock to charity while reducing capital gains tax. But if you’re looking to reduce capital gains tax, this strategy won’t help. or putting shares in trust to maintain some control while removing the value from your estate.
Also in industry news this week: Backers announced the new Texas Stock Exchange, which seeks to provide companies with a lower-cost alternative to the NYSE and Nasdaq, which, if successful, could create a more competitive landscape and potentially better execution and reduced trading costs for financial advisors and their clients The American College (..)
Fortunately, financial professionals have tools and wealth transfer strategies that can help couples be intentional about the use of their assets in an estateplan. Why Focus on EstatePlanning for Blended Families A thoughtful plan and good communication can go a long way in heading off conflict in large families.
The 2017 Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code, impacting every taxpayer and business owner. Here’s a summary of the major tax law changes coming in 2026 and some steps individuals and business owners can take to prepare. For some, this may lead to more taxes paid on capital gains.
And if they’re unprepared—or worse, if the family estateplanning strategies are less than buttoned up—how will that affect your practice down the line? the better path lies in improving family communication and financial education. EstatePlan Basics. Executors and Trustees. Caregiving.
The Imperative of EstatePlanning: Not Just for the Affluent Often, there’s a prevailing misconception that estateplanning is a luxury reserved for the wealthy elite. Real estateplanning is a crucial undertaking that every adult and family should prioritize.
While there are certainly ways to do estateplanning without a lawyer, for most people hiring an estateplanning attorney makes the most sense. Estateplans can get complex fast, and even fairly straightforward estates can feel overwhelming if you’re not trained in the area. Do your research.
We’ve got nonstop communication internally on how this works and who it impacts. Our team is so focused on the financial planning side of the equation for everyone that they just eat up all this planning. .’ And then pivoting over into, ‘Who does your taxes? Do you have an estateplan?
While a financial plan focuses on managing your finances during your lifetime, an estateplan is essential for determining the fate of your assets after you pass away. Estateplanning involves the transfer of your assets to your heirs in the event of your passing.
In our 101st episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss the challenges advisors face in setting fees commensurate to their service offerings and the importance of charging sustainable fees to help businesses flourish. tax and estateplanning) to differentiate themselves.
An estimated 90% of wealthy families lose their wealth by the third generation, so if you are planning on leaving behind assets to your family, knowing the unique risks to the affluent investor and considering strategies to maintain your wealth within your family can be very beneficial. [1]
Roth IRA conversions present a significant challenge for retirement planners: pay taxes now or later? Moving funds from traditional IRAs to Roth accounts triggers immediate taxation but promises tax-free withdrawals in retirement. One of the Roth IRA’s most compelling features?
A deep discussion of these strategies is outside the scope of this overview, and because every situation is so different, be sure to discuss your situation with your tax and financial advisor. Taxes should always be a component of any investment decision — but not the main driver.
Key Takeaways: Too many tax practices are bogged down in commoditized administrative tasks and compliance work, making it challenging to cross-sell services to expand client relationships. Take an inventory of how your practice spends time Reflect on how your own tax practice spends the bulk of its time.
Financial professionals can help by opening the lines of communication with clients and their families. Without early and frequent communication, your clients’ children could find themselves overwhelmed and underprepared when they receive their inheritance.
The 2017 Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code, impacting every taxpayer and business owner. Here’s a summary of the major tax law changes coming in 2026 and some steps individuals and business owners can take to prepare. For some, this may lead to more taxes paid on capital gains.
“Until I found Harness, starting my own tax practice wasn’t an option that I was seriously considering.” Due to Mr. Maddox’s relationship with Harness as a tax adviser on the platform, material conflicts of interest may arise. Maddox’s relationship with Harness as a tax adviser on the platform, material conflicts of interest may arise.
Help the elderly with estateplanningEstateplanning is an integral component of financial advice for seniors. can take advantage of a situation and misuse the client’s estate. However, proper estateplanning can help in these situations. Children, grandchildren, spouses, ex-spouses, etc.,
Tax advisors, and other tax professionals , offer services from preparing and filing annual tax returns to comprehensive tax strategies that help minimize taxes and preserve wealth over time. In this guide, we’ll explore the average fees of tax advisors in the US for 2024.
You might have a webinar about planning for retirement, easy investments for beginners, or key estateplanning tips. Including video marketing in your plan can improve communication with clients. They have unique needs and ways of communication. Promote your webinars and workshops in different ways.
Financial Planning Needs: Retirement planning Education and family planning Obtaining appropriate insurance coverage Business and taxplanning Significant asset purchases Strategies for Serving Clients in This Stage: Clients at this stage are experiencing life events — both large and small — that will impact their financial planning needs.
Financial and Tax Benefits of Charitable Giving From a financial perspective, charitable giving offers significant tax benefits. Donations to qualified organizations are tax-deductible, reducing your taxable income and potentially lowering your tax bill. Broadridge Investor Communication Solutions, Inc.
In addition to this, you can save more and plan for more significant purchases with greater ease. The tax liabilities for married couples filing their taxes jointly will differ from single individuals and those filing individually. Married couples can file their taxes jointly under the filing status of married filing jointly.
Business software (accounting, time tracking, project management, communications, etc.) It also has never been easier for an organization to understand the effectiveness of its initiatives or to communicate the details to its stakeholders. They are relatively inexpensive to set up, and assets can grow tax-free in the account.
Long-term goals typically encompass retirement planning, wealth preservation and estateplanning. Tax Considerations Be mindful of tax implications related to your goals. Certain investments or strategies may offer tax advantages, while others could result in higher tax liabilities.
Long-term goals typically encompass retirement planning, wealth preservation and estateplanning. Tax Considerations Be mindful of tax implications related to your goals. Certain investments or strategies may offer tax advantages, while others could result in higher tax liabilities.
CFP course helps to create professionals who are skilled in the field of Financial Planning, Investment Planning, Consultation Solutions, Personal Finance, etc. CFP courses include Finance Courses, Financial Planning Courses , Risk Analysis & Insurance Planning Courses, Tax & EstatePlanning Courses, etc.
For instance, a small change in taxation laws can affect your clients’ lifelong investment planning or increase their tax liability and you must have a detailed understanding of how these laws would affect your clients and be able to suggest the right kind of shift in strategy to leverage these changes and not become a victim of it.
Or are you focusing on older people who are concerned about estateplanning for retirement or retirement income planning? Pain Points: These are issues like market ups and downs, tax problems, and money planning being hard. TaxPlanning: Help clients learn smart tax strategies.
It also encompasses intended lifestyle, charitable giving, retirement and estateplanning, and liabilities, including anticipated costs for health care. During times of market volatility, such long-term planning enables clients to shake off an impulse to sell. Create a portfolio structure buffered against taxes.
A financial advisor possesses a deep understanding of complex financial concepts and can help you navigate the intricacies of investing, retirement planning, debt management, estateplanning, succession planning, tax optimization, and more. For instance, you may discuss estateplanning.
Wealth management involves a range of financial services as an investment, finance, real estate, tax, and risk management. Wealth management is an important aspect of the financial world that focuses on managing wealth to help individuals and families achieve their financial goals.
Financial planning is a rewarding, stable career that can give you the opportunity to help people make the most of their money. Becoming a financial planner requires an understanding of the financial markets, investment strategies, and the ability to communicate with clients.
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