It’s critically important that Financial Professionals get quickly up to speed on how their best clients will be impacted by tax reform. The session will specifically cover:
- The Complete Overhaul of Itemized Deductions
- The New Rate Structure for Individuals
- The New Child & Family Tax Credits
- Re-thinking DrawnDown Strategies
- Re-thinking Charitable Strategies
- Roth Conversions Going Forward
- Advanced Income Tax Planning Using Trusts
- The Massive Change to the Taxation of Pass Thru Income
Overview: General review of subject from a broad perspective/ dive into basic knowledge on a skill or topic. For newer CFP or unfamiliar with subject
Let’s define high-income taxpayers as those who will have to pay taxes on 85% of their social security benefits after they begin RMDs. Each time a married couple’s MAGI exceeds $170,000, $214,000, $267,000, or $320,000 by even $1 their joint annual Medicare premiums two years hence can increase by up to $2,424. The dollar amounts for singles are half these levels. These premium increases are essentially tax increases. This session will discuss what taxpayers can do both before and after age 70.5 to minimize the size of their future Medicare premiums.
Overview: General review of subject from a broad perspective/dive into basic knowledge on a skill or topic. For newer CFP or unfamiliar with subject
Although 2019 started with a government shut down, the government did not stay shut down for long. Come hear the latest end-of-year tax planning strategies regarding qualified business income deductions, opportunity zones, capital gains indexing, the SECURE Act, and other subjects your clients are sure to ask you about.
Explain a comprehensive analysis of client's tax situation.
Describe the significance of recent tax proposals to their clients.
Recommend tax-reduction suggestions for 2019 and future years.
Middle-income households – singles and couples – pay taxes on less than 85% of Social Security benefits, while higher-income households pay taxes on 85% of benefits. In this session, learn about tax-efficient withdrawal strategies for five common household groups. The discussion also includes the less talked implications of the recent tax act on pre-retirement households.
Describe how the taxation of Social Security benefits and income-based increases in Medicare premiums cause sharp increases in retirees’ marginal tax rates.
Identify steps middle-income and high-income households can take that may dramatically reduce their lifetime taxes and lifetime Medicare premiums.
Develop strategies pre-retirement households, including households decades from retirement, should consider now to improve their retirement prospects.
This will be a 30-minute road trip as we survey the landscape of trust types including ILITs, CRTs, QPRTs, GRATs ‘n GRUTS. What are they used for? When do you use them? Learn how trusts often coordinate with each other, how they spring into existence upon the death of a spouse and how intra-family trusts with a focus on “continuing trusts” allow an adult child to keep their inheritance in trust for lifetime protection from creditors, predators, spouses and ex-spouses.
Identify different types of trusts, their intended purpose and implementation process.
Explain estate planning strategies when evaluating a client’s current estate.
Evaluate trusts from the aspect of risk management, tax planning, and post-mortem planning
For November’s tax-themed Journal in the Round, Julia Brufke Wenger, CFP®, will share what she calls her “seasons of planning” strategy for ramping up and getting ready for tax season. She will be joined by fellow panelist Mark L Prendergast, CFP®, to discuss how planning effectively for tax-planning season can simplify business processes, improve customer service, strengthen relationships with her clients and reduce stress for all. This online, interactive roundtable will be led by moderator and FPA volunteer Raymond Benton, CFP®.
Formats Available: Streaming, Live Event + Archive
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