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    Tax

    How to Develop a Tax-Efficient Retirement Strategy for Your Clients

    Most wealth management clients don’t think ahead when it comes to the tax impact of their income strategies. They tend to think about taxes only on a year-to-year basis, and many lack the financial expertise to understand the complex implications of effective marginal tax rates, among other complicated issues related to income distribution.
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    Tax

    Essential Definition: The Tax Torpedo and 4 Ways to Avoid It

    Retirement planning involves much more than just investing your clients’ money and targeting a retirement age. The amount of money your clients have at their disposal is affected by several different factors, including how and when they claim Social Security benefits and the taxes they’re forced to pay on disbursements from various retirement funds. Poor planning can cause your clients’ retirement to be disrupted by the dreaded “tax torpedo.” Here’s how smarter long-term planning can help them avoid this disaster scenario.
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    Tax

    FinPlan Friday: Roth Conversions in 2020

    Are You Doing Roth Conversions? Now, is a great time for advisors to consider doing Roth conversions since the CARES Act suspended required minimum distributions for 2020. Plus, any recovery following a significant market dip is going to come back tax-free if those assets were converted into a Roth. Learn more about Roth conversions in our FinPlan Friday conversation with Joe.
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    Tax

    Live Webinar—Roth Conversions: The Secret to Success

    As the markets continue to recover smart advisors are looking for opportunities to convert part of a traditional IRA into a Roth IRA. There are some significant long-term tax benefits for those who convert to Roth. The recovery will be tax-free, and smaller Roth conversions early in retirement can reduce later RMDs, spreading out the tax liability more evenly throughout retirement.  Join Covisum Founder and President, Joe Elsasser, CFP®, for a live webinar on Wednesday, July 29, 2020, at 1:30 p.m. CT titled, Roth Conversions: The Secret to Success.
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    Tax

    FinPlan Friday: What You Need to Know About RMDs

    New Guidance from the IRS On June 24, 2020, the IRS released Notice 2020-51. The notice allows advisors to fix required minimum distributions (RMDs) that came out of client accounts before the passage of the CARES Act earlier this year.  Learn more about the recent RMD changes in our FinPlan Friday conversation with Joe.
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    Free Download

    Roth Conversion Cheat Sheet For Financial Advisors [Free Handbook]

    As markets recover, converting part of a client's traditional IRA into a Roth IRA can offer significant long-term tax benefits. Any of the recovery would be tax-free. In addition, smaller Roth conversions early in retirement can reduce later RMDs, spreading out the  tax liability more evenly throughout retirement. So, we've gathered everything you need to know about Roth conversions into one place to make it easier for you to help clients take advantage of this strategy. 
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    Risk

    FinPlan Friday: Are You Using Quality Risk Metrics?

    Better Risk Discussions The current market volatility is a good reminder about the importance of making a good estimation of the downside risk that is inherent in our clients’ portfolios. Using quality risk metrics allows advisors and clients to practice and prepare for a down market, so the client isn't tempted to pull their investments when the market gets rough. Learn more about how to have better risk discussions in our FinPlan Friday conversation with Joe.
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    Risk

    FinPlan Friday: Debt in Down Markets

    Down Markets and Debt While some experts will insist that debt in retirement is never beneficial, debt can have a positive impact on a retirement strategy at times. During a market dip, debt can help retirees avoid tapping into their portfolio, which needs time to recover. Additionally, if a retiree is planning on making a large purchase, there can be significant tax benefits by financing. Learn more about debt in down markets in our FinPlan Friday conversation with Joe.
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    In The News

    Hidden Value: Tax Opportunities Created by Market Downturn

    This week in his Hidden Value column for ThinkAdvisor, Joe Elsasser, CFP®, talks about how the recent market downturn and the new CARES Act have created some unique financial planning opportunities.
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