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    Tax

    Covisum's Top Retirement Tax Planning Tips

    Proper retirement tax planning is essential for clients to understand as they prepare to retire. Living on a fixed income can be difficult for many retirees, and avoiding unnecessary taxes can help stretch out their retirement income strategies. Retirees face significant tax obligations. They’re required to pay income tax on any pensions and withdrawals from all tax-deferred investments made during the same year. Tax-deferred investments include traditional IRAs, 401(k)s, and similar accounts, as well as tax-deferred annuities when withdrawals are made. These taxes can significantly impact a retiree’s nest egg, giving them less money to live on. Luckily, there are many strategies to help lower taxes paid on retirement income.
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    Tax

    FinPlan Friday: The Biden Tax Plan

    Potential Tax Changes President Biden's tax plan includes some pretty significant changes that could impact how advisors build efficient retirement income plans. Learn more about President Biden's tax plan in our FinPlan Friday conversation with Joe.
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    Tax

    FinPlan Friday: Changes to RMDs

    Required Minimum Distributions Recent changes to required minimum distributions (RMDs) will have a significant impact on how financial advisors construct retirement income plans. Learn more about two of the the biggest changes in our FinPlan Friday conversation with Joe.
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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 income 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

    How to Develop a Roth Conversion Strategy for Your Clients

    Roth conversions are a great way for financial advisors to help their clients manage tax obligations in the short term while also reducing overall taxes paid during retirement. As a financial advisor, your job is to recognize when a Roth conversion can benefit your client’s wealth management strategy and to identify the specific conversion strategy that will help your client achieve their financial goals.
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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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