36 Tax Tips for Older and Wealthier Clients

CATEGORY: Taxation

COURSE ID: CLWHET, VERSION 6.00

(733)

Online & Mobile

8 CPE Credits

Level: Intermediate

This course covers a variety of tax-saving concepts that are likely to benefit older and wealthier clients, including tax-smart strategies and strategies that are appropriate after changes included in the SECURE Act and the SECURE Act 2.0. You want to make sure your clients maximize their wealth creation and preservation opportunities in the current environment. In this context, income, estate, and gift taxes can be potentially huge expenses, and effective tax planning can deliver huge tax-saving benefits to clients. This course is most appropriate for professionals with intermediate knowledge of federal tax issues affecting older individuals and high net-worth individuals and professionals seeking to expand their knowledge base in these areas.

8 Credits

$119.00

Online & Mobile

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Smorgasbord of Tax-Saving Tips
1. Preface Regarding Federal Tax Uncertainty
2. Tip No. 1: Benefit from Ultra-Generous TCJA Estate and Gift Tax Regime, While It Lasts
3. Tip No. 2: Avoid Generation-Skipping Transfer Tax (GSTT)
4. Tip No. 3: Estate and Gift Tax Planning for Singles under the TCJA Regime, While It Lasts
5. Tip No. 4: Estate and Gift Tax Planning for Married Couples under the TCJA Regime, While It Lasts
6. Tip No. 5: What Will Happen to Well-off Clients If TCJA Estate and Gift Tax Regime Becomes History?
7. Tip No. 6: Take Advantage of Lower Individual Federal Income Tax Rates, While They Last
8. Tip No. 7: Watch Out for the AMT
9. Tip No. 8: Take Advantage of 0% Federal Income Tax Rate for Long-Term Gains and Dividends While It Lasts
10. Tip No. 9: Beat the Kiddie Tax
11. Tip No. 10: Manage Capital Losses for Tax-Saving Results
12. Tip No. 11: High-Income Clients Should Be Wary of Too Much Tax Deferral
13. Tip No. 12: Use Reverse Mortgage Strategy for Seniors with Hugely Appreciated Residences, While You Can
14. Tip No. 13: Arrange Section 1031 Exchanges for Real Estate
15. Tip No. 14: Combine Home Sale Gain Exclusion with Section 1031 Exchange
16. Tip No. 15: When to Elect Out of Home Sale Gain Exclusion
17. Tip No. 16: Understand How TCJA Changes Affect Vacation Homeowners
18. Tip No. 17: TCJA Changes Generally Do Not Affect Mixed-Use Vacation Homes Classified as Rental Properties
19. Tip No. 18: Claim Tax Credits for Energy-Efficient Home Improvements
20. Tip No. 19: Minimize or Avoid the Net Investment Income Tax (NIIT)
Tax Planning for Early Retirees and Early Retirement Account Withdrawals
1. Tip No. 20: Do Retirement Account Rollovers the Right Way
2. Tip No. 21: Avoid 10% Penalty Tax on Early Retirement Account Withdrawals
3. Tip No. 22: Understand Exceptions to 10% Penalty Tax for Early Withdrawals from Traditional IRAs
4. Tip No. 23: Understand Exceptions to 10% Penalty Tax for Early Withdrawals from Qualified Retirement Plans
5. Tip No. 24: Annuitize Retirement Accounts to Avoid 10% Early Withdrawal Penalty Tax
6. Tip No. 25: Understand Tax Treatment of Early Roth IRA Withdrawals
7. Tip No. 26: Early Retirees Should Consider Other Tax-Smart Sources of Cash
Retirement Account Planning Tips for Older Clients after SECURE Act and SECURE Act 2.0 Tax Changes
1. Tip No. 27: Understand Importance of Naming Beneficiaries
2. Tip No. 28: Understand How to Plan for Multiple IRA Beneficiaries
3. Tip No. 29: Understand Tax Treatment of Traditional IRA Withdrawals
4. Tip No. 30: Understand Tax Treatment of Roth IRA Withdrawals (Some May Be Taxable)
5. Tip No. 31: Use Roth IRA Conversion Privilege as Estate-Planning Tool
6. Tip No. 32: Take Qualified Charitable Distributions from IRAs
7. Tip No. 33: SECURE Act 2.0 Tax Changes Affecting Older and Wealthier Individuals
8. Tip No. 34: Calculate RMDs for Original Account Owners
9. Tip No. 35: Calculate RMDs When Surviving Spouse Inherits Account as Sole Beneficiary
10. Tip No. 36: Original SECURE Act Changed RMD Rules for Non-spouse IRA Beneficiaries (Stretch IRA Strategy Seriously Wounded)

36 Tax Tips for Older and Wealthier Clients

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