Two New Resources Available.
We have two new resources available that are particularly relevant. Both deal with conversations that many advisors are having with their clients. We’re also excited to be in the midst of reviewing and updating almost all of our resources. We have included a handful of resources that have been updated so far and will continue to send updates over the next few months as the other resources get updated.
Here is what we are releasing this month:
New Flowchart: Should I Consider Doing a Roth Conversion?
There are a lot of important considerations to weigh before doing a Roth conversion. As a result of the current market condition and changes due to the SECURE Act, Roth conversions are becoming an important strategy that advisors are discussing with their clients. This flowchart addresses some of the major decision points to help guide clients through the conversation. This is also the most requested resource right now!
New Checklist: What Accounts Should I Consider If I Want To Save More?
When a client has surplus cash on hand that they want to save for the future, they often need help identifying all of the different account types to consider. This checklist addresses that problem and provides a structured outline to guide your client conversations regarding available and appropriate saving strategies.
If you are a member, review these new resources in our membership and:
- Proactively reach out to current clients for planning opportunities
- Proactively reach out to prospective clients as a touchpoint
- Deluxe members create your own custom branded chart and share on your blog and social media
- Deluxe members send your custom branded chart to your email list
- Premiere members can complete interactive versions of the checklists and integrate with Redtail.
If you are not a member, you can view a sample checklist or sample flowchart and get a membership here. Then, take the steps listed above for our current members!
See our Summary Resources Guide, which shows all the resources.
Updated Resources
We are in the midst of reviewing and updating most of the resources. Initially, we were reviewing all the resources to make sure changes from The CARES Act were incorporated into the resources, revamping a few resources to reflect changes from The SECURE Act, and adding in member feedback. As we dug into the review, we decided to completely expand what we were doing. Now that our library covers over 60 resources, it’s important that the style and tone remain consistent throughout all the resources (which, in some cases, it was not). Particular attention is being placed to improve clarity, be more specific, be more consistent and double-check accuracy. Below is the first batch that has been completed and more will be updated throughout June and July. You can see a summary of all the updated resources here.
What Issues Should I Consider Before The End Of The Year? Removed planning point re: 9/30 inherited IRA deadline. Updated to note CARES Act 2020 RMD waiver and $300 above-the-line charitable deduction. Corrected tax bracket numbers. General clarification and clean-up
What Issues Should I Consider When Having (Or Adopting) A Child? Incorporated member feedback (re: budget). Updated Adoption Tax Credit amount. General clarification and clean-up
Important Numbers. Clarified IRA section. Clarified Estate & Gift Tax section. Corrected AMT exemption/threshold for Single. General clarification and clean-up.
Issues To Consider In A Client Annual Review Meeting. Updated to note CARES Act 2020 RMD waiver and $300 above-the-line charitable deduction.
General clarification and clean-up
What Issues Should I Consider Before Closing The Estate? Updated to note CARES Act 2020 RMD waiver and 2020 delayed tax filing/payment deadlines. Additional detail included re: creditor claims, electing the alternate valuation date, and portability. General clarification and clean-up.
What Issues Should I Consider For My Aging Parents? Updated to note CARES Act 2020 RMD waiver. General clarification and clean-up.
What Issues Should I Consider If My Parent Passed Away? Updated to note CARES Act 2020 RMD waiver. General clarification and clean-up.
What Issues Should I Consider If My Spouse Passed Away? Updated to note CARES Act 2020 RMD waiver. Additional detail included re: electing the alternate valuation date and portability. General clarification and clean-up.
Will A Distribution From My Roth IRA Be Tax and Penalty-Free? Additional detail included clarifying applicable rules. Subtle changes made to question structure to make it easier to decide “yes” or “no”. Updated to note CARES Act penalty exception for “Coronavirus-Related Distribution”.
Will A Distribution From My Traditional IRA Be Penalty-Free? Rephrased to emphasize that IRAs are subject to aggregation and the pro-rata rule. Clarification regarding the extent of penalty exceptions. Updated to note CARES Act penalty exception for “Coronavirus-Related Distribution”. General clarification and clean-up.
As Someone Who Is Working, What Issues Should I Consider When Reviewing My Tax Return? Corrected 2019 standard deduction amount for single taxpayers. Additional detail included re: alimony and withholding safe harbor. General clarification and clean-up.
As A Retiree, What Issues Should I Consider When Reviewing My Tax Return? Corrected 2019 standard deduction amount for single taxpayers and Lifetime Learning Credit thresholds. Additional detail re: alimony and withholding safe harbor. General clarification and clean-up.
As always, we welcome feedback from advisors who are having these conversations with their clients. How can we improve this checklist? We want to hear from you. And if you have an idea for a resource, let us know.
To diligent planning,
The fpPathfinder Team
