Executive summary: Helping loved ones optimize their finances, especially in their 60s and beyond, can significantly increase their lifetime giving potential with a relatively small time investment.
Key points:
Selling dispreferred assets in tax-protected accounts and reinvesting in preferred assets can improve returns without triggering taxable events.
After a loved one’s death, investments are stepped up in cost basis, making it an opportune time to sell investments and minimize capital gains taxes.
Hiring a fee-for-service financial planner for a few hours of advising can be beneficial, depending on the size of the investment account.
Choosing the right type of will and hiring an estate planner is important for optimizing the estate.
Traditional best practices for new investments include maxing out tax-exempt accounts and investing in low-cost, diversified portfolios.
The author provides a tool to evaluate whether to keep or sell specific investment lots in taxable accounts, considering factors like cost basis and expected holding period.
This comment was auto-generated by the EA Forum Team. Feel free to point out issues with this summary by replying to the comment, andcontact us if you have feedback.
Executive summary: Helping loved ones optimize their finances, especially in their 60s and beyond, can significantly increase their lifetime giving potential with a relatively small time investment.
Key points:
Selling dispreferred assets in tax-protected accounts and reinvesting in preferred assets can improve returns without triggering taxable events.
After a loved one’s death, investments are stepped up in cost basis, making it an opportune time to sell investments and minimize capital gains taxes.
Hiring a fee-for-service financial planner for a few hours of advising can be beneficial, depending on the size of the investment account.
Choosing the right type of will and hiring an estate planner is important for optimizing the estate.
Traditional best practices for new investments include maxing out tax-exempt accounts and investing in low-cost, diversified portfolios.
The author provides a tool to evaluate whether to keep or sell specific investment lots in taxable accounts, considering factors like cost basis and expected holding period.
This comment was auto-generated by the EA Forum Team. Feel free to point out issues with this summary by replying to the comment, and contact us if you have feedback.