Advisor News Insight

2021 Tax & Social Security Guides

Our 2021 Federal Income Tax and Reference to Social Security & Medicare guides are now available

Annuity Planning

Wink, Inc. Releases 3rd Quarter, 2020 Deferred Annuity Sales Results

Wink’s Sales & Market Report is the insurance industry’s #1 resource for annuity sales data since 1997. Sixty-two indexed annuity providers, 47 fixed annuity providers, 69 multi-year guaranteed annuity (MYGA) providers, 13 structured annuity providers, and 46 variable annuity providers participated in the 93rd edition of Wink’s Sales & Market Report for 3rd Quarter, 2020.

This press release was posted by Wink’s RockStars at Wink, Inc..

IRA Planning

IRA to HSA: The Only Time It Makes Sense to Move Funds

A little-known rule buried deep on the IRS website presents a once-in-a-lifetime opportunity for clients with a health savings account — the ability to make a contribution directly from an IRA. Although this one-time offer isn’t worth the effort for most clients, who’d be better off continuing to fund both accounts and collect dual tax breaks for doing so, there are a handful of situations where cash-strapped clients with high medical costs could really benefit from making the move and tapping tax- and penalty-free funds.

This article was written by Kerri Anne Renzulli, Contributing Writer of Financial Planning.

Medicare & Medicaid Planning

Medicaid Planning Technique Didn’t Work Exactly as Intended

When a family member faces the high cost of long-term care, it may seem important to do whatever it takes to preserve their resources. Sometimes, though, a given Medicaid planning technique may cause problems. That can be true even if the approach is legal — and sometimes even if it is effective.

This article was written by Robert B. Fleming, Attorney of Fleming & Curti, PLC.

Medicare.gov Compare Tools

“We’ve combined our 8 original provider compare sites, giving you one place to start finding any type of care you need. New features include updated maps, new filters that help you identify the providers right for you, and a clean, consistent design that makes it easier to compare providers and find the information that’s most important to you.”

Retirement Planning

Significant Provisions of SECURE 2.0

On October 27, 2020, Ways and Means Committee Chairman Richard E. Neal (D-MA) and Ranking Member Kevin Brady (R-TX) introduced the Securing a Strong Retirement Act of 2020 (the “Act”). Neal and Brady originally introduced the Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”) of 2019. The Act builds on the SECURE Act provisions to further improve workers’ long-term retirement security and financial wellbeing, and is being referred to as SECURE 2.0. Note that the Act has not been passed by either the Senate or the House of Representatives, and the provisions may change as the bill proceeds.

This article was written by Steven Grieb, J.D., CEBS, Senior Compliance Counsel, Retirement Plan Consulting of © Gallagher.

Tax Planning

14 Year-End Tax and Financial Tips

The window of opportunity to trim that 2020 tax bill, save for retirement and leverage strategies to secure your financial future is closing. To help Americans make these moves before it’s too late, CPA financial planners with the American Institute of CPAs (AICPA) share the following 2020 year-end tips.

This article was distributed by CPA Practice Advisor.

Practice Management

Can Your Organizational Structure Support Your Firm’s Strategies?

The window of opportunity to trim that 2020 tax bill, save for retirement and leverage strategies to secure your financial future is closing. To help Americans make these moves before it’s too late, CPA financial planners with the American Institute of CPAs (AICPA) share the following 2020 year-end tips.

This article was written by Frank Kimball of Kismet Advisory.

Assumed Federal Rates (AFRs)

§7520 Rate for December is: 0.6%

Breakdown:

Financial Facts of the Month

14-Year High

New residential construction in the US totaled 139,100 housing units in July 2020, its highest monthly total recorded since September 2006. The total includes 93,100 single family homes, 700 apartment buildings with 2-4 units and 45,300 apartment buildings with 5 or more units (source: U.S. Census Bureau).

A Big Percentage Event Before

The pandemic pushed the percentage of adults age 18-29 living with a parent to 52% as of the end of July 2020. Surprisingly, the percentage of adults age 18-29 living with a parent as of the end of January 2020, i.e., before the 1st US COVID-19 death, was 46% (source: Pew Research Center).

A Majority

52% of US households have investments in US stocks, either through direct ownership of individual stocks or through pooled accounts such as mutual funds (source: Survey of Consumer Finances).

Cutoffs for AGI

For tax year 2017, the latest tax year that the IRS has released data, 143,295,160 tax returns were filed. 98% of the 143.3 million returns reported adjusted gross income less than $339,478. 99% of the 143.3 million returns reported adjusted gross income less than $515,371 (source: Internal Revenue Service (IRS)).

Health Insurance

For workers that access their health insurance through an employer, the average annual cost for health insurance coverage for a family plan in 2020 is $20,514, with the employer paying 67% of the total ($13,717) and the employee paying 33% ($6,797) (source: U.S. Bureau of Labor Statistics).

I’m Leaving on a (Private) Jet Plane

The California Legislature is debating a bill introduced on 7/27/20 that would retroactively (to January 2020) raise the state’s top marginal tax rate from 13.3% up to 14.3% at taxable income levels above $1 million, up to 16.3% on taxable income above $2 million and up to 16.8% on taxable income above $5 million. The tax increase would impact the estimated ½ of 1% of California taxpayers who currently pay 40%of the income tax revenue collected within the state (source: Assembly Bill 1253).

It’s About Time

Americans have reduced their outstanding balances on their revolving debt, e.g., credit card debt and home equity loans, for 6 months in a row, i.e., March 2020 through and including August 2020 (source: Federal Reserve System).

Lots of People

22% of Americans (74 million people) are on Medicaid, the nation’s health care program for low-income Americans that is jointly funded by the federal government and all 50 states (source: Medicaid).

Owners and Renters

The 126.7 million households in the United States as of 9/30/20 were split 67/33 between 85.4 million owners and 41.3 million renters (source: U.S. Census Bureau).

Useful Financial Website

Kismet Advisory

We help RIA firms develop and execute on growth strategies. Whether collaborating to develop Strategy, aligning the organization to execute, or both, we are an extension of your firm.

Financial / Insurance Calculators & Websites

An extensive list of online calculators and informational websites.

Requirement Updates

Several states have updated their insurance CE requirements. (View updates, CE requirements and more by clicking on the link below.)

BEST Online CE Courses

At BEST we provide you with a lot of CE credit. Courses are cost-effective, updated annually and nationally approved for state insurance and professional designation credits (CFP / CIMA / CPWA / RMA).

Courses are specifically designed for quick completion and include:

• Self-paced courses
• Unlimited retakes of review questions and final examinations
• Instant grading
• Course material accessible for up to six (6) months from date of purchase
• Excellent customer support team

BEST Virtual Super CE Course Events

We provide advisors with the maximum amount of State Insurance CE credit (varies by state) and 10 CE credit hours of CFP and 5 CE credit hours of CIMA/CPWA/RMA credit.

Course includes:

• Study material (pdf format)
• Live webinar (review of study material)
• Electronic exam (50 question exam unless otherwise stated)

Cost is $54.95 per event plus state insurance filing fees when applicable. Additional $10.00 fee per certificate for CFP / CIMA / CPWA / RMA and other professional designations. (maximum $20.00)

If you are unable to attend the live webinar, you may view a recording of the webinar or credit may be transferred to the next available live webinar. (no credit received for webinars) NOTE: A $20.00 cancellation fee will apply for all refunds requested.

CFP/CIMA/CPWA/RMA Ethics CE
2-Hour Live Webinar

“Ethical Practices for Professionals” (CFP Course: #248997 | CIMA/CPWA/RMA Course: #18BEST066)

Earn two (2) credit hours of CFP and/or CIMA/CPWA/RMA Ethics CE with NO EXAM! (Price starts at $49.00.)

(“Investments & Wealth Institute® has accepted this CFP Ethics webinar for 2 hours of CE credit towards the CIMA®, CPWA® and RMA® certifications.”)

If you are unable to attend the live webinar, you may view a recording of the webinar or credit may be transferred to the next available live webinar. (no credit received for webinars) NOTE: A $10.00 cancellation fee will apply for all refunds requested.

Self-Study CE Course List

As a top-notch continuing education provider we:

• Deliver CE to financial and insurance advisors
• Offer up‑to‑date and industry pertinent CE courses that maximize credits
• Provide ClearCert certified long-term care and annuity training CE courses
• Supply CE courses that are approved in all 50 states and the
  District of Columbia

Order CE courses toll free: 1-800-345-5669 OR
send an email to self_study@brokered.net.

Advisor Insight Audio Podcast

Each podcast episode gives you a quick summary of the latest industry news, updates and information.

NOTE: OUR PODCAST EPISODES ARE NOT APPROVED FOR CE CREDIT!

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