Wealth Protection

‘Tis The Season For Tax Planning

But that’s always the case for “Elite” advisors

The U.S. tax landscape is constantly changing—whether it be tax brackets, deductions or newer tax laws affecting retirement plans and estates like the SECURE Act. It’s a full-time job to stay on top of all the tax code changes every year, and Jane Bourette, owner of Coast to Coast Financial Planning, LLC likes to start early and do a deep dive.

“We do a lot to prepare for potential tax law changes,” Bourette told Advisors Magazine in a recent interview. “We’re almost done with 2022 and are looking forward into 2023 and even all the way to 2025 when the current tax laws sunset.”

Bourette explains that many people are realizing that they are in the lowest tax brackets or seeing the lowest tax rates in history right now, but such times are probably not going to last.

“Based on what we see out there, taxation is a huge issue on the horizon,” she added, “and many of our clients are worried about their future tax rates especially in retirement.” The old adage “you’ll be in a lower tax bracket” may no longer be the case so better to be safe than sorry.

Jane 292x438Bourette noted: “So, many clients are finally converting to Roth IRAs if they’re able to and spreading that out over the next couple of years as far as the tax implications.” There are many other tax-free strategies that might be appropriate depending on each client’s personal situation, she said, and some that can include Long Term Care benefits, a potential expense people are very concerned about.

Bourette started Massachusetts-based Coast to Coast Financial Planning to help people with retirement income, long-term care, and leaving or inheriting the legacy planned for. In fact, it is her second career.

“Back in 2003, I was forced to change careers after the stock market crash of 2001-02, which created layoffs in the high-tech sector where I’d been working for 24 years,” she recalled. At that time, Bourette was helping her mother with her estate planning, serving as her mother’s personal representative and meeting with her financial advisor. “I didn’t like what I saw happen to her at 75 years old, like a lot of people at that time,” Bourette said.

Fortuitously, at the same time, Bourette was invited to learn about the financial industry through a friend who was a broker dealer and a tax and estate attorney. “So, naturally I was intrigued because they were showing us technology tools to do retirement planning,” she said. “And having been in the technology field, it was a comfortable fit; I liked what I was seeing, and of course, I was concerned about what was happening to my mother.”

Bourette’s education, nonetheless, has been ongoing. “It’s important for advisors to stay as educated as possible—especially with the tax laws changing as previously mentioned, and in terms of their impact on retirement plans,” she said.

This is why Bourette pursued her designation in early 2021 as a member of Ed Slott’s Elite Advisor Groupsm after completing the IRA workshop for advanced retirement distribution planning.

“While I am not an accountant” she says, “this gives me education on the tax topics directly affecting our clients as well as access to a team of experts.”

For more information, visit: www.coasttocoastfinancialplanning.com

Ed Slott and Company, LLC is considered the nation’s leading provider of technical IRA education for financial advisors, CPAs and attorneys. Ed Slott’s Elite IRA Advisor Groupsm is comprised of over 500 of the nation’s top financial professionals who are dedicated to the mastery of advanced retirement account and tax planning laws and strategies.

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