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01:03:25
Course recording
Video
Summary (AI Generated)
Derb Price Galt of Juneau presents an end-to-end overview of student loans, focusing on how advisors and borrowers can choose between federal repayment options, PSLF, and private refinancing amid major policy changes. He reviews the size of the market ($1.83T; ~92% federal) and walks through the borrowing timeline: FAFSA submission, aid packages, appeals, and funding gaps. Key upcoming borrowing shifts include new caps on Parent PLUS loans ($20k/year; $65k lifetime per student) and limits on Grad PLUS (generally $100k–$200k depending on program), increasing reliance on private student loans to close gaps.

On repayment, he explains federal plans are being streamlined: PAYE, ICR, and SAVE are expected to sunset by 2028, with SAVE currently in litigation and many borrowers in forbearance accruing interest and not progressing toward forgiveness. A new Repayment Assistance Plan (“WRAP”) launches this summer, using 1%–10% of AGI (generally 10% for higher incomes), offering interest subsidies and modest principal reduction, but requiring up to 30 years for forgiveness. Borrowers will generally choose between WRAP and IBR (old/new), with eligibility based on first-borrowed date; consolidations after July 1 may force WRAP-only eligibility.

He details PSLF (120 qualifying payments, tax-free forgiveness) and best practices like annual employer certification via the PSLF Help Tool, plus a potential “buyback” for missed months. Refinancing is framed as ideal for high-income borrowers not using federal benefits; it can lower rates, remove cosigners, and adjust terms, but permanently exits federal protections. Tax filing status (MFJ vs MFS) can materially affect IDR payments and must be weighed against tax costs. [Read More]
Slide handout
PDF
Summary (AI Generated)
This NAPFA presentation by Joseph Price-Gault (Juno) outlines how advisors can build holistic student-loan strategies across federal repayment, PSLF, and private refinancing. It frames the market (about $1.83T outstanding; ~92% federal) and emphasizes early FAFSA completion to maximize limited first-come aid.

Major policy changes begin July 1, 2026: new borrowing limits and a redesigned income-driven landscape. Borrowers who take a new disbursement or consolidate on/after July 1, 2026 will be restricted to the new Repayment Assistance Plan (RAP), while traditional IBR remains only for loans disbursed or consolidated before that date. The session highlights the practical importance of deadlines—especially July 1, 2028, when borrowers on phased-out plans must switch (or be auto-enrolled in IBR).

SAVE, introduced in 2023, is described as effectively nonfunctional: it was paused in summer 2024; time in forbearance doesn’t count toward PSLF/forgiveness; and interest resumed August 1, 2025. Advisors are urged to evaluate switching SAVE borrowers into IBR (old vs. new) or RAP rather than waiting.

PSLF fundamentals are reviewed (120 qualifying payments, qualifying employer, no acceleration, tax-free forgiveness), with best practices: use the PSLF Help Tool, submit employer certification annually, verify eligibility (especially in private practice), and document employment during forbearance for potential buyback.

Refinancing guidance distinguishes private refinancing from federal consolidation and stresses irreversibility: refinancing federal loans permanently forfeits federal protections (IDR/PSLF). A decision framework is provided: refinance private loans for better terms; keep federal loans when benefits matter; refinance only the private portion for mixed portfolios. Case studies illustrate when to refinance (no PSLF benefit, Parent PLUS modeling vs. ICR) versus when to stay federal (PSLF-track borrowers, residents).

Finally, the talk integrates loans into broader planning: cash-flow modeling, MFJ vs. MFS tax analysis, retirement contributions to reduce AGI (and IDR payments), and insurance/estate considerations. Advisors should reassess plans at least annually. [Read More]
59:43
Course recording
Video
Summary (AI Generated)
Mike Sosnowski of Transamerica presents an extensive overview of year-end professional development strategies focusing on tax planning, retirement, and estate considerations. He discusses the impact of the One Big Beautiful Bill Act (OBBA), which extends the Tax Cuts and Jobs Act provisions and introduces new tax deductions, including increased SALT deductions and special deductions for those over 65. Mike emphasizes tax loss harvesting to offset capital gains and income, and highlights the Qualified Charitable Distribution (QCD) as an effective charitable giving strategy, especially for retirees facing high standard deductions.

For small business owners, he advises reviewing or establishing retirement plans like SEP IRAs or 401(k)s to maximize tax benefits and potential Qualified Business Income deductions. He highlights the importance of beneficiary reviews to avoid costly mistakes in asset distribution, especially when trusts are involved. Mike underscores the growing role of Roth IRAs, boosted by SECURE Act 2.0 provisions enhancing Roth options and introduces the upcoming Trump accounts designed for minors.

Key retirement planning tips include leveraging tax diversification across taxable, tax-deferred, and tax-free accounts to hedge against uncertain future tax policies. He also stresses attention to required minimum distributions (RMDs), especially from inherited IRAs, to avoid penalties. The session concludes by encouraging advisors to use available resources to guide clients through complex tax and retirement landscapes to optimize their financial futures. [Read More]
Handout #4 - Tax Facts at a Glance
PDF
Summary (AI Generated)
The document summarizes key U.S. federal tax information for 2025, including updated tax rate schedules, deductions, credits, retirement plan limits, and Social Security details, with comparisons to 2024. 2025 Income Tax Rates: For Married Filing Jointly, tax brackets start at 10% for income up to $23,850, scaling up to 37% for incomes over $751,600. Single filers have tax brackets from 10% up to incomes of $11,925, with the top 37% rate starting over $626,350. Estates and trusts have separate brackets, starting at 10% and tops out at 37% above $15,650. Major 2025 Tax Changes under the One Big Beautiful Bill Act (OBBBA): - State and Local Tax (SALT) deduction capped at $40,000 for singles under $250,000 MAGI and joint filers under $500,000 MAGI, phasing down to $10,000 floor over thresholds. - New deductions introduced for U.S. auto loan interest (up to $10,000), qualified overtime compensation, and qualified tips with phase-outs based on modified adjusted gross income (MAGI). - Trump Accounts: $1,000 government funding for children born 2025-2028. - Corporate tax remains at 21% of taxable income. - Qualified business income deduction thresholds increased. Other 2025 Highlights: - Standard deduction increases to $31,500 for married filing jointly, $15,750 for singles. - Child Tax Credit is $2,200 per child under 17, phasing out above $400,000 joint MAGI. - Capital gains tax rates remain 0%, 15%, or 20% depending on income thresholds. - Estate and gift tax exemptions rise slightly to $13.99 million with a 40% rate. - Retirement plan contribution and catch-up limits increase (e.g., 401(k) employee deferral at $23,500). - Social Security full retirement age varies by birth year, max monthly benefit is $4,018; earnings limits for benefit withholding and maximum taxable compensation ($176,100 for OASDI) are updated. Additional detailed phase-out ranges for IRA contributions, required minimum distribution factors, and other tax provisions are included, reflecting 2025 inflation adjustments. Taxpayers are advised to consult personal advisors as these figures are subject to change. [Read More]
Handout #1 - Year-End Strategies
PDF
Summary (AI Generated)
As the year-end approaches, it’s important to consider various tax and financial planning strategies before December 31 to maximize benefits, especially with new tax provisions beginning in 2025. Key upcoming changes include new deductions for qualified tips, overtime pay, auto loan interest, and an increase in the SALT deduction, child tax credit, and standard deduction, as well as specific provisions for seniors and charitable giving limits. These provisions will phase in or expire between 2025 and 2029, requiring careful attention to timing.

Small business owners and sole proprietors can reduce their 2025 tax liabilities and grow retirement funds through 401(k) profit-sharing plans or defined benefit plans, each offering specific contribution limits and tax advantages but often needing professional administration.

For charitable donors, gifting appreciated assets can avoid capital gains taxes, and qualified charitable distributions (QCDs) from IRAs are tax-efficient for those aged 70 or older, with limits indexed for inflation. Deduction limits vary based on charity type and asset gifted.

Low-income years, such as retirement or job loss, create opportunities to benefit from 0% capital gains and low-income tax brackets, providing chances to rebalance investments or withdraw from IRAs at favorable rates, potentially reducing future required minimum distributions.

Roth conversions are strategies for tax diversification, potentially saving taxes if future rates rise. Tax diversification—allocating assets across taxable, tax-deferred, and tax-free accounts—provides financial flexibility in uncertain tax environments. Assessing one’s current asset allocation and planning accordingly is recommended.

Due to evolving tax laws and complex rules, consulting tax and financial professionals is strongly advised before implementing these strategies. Overall, proactive year-end planning can help optimize tax savings, retirement readiness, and charitable giving. [Read More]
Handout #2 - Guide to Estate Planning
PDF
Summary (AI Generated)
This comprehensive Transamerica guide provides an essential overview of estate planning fundamentals, aimed at helping individuals manage their assets, prepare for incapacity, and plan for the efficient transfer of wealth. It emphasizes the importance of early planning for all who own property or have dependents, regardless of wealth level.

Key components include preparing for incapacity through legal instruments like powers of attorney (financial/general, durable, healthcare, springing), advance healthcare directives (living wills, DNR orders), and guardianship, which courts appoint if no prior arrangements exist. The guide stresses selecting trustworthy agents and clear communication with involved parties.

It details wills and probate, highlighting probate drawbacks such as delays, lack of privacy, expenses, and potential for unintended disinheritance. Alternative estate transfer methods bypassing probate, including joint ownership, beneficiary designations on accounts, and trusts, are examined. Proper beneficiary designation management — primary, contingent beneficiaries, per stirpes vs. per capita distribution, disclaiming inheritances, and avoiding common errors — is strongly advised.

Trusts are explored extensively, describing parties (grantor, trustee, beneficiaries) and differentiating revocable (living) and irrevocable trusts, along with common types like credit shelter trusts (to maximize estate tax exclusions), QTIP trusts (for second marriages), intentionally defective grantor trusts (for income tax benefits), special needs trusts, charitable remainder trusts, and irrevocable life insurance trusts. Trusts can control distributions, protect assets, reduce taxes, and fulfill charitable goals.

The guide reviews taxation issues affecting estates, trusts, and beneficiaries, including income tax basis adjustments (step-up/down), income in respect of a decedent (IRD), federal estate and gift taxes, generation-skipping transfer tax (GSTT), net investment income tax (NIIT), and related strategies. Planning techniques, such as gifting strategies, marital deductions, gift splitting, and trust funding, are covered to manage taxes and liability.

Finally, it advises consulting qualified legal and tax professionals to tailor plans and comply with complex, evolving laws. The guide serves as a practical reference to help individuals safeguard their legacy, minimize taxes, and provide for their heirs with clarity and confidence. [Read More]
Handout #3 - Roth IRAs: A Wealth Transfer Strategy
PDF
Summary (AI Generated)
This document discusses Roth IRA conversions as a strategic wealth transfer tool for high-net-worth individuals with Traditional IRAs or 401(k) plans they do not need for retirement. Traditional IRAs require minimum distributions (RMDs) starting at age 73, and distributions to heirs are taxed as ordinary income. This can be inefficient, especially if heirs are in higher tax brackets.

Converting to a Roth IRA eliminates RMDs and allows the owner to pay taxes on the conversion now, potentially at a lower rate, enabling a larger, tax-free inheritance for beneficiaries. The example of Elizabeth, age 73, illustrates that converting a $100,000 Traditional IRA to a Roth IRA (paying $22,000 tax on conversion) can leave her child a greater after-tax inheritance compared to leaving the account as a Traditional IRA with or without reinvesting the RMDs.

A Roth IRA conversion may benefit those who: want to leave assets tax-free; do not need funds from the traditional IRA for retirement; have outside assets to cover conversion taxes; have large tax deductions; or plan to leave IRA assets to a trust. Roth IRAs have no RMDs for the owner, allowing assets to grow longer tax-free, although inherited Roth IRAs do have RMDs.

However, a Roth conversion may not benefit individuals close to retirement, those with annuity contracts in IRAs, people nearing Medicare enrollment (due to tax income affecting premiums), or those expecting heirs in lower tax brackets.

The tax cost of conversion can be significant, possibly pushing clients into higher tax brackets. Withdrawals before age 59½ may be taxed and penalized. The document stresses consulting tax and legal professionals for individual situations. Transamerica provides educational information and can assist with beneficiary designations to control asset distribution after death. [Read More]
Slide handout
PDF
Summary (AI Generated)
This overview, presented by Scott Morrison, Head of Product at Saving For College, highlights key developments and features in 529 college savings plans as of 2025. The 529 plan market is substantial, with 16 million accounts totaling $500 billion in assets, supported by over 90 active plans nationwide. Approximately 15% of U.S. households use 529 plans, predominantly savings-type accounts, split 60% direct-sold and 40% advisor-sold.

Recent legislation has broadened the scope and appeal of 529 plans, expanding qualified expenses beyond college tuition to include up to $10,000 per year for K-12 tuition (rising to $20,000 in 2026), registered apprenticeships, workforce training, books, supplies, computers, room and board, and student loans (up to $10,000 lifetime). New inclusions from mid-2025 cover skilled trade certifications, professional licenses, continuing education courses, and associated materials, provided the programs meet federal/state approval criteria.

Concerns over leftover funds have eased with a 2024 provision allowing tax-free rollovers from 529 plans to Roth IRAs, under specific conditions: same beneficiary, 15-year account age, annual Roth limits, and contribution aging requirements. This offers a new flexibility path beyond transfers to other family members.

FAFSA simplification has made 529 plans more attractive for financial aid, as plans owned by parents or siblings impact aid less and distributions from plans owned by grandparents are no longer counted as student income.

New features improving user experience include mobile apps, direct electronic disbursements to schools (offered by about 40% of plans), auto-increase contribution options, and e-gifting capabilities. These innovations support saving success and ease of use, helping families optimize education funding strategies.

In summary, 529 plans in 2025 offer greater flexibility, expanded eligible uses, enhanced financial aid friendliness, and modern features, making them a more powerful tool for education savings. [Read More]
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