The first part of this module addresses tax issues of particular interest to clients during retirement: recognizing income from various sources, taking capital gains on different types of assets, adopting different strategies for dealing with taxes, managing assets held in taxable and tax-deferred accounts, and understanding how mutual funds, stocks, and bonds are taxed. Our coverage of these issues is, by necessity, limited. It is not intended to make you a tax expert, even on the limited topics covered. It will, however, make you aware of the tax implications of different sources of retirement income and introduce to you to some of the strategies clients can use to deal with them.

We will then turn to a discussion of the basics of estate planning, an area that many fail to address as they approach retirement, despite the risk that poor estate planning can result in the estate not being distributed as the deceased intended or expected, and/or a substantial reduction in the size of a client"s hard-earned estate. As with the chapters on tax, nothing in the chapters on estate planning will make you an expert in estate planning, nor will it prepare you to provide the level of advice and service that only a licensed attorney can offer. However, it will familiarize you with the essential objectives of estate planning, its unique vocabulary, and the devices used to distribute property as intended by its legal owners while minimizing costs and taxes.

About the Author

David Mannaioni, CFP®, MPASSM is a professor at the College for Financial Planning. Utilizing his 30+ years of experience in the financial services industry, David also maintains a financial planning practice where he works with his clients in all areas of financial planning. In addition to his certifications, David holds life and health insurance licenses in several states, as well as the Series 6, Series 7, and Series 63 registrations with FINRA. You can contact David at david.mannaioni@cffp.edu.

Complexity Level: Intermediate