2020 Year-end Tax Planning Strategies

John Nersesian, PIMCO's Head Of Advisor Education, discusses in this Retirement Daily Financial Center video actionable strategies for clients.
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If you're a financial adviser, now is the time to consider 2020 year-end planning strategies for your clients.

What are these strategies? According to John Nersesian, head of advisor education at PIMCO, these strategies can be broken down into four buckets: investment portfolios, income tax, retirement planning, and wealth transfer and legacy planning.

According to Nersesisan, the end of the year is the perfect time to reevaluate a client's investment portfolio, including goals, risk tolerance and liquidity needs over the next few years.

And when evaluating year-end tax planning opportunities, be sure to partner with the client's tax professional to review the details of each client's individual circumstances.

With respect to retirement planning, there are a host of other planning opportunities to keep on a client's radar.

And lastly, now is a good time to review actions that a client can take in 2020 to potentially reduce their future estate tax liability and maximize lifetime gifting.