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Seeking Alpha: 3 Planning Strategies For Times Of Crisis Thumbnail

Seeking Alpha: 3 Planning Strategies For Times Of Crisis

The Seeking Alpha podcast “SA For FAs” delivers information and analysis that helps financial advisors throughout their day. Hosted by Seeking Alpha senior editor and producer Gil Weinreich, the podcast addresses issues of current interest to financial advisors and active investors, such as macro analysis of current issues affecting markets, retirement planning, and asset allocation strategy.
Mike Hennessy, CFA, CFP®, spoke with Seeking Alpha’s Gil Weinreich for this April 2020 episode "The Asset Allocator: 3 Planning Strategies For Times Of Crisis.” Mike Hennessy says there are creative planning strategies that financial advisors can employ to help clients during these uniquely challenging times of COVID-19.
Hennessy, founder and CEO of financial advisory firm Harbor Crest Wealth Advisors in Fort Lauderdale, Florida, says that the combination of lower asset values and likely lower income is optimal for scaling into Roth conversions, reducing the tax liability of the conversion.
Gifting strategies work similarly. While asset values are low, clients can gift assets now to maximize the federal lifetime gift tax exemption. Any future appreciation of these assets would be outside of the client's estate.
Hennessy also explains how to access retirement funds for healthcare purposes, using a once in a lifetime option allowing clients to move money from an IRA to an HSA.
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