The tax-smart strategies of successful women in retirement

The tax-smart strategies of successful women in retirement

Strategies to safeguard your wealth Not FDIC insured May lose value No bank guarantee Protect assets including retirement savings and home or business equity. Protect whats yours Strategies to safeguard your wealth PPT102 319249 10/19 Strategies to safeguard your wealth Asset protection: Preserving your net worth We protect our homes, cars, valuable possessions even household appliances What about our wealth? Source: Bureau of Labor Statistics, March 2015, Number Of Jobs Held, Labor Market Activity, And Earnings Growth Among The Youngest Baby Boomers: Results From A Longitudinal Survey. PPT102 319249 10/19 3

Strategies to safeguard your wealth Lawsuits are unpredictable THE DAILY NEWS NEWS Date today 00/00/00 WOW NEWS THE WORLDS FAVOURITE NEWSPAPER In libris graecis appetere mea. At vim odio lorem In libris graecis appetere omnes, pri id iuvaret mea. At vim odio lorem partiendo. Vivendo omnes, pri id iuvaret m menandri et sed. Lore partiendo. Vivendo volumus blandit cu menandri et sed. Lorem o porr has.Sit cu alia volumus blandit cu fuisset.

has.Sit cu alia porro Man sues after tripping over discarded Christmas Tree Lorem Ipsum In libris graecis appetere mea. At vim odio lorem omnes, pri id iuvaret NEWS partiendo. In libris graecis Lorem Ipsum fuisset. In natum invidunt Ea pro mea. appetere libris graecis repudiandae, his et Ea pro natum At invidunt vim odio appetere mea. ribus. repudiandae, hisfacili

et sis vituperato lorem omnes, At vim facilisis odio vituperatoribus. eu ubique altera Mei pri idsens iuvaret. erit, consul eripuit lorem omnes, Mei eu ubique accusata has ne. pri id iuvaret partiendo. Claim over painful handshake headed for unty trial in Palm Beach Co odio lorem etere mea. At vim In libris graecis app menandri et partiendo. Vivendo omnes, pri id iuvaret .Sit cu alia porro has cu

dit blan sed. Lorem volumus fuisset. odio lorem etere mea. At vim andri et In libris graecis app iendo. Vivendo men part ret iuva id pri omnes, ne. mus volu m Lore . sed Florida woman suing Mexican restaurant after falling off popular donkey statue In libris graecis appetere mea. At vim odio lorem omnes, pri id iuvaret partiendo. Vivendo menandri et sed. Lorem volumus blandit cu has.Sit cu

alia In libris graecis appetere mea. He couldnt believe it wa butter. So hes Dunkin Don sued uts In libris grae cis appete re mea. At odio lorem vim omnes, pr i id iuvaret partiendo. Vivendo m enandri et Lorem volum sed. us blandit cu has.Sit alia In libris cu graecis ap petere mea . WOMAN SUES GOVERNMENT OVER

RN NACHO CHEESE BU m omnes, pri id iuvaret mea. At vim odio lore blandit cu has.Sit cu In libris graecis appetere sed. Lorem volumus et ri and men ndo partiendo. Vive etere mea. alia In libris graecis app U.S. Chamber of Commerce, Here are the Top 10 Most Ridiculous Lawsuits of 2017. PPT102 319249 10/19 4 Strategies to safeguard your wealth Asset protection: Everyone needs a plan Do you own a home? Are you in a high-risk profession?

Do you own a business? Does your business have employees? Do you own rental property or real estate investments? Do you have significant personal savings or other valuable assets? Do you drive a car often? Do teenage drivers live with you? Do you have pets? Source: Bureau of Labor Statistics, March 2015, Number Of Jobs Held, Labor Market Activity, And Earnings Growth Among The Youngest Baby Boomers: Results From A Longitudinal Survey. PPT102 319249 10/19 5 Strategies to safeguard your wealth A critical part of a financial plan Investments Funding education Saving for

retirement Insurance Comprehensive financial plan Minimizing taxes Planning for income in retirement Asset protection Estate planning Source: Bureau of Labor Statistics, March 2015, Number Of Jobs Held, Labor Market Activity, And Earnings Growth Among The Youngest Baby Boomers: Results From A Longitudinal Survey. PPT102 319249 10/19 6 Strategies to safeguard your wealth A two-part plan to protect your assets 1. Minimize your risks now 2. Put a protection plan in place before something happens PPT102 319249 10/19

7 Strategies to safeguard your wealth What asset protection is NOT An excuse or vehicle for evading taxes A method for hiding assets A way to defraud creditors Source: Asset Protection Planning Guide: A State-of-the-Art Approach to Integrated Estate Planning, Barry S. Engel, David L. Lockwood, and Marc Merric. PPT102 319249 10/19 8 Strategies to safeguard your wealth Determining whats at risk Total Liabilitie assets s PPT102 319249 10/19 Creditor Creditor

-protecte protecte d d assets assets = Assets at risk 9 Strategies to safeguard your wealth Build your protection plan Basic components Complex techniques Insurance Incorporating your business Titling assets Homestead exemptions Insulating hot assets such as real estate

Protecting retirement and college savings Equipment leasing and multiple LLCs Life insurance and annuities Using trusts to protect your assets This material is for informational purposes only. It should not be considered legal advice. You should consult with an attorney to determine what may be best for your individual needs. PPT102 319249 10/19 10 Strategies to safeguard your wealth Start with the basics Identify and correct property risks Be careful when titling assets Review your insurance

coverage Identify and correct any potential risks associated with property and real estate Purchase umbrella liability coverage Apply for a homestead exemption Maintain positive personal and professional relationships Source: Bureau of Labor Statistics, March 2015, Number Of Jobs Held, Labor Market Activity, And Earnings Growth Among The Youngest Baby Boomers: Results From A Longitudinal Survey. PPT102 319249 10/19 11 Strategies to safeguard your wealth Are your retirement savings protected? Type of retirement account File for bankruptcy?

No bankruptcy ERISA plans: 401(k), pension, profit sharing, ESOP Full protection Full protection Rollover IRA, SEP IRA, SIMPLE IRA, most 403(b) plans, Individual 401(k) Full protection Not protected at federal level, may receive protections at state level Traditional and Roth IRA Protected up to $1 million Not protected at federal level, may receive protections at

state level This material is for informational purposes only. It should not be considered legal advice. You should consult with an attorney to determine what may be best for your individual needs PPT102 319249 10/19 12 Strategies to safeguard your wealth How college savings are protected Point of contribution Made less than a year before filing: NOT protected from creditors 1 year After 1 year, $5,000 is protected 720 days Made more than 720 days before filing: 100% protected

Note that some states will provide additional protections for college savings PPT102 319249 10/19 13 Strategies to safeguard your wealth What about life insurance and annuities? While there is no protection under federal law, some states may extend protection from potential creditors Protection may be limited some will protect cash value, some will protect proceeds paid to beneficiaries, some will impose dollar limits PPT102 319249 10/19 14 Strategies to safeguard your wealth Is your business putting personal assets at risk? Business owners may be at risk of legal claims by patients, customers, or employees Without a formal business structure, your personal assets may be at risk

Select a method of ownership for your business to make it difficult or expensive for someone to access your assets PPT102 319249 10/19 15 Strategies to safeguard your wealth Structuring your business Business ownership Benefits Considerations Corporation (C corp or S corp) Business owner does not bear personal liability for debts of the corporation May be more complex to establish and maintain Adverse legal judgment could result in plaintiff receiving ownership

shares LLC or LLP Easy to establish and maintain Potentially better liability protection than corporations; creditor attachment may be limited to distributions, not shares of ownership Some states may allow creditors to attach ownership interest of LLC or LLP PPT102 319249 10/19 16 Strategies to safeguard your wealth LLC case example: Private medical practice The medical practice strips equity by establishing separate LLCs to own real estate and equipment with a leasing arrangement. LLC #1

Medical practice Equipment Leasing arrangement LLC #2 Real estate Leasing arrangement Equity in these assets is NOT contained in the medical practice, where it could be at risk PPT102 319249 10/19 17 Strategies to safeguard your wealth LLC case example: Multiple real estate holdings LLC #1 Summer rental cottage LLC #2 Apartment

building LLC #3 Commercial real estate Personal assets Primary residence, bank and investment accounts, etc. $ Liability event affecting one property is contained from affecting other properties or personal assets PPT102 319249 10/19 18 Strategies to safeguard your wealth Using trusts to protect your assets Type of trust Asset protection considerations

Irrevocable trusts Typically allow trustee from making distributions to satisfy creditors of the trust beneficiary Offshore or foreign trusts Trustee is not subject to jurisdiction of U.S. laws and courts Creditors may find these assets more difficult/expensive to target Certain court cases have exposed limitations Domestic asset protection trusts Trustee and beneficiary are generally the same person Designed specifically to protect assets from creditors Relatively new, available in a few states; lack of existing case law to provide precedent of their effectiveness PPT102 319249 10/19 19 Strategies to safeguard your wealth Your action plan Meet with your financial advisor

Review current assets and determine your net worth Take care of basics, such as insurance coverage Identify and minimize any prevalent risks Consult with an attorney PPT102 319249 10/19 20 Strategies to safeguard your wealth Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing. For informational purposes only. Not an investment recommendation. This information is not meant as tax or legal advice. Please consult your legal or tax advisor before making any decisions. Shares of mutual funds are not deposits or obligations of, or guaranteed or endorsed by, any financial institution; are not insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other agency; and involve risk, including the possible loss of the principal amount invested. Putnam Retail Management putnam.com PPT102 319249 10/19 21

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