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In the complex landscape of tax and estate planning, a pivotal factor that has rightfully garnered attention recently is the looming sunset of the 2017 Tax Act. The ever-changing nature of tax laws keeps individuals, families, and financial advisors on their toes, and the potential sunset of the estate tax exemption is a subject of considerable interest. As we delve into the nuances of this matter, it becomes apparent that understanding the implications of a changing exemption limit is crucial for effective tax and estate planning. [ABSTRACT FROM AUTHOR]

People with disabilities are often targets for exploitation. Persons with disabilities subject to guardianship require additional planning protections to safeguard them from financial predation. This article reviews the literature on this topic and identifies key areas of concern that financial advisors should address to protect this vulnerable population. [ABSTRACT FROM AUTHOR]

Financial planners are often asked by their clients about Social Security's minimum and maximum benefit amounts. Some people with little attachment to the labor force believe that they nevertheless can receive some guaranteed minimum Social Security benefit. And people with substantial earnings, especially over the contribution and benefit base, want to know how much of their retirement-income needs will be met by Social Security--and how much they need to provide from other sources. We can answer those questions for our clients. [ABSTRACT FROM AUTHOR]

The so-called SECURE Act 2.0 was passed on December 29, 2022. Slightly less than a year later, on December 20, 2023, the IRS issued Notice 2024-2, "Miscellaneous Changes Under the SECURE Act of 2022," providing essential guidance on some of the key modifications generated by SECURE 2.0. This column focuses on a dozen new insights contained in the IRS Notice. This new information is important to financial planners for two reasons. First, it will enable planners to recommend improvements to 401(k) and 403(b) plans provided by their clients who are plan sponsors. Second, it empowers fi- nancial planners to give up-to-date advice to clients who are plan participants. [ABSTRACT FROM AUTHOR]

For many financial planners, cash-flow planning is financial planning. Planners must make the effort to fully understand a client's income. This may involve looking at W-2 forms, profit and loss statements, and K-1 tax forms from the client's business. In addition, the planner must identify all the expenses that the client has. We recommend several strategies for monitoring cash-flow planning. [ABSTRACT FROM AUTHOR]

Clients with special needs, especially those whose disabilities present in childhood, may be beneficiaries of one or more special needs planning tools while subject to guardianship. Each of these tools brings into play the opportunity to provide guidance for coordinating the wishes of the grantor with the responsibilities and obligations of other third-party entities such as guardians and trustees. To avoid potential conflicts and provide maximum protection to the beneficiary, this article reviews the issues likely facing the grantor(s) and provides strategic guidance to financial planners to advise clients on how to effectively coordinate each of these roles. [ABSTRACT FROM AUTHOR]

Purpose: The present study delves into the causes of relatively lower retail participation in the Indian REIT market. Specifically, it investigates investors' attitudes and perceptions towards REITs as a unique asset class. This paper provides a comprehensive understanding of the perception and factors influencing Indian retail investors' reluctance to participate in the REIT market. Design/methodology/approach: Qualitative research was conducted through semi-structured interviews to gather insights from non-investors in REITs. The data were transcribed and analyzed using content analysis techniques. Finally, coding techniques were used to identify broad study themes. Findings: According to the study results, many retail investors are unfamiliar with REITs. Even among those knowledgeable about REITs and with a favorable view, it is not commonly seen as a feasible investment option due to its early stage, unattractive returns and limited number of REITs. Practical implications: Developed countries have established REIT markets, while it is still in its infancy in developing countries such as India. Financial advisors, fund houses and the media should focus on educating investors to increase awareness. Originality/value: The study is the first qualitative investigation into the perception of retail investors to understand the reasons for lower retail engagement in the Indian REIT market. [ABSTRACT FROM AUTHOR]

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The SECURE Act 2.0 of 2022 law has substantially changed the financial planning landscape, and going forward it will not be business as usual for financial planners. This law has spawned several new and pioneering concepts. A brief discussion of these novel ideas is followed by examples illustrating the changes. Planners should pay close attention to the effective date for each change. Some ideas have already been enacted. Others become effective in 2024. And yet others will not become effective for several years. [ABSTRACT FROM AUTHOR]

Do limitations on commissions paid to financial advisers reduce prices of financial products and stimulate investment? I examine these questions by estimating the causal effects of regulating commissions for mutual fund distribution. I exploit the unique institutional setting in Israel and the 2013 policy change when the government reduced commissions differently for different fund types. The reform led to a major decline in fund expense ratios and a consequent increase in fund flows. Funds with price-sensitive investors experienced 35% larger inflows. I interpret these results as investor responses to price competition fostered by a reduction in distribution costs. [ABSTRACT FROM AUTHOR]

Financial planners should understand the role that Social Security survivor benefits play in the financial planning process. It is important to know that they do not provide all the life insurance that is needed. That said, survivor benefits are provided to millions of widows and children. The rules for how long the benefit checks will last need study and should be explained to the client. In addition, it should be noted that survivor benefits can be subject to the retirement earnings test. [ABSTRACT FROM AUTHOR]

The article discusses a proceeding held at the Precision Oncology (PO) Forum on March 11, 2023 where expert recommendations and best practices were presented for effectively implementing PO programs in clinical settings. Topics include challenges in PO integration, strategies for overcoming these challenges, and essential components for a successful PO program.

The article discusses the importance of end-of-life planning and the benefits it provides for both the living and the dying. It emphasizes that end-of-life planning is a comprehensive process that involves legal documents, financial planning, funeral arrangements, healthcare decisions, and personal wishes. The article highlights the importance of having conversations with loved ones about these plans and the relief it provides for those left behind. It also suggests considering aspects such as legal documents, financial questions, medical decisions, personal wishes, and compiling a list of online accounts and assets. The article concludes by stating that end-of-life planning is a personal and ongoing process that requires time and can provide peace of mind for both individuals and their loved ones. [Extracted from the article]

The benefits of engaging a financial planner are well-documented in the literature. That is why it is so surprising that very few financial planners had their own planners despite spending their days purporting the importance of having a planner to potential clients. This article introduces an exercise, designed for financial planning courses, which encourages students to meet with a financial planner and write about their experience. The essays were examined using the qualitative methodology of thematic analysis. Several themes emerged: (a) insights into what it would be like to be a financial planner, (b) decreased anxiety after seeing the planner, (c) better empathy regarding the client's experience, (d) increased respect for the interpersonal skills required to do financial planning, and (e) receiving personal and professional benefits to seeing a financial planner. Implications for both Certified Financial Planner Board Registered Programs and existing financial planners are provided based on these results. [ABSTRACT FROM AUTHOR]

This research aims to understand current patterns, trends, and gaps in personal finance by conducting a systematic literature review of 20 years. The study collected and analyzed the articles published between 2004 to 2024. The research articles were collected from the Scopus database using the PRISMA framework. The review shows changes in the research area, including behavioural finance, digital financial planning tools, and its impact on individuals' financial literacy and planning. The major limitation of this study is that the literature search for personal financial planning might not have incorporated all publications in this area. Furthermore, there is a possibility of bias in this review concerning the papers selected for review and how the researchers interpreted the results. The findings of this systematic literature review can assist policymakers, financial planners, and practitioners in making more informed financial planning decisions and regulations. Thus, by identifying the trends and gaps in personal financial planning, strategies can be defined to provide individuals and society with the necessary level of support. The research is helpful to existing knowledge in that it presents a critical discussion of the personal financial planning literature evident in the last twenty years. The research is original and provides valuable information for upcoming research and practical application in personal financial planning. [ABSTRACT FROM AUTHOR]

Word-of-Mouth (WoM) is a socially embedded process, and investors engage in social considerations to achieve self-motives. Investors attempt to share negative WoM (NWoM) to emotionally connect (self-affirm) to strengthen existing social ties following prior losses. In contrast, investors attempt to share positive WoM (PWoM) to self-enhance to attract others into developing new social ties. Thereby, this study aims to predict the impact of prior losses or gains on investors' later decisions by engaging in the valence of WoM to achieve different underlying self-motives and social-motives. This study used experimental data and employed PROCESS tool model 6 to check the validity of the proposed triple serial mediation model. Findings support the viability of the triple mediation model that investors seek to achieve different underlying self-motives and social-motives manifested in PWoM or NWoM, following prior gains or losses. Investors seek to self-affirm by strengthening components of social-motives through engaging in NWoM, following prior losses. While investors seek to self-enhance to develop components of social-motives through sharing PWoM, following prior gains. Findings provide significant implications for researchers, managers, financial advisors, and analysts. Researchers, managers, and analysts can incorporate investors' intrinsic factors in traditional economic models to better predict investors' economic behavior. Financial advisors need to understand self-motives and social-motives that change clients' risk attitude and frame investment advice to achieve particular clients' self-motives and social-motives. [ABSTRACT FROM AUTHOR]

Purpose: The aim of this paper is to systematically review the literature published in recognized journals focused on recognition-based heuristics and their effect on investment management activities and to ascertain some substantial gaps related to them. Design/methodology/approach: For doing research synthesis, systematic literature review approach was applied considering research studies published within the time period, i.e. 1980–2020. This study attempted to accomplish a critical review of 59 studies out of 118 studies identified, which were published in reputable journals to synthesize the existing literature in the behavioural finance domain-related explicitly to recognition-based heuristics and their effect on investment management activities. Findings: The survey and analysis suggest investors consistently rely on the recognition-based heuristic-driven biases when trading stocks, resulting in irrational decisions, and an investment strategy constructed by implementing the recognition-based heuristics, would not result in better returns to investors on a consistent basis. Institutional investors are less likely to be affected by these name-based behavioural biases in comparison to individual investors. However, under the context of ecological rationality, recognition-based heuristics work better and sometimes dominate the classical methods. The research scholars from the behavioural finance community have highlighted that recognition-based heuristics and their impact on investment management activities are high profile areas, needed to be explored further in the field of behavioural finance. The study of recognition-based heuristic-driven biases has been found to be insufficient in the context of emerging economies like Pakistan. Practical implications: The skilful understanding and knowledge of the recognition-based heuristic-driven biases will help the investors, financial institutions and policy-makers to overcome the adverse effect of these behavioural biases in the stock market. This article provides a detailed explanation of recognition-based heuristic-driven biases and their influence on investment management activities which could be very useful for finance practitioners' such as investor who plays at the stock exchange, a portfolio manager, a financial strategist/advisor in an investment firm, a financial planner, an investment banker, a trader/ broker at the stock exchange or a financial analyst. But most importantly, the term also includes all those persons who manage corporate entities and are responsible for making its financial management strategies. Originality/value: Currently, no recent study exists, which reviews and evaluates the empirical research on recognition-based heuristic-driven biases displayed by investors. The current study is original in discussing the role of recognition-based heuristic-driven biases in investment management activities by means of research synthesis. This paper is useful to researchers, academicians, and those working in the area of behavioural finance in understanding the role that recognition-based heuristics plays in investment management activities. [ABSTRACT FROM AUTHOR]

This article explores the challenges and strategies involved in transitioning to retirement for physicians, with a specific focus on late-career radiologists. It emphasizes the importance of preplanning for retirement and acknowledges potential differences in retirement experiences for women and minority physicians. The article suggests that institutions can support retirement transitions by offering flexible phased retirement options and retirement planning programs. Overall, most physicians adapt well to retirement, experiencing improved financial stability, health, and family relationships. The article also includes personal stories from individuals navigating the retirement process, providing insights into the experiences and reflections of those who have gone through this transition. The authors highlight the importance of early retirement planning, adaptability, and finding fulfillment in retirement through a balance of work and leisure activities. [Extracted from the article]

The article discusses the emergence of a movement among wealthy individuals and families who are advocating for wealth redistribution and addressing the harms of extreme inequality, racial capitalism, and the need for reparations. These dissenters, although not a majority of the ultra-wealthy, are working together with promising movements to challenge the concentrated wealth and power system. They are rejecting traditional philanthropy and instead aggressively moving money to grassroots social change movements. Additionally, some members of the wealth defense industry, such as wealth managers and tax attorneys, are defecting and blowing the whistle on systemic abuses. The article highlights the growing support for higher taxes on the wealthy and wealth taxes among the wealthy themselves. Despite the formidable power of billionaires and their enablers, cracks in the system are appearing, offering new possibilities for decolonizing wealth and building regenerative economies. [Extracted from the article]

This study examines the capability of ChatGPT to provide financial advice based on personal finance cases. We first write our own cases and feed them to ChatGPT to get its advice (recommendations) on them. Next, we assess the quality and the validity of ChatGPT's recommendations on these cases. We find that ChatGPT serves as a suitable starting point, but its recommendations tend to be generic, and they often overlook alternative solutions and viewpoints and priority of recommendations. Overall, our analysis demonstrates the strengths and weaknesses of using ChatGPT in personal finance matters. Further, it serves as a helpful guide to financial advisors, households, and instructors of personal finance who are already using or considering using ChatGPT and want to develop a suitable understanding of the benefits and limitations of this new technology in addressing their professional and personal needs. [ABSTRACT FROM AUTHOR]

This study explores the similarities and differences in herding behaviour and influencers by gender, specifically for the millennial generation. We find evidence that both groups exhibit very similar behaviour when it comes to herding and the influencers they choose to listen to. The two groups differ somewhat in the influence parents and siblings have on them, with females experiencing more influence from them. These findings are significant as they are contrary to most existing literature which suggests that males and females are quite different while making investment decisions. Regression model for the impact of influencers on herding behaviour was also similar for both genders. Both groups listen to experts but do not herd based on this. Both groups tend to herd more based on friends, relatives, siblings and parents. The insights from the study will be useful for services marketing professionals and financial planners who can use the influencers who will be effective in communicating information as well as enrol those influencers who male and female millennials herd with for their financial investment decisions. This should help them achieve more targeted communication strategies. [ABSTRACT FROM AUTHOR]

While an emerging body of research has documented the significance of estate planning, there remains limited understanding regarding the extent of Black adults' engagement with estate planning in the United States. The objectives of this study were to examine whether the utilization of financial planners, the status of inheritance receipt, and religion are associated with engagement in estate planning among U.S. Black adults, and how these associations vary based on life insurance policy ownership. Participants for this study were 673 U.S. Black adults aged 25 and older who completed an online survey in July 2021. We estimated logistic regression models to predict Black adults' engagement in estate planning. Results indicated that in fully adjusted models, Black adults who used the services of a financial planner had significantly higher odds of executing a valid will or trust than those who did not seek assistance from a financial planner. The status of inheritance receipt, frequency of attendance at religious services, and ownership of life insurance policies were positively and significantly associated with engagement in estate planning among Black adults. However, as a moderator, patterns did not differ significantly depending on whether they owned life insurance policies. These findings may assist professionals and other stakeholders in financial planning to develop strategies or interventions to enhance estate planning for U.S. Black households. [ABSTRACT FROM AUTHOR]

When leveraged properly as part of a coordinated long-term portfolio, an Achieving a Better Life Experience (ABLE or 529A) account and special needs trust (SNT) can allow an individual with disabilities to maximize savings above the government resource limit (currently $2,000 for an individual) without losing eligibility for U.S. government benefits. This article analyzes recent literature, policies, statutes, and litigation concerning special needs planning matters to create strategic guidance for financial planners who are considering combining an ABLE account with an SNT. Financial planners should address eight key concerns to determine whether it is in a client's best interests to utilize an ABLE account in tandem with an SNT: (1) eligibility; (2) annual contribution limits; (3) cumulative balance limits; (4) total funds available after account setup fees; (5) total funds available after account administration and/or maintenance fees; (6) Medicaid Estate Recovery factors; (7) spending requirements/goals; and (8) state-based investment options. [ABSTRACT FROM AUTHOR]

Understanding the role of adjusted gross income (AGI) in computing taxable income is crucial to providing good tax and financial planning, especially for retirees. Not every financial planner will be a tax expert but understanding some of the interactions between income items and what type of taxes and costs might be incurred as the result of a transaction is essential. For example, because of a bright-line cutoff, just one additional dollar of modified AGI (MAGI) can trigger an additional $4,351.20 in Medicare Part B premiums. This article reviews the federal income tax formula and discusses some specific income items, including how changes in one item affect other items. It provides examples of some of the additional taxes and costs that can be incurred. [ABSTRACT FROM AUTHOR]