Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

For Better or Worse, Discuss Your Estate as a Couple

Are you making the transition into married life? Consider these five estate planning to-do’s as you start your life together.

Wedding season, which typically runs from late spring through early fall, is officially upon us. If you are engaged or newly married, consider discussing your estate planning intentions with your partner and a trusted advisor. While it’s easy to get wrapped up in finding the perfect dress or finalizing your guest list, you should also be planning for the life changes to come after the ceremony. Not only will this help prepare you for the road ahead, but it can also allow you to begin cultivating your estate as a couple.

Once you and your partner schedule a meeting with your advisor, you can begin by discussing these five estate planning moves, which should be addressed before or as soon as you head down the aisle:

Update your beneficiary designations. To make your new spouse the beneficiary of your life insurance or retirement accounts, you’ll likely need to visit your employer’s HR department and complete the necessary forms.

Review your life insurance needs. Have you spoken to your partner about what would happen if one of you passed away unexpectedly? For instance, if you own a home together and your spouse passed away, could you pay the mortgage with only one income? These questions can be difficult, but it’s important to consider whether your current life insurance still meets your needs – particularly if you have children or are planning to start a family in the near future.

Execute your wills. The last thing on your mind if facing the devastating loss of your spouse is the legal minutiae. But you should know that while many states will rule that, in the absence of a will, all assets revert to the surviving partner, this is not always the case. Sadly, if your spouse dies without a will, you could endure the delay and expense of probate to determine what assets you may receive, all while you are grieving. In some cases, the state will even designate certain assets to parents or loved ones of the deceased spouse. As tough as it is, these conversations are incredibly important. Keep in mind, too, that your will and estate plan must reflect the same provisions of any prenuptial agreement in the event of your partner’s death.

Consider establishing durable powers of attorney and advanced healthcare directives. Double check to make sure your partner is authorized to make medical, legal, or financial decisions on your behalf – not all states automatically grant spouses that authority. As you move into married life, ask those important questions and understand the decisions you might have to make for one another in the unfortunate event something unthinkable happens.

Discuss your homeownership documents. Does one of you already own a home you will be sharing? Or, are you thinking about buying a home together? Consider your living situation as a couple and speak with your advisor about investigating strategies that include joint property and tenancy by the entirety, as well as state homestead laws and where to properly record deeds and other real estate documentation.

A wedding is an unforgettable event. But given all the time and expense that goes into preparing for the big day, it’s important that you dedicate some of those resources to planning for your future as a couple. These ideas will help you get the ball rolling on these important conversations to have with your financial advisor and your partner.

Raymond James and its advisors do not offer legal advice. You should discuss any legal matters with the appropriate professional.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

Travel securely: Keep your information protected on the go

Learn about a few simple things you can do to protect your personal information while you travel.

Travel can be one of life’s great pleasures, especially when you’re enjoying retirement. Exploring new-to-you countries or revisiting favorite spots is fulfilling, whether traveling by yourself or with family or friends. Regardless of who you travel with, there can be the risk of an unwanted guest – in the form of threats to your personal information.

In the age of smartphones and abundant Wi-Fi hotspots, it’s important to remember that your information travels with you. That’s why ensuring your devices, as well as your credit and debit cards, are secure when you travel abroad is vital. Fortunately, there are precautions you can take to help minimize the threat of your sensitive data being compromised.

Be mindful of your device settings

When traveling, consider disabling certain settings on your devices, like Bluetooth and your laptop’s webcam. Use Wi-Fi only through a trusted source rather than a public or unknown source and make sure your device doesn’t try to automatically connect to networks when you aren’t using it.

Think about using a virtual private network (VPN) while traveling. A VPN helps to keep your personal information, browsing history and location private so you can use your devices more securely on the road. There are numerous providers available for purchasing VPN services, so you can explore the features that will work best for your circumstances.

Limit your account access while traveling

It's also important to be mindful of the websites you’re accessing while traveling. Even when using a VPN, try to avoid accessing web accounts that contain any sensitive information, such as your financial, personal or health information. If you do need to access any such accounts, consider changing your passwords when you arrive home as an added security measure.

Keep in mind that any devices you might use that are not your own are especially unlikely to be secure. Public computers, such as those in a hotel common workspace or an internet café, pose an additional risk to your information. Looking up museum hours or directions to your dinner reservations is one thing, but it’s best not to use any sort of public computer for anything you need to supply a password to access.

Think about what you’re taking with you

Consider which of your electronic devices you’re taking with you while you travel, and which you may be able to leave at home. For example, leave your laptop at home if you can, especially if you’re traveling for pleasure rather than business. Likewise with your credit cards and any important documents – take only what you need and make sure you’re carrying them securely.

Be prepared to verify purchases if needed
It’s always a good idea to make sure your financial institution knows that you’ll be traveling so your purchases aren’t flagged as fraudulent. You may still be notified about suspicious charges, however, as stolen or counterfeit cards are always a risk.

Check with your credit card company before you travel to learn the process for approving any charges the company may flag as fraudulent, so you know what to expect. Debit cards also often have daily limits on ATM withdrawals and point of sale purchases. Certain transactions at high-risk merchants or some transactions identified as potentially fraudulent may also require additional verification from the merchant. It’s good to be aware of all of this before your trip.

Next steps

Here are a few more tips for traveling securely:

• Use ATMs inside banks whenever possible and avoid standalone ATMs.
• Pay attention to the card reader. If it is loose or appears to be tampered with, do not use that ATM.
• If you lose a card, report the loss to your financial institution immediately.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

Stay safe from Medicare scams

Four red flags to watch for.

Medicare fraud has huge costs for older adults. In 2024, scammers were charged with major fraud totaling billions. Scammers contact Medicare recipients to steal Medicare or Social Security numbers and file false claims. Protect yourself by watching for:

•  “Too good to be true” promises: Free medical supplies or medications, tests not ordered by your doctor, or “pre-approvals” for new plans with better benefits may be scams.
• Unexpected asks for personal information: Medicare won’t call you unless you request it. Don’t share your Medicare number with anyone calling unexpectedly.
•  Suspicious links: Scammers send fake emails or texts with links to steal your data. Don’t click unexpected messages.
• Threats to terminate benefits: Your coverage can’t be taken away for not joining specific plans, for example.

Source: National Council on Aging

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

Roth conversions still shine after tax law changes

Before the One Big Beautiful Bill Act passed in July 2025, Americans planning for intergenerational wealth transfers were uncertain whether relatively low tax rates and historically generous estate and gift tax exemptions might sunset at the end of 2025. The prospect of increased tax implications prompted many to consider mitigation strategies.

Then, the One Big Beautiful Bill Act made the more advantageous rates and exemptions “permanent.”

Typical reaction: “Never mind, nothing to mitigate here.”

Yet for many – especially those whose heirs may be in their high-earning years at the time of inheritance – there is still good reason to consider a Roth conversion, which involves paying taxes now to create tax-free income later. A Roth conversion can be relevant to tax, income and wealth transfer strategies.

First, quick definitions:

• A traditional IRA offers tax-deferred growth – contributions are made with pre-tax dollars and taxes are paid when funds are distributed or withdrawn. At a certain age, minimum required distributions (RMDs) must be taken annually.
  A Roth IRA offers tax-free growth – contributions are made with after-tax dollars and withdrawals are tax-free if relatively easy criteria are met. Distributions are not required for the original account owner at any age.
• A Roth conversion involves converting tax-deferred savings, such as in a traditional IRA, to after-tax savings in a Roth IRA, creating the potential for future tax-free growth and income. Taxes on the converted amount, however, are accelerated – the converted amount is taxed as income in the year of the conversion.

How much ‘room’ do you have?

Paying a larger tax bill now may not be advantageous or feasible for everyone, but the passage of the One Big Beautiful Bill Act was a positive development for those looking to convert tax-deferred savings to a Roth IRA.

The law extended comparatively low tax rates, but they are permanent only in that current legislation does not call for them to end at a predetermined date. Future laws can change the tax rates and brackets.

The One Big Beautiful Bill Act also introduced a senior deduction and increased the SALT tax deduction, potential tax-saving opportunities that need to be part of the calculation:

• The senior deduction allows an additional $6,000 deduction for taxpayers age 65 or older for tax years through 2028. The deduction is available whether you itemize or claim the standard deduction. Income limits apply, however, and the deduction begins to phase out at modified adjusted gross income levels of $75,000 for single filers and $150,000 for married couples filing jointly. It phases out completely at $175,000 and $250,000, respectively.
• The state and local tax deduction was increased from $10,000 to $40,000 for 2025 and will adjust higher by 1% each year through 2029. Here, the increased deduction, meaning the amount above the baseline $10,000 deduction, begins to phase out at modified adjusted gross income over $500,000 and phases out completely out at $600,000

If your goal is to preserve the full senior and SALT deductions, you’ll want to be careful not to convert too much of your tax-deferred savings, as the converted amount counts as income in the year of the conversion.

Potential benefits of a Roth conversion

There are several reasons you might consider a Roth conversion for your own income strategy:

• Tax rates in the current year could be lower than expected in future years.
• A mix of taxable and tax-free accounts – and the ability to take strategic distributions from both – could make it easier to adjust to a future tax environment.
• A Roth conversion will result in a smaller traditional IRA, which translates to lower RMDs; Roth IRAs do not have RMDs.
• During times of market volatility, converting while asset values are depressed could result in a lower tax bill for the converted securities. Conversions can be done in-kind, with any potential appreciation due to a market rebound growing tax-free in the Roth IRA.

If preserving family wealth across generations is a primary goal, a Roth conversion has meaningful considerations related to another recent tax law change known as the 10-year rule. Previously, the tax-deferred benefits of a traditional IRA were passed from generation to generation under what was known as the stretch rule: distributions for an inherited IRA became subject to the beneficiary’s life expectancy.

The 10-year rule, which passed as part of the SECURE Act, requires most non-spousal IRA beneficiaries – think, children – to zero out an inherited IRA’s account balance 10 years after the original account holder’s death. And if the original owner was taking RMDs, the beneficiary must take them annually, as well. The 10-year rule creates more of a tax burden for beneficiaries of a traditional IRA because distributions are taxed as income. If the next-generation beneficiary is in their high-earning years at the time, the tax burden is exacerbated.

In that sense, a Roth conversion can serve as a tax arbitrage between the IRA owner and their intended beneficiary. For example, parents might be in a lower tax bracket during retirement compared to their grown children who are in the workforce.

While most non-spousal beneficiaries who inherit a Roth IRA must also fully distribute the account by the end of the 10th year after the original owner’s death, distributions from a Roth are generally tax-free and beneficiaries can take distributions with no tax consequences. Because there are no RMDs for Roth IRAs, strategically, the beneficiary can hold the inherited Roth IRA for the full 10 years before distributing the account, compounding the power of tax-free growth.

Additional considerations

Roth conversions increase your gross income in the year of conversion, which may affect other taxation, including deductions, credits and related items, such as Medicare premiums or Social Security taxation.

For converted dollars to be distributed without a 10% penalty, the converted funds must be held for at least five years, or the Roth IRA owner must be 59 1/2 or older. A separate five-year period applies for each conversion.

Selling assets from the IRA to pay taxes limits long-term growth potential. Consider paying taxes from an outside source.

If you intend to leave your traditional IRA to a charity, it may not make sense for you to pay additional taxes today on money or assets a tax-exempt charity would not pay.

Bottom line

While converting tax-deferred funds to a Roth IRA can offer significant benefits, it’s important to evaluate the various implications of increasing your income in the year of conversion based on your situation and goals.

Raymond James and its advisors do not offer tax advice. You should discuss any tax matters with the appropriate professional.

Like Traditional IRAs, contribution limits apply to Roth IRAs. In addition, with a Roth IRA, your allowable contribution may be reduced or eliminated if your annual income exceeds certain limits. Contributions to a Roth IRA are never tax deductible, but if certain conditions are met, distributions will be completely income tax free. Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted.

Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Additionally, each converted amount may be subject to its own five-year holding period. Converting a traditional IRA into a Roth IRA has tax implications. Investors should consult a tax advisor before deciding to do a conversion.

Contributions to a traditional IRA may be tax-deductible depending on the taxpayer’s income, tax-filing status, and other factors. Withdrawal of pre-tax contributions and/or earnings will be subject to ordinary income tax and, if taken prior to age 59 1/2, may be subject to a 10% federal tax penalty.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.