‘Black Holes’ for Capital-Gains Tax Come Under Treasury Fire

Published on September 29, 2026

The IRS drew new boundaries around 351 conversions, targeting cases in which, as part of a prearranged plan, an ETF effectively serves as a conduit to convert one set of appreciated securities into a materially different portfolio without an immediate tax bill.

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When Should Clients Take Their RMDs? We May Be Optimizing the Wrong Thing

September 29, 2026
When during the calendar year should retirees take their required minimum distributions (RMDs)? Take the RMDs early and eliminate the chore? Wait until December to maximize tax-deferred compounding? Or spread the distributions throughout the year? Advisors often start with too narrow a view of what clients are trying to optimize.

Living With the Realities of a Flat Economy

September 29, 2026
For three years, clients have been asking me when the economy will get back to normal. I have started answering that this current flat economy may be the newest redefinition of normal, one of many I’ve seen in 40-plus years of writing about money.