Tax planning is very different than tax return preparation. The goal of tax preparation is to minimize your tax owed this year. The goal of tax planning is to maximize your after-tax net worth by minimizing your taxes owed over your lifetime.
This designation gives both Schwab and your financial advisor the permission to contact the named individual if either of us were ever concerned that you or your finances were being taken advantage of.
This latest notice now gives both seniors and heirs who have not yet been able to put their formerly RMD funds back into their IRAs the chance of redistributing those funds to the IRA that distributed them.