While no one can know what the future brings, we know that certain things in life are inevitable like taxes and death. When a loved one passes and you’re in charge of settling the estate, the process and emotions can be overwhelming. Even the most organized and “simplest” of estates can feel cumbersome and complex. Listen in as Adam and Ben share stories and best practices to help you, the executor, prepare for your future role. Some education and proactive communication can go a long way to helping all parties.
Most people build their wealth inside tax-deferred retirement accounts. Deferring taxes sounds great – but at a certain age, the IRS comes calling and you can’t defer paying income taxes any longer on those accounts! Listen as Adam and Ben discuss the required minimum distribution (RMD) rules, how they have recently changed, and what strategies you might proactively consider so your future tax bill feels more like an income tax trickle and less like an income tax bomb.
Here we are in June 2024, and the market is at all-time highs yet again! For some, it begs the question “Is now still an OK time to invest new money?” Oddly enough, Ben and Adam addressed this very question back in June of 2021. With the benefit of hindsight and what was a very bad year for markets in 2022, they again weigh in. Will they answer the question differently this time around? Or hit repeat on podcast #36?! Listen in as they reflect on what’s happened over the last three years and how long-term investing and discipline still worked out.
Sometimes when someone close to us passes away, we end up inheriting their retirement savings. “What’s an RMD? When do I need to take them? Over what period of time? Who is tracking that? You mean I have to pay income taxes?!” There are so many rules and nuances that can make the decision-making and management of this gift confusing and perhaps even frustrating at times. Listen in as Adam and Ben talk about the proactive and reactive ways to prepare for and eventually handle managing Inherited IRAs.
Stepping into retirement comes with a host of challenges! Beyond all the financial STUFF that needs to be well-planned out, there’s the daunting task of figuring out how to spend your time, find purpose, engage others, and continue to challenge oneself. All that can be downright scary! Listen as Ben interviews author Patrice Jenkins on how her books and workshops help others gain the wisdom to get over retirement and on with living!
Life ebbs and flows. If you look back on the last 10 or 20 years of your life, surely there were many events that had the potential to disrupt your financial life! When a curveball comes our way, we may need access to money and the question then becomes, where do I get it? Listen to Adam and Ben discuss the dos and don’ts of accessing certain types of accounts and taking certain kinds of loans.
Our clients going through different phases of planning requiring different advisor focuses over time. There are times when we need to help “fix” problems and other times when we work behind the scenes to make sure the plan is intact while you’re feeling “fine.” There’s a third, less discussed phase though. Listen to Adam and Ben discuss the milestone “flourish” meeting – a special time when clients have the financial and emotional capacity to reimagine what’s possible after working hard to get to a place of contentment.
While there’s no perfect way to go about investing, Adam and Ben believe that investing before going through a financial planning process is like firing before taking aim. Listen as they share insights on how the tenants of financial planning inform what investment choices make sense for each client. From cash flow, to taxes, to managing fears and managing expectations – they lay out why planning is a pre-requisite for investing in any new relationship.
It’s far too often that investment and financial planning jargon get in the way of clearly articulating what someone’s investment plan looks like. And we aren’t talking about using terms like alpha or sharpe ratios either. Something as simple as saying “short-term bucket” and “long-term bucket” is still fairly met with “but what does that REALLY mean to me?!” Listen to Adam and Ben break down their Three Bucket Theory into a more tangible discussion, by highlighting how clients can view these buckets, not just in concept, but in practice, based on their own individual financial plan. They’ll even challenge you to share your own ideas for how you would retitle these buckets of savings, based on how you think and feel about money and its role in your life.
Aging is a part of life. While we enter this world under the care of parents, we often times need to return the loving favor by caring for them as they enter their twilight years. Needing care can have many financial repercussions for your parents, and for you. Listen to Ben and Adam dive into 5 important topics that need to be reviewed if you want to help your aging parents be efficient with their resources and protect the family’s assets as much as possible. From taxes to investments to gifting strategies to important documentation, they leave no stone left unturned in this important (and often emotional) topic.
People work hard to save for retirement. Then they retire and – the balancing act begins. Do they value preserving assets throughout retirement? If so, they might hold fast to their saving habits and continue to be frugal. Others may value their freedom of time and want to enjoy experiences by spending, spending, spending! But what if someone values both? Listen to Ben and Adam share how they help their clients navigate the emotions around spending in retirement.
A lot of financial planning clients require the services of a tax professional. Then there are others whose phase of life and financial situation don’t necessarily require that level of help. But what about those who might be somewhere in the middle? Tune in to hear 5 different personal and/or financial situations where Adam and Ben suggest their clients outsource tax prep services to a qualified professional.
