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Episodes by Topic: Tax Planning
Estate and Tax Planning
Bob Ward, estate and tax planning attorney with offices in Vancouver and Maryland, joins Mike to discuss various aspects of estate planning, especially as it relates to taxes.
- How does the tax system affect estate planning?
- What is the gift and estate tax exemption?
- What is a trust and how does it impact estate planning?
- Who is a settlor, a trustee, or a beneficiary on a trust? What are their various roles?
- What are the advantages to acting sooner rather than later on gifting assets?
- What is a generation skipping trust?
- What are some other considerations regarding inheritance? (What if a child get sued? What if they are in a bad accident? What if…?)
- How do state laws affect second or third marriages?
- How do you set up a trust to save current taxes, give to charity, and still give money to your children?
Tax Efficient Planning
In this episode of Talking Money, Mike answers questions related to tax planning and more:
- Can you itemize deductions? What are the different thresholds for being able to itemize?
- What is “bunching deductions” and how does that work?
- What about using a donor advised fund for charitable giving?
- Why doesn’t it work to put municipal bond funds inside of an IRA?
- How could the increase in gift tax exclusion change what I choose to give to my children?
- What are some ways to set up beneficiaries when you have been married more than once?
- How can you get money from your spouse’s account if they become incapacitated?
- What are some other beneficiary considerations people need to keep in mind?
Tax Strategies to Think About Now
Alan Cox, Head of Estate/Trust Planning and Estate Settlement at Ronald Blue Trust, joins Mike to discuss some pending legislation as well as some tax strategies you can implement this year.
- There are different provisions provided by the CARES Act, not only for those who itemize, but also for those who can’t itemize deductions. Talk to your tax advisor!
- There are advantages to giving non-cash assets as well.
- One huge tax advantage is giving charitably by using a Qualified Charitable Distribution (QCD) to meet your Required Minimum Distribution (RMD). Make sure you mention this idea and plan to both your financial advisor and your tax preparer.
Financial Confidence: A Client Story
Mike is joined by his cousin Tim Van Dam and Tim’s wife, Martha, who also happen to be Ronald Blue Trust clients. Tim and Martha share a little bit of their backgrounds and how the Greenville office of Ronald Blue Trust has helped them on their financial journey.
Listen to the EpisodeIncome Tax Strategies
As the extended income tax deadline draws near, Mike looks at some strategies you can use to potentially adjust your taxes from 2020.
- Are you aware of the different IRA rules?
- How does contributing to a retirement account affect taxes? If you contribute now, does it benefit last year’s taxes or this years?
- Are you contributing to and using an HSA if you are eligible?
Several listeners also called or texted in with questions like:
- I just moved a mobile home and plan to rent it out. Can I write off those moving and/or setup expenses?
- Is it possible to list rental income as passive income to offset taxes?
- What are the limits for an IRA contribution?
- Is there a good strategy for getting out of cryptocurrency to try to avoid paying future capital gains taxes?
Living Generously Today
Dan Glaze, National Relationship Manager at the National Christian Foundation, joins Mike to discuss the many benefits being generous with what God has given you.
- Is giving via your estate plan really sacrificial giving?
- What exactly is a donor advised fund?
- Are there giving and tax strategies you can implement when selling your business?
- Do financial discussions or issues stress you out?
- Want to get your children more involved in your giving?
- What are some ideas for communicating with your spouse about giving?
Mike and Dan discuss all these areas and more!
Listen to the EpisodeCOVID Tax Relief Information
Alan Cox, CPA, CKA, Director of Estate/Trust Planning and Estate Settlement at Ronald Blue Trust joins Mike to discuss some of the ins and outs of the latest Coronavirus relief package.
- modifications to charitable contribution limitations, including above the line deductions for non-itemizers
- relief checks and their calculations: information on how you can figure out how much you may be getting!
- difference between Adjusted Gross Income and Taxable Income
- expansion of the paycheck protection loans
- deductibility of business meals
- IRA conversion considerations
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Taxes and Estates: Listener Questions Answered
On this episode of Talking Money, Mike answers a variety of listener submitted questions:
- I have a life insurance policy my parents purchased for me when I was a child. I would like to cash it in to buy some property. How will that affect my taxes?
- Do I need an estate planner? What professionals should I hire to make sure my estate is in order?
- How can I make sure my cars and mobile home or house don’t go through probate?
- I am close to retirement, what is a good way to make sure I have access to the cash flow I need without completely emptying my retirement accounts?
He also discusses the previously offered homegoing document, found here.
Listen to the EpisodePlan Ahead Tax Strategies
Is there anything you can be doing now to save some on your taxes when you file next year? Why is it important to look at these strategies?
Mike is joined by Justin Meade, CFP®, CRPC®, CKA®, to discuss some strategies you may want to consider at the end of the year to maximize your deductions on your tax return. They answer questions like:
- What is your marginal tax bracket. and why is it important?
- How does knowing your adjusted gross income (AGI) play into your tax strategy?
- How does “bunching deductions” work?
- What are some advantages of giving through a Donor Advised Fund?
- Are long term care premiums or assisted living expenses deductible?
- What about property taxes or SALT (state and local tax)?
They also discuss how the election results may or may not affect your tax planning strategies, the pros and cons of a ROTH conversion, Qualified Charitable Distributions (QCDs), and capital gains.
Click here to read the article Justin recently wrote on this subject!
Listen to the EpisodeBest of Talking Money: Estate Planning Updates
Highlights from show aired February 8, 2020
Estate planning can be confusing! Especially with so many recent changes in estate tax law that could cause your estate plan to pass your assets in a way that you don’t intend. Do you have some type of “Formula Trust” in your documents? Are your documents up to date?
Estate planning attorney, Joel Stoudenmire, joins Mike to review the changes and tell you what you need to watch out for.
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