Episode 375 - Gifting and Rollover Strategies

According to the Centers for Medicare and Medicaid services, as of April 2024, approximately 67 million people are enrolled in Medicare, an increase of  2 million people since 2023. Deciding on healthcare is a significant part in planning for your retirement. There are many factors to consider when educating oneself in the complex field of Medicare. Fortunately, there are professionals who specialize in this and can help navigate eligible enrollees through the process … and we know two of them! Laverna Witkop and Dawn McConnell from Ford Insurance Agency will join us LIVE on the show today. They will cover all the basics of Medicare as well as talk about the open enrollment period, known as the Medicare Advantage and Prescription Drug Plan annual election period, or AEP, which is October 15 through December 7. It’s time to review and pay attention to changes. This also might be a good time to jump in! Open enrollment for individual health insurance plans is November 1 to January 15, 2025. Now’s the time to ask the experts, so have your questions ready. Tune in and take control!

Today, help us welcome Ed Slott as we discuss his unique perspective on the retirement landscape only a CPA with his depth of experience and education can bring. The Wall Street Journal refers to Ed as “The best source of IRA advice.” That’s one of many reasons we’re having Ed join us as we do periodically. As members of Ed Slott’s Elite IRA Advisor Group, which includes about 500 advisors around the nation, we ask Ed to update you, our listening audience, and share from his perspective. Dennis Prout, Heidi Cartwright and Nathan Prout are all members of this group through Ed Slott and Company. We’ll discuss the most recent updates of the SECURE 2.0 Act, if Roth conversions still make sense and, among other things, discuss the current tax laws and how they might benefit you from an income tax and estate tax planning standpoint.  Tune in and take control!

There’s a lot going on for today’s show! First, we’ll look at the potential changes to our estate and individual tax rates and discuss how that could impact us all with the sunset of the current tax law at the end of 2025. So many of us have already adjusted our estate plans and are planning for increased taxes on a variety of fronts. What else can we do and how should we approach it? Second, we’ll discuss what to do if you’re middle aged and behind in your savings. And finally, we'll wrap up the show with some relevant stats for today's economy.  Tune in and take control!

Did the Fed cut interest rates too much? What kind of impact might we anticipate? Sometimes to look forward it behooves us to look back. Today, we will discuss an article, from the Wall Street Journal, that takes us back to the 1980s. What can history teach us? Viewing previous market reactions and economic reactions to a decline in interest rates, might give us a glimpse into the future and how this might impact you and your finances. Although it has been a while since we’ve seen interest rates decline, it should be noted that history doesn’t repeat itself, however, it does tend to rhyme. Today, given the multiple bumps in the road and world changes, is a great time to look closer at what the impact might be and how you could respond.  Tune in and take control!

Trying to think more deeply about your financial future with so many economic uncertainties feels more like a non sequitur rather than a financial plan. “Where’s the stock market headed?” “What will tax rates be?” “Is our currency stable enough?” These are probably the most common themes that you are trying not to overthink. However, the one thing that we can be certain of is change. Stocks will fluctuate, interest rates will change, and tax rates will increase and decrease. On today’s show, we will discuss two articles: “Investing in Companies at Times of Crisis,” by Capital Group, and “Are You Using the Right Tax Breaks to Boost Investment Returns,” published in The Wall Street Journal. Our hope in discussing these articles is to bring you a bit more logic, clarity and confidence in your investing. This is edge of your seat information you won’t want to miss! Okay … maybe not “edge of your seat,” but certainly good food for thought.  Tune in and take control!

Roth! Roth! Roth! Can you hear the steady chant from the financial advisors and tax experts around the world? Ed Slott, a Roth enthusiast, believes we have entered a rothification era. On today’s show, we’re about to blow your mind by playing the devil’s advocate. Dare we question the Roth? Is there ever a time when a Roth or Roth conversion may not be the best financial move? Yes. Jon Sluis, CPA and tax expert, from Intrust will join our show and guide us through a lively discussion about the tax implications of Roth conversions. Being wise with money and saving for your financial future is not easy and the answer is not always black and white; there’s a lot of emotion attached to the green stuff. If you dare, join us as we discuss the “other side” of the Roth. Tune in and take control!

“I’m retired, now what?” How does one find that balance between excessive and overly conservative withdrawals? Every retiree’s situation is different. On today’s show, Dennis will uncover some key strategies to help guide you into discovering a withdrawal balance that’s right for you. He’ll also take a closer look at the article, “3 key considerations for sustainable retirement income” by Capital Group. Next, according to the IRS Code Section 2518, the term “qualified disclaimer” means an irrevocable and unqualified refusal by a person to accept an interest in property, but only if one follows the rules. Who knows those rules better than Ed Slott? Heidi will lead us in a discussion based on Ed Slott’s current manual of those rules, as well discuss the possible advantages of planning with disclaimers. You might be surprised by the flexibility that disclaimer planning can offer. Deann will join in the conversation and share timely stats regarding the topics at hand.  Tune in and take control!

Retirement planning is not only about saving for your future, but also about leaving a legacy, like an inheritance for your loved ones. But what if there were another way, a tax-saving strategy, other than leaving an inheritance after one’s passing? Dennis is back and ready to discuss Ed Slott’s gifting strategies to help identify those who might want to take advantage of these benefits. Whether gifting to children or charities, you could save taxes in the long-term and help capitalize on tax-free gifting opportunities. When it comes time to roll over a company plan, there are two questions one should ask: First, CAN the distribution from my company plan be rolled over? Second, SHOULD my distribution from my company plan be rolled over? Today, Heidi will discuss all the factors to consider when thinking about a company plan rollover as well as reasons to roll over a company plan to an IRA. And there may be reasons to leave your assets in the company plan. All this and more will be discussed as we dive into Ed Slott’s advice on such matters. Deann will join in the conversation and share timely stats regarding the topics at hand.  Stay tuned and take control!

On today’s show, get ready for a listening adventure as we discuss ... the economy! Specifically, we’ll talk about navigating the current economy in a world of uncertainty, as well as charitable giving through the lens of the IRA Qualified Charitable Distribution. So, strap on your helmets as we attempt to determine what’s happening and whether we are heading into a recession. (There, I said it.) Technically, however, a recession occurs when there are two successive quarters of declining gross domestic product. For an economy to tip into recession is not a stretch, but it always seems to be a worrisome thought for those who are concerned about the economy. Also, Dennis and Nathan will make this show an all-guys trio along with the host Ron Jolly. We’ll have lots of stats and information to assist you with the reality of a slowing economy and position yourself to take advantage.  Tune in and take control!

When discussing the state of the current American economy, we find ourselves at a place in time when negativity and uncertainty seem to take center stage. However, what if there were a glimmer of economic hope within these dark and uncertain times? On today’s show, we hope to illuminate a positive perspective as the United States takes center stage in global performance. According to a recent article by Capital Group, Economic Outlook: U.S. Powers Global Growth, the United States, along with Japan and India, find themselves in the top quadrant of resilient growth. As a result, the U.S. and India could generate strong tailwinds for the global economy due to a strong consumer-driven economy. Heidi will lead us through this discussion, on the global economy, as we look at the how, why and what could come from the impending election. And Nathan will highlight an Ed Slott article, “The Beneficiary Form Reigns Supreme – Even After 28 years.” July is as good a month as any to send a friendly reminder your way … CHECK BENEFICIARIES on your accounts. Beneficiary designation is one of the most vital parts of an IRA, and an inaccurate beneficiary designation could have devastating results for all involved. Check, double check and update if necessary. Finally, Deann will share stats to highlight the conversation at hand. We look forward to your texts and calls. Tune in and take control!