In this episode, I discuss some of the financial strategies you can implement into your own personal finances as the recipient of a financial windfall from a parent.

More specifically, I discuss:

• Strategies when inheriting property from a parent
• Strategies when inheriting cash and investments from a parent
• Tax considerations and planning when inheriting various types of assets
• How and why these strategies may be beneficial to you
• How to incorporate these strategies into your own personal finances
• Avoiding reckless spending and burning through a potential inheritance

Resources:

• Retired-ish Newsletter Sign-Up
• Begin Creating Your Own Financial Map After An Inheritance
• Free 4-Step Retirement Analysis for Ages 50+
• Ask Cameron A Question!
• Get Episode Show Notes Here

The key moments in this episode are:

00:00:00 - Incorporating an Inheritance into Your Life

00:01:46 - Strategies for Inheriting Property

00:06:47 - Selling Inherited Property

00:11:31 - Managing Cash Proceeds

00:14:46 - Allocating Inherited Money 

00:15:55 - Tax Planning and Roth IRAs

00:18:14 - Benefits of Funding Roth IRAs

00:20:36 - Inheriting Pretax Retirement Accounts

00:25:13 - Having a Plan for Inherited Money

I discuss the potential pitfalls to watch out for when inheriting assets from a parent. Receiving an inheritance isn’t the same as maximizing an inheritance, as you could lose a significant portion if you’re not prepared.

More specifically, I discuss:

• What are common types of assets that are passed down to the next generation?
• What are the common pitfalls to watch out for when inheriting property?
• How should assets be titled before they are passed down?
• What impact do trusts have on an inheritance?
• How do taxes work when inheriting assets?
• What are the common pitfalls to watch out for when inheriting retirement accounts?
• What are the common pitfalls to watch out for when inheriting non-retirement accounts?

Resources:

• Retired-ish Newsletter Sign-Up
• Begin Creating Your Own Financial Map After The Loss of A Parent
• Free 4-Step Retirement Analysis for Ages 50+
• Ask Cameron A Question!

The key moments in this episode are:


00:00:00 - Introduction and Importance of Understanding Inheritance 



00:00:57 - Projected Increase in Inherited Wealth 


00:02:12 - Assumptions about Parental Financial Planning



00:03:36 - Common Types of Inherited Assets 


00:05:27 - Pitfalls of Inheriting Property 


00:14:28 - Considerations for Inheriting Property

00:15:48 - Retirement Accounts and the Secure Act

00:19:37 - Tax Considerations for Inherited Retirement Accounts


00:21:28 - Handling Non-Retirement Investment Accounts


00:25:35 - Importance of Understanding Inheritance Planning

In this episode, I discuss potential Social Security Survivor Benefits available to a spouse and other family members after the loss of a loved one. Everyone’s situation is unique in that they will typically have many options when it comes to deciding how and when to apply for these benefits which could be the difference of tens if not hundreds of thousands over a lifetime.

More specifically, I discuss:

• What are Social Security Survivor Benefits? How do you know if you are eligible for Survivor Benefits?
• How are Survivor Benefit amounts determined?
• What are some complications that can affect the benefits you may be entitled to?
• Other than a spouse, what other family members may be able to qualify for Survivor Benefits?
• How the “Family Maximum” can affect benefits paid when multiple dependents are collecting a benefit on a deceased’s record.
• A checklist to review before reaching out to Social Security to apply for Survivor Benefits

Resources:

• Retired-ish Newsletter Sign-Up
• Begin Creating Your Own Financial Map After The Loss of A Loved One
• Free 4-Step Retirement Analysis for Ages 50+
• Ask Cameron A Question!
• Access Resources from This Episode

Cameron Valadez and Planable Wealth are not affiliated with or endorsed by the U.S. Social Security Administration or any government agency. The Social Security Administration provides free Social Security forms, publications, and assistance.

The key moments in this episode are:

00:00:00 - The Importance of Social Security Survivor Benefits

00:01:35 - Prioritizing Eligibility for Survivor Benefits

00:04:08 - Eligibility Requirements and Considerations

00:06:31 - Determining the Benefit Amount

00:09:32 - Complications and Additional Eligibility

00:16:36 - Importance of Retirement Accounts

00:17:12 - Tax Considerations After Death

00:17:29 - Applying for Survivor's Benefits

00:17:56 - Financial Planning and Consultation

00:19:18 - Additional Resources and Newsletter

The Bucket Strategy, also know as Time Segmenting, is a simple and effective strategy to implement approaching retirement. This simple yet effective strategy allows you to assign a purpose to your various assets so you can understand how to enjoy the financial benefits they can provide.

More specifically, I discuss:

• What is the “Bucket Strategy” aka “Time Segmenting”
• What is “Sequence of Returns Risk”?
• How Can The Bucket Strategy Help Alleviate Sequence of Returns Risk?
• Developing a Bucket Plan
• How Implementing a Bucket Plan Can Potentially
• Increase The Longevity of Your Retirement Income

For more resources and information, visit the show notes at https://retiredishpodcast.com/26

The key moments in this episode are:

00:03:54 - Preventing Sequence of Returns Risk 

00:09:09 - The Three Buckets 

00:12:26 - Goals of the Third Bucket 

00:15:10 - Implementing the Bucket Strategy 

00:16:37 - Tax Considerations and Asset Allocation 

00:18:31 - Superiority of the Bucket Strategy 

00:19:39 - Implementation and Management

Revealing the mysteries around financial planning: What it means, what it can do for you, and what the process looks like. I also discuss the problem with simply knowing or researching things rather than using information to implement in your own life.

More specifically, I discuss:

• What is Financial Planning? – Personal/Retirement
• What Are The Steps to Creating a Financial Plan?
• Examples of What to Consider When Creating Your Plan
• The Implementation of Information and Strategies
• What Can Financial Planning Do For You?

Resources:

• Retired-ish Newsletter Sign-Up
• Begin Creating Your ONE-PAGE Financial Map
• Free 4-Step Retirement Analysis for Ages 50+
• Ask Cameron A Question!

The key moments in this episode are: 

00:00:50 - Types of Financial Planning

00:02:17 - The Purpose of Financial Planning

00:04:58 - The Process of Financial Planning

00:09:07 - Importance of Getting Organized

00:14:37 - The Importance of Open-Mindedness in Financial Planning

00:14:59 - The Sign of a Completed Plan

00:15:51 - The Most Important Step: Implementation

00:17:23 - The Value of Assistance in Staying Consistent

00:19:01 - Continuous Monitoring and Course Correction

Learn how your business may be able to help you save more in taxes!

In this episode, I’m joined by Mike Jesowshek, CPA and host of the Small Business Tax Savings Podcast as we discuss how to unlock the true benefits of an S-Corporation.

Having a better understanding of your business shouldn’t be complicated. Whether you’re new to the business world, or semi-retired with a thriving family business, this episode is packed with strategies presented “in crayon” just for you.

More specifically, we discuss:

• What is an S-Corporation, and how does it work?
• What are the main tax benefits of an S-Corporation election?
• Who should consider an S-Corp election, and who shouldn’t? What are possible disadvantages?
• What are the costs associated with being taxed as an S-Corporation?
• How should you run and manage your S-Corporation?
• What do business owners need to know before stepping away from their business?
• Tax strategies you can implement in your business:
  • Maximizing everyday deductions
  • Retirement plan
  • Charitable giving
  • Hiring your children

Resources:

• Mike’s Podcast: Small Business Tax Savings Podcast
• Retired-ish Newsletter Sign-Up
• Ask Cameron A Question!
• Free 4-Step Retirement & Tax Analysis for Ages 50+
• Additional Episode Related Resources Here

LPL Financial and Planable Wealth are not affiliated with or endorsed by Mike Jesowshek or the Small Business Tax Savings Podcast.

The key moments in this episode are:


00:02:10 -  Overview of S Corporations

00:04:21 - Basics of S Corporations

00:07:19 - Advantages of an LLC

00:09:59 - Disadvantages of S Corporations

00:13:34 - Disadvantages of an S Corporation for Small Profits

00:14:21 - State-Specific Disadvantages of S Corporations

00:15:00 - Additional Taxes for LLCs in California

00:16:29 - Importance of Proper Bookkeeping

00:21:23 - Cash Flow Management in an S Corporation

00:25:58 - Understanding Taxes for Business Owners

00:27:01 - Advantages of an S Corp Structure

00:29:45 - Stepping Away from the Business

00:30:16 - Tax Savings through Retirement Plans

00:38:52 - Maximizing Charitable Deductions

00:39:48 - Using Charitable Giving for Advertising

00:42:23 - Hiring Children in the Business

00:47:18 - Long-Term Benefits of Funding a Roth IRA

00:50:24 - The Power of Compound Savings

00:50:42 - Tax Strategies Made Easy

00:51:39 - Maximizing Deductions

00:52:32 - Taking Action on Tax Opportunities

In practice, I have found many people think they are diversified looking at the surface, but come to find out their investments have very little to no diversification. In this episode, I discuss the benefits of diversifying your investment portfolio and the common myths around diversification.

More specifically, I discuss:

• What does it mean to be truly diversified?
• What can diversification do for you?
• What should you expect by diversifying appropriately?
• Common, real-world examples of “pseudo diversification”
• What not to do when trying to diversify your investments, and alternative approaches
• Why alternative investments don’t belong in a retiree’s investment portfolio

Resources mentioned, which you can get at http://retiredishpodcast.com/23:

• Retired-ish Newsletter Sign-Up
• Free 4-Step Retirement Analysis for Ages 50+
• Ask Cameron A Question!

Key moments in this episode are:


00:02:10 - Importance of Diversification


00:04:02 - Benefits of Diversification


00:07:57 - Understanding Diversification


00:10:22 - Example of Poor Diversification


00:16:01 - The Importance of Choosing Cheaper Investments


00:17:48 - The Pitfalls of Alternative Investments


00:19:29 - The Role of Stocks in a Portfolio


00:21:33 - The Risk of Corporate Bonds


00:23:56 - The Importance of International Diversification


00:32:16 - International Stocks Underperforming the US


00:32:37 - Importance of Financial Planning


00:33:14 - Power of a Financial Plan


00:33:58 - Dangers of Abandoning Investments


00:34:31 - Future Episodes on Diversification

In this episode, I discuss the key facts that you need to know about Social Security benefits after divorce.

More specifically, I discuss:

• What are the requirements to receive Social Security benefits based on an ex-spouse’s record?
• How much can you receive as a former spouse?
• What if your ex-spouse dies before or after you begin receiving Social Security benefits?
• Can you start collecting an ex-spousal benefit if your ex is not taking Social Security yet?
• What happens to Social Security benefits if you remarry?
• Does the Social Security annual earnings test apply to benefits you receive as a former spouse or survivor?

Resources mentioned can be found in the show notes at https://retiredishpodcast.com/22

Key moments in this episode are:

00:01:13 - Common Concerns for Divorced Spouses

00:03:29 - Eligibility for Ex-Spousal Benefits

00:06:09 - Collecting Ex-Spousal Benefits

00:08:33 - Considerations for Collecting Benefits

00:15:56 - Consultation with a Qualified Professional

00:16:02 - Considerations for Traditional IRA to Roth IRA Conversion

00:16:25 - Investment Risks and Guarantees

I’m joined again by Long-Term Care expert, Hospital Discharge Planner, and Geriatric Care Manager Eileen Dunn where we guide you through what to expect during the claims process for long-term care insurance.

More specifically, Eileen and I discuss:

• When is it time to make a long-term care insurance claim?
• What are some reasons why someone may be denied a long-term care insurance claim?
• How long does it typically take between initiating a claim and actually getting approval?
• Who pays the care provider, you or the insurance company?
• How does a waiver of premium work?
• How does an elimination period work?

Resources can be located at https://retiredishpodcast.com/21

LPL Financial and Planable Wealth are not affiliated with or endorsed by Eileen Dunn

The key moments in this episode are:

00:01:01 - Knowing When to Make a Claim

00:03:28 - Reasons Why People Are Denied Claims

00:05:43 - Initiating a Claim

00:08:48 - The Claims Process

00:15:20 - Claim Process and Premiums

00:16:21 - Last Tips for the Claims Process

00:17:31 - Asking Questions and Accessing Resources

I’m joined again by Long-Term Care expert, Hospital Discharge Planner, and Geriatric Care Manager Eileen Dunn where we educate you on how to determine how much long-term care insurance you may need, and what factors you should consider.

More specifically, Eileen and I discuss:

• Factors that influence the amount of long-term care insurance you may need
• How to find the cost of care in your area
• How to calculate your “Insurance Gap”
• Tax considerations when calculating your insurance needs
• How a professional can help you plan for long-term care

For helpful links to resources mentioned, visit the show notes at https://retiredishpodcast.com/20

Key moments in this episode are:



00:01:17 - Assessing Your Risk


00:05:50 - Pondering Your Preferences


00:09:06 - Crunching the Numbers


00:14:32 - Preparing for Long-Term Care


00:15:35 - Types of Care Required


00:17:06 - Cost Analysis


00:25:17 - Employer-Sponsored Plans


00:29:33 - Example of Long-Term Care Insurance Needs


00:32:09 - Insurance Gap


00:35:33 - Importance of Seeking Professional Advice


00:39:07 - Other Insurance Considerations


00:44:09 - Investing Risk


00:45:15 - Diversification and Portfolio Risk