Learn the things that don’t matter until they do. Learn what things can come back and bite you if you ignore them over a long period of time. We also talk about tax planning, new tax changes, and answer email questions.

Main Questions Asked:

How will the new Trump tax laws affect you?

How to properly plan to keep more of the money you make?

What documents do you need to have in place that will matter when you need them?

Key Lessons Learned:

• The Trump tax bill. People have lost some property tax and state tax deductions. Business owners are excited about the situations. Business owners are putting money back into the economy. This is a home run for lower-income people who don’t own homes. Tax laws, investments, and income streams have to be taken into account when financial planning.
• Roth Conversions. This is a big missed opportunity. With a traditional IRA, you pay taxes when you take the money out. With a Roth, you pay taxes up front, the money grows tax-free, and you can withdraw money tax-free. With a Roth conversion, you convert a traditional IRA to a Roth and pay taxes on that money when you do the conversion. Depending on when you need the money, it may make a lot of sense to do a conversion.
• Required minimum distributions. When you take money out of these non Roth plans, you pay taxes. At age 70 1/2, you are forced to take money out of these plans and the percentage increases every year. Ask who the money is for, because this is a planning opportunity.

Things That Don’t Matter Until They Do

• Your legal documents. These protect your loved ones or help if you can’t speak for yourself. You can also decide where you want your money to go. These can make a huge difference for your family once you are incapacitated, or when you die.
• Long-term care protections. Guarding against possible long-term care expenses. If you need long-term care, you will be glad you had these protections in place.
• Life insurance. Most people don’t like life insurance, but it can be very valuable when a loved one passes away. It can also be used as a tool to pay your estate taxes.
• Lifetime income streams. 73% of baby boomers think it would be very valuable to have lifetime income stream. Most clients want guaranteed income and then mad money they can speculate on.

Links To Resources Mentioned

Money Map Retirement Review

1-800-757-0436

Thank you for listening!