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Purefinancial
Updated for 2023 Want to learn the little-known secrets to help you prepare for retirement? This Retirement Readiness Guide includes 7 important and simple plays to help you get retirement ready despite the uncertainties that we may face. Planning for your retirement is something that takes time, so start today for a bright future tomorrow. […]
If you knew exactly when you were going to die, so many financial decisions would be simple. But generally, we don’t, so today Joe and Big Al spitball on death, taxes, and trust issues – of the estate planning variety. Fair warning, it’s “the dark show” today on YMYW, as the fellas discuss cancer trust funds, making your trust the beneficiary on your retirement accounts, when and how to take Social Security benefits and pension options, and a few different Roth conversion strategies taking into account the 5-year rules for withdrawals, and potentially donating required minimum distributions to charity rather than doing conversions.
It’s important to take action and get your estate plan in order. Pure’s Financial Planner, Peter Stokes, CFP®, AIF®, covers the key considerations you or your parents should discuss before deciding what legal documents to obtain: Document assets and approximate value Determine who gets assets Determine who will manage assets Determine who will be responsible […]
Deciding who will inherit your estate is a big decision and an important part of life planning. Smart estate planning helps protect families with young children as well as helping your heirs from overpaying on taxes. Pure’s Financial Planner, Dean Heimbach, CFP®, AIF®, covers four key steps to get you started on your estate plan: […]
Are you protecting your life legacy and keeping the money in your family? Both a will and a trust do two things: they both distribute property out in an orderly way and allow you to amend it over your lifetime, but that’s where the similarities end. Pure’s Senior Financial Planner, Bryan Ross, CFP®, AIF® explains […]
From Thanksgiving to New Years Day, people are generally in a festive and giving mood. In fact, about 30% of all donations to non-profit organizations happen in the month of December. Pure’s Senior Financial Planner, Hillel Katzeff, CFP®, covers some best practices for you to give to charity. FREE GUIDE | Charitable Giving: Steps on […]
If a fortunate equity event or liquidity event should cause your income to skyrocket, what will that do to your taxes? Joe and Big Al spitball tax strategies to help you manage this good problem to have. Plus, Backdoor Roth, contributions, conversions, and income limits explained, converting twelve and a half million bucks to Roth, and what happens to retirement accounts when you pass – will there be a tax bill due? Kicking it off with the 7-twelve portfolio – what is it?
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Is there a way to get out of a bad SIMPLE IRA and stash cash in a tax-free Roth account? Can an owner of a company, that’s being sold to another company, load up a Roth account with company shares before the sale, and have a big chunk of cash happily growing tax-free? (What exactly are disqualified persons and prohibited transactions?) When designating beneficiaries of an annuity in a community property state like California, does state law or the annuity owner determine the beneficiary?
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Heaven forbid that something happened to you. Would the things you worked for all of your life be protected? There are tools and strategies you can use to ensure your money, assets, and possessions pass on after you are gone, but few people are using them. In this episode of Your Money Your Wealth, Joe […]
Is there a step up in basis on, and advantage to, a joint-tenants-with-rights-of-survivorship brokerage account? Is a charitable remainder trust a good way to liquidate property, and what would be the rate of return on it over 20 years? Is there a point to Roth conversions when leaving your entire estate to charity? Should you name your trust as the beneficiary on your retirement accounts? How do ex-spouse and survivor Social Security benefits work? When should you draw from the three-legged stool of Social Security, pension, and annuity in retirement? Plus, Roth conversions from a thrift savings plan (TSP).
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Asset allocation is the delicate balance of stocks, bonds, and other assets in an investment portfolio. What allocation is best for your retirement needs? What’s a good mix of domestic and international stocks? Is it crazy to have a 90/10 allocation of equities to fixed income in a $10 million portfolio? Should Dad’s portfolio be rebalanced from 90% stocks to 60% stocks and 40% bonds? Can pension and Social Security be counted as your bond allocation? Plus, legacy tax planning: how can you avoid confiscatory estate taxes?
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Maxing out Roth IRA, 457, and HSA – check. Pension – check. What else should you be doing to prepare for a successful retirement? (And do 40 chickens play a part?!) How do pension and Social Security fit into your equity and fixed income portfolio mix? Should you be more aggressive with Roth conversions? When planning for early retirement and considering inflation, is a 5% equities growth rate a good rule of thumb? Will a Spousal Lifetime Access Trust (SLAT) protect assets from a tax time bomb? Plus, an overview of the SECURE Act 2.0.
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Are you protecting your life legacy and keeping the money in your family? You’ve spent your adulthood building your nest egg and accumulating homes, cars, jewelry, and other things that you value. What happens to those assets if you pass away? Without an estate plan, you are leaving all that you have accumulated vulnerable to […]
Welcome to 2021! In this first episode of the year, Joe and Big Al go over estate planning strategies for CFP® candidate/Redditor Nate in SC, they do a spitball analysis for John in TN who wants to retire early, a retirement withdrawal and 529 plan strategy for Ace in TX, and a breakdown of pension […]
When does the real estate depreciation 121 exclusion happen and how do you account for rental property equity, or cap rates, to calculate retirement income? Plus, estate planning beneficiaries and charitable donations, stock market investing in an LLC, understanding the national debt, the differences between Roth 401(k) and traditional 401(k), and of course, Backdoor Roth […]
