Cover Your Assets KC Podcast

Mailbag: Should I Set Up a Trust to Save My Kids Inheritance Taxes?

We’re back with another mailbag episode! In this week’s edition, we’re tackling 3 great questions from listeners like you. These episodes are some of David's favorites, as they provide a chance to dive deep into key topics and explore the finer details.
Ted is curious about how to manage the wealth he'll leave behind for his children. Roger is wondering if setting up a trust is the best way to help minimize the tax burden on his kids when they inherit his accounts. There are valuable lessons for everyone in this conversation, so don’t miss out on what you can learn today!
 
Here are the questions we tackle in today’s show:
❓ “How can I determine how much money I can leave behind for my kids without compromising my retirement?”
❓ "My job might have layoffs with a severance package equal to a year's salary. Am I foolish for hoping to get laid off?"
❓“Should I set up a trust to help my kids save money on taxes when they inherit my investment accounts?”
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

7 Things To Know About Required Minimum Distributions

Each year, David gets a lot of questions from his clients about required minimum distributions. Some are just beginning to take them, while others have been withdrawing for years but still have specific concerns. In this episode, he breaks down the 7 key things you need to know about RMDs.
We’ll start with the basics, like what they are, when you need to start taking them, and which retirement accounts are affected. Then, we’ll dive into some of the trickier aspects, like how to calculate your RMD, what happens if you don’t take it on time, and more.
The goal of this episode is for you to walk away learning at least a few things you didn’t know before. So, tune into this informative discussion today to see what you can learn!
Here are the questions we discuss in this episode:
1️⃣ What is an RMD and when do I start taking them?
2️⃣ When should I start thinking about them?
3️⃣ How do I know which retirement accounts are included?
4️⃣ I have a bunch of retirement accounts. Do I take an RMD from each one?
5️⃣ What happens if I just say “no?”
6️⃣ But I don’t need all of that money. Can I escape somehow?
7️⃣ How exactly do I calculate my RMD?
 
Check out the survey here: https://www.fa-mag.com/news/retirement-planning-survey-2024-80450.html
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Inside the Advisor’s Office: What People Are Actually Concerned About

Ever wonder what other people talk about with their financial advisors? A new survey of nearly 400 experienced advisors reveals the biggest concerns and challenges, their clients are facing today. Today we’re breaking down the four biggest concerns clients have about retirement and how to overcome them.
Here’s some of what we discuss in this episode:
📉 Outliving Your Assets – Why a written plan is crucial for financial security.
💰 Generating Reliable Income – How to create a paycheck-like cash flow in retirement.
📉 Market Crash Protection – Strategies to safeguard your investments.
🏥 Healthcare Costs – The reality of long-term care expenses and how to prepare.
 
Check out the survey here: https://www.fa-mag.com/news/retirement-planning-survey-2024-80450.html
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Financial Planning Essentials: Social Security and Life Insurance

Today ​we ​are ​covering ​two ​different ​listener ​questions. ​James ​is ​asking ​about ​starting ​Social ​Security ​at ​62. ​You ​might ​be ​amazed ​how ​many ​times ​I ​get ​that ​question ​in ​my ​office. ​And ​then ​Barry ​wants ​to ​talk ​through ​life ​insurance, ​seems ​to ​think ​he ​has ​a ​lot ​of ​it ​and ​wants ​to ​know ​whether ​he ​should ​cancel ​some ​of ​it. These are two core areas of planning so let’s talk through how they should come to a decision.
 
Here’s some of what we discuss in this episode:
We’ll take you through the process for how we determine Social Security claiming strategies.
Why it might not be the best idea for this person to take Social Security at 62 to pay off their mortgage.
The questions you want to answer before getting rid of a life insurance policy.
The different insurance products that you might look into.
 
Check out the life insurance calculator: https://www.bankrate.com/insurance/life-insurance/life-insurance-calculator/
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Retirement Lessons from Andy Reid: Super Bowl-Worthy Financial Strategies

Well, the Kansas City Chiefs are going to the Super Bowl again. Their coach Andy Reid probably won’t be retiring anytime soon, but let’s still see what we can learn about retirement planning from these quotes from the Chiefs coach.
Here are the quotes we discuss in this episode:
“Every play is an opportunity. Make every snap count.”
“We don’t focus on the scoreboard; we focus on the next play.”
“Adjustments are not a sign of weakness; they are a sign of strategy.”
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Is It Time to Fire Your Broker? Let’s Discuss That and Social Security

Today’s show is a little different than normal. Instead of diving into one topic, we’re going to tackle two separate planning items thanks to a couple questions from Bobby and Roy. Both questions involve important decisions that will impact retirement so let’s jump in.
Here’s some of what we discuss in this episode:
The different ages that matter for Social Security benefits and what you need to know.
The reasons why he might want to wait to claim.
Why your ‘underperfomance’ might just be good diversification.
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414

Am I Ahead Or Behind On My Retirement Savings?

We’ve all seen stats about how much the average American has saved for retirement. But let’s be honest- being “average” when it comes to retirement savings isn’t likely to provide the lifestyle you want in your golden years. Instead, David will share some practical benchmarks you can use to measure your progress. He’ll also share some actionable steps to set yourself up for long-term success!
Here’s some of what we discuss in this episode:
Benchmarks for retirement savings based on age and income
Where this money should be held
The importance of starting early
A great time to start is right now!
New Years Resolutions Episodes
https://coveryourassetskcpodcast.podbean.com/e/episode-155-2022-financial-resolutions-part-1/
https://coveryourassetskcpodcast.podbean.com/e/financial-resolutions-part-2/
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

2024's Best Stocking Stuffer: Financial Freedom (PART 2)

Join David for part two of our series on 2024 stocking stuffers for financial freedom. In this episode, we explore five actionable financial tips to help you wrap up the year and prepare for a prosperous 2025. From managing debt effectively to considering Roth conversions and utilizing Qualified Charitable Distributions, this episode will give you some areas to focus on.
Here’s some of what we discuss in this episode:
The number of people that carry credit card debt is pretty shocking.
Consider Roth conversions to help reduce taxes in the future.
QCDs are a ​fantastic ​way ​to ​not ​pay ​taxes ​on ​money ​that ​is ​otherwise ​definitely ​going ​to ​come ​out ​of ​your ​IRA.
Why you need to be reviewing your plan annually.
Don’t forget your Roth contributions!
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

2024's Best Stocking Stuffer: Financial Freedom (PART 1)

The holiday season is here, and while you’re stuffing stockings for your loved ones, don’t forget to stuff your own financial stocking with tips that can bring you closer to a secure retirement. Today, we’re unwrapping 10 bite-sized, actionable ideas to help you save smarter, invest better, and plan for the future you deserve.
From maximizing your retirement contributions to revisiting your estate plan, learn how to make the most of your financial situation as we approach 2025. We have plenty of stocking stuffer ideas so stay tuned for part two of the discussion next episode.
Here’s some of what we discuss in this episode:
Have you maxed out your retirement contributions for 2024?
The benefits of consolidating old retirement accounts and the best way to it.
Two clients stories about estate planning.
Why would you want to harvest losses for your next tax return?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Trump's Victory & YOUR Portfolio

The election is finally behind us and it’s hard to believe that we didn’t have a long, drawn-out process to determine the winner. Now that Trump is returning to the White House, it’s time to start looking at what policies his administration is considering and what those decisions could mean for your portfolio.
Here’s some of what we discuss in this episode:
Could the proposed tariffs be inflationary for the US economy?
What does David think will happen with the tax cuts set to expire at the end of 2025?
Is less regulation a good thing?
How quickly will changes start to take effect?
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.