Cover Your Assets KC Podcast

Episode 96: Would My Taxes Go Up If Biden Becomes President?

Are your taxes going up if Biden gets elected? David talks through some of the numbers and examples of how his tax plan could impact you.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-96-would-my-taxes-go-up-if-biden-becomes-president/ 
 
What we discuss on the show: 
0:40 - Will my taxes go up if Biden is elected?
2:01 - What do people typically fear will happen if Biden is elected?
5:24 - What will happen to the taxes of people not in the top 2 percent?
8:00 - David shares a client example of inherited money for a retired couple and their taxes.
11:03 - What is the stepped up cost basis?
14:40 - What should you plan for?

Episode 95: 3 Things Your Heirs Should Know

You may have spent plenty of time planning for your legacy, but do your heirs know what they need to know? What conversations should you be having with them now?
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-95-3-things-your-heirs-should-know/ 
 
What we discuss on this show: 
1:48 - What should you be thinking about with the next generation?
2:52 - #1: Make sure that you have a healthcare directive or living will.
5:39 - #2: Have a will and make sure your heirs know about it.
7:54 - People with a trust think they can set it and forget it.
10:13 - Communication is important.
11:10 - #3: Name a financial power of attorney and executor. 

Episode 94: Millennials In Retirement

Even though it’s still a little way off, how can Millennials best prepare for retirement? What kinds of strategies should they implement as a part of their financial plan?
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-94-millennials-in-retirement/ 
 
What we discuss on this show: 
0:34 - What should Millennials be doing to save and prepare for retirement?
2:06 - Be focused and working on your career.
3:57 - Tip #1: Save at least 10 percent of what you make.
7:34 - Tip #2: Plan for Social Security to start at 70 instead of 65.
9:58 - Tip #3: Diversify investments with real estate. 
15:53 - Tip #4: Consider the Roth 401(k).
23:33 - Does David work with Millennials?

Episode 93: Stuff You Should Know In The Financial World

Did you know…? From the global bond market to living benefits, we share what kind of stuff should you know when it comes to your financial decisions on today’s podcast.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-93-stuff-you-should-know-in-the-financial-world/ 
 
What we discuss on the show: 
0:34 - Fall sports are back!
2:26 - The global bond market is about twice the size of the global stock market.
5:09 - Income tax rates are currently close to historical lows.
7:54 - Living benefits on life insurance are a long-term care solution.
11:54 - You probably have more risk in your portfolio than you realize.
13:13 - The biggest impediment to making good financial decisions is your own emotions.

Episode 92: Mailbag - Should You Be Rebalancing?

Are you wondering if you should do a rebalance? David answers this question, as well as two others from the mailbag this week.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-92-mailbag-should-you-be-rebalancing/ 
 
What we discuss today: 
1:47 - Mailbag: Should I rebalance?
2:48 - How does David breakdown a portfolio?
3:47 - Why is a rebalance important?
8:29 - Mailbag: Is 33 different mutual funds adequate diversification?
13:47 - Mailbag: Can I claim Social Security benefits and still earn income?

Episode 91: What’s the Future of Social Security?

What should you know when it comes to Social Security in the future? Will it still be there for you when you need it? How should your retirement plan account for Social Security? We’ll talk all things Social Security on today’s show.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-91-whats-the-future-of-social-security/ 
 
What we discuss:
1:07 - What is Social Security’s future?
2:48 - How will we keep it going?
4:03 - What’s the history of Social Security?
11:05 - What are the potential fixes to Social Security’s problems?
14:53 - What problems do we need to be prepared for?
 

Episode 90: 3 Reasons to Review Your Tax and Estate Plan Now

Regardless of your age, here are three reasons you may want to review your tax plans and estate plans before the end of the year. Do you have everything set up in the most beneficial way?
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-90-3-reasons-to-review-your-tax-and-estate-plan-now/ 
 
On today's show: 
0:34 - This show has something for everyone when it comes to tax strategy.
1:31 - Why should you review your tax and estate plan right now?
3:21 - What is the gift tax exemption?
5:17 - What happens if the stepped up cost basis at death changes?
7:31 - Have you looked at doing a Roth conversion?
11:04 - How has the SECURE Act changed your estate plans?

Episode 89: Which Presidential Outcome Will Be Best for Your Portfolio?

How does this year’s 2020 election results impact your finances? We run through several possible outcomes to see what may be most beneficial from a financial standpoint. 
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-89-which-presidential-outcome-will-be-best-for-your-portfolio/ 
 
On today's show: 
0:32 - What’s the latest in the news?
1:36 - Which presidential outcome will be best for your portfolio?
3:31 - What happens if it is full Democratic control?
4:22 - What regulations may be added with Democratic politicians in office?
6:44 - How would the payroll tax work?
10:04 - What happens if President Trump is re-elected, the house stays Democratic and the Senate is Republican?
12:47 - What is the key focus going forward?
13:37 - What happens if Biden becomes president, the Democratic house stays in place, and the Senate is Republican?
14:59 - What really matters?
19:04 - What should your financial plan include?

Episode 88: Building a Financial House

More than a mere structure, your financial plan creates the blueprint for the life and home you live in. What does it take to build a financial home that will withstand the test of time? Join us as we lay out the similarities between constructing a plan and constructing a house.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-88-building-a-financial-house/ 
 
On today's show: 
1:50 - What goes into building a house?
3:13 - Building a financial plan can feel daunting. 
3:48 - What is the foundation of a financial plan?
6:50 - What are the walls of your financial home?
8:42 - What covers your financial house?
13:09 - What are the finishing touches?

Episode 87: 3 Listener Questions about Retirement Planning

Should you follow the “Rule of 100”? Are you wanting to retire sooner than originally planned? Where should your retirement income come from? David answers these listener questions on today’s episode of Cover Your Assets KC.
 
Read more about this topic: https://coveryourassetskc.com/episode-87-3-listener-questions-about-retirement-planning/ 
 
On today's show: 
1:02 - Mailbag: Can you explain the rule of 100?
4:34 - Mailbag: Which account should you withdraw from first in retirement?
8:08 - Mailbag: What do I need to have in place to retire earlier than originally planned? 
9:45 - What will you spend in retirement?
12:07 - What is your Social Security claiming strategy?
13:54 - When can I retire?