Cover Your Assets KC Podcast

Episode 56: Understanding The Gift Tax

Whether you are nearing retirement or already in it, you may be ready to gift some of your money to future heirs even before you die. What kind of taxable event does giving a financial gift cause?
 
Show Notes and Additional Resources: https://coveryourassetskc.com/episode-56-understanding-the-gift-tax/ 
 
Today's Rundown: 
1:31 - Debunking the estate tax problem.
4:35 - What gift amount creates a taxable amount?
7:26 - How does a gift now impact your estate tax later?
9:13 - Does anything with the gift tax change when contributing to a 529, say for grandkids?
11:39 - Two gifts that avoid the gift tax and do some good.

Episode 55: Financial Things That Drive You Crazy

It takes a lot to get David worked up, but we found some things within the financial industry that drives him and other good advisors crazy. Let’s find out what those are on today’s episode.
 
Show Notes and Additional Resources: https://coveryourassetskc.com/financial-things-that-drive-you-crazy/ 
 
Today's Rundown: 
0:36 – When folks come in and you find all these hidden fees they knew nothing about.  
2:04 – There are people in the industry that aren’t truly looking out for the best interests of their clients.
3:59 – People that make their sales pitches and try to push a one-size-fits-all approach to planning.
6:35 – When advisors try to use a lot of financial jargon and buzzwords that confuse and mislead.
8:04 – Financial plans that consist of pages and pages of information and aren’t really customized for a client.

Episode 54: Top 5 Social Security Misunderstandings

Do you feel like you have a handle on what to expect when it comes to Social Security? Are you clear on what your benefits may be and when the best time is to start taking them? If not, this is a good place to start as we review the top five common Social Security misunderstandings.
 
Show Notes and Additional Resources: https://coveryourassetskc.com/episode-54-top-5-social-security-misunderstandings/ 
 
Today's Rundown: 
2:51 - Misunderstanding #1 - Social Security is going broke.
7:28 - Misunderstanding #2 - Starting Social Security as early as possible is usually best.
8:50 - Misunderstanding #3 - Waiting as long as possible is the best route.
10:49 - Misunderstanding #4 - The Social Security Administration can help you make the right decision.
12:45 - Misunderstanding #5 - You don’t have to pay taxes on Social Security benefits, right?

Episode 53: Things Nobody Says To Their Financial Advisor

Financial advisors hear a lot of crazy things when it comes to managing money. But do you want to know what they never hear? Have you said any of these things to your advisor?
 
Show Notes and Additional Resources: https://coveryourassetskc.com/ep-53-things-nobody-says-to-their-financial-advisor/
 
Today's Rundown: 
0:56 - “I regret putting money into my Roth IRA.”
1:45 - What are the key benefits of having a Roth IRA?
2:49 - “I should have spent more and saved less over the years.”
4:14 - “Getting a life insurance payout was insulting.”
5:49 - “It makes me feel patriotic to pay more taxes than I have to.”
6:58 - “I love the market corrections, 2008 was my favorite year of all time!”

Episode 52: 3 Things To Know About Inherited IRAs

Did you recently inherit an IRA? What rules do you need to know and what options do you have in order to make the best decision for you and your family?
 
Show Notes: https://coveryourassetskc.com/episode-52-3-things-to-know-about-inherited-iras/
 
Today's Rundown: 
1:22 - What do you need to know about a normal IRA?   
2:48 - What if you inherit an IRA from a spouse?
3:47 - What happens with an inherited IRA from a parent or family member?
5:14 - How to create a beneficiary IRA.
6:06 - What are the RMDs on an inherited IRA?
9:03 - Is it possible to inherit an already inherited IRA?
11:45 - The SECURE Act proposed limits on inherited IRAs to a maximum of 10 years.

Episode 51: Keys to Diversifying Your Portfolio

Perhaps you have several different investments and mutual funds. Does that mean you have proper diversification? Not necessarily!
 
Show Notes: https://coveryourassetskc.com/episode-51-keys-to-diversifying-your-portfolio/
 
Today's Rundown: 
0:28 - How does the average person define diversification? 
1:53 - What does diversification really look like?
3:12 - Is it possible to be too diversified?
5:00 - Three major things most people don’t have a real understanding of.

Episode 50: Variables That Shape Your Retirement Plan

What should you be considering when building a retirement plan? Instead of following a cookie cutter plan, know what you need to factor in to ensure your retirement plan suits your needs.
Show notes: https://coveryourassetskc.com/ep-50-variables-that-shape-your-retirement-plan/
Today's rundown: 
1:53 - How much income do I need in retirement?
4:50 - What will push me into a different tax bracket in retirement?
7:08 - How long will I live?
8:48 - When should I start taking Social Security?
10:58 - How much money should be at risk when in retirement?

Episode 49: Are You Working With The Right Financial Advisor?

Are you looking for an advisor and wonder what to ask? Or are you already working with a financial advisor but aren’t sure if it’s the right fit? Just what should a financial advisor be helping you with most?
On this episode: 
0:47 - What kind of service should you get with a financial advisor?
1:28 - Are there any warning signs to look for a new advisor?
2:12 - Is it possible to outgrow your advisor?
3:25 - What can go bad if you stay with the wrong advisor?
4:20 - How do you know if a potential advisor is a good fit for you?
Show notes and additional resources: https://coveryourassetskc.com/ep-49-are-you-working-with-the-right-financial-advisor/

Episode #48: I've Got A Will, Isn't That Enough?

When you think about the next generation and your family, you might also think about your assets being passed down. From your heirloom dining room table to your financial investments, does a will cover everything? How can you make that transition process as simple as possible (and avoid probate)?
On this episode: 
1:24 - I’ve got a will, isn’t that enough?
2:35 - What is probate? What usually goes through probate?
3:42 - Set up a beneficiary designation on your assets.
6:21 - IRAs and 401(k)s typically have a beneficiary designated, but what have you done with your bank account?
9:22 - What does a will do?   
9:47 - Make sure you have powers of attorney. Who can speak for you?
11:05 - Sign a HIPAA authorization.
11:42 - Have a living will.
14:48 - A lot of these decisions can be emotional if done while in crisis mode.
Show notes and additional resources: https://coveryourassetskc.com/ep-48-ive-got-a-will-isnt-that-enough/

Episode #47: Answering the Most Common 401k FAQs

One of the most-used investment vehicles for retirement is the 401(k) because many employees have the option offered by their company. We want to help you understand the 401(k) by answering many of the common questions we get from contribution amounts to rollovers to investing options.
On this episode: 
0:20 – Let’s address some frequent 401(k) questions.
0:29 – Should employees take advantage of the free advice companies sometimes offer?
1:22 – 401(k) loans: good idea or bad idea?
2:35 – When does an IRA rollover make sense?
3:58 – What are target date funds and are they a good option for investors?
4:38 – David shares a client story from 2010 that relates to target date funds.
5:39 – How much should you be contributing to your IRA?
6:26 – Roth vs Traditional IRAs
7:45 – The answers to every question are personal and have to be a part of your plan.
Show notes: https://coveryourassetskc.com/episode-47-answering-the-most-common-401k-faqs/