Cover Your Assets KC Podcast

Episode 62: SECURE Act Changes - Part 2: Inherited IRAs

What are the rules now when you inherit an IRA? How has the SECURE Act changed things, and what was a stretch IRA? It’s the second installment of our series on the SECURE Act and what it means for your retirement.
 
Show notes and additional resources: https://coveryourassetskc.com/episode-62-secure-act-changes-part-2-inherited-iras/ 
 
Today's rundown: 
0:47 - What are inherited IRAs and how does the SECURE Act change it?
3:09 - Other than a few exceptions, you will have to clear out your inherited IRA within 10 years.
4:00 - The money is taken out sooner and therefore taxed sooner.
4:48 - What are the exceptions to the rule?
6:39 - Minor children will have a ten-year timeframe once they meet majority.
7:12 - If you set up your IRAs to list your trust as your beneficiary, you’ll want to talk to an estate planning attorney right away.
10:48 - When you inherit money, that’s not a bad problem to have, but you’ll want some good advice on how to best handle it.

Episode 61: Six Key Changes in the SECURE Act, Part 1

Are you wondering what the SECURE Act means for you? Whether you are in your childbearing years or 70 and a half, the changes will impact you and your financial plan.
 
Read more about the SECURE Act here: https://coveryourassetskc.com/episode-61-six-key-changes-in-the-secure-act-part-1/ 
 
Today's Rundown: 
1:53 - Is the SECURE Act significant?
2:41 - There is no maximum age to contribute to an IRA.
4:38 - The required minimum distribution age is now 72.
7:44 - Are you making qualified charitable deductions in retirement?
9:49 - New parents can now take $5,000 or less out of your IRA or 401(k) without penalty based on the birth or adoption of a child.
10:48 - Taxable fellowships and stipends are now considered compensation.
11:43 - Inherited IRAs cannot be stretched out anymore, with a few exceptions.

Episode 60: How To Plan For Long Term Care Needs

While it’s not a fun topic to consider, long term care is an important part of a financial plan. Do you know how you plan to address long term care needs?
 
Show notes and additional resources: https://coveryourassetskc.com/episode-60-how-to-plan-for-long-term-care-needs/ 
 
Today's rundown:
0:12 - How important is long term care?
1:10 - How realistic is it for someone to self-insure?
2:30 - What are the pros and cons of long term care insurance?
4:47 - How can you protect yourself against long term care expenses?
8:39 - Mailbag: What is the rule of 100?

Episode 59: The Good News and Bad News In Financial Situations

Do you want the good news or the bad news first? When it comes to financial situations, you hope to not have any bad news. In these four statements, David explains why the good news to follow isn’t really enough to soften the bad news.
 
Show notes and additional resources: https://coveryourassetskc.com/episode-59-the-good-news-and-bad-news-in-financial-situations/ 
 
Today's rundown: 
0:44 - The bad news is you have a lot of debt, but the good news is some of the interest you’re paying is tax deductible.
1:56 - The bad news is, the mutual fund hasn’t performed well but the fees are low.
2:58 - The bad news is you don’t have enough money to pay for nursing home care, but the good news is that Medicaid will step in.
3:42 - The bad news is your portfolio lost 40 percent, but the good news is that it will come back eventually.
6:46 - Mailbag: When forced into an early retirement at 57, should I find another job since my pension is not enough to live on?

Episode 58: 5 Financial New Year's Resolutions If You're Over 60

As you enter the new year, do you have these items on your list of resolutions and to-dos? For those over 60 years old, this list will help you gain the clarity and confidence in your financial direction.
 
Show Notes and Additional Resources: https://coveryourassetskc.com/episode-58-5-financial-new-years-resolutions-if-youre-over-60/ 
 
Today's Rundown: 
1:29 - What resolutions to follow between 50 and 60 years old.
2:54 - Calculate your net worth statement every year.
4:54 - Update your financial plan.
6:38 - Make sure your estate plan is updated.
9:16 - Rebalance your portfolio.
14:06 - Evaluate your insurance coverages.

Episode 57: 5 Financial New Year's Resolutions If You're Under 50

If you’re under 50, this list of financial resolutions is the perfect way to start of your year. Having these financial details in place will give you a direction and peace of mind as you enter into the new decade.
Show Notes and Additional Resources: https://coveryourassetskc.com/episode-57-5-financial-new-years-resolutions-if-youre-under-50/
Today's Rundown:
2:20 - Calculate a net worth statement every year.
6:39 - Eliminate bad debt.
10:50 - Increase your 401(k) contribution.
13:04 - Protect against disaster.
17:32 - Don’t ignore your estate plan.

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!”