Cover Your Assets KC Podcast

Mailbag: Should My Dad Gift Money Now to Later Avoid Estate Tax?

As we wrap up the month of February with a few 60-degree days (not to mention a Super Bowl win!) we take the mailbag as David answers some listener questions. To start, Jason is wondering how to best handle his 401(k) after retiring. Then Megan wants to know the best way her dad can wisely gift money to avoid estate tax. David explains what the state tax exemption is and who to talk to in order to get the right answers on how best to proceed. Finally, we discuss the capital gains implications of Megan’s dad signing over his house.
 
Here’s some of what we discuss in this episode:
Mailbag: It’s cumbersome to withdraw from my 401(k). How can I manage it better?
Mailbag: Should my elderly dad start gifting money now to avoid estate tax after he passes?  
Mailbag: Should my parent sign over his house to beneficiaries?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

4 Financial Lessons From The Chiefs' Super Bowl Victory

Following the Super Bowl, we can’t help but bask in the glow of the Chiefs’ victory. David shares four financial insights and comparisons to Sunday’s game. For instance, Travis Kelce was shut down in the first half but had 8 catches and 92 yards in the second half. How does that relate to your financial plan? 
 
Here’s some of what we discuss in this episode:
Have a good plan and be open to mid-course corrections.
Have discipline and do the little things well.
Adversity will come your way, it’s really how you deal with it.
You don’t have to reinvent the wheel. 
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
 

Mailbag: Should I Sell My Rental Property to Pay Off All My Debt?

Diving into the mailbag, David answers three questions about Social Security, 401(k) savings, and bad debt. Whether you are full retirement age, like Jacob who asks when to begin taking Social Security, or you are in your working years like Anna who is saving away in her 401(k), you’re sure to learn something from today’s show.
 
Here’s some of what we discuss in this episode:
Mailbag: I’ve reached full retirement age but don’t plan to retire anytime soon. When should I take my Social Security?
Mailbag: I’m loving the growth in my 401(k), but how long can it really last and when should I walk away?
Mailbag: Should I sell my rental property to pay off all my debt?
 
4 Simple Strategies to Increase Your Net Worth (Ep 65): https://www.podbean.com/ew/pb-z44z9-d4dade
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

3 Reasons You Should Use Life Insurance in 2024

Life insurance isn’t a fun topic to talk about, but it’s an important one. We talk through three reasons you should use life insurance and how to have a life insurance strategy in place--as soon as this week. Remember, with life insurance, you’re trying to protect against an unforeseen financial event.
 
Here’s some of what we discuss in this episode:
The income replacement of a breadwinner.
The rising cost of long-term healthcare.
Transferring wealth in the future to your heirs. 
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
 

Making Your 2024 Count

For our first podcast of the new year, we are covering five things you can take care of this month to get your year off on the right track. Whether you have big financial plans for the year or simple financial tweaks, each of these five things are important and doable in January. 
 
Here’s some of what we discuss in this episode:
Calculating your financial net worth.
Getting the 401k company match.
Building an emergency savings account.
Avoiding debt.
Putting your savings system on autopilot.
 
How to calculate your net worth statement podcast:
https://www.coveryourassetskc.com/episode-107-2021-financial-resolutions-part-2
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
 

Mailbag: Is It Bad To Be In Debt?

Because David loves listener questions so much, we wanted to end the year with a few more! For starters, Amy says she has never been in a hurry to pay off debt, never paid extra on her mortgage, uses a HELOC, doesn’t pay cash for cars, and doesn’t see a problem with it. Using debt has allowed her to use money for other things, including saving for retirement. Is that okay?
 
Here are the questions we discuss in this episode:
Mailbag: I’m not in a hurry to pay off debt, is that bad?
Mailbag: Due to a medical diagnosis, should I start Social Security right away?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Mailbag: What Should I Do With My Raise?

Today, we do one of the things David does best—answer financial questions! No matter where you are in your financial journey, at least one of these listener questions may relate to your life. From end-of-year charitable donations and how they may (or may not) impact your taxes to deciding what to do with a raise, David shares what you need to keep in mind.
 
Here’s some of what we discuss in this episode:
Mailbag: Do charitable contributions still benefit me from a tax standpoint?
Mailbag: What should I do with money from my raise- retirement savings or pay down my mortgage?
Mailbag: Will I have to work forever if I don’t have a million dollars saved?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

What To Do About Your Pension Buyout Options

If you have a pension, you have some choices to sort through when it comes time to use it. Should you take a monthly payment or a lump sum? It’s a big decision to make and not one to take lightly. While we’ve covered this topic in the past, a lot of things have changed between inflation and interest rates. We discuss six key factors to consider. Each of these factors should play a part in your decision to determine what’s best for you.
 
Here’s some of what we discuss in this episode:
What’s happening with the interest rates?
Are you prepared for future inflation?
How will it impact your taxes?
How is your health? 
How financially secure is your employer?
Do you want an income stream or asset that can be transferred?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

”I Just Inherited An IRA! Now What?”

Following the meeting with a client, we dive into what happens when someone inherits an IRA. The rules about inherited IRAs have changed a lot in the last few years and mistakes can be costly. Listen in as we review what changed since the SECURE Act was implemented. We'll also discuss some examples of how it can look to inherit an IRA, both for a spouse or a non-spouse beneficiary.
 
Here’s some of what we discuss in this episode:
The SECURE Act changed the rules.
There are two main categories of people who might inherit an IRA.
What you can do without the stretch IRA.
What are the exceptions to the rules?
David shares an example of how this can look. 
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Will I Owe Taxes When I Sell My Home?

When you go to sell your home, there’s a lot to keep in mind! After a few questions from clients, David sets the record straight on today’s podcast about what to expect regarding taxes when selling your house. Whether you are in retirement or in your 30s, you’ll want to use this as a starting point before you go to sell. 
 
Here’s some of what we discuss in this episode:
After the ownership and use test, how much of the gain can you exclude from tax?
Do home improvements reduce the taxable gain?  
How is it different if you inherit a home and then sell it?
What are the rules after one spouse dies?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.