Your Money & Your Life Podcast

Passing Down An Inheritance

Leaving an inheritance is often a goal, but how can it be done effectively? We talk through the different mistakes to avoid and the things to pay attention to when estate planning.
Show notes & more resources: https://doncashpodcast.com/episodes/
Episode highlights:
0:38 - How does Don like to travel?
3:30 - Baby Boomers are starting to distribute record amounts of wealth.
5:29 - What’s the average inheritance?
6:04 - Some choose to gift to their children and grandchildren while they are alive.
9:21 - How did the SECURE Act impact inheritances?
10:54 - There are designated beneficiaries and non-designated beneficiaries. 
15:55 - How does the beneficiary form differ from a will?
19:36 - Cash Connection: What’s the best way to help my 18-year-old with retirement savings?

What To Do With Your Pandemic Savings?

Before you go wild with your funds as the country opens up again, what should you do with your recent savings? Don shares some strategies to make sure you accomplish your financial goals.
 
Read more and get additional financial resources here: https://doncashpodcast.com/podcast/what-to-do-with-your-pandemic-savings/ 
 
What we discuss on this episode: 
0:42 - Happy 4th of July!
1:34 - What should you do with your pandemic savings?
4:23 - Where should you invest?
6:09 - What do you want your money to do? Are you planning to travel?
9:13 - Does Don anticipate a strong third quarter?
14:06 - What is happening with inflation right now?
16:10 - Getting to Know Don: What’s one thing that always makes your day better?

Who is the Rich?

The word rich gets thrown around all the time but who actually falls into that category? It’s certainly subjective but the government’s definition by directly impact your future taxes. Let’s look at some statistics and get a better idea of how taxes are generated and who is actually paying them.  
 
Read more and get show links here: https://doncashpodcast.com/podcast/who-is-the-rich/ 
 
What we discuss on this episode: 
0:48 – Are we post-COVID?
2:37 – Clarifying comments from previous episode on New Jersey
5:02 – Who is the rich?
7:70 – $40,000 dilemma
8:48 – Issue of the wealthy not paying enough in taxes
10:33 – How much puts you in the top 1%
12:15 – Income tax rates
15:48 – Cash Connection question on long-term care policy rate increase

Moving to a Tax-Friendly State

When should you consider moving to another state? Sometimes tax benefits may be a motivator when making this decision. Don talks about the tax ramifications when living in certain states.
 
Read more and get additional financial resources here: https://doncashpodcast.com/podcast/moving-to-a-tax-friendly-state/ 
 
What we discuss on this episode: 
0:48 - School’s coming to an end!
2:22 - The pandemic has changed the way people do things.
4:19 - New Jersey is number one in lifetime total taxes paid.
6:52 - Why are people leaving certain states?
14:55 - Why does Florida appeal to retirees?
18:40 - It’s important to work with an advisor.

New Inflation Numbers, What Do They Mean?

We’ve already seen tremendous inflation in housing, lumber and other areas since Covid hit. But will that soaring inflation continue?
 
Read more and get additional financial resources here: https://doncashpodcast.com/podcast/new-inflation-numbers-what-do-they-mean/ 
 
What we discuss on this episode: 
4:53 – Most recent concern about inflation
6:24 – What to be concerned about?
8:07 – Short-term or long-term inflation?
10:05 – Persistent inflation?
11:58 – Why did stock market drop?
13:42 – Don’t put all eggs in one basket
15:55 – Smooth out the ride
18:40 – Sensible but difficult in practice

How Could the Capital Gains Tax Affect You?

President Biden is approaching 100 days in office and is about to hold his first joint session in Congress. One of the things he’ll be talking about is the capital gains tax proposal. What do you need to know about this?
 
Read more and get additional financial resources here: https://doncashpodcast.com/podcast/how-could-the-capital-gains-tax-affect-you/ 
 
What we discuss on this episode: 
0:30 - Spring brings allergies and storms.
2:35 - Don’t forget about this year’s tax deadline.
3:53 - Biden is coming up on 100 days.
5:22 - What is the capital gains tax?
8:24 - How might this affect everyone?
15:27 - What about the step-up in basis? 
21:06 - What is publication 590-B?

What You Need to Know About Continuing Care Retirement Communities

Are you or someone you know considering living in a retirement community? What should you know ahead of time? What kind of costs might come with that?
 
Read more and get additional financial resources here: https://doncashpodcast.com/podcast/what-you-need-to-know-about-continuing-care-retirement-communities/ 
 
What we discuss on this episode: 
0:37 - Spring has sprung!
1:57 - Senior living communities struggling financially.
5:14 - What if you don’t like it?
6:24 - How has COVID affected these communities?
8:18 - Are people usually satisfied living in these communities?
10:15 - What suggestions does Don have when considering a CCRC?
12:24 - What questions should you ask and assess?
18:50 - Cash Connection: Collecting Social Security as a widow?
22:51 - Getting to Know You: What did Don do with some raffle winnings?

Infrastructure Bill and Future Taxes

If you thought the last COVID relief bill was big, have you heard about the infrastructure bill and the potential tax increases to pay for it? On our last show we talked about the most recent stimulus package and what it entailed. This episode of the podcast we discuss the new infrastructure bill being proposed.
 
Read more and get additional financial resources here: https://doncashpodcast.com/podcast/infrastructure-bill-and-future-taxes/ 
 
What we discuss on this episode: 
0:33 - March Madness is coming to an end.
3:05 - What potential tax increases are we looking at?
6:48 - How reliable are these renewable sources of energy?
8:04 - What other items are included in this bill?
10:36 - Who is paying for this bill?
22:47 - Getting to Know You: What’s the luckiest thing that’s happened to Don recently?