Your Money & Your Life Podcast

A Warning To Those Neglecting Their Estate Plans

This week’s episode serves as a warning to those neglecting their estate plans. Few stories illustrate the importance of updating beneficiary designations more poignantly than that of Jeffrey Rolison and Margaret “Peggy” Sjostedt, who dated in the 80s and broke up just a few years later. Despite their relationship ending, Jeffrey never updated the beneficiary designation on his Procter & Gamble retirement account, and Margaret stood to inherit $1 million.
Listen in as Don shares a few things that we can learn from this unfortunate oversight…
Here’s some of what we discuss in this episode:
The story of Jeffrey Rolison, who forgot to update his beneficiary designation
Jeffrey’s brothers nine-year legal battle to claim the retirement money
The importance of regularly reviewing and updating your beneficiary designations
 
Wall Street Journal Article
https://www.wsj.com/personal-finance/inherited-retirement-savings-beneficiary-breakup-divorce-849e3ff2
 
Get in touch with Don and learn more: https://doncashpodcast.com/

Good Retirement Planning Is Like Independence Day!

As we approach the 4th of July, it's a perfect time to reflect on the concept of independence- not just in terms of our nation, but also in our personal financial lives. In today’s episode, Don and Marc chat about some of the fascinating parallels between the celebration of Independence Day and the journey of retirement planning. Stay tuned as we talk about building a solid foundation for your financial future, celebrating milestones, looking forward to a secure and fulfilling retirement, and more!
 
Here’s some of what we discuss in this episode:
The importance of early and thorough retirement planning
Building a solid financial foundation through diligent saving, smart investing, and disciplined spending
Celebrating milestones in your retirement journey and learning to enjoy the fruits of your labor
Achieving financial independence and making empowered decisions on how to enjoy your retirement years
Overcoming challenges in retirement planning like market volatility, inflation, and unexpected health issues
 
Get in touch with Don and learn more: https://doncashpodcast.com/

The Tax Pitfalls Of Gifting Your House To Your Family

With the rising costs of homeownership and the looming concerns of long-term care, it's no wonder that many parents consider transferring their homes to their kids. However, this seemingly generous act can come with significant financial pitfalls and tax consequences that you may not be aware of. Join us as Don shares some important items to consider and common mistakes to look out for…
 
Here’s some of what we discuss in this episode:
The annual gift exclusion limit for tax-free gifts in 2024
Gift exclusions for tuition and medical bills
Contributing to a tax-free Roth IRA for young family members as a gifting strategy
The capital gains tax implications when gifting a house versus inheriting it
A few state benefits that you could lose by gifting your home to your kids
 
Resources for this episode:
IRS Home sale exclusion –
https://www.irs.gov/taxtopics/tc701
IRS Gift Credit –
https://www.irs.gov/newsroom/estate-and-gift-tax-faqs
NJ Property Tax Freeze –
https://www.nj.gov/treasury/taxation/ptr/eligibility.shtml
NJ ANCHOR benefit –
https://www.nj.gov/treasury/taxation/anchor/index.shtml
 
Get in touch with Don and learn more: https://doncashpodcast.com/

Scammers Tried To Steal Graceland; How To Protect Against Real Estate Fraud

In today’s episode, Don shares the astonishing story of attempted real estate fraud involving one of America's most iconic homes: Graceland. Did you know that the legendary estate of Elvis Presley was nearly auctioned off due to a scam? Listen in as Don takes us through the shocking details and the lessons we can learn to protect our own properties.
 
Here’s some of what we discuss in this episode:
The history of Graceland and its ownership since Elvis's passing
Details of the attempted fraud involving Graceland
Information about the fake company, Naussany Investments & Private Lending
Steps homeowners can take to protect themselves from similar fraudulent activities
 
Resources for this episode:
Wall Street Journal – Judge Blocks Efforts to Auction Graceland
https://www.wsj.com/real-estate/elvis-presley-graceland-riley-keough-judge-blocks-auction-fc424898?st=38uynto4rjjlffc&reflink=desktopwebshare_permalink
History of Graceland
https://en.wikipedia.org/wiki/Graceland
Judicial Foreclosure states
https://retipster.com/judicial-non-judicial-foreclosure-states-list-map/
Home Title Alert
https://www.propertyfraudalert.com/select
Paid Service
https://www.hometitlelock.com/?gad_source=1&gclid=CjwKCAjwgdayBhBQEiwAXhMxtnBjUN38QZs4FeIk24dUxd3dEt6Lg3YaQeJYcBpS0830_ZocjwTteRoC-XwQAvD_BwE
 
Get in touch with Don and learn more: https://doncashpodcast.com/
 

Get Your House In Order – Retiree Insurance

While you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. In this new season of life, your old policies may no longer suit your needs or may come to an end.
So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? We’re going to walk you through the fundamentals in today's episode.
 
Here’s some of what we discuss in this episode:
Medicare supplement plans for those retiring before 65 + potential pitfalls of forgoing these plans
The high expenses of long-term care services + the factors that led to rising premiums
The advantages of older long-term care policies + options to modify coverage to reduce costs
Life insurance and long-term care combination policies
Reasons for long-term care insurance in retirement
The importance of property and casualty insurance + the benefits of umbrella policies
 
Open Enrollment Season episode
https://doncashpodcast.com/podcast/medicare-mistakes-to-avoid-during-open-enrollment-season/
 
Get in touch with Don and learn more: https://doncashpodcast.com/

Get Your House In Order – Goodbye Tax Season, Hello Tax Planning for 2024

As we approach the first week of May with tax season behind us, it’s the perfect time to look ahead. With the Tax Cuts and Jobs Act set to expire at the end of 2025, some big changes are in store for the next two years from a tax standpoint. In today’s episode, Don will dive into the changes you need to be aware of for 2024 and beyond.
 
Here’s some of what we discuss in this episode:
Changes in the capital gains rule for homeowners + potential planning mistakes with property ownership
The evolution of the taxation of Social Security benefits over the years
The importance of integrating Social Security decisions into an overall retirement plan
Keeping an eye on federal and state estate taxes + the importance of comprehensive estate planning
 
Get in touch with Don and learn more: https://doncashpodcast.com/
 

Get Your House In Order – Estate Planning for 2024

Did you know that roughly 50% of people over 50 lack essential legal documents, such as wills, power of attorney, and healthcare directives? The numbers are even more concerning for younger demographics, with 80% of those under 30 lacking any basic documents. With over $84 trillion in assets set to transfer to the next generation, ensuring your estate is in order has never been more important.
 
Here’s some of what we discuss in this episode:
The percentages of individuals across different age groups lacking essential estate planning documents
The importance of powers of attorney and healthcare directives once one turns 18
Outdated legal documents, misplacing wills, and updating your estate planning materials as life changes
Understanding IRA estate rules to avoid complications and tax liabilities
Carefully selecting executors and trustees + sharing passwords and communicating intentions with family members
 
Get in touch with Don and learn more: https://doncashpodcast.com/

HSA Opportunities & Moves to Consider Before April 15th

Spring has sprung, pollen is in the air, and we are in the middle of college basketball March Madness! With tax season also approaching, Don and Marc are here to talk about Health Savings Accounts (HSAs) and the wealth of opportunities they can provide for savers and investors. Listen in as they share some benefits of contributing to an HSA, including significant tax deductions and tax-free withdrawals for qualified medical expenses.
 
Here’s some of what we discuss in this episode:
How HSAs work + a little history
The difference between the HSA-eligible health plan and the health savings account
The tax benefits an HSA offers + some potential downsides to consider
The nuances of HSAs for individuals over 65 + strategic approaches for managing HSA funds post-retirement
Considering HSA depletion rules + keeping proper records
 
Resources:
IRS Rules for HSAs – Publication 969 
https://www.irs.gov/publications/p969
 
HSA benefits that may surprise you –
https://irahelp.com/slottreport/hsa-benefits-may-surprise-you/
 
5 HSA rules you need to know –
https://irahelp.com/slottreport/5-hsa-rules-you-need-know/
 
Get the most out of your HSA – Wall Street Journal –
https://www.wsj.com/buyside/personal-finance/what-is-an-hsa-dff3eb55?st=rxd75zyho7lfd45&reflink=desktopwebshare_permalink
 
Get in touch with Don and learn more: https://doncashpodcast.com/