Mar 15, 2014|
Automatically Generated Transcript (may not be 100% accurate)
Good Saturday Austin. Broadcasting from the top thirteen seventy studios you're listening to financial alliance -- -- host -- -- like. For Arlen pays -- higher -- we are going to -- And strategies. With -- finally my CPA and trusted advisor for years. Make good decisions with your 401K Blackburn and her financial life specialty has also been featured weekly on -- view. So stay -- -- she brings the same healthful life changing information doesn't talk radios listening audience. Here's your host and Suzanne Blackburn. Welcome to financial wise and season. Blackburn and you're in for a treat we're going to be talking today to -- -- Ali he was against last week on the show. And we're going to be talking to him he is a CPA. A certified tax coached and managing partner of AA tax CPA tax strategy skis may. He is dedicated to developing and implementing. Pro active tax strategies he also hosts. Art tax tip Tuesday so I brought him on the show are -- tell me how you today to. Exceptionally -- very happy to be here. And habitable forward to having a very ready meaningful conversation for -- -- yes. We're talking about 401 k.s an Irish today our way yes I would like to start -- -- Guys plan. When things are happening. Then so that you end up paying less taxes. Don't want to I -- is that dumb I've seen and several clients is that. The win Dioner breaching each of free economy. That Manny is in different places so that broke through for five different companies. There are several Irish sounds -- They have sitting many sitting in the IRA's. Adam and it's different advisor but at the same time to have. For a one -- and -- so. Ask you to retire. Warren for Roland can't. Is it too which is there kind of an offensive tools so remember -- -- about that spend your wealth and -- This you come to their retirement age during the defensive mode -- to do -- change the big you play that's a different ballgame want to get them. So one thing we want to do is to convert. Borrowing came into Larry's. If clients have if a person has investment. In several -- Many very important. That they bring them to get there so I have seen this kind of situation. Merit. -- -- is investing in companies like. You kick. FaceBook which is gone up substantially. Was actually for his book very. Glen was it's one -- was vying for his book because it was a great stock. -- advisor was thinking that tree -- book is ordeal were valued so you're setting it. So having -- mean two different buckets that would not coordinating -- so the money was making him for his book he was. Kind of just being commissioned to faux you'd better -- is buying it himself so make sure you bring your money to get. Being given to a good advisor to -- It's also important that you use good advisor to manage because. Beat. ADB should be our Vick to a -- emotions. And brand you are playing defense. That's not time to be emotional. That's very important that you keep getting. Absolutely. -- love that so when you're -- accumulation phase when you're working. Your offensive. When you approach retirement and reached that magical age of 59 and a half. That's when the penalties are gone from your 401K your IRA is correct exactly that's when you can start making some very sound decisions. We have had some wonderful strategies we sit down with clients. And really look at the whole landscape of all the different types of assets -- For Roland -- IRAs the brokerage accounts the pension plans the so security. Everybody wants that paycheck coming in. But how it comes in and how it's taxed. I should unless segment. I don't mind paying taxes on Monday -- on spending integration store on using to feed my family. I have a big problem paying taxes on money -- to dye designed for gross later. So if you've got to for a -- K let's talk about the taxation issues on -- when every year and hit 59 and a half tell me about that. So good earth venue or fifteen million and a half after -- -- time -- so if you 401K and you want to. According to what to draw I had something bad days -- 10% managed to -- regard to find these 10% back. So you need to make sure that you don't income disparities. That's the first thing you want to do damned. As you are. Reaching the age of retirement. Look at your portfolio. -- -- -- -- -- -- So you need to -- laughter but don't you need to position meet your portfolio so it's not as Monica as it was before. Next you need to keep in mind in nineteen is that he -- make sound decisions on. Yes he wanted -- on the irony but what kind of I marry you want to invest in so principally if you can go for debt to virus. -- Larry brought higher at one. One group would put them grows tax rate. But if you have -- sure Harry by -- you're required to pretax. And WB try. Because you never beat Jack's comment. Undrawn Tyree. On the other hand whenever you become -- do not be taxed as sonic is designed. So it's important to do is to decide also what can I marry you wanting resting. It is not that simple. Because each person's tax situation is different. And then you are making those decisions. -- looking upon looking at 2030 years you know people who died the age of 66 they end -- -- 8590. Minutes of this is almost. They don't people to start decorated 25 so almost -- time childhood to boot to. Coming to -- it looked on from that spending into town and that's a long time -- me to decide on that so. -- they want to decide on if -- to keep in mind that. What on their tax -- student. What do -- to expect. To having future that's a great. Point in all of these ten critical years between 59 and a half and seventy. Right before you start what's called the required. Minimum distribution. On your -- race. One of the strategies that we love to employ depending on your. Whole landscape of retirement. Is doing small Roth conversions. Of your IRAs. Over time. So that if your diary just grows grows grows grows then you have this ticking tax time bomb at seventy. That you have to take out a large number what if you don't need that name come. If you bump up right before the next tax bracket. Have a tax brackets where it's 10%. And then I can't remember the numbers. And fifteen clinics are drinking eight taped it just goes up as you make more and more more money. It's important to to a -- remembering my opinion that. Required minimum distribution. Is required minimum distribution. You should be kicked you don't get -- and he's -- asking now. Every year if you are you direct your. Mutual fund company or insurance -- sends you. Statement chewing your value of your investments. Don't it didn't we just because they wanted to poetic customer service. They're also doing it because that's how are you required minimum distribution. Is detriment. Huge do not. He could require minimum distribution. And it -- 50% to imagine that you decided not to kick it like every room distribution of 5000. Dollar. Ended up being too with -- under -- donor to iris. -- check out these -- yeah that's not a good plan. So. Every everything starts with a planned we've got to not treat this haphazardly folks please don't be asleep and when -- retiring. You know you guys are experts in your fields and I get that we're experts in our fields you wouldn't hire an electrician. To do plumbing job. We wouldn't hire an accumulation specialist. That's what helped you grow your assets altering your working years to navigate the choppy waters. A tax planning and retirement planning you've got to have someone that's an expert in that. Type of endeavor and that's what we do hear it -- -- financial our phone number is 512. 215. 9030. And we're talking today about 401K S and IRAs is so critical that you don't make mistakes with these assets. So come back to our segment we're going to be talking to a refile Lee he's in tax expert he's -- A great CPA practice that specializes. In proactive. Tax planning strategies for small business owners. Retirees. He does our tax -- Tuesday's. Go to caps -- financial dot com and take a look at the events that are coming up because in March. This month they're filling up quickly you can come hear him speak about these tax issues for retirees. They remember him. Some folks -- financial lives depend -- refs aren't otherwise. I'm season last year. You have a new appointment on your calendar and it involves neat. About one hour of your time and a desire to protect information so make the appointment and keep it hello I'm -- Blackburn financial -- and I'm partnering with the author and CPA Arafat elite for tasks to Tuesdays now we'll be Affordable Care Act this year it represents the largest city tax laws and change that the higher. His head to implement in over twenty years it's the single biggest change in how we finance health care since Medicare was created in 1960s by this is a big deal and now you can get big ideas on how to avoid the high cost of the Affordable Care Act. Remember her tax hit Tuesdays -- in February and march from noon to one. Think join me along with my colleague a -- bluntly and given deet tails on cats are financial dot com. Investment advisory services offered through global financial private capital LLC and it's easy registered investment advisor. Welcome back to financial lives with your -- -- at Blackburn. Welcome back -- season Blackburn and eight. You know we -- lead we're talking about taxes on your 401 k's your IRAs it's a very rich. Topic when you say so it is it is the fact is stacked. Twenty -- Is one of some more significant here -- from that tax impact prospective yes obamacare itself is such a big deal dead. It is the biggest change in how refinance and get. Since medic who was created in 1965 home and most of your listeners this couple of them actually were not born before -- at a lot wait a minute. Interesting team is that the treasury inspector general -- -- Affordable Care Act and no one. He presents the largest sect of excellent changes the -- had to implement more than. And T yes wow may take you Koppel for debt to be -- through a very significant. And a very. Very very. -- dip recession. And and congress and president ran through this budget negotiation -- sequestration. Expo ideal. Bush tax cuts. And things like that. Because of -- close to big. Fifty. Different kind of tax exemptions. And ounces. New post expire. Two tasks are typically when every when people who you know if you have if you had if you're getting a paycheck. Your tax it all Americans stand to -- Tuesday to prison because it would be accidental president marked. On top of that if you earn higher income earning high income bracket didn't investment tax was done and over. That garment is -- decked by USA. I -- investment income -- Medicare kicks in particular sixth two point 83 point three point 8% and and and then it plays its trading days so I was being -- uniform of a lady was interest income for the investment income was interest income. 28. Daughter home. And act expanded by a daughter all like -- cause of -- interest income of cranky -- Unbelievable and of course she was not high -- -- it sure but it's too. Previously she was not required to be back. I'm so that brings the landing on that they're more important to get off -- -- -- -- as a defensive -- is offensive. You if you have not met you people are very successful and well planned for offense. If you don't plan for defense. You abuse neighbors say it's important that we focus on that I want to tell I wouldn't talk about them a couple of things really really quickly. Ounces at one thing I want to talk about his. Income shifting strategy. What I mean by that is it's especially for or people who are on kind -- expect it's. They need to think about how big can. How they can move some of their income. Of people in to have them to come to -- supporting. Through effective -- stripped its. And begin talk about it -- sense of self code segment I get sick. So it's important to keep decking and mine and manually doing it in your gifting your and and in and do -- gifts iron but growing investment income interest income. Be sure that you are looking into TD Catholics -- -- the beach is going to. -- that investment income were under an income -- children. Yes and death rates of their parents so we need to be a very rough and -- can you need to plan for those things you need to plan for. What kind of put -- -- is good for you. The chart is and not good for you. And each of invest spend -- other businesses it was a passive you can bet you have decisions you could make. You know you're busy you can use the businesses. To see if more money or UN you -- I am. You -- on -- retired at BC you're not active in the business but -- -- Significant share burdens small businesses they can do so much more receive text starters Florida family members -- every even our own to. Skip those things in mind you know I tell you that. But a simpler tax planning trips you know -- How you can see if you think of this previously. Itemized deductions. -- medical expenses. The water yet but at sand point opposites -- actually a seven point 5% no which stand what is. Being. Thanks so importance of using flexible spending account -- eternity if you're not picked Saudi actively working -- that we do have begun to cook. Has -- savings account -- -- teen golf this accident spending congress chip companies are offering those things yes and if you look -- have to receiving your counties. Key is a great to. Well one of the things you mentioned in the in the text to Tuesday's. It was to pretext dollar. The taxable dollar and the tax free dollar. And one of the things that we want a coach you on is how to maximize those pre tax dollars it is -- -- you know since it. If so that is a different strategy if Bennett what you are spending money often attacks. You depending upon your tax bracket if you're on pretty Fabrice and expected you have already played -- spanning from that 75 dollar. But if you bring it pretax. Black for example. Magic -- case heads pet care savings account. Now you are spending from the daughter before you speak to the garment. That's to predict because Garmin is -- financing -- war. That's how you should look at -- and -- -- -- critics that you should do better so for example if you're you're you're not in the high income bracket I -- tax planning for a -- gentlemen. You -- you should sit you do as Americans. Forty boarding up pretty tired but working hard and his uncle was only party that doesn't honor. But few are able to see of him close to keep house and daughter by effective tax plan that's the best way to do it so it's what what. It's going to be significant order our Christmas but summer is linked 332 doesn't matter thousand -- is a big money yet so interesting that. As you -- ordered. If you are nor in the high income bracket -- of money for your -- Aaron. Good money and Eric Goldman gives you -- -- fact. So. Oldest teams comes together so planning is not far. Validly people they have enough people to bad lies damn goodies for people who common man people who do quarter. Spending -- -- out to support their families to fund decent -- -- for families. Dole -- people who need to anymore. Yes then do is high and -- folks because harming folks already have enough money to be afraid -- And a mistake that they make in a high income bracket or someone that has a large asset base and then make a mistake and lose money. They don't have to necessarily go back to work but someone that has three or 400000. It's a whole different ball game without -- and Susan to you you -- on examples there yes America. People you know people did not land in their lifetime. And how. They're beneficiaries. People who what is left two of them had to be afforded those mistakes well let's talk about that so. If you're sitting here today and you have. IRAs. 401 -- a brokerage accounts savings account you've got a Social Security check that you know is gonna come in soon. Call our office at 512. 2159030. We will help you organize. These accounts. Which account do we draw from first. Do we need to do a Roth conversion. Do we need to start taking hiring money at sixty or do we wait until seventy. You know don't let this be hap hazzard. Close your eyes and just hope for the best kind of planned. You've got to get with a professional. And -- -- mentioned major mistakes can be made I am doing a settlement right now. Of a client that I took care of years ago and we set up some tax deferred instrument that saved her tremendous money during her lifetime. But she changed her will and that ten year period that she didn't update the beneficiaries. So the will and the way the will set up is different than the beneficiary status and folks in beneficiary status is. Hold more weight they're going to be executed more firmly than -- will they can't be changed in other words. So if you don't have your beneficiaries correct. Bring that stuff into the office and we will help you organize all that I mean we know what we're doing I've eaten recently. Met with a pension recipient that had the wrong name on their pension plan and because it was a younger child. They're pension plan they were receiving as much money as they could. So we rearrange things they got a raise of about a thousand a month. So there's all kinds of things that you could be doing -- costing you money that you need today we're not getting younger. Call the office 512215. 9030. And if -- column today I'll give you hip pocket guide to Obama care. A -- for he's my guest today wrote a fabulous book on your health care and your taxes. It's a different game to game changer would you say so it certainly is the Sunnis and people need to give attention to details absolutely. So call our office. At 512. 215. 9030. And remember some folks -- financial lives and those -- or otherwise I'm -- at Blackburn. Are you ready because the new normal and are complicated financial world may confuse you and financial -- radios Suzanne Blackburn wants to talk with you about it's it's coming Tuesday org Thursday march 25 or 27 starting at 630. Join Suzanne at Texas landing -- she'll discuss your social security and retirement income and how the ballooning national -- and federal deficit can play a coordinate and lower risk strategies to help your money last total -- your head in the sand because your confused it's time to see clearly what the future could have waiting for you and -- new normal will involve you whether you're prepared for it. Or not. Go to capstar financial dot com and register now or call 5122159. B thirty. Remember the next seminars are offered Tuesday or Thursday march 25 or 27 at 630. Call 5122159030. To reserve your seat. That's 5122159. B thirty. No individual tax or legal list of devices -- investment advisory services offered through global financial try to double LC in SEC registered investment advisor. Welcome back to financial lines. -- your -- Suzanne Blackburn. Welcome back -- at Blackburn and we have had a great show a re finally CPA was on here. He does our tax -- Tuesday's. And that thing it's been very powerful about working with him. Is that he's actually written a book. On your health care and your taxes a pocket guide. To Obama care if you call me at 5122159030. We will send -- this book. We also have. A what -- -- and how -- on the Social Security decision that this book. Goes and all the details. When you should draw your benefits how do spousal benefits work what are delayed retirement credits restricted benefits are on and on. How your job impacts your benefits. Folks it's game changer you know when you're an accumulation phase in your building your wealth. And you're working your job and your putting money away. You've got to have a good plan. Towards the end of that career to prepare you for retirement. Because in retirement have to go on the defensive that's what -- Reese said he's attacks. Coached does hundreds of tax returns. He said it's so important. That you get with someone that can organize the brokerage account -- -- K the IRA's and pensions that for the 450 seven's the Social Security benefits that you have coming and god forbid there be any market risk or health care issues on top of that. So it's a mind field. But it doesn't have to be if you've got a good coach like we are -- financial. You will be able to have your retirement. Like a second childhood with no adult supervision I love that so Collison will be able to walk you through that. One of the things that we pride ourselves and is absolute transparency. Before I can ever give your recommendation and I've got to look at it all I've got to take a look at where you are pricey relationship. See if it fits for what you're doing. And really makes sound tax advice you know I met with someone yesterday. And you know he just said hey I just wanted you to manage my throwing -- I know it's gonna get tax help I didn't know you're gonna do -- state planning help I didn't know you're gonna help me with. Beneficiary designations. We do that it's important you may not even know some of the pitfalls that are out there we do folks. We manage a lot of assets under management we've got great clients that we taking care of for well over twenty years to we've already seen the nightmarish and we know how to navigate those waters you'll have to get -- storm in life. So call me at 512. 2159030. And will address your specific tax issues. Now we have tax skipped Tuesday's coming up in March next week Tuesday march 11 and Tuesday march 25. A -- while he will be there to talk more about these great tax tips so the thing that we're doing. I will be actually presenting at Texas planning cattle that lake -- location. March 25. And march 27 -- a limited space and that location you can meet me. Common tell me what you'd like to hear about. Will Taylor all of what we say specific for retirement we're gonna talk about the big picture for you. So call our office it's march 25 march 27 at 630 taxes land and cattle. And Blake lined mall I'm -- at Blackburn 512. 215. 9030. And remember yeah. Some folks are financial wise. And low risk. Are otherwise I'm season -- The individual tax the -- -- devices. Investment advisory services offered through global financial crisis capital. LLC and SEC registered investment advice global financial trident capital has no affiliation with the news agencies represented here the views expressed not necessarily reflect the views of global financial private capital global financial private capital makes no representation or warranty is about the accuracy reliability completeness or timeliness of the content they do not recommend or endorse any specific information contained -- insurance services and products offered to kind of startling. Six insurance and annuity product guarantees are subject to the claims paying ability of the issuing company any comments regarding safe and secure investments in guaranteed income streams refer only to the -- insurance products they do not recur in any way to securities or investment advisory products global financial private capital LLC and -- -- financial LLC or an affiliated companies. You have a new appointment on your calendar and it involves neat. About one hour of your time and a desire to protect information so make these appointments and keep it hello I'm season Blackburn financial -- and I'm partnering with the author and CPA Arafat elite for -- -- -- -- now we'll be Affordable Care Act this year it represents the largest city tax laws and change that the fire is. His head to implement in over twenty years it's the single biggest change in how we finance health care since Medicare was created in 1960 by this is a big deal and now you can get big ideas on how to avoid the high cost of the affordable. Don't care. Remember her tax -- Tuesdays during February and march from noon to one. Think join me along with my colleague -- finally and given details on campus our financial dot com. Investment advisory services offered through global financial private capital LLC and it's easy registered investment advisor.