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Biden’s Tax Plan & End of Year Planning

November 24, 2020

The Principle:

As we near the end of the year, what do you need to make sure to take care of? From Roth conversions to estate planning, Brian talks about the ways these things can work to your benefit.

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)

Honest Takes:

What should be on the top of your financial to-do list before the end of the year? Do you have everything in order?

IRA expert, Ed Slott says everyone should be considering a Roth conversion this year while the taxes are at historic lows. Does Brian agree? Are Roth conversions for everyone? What other ways can we manage our tax liability?

Regardless of who was elected president, taxes were simply going to go up based on where things stand currently. What will change under Biden’s tax plan if it gets passed? Do you understand the impact it will have on you? Brian and Tug share a bit of their thoughts following the election.  

Is there a way to protect an inheritance so that your loved ones don’t blow it all at once? When someone passes away, there are a lot of emotions that can be hard to navigate. If heirs are swayed by bad advice from the wrong financial advisor, family member, or partner then things can go awry. Have you taken care of your estate planning to ensure everything is handled well after you die?

Listen to the entire episode or click on the timestamps to skip to a particular segment.

[0:16] – What should you be doing before the end of the year?

[1:20] – What does Brian think of the Roth conversion?

[3:15] – Taxes are likely going up.

[4:40] – How are people feeling about the election?

[6:45] – Do Americans blow their inheritance?

Today’s Truth:

“That’s how you pass money to the next generation, through estate planning. Everybody needs to do estate planning.”

Brian Bowen

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The Host:

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