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Optimism for the Future

December 30, 2020

The Principle:

Within your financial plan, do you also have a tax plan? What about an estate plan? Do you really need those? Let’s talk about what you need to do to build optimism for the future.

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

Honest Takes:

So many people have lost income in 2020 due to the pandemic. Depending on what industry you’re in, this might have been a really bad year or a better financial year than usual. Investing consultant Tim Steffan tells Morningstar to look at this as a potential opportunity. What opportunities do you have right now that you might not otherwise? What tax strategies are there to look at?

For some, this means a Roth conversion. It’s important to do a review and a tax plan every year to see what opportunities there are in your financial plan. There are charitable giving strategies to consider. Right now, tax rates are low. Should you be taking advantage of that?

Then, does everybody need a tax plan and an estate plan or is that just for the wealthy? Think about it this way: everybody needs an estate plan because everybody eventually passes away. Who else is going to make those decisions? An estate plan is making that decision now and avoiding putting your family members in a bad position. What is it going to look like after you pass? Why would you save all the assets to give a portion of it to attorneys to figure it out after you die?

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

[0:16] – The pandemic has caused a lot of people to lose income. What opportunities are available?

[2:56] – Brian breaks down what a tax strategy could look like.

[5:24] – What kind of tax advice does Brian’s team offer? 

[6:40] – Why do we all need a tax and estate plan?

Today’s Truth:

An estate review is essentially going through: What’s it going to look like after you pass? And then updating it.

Brian Bowen

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Brian Bowen Integrity Financial Planning Roanoke Virginia discusses the deferred payment plan Bobby Bonilla and his agent were able to work out