Your Money & Your Life Podcast

Election years are always tumultuous, but the current political climate has reached new levels of unpredictability. As every election cycle seems to get more chaotic, how can you protect your portfolio? Tune in as Don explores how learning from historical events can help navigate these uncertain times. Here’s some of what we discuss in this episode: Get in touch with Don and learn more: https://doncashpodcast.com/

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: 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/

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: Get in touch with Don and learn more: https://doncashpodcast.com/

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: 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/

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: 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/

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: 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/

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: Get in touch with Don and learn more: https://doncashpodcast.com/

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: Get in touch with Don and learn more: https://doncashpodcast.com/

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: 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/

In our last episode, we teased a discussion about long-term care insurance deductions and health savings accounts but ran out of time. Don't worry though, because today we're diving deep into these important topics. Here’s some of what we discuss in this episode: Resources for this episode: Tax forms –1040 form https://www.irs.gov/pub/irs-pdf/f1040.pdf Schedule 1 – Income & Adjustments https://www.irs.gov/pub/irs-pdf/f1040s1.pdf Schedule A – https://www.irs.gov/pub/irs-pdf/f1040sa.pdf Standard Deductions and Tax Brackets – 2023 https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023 Long-Term Care Insurance Tax Deductions – https://apps.irs.gov/app/vita/content/00/00_25_005.jsp Waymo Driverless Cars – https://waymo.com/ Get in touch with Don and learn more: https://doncashpodcast.com/

Punxsutawney Phil did not see his shadow, the Kansas City Chiefs won the Super Bowl, and Valentine’s Day is here. It’s a busy time of year, and while “Be my little tax deduction” isn’t the most romantic thing to say to your spouse this holiday, we’re going to discuss a tax deduction you can make for your Valentine before April 15th in today’s show. Here’s some of what we discuss in this episode: Resources for this episode: Wall Street Journal Article – Spousal IRAs https://www.wsj.com/personal-finance/retirement/theres-still-a-way-to-double-your-retirement-tax-breaks-before-filing-0f689dc1?st=cssro7zcnwkzp8r&reflink=desktopwebshare_permalink Income limits for IRA deductions https://www.irs.gov/retirement-plans/2023-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work Get in touch with Don and learn more: https://doncashpodcast.com/

In celebration of the holiday this week, we thought we’d have a little fun and see what the movie “Groundhog Day,” starring Bill Murray and Andy MacDowell, can teach us about successful retirement planning. Just like Bill Murray’s character, Phil, is forced to relive the same day over and over and learn from his mistakes, retirement planning is an ongoing journey that calls for adaptability, continuous learning, and a commitment to positive change. Here’s some of what we discuss in this episode: Get in touch with Don and learn more: https://doncashpodcast.com/

It’s that time again when the world attempts to foresee the twists and turns the coming months might bring. As the air buzzes with predictions and forecasts, it's worth stepping back and glancing at the rearview mirror of history. In it, you’ll see that predicting the future isn’t as easy as it seems. Here’s some of what we discuss in this episode: Episode Resources Bad News For the Economy is Good News for the Stock Market https://www.cnbc.com/2023/11/03/bad-news-for-the-economy-is-good-news-for-the-stock-market-as-long-as-it-doesnt-get-too-bad.html%20 The Future is Bright If You Know Where To Look https://www.wsj.com/tech/ai/the-future-is-bright-if-you-know-where-to-look-98874b3d?st=qz6edtiza4mgqna&reflink=desktopwebshare_permalink%20The%20Future%20Is%20Unpredictable%20Even%20When%20It%E2%80%99s%20Certain%20 The Future Is Unpredictable Even When It's Certain https://www.wsj.com/articles/the-future-is-unpredictable-even-when-its-certain-2024-political-cycle-71996049?st=nqlq0lflg6nwlg5&reflink=desktopwebshare_permalink Get in touch with Don and learn more: https://doncashpodcast.com/

The new year is upon us, so we thought we’d take this time to reflect on the past year and chat about starting the new year on the right footing. Join Don and Marc as they discuss a wide array of topics, ranging from health concerns to retirement, relationships, and unexpected global events that took place in 2023. Here’s some of what we discuss in this episode: Get in touch with Don and learn more: https://doncashpodcast.com/

As we gather around festive tables and share the joy of the season with our loved ones, the holidays provide the perfect backdrop for meaningful conversations. In today’s episode we’re going to explore the three important money conversations that you should consider having during the holidays. Here’s some of what we discuss in this episode: Get in touch with Don and learn more: https://doncashpodcast.com/

We’re back to wrap up this two-part episode on year-end planning for 2023. As 2024 approaches, it is the perfect time of year for these conversations. If you missed part one, you can catch up on the conversation here! In this episode, we’ll chat about several topics including the looming expiration of the current tax code in 2026, the increasing national debt, and the potential rise in tax rates. Don will also share how those in need of long-term care can leverage their IRA assets to minimize taxes, talk about the often-overlooked 0% capital gains tax bracket, discuss the importance of proactive tax planning, and more. Here’s some of what we discuss in this episode: Get in touch with Don and learn more: https://doncashpodcast.com/

Join us for a two-part episode where we unpack our 2023 edition of key year-end planning strategies for those nearing or embracing their retirement years. With the holidays right around the corner, it is the perfect time of year for these conversations. Listen in as we cover a range of topics, from IRA and 401k contribution limits to Roth IRA conversions and charitable giving options. Here’s some of what we discuss in this episode: Wall Street Journal Article: https://www.wsj.com/lifestyle/travel/airline-customer-service-scam-twitter-x-e1879760?mod=Searchresults_pos1&page=1 Get in touch with Don and learn more: https://doncashpodcast.com/

It’s Medicare open enrollment season, so in today’s episode, we’re going to dive into some of its complexities and share the common mistakes you want to avoid during this critical period. Listen in as Don and Marc discuss the differences between traditional Medicare, Medicare Supplements and Medicare Advantage plans, and stress the importance of understanding Medicare drug plans. Here’s some of what we discuss in this episode: Wall Street Journal Article: https://www.wsj.com/health/healthcare/medicare-advantage-enrollment-risks-923e7952 Previouis Medicare Episodes: https://yourmoneyyourlife.podbean.com/e/abc-s-of-medicare/ https://yourmoneyyourlife.podbean.com/e/ep-61-abc-s-of-medicare/ Get in touch with Don and learn more: https://doncashpodcast.com/

In a world where technology is integral to our daily lives, identity theft remains a significant concern. While we may be aware of the risks, it's easy to let our guard down, often not realizing the gravity until we become victims ourselves. Join Don and Marc as they delve into the world of identity theft, shedding light on the risks and often-overlooked vulnerabilities that put us at risk. Here’s some of what we discuss in this episode: Some services that can provide extra protection against identity theft Additional Resources: What is Identity Theft https://www.usa.gov/identity-theft Common Types of ID Theft https://www.experian.com/blogs/ask-experian/20-types-of-identity-theft-and-fraud/ Grandma I’m in Jail Fake Phone Calls – https://www.nbcsandiego.com/nbc-7-responds-2/grandma-im-in-jail-scammers-targeting-elderly-san-diegans/3229084/#:~:text=It%20comes%20in%20as%20an,someone%20claiming%20to%20be%20family.&text=The%20scammers'%20game%20is%20to,hospitalized%2C%20arrested%20or%20even%20kidnapped. Fake Microsoft Pop up virus alert – https://www.pcrisk.com/removal-guides/12308-virus-alert-from-microsoft-scam Home Title Theft – https://www.forbes.com/advisor/mortgages/real-estate/home-title-theft/ Get in touch with Don and learn more: https://doncashpodcast.com/

As we move towards the end of the year, we’re looking over checklists for items that need some attention, and while it’s not specific year-end planning, now is a great time to address your estate plan. The fact is only 33% of Americans have an estate plan and only 43% have a will. Those numbers might be shocking, but the reality is many people just aren’t giving this critical piece of planning enough attention. So as you get things in order for the end of the year, let’s spend some time talking about why you need an estate plan. Here’s some of what we discuss in this episode: Links for this episode: Probate - https://trustandwill.com/learn/types-of-non-probate-assets Last Will and Testament – https://www.investopedia.com/terms/l/last-will-and-testament.asp Living Will and Power of Attorney https://www.mchughandmacri.com/blog/2017/02/the-difference-between-a-living-will-and-power-of-attorney/ Percentage of Americans without Estate Plan https://www.aarp.org/money/investing/info-2017/half-of-adults-do-not-have-wills.html https://www.cnbc.com/2022/04/11/67percent-of-americans-have-no-estate-plan-heres-how-to-get-started-on-one.html Spouse disinherited by accident https://nypost.com/2005/01/31/pension-pickle-broke-widower-loses-1m-to-in-law/ Wall Street Journal Article – Estate Planning - https://www.wsj.com/personal-finance/estate-planning-will-money-family-heirs-8f2eb6e8?st=tyfkq2ei0nprc1z&reflink=desktopwebshare_permalink Get in touch with Don and learn more: https://doncashpodcast.com/