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/

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• Outdated legal documents, misplacing wills, and updating your estate planning materials as life changes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/

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/