In this episode, we examine donor advised funds. Donor Advised Funds are a vehicle investors can use to donate to charity in a unique way. Donor advised funds hold charitable donations for investors so that they can be invested and donated to charity at later date. This can be advantageous for timing charitable deductions for taxpayers. We'll discuss the pros and cons of donor advised funds in this episode.
In this episode, we talk about four financial scams to be on the lookout for in 2024. We'll also talk about the #1 financial scam from 2023, according to the FTC. In addition, we'll talk about some basic cybersecurity and common sense steps you can take to protect yourself. We conclude with a discussion of a new financial scam that is on the rise this year.
In this episode, we discuss some important things to gather for your accountant at tax time that go beyond the forms you receive in the mail like 1099's and W-2's. For instance, we discuss the items needed to gather if you make 529 plan contributions, make qualified charitable distributions or make a 60 day IRA rollover. There are many items that simply require you to keep good notes and deliver those to your accountant - no form will arrive to explain it for you. We discuss several of these in this episode.
In this episode, we walk through four prudent steps to take if you receive a inheritance or other financial windfall. Initially, receiving a large sum of money suddenly can be overwhelming. We cover four key steps that include taking time to become mentally comfortable with the money before using it, focusing on pre-existing goals and more. In addition, we discuss why it might be helpful to include a CPA, a financial planner, and a mental health professional on your team as you navigate how best to utilize your newfound assets.
In this episode, Philip walks through the personal example of dealing with a water leak to illustrate the importance and peace of mind that comes with having adequate insurance coverage.
You'll get your investment 1099's by January 31st right? Wrong! In this episode, we discuss common 1099 myths - debunk them - and walk through the different 1099 forms you can expect to receive this tax season and when you'll receive them. Lastly, we'll discover why some investors may be forced to extend their tax filing each year!
In this episode, we discuss an important investing topic: risk. And specifically, an investor's tolerance for risk. In general, each person has a unique tolerance for risk and that should translate to a specific level of risk taken within their investment portfolio. We disucss the three elements of risk: risk appetite, ability to take risk and need to take risk and how they work together. Lastly, we discuss how you can tune in to your risk tolerance without necessarily taking a quiz or questionnaire to find out.
In this episode, we discuss how transferring securities from one brokerage (or custodian) to another works. Back in the 1960s and before, securities trades and transfers were done on paper. This led to a multitude of chaos, confusion, mistakes and investor costs. As a result, several entities were formed to centralize and standardize the settlement and transfer of securities - the more modern versions of which we still use today.
In this episdoe, Philip reviews the provisions of the 2022 SECURE 2.0 Act that take effect in 2024. While many of the provisions took effect in 2023, some were delayed to take effect in 2024. We review those provisions in today's episode, as well as their implications on your financial and tax planning for this year.
In this episode, we discuss the top 3 most downloaded episodes on the podcast in 2023. If you haven't listened to them, check them out!
We discuss episodes on social security, tax penalties, and the differences between investment advisors and brokers.
Check out our website at: https://www.retirementdetective.com/
In this episode, Philip discusses some basic planning documents you can put in place to help children out in emergencies once they become adults. Once a child becomes an adult, they retain adult priveleges for their health information, financial information, data, etc. Putting certain documents in place like powers of attorney, living wills, etc can help you manage your child's affairs in an emergency - even once they're an adult.
The documents discussed in this episode are:
1) Healthcare power of attorney
2) Durable power of attorney
3) Medical directives / Living Wills
4) HIPAA Waivers
5) FERPA Waivers
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