SML Planning Minute
SML Planning Minute podcasts provide timely and thought-provoking financial ideas and concepts for individuals, families and business owners. Be sure to listen in! Simply click on a topic below to access a podcast. You can also subscribe to one of the many service providers to listen on the go.
IRS and Social Security Phone Scams
Episode 135 – We urge you to always be cautious and not provide sensitive information such as your Social Security number or bank account information to unknown individuals over the phone or internet. Never reveal personal data to a stranger who calls you. Continue Reading IRS and Social Security Phone Scams
The Two Ironies of Retirement Planning
Episode 134 – There are perhaps two great paradoxes about retirement that people don’t often recognize. The first is that in retirement, people live on income, not principal. The second is that for many people, their retirement fund is their favorite account while they are working, but their least favorite once they actually retire. Continue Reading The Two Ironies of Retirement Planning
Tax-Free Real Estate Exchanges
Episode 133 – Tax-free real estate exchanges have long been a favored technique used to defer capital gains taxes. How do they work, and are they still viable with tax changes coming? Continue Reading Tax-Free Real Estate Exchanges
Hidden Fees are Harming 401(k) Savings
Episode 132 – Hidden fees can have a serious long-term negative impact on a 401(k). And the problem is worse than most people realize. Continue Reading Hidden Fees are Harming 401(k) Savings
Know Your Net Worth
Episode 131 - Have you ever figured out your net worth? Do you even know how to do it? Sometimes just calculating your net worth can add discipline to your finances and may improve your financial future. In this episode, we’ll show you how to figure it...
The Micro(k)®: A “Next Level” Retirement Plan
Episode 130 – For businesses that employ only owners and their spouses, the Pension Protection Act of 2006 extended an unparalleled opportunity to save significant sums in a tax-favored retirement plan. Conventional wisdom of the past few decades was to use a Simplified Employee Pension (SEP). Now there is another choice that may be far better: The Micro(k)® Plan. Continue Reading The Micro(k)®: A “Next Level” Retirement Plan
How an HSA Can Help You Save for Retirement
Episode 129 – A Health Savings Account may be an excellent way to help supplement your retirement savings as long as you are enrolled in a high-deductible health insurance plan. Continue Reading How an HSA Can Help You Save for Retirement
Conscientious Objectors to Social Security
Episode 128 – The term conscientious objector can be applied to more than just military service. In fact, certain members of the clergy can object to, and thus opt out of, Social Security. Continue Reading Conscientious Objectors to Social Security
10 Common Mistakes Made with Life Insurance Beneficiary Designations, Part 2
Episode 127 – Mistakes are commonly made on life insurance policy beneficiary designations. Life events also necessitate changes, which is why regular reviews are important. Here are 5 more of the most common mistakes. Continue Reading 10 Common Mistakes Made with Life Insurance Beneficiary Designations, Part 2
10 Common Mistakes Made with Life Insurance Beneficiary Designations, Part 1
Episode 126 – Mistakes are commonly made on life insurance policy beneficiary designations. Life events also necessitate changes, which is why regular reviews are important. Here are 5 of the 10 most common mistakes. Continue Reading 10 Common Mistakes Made with Life Insurance Beneficiary Designations, Part 1
Holographic Wills and the Case of Larry King
Episode 125 – Do you know what a Holographic Will is? Here’s a hint: Larry King used one. But that doesn’t mean you should. Continue Reading Holographic Wills and the Case of Larry King
Don’t Forget About State Estate Taxes (Particularly in New York)
Episode 124 – You may not be wealthy enough to be subject to federal estate taxes upon your death, but your state may have other ideas. Continue Reading Don’t Forget About State Estate Taxes (Particularly in New York)
Estate Tax Liquidity, Wealth Replacement and ILITs
Episode 123 – Business owners and high-net-worth individuals subject to federal or state estate and inheritance taxes should look into life insurance in an irrevocable life insurance trust for estate tax liquidity and to replace wealth lost to taxes. Continue Reading Estate Tax Liquidity, Wealth Replacement and ILITs
Medicare Changes in 2021
Episode 122 – The Biden administration is just getting warmed up when it comes to Medicare. What are they planning? Continue Reading Medicare Changes in 2021
Don’t Be Like These Famous People—Get Your Will Done
Episode 121 – Estate planning is the process of protecting your wealth and transferring a legacy to your heirs in the manner you wish. Even the rich and famous fail to plan, resulting in disaster. Everyone needs a will and estate plan. Continue Reading Don’t Be Like These Famous People—Get Your Will Done
New York Residents Should Review Their Estate Plans – New York Changes Law Governing Powers of Attorney
Episode 120 – For residents of New York State, recent statutory changes make this a great time to review your estate plan. Learn more about these changes and how they may affect your estate plan. Continue Reading New York Residents Should Review Their Estate Plans – New York Changes Law Governing Powers of Attorney
Are Coronavirus-Related Distributions Available in 2021?
Episode 119 – Don’t confuse Qualified Disaster Distributions (QDDs) with Coronavirus-Related Distributions (CRDs), which ended in 2020. A QDD is available only for non-COVID-19-related major disasters, such as hurricanes, wildfires, severe storms and other disasters. Learn more here, including the qualifications required to take a QDD. Continue Reading Are Coronavirus-Related Distributions Available in 2021?
Part 2 – COVID Relief Update: The American Rescue Plan Act of 2021
Part 2: Episode 118 – The details of the American Rescue Plan Act of 2021 are complicated. Here’s a summary of the provisions related to Unemployment Assistance, Health Insurance, Earned Income Tax Credit, and Rent and Mortgage Payments. Continue Reading Part 2 – COVID Relief Update: The American Rescue Plan Act of 2021
COVID Relief Update: The American Rescue Plan Act of 2021
Episode 117 – On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (“ARPA”), fulfilling one of his campaign pledges to provide additional COVID-19 pandemic relief. Because ARPA was just enacted and there are numerous provisions, we will need to wait for future guidance issued by the IRS and Department of Treasury. Continue Reading COVID Relief Update: The American Rescue Plan Act of 2021
Business Owners: Beware of an Involuntary Partial Plan Termination Due to COVID-19
Episode 116 – 2020 was undoubtedly a very difficult year for many small-business owners struggling to keep their businesses afloat while their businesses were forced to close or limit operations as a result of government mandates attempting to slow or stop the spread of the coronavirus. Continue Reading Business Owners: Beware of an Involuntary Partial Plan Termination Due to COVID-19
