Despite potentially devastating consequences of Americans don't have a will leaving estate planning to a complicated range of state laws If you die without a will your loved ones might get kicked out of the family house and could face hefty surprise tax bills In this video Peter with Richon Planning and Erin Kennedy share these tips when it comes to creating a will -Know Your State's Laws -Make Sure All Your Assets are Covered -Don't Delay If you die without a will your loved ones may get nothing especially if they are unmarried partners or stepchildren who are left [... more]

If you don't have a tax plan you don't have a retirement plan In retirement you not only want to maximize your income but you also want to minimize your tax bill In this video Peter Richon with Richon Planning and Erin Kennedy break down three strategies that will help you keep more money in your pocket including Roth Conversions take advantage of today's historically low tax rate Have an RMD Strategy consider earlier distributions or Qualified Charitable Distributions Explore Health Savings Accounts the only triple tax advantaged retirement account that can help with what's often your biggest expense in [... more]

If you're nearing the age to take Required Minimum Distributions or RMDs and you want to avoid the extra income and its tax implications Peter Richon with Richon Planning and Erin Kennedy break down three strategies to consider Peter recommends these strategies to help reduce your tax exposure Consider taking distributions as early as possible Roth Conversions Qualified Charitable Distributions or QCDs Keep in mind RMDs are income so taking those distributions can boost your taxable income and your income taxes for the year which is why strategic tax planning is so important If you have any questions about these [... more]

We are still firmly in Bear Market territory Stocks and bonds are sharply negative In fact the market recently lost nearly one quarter of its value since the beginning of the year But those negatives actually offer some unique opportunities according to Peter at RichonPlanning He breaks down several strategies with Erin Kennedy including Tax Loss Harvesting Rebalancing Avoiding Phantom Income Roth Conversions RMDs If you have any questions about how to employ some of these tax strategies please reach out to Peter for a complimentary consultation by calling - or by visiting www RichonPlanning com [... more]

ROTH CONVERSION OPPORTUNITIES If tax laws reverse over time and start climbing higher it will likely affect those with larger retirement accounts and income disproportionately Tune in to learn more as Peter Richon discusses tax-deferral it's consequences tax-free income Roth IRA's [... more]

In millions of people found themselves working from home for the first time and maybe you rsquo re one of them nbsp But does that qualify you for a home office deduction on your taxes On the next MoneyWise Live hosts Rob West and Steve Moore have some ways to determine if you qualify for the deduction which could help you save on your tax bill Then they rsquo ll take your calls and questions on any financial topic Deducting your home office on the next MoneyWise Live at pm Eastern pm Central on Moody Radio nbsp [... more]

Proverbs says Hope deferred makes the heart sick but a longing fulfilled is a tree of life With IRA's or individual retirement accounts hope or money deferred allows your longings to be fulfilled when you retire These hopes include a comfortable retirement with travel and fun and providing for your family Robby talks about how his dad wanted to go to Hawaii with his wife but after she passed he instead got to go with his children This was his hope deferred One thing most people where not hoping for is paying taxes on the money in their IRA but [... more]

Robby is reading a book to his dad about lessons you can learn from sheepdogs One of the main points the book makes is that the main way to communicate with sheepdogs is by hand signals not verbal communication Just like sheepdogs you have to follow God's signals as they come into your life Hans had a client come into his life when he was just starting Cardinal Dr Bob introduced Hans to Ed Slott the IRA expert While Hans thought he knew a good amount about IRAs he learned so much by going through the Ed Slott training He [... more]

Proverbs says The wise store up choice food and olive oil but fools gulp theirs down Today the fools are the people paying taxes unnecessarily Hans and Robby talk about the new tax bill Qualified Charitable Distributions and tithing Hans also tells the story of a client who got some bad advice about her IRA's and how Cardinal helped her correct this resulting in less tax for her heirs Lastly they discuss IRMAA or the Income Related Monthly Adjustment Amount This amount is paid by higher-income Medicare beneficiaries Don't forget to get your copy of The Complete Cardinal Guide to [... more]