Strategic Insights for Evading the Retirement Tax Pitfalls

Prepare to unlock the secret vaults of tax strategies with our financial maestros, Todd Whatley and Ian Weiner. In a riveting exchange, Ian unveils the treasure trove of tax savings that, if left unearthed, could cost retirees hundreds of thousands, or even a million dollars. We unveil the stark reality of retirement taxes and the potential pitfalls of the Secure Act. By keeping abreast of tax legislation, you're setting the stage for a legacy that withstands the test of time, evading the grasp of the dreaded "tax trap."

Embarking on a strategic odyssey through the world of retirement planning, we confront the enduring myth that a lower tax bracket awaits every retiree. This episode highlights the stark truth that high earners may not see the promised land of lower taxes in their golden years. With Ian's expertise, we examine the tax time bomb of required minimum distributions and their knack for nudging withdrawals at inopportune tax rates. Our conversation offers a blueprint for managing this deferred tax liability—think of it as a meticulous strategy in a high-stakes chess game with the government, where your moves determine your financial fate.

The final act of our financial symphony is a masterclass on Roth conversions, where we decode the benefits and strategic importance they play in your retirement tax planning. Ian and I dissect the intricacies of this crucial maneuver and how it can orchestrate a future of tax-free growth for both you and your heirs. We also spotlight the potential conflicts of interest lurking within financial advisor compensation models, underscoring the need for a well-harmonized investment portfolio. As we leave you with these insights, remember that our mission is to educate, not to entice you into the securities and insurance arena—after all, your financial opus is yours to compose.

Transcript

Speaker 1: 0:03

Welcome to Wealth for Generations, the podcast where you learn to grow, protect and preserve your wealth for generations. Our hosts on today's show are Todd Wattley, a certified elder law attorney, and Ian Weiner, a certified financial planner. Join us and our expert guests as we uncover the mindsets, tools and strategies to help you maximize your wealth and impact. Let's embark on this journey to secure your legacy. Please note this podcast is for informational purposes only and is not intended as financial or legal advice. Always consult with a professional regarding your specific situation.

Speaker 2: 0:42

That's right. This is the Generations Wealth Partners podcast. My name is Todd Wattley and I am one of the creators of this podcast and one of the founders of the group, and I am super happy that you are listening to us. I appreciate everybody who downloads us and I really appreciate those who subscribe and get notified every time this comes out and super happy if you tell people about us. So please tell your friends, tell your neighbors. We have some great information. Not too long. We try to keep it about 30 minutes sometimes E and gets kind of long winded.

Speaker 3: 1:17

I'm long winded. Yeah, I can save your money.

Speaker 2: 1:22

I have to really mean sometimes, but we try to keep it about 30 minutes. Just a nice drive to work you can listen while you're cleaning the kitchen, cooking the states on the grill, whatever. But thank you so much for listening. And today I'm super excited because E and is going to talk about one of his favorite topics and it's not because it's a fun topic, but it's something that we were just chatting before this and for bang for your buck, to make a difference in your financial situation, one area can make life a whole lot easier for you, and that's taxes.

Speaker 2: 2:00

So first let me say hey, e, and how are you? Hey, todd, doing? Well, I'm excited about this. I know I'm getting all of my talking in right now, I'll just let you go. But and that is taxes People don't you know. People think you just pay taxes. Well, we do pay taxes, but a few things that I have seen investment advisors miss and not focus on, and as a, as an estate planning attorney, I'm I am not a tax attorney and I have not focused on that and I'm sorry If you're my client listening to me right now. We need to get this address but I was not focused on taxes until I met Ian and he's open my eyes to some traps that you can fall for, and it can cost hundreds of thousands of dollars, if not a million bucks.

Speaker 3: 2:52

So go. So let me ask you this question Okay, and this is for the folks listening, but if I could save you a million dollars, what would that be worth to you? Well, you know, if we said, okay, if you do X, y and Z, I will save you a million dollars, well, what you think is fair?

Speaker 2: 3:14

Okay, let's go back to the typical. Okay, you're a financial planner and if you could do investments or do something to increase someone's estate by $100,000, you would be a hero. It's like dude, this. This guy's a really good financial planner. He did whatever and I get to pass a hundred or a million more dollars to my kids because he did X, y and Z. Well, that's great, but you can do some tax things and do exactly the same thing.

Speaker 3: 3:49

I like that framing of the issue, because one of the challenges that I have when I try to explain this stuff to folks frankly is the numbers sound so big that they sound unreal. Sure, and that's a. That's why I want to call this episode the tax trap, because it's a well-designed system.

Speaker 2: 4:09

Congress knows what they're doing. They're going to get you one way or the other, Like him or not.

Speaker 3: 4:14

you can't say that they're stupid all the time. They're smart where it matters. They know how to protect their income and their job. It's just a fact, and so what I want to talk about in this episode is the tax traps when you're getting ready to retire or retiring, and we might get into some of the ones when you're you're passing wealth to the next generation. I think that'll happen for sure, but what I want to try to explain to folks is that the tax system has changed dramatically since when you started saving for retirement Likely pretty much whatever age you are listening to this and even five years ago, the system was different than it is now. Oh, I mean some of the most complex, the biggest legislation that directly impacts retirement and taxes and passing money to the next generation has been passed in the last five years, and a lot of folks don't even know about it. They stuff it into these omnibus bills. They got a wheel on a cart. The first one, secure Act, was the end of 2019, I think so many years ago now.

Speaker 2: 5:19

I was going to say just Google Secure S-E-C-U-R-E Act and you will get a bazillion results of some really nasty legislation.

Speaker 3: 5:30

I'm one of those weird people that reads these when they come out. Of course you are, Because I want to know the rules. This is a game. It's not our fault we didn't make the game but if we play by the rules, we have a better chance of success and you're in this game, like it or not, you are a player in this game.

Speaker 3: 5:48

And so the Secure Act. They wheeled it in to Congress right before Christmas in 2019 and said hey, if you guys want to go home for Christmas, go ahead and pass this bill.

Speaker 2: 5:58

That's a great way to pass legislation.

Speaker 3: 6:01

Do you think that is the top you know? Is this the highest and best way that we could legislate in our you know? Okay, but this is how this stuff happens, and so it gets stuffed into so many other things that people don't really pay attention to it. So I want to frame the issue here and when I say this, I don't want people to feel bad about the way that you've saved for retirement up till this point, because that's what you could do and that was the right thing to do. But you should be upset because they've changed the rules. They continue to change the rules on you, and so you've got to kind of think about that a little bit.

Speaker 3: 6:39

You have an estate plan, whether you've created one or not. You've got a tax plan and a financial plan. The question is whether you've created one or not. The question is is it designed to get you what you want and is it in your best interest? What I'm submitting to you, gently, is, if you didn't design it and you didn't work with a certified financial planner, even if you did, it might not be optimal for you.

Speaker 2: 7:08

I think a lot of people feel helpless. I don't understand the tax code. It's what? 14 feet tall in paperwork. I mean it's a facility In the past, like 10 years, it's doubled, yeah. And I think people I feel helpless. I'm like my CPA bookkeeper just tell me what the damage is. I feel helpless in that situation. But you're saying you don't have to feel that way.

Speaker 3: 7:35

You don't have to feel that way. There's a spectrum of ways that we can help folks. Some people like to do it themselves, and we can give them some suggestions and do it yourself. Some folks like to have someone that does it with them, and so it's like, okay, hey, this is what we're gonna do. We're gonna do X, y and Z, but they wanna manage their investments, they wanna kinda handle those transactions. Great, we can come alongside you and make sure that it gets down right and we'll talk to your tax bro if you need it.

Speaker 3: 8:06

Or there's some folks that say, look, I don't wanna think about it, I don't wanna worry about it. I mean, explain it to me at the beginning, but I want you to do it because I wanna enjoy my retirement and go sit on the beach. Yeah, I'm gonna go fishing. And you know what we can help all of those folks. I love working with the latter group, because when we have a meeting, we're talking about the grandkids and where you're traveling and what you're doing, and we'll spend 20 minutes on the details. But it's like, okay, look, let's focus on what really matters in life, right, but we have to get these things under control, because what you don't know will cost you. That's the problem. So the game has changed since you started until now. The game has changed and it will continue to change.

Speaker 3: 8:50

So do you wanna keep up with it? All of it, All of it yourself? Do you wanna have your professionals, your tax person, your investment person, in their own silos, not talking to each other? You go to the investment person, typically, and you go, hey, getting ready to retire, what do I need to know about taxes? They're gonna go look, we don't give tax advice. Go talk to the CPA. You go to the CPA. You go, hey, I'm getting ready to retire, I need to know how taxes are gonna work in retirement. They'll go whoa, we don't do financial planning. Go talk to the financial planner and you're stuck in the middle going wait a minute, what do we do?

Speaker 2: 9:19

here. Where do I get the right?

Speaker 3: 9:20

That's if you can get a meeting with the CPA, right? I mean, you know, not during tax season, so it's just one of these things. By the way, we do taxes in-house. So, folks, if you want us to handle everything for you, we literally can't we can't.

Speaker 3: 9:33

And I think that's just a huge value add for people. But what ends up happening is you get stuck in the middle and then nothing gets done and so status quo continues, and it's not optimal. So this is one of these situations where we have to have a tough conversation. But when would you rather have it? Would you rather have it in 20 years, when we can't do anything about it, or would you rather have it now? And it's kind of a hard conversation. You're probably gonna have to write a couple big checks, but would you rather do it on your terms? Known quantities or just deal with it later, Right?

Speaker 2: 10:08

Well, and I think to put some I don't wanna say pressure, I wanna say to encourage people that they need to do something. If all that you're hearing is okay, 2019, 2020, they made some changes. Well, that stinks. I'll deal with it at some point, but there's some very serious things coming in 26.

Speaker 3: 10:35

If not sooner.

Speaker 2: 10:35

And we're in 24, and so 25, 26, there's gonna be more things coming, and our point is you need to start looking at it now. The sooner you can look at it. We can always do more with pre-planning than we can with crisis planning.

Speaker 3: 10:52

Yeah, and, frankly, we might be running out of time to really make effective moves. Yeah, so the closer we get to that 26 time, which is really January 1, 26, the rules change. What we're talking about is there's a sunset provision on the current kind of tax system tax cuts and jobs act. You may know it as the Trump tax laws. What that did is that really made the tax brackets a little bit bigger in a lot of cases and did things like double the estate tax limit and pretty friendly tax law Not trying to be politically, but pretty friendly for the little guys like you and me. That's gonna sunset in 2026, unless they change it sooner. So it's gonna revert back to what it was before. So for most retirees, if you're in the 22 to 24% tax bracket right now, which if you make between 80 and $150,000, that's kind of where you are which is not too hard to get to in this area you're gonna have effectively a 30% increase in tax overnight. That's best case scenario.

Speaker 2: 12:00

And that's gonna be right in the middle of the next president's term.

Speaker 3: 12:03

Yeah. So I mean, there's some stakes right now, and so what we're beginning to talk about are some of the issues. We're gonna do a whole series on taxes. I'm gonna break down how taxes actually work in simple language so you can understand. I want people to be educated. I want you to be educated enough to go hey, I don't wanna deal with this, you guys just do it, but I wanna get you to that point that you're comfortable with that. So we're gonna talk about some of those details more closely, but I wanna talk about the big picture and how kind of we got here. So you're exactly right, though we have some deadlines coming up and it's time to get this stuff done. You know, if you whether you are 50 or 65, you know planning these taxes. It's a good time to do it right now, because taxes are arguably at generational lows.

Speaker 2: 12:57

Okay, and so what are some of those tactics? Not that we're going to go into full detail in this episode, but what are some things, what are the topics of things people can do and will do future podcast and flesh those out.

Speaker 3: 13:13

So the big thing that we want to look at is we want to look at qualified plans. Okay, so a qualified plan is like your 401k, your IRA, your 403b these are retirement plans. When they say qualified, what we mean is their tax, their, their, their tax qualified, their qualified under the Orissa rules. Okay, so this was put into place in the 70s. They created these accounts and what that means in most cases, if you've saved in a 401k or an IRA, in a traditional 401k or traditional IRA, that's a tax deferred account. Okay, so what happened? When you made that contribution and whatever year that was called 1990, okay, let's say you saved $10,000 in your 401k in 1990. Well, in that year you got a $10,000 tax deduction.

Speaker 3: 14:04

So what happened is you made a deal with our friends in Washington. The deal was that you would get a tax break in that year. In the future, when you took that money out of the account, you'd pay taxes on it. Now, the way that you'd pay taxes is as ordinary income. Okay, and so we'll talk in more detail about the different types of income and how this works. It's very confusing for people, but what you need to understand is ordinary income is taxed at your highest marginal rate. Remember that highest marginal rate. Ordinary income is the most expensive type of income. So when you saved into these accounts, these IRAs, 401ks, what you did is you created a deferred tax liability. Now the promise, the idea, always was that when you're in retirement, you're going to be living on less income, you're going to need less income and so therefore you're going to be in a lower tax bracket. Unfortunately, that has not borne out. That's not actually the case.

Speaker 2: 15:08

That was the thought I mean. It's like put this money in your IRA for the future and you can pull it out when you're retired and your tax rates are less. Now for some, folks.

Speaker 3: 15:19

It's relatively true, right? I mean, if you're a doctor making $500, $600,000 a year W2 income, you know it absolutely makes sense to do that. You may be in a lower tax bracket in retirement. Now we still want to do planning. That's still something we need to work on, but you know that's the general situation.

Speaker 3: 15:38

Okay, so we have this deferred tax liability. Now also, there's a certain date it's based on your birthday when you're going to have to start taking this money out. These are called RMDs, required minimum distributions. So this is when the government says, hey, you've had long enough to grow that account and defer those taxes. Long enough, we'd like our money. Yeah, now the rules keep changing when that happens. So I'm not even going to say when it is on this show, because by the time you listen to it it might be different. I mean, that sounds crazy, but it's true. And frankly, if I start to work with someone in their 50s or 60s, if I've done my job, we don't have to worry about RMDs. So my clients, I don't even want them to worry about them unless they already have to take them by the time they come to me. I mean, that's how serious I think this is. If you're you know, if you are 60 now and you have to take RMDs, your advisor failed you in my opinion, so I'll say it that strongly.

Speaker 1: 16:32

Wow, okay, they're just so much.

Speaker 3: 16:34

There's so many things that can be done that it's very likely not optimal. So what we've got is we've got this ballooning tax problem. Okay, Now the terms of this deal that you made with the feds. Again, I'm not beating you up, I just want you to think about it in a different way. Basically, what happened is you said hey, I'm going to need a loan for future taxes. Like sure, we'll give you a loan. And you said, Okay, well, one way, I gotta pay it back. We'll talk about it later. Great terms, Wait. But okay, what's the interest rate going to be? I guess we can talk about it later, but what's the interest rate going to be? We don't know yet, but we'll let you know when it gets closer. Great plan, you know.

Speaker 3: 17:13

So if I said hey, you know I'll loan you $100,000. And you say, Okay, well, when am I going to make payments? I don't worry about it. Well, I don't have to pay back? No, no, you do. You got to pay me back, but I'll tell you when you got to start paying me back. Okay, maybe, but what's the interest rate going to be? No, worry about it, We'll get to it later. I mean, are you taking the $100,000? No, you're not of course.

Speaker 3: 17:35

I mean it's kind of silly when you frame it that way, right.

Speaker 2: 17:37

Really, really, really trust the person, yeah, and that's just you know not happening.

Speaker 3: 17:43

It's not a good idea, right? And so you've got a limited partner in your IRAs in 401ks, and so at a certain point, whether you need the money or not, you're going to have to take it out and pay taxes on it. And when you take it out and pay taxes on it, it's going to be taxed at your highest marginal rate because it's ordinary income.

Speaker 2: 17:59

Okay.

Speaker 3: 18:00

So when we talk about taxes going up roughly 30% for a lot of you know our retiree clients, though it's, it's their effective tax rate in those tax brackets is going to go up by about 30%. That's my guess. This is my best guess, okay, because nobody knows at the start. So what we're talking about is a big problem here, and you may go okay, well, I got a million bucks in the IRA, so, you know, when I'm 60, so by the time of 70, that might be two million bucks. You know, I'll just, I'll just deal with it then. Okay, maybe.

Speaker 3: 18:33

But as it continues to grow, the tax issue continues to grow as well. So we've got both the tax increase potentially, if brackets, you know, if the tax rates go up, the amount that you're going to have to pay is going to go up, but also, if the account grows, the amount that you have to pay is going to go up. It's a really interestingly designed system. And so add on top of that the challenge of social security. A lot of folks don't know that social security is taxable for a lot of people and it was not intended to be taxed. At least they said that it was not meant to be taxed.

Speaker 2: 19:15

Well, we could probably do a hope show on this just a rant and rave. But the whole social security system was I pay this money and they put it back for me so that it grows, and I get it back when I retire. It ain't there they rated it.

Speaker 3: 19:33

And that's one of those unfunded liabilities out there.

Speaker 2: 19:35

That makes $34 trillion look like pocket change.

Speaker 3: 19:42

And you know I don't think I'm not the kind of person who believes that you should take social security at 62 because it's not going to be there. That's not what we're suggesting. But you should make a plan about this and work with a real financial planner, not your uncle Steve who saw some YouTube video. I'm sorry, I'm just saying this happens all the time. I'm like, hey, what's your plan? What's your plan? And if someone has an uncle Steve, please don't call. I mean like, but you know it's like I ask people all the time like, hey, okay, you're getting ready to retire, what's the plan for taking social security? Like, well, you know, our friend works at the social security office, so they said to take it early. You know? Or you know, our advisor says they tell all their clients to take it at 65, you know, or because, or at their full retirement age, because then you know, if they're still working, there's not a reduction in benefits. That is cookie cutter advice. Thread out the window. It's trash, you know. I mean it's just, it's just ridiculous. Just like any rule of thumb, it's a very general rule and that's just. You need the rule of view which is real planning.

Speaker 3: 20:40

So social security is taxable, and the amount of income that you can have before it becomes taxable has not changed since the late 80s, since the Reagan administration. Wow, okay, so that is not an index for inflation. So what ends up happening is up to 85% of your social security can be taxed. Now, it's not taxed at 85%, it's taxed at remember your highest marginal bracket? Same thing. So when you have to take RMDs out of these accounts, guess what that does? That causes your social security to be taxed, which means you need to take more money out of your IRAs to meet your income needs, which means you got to pay more tax. See how the snowballs. It's really fascinating.

Speaker 2: 21:23

So what is a solution to?

Speaker 3: 21:25

that. So there's a couple of solutions. Number one is have no money at all, do no saving for a time. You know, if you save no money you won't have a tax problem. Or if you gamble all of your money away trying to pick penny stocks, you won't have a tax problem because you'll be out of money. So I kind of joke about that. But there's a reason that we start with making sure we have the right portfolio and managing risk and then we address taxes, because if we address taxes first, but then you have a bad portfolio and you run out of money, then it doesn't matter.

Speaker 3: 21:59

So one of the things we look at is what's called a Roth conversion, and we're going to do a series on Roth conversions because there's some misunderstanding and there's some good and some bad ideas about this. But the concept is let's pay the taxes now on those money. So you take your IRA and you transfer. Let's say you got a million bucks in an IRA, then you take $100,000 and you transfer it to a Roth IRA. Now, roth is just the name of the senator that they named the song, so there's no magic here.

Speaker 3: 22:28

And so what happens is, when that process happens, a 1099 tax form is created, goes your tax person and what it shows is that you had income of $100,000 in that year that was added to your income. Now in that Roth IRA, that Roth account, whatever it's invested in it can be stocks, bonds, annuities, whatever, it doesn't matter. That can grow and if you play by the rules, it'll grow tax-free. So when you take out any growth on that in the future, you won't pay tax, no matter what the tax rates are. So it's a great thing. Now, if you're kicking yourself going, why didn't I do that the whole time?

Speaker 2: 23:08

It wasn't available the whole time, so the thing that I think I think I just learned this is you don't have to take the money out like you do with an IRA. You can leave it there your entire life. Yep, you can.

Speaker 3: 23:23

There's no RMDs. What happens when it goes to the kids? So under the current rules, when it goes to the kids a Roth IRA, they have to take it out at the end of 10 years or within 10 years. A traditional IRA they also have to take it out within 10 years, but it's taxable. So let's say the kids are doing well. They got decent jobs. This is 30 years from now. They're making $200, $250. Plus, they got to take $200,000 out. They're getting taxed at the highest marginal rate, whether they need the money or not. It's really a brilliantly designed system.

Speaker 3: 23:58

So the question is For the government For the government, yeah, not for you. I don't think it's going to work great for people if they don't plan frankly and some people I'll talk to folks the default planning option for most advisors is hey, let's defer, delay, defer, delay, claim Social Security early so we can let those accounts continue to grow. In a lot of cases, how do they make their money? Assets under management. So they make the more assets that you have with them, the more they charge. Funny conflict there. That's good advice Keep your money, keep your money. Keep your money Interesting. You're going to have to and you won't run out of money, so don't worry about the taxes. That might be true technically, but is that optimal planning? Is that I'm going to say this strongly Is that good stewardship?

Speaker 2: 24:47

This goes back to the $100,000 that. I said you may not make them $100,000 in the stock market, but you can prevent them from paying $100,000 in income tax.

Speaker 3: 25:00

That's a win, yeah. So here's where this gets hard. Here's where the challenge is. We don't know what the tax rates are going to be in the future. It is technically possible that tax rates could be lower. Now I'm going to make a pretty compelling case. I think that it's not likely to happen. I mean, we have the highest national debt that we've ever had and we're not slowing down.

Speaker 2: 25:28

So well, and this is not meant to be a you know pro or anti anyone, but if you know, the Republican party tends to be the more physically, physically conservative, meaning we should not go into debt, we should try to pay off the debt, and the only way they can do that is to raise taxes. The Democrat party is more. You know benefits and you know give things to people and you know, make sure that everybody's well funded, which typically leads to debt. And some people will say the Republicans. Lower taxes results in debt, which I can argue. That is, debt's not created by less income, it's created by spending more. But anyway, I can see what you're saying, and so either party, it's not going to be good. We go into more debt and it's causing more problems, or we raise taxes to pay. That it's it looks ugly in the future.

Speaker 3: 26:31

You know, and I think what I hope for folks is and we'll probably get an angry email about this like you know, if you are waiting for an election, whatever election that is to solve your problems, you will be sorely disappointed, like you have just. I mean this in such deep tenderness, like no one is coming to save you. You've got to do this for yourself.

Speaker 2: 26:54

It doesn't matter who's going to be elected. This is going to be a problem.

Speaker 3: 26:58

Yeah, you just have to take. You have to take control of what you can take control of, you know. And so the issue of taxes going up, not going up I believe the odds are that they're going to go up. In the long term, it's likely they're going to go up. So the question is you know, if you're going to have to pay taxes one way or the other, would you rather do it on your terms or on their terms, my terms? That's the question everyone has to answer. You know, and if you use my strategies and you pay them now and they go down in the future, okay, look, I could be wrong about this, but would you rather pay more, knowing what you were going to pay, having clarity about exactly what you're going to pay and why you were making that choice and go well, they went down, oh well. Or would you rather risk they go up even more?

Speaker 2: 27:57

Yeah, I think it's no, now what's going to happen, and then don't worry about it anymore. Yeah, if it goes down, great. Yeah, but probably not. But it doesn't matter. If you do this now, yeah, do it on your terms. I want to do like you said. I think you said we could do three episodes on this, but I definitely want our listeners to better understand the Roth conversions and how to save taxes. We've kind of ranted and raved about it today, but I think our listeners probably want some solutions and that's coming up in our next forecast.

Speaker 3: 28:35

We need to plan and every person's situation is different, you know, but really it comes down to how much income do you need? Where's that income going to come from? And really I should say this the people that we're talking to here, the folks that have saved for retirement If you're 50 plus, whether you're retired or not, and you've saved in IRAs, 401ks, brokerage accounts, you got a real estate portfolio. If you have saved and invested, the planning that we're talking about that's for you. If you have not saved, if you just have social security, we don't have to do planning. There's nothing for us to do.

Speaker 3: 29:15

So this is for folks who have really played by the rules and worked hard and done the right things. Okay, we need to look at how we're going to create income. We're going to need to look at what's in your portfolio and how that works and is that optimal for you? And, if that's the case, to create the amount of income that you need in retirement, what are the tax implications and can we minimize that? So, for every person it is different, but we will give detailed specifics about how taxes work and, if you want to do it yourself, how to do it yourself, I'll tell you how to do it. By the end of it, you're going to very likely be going. Okay, can you just do this for me please? Fine, we'll do it, it's not a big deal.

Speaker 1: 29:58

That's what we're here for.

Speaker 3: 30:00

But I wanted to set up today, begin to set up what are the issues and why this is so important. Why is this important? Why does this matter? Why are we talking about this? Because if there is not realistically looming threat of pretty big increases of taxes, then maybe the advisors who say, look, don't worry about it, just let us keep managing your money and everything will work itself out, maybe they're right, but that's not the world that we live in, unfortunately.

Speaker 2: 30:28

If you could see his face when he says that, you would understand me laughing. So all right, man, that's some great information, I think, something that's new. It's new to me and I would assume it's new to our listeners. So, like we said at the very beginning, thank you for listening, but also we would appreciate you sharing this with some folks. There's some folks out there who may be dealing with some tax issues and this information could truly make a difference in their life and could save them maybe not $100,000, but it saves some money. And so thanks for listening and please subscribe, please share, and we will see you next time. Okay, thanks.

Speaker 1: 31:12

Thank you for joining us on Wealth for Generations. We hope today's insights inspire and guide you in your financial journey. Remember, the path to wealth and legacy is unique for each of us and we're here to help illuminate your way. Before we part, a quick reminder this podcast does not provide financial or legal advice. The content discussed is for informational purposes only. Please consult a financial planner or legal advisor for advice specific to your situation. Visit us at wwwwealth-the-number-four-generationscom for more resources and don't forget to subscribe to Wealth for Generations. Until next time, keep building your legacy, one decision at a time.

Speaker 3: 31:53

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