Aug 21, 2018
There are countless variables at play when it comes to planning
for the second-half of your life and tax changes are a variable
that cannot be ignored.
If you’re planning to retire soon or are already retired, the
new tax laws have a big impact on your finances whether you realize
it or not. If you want to protect your wealth, you’ll need to
understand what these changes are and how to navigate them.
In this episode of The Chris Berry Show, I’ll explain the ins
and outs of of the new tax bracket laws and how they compare to the
old laws, as well the importance of planning ahead of time when it
comes to asset protection.
In this episode you’ll learn...
- Chris’ positive focus for the week.
- What a court deems as “fraudulent conveyance” when it comes to
liability cases.
- Why we should set up asset protection policies ahead of time
instead of only when it is needed.
- What a castle trust is and why it appeals to a lot of people
that own a businesses, or people that just want to protect their
assets from life happening.
- Why having an umbrella policy is a great idea to protect your
assets in the event of being sued.
- Chris explains the two types of long-term care insurance.
- Why it’s better to start thinking about nursing home costs or
life insurance sooner rather than later.
- What a nursing home or a Medicaid spend down is and how
planning ahead can help protect you from them.
- Chris tells us what he goes through when meeting with clients
and where to find some useful resources and information about
upcoming workshops.
- Chris explains some of the tax changes that have happened in
2018 and what effect it can have on you if you're moving into
retirement, or already retired.
- The old income tax bracket laws versus the new income tax
bracket laws.
- Going into details on tax bracket laws and its impact on
medical expenses, charitable giving, mortgage interests, child tax
credits, the kiddie tax, 529 plans, Roth IRAs, alimony, retirement
plans, and the inheritance tax.
- Why Chris thinks that the estate tax will eventually be phased
out.
- How the new laws around corporate tax rates can benefit small
business owners.
- Chris explains the difference between a springing financial
power of attorney versus an immediate financial power of
attorney.
- Chris tells us exactly what a will is, what it does, and how it
works.
- Chris tells us what he will be discussing next week on The
Chris Berry Show.
Q&A
In each episode, I take questions from listeners. If you do have
any questions that you want answers to, feel free to email us at
askchris@thechrisberryshow.com.
Here are the questions I covered in this episode:
- Claire asked: "Can a durable power of attorney override a
healthcare power of attorney?"
- Charles asked: "How does a will work when someone passes
away?"
- Amy asked: "My father’s house was in his living trust and my
brother and I were both trustees. I already bought my brother out.
I just need to know what I have to do to get the house in my name
and my husband's name.?"
- Jonathan asked: “Am I safe to continue investing in Warren
Buffet's 90% stock, 10% bond recommendation? Or should I play it
safe and become more conservative as I near retirement?
Links & Resources
TheElderCareFirm.com
CJBerryGroup.com
TheChrisBerryShow.com
Michiganestateplanning.com
Register for one
of our free estate & asset protection workshops
Get your copy of
A Caregiver's Legal Guide to Planning for a Loved One with
Chronic Illness
Download a
copy of our book, Tax-Free
Money for Long-Term Care
Follow us on Social Media
Twitter: www.twitter.com/ElderCareFirm
Facebook: www.facebook.com/chrisberryshow
LinkedIn: www.linkedin.com/in/christopherjberry