Episode 13 of Retire Hour. Matt Goolsby hosts and the first guest is Larry Kloefkorn from Market Advisory Group. Larry and Matt talk about some recent meetings Larry has had with clients that have a pension plan with a former employer and how to handle them going forward. Bill Vawter, of Market Medicare Advisors, stops by to go over the pros and cons between traditional medicare and medicare advantage. Gerald Eidelman, of Eidelman Law Firm, talks about the advantages of setting up your business if you want to retire but still work or subcontract. Joshua Cicora, CPA at Market Tax Services, discusses charitable deductions, some of the limits that may affect you and some ways to maximize those deductions.
0:00 Welcome
1:09 Pensions & Employer Retirement Plans - Getting over the river
1:55 Retirement Red Zone
2:50 Don't make retirement a taxable event
3:44 Triggers when moving employer plans
5:01 Benefits of transferring employer plans
6:43 Don't take the loan
7:14 Routine reviews & Roth Conversions
8:22 Beneficiary control
8:54 Capital Gains & complex situations
10:02 Highly appreciable assets
11:25 Other triggers
14:37 Commercial break
15:55 Medicare segment
16:30 Medicare premiums & changing plans + pre-existing conditions
20:23 Medicare Advantage Plan exceptions
21:58 Medicare SEPs
24:08 What happens when you're locked in?
25:33 Commercial Break
27:31 Retiring and starting a business (Contracting and Consulting)
28:48 Sole Proprietorship v LLC
30:55 It's not just for tax reasons
32:30 Different structures
35:17 Open for business?
36:02 Partnership & Operating Agreements
38:05 Commercial Break
39:56 How charitable deductions have changed
42:24 Itemized v Standard deduction
43:13 Charitable deductions - who & what qualifies
45:00 Benefits you receive
45:41 Travel expense deductions
46:23 Non-cash contributions
47:20 Non-cash contributions calculation form http://markettaxservices.com/about-2/
48:45 Cares Act
49:30 Other considerations - Gifting v Charitable contributions
50:08 More resources - http://markettaxservices.com/about-2/
50:52 See you next week - Credits
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Book Links:
The Inheritance Trap
https://www.amazon.com/dp/1732273014/ref=cm_sw_em_r_mt_dp_hZuwFb2GGB029
The Investor Catch
https://www.amazon.com/dp/1732273006/ref=cm_sw_em_r_mt_dp_s6uwFbS6GSBRT
