Proactive Tax Planning for 2024 - Estate Simplification and Retirement Rules You Need to Know

On this episode of Upticks, me and Cory share our Thanksgiving reflections and favorite dishes before diving into the rest of the show.

We discuss important steps to simplify your estate for your heirs and explore tax planning ideas to potentially lower your 2024 tax bill. Cory presents Boldin’s 18 retirement rules, offering a modern perspective for financial planning.

Thank you for joining us this week! If you have a topic that you would like us to discuss or debate live on Upticks, please email it directly to Luke at luke@falconwealthadvisors.com and he'll be sure to ask us to bring it up on the show!

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Read a summary of the conversation below:

Thanksgiving Reflections and Traditions

Jake and Cory start the episode with a warm discussion about Thanksgiving. They share what they are thankful for and their favorite Thanksgiving dishes. Jake mentions his health, happiness, and his wife Rachel, while Cory expresses gratitude for his business, health, family, and wife. They also talk about their favorite dishes, with Cory favoring stuffing and Jake loving his wife’s homemade stuffing with bacon.

5 Things to Do Now to Make Your Estate Simpler for Your Heirs

Cory dives into estate planning, emphasizing the importance of keeping documents updated, addressing digital assets, assigning personal property in advance, leaving good notes, and striving for conflict avoidance. He highlights the need for regular updates to wills and trusts and the importance of making digital assets accessible to heirs. Jake and Cory discuss practical tips for maintaining these documents and avoiding family disputes.

These 5 Moves Can Lower Your 2024 Tax Bill

Jake and Cory discuss tax planning strategies that may help reduce your 2024 tax bill. They cover funding a 529 plan, converting to a Roth IRA, harvesting losses, finessing tax brackets, and making charitable contributions. Jake emphasizes the importance of proactive tax planning and the potential savings it can bring. Cory adds insights on the pros and cons of these strategies, highlighting the need for liquidity and careful planning.

Boldin’s Retirement Rules: 18 Guidelines for Financial Security in this Crazy Modern World

Cory presents Boldin’s 18 retirement rules, focusing on modern retirement planning. Key takeaways include taking control of personal finance, understanding there is no one-size-fits-all approach to retirement, planning for longevity, and valuing time. Jake and Cory discuss the importance of financial literacy, flexible retirement ages, multi-generational planning, and taking calculated risks. They stress the need for professional guidance in navigating the complexities of retirement planning.

Thank you for tuning in, we hope you have a great week!

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