The American Dream has led thousands of people to start businesses, and eventually, become successful through years of hard work and persistence. In most cases, success did not come without lean times in the early years, late nights and long weekends, and missed quality time with family.
On top of the personal sacrifices made, successful business owners typically have paid significant amounts in taxes throughout the years – income taxes, Social Security taxes, Medicare taxes, etc.
Now after decades of hard work, their goal is to pass what they’ve created down to the next generation; so it is no wonder they are frustrated to learn that their estate may also be subject to estate taxes. Despite playing by the rules and paying taxes for years, they feel like they are a victim of their own success as Uncle Sam takes another bite at the apple.
In this podcast, we discuss planning considerations for families who are concerned about estate taxes - including how estate tax rules are expected to change at the end of 2025 when many of the provisions of the Tax Cuts and Jobs Act of 2017 expire.
If you are interested in learning more about ways to protect the wealth you’ve created from estate taxes, we think you’ll enjoy this episode. Thanks for listening!
For more details on estate tax considerations, check out our blog post covering the same topic at https://pw-wm.com/learn/estate-planning/protect-your-estate-from-taxes/
Marjorie Bloom had worked 42 years as a federal attorney. She had amassed her nest egg of $660,000 for retirement through decades of work and an inheritance from her parents. She was looking forward to her future and ultimately leaving any leftover money to her children just as her parents had for her. Unfortunately, that all changed in 2021 when her computer suddenly froze and cunning con artists stole her life savings.
This story first published by CNBC in 2023 tells a far too common story of individuals losing funds to cyber criminals. With cybercrime becoming increasingly sophisticated, all individuals need to be prepared to protect their information and accounts.
In this podcast, we discuss the prevalence of cybercrime as well as common scams and ways to decrease the likelihood of becoming a victim.
If you are interested in learning more about how to protect the wealth you’ve created from cunning cybercriminals, we think you’ll enjoy this episode. Thanks for listening!
For more details on cybersecurity, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/dont-lose-your-life-savings-in-an-instant/
Between 2010 and 2030, the Baby Boomer generation (estimated at 73 million individuals) is retiring at a rate of 10,000 people per day, and while each of these individuals likely looks toward their new found freedom with excitement, they also face significant challenges. One of the most significant challenges is ensuring their money lasts throughout retirement.
When asked about the most likely reason they may run out of money, most retirees will say a significant market decline that reduces the value of their investment accounts. However, history shows that inflation and the loss of purchasing power over time is likely a more significant risk.
In this episode, we discuss how retirees can balance the risk of market fluctuations with the loss of purchasing power as they construct a portfolio to last throughout their lifetime.
If you are interested in learning more about how to invest for retirement, we think you’ll enjoy this episode. Thanks for listening!
For more details on investing for the future, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/your-greatest-retirement-risk/
Steve and Nathan have a passion for teaching others about finances and how to build the financial independence that is achievable with the proper planning. In their roles at Prairiewood Wealth Management, both Nathan and Steve focus on providing comprehensive financial advice to ensure their clients have a coordinated plan that covers all aspects of their finances including their investments, insurance, estate plan, and charitable giving goals.
As Certified Public Accountants (CPAs), both Nathan and Steve believe that one of the most overlooked aspects of financial advice is the tax impacts that result. Accordingly, a core focus of the advice they give centers on integrating tax strategy into the overall financial advising process.
Steve and Nathan are excited to share their knowledge through this podcast as well as their blog with the goal of helping you effectively manage your family’s wealth and ensure you have a comprehensive and coordinated plan for your future.
