In this episode, hosts Casey and Mike focus on year-end financial planning, beginning with discussions on unrealized losses in taxable accounts and required minimum distributions (RMDs). They explain how an individual can offset realized gains or ordinary income with losses, offering valuable advice for those with taxable brokerage accounts. A key focus is on the importance of RMDs for individuals reaching certain ages, detailing how those can impact retirement accounts and potentially result in penalties if not correctly handled. This episode additionally explores maximizing HSA and FSA accounts, planning for extra income like bonuses or stock options, and implementing tax planning strategies like Roth conversions and charitable giving. Finally, the hosts offer tips on estate planning, discussing the benefits of the annual exclusion and strategies for transferring wealth while still alive. The episode wraps up with a call to action encouraging listeners to review their financial situation in light of the topics covered.
00:00 Introduction
00:24 Understanding Unrealized Losses in Taxable Accounts
01:08 Strategies for Dealing with Market Fluctuations
01:49 Decoding Required Minimum Distributions (RMDs)
03:54 Understanding RMDs from Different Accounts
07:11 Year-End Tax Planning: Roth Conversions and Charitable Giving
07:51 Capital Gains Harvesting: A Strategy for Taxable Brokerage Accounts
09:51 Managing Year-End Bonuses and Stock Options
14:15 Maximizing Excess Cash Flow: HSA, Employer Plan, and IRA Contributions
15:42 Estate Planning: Understanding the Annual Exclusion
17:41 Call to Action: Review Your Financial Situation
18:31 Conclusion
