Littlejohn Financial

Mistakes With Money In Motion

True Wealth Podcast - Financial Podcast by Financial Advisors

Have you checked to ensure your beneficiaries are up-to-date? Is your life insurance under the correct spouse? Should you consider gifting assets and cash, or allow heirs to inherit? Are your assets titled in the name of your trust? Do you need a trust, and how does it differ from a will? Is a Roth Conversion the right choice for me? What exactly is a backdoor Roth? Should I convert my home into a rental? Mistakes can be costly, so tune in now for tips, tricks, and everything in between.

In this episode, you will learn the following:

  • Understanding how life insurance policies are included in the estate value is essential. If not managed correctly, life insurance can lead to taxable events.
  • Trusts can help manage estate tax exposure but do not eliminate tax obligations. It’s essential to fund a trust by retitling assets.
  • Common mistakes in financial planning can lead to significant tax bills and legal complications. There’s a need for accurate financial knowledge and the value of seeking professional advice to avoid errors.
  • Strategic planning is necessary to manage estate taxes and preserve wealth within families.
  • Demystification of the backdoor Roth IRA strategy which allows high earners to maximize their retirement savings despite income limits on traditional Roth IRAs.
  • The critical role of precise knowledge and the benefits of having a professional financial advisor. 
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