SML Planning Minute

Episode 334 - Just starting a business? Do you understand the differences between a sole proprietorship, partnership, C corporation, S corporation or LLC? What type is best for you?

Episode 333 - Do young people need life insurance? Here are eight good reasons why they might.

Episode 332 - Most Americans are very concerned with the adequacy of their retirement savings, and whether rising health care costs and inflation will adversely affect their retirement. Many are also concerned with the availability of Social Security. There are many resources and tools available to help you plan.

Episode 331 - Opportunity cost is an often-overlooked factor that has an effect on every financial decision you make. Understanding this concept can have a significant impact on how you approach even the most basic of financial decisions.

Episode 330 - The prospect of increased longevity should make all of us smile, but it creates issues that prior generations rarely had to face. Are you ready to deal with the consequences?

Episode 329 - With retirement planning, as with most financial principles, every situation is different. That said, we all need a few guidelines to see if we are going in the right direction. But these basic ideas evolve over time as demographics, life expectancy, tax laws and available products all change. He are a few ideas that could use a good debunking.

Episode 328 - There are few things that create more fear and loathing than a so-called “exam letter” from the IRS. It means that you're likely looking at a significant time commitment just to put together the documentation they're looking for, along with potential new taxes, interest, penalties, and accounting fees. Here are a few things that may end up triggering a tax audit.

Episode 327 - Billionaires are considered role models by many and disliked by many others. Although relatively tiny in terms of numbers, they have an enormous influence on our economy. Where are they headed these days?

Episode 326 - There's been a lot of talk lately about making Social Security income tax-free. This would certainly be a popular move, especially for seniors. But doing so comes at a steep price.

Episode 325 - Should you buy a life insurance policy on your newborn or young child? Here are five things to consider.

Episode 324 - If your income goes up over time, it doesn't necessarily mean that you'll be able to save more. If you're not careful, “lifestyle creep” can make things worse. Here are a few ideas on how to fight back against lifestyle creep.

Episode 323 - The investment wisdom of Warren Buffett is well known through his annual letter to shareholders. But he has some unique ideas about estate planning as well. Here are six of Buffett's more important estate planning concepts.

Episode 322 - There's bad news everywhere you look. Political polarization in the USA, war in the Middle East, and natural disasters all over the place. But what if things are actually better than we realize? Here are some reasons to celebrate.

Episode 321 - Can money buy you a longer life? Surprisingly, in some cases it can.

Episode 320 - Financial infidelity is a real thing. And the problem may be worse than most people realize. Two new surveys provide us with some fascinating details.

Episode 319 - Life doesn't necessarily get easier when you accumulate wealth. There's always something to worry about, and at some point, if you're lucky, your worries evolve from accumulating your wealth to protecting it. If you're worried about future generations destroying the wealth you've worked to accumulate, a spendthrift clause could help ease your mind.

Episode 318 - Generation Z, born after 1996, is just getting started with their financial lives. How are they doing so far?

Episode 317 - Be on the lookout. Internet scams are getting more sophisticated. Here are five ways to help protect yourself.

Episode 316 - The process of getting life insurance is a lot easier than it used to be. In this podcast, we will learn why, with special guest Angela Thieschafer.

Episode 315 - Can you write your own will simply by recording a video with your cell phone? Not so fast, a Montana court has ruled. In many cases, it needs to be in writing

Episode 314 - The President is about to sign the Social Security Fairness Act into law. But is it really fair? And how does it affect Social Security's solvency?

Episode 313 - It's probably the last thing you want to think about if you've just lost your spouse. But no matter who you are, no matter what your situation, financial issues are always there, and no matter how difficult, you're going to have to address them.

Episode 312 - Do you have enough money to be considered wealthy? A recent survey by Charles Schwab and Company has the answer.

Episode 311 - There is so much that younger generations can learn from their elders. Not just from the things they got right, but from the things they got wrong. A recent study by the TransAmerica Center for Retirement Studies can help young people figure out some of the things they can do for their own future by avoiding the same mistakes.

Episode 310 - When you get past a certain age, downsizing always seems to sound like a good idea. But is it really? What are the really important considerations you need to keep in mind?

Episode 309 - According to a recent study, an astounding 36% of Americans have more credit card debt than emergency savings, and 27% have no emergency savings at all. These sobering statistics spotlight a glaring hole in many Americans' finances. If this is you, how do you start to climb out?

Episode 308 - For many, many people, their home is their biggest asset. Can you use your home to fund a portion of your retirement? It's not ideal, but here are five ideas you can try if you need to.

Episode 307 - According to an estimate by Experian, the average American adult holds $6,501 in credit card debt. Is there a way out? Here are six things that you might want to try.

Episode 306 - Behavioral economics has become a buzzword over the last few years. But understanding its role in making financial decisions can lead to a better outcome.

Episode 305 - It has never been a more important time to consider business succession planning for small business owners to ensure that their financial security, retirement and family legacy plans are fulfilled.

Episode 304 - Even when you optimize your Social Security claiming strategy, there are still going to be problems that need fixing. Life insurance can be the perfect tool to address some of the shortcomings that Social Security creates.

Episode 303 - “Accelerated inheritance” is a new term for an old idea: giving assets to your kids while you're still living, rather than waiting until you die. But does it work?

Episode 302 - Is divorce ever easy? Almost never. And the financial aspects can be especially tricky. Here are 9 thoughts that may help you weather the storm.

Episode 301 - Single parents must have their financial house in order, through insurance, financial and estate plans, to help protect their sources of income, existing assets and their children.

Episode 300 - Anyone who has ever tried to call a large bank or medical practice knows one simple truth: It's becoming increasingly difficult to talk to a real person. But that's just what so many of us need. The case for interaction with a real people is especially important when it comes to life insurance.

Episode 299 - The Secure Act and Secure 2.0 were both designed to assist people when it comes to saving for retirement. But as with any new law, the rules can be confusing, and some of the provisions are still being phased in.

Episode 298 - No matter what was planned for, the plan must be regularly reviewed and updated to meet changing family, financial, economic, political and legal environments. Planning is a dynamic process that doesn't end.

Episode 297 - Whether you're hoping to achieve financial independence and retire early as part of the FIRE movement or later, Millennials and members of Gen Z and Gen X need to prepare for retirement now.

Episode 296 - The death of Tony Bennett in 2023 seems to have created a family rift that is now playing out in court. Could it have been prevented?

Episode 295 - Is it possible to save too much for retirement? Some have argued that the answer is yes, but with caveats.

Episode 294 - For several years, the IRS has been focusing its audit activity on people making more than $10 million per year. But the results have been disappointing, and the IRS has decided to aim lower.

Episode 293 - As we get closer and closer to the sunset of the estate tax provisions in the Tax Cuts and Jobs Act of 2017, wealthy married couples have options to remain flexible with their planning using survivorship life insurance.

Episode 292 - Don't make a million-dollar mistake, as Jeffrey Rolison apparently did, by failing to regularly review and update the beneficiary designation on his company sponsored retirement plan.

Episode 291 - States with high income and estate taxes may cause the wealthy to move to another state with one or the other, but not both taxes.

Episode 290 - Charles and Kathleen Moore lose their appeal in the U.S. Supreme Court to fight a tax. What does that mean for the wealthy?

Episode 289 - Can money buy you happiness? Scientists have taken a new look at the age-old question.

Episode 288 - A new study by AARP confirms what so many people have long suspected: Retirement insecurity is real. In fact, 20 percent of Americans over age 50 have no retirement savings at all.

Episode 287 - Business owners who have entity purchase or stock redemption buy-sell agreements need to consult with their insurance agents and attorneys immediately, to determine whether their situation is impacted by a recent U.S. Supreme Court decision known as Connelly.

Episode 286 - A recent study by the National Financial Educators Council (NFEC) reached a startling conclusion: The majority of high school age respondents received a failing grade when it came to basic financial literacy. What can be done about it?

Episode 285 - Once again, the IRS has come out with its “Dirty Dozen” tax scams. Don't be a victim!

Episode 284 - Mistakes are commonly made on life insurance policy beneficiary designations. Life events also necessitate changes, which is why regular reviews are important. Here are 5 more of the most common mistakes.