As the holiday season approaches, many of us find ourselves gathering with loved ones, sharing stories, laughter, and sometimes, unexpected topics. In this holiday edition of the show, Don brings a fascinating mix of cheer and wisdom to the table by helping you with three vital financial conversations you can have with loved ones this holiday season.

Here’s some of what we discuss in this episode:

• What does Don think about the drones that have been over New Jersey?
• Why you should talk with aging parents about their financial and legal documents.
• The best approach to guiding children towards financial independence.
• How to frame discussions with your spouse.
• Don’s favorite Christmas movies.

Get in touch with Don and learn more: https://doncashpodcast.com/

December is here, so in this episode, Don and Marc take a moment to look ahead at what changes may be coming in 2025, particularly when it comes to IRA planning and potential tax shifts. Listen in as they break down the key factors to consider when deciding whether to convert your traditional IRA to a Roth IRA, including tax rates, the timing of your conversion, and how it fits into your overall retirement strategy.

Throughout the conversation, Don shares some practical examples, such as how retired couples or those nearing retirement can benefit from converting at today’s lower tax rates. The episode also covers important considerations like Medicare premiums and the potential for future changes to Social Security taxation.

Here’s some of what we discuss in this episode:

• Converting traditional IRAs to Roth IRAs vs deferring taxes
• Ideal scenarios for conversions, such as being retired or working part-time before age 73
• The potential impact of Roth conversions on Medicare premiums (IRMAA)
• The advantages of being married for Roth conversions
• Changes coming down the pike for 2025 to have on your radar

Get in touch with Don and learn more: https://doncashpodcast.com/

After months of political debates and campaign ads, the election season has finally come to a close. While some of our clients are celebrating the results, others are feeling disappointed. However, the reality is that many of the key financial issues we faced before remain unchanged. Taxes, investing, Medicare, long-term care, estate planning—these are the areas we’ll continue navigating regardless of the election outcome.

In today’s episode, we’re going to discuss what we might expect now that the Republicans have secured control of the Senate and likely the House of Representatives. We’ll also dive into tax and planning considerations in the wake of the election and explore what lies ahead.

Here’s some of what we discuss in this episode:

• The possible extension of the Tax Cuts and Jobs Act
• State and local tax (SALT) proposals
• The potential elimination of taxes on Social Security benefits
• The Social Security solvency issue and proposed changes

Links for today's show

Federal Tax Rates –

https://taxfoundation.org/data/all/federal/2024-tax-brackets/

The SALT Deduction –

https://suozzi.house.gov/media/in-the-news/trump-signals-hed-restore-full-salt-deduction-democrats-are-skeptical

https://www.cnbc.com/2021/11/19/house-democrats-pass-package-with-80000-salt-cap-through-2030.html

Taxation of Social Security Benefits –

https://taxfoundation.org/blog/social-security-benefits-tax-inflation/

The Social Security Trust Fund and Future Cuts-

https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html

The Debt Clock –

https://www.usdebtclock.org/

Get in touch with Don and learn more: https://doncashpodcast.com/

Medicare Open Enrollment is upon us! Running from October 15th to December 7th, this window allows you to make important changes to your healthcare coverage. So, what should you be on the lookout for and what mistakes should you avoid during this time?

Today, we’re excited to welcome the one and only Ray Martin, the owner of Martin & Associates Insurance Services in Irvine, California. who will help us navigate this process. He is the author of The Nuts & Bolts of Original Medicare, Medicare Advantage and Medicare Supplement Insurance, and is a true expert in the field. Tune in as he walks us through the ABCs of Medicare and shares valuable tips for making informed choices.

Here’s some of what we discuss in this episode:

• What is Medicare Open Enrollment season and how does it affect most seniors?
• Changes in Medicare advertising regulations
• The difference between Medicare Advantage and traditional Medicare plans
• Benefit changes in Medicare Advantage and Part D plans due to the Inflation Reduction Act
• The impact of IRMAA on seniors and the potential for increased costs
• Key mistakes to avoid during Open Enrollment

Resources for this episode:

Last Medicare show –

https://doncashpodcast.com/podcast/the-abcs-of-medicare/

Medicare Part D –

https://www.medicare.gov/drug-coverage-part-d

Medicare Advantage –

https://www.medicare.gov/health-drug-plans/health-plans/your-health-plan-options

Medicare Plan Big Changes for 2025 –

https://www.wsj.com/health/healthcare/medicare-plans-are-making-big-changes-for-2025-heres-how-to-navigate-them-5c81fd05?st=aafBaT&reflink=desktopwebshare_permalink

Get in touch with Don and learn more: https://doncashpodcast.com/

In the wake of Hurricanes Helene and Milton, many are grappling with the devastation these powerful storms have caused. Now, more than ever, it’s crucial to understand how to safeguard our homes and finances against such natural disasters.

In today’s episode, Don offers a comprehensive guide on protecting your assets through homeowners and flood insurance. He and Marc also share some ways that you can support those affected by Hurricane Helene.

Here’s some of what we discuss in this episode:

• Some ways to help those who have suffered in North Carolina
• The tax benefits of charitable contributions + how QCDs work
• Having proper homeowners’ insurance + the two sections of a homeowners policy
• The difference between homeowners insurance and flood insurance

• When to apply for flood insurance to ensure coverage

Resources for this episode:

Check out the Charity Navigator HERE

Visit Samaritan’s Purse

National Flood Insurance Program

https://www.floodsmart.gov/get-flood-insurance?gad_source=1&gclid=Cj0KCQjw05i4BhDiARIsAB_2wfA3xCHvd2i8V70upWfIhBR3h1ewIuse_3fNgV1GVKi7IHvZtC3rM6waAuZ6EALw_wcB

How to Prepare for a Storm

https://www.housebeautiful.com/lifestyle/organizing-tips/a28872132/how-to-prepare-for-a-hurricane/?utm_source=google&utm_medium=cpc&utm_campaign=mgu_ga_hbl_md_pmx_hybd_mix_us_281495960970879&gad_source=1&gclid=Cj0KCQjw05i4BhDiARIsAB_2wfBk2KXH8X_geZxDfxAFL31PJVHy6FCC1VNArz7pR3cVz-XJCmjya1UaAiQdEALw_wcB

What’s my home elevation?

https://whatismyelevation.com/location/35.59507,-82.55426/Asheville--NC--United-States-

Get in touch with Don and learn more: https://doncashpodcast.com/

As the leaves turn and we embrace the fall season, it's the perfect time to turn the page on your financial planning and get updated on the latest news that could impact your retirement. In this episode, we’re going to update you on the projected Social Security cost of living adjustment (COLA) for 2025 and the trip tax benefit for those residing in New Jersey.

Here’s some of what we discuss in this episode:

• What the 2.5% increase means for your actual benefit each month.
• How Medicare premiums might eat into your increase.
• Details on the triple tax benefit for New Jersey residents.
• The elimination of the New Jersey estate tax, which used to be a significant burden for many families.

Resources for this episode:

Historical Social Security Cost of Living Increases –

https://www.ssa.gov/oact/cola/colaseries.html

How the COLA is calculated –

https://www.ssa.gov/oact/cola/latestCOLA.html

The COLA for 2025-

https://www.cnbc.com/2024/09/11/social-security-cost-of-living-adjustment-for-2025-may-be-2point5percent.html

Medicare Part B Premiums and IRMAA surcharges for 2025 –

https://www.kiplinger.com/retirement/medicare/medicare-premiums-2025-projected-irmaa-for-parts-b-and-d

New Jersey Senior Freeze – Property Taxes

https://www.nj.gov/treasury/taxation/ptr/eligibility.shtml

New Jersey Anchor Benefit –

https://www.nj.gov/treasury/news/2024/08132024.shtml#:~:text=Payments%20ranged%20from%20%24450%20to,the%20ANCHOR%20benefit%20this%20season.

New Jersey Estate and Inheritance Taxes –

https://www.nolo.com/legal-encyclopedia/new-jersey-inheritance-tax.html#:~:text=Class%20A%20beneficiaries%20are%20exempt,parent%20or%20grandparent

Get in touch with Don and learn more: https://doncashpodcast.com/

Unrealized capital gains taxes have been a hot topic in recent financial news, stirring up a mix of curiosity and concern among investors. While the current proposal targets individuals with a net worth of over $100 million, there's a lingering concern about the potential for these thresholds to be lowered over time.

So what are “unrealized” capital gains and how might they impact you? In today’s episode, Don will answer that question and share his expertise on the myths, truths, and potential financial blind spots surrounding this issue.

Here’s some of what we discuss in this episode:

• The proposed tax on “unrealized” capital gains + who it impacts
• What exactly are “unrealized” capital gains?
• The concerns of ordinary Americans who may not have the financial resources to pay the tax on unrealized gains
• What does this mean for gifting to heirs?
• Seeking professional advice and staying informed

Resources for this episode:

9-11 Survivor Story –

https://www.wsj.com/opinion/cantor-fitzgerald-bids-adieu-to-a-9-11-survivor-50de961e?st=ZMY7sY&reflink=desktopwebshare_permalink

Taxing Unrealized Capital Gains –

https://mises.org/mises-wire/madness-taxing-unrealized-capital-gains?gad_source=1&gclid=CjwKCAjw_4S3BhAAEiwA_64YhvwW8eXaO4wHC0gH0OXASQ_oSMgVNb2fScsWgx7BHVT2-zq9WSDOBhoC4kcQAvD_BwE

Analysis of Harris’s Billionaire Minimum Tax on Unrealized Capital Gains –

https://taxfoundation.org/blog/harris-unrealized-capital-gains-tax/

Get in touch with Don and learn more: https://doncashpodcast.com/

As summer winds down and fall approaches, it's a great time to reassess the financial landscape and prepare for the months ahead. In this episode, Don and Marc discuss the past few months' tumultuous events, the unpredictable nature of news, and its effects on the economy. Stay tuned as they highlight how market volatility and economic shifts have shaped the current outlook and what that means for the rest of the year.

Here’s some of what we discuss in this episode:

• The significant political and economic events of the summer + market reactions
• How diversification benefits investors in months of extreme volatility
• Upcoming events that might rock the investment world
• The historical performance of the markets during elections in 2012, 2016 and 2020

Get in touch with Don and learn more: https://doncashpodcast.com/