Tag: Financial Planning
Important Tax Mistakes to Avoid {That CPAs Wish You Knew} (Ep.22)

Important Tax Mistakes to Avoid {That CPAs Wish You Knew} (Ep.22)

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In this episode, Michelle Gessner sits down with Madison Ross, co-founder of Ross & Connor LLP, a CPA firm based in Fort Worth, Texas. Together, they dive into why proactive tax planning and working with professionals is essential to avoid costly mistakes and optimize tax strategies.

Madison, an expert in small business, real estate, and individual taxation, shares common tax pitfalls to avoid, including the main problem with gifting property during your lifetime to loved ones, why titling real estate to an S-corporation may not be a good idea for business owners, tax essentials for cryptocurrency owners and navigating Roth conversions. Michelle and Madison also explain how avoiding unintended consequences like Medicare surcharges and leveraging the right software can make tax planning more efficient and effective.

Take note as Michelle and Madison cover: 

  • Gifting property during one’s lifetime may lead to high tax liabilities due to the loss of a step-up in basis
  • Roth conversions require careful planning to avoid higher tax brackets and unintended consequences 
  • Risks of using an S-Corp for real estate for business owners Consulting  professionals can help prevent costly tax mistakes
  • And more

Connect with Madison Ross:

Connect with Michelle: 

About Our Guest: 

Madison Ross is a Tax Partner and co-founder of Ross and Connor LLP. His focus is on Small Business, Real Estate, and Individual taxation. The firm incorporates tax planning strategies, which provide clients with a roadmap for tax savings and wealth building. Madison is a member of the Main Street Business Certified Tax Advisory Network, which consists of hundreds of CPAs, Enrolled Agents, and Lawyers from across the country who meet weekly to discuss up-to-date tax strategies. He received a certification in Cryptocurrency Taxation from Main Street Business in 2022. Madison is licensed as a CPA in Texas and New Mexico and is a member of the AICPA.

About Michelle Gessner: 

As a CERTIFIED FINANCIAL PLANNER™ professional, Michelle is passionate about building a life plan for her clients and helping them see that they have choices, which often comes to them as a pleasant surprise. She is an independent thinker and a huge advocate of her clients’ interests. Her greatest joy is working to do what is right for them and be their voice.

Michelle has a B.S. in Finance from the University of Colorado, Boulder, and an M.S. in Management from Boston University, Brussels. Growing up in Montana and moving to Colorado for college, she took out student loans and worked her way through all four years. After graduating in 1987 with honors, she accepted a job at Shell Oil in Houston, and worked her way up the corporate ladder to a management position before leaving in 1992 for Brussels, Belgium, where she lived for 4 years. In Brussels, she learned about different cultures and basic conversational French as well as pursuing and earning a graduate degree in management. 

As a CERTIFIED FINANCIAL PLANNER™ professional,  she is held to the highest standards set forth in the industry. She surrounds herself with a back office of experts in tax and investment research so that her clients have the best of both worlds – the resources of a large firm with the caring, dedication, and personal service of a small firm.

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Master Your Tax Planning For Retirement with Sarah Brenner (Ep. 8)

Master Your Tax Planning For Retirement with Sarah Brenner (Ep. 8)

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Join Michelle Gessner, CFP ® as she chats with tax attorney and educator Sarah Brenner from Ed Slott and Company, LLC. With over 20 years of experience, Sarah has become a trusted resource for financial advisors and their clients across the nation. Listen as she shares her insights on how you can navigate through the complexities of retirement and tax regulations. 

In this episode, you will:

  • Learn about common tax planning mistakes and traps that individuals often overlook
  • Hear real-life examples of how advisors can help you avoid costly tax implications
  • Get a glimpse into the key provisions of the recent Secure Act 2.0 and how they may impact your retirement planning
  • Why Sarah feels Roth IRAs and Roth Conversions are here to stay
  • And more

Resources:

Connect with Sarah Brenner: 

Connect with Michelle Gessner:

About Sarah Brenner:

Sarah has worked for almost twenty years helping clients solve complex technical IRA questions.  She has been a contributing writer for many IRA texts, articles, and training manuals and has been quoted in national financial and tax publications such as CCH IRA Guide.  

She is an experienced speaker who has educated thousands of professionals in the financial industry including attorneys, CPAs, bankers, financial advisors, and brokers on retirement plan rules.  Sarah has won praise for her ability to communicate complex laws in an easy-to-understand way and provide practical strategies for clients.

Sarah is a contributing writer and editor for Ed Slott’s IRA Advisor newsletter, distributed to thousands of financial advisors nationwide, and writes for several areas of the company’s website, www.irahelp.com. Sarah also serves as a valuable resource for the members of Ed Slott’s Elite IRA Advisor Group™, a 400+ member organization of some of the country’s top financial advisors who are dedicated to becoming experts in IRA distribution planning. She consults with firm clients and creates IRA course manuals and training programs for financial advisors.

Sarah is a graduate of Smith College and Villanova School of Law.  She is a member of the Pennsylvania Bar.  She practiced law with a concentration in elder law for several years and for fifteen years was a senior consultant with PMC, Pension Management Company, an independent IRA consulting firm for financial organizations nationwide.

About Michelle Gessner: 

As a CERTIFIED FINANCIAL PLANNER™ professional, Michelle is passionate about building a life plan for her clients and helping them see that they have choices, which often comes to them as a pleasant surprise. She is an independent thinker and a huge advocate of her clients’ interests. Her greatest joy is working to do what is right for them and be their voice.

Michelle has a B.S. in Finance from the University of Colorado, Boulder, and an M.S. in Management from Boston University, Brussels. Growing up in Montana and moving to Colorado for college, she took out student loans and worked her way through all four years. After graduating in 1987 with honors, she accepted a job at Shell Oil in Houston, and worked her way up the corporate ladder to a management position before leaving in 1992 for Brussels, Belgium, where she lived for 4 years. In Brussels, she learned about different cultures and basic conversational French as well as pursuing and earning a graduate degree in management. 

As a CERTIFIED FINANCIAL PLANNER™ professional,  she is held to the highest standards set forth in the industry. She surrounds herself with a back office of experts in tax and investment research so that her clients have the best of both worlds – the resources of a large firm with the caring, dedication, and personal service of a small firm.

FEATURE
Estate Planning and the Possibility for Long-Term Care with Kim Hegwood (Ep. 6)

Estate Planning and the Possibility for Long-Term Care with Kim Hegwood (Ep. 6)

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Aging is a reality that none of us can escape, and planning for it can be daunting. 

In this episode, Kim Hegwood, Owner and Managing Attorney of Your Legacy Legal Care, emphasizes the importance of planning for long-term care, regardless of age.

Through her extensive experience, Kim has seen firsthand the financial and emotional toll of not planning for the realities of aging. She stresses the value of having options in a long-term care crisis and highlights the benefits of utilizing hybrid Long Term Care insurance as an alternative to traditional long-term care insurance.

Kim discusses:

  • Why she recommends all her clients plan for long-term care early to have options and avoid crisis planning
  • Why no one should rely heavily on Medicaid for long-term care
  • Hidden long-term care expenses 
  • The options for long-term care available
  • And more

Resources: 

 Connect with Kim Hegwood:

Connect with Michelle Gessner: 

About Michelle Gessner: 

As a CERTIFIED FINANCIAL PLANNER™ professional, Michelle is passionate about building a life plan for her clients and helping them see that they have choices, which often comes to them as a pleasant surprise. She is an independent thinker and a huge advocate of her clients’ interests. Her greatest joy is working to do what is right for them and be their voice.

Michelle has a B.S. in Finance from the University of Colorado, Boulder, and an M.S. in Management from Boston University, Brussels. Growing up in Montana and moving to Colorado for college, she took out student loans and worked her way through all four years. After graduating in 1987 with honors, she accepted a job at Shell Oil in Houston, and worked her way up the corporate ladder to a management position before leaving in 1992 for Brussels, Belgium, where she lived for 4 years. In Brussels, she learned about different cultures and basic conversational French as well as pursuing and earning a graduate degree in management. 

As a CERTIFIED FINANCIAL PLANNER™ professional,  she is held to the highest standards set forth in the industry. She surrounds herself with a back office of experts in tax and investment research so that her clients have the best of both worlds – the resources of a large firm with the caring, dedication, and personal service of a small firm. 

About Our Guest:

Kim Hegwood, born in Bay City, is an Elder Law and Estate Planning Attorney based in Houston, Texas. Kim has been a practicing Attorney since she graduated from South Texas College of Law in 1996. After watching her grandparents struggle to maintain their independence as they grew older, trying to navigate the challenges of aging, and deal with the legal, financial, and emotional challenges that our loved ones face in their golden years, Kim dedicated her career to helping families preserve their dignity and protect their assets.

Kim started her own law firm in 1998 so she could practice law her way – with a focus on family. Kim is passionate about educating her clients, helping them choose legal strategies that will achieve their goals and help them age with security and dignity. As a mother of three, Kim enjoys spending most of her free time with her children and grandchildren when she is not volunteering at one of her favorite charities.  

Kim’s practice focuses exclusively on Elder Law, Asset Protection, Estate Planning, Medicaid Crisis Planning, Probate, and Guardianship. By witnessing what her grandparents endured, and with a growing number of Dementia diagnoses, Kim understands what her clients are going through and dedicates herself and her practice to treating each of her clients as if they were her own family. Kim takes pride in helping families after facing a diagnosis of Dementia to help avoid a costly guardianship process. Kim continues to expand her practice to better serve the needs of individuals throughout their golden years. 

Between personal experiences and being a member of the National Academy of Elder Law Attorneys, Kim and the team at Your Legacy Legal Care™ have the experience and expertise to assist you and your family to ensure peace of mind and the utmost quality of life.

FEATURE
How to Avoid Common Estate Planning Mistakes (Ep. 5)

How to Avoid Common Estate Planning Mistakes (Ep. 5)

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We’ve all heard horror stories, or know someone that wasn’t prepared and suffered costly consequences. 

Don’t be that someone.

In this episode, Michelle Gessner, CFP® delves into the world of Estate Planning by sharing stories of common mistakes and provides insight into how you can prepare for the unexpected.

Estate planning is crucial in order to ensure that your hard-earned assets are passed down to your loved ones and that your wishes are carried out. 

Join Michelle as she highlights:

  • The importance of having a sense of urgency when it comes to estate planning
  • Issues with boilerplate wills and why they’re not suitable for everyone
  • How outright distributions from a will can leave your assets vulnerable to lawsuits and creditors
  • The benefits of working with an experienced estate planning attorney to create a customized plan that meets your unique needs and protects your assets
  • And more!

Connect with Michelle: 

About Michelle Gessner: 

As a CERTIFIED FINANCIAL PLANNER™ professional, Michelle is passionate about building a life plan for her clients and helping them see that they have choices, which often comes to them as a pleasant surprise. She is an independent thinker and a huge advocate of her clients’ interests. Her greatest joy is working to do what is right for them and be their voice.

Michelle has a B.S. in Finance from the University of Colorado, Boulder, and an M.S. in Management from Boston University, Brussels. Growing up in Montana and moving to Colorado for college, she took out student loans and worked her way through all four years. After graduating in 1987 with honors, she accepted a job at Shell Oil in Houston, and worked her way up the corporate ladder to a management position before leaving in 1992 for Brussels, Belgium, where she lived for 4 years. In Brussels, she learned about different cultures and basic conversational French as well as pursuing and earning a graduate degree in management. 

As a CERTIFIED FINANCIAL PLANNER™ professional,  she is held to the highest standards set forth in the industry. She surrounds herself with a back office of experts in tax and investment research so that her clients have the best of both worlds – the resources of a large firm with the caring, dedication, and personal service of a small firm. 

FEATURE
Reducing Tax Rate Risks for Your Retirement (Ep. 3)

Reducing Tax Rate Risks for Your Retirement (Ep. 3)

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In the world of retirement planning, taxes can be a significant expense that are often overlooked. 

In this informative episode, CERTIFIED FINANCIAL PLANNER™ practitioner Michelle Gessner shares her insights, and dispels common myths about taxes and retirement. 

She highlights the prevalence of pre-tax money in retirement accounts and the mandatory Required Minimum Distributions (RMDs) from IRAs and 401ks – and potential solutions – so you can reduce tax rate risk. 

Michelle discusses:

  • Why taxes are one of the biggest expenses for retirees
  • How pre-tax retirement money is fully taxable
  • The benefits of Roth 401Ks/403Bs for retirees
  • What you can do now to potentially reduce your taxes in retirement
  • And more

Connect with Michelle: 

About Michelle Gessner: 

As a CERTIFIED FINANCIAL PLANNER™ professional, Michelle is passionate about building a life plan for her clients and helping them see that they have choices, which often comes to them as a pleasant surprise. She is an independent thinker and a huge advocate of her clients’ interests. Her greatest joy is working to do what is right for them and be their voice.

Michelle has a B.S. in Finance from the University of Colorado, Boulder, and an M.S. in Management from Boston University, Brussels. Growing up in Montana and moving to Colorado for college, she took out student loans and worked her way through all four years. After graduating in 1987 with honors, she accepted a job at Shell Oil in Houston, and worked her way up the corporate ladder to a management position before leaving in 1992 for Brussels, Belgium, where she lived for 4 years. In Brussels, she learned about different cultures and basic conversational French as well as pursuing and earning a graduate degree in management. 

As a CERTIFIED FINANCIAL PLANNER™ professional,  she is held to the highest standards set forth in the industry. She surrounds herself with a back office of experts in tax and investment research so that her clients have the best of both worlds – the resources of a large firm with the caring, dedication, and personal service of a small firm.