Category: Retirement

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What You Must Know About Changing Your State Residence — With Karen J. Tenenbaum (Ep. 45)

What You Must Know About Changing Your State Residence — With Karen J. Tenenbaum (Ep. 45)

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Would you ever make a big move to a tax-free state like Florida? 

Now more than ever, people are leaving New York State for tax-free states only to discover that their residency, for tax purposes, hasn’t changed.

Tax rules around residency can be complex and ambiguous, but today’s guest brings clarity to the subject. CPA and tax attorney Karen J. Tenenbaum is the founder and managing partner of Tenenbaum Law, P.C., which focuses its practice on the resolution of IRS and New York State tax controversies. In this episode, Karen fills Larry Heller in on how the residency rules work in New York State, what to expect if you get audited, and options for resolving a tax matter.

In this episode, you’ll learn:

  • Which lifestyle factors will increase your likelihood of being audited
  • How your residency is determined
  • Why New York’s tax rules affect high-net-worth individuals the most 
  • How New York State calculates the days for the 183-day requirement
  • How to protect and defend yourself at an audit
  • And more!

Tune in now to learn how your residency is determined and actions to take if you get audited.

Resources:  Heller Wealth Management | Tenenbaum law, P.C.: (631) 465- 5000 | e-book: Surviving a New York State Residency Audit| ktenenbaum@LItaxattorney 

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15 Ways to Make More Money in Your 401(K) Plan — With Paul Merriman (Ep. 44)

15 Ways to Make More Money in Your 401(K) Plan — With Paul Merriman (Ep. 44)

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It’s time to find out how you can make more money in your 401(k) plan!

In today’s episode, Larry Heller is joined by Paul Merriman, the founder of Merriman Wealth Management. Paul is a nationally recognized expert on mutual funds, indexed investing, buy and hold investment strategies, and asset allocation. Given Paul’s expertise and dedication to educating investors, Larry is excited to have Paul here to share 15 ways to make more money in your 401(k) plan.

In this episode, you’ll learn:

  • Why Paul suggests putting money into your 401(k) as early as possible, even if it means asking your parents for a loan
  • The case for using a Roth, regardless of your current tax rate
  • Why Paul recommends that every young person should have asset classes in their portfolio
  • Why equities, not fixed income, are the great defender against inflation
  • The power of the target date fund
  • And more!

Tune in now to learn 15 ways you could start making more money in your 401(k) plan today!

Resources:  Heller Wealth Management | Paul Merriman

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How to Make Your Business Sellable — With Albert Hakim (Ep. 43)

How to Make Your Business Sellable — With Albert Hakim (Ep. 43)

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Your business is likely the largest illiquid asset you own. Have you considered how you will turn it into a liquid asset so you can use it for retirement planning?

Here to shed light on selling your business is Albert Hakim, a Certified Merger and Acquisitions Advisor with Kensington Company. Today, Albert speaks with host Larry Heller about what business owners can do to become exit-ready and how they can make their businesses attractive to buyers.

In this episode, you’ll learn:

    • Why an owner’s insistence on wearing all the hats in their business may make it unsellable

 

    • Why Albert believes it’s a sign of trouble if a business owner can’t take six months off

 

    • Examples of how business owners increased their valuation

 

    • Ideas for practices to adopt now that will make it easier to sell later on

 

    • Examples of what may attract acquirers to a certain business

 

    And more!

Tune in now to learn how to make a smooth business exit so you can retire right!

Resources: Heller Wealth Management | Kensington Company |  Albert@Kensingtoncompany.com: (516) 626-2211

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Special Edition Episode – Introducing Larry Heller CFP®, CPA’s New Book: “Retire Right”

Special Edition Episode – Introducing Larry Heller CFP®, CPA’s New Book: “Retire Right”

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Larry Heller’s new book has hit the shelves!

In today’s episode, get a special preview of “Retire Right: Lots of People Retire Wrong. Learn How to Retire Right,” and join Larry as he discusses why this book speaks to today’s retirement landscape.

In this episode, you’ll learn:

    • How retirement has transformed to become a “second act”

 

    • The ideal time to finetune your retirement plans

 

    • Examples of people who’ve made right versus wrong retirement decisions

 

    • How Larry’s book helps readers factor inflation into their planning

 

    • Where to purchase “Retire Right”

 

    And more!

Tune in now for an exclusive inside look at Larry’s new book.

Click here to purchase your copy! (Available in both eBook and paperback)

Resources:  Heller Wealth Management | Retire Right Book

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The Top Five Errors Retirees Make (Ep. 42)

The Top Five Errors Retirees Make (Ep. 42)

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Many people believe that if they save enough money for retirement, they’re all set. But there is so much more to consider.

After spending years helping people retire right, Larry Heller is sharing the five top errors retirees make. In this episode, Larry explains why these errors are so detrimental, and most importantly, how to avoid these errors so you can enjoy your retirement.

In this episode, you’ll learn:

    • A method for tracking your expenses (if you don’t like budgeting, this method is for you!)

 

    • Which big-ticket items become unexpected expenses for retirees

 

    • Why new retirees should avoid investing too conservatively

 

    • Why chasing yield can be problematic

 

    • Incorrect social security decisions to avoid

 

    And more!

Tune in now to learn how you can dodge the top five errors retirees make so you can retire right!

Resources:  Heller Wealth Management | Episode 40: Larry’s Top 5 IRA Planning Strategies

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Everything You Didn’t Know About Long-Term Care with Guest Rona Loshak (Ep. 41)

Everything You Didn’t Know About Long-Term Care with Guest Rona Loshak (Ep. 41)

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The longer you live, the more likely you are to need long-term care. In fact, once you reach 80 years old, there’s an 80% chance that you will need it.

Whether you’re thinking about your own long-term care or care for your parents, this is the episode for you. Larry Heller speaks with guest Rona Loshak, an award-winning specialist in long-term-care insurance, to give you all of the information you need to make the right decisions for you and your family.

In this episode, you’ll learn:

    • What misconceptions keep people from creating realistic plans

 

    • Whether you can get plans from another state

 

    • The four categories of people who are more likely to need long-term care

 

    • Whether long-term care is covered by Medicare

 

    • How to qualify for long-term-care insurance

 

    And more!

Tune in now and get your long-term-care questions answered!

Resources:  Heller Wealth Management | Karp Loshak LTC Insurance Solutions

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Estate Planning in Second Marriages — With Guest Steven Adler (Ep. 39)

Estate Planning in Second Marriages — With Guest Steven Adler (Ep. 39)

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Are you in your second marriage and wondering how to cover all the bases in your estate plan?

Today, Larry Heller speaks with guest, Steven Adler, about estate planning issues faced by couples in their second marriage and how to solve them.

In this episode, you’ll learn:

    • The most common estate planning issues couples face in second marriages

 

    • How couples may benefit from including a trust in their estate plan

 

    • What tasks newlyweds in a second marriage should address early on

 

    • The difference between a will and a beneficiary

 

    • Different ways to handle situations where one spouse brings more assets to the marriage or is significantly older than the other spouse

 

    And more!

Tune in and find out what you need to know about estate planning in a second marriage!

Resources:  Heller Wealth Management | Law Offices of Steven M. Adler, PLLC

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Don’t Forget About Tax-Loss Harvesting and Tax-Gain Harvesting (Ep. 36)

Don’t Forget About Tax-Loss Harvesting and Tax-Gain Harvesting (Ep. 36)

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Your year-end tax plan isn’t complete until you’ve considered tax-loss and tax-gain harvesting. These two strategies could offer you big tax savings!

Too often, financial advisors and accountants are not proactive in exploring these tax-saving possibilities with clients, but Larry doesn’t want you to miss out. In this episode, Larry explains how you can benefit from tax-loss and tax-gain harvesting.

In this episode, you’ll learn:

    • The differences between tax-loss harvesting and tax-gain harvesting

 

    • Optimal scenarios for applying these two strategies

 

    • Examples of benefits these strategies can offer investors

 

    • The deadline for executing these strategies

 

    And more!

Tune in now to learn more about tax-loss and tax-gain harvesting and how you can benefit from them during your year-end tax planning!

Resources: Heller Wealth Management

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Your Retirement Paycheck (Ep. 35)

Your Retirement Paycheck (Ep. 35)

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The transition from the work world to the retirement world can take a while to get used to. Sometimes, peace of mind can come from being able to recreate a paycheck every month.

In this episode, Larry Heller recommends variables and strategies to consider as you plan to create your retirement paycheck.

Today you will learn:

    • What it means to have a retirement paycheck

 

    • How planning for a retirement paycheck can help you figure out how much money you truly need each month

 

    • What role fixed payment plays when calculating your retirement paycheck

 

    • Three retirement portfolio strategies that you can use to recreate a retirement paycheck

 

    • Factors to consider when deciding which approach is best for you

 

    • Why you might not need to change your lifestyle in order to meet financial goals during retirement

 

    • Which factors might influence which accounts you draw your retirement paychecks from

 

    And more!

Tune in now and learn how you can start planning out your retirement paycheck, so you can retire right!

Resources: Heller Wealth Management

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11 Ways the New Tax Law Could Help or Hurt Your Tax Return (Ep. 34)

11 Ways the New Tax Law Could Help or Hurt Your Tax Return (Ep. 34)

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2018 is the first full year under the new tax reform. Will your income tax return take a hit? Are there any changes that you will actually benefit from?

Larry Heller explores these questions with New York tax expert, Sal Albanese, CPA. In this episode, they uncover the biggest tax changes and recommend actions for you to take before 2019.

In this episode you’ll learn:

    • Eleven tax law changes that could affect individuals

 

    • How baby boomers are reacting to the SALT deduction cap

 

    • Why couples are rushing to divorce before New Year’s Day

 

    • Which deductible is still eligible as a personal casualty loss

 

    • Which tax law changes might not affect you if you’ve been grandfathered in

 

    • A strategy for benefitting from the standard deduction in 2018 and the itemized deduction in 2019

 

    And more!

Tune in now and learn about the biggest tax changes and how to prepare for filing season!

Resources: Heller Wealth Management |  Salvatore Albanese & Company LLC | Salvatore Albanese & Company LLC: 516-417-8503