August 1, 2025 • 31 mins
Mail Bag: Avoiding beneficiary IRA taxes, OBBB, tax deductions, and 529 planning
Jeff Perry and Russ Ball tackle questions from listeners and clients.
To start this episode, Jeff and Russ discuss options for beneficiaries of IRAs who wish to avoid income taxes.
Next up is a series of questions resulting from the passage of President Trump’s “One Big Beautiful Bill’ to include how the new senior tax deduction works and the details on the changes to taxes on tips and overtime.
The episode ends with a question from a parent who is worried about market risk in their son’s 529 account.
#financialplanning #investing #stockmarket #OBBA #BBA #incometaxes #IRAs #529s
#beneficiary #seniortaxdeduction #taxesonovertime #taxesontips
Click the link below to register for our upcoming webinar, “Don’t leave a digital mess.”
https://register.gotowebinar.com/register/6040334700710880088
For more information or to reach TEAM AMR, click the following link:
https://www.wealthenhancement.com/s/advisor-teams/amr
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Welcome to Something More with Chris Boyd.
Chris Boyd is a certified financial planner practitioner
and senior vice president financial advisor at Wealth
Enhancement Group, one of the nation's largest registered
investment advisors.
We call it Something More because we'd like
to talk not only about those important dollar
and cents issues, but also the quality of
life issues that make the money matters matter.
(00:22):
Here he is, your fulfillment facilitator, your partner
in prosperity, advising clients on Cape Cod and
across the country.
Here's your host, Jay Christopher Boyd.
Welcome to another edition of Something More with
Chris Boyd.
Chris Boyd is off today.
So my name is Jeff Curry.
I'm sitting in the co-host seat with
my co-host Russ Ball.
(00:42):
Russ, thanks for joining.
Thanks for having me, Jeff.
Happy to be here.
I was just, for the listeners, we're going
to do a mailbag episode today.
We're going to take a number of questions
from issues with the big beautiful bill questions
about that to 529 questions, college savings questions.
So we'll see where we go when we
(01:03):
dig into the questions from listeners and clients
that we've developed over the last month or
so.
But Russ, before we get into those questions,
I was looking at the date.
It's the date of my granddaughter's birthday today.
So happy birthday, Faith.
I'm sure you're not listening.
But I'm realizing, like, this is halfway through
(01:26):
summer.
I mean, if you count July and August
as summer, it's halfway.
If you count June, July, August, September as
summer, you're halfway.
So summer is half over.
Are you achieving your summer goals?
Are you, like, out there doing those summer
things?
Oh man, I'm trying.
I'm trying.
You're behind.
I'm definitely behind.
(01:46):
I've been to the beach, I think, twice.
And I had a goal much more than
that.
But no, it's been a good summer.
Of course, when August hits, it starts feeling
like, all right, it's already winding down.
But there's still more time.
There's more time to do some fun stuff
and enjoy Cape Cod in the summer.
Yeah, I think when August hits, people are
(02:08):
like, you know what, we haven't done this.
We haven't gone here.
We haven't done this.
We said we were going to do this,
you know, and it's like the time to
focus or it's going to go by.
Yeah, it's true.
It's true.
It's going to flash by and then soon
it's going to be fall and we're going
to be cold again.
Or not you.
You're going to be cold.
Not you.
(02:28):
You're going to be comfortable.
I'll be less hot.
For our listeners, Russ is on Cape Cod
at our team office in Hyannis, team AMR
office of Wealth Enhancement.
And I am, although from Cape Cod, I
am living in Florida.
So we're coming back to the Cape from
Florida at the end of August a little
(02:50):
bit.
So we'll get some of that Cape summer
and get a relief from the Florida summers.
Yeah, that's always good to look forward to.
Hopefully it's good weather when you come.
It's been pretty hot here lately.
Yeah, I have, you know, most of my
family is still in Massachusetts on the Cape
or Rhode Island or where they happen to
(03:12):
scatter.
And I hear from them almost every day.
And this summer, it's been hotter in New
England, if you will, in southern New England,
than here many days.
It's been a hot summer.
Yeah, yeah, no, it's it's been feeling hot.
And I was in I was in the
city in New York City last weekend.
(03:32):
It was scorching in New York City.
So definitely, you know, it's comparable to what
you've got going on in Florida.
It seems like it.
Yeah, we're just kind of used to it.
Yeah.
All right, let's dig into the mailbag.
I'm going to start with you.
I get a question from a I think
that's a client question that now this one
was a listener question.
(03:53):
So here we go.
My elderly grandfather has informed me that I,
the person writing the question, will be inheriting
a traditional IRA, presumably when the grandfather passes.
I'm already in the 24% tax bracket
and was wondering if there's anything I can
do to lessen my income taxes with the
additional funds coming from the beneficiary IRA.
(04:15):
So here's a busy young person that seems
to have a good salary.
They're in the 24% tax bracket already.
And they're worried about future taxes when they
get this IRA, beneficiary IRA.
So do you have any advice?
Yeah, I have a couple thoughts.
So, you know, when when children are inheriting
(04:39):
or plan to inherit or expect to inherit
anything from from their parents, a lot of
time it is going to be IRA dollars,
money that will be taxed as part of
the SECURE Act.
There's no more stretch rule for those IRAs.
So you have to take those if you're
not a spouse, beneficiaries have to take those
(05:00):
inheritance over 10 years.
So there has to be nothing left in
the IRA after 10 years.
As you might imagine, that could create a
significant tax event.
Yeah.
And for a lot of people that are
inheriting, it's in their peak earning years.
And so they're at the highest or as
high as they're going to be in their
life.
(05:20):
And they have to withdraw from these IRAs
that they inherited.
Of course, you know, it's it's it's money.
It's not it's still it's still inheritance.
It's still a gift.
But it does create a tax burden.
And I recently had a client come in
and ask, you know, the legacy planning was
sort of part of their goal or one
(05:41):
of their goals.
And they're saying, you know, I have all
this inheritance.
I mean, all this IRA money.
When my kids inherit it, they're going to
have to pay taxes on it, right?
Well, they are.
There are a few that you can do.
One and the one that we talked about
at the time was doing some Roth conversions.
(06:02):
So getting more of that money out of
IRAs and into out of traditional IRAs and
into Roth IRAs, which does not have that
tax impact when you when you pass and
there isn't.
In this case, the father or mother, the
people who would be passing and leaving the
IRAs have to pay the taxes when they
(06:24):
do the conversion.
That's exactly right.
So it's it's you're you're taking on the
tax burden that you would have passed on
to your heirs.
And they may be in, you know, depending
on the circumstances.
But sometimes people when they're retired are in
a lower tax bracket.
Right, right.
So so that's definitely one and probably the
most common solution to that to that issue.
(06:47):
If you if you don't if you're worried
about the tax hit for those 10 years
for your heirs, probably doing some Roth conversions
would make sense.
I did, however, come across an article recently
that talked about using a life insurance policy
as sort of a hedge against having to
pay those taxes yourself or for or for
(07:10):
your heirs.
It's a little bit complicated, but but the
the basics are that, let's say you and
your spouse are 65 years old or in
that area, rather than just building up your
IRA and then slowly withdrawing it.
Let's say you have other income from Social
(07:31):
Security or other retirement assets.
You can use some of those some of
the IRA money to purchase a life insurance
policy and have that pass on to your
heirs.
And basically the thinking is you're drawing down
your IRA, but at a smaller rate.
So it's about like, let's say it's a
(07:51):
policy in this article I'm thinking of.
It was like $40,000 a year.
So significant premium for a universal life insurance
policy.
But then you're not restricted as far as
having to do Roth conversions.
You can just use your money as you
want.
And then there's always going to be that
inheritance that's tax free to your heirs.
So it's a little bit complicated.
(08:12):
It's definitely a specific case by case basis.
If the person is already elderly and that
would be passing those funds along, that might
be a little bit more difficult because you
can't get insurance up to a certain point.
But this is a math problem.
If someone's interested in exploring that, you really
(08:35):
have to sit down with someone who's experienced
at doing these calculations and time value of
money and taxes.
And it's not a back of the napkin
analysis, I guess.
No, I wouldn't call it that.
It's definitely a little bit more complicated.
But it is an interesting solution that I
hadn't heard of before reading this article talking
(08:55):
about using life insurance to reduce the tax
impact for heirs and for yourself, presumably.
It's interesting in that I'm not trying to
be negative about life insurance.
But don't ask your life insurance salesman to
do this analysis.
Yes, very good point.
(09:15):
Right.
So this isn't going off of our program
today.
But it's a good reminder that when you're
getting advice from someone, you should always ask.
I always have these three questions in the
financial world.
One is, are you a fiduciary?
And a fiduciary means someone who works for
(09:37):
you and your best interest.
They're legally and ethically bound to help you
ethically and legally for your best interest, not
in their best interest, like how much commission,
how much fee they have to give you
advice that's in your best interest.
Number two is, how are you compensated?
The person you're dealing with, how are you
paid?
Everybody's going to get paid for helping you,
(09:58):
selling you something, giving you advice.
Just have an understanding of how you're going
to get paid.
If someone's getting paid to sell you a
certain product, you should know that.
Before you listen to them.
And three is, if it's an investment vehicle,
where's my money being kept?
Where's it invested?
How's it kept?
How's it protected?
Is it insured?
(10:18):
All of those things.
So, you know, I'll give you a funny
story to make an analogy.
If I have a friend, for obvious reasons,
when I finish the story, I'm not going
to say the person's name, but they're a
surgeon.
And he says, if he gets a referral
from a physician to him for surgery, it's
(10:39):
most likely you're going to have surgery.
You know, so he, you know, very few
people who get referred to a surgeon, get
a referral back and say, no, we're not
going to do the surgery.
It's not a good option.
So, and just know who you're talking to,
know if there's some motive there, if there's
some financial benefit for them selling you something.
(11:00):
But so in this case, you know, if
you're working with a financial advisor and you're
like, you know, you're thinking that the strategy
that Russ just talked about might make sense
for you in your situation, go to your
financial advisor who's not selling you that life
insurance.
Right.
For example, in Russ's example.
So sorry to take up a couple minutes.
(11:21):
No, no, I think it's important.
I think that's a great point.
Like rather than going to the person who
sold you a life insurance policy, which and
their life insurance policy is going to be
very complex, especially universal insurance policy.
So, you know, that would be like a
permanent life insurance policy.
So definitely talking to your advisor, putting this
all out in a plan is definitely going
(11:43):
to be the way to go rather than
going directly to the source.
And then who knows what kind of product
you'll end up getting when you leave.
But yeah, we, you know, this is a
big part of what we do as advisors.
We're fiduciaries.
We're paid by a percentage of the assets
under our management.
In most cases, sometimes it's a fee-based
(12:04):
if people don't want to do it that
way.
But this is an example of like the
breadth of issues that we get from our
clients.
You know, a client may hear this podcast
and say, hey, is this right for me?
They come in, we do the analysis and
we give them our advice.
And if it's to buy that life insurance,
then we, you know, they buy it from
somebody else.
(12:24):
We don't sell it.
So, or some other thing that they hear
about or some other thing that maybe their
estate planning attorney tells them to talk to
us.
So a big part of what we do
is not just manage portfolios, is we help
our clients through these questions of, is this
the right thing for me?
And whatever that thing might be is, you
(12:44):
know, from investing to financial planning, to legacy
planning, to gifting and strategies around taxes.
So I think it's a good question that
highlights all those things, right?
Yeah, definitely.
All right, Russ, let's take a big shift
because we're getting a lot of questions as
I think all advisors are and accountants and
(13:08):
lawyers about the one big beautiful bill, the
bill that President Trump agenda bill that had
a lot of different provisions in it, but
they also had a lot of different opportunities
for people to save money.
We had a question recently that came up
in a client meeting and you're talking about
the deductions on overtime and tips.
(13:31):
So this was actually this question was specifically
about overtime.
You know, there is this new deduction and
I have the numbers here.
So for overtime, the maximum deduction is $12
,500 for individuals.
And that's starting this year, starting for 2025
and going until 2028.
$12,500 for individuals and $25,000 for
(13:53):
married filing jointly.
So for married couples.
For tips, it's $25,000 for individuals and
for married couples is the same for both.
There are income restrictions on that.
So it's those those deductions do phase out
after $150,000 for individual income and then
$300,000 for married filing jointly.
(14:16):
But those deductions are going to impact a
lot of people, obviously.
So one of the questions was, I have
overtime, you know, I get paid overtime.
So how are they going to know what
part of my salary is overtime?
How are they going to know how many
overtime hours I work?
What is deductible?
The current pay stubs and even further, the
W-2s don't have that.
(14:37):
It's just one long number.
Exactly.
It's not broken out.
Did some research because, you know, there are
a lot of things, different moving parts with
this new legislation and not everything is is
fully known right now.
So I think they're still trying to work
out some details.
But there is a new requirement for employers
to break it down on W-2s when
(14:59):
those come out at the end of the
year.
So it's going to break down what you
got in tips.
They're supposed to and what you were paid
in overtime as separate line items on the
W-2.
And that way you can know what you're
able to what qualifies to be deducted on
your tax return.
Sounds like it's going to be the one
big number with your overtime, those four tips
(15:19):
in the number and then a number that
you'll be eligible to deduct on a separate
line item on the tax bill.
That's what it seems like.
It's not entirely clear at this point.
And, you know, other questions were like, well,
what about for the overtime I already worked
this year?
Are they, you know, they didn't know that
this law was going to be this way.
So basically, as things stand, I'm sure there
(15:42):
will be changes.
But as things stand, companies are expected to
come up with an estimate for the amount
of overtime worked in the first half of
the year before this bill was passed.
In any case, I noticed something important about
overtime as well.
So it's not all hours of overtime, like
it's not your full pay for overtime that's
(16:04):
deductible.
It's only the premium amount.
So it's the amount over your base pay.
If you make $20 an hour and you
get time and a half, so you get
$30 for overtime.
It's just the $10 part of it.
That's exactly right.
Yeah.
It's just the additional amount that you get
paid for overtime that would be going towards
that $25,000 deductible.
(16:27):
I didn't know that.
That's interesting.
So it's still good for people who work
overtime.
There's going to be an advantage there.
But it's not quite as good as you
might have been doing the math on, right?
Not quite as good as it might have
looked off the bat without hearing the fine
print there.
So definitely some things to know.
But the good news is that there is
(16:49):
going to be some sort of definition of
what amount qualifies on your W-2 when
you do your taxes.
Well, the big beautiful bill is big.
I'll leave it to the pundits to say
it's beautiful.
But it's certainly a bill that's going to
keep accountants and estate planning and financial advisors
working.
Oh, yeah.
For sure.
(17:09):
I think every other webinar I'm getting emails
about is about the one big beautiful bill.
So much for simplifying the tax code.
And I think that trend is that bus
has left the station as they speak.
Definitely.
Definitely.
But there's a lot to stay on top
of.
But that's what we're working on behind the
scenes.
For you, Jeff, I have another question on
(17:31):
the one big beautiful bill act.
No surprise.
We're sticking with this.
Yeah, yeah, yeah.
I imagine there will be more for our
next middle bag episode.
But for this one, here's the question.
I'm retired and receive monthly social security benefits.
I heard that the newly enacted one big
beautiful bill act eliminates federal income tax on
(17:53):
social security benefits.
Is that true?
No.
It's not true.
And I get why people are confused whether
it's, you know, we talked about taxes and
tips and social security.
The president, President Trump, during the campaign and,
you know, even afterwards, for a while, he
was, I won't say promising.
(18:15):
He uses this rhetoric as indications of what
he'd like to do.
And then he compromises, right?
So but there was a lot of rhetoric
that social security, no taxes on overtime, no
taxes on tips, no taxes on social security.
So, you know, then people who aren't paying
close attention to this and who should, right,
besides people who need to like us.
(18:36):
But then they see, oh, the bill passed.
So they make they make these assumptions that
the rhetoric of no taxes on this in
this case on social security passed and they
get excited.
But now the one big beautiful bill doesn't
make social security benefits fully taxable.
Right.
Just as a refresher.
Many, I won't say most because low income
(18:57):
people, you know, would be exempt from this.
So many social security recipients pay income taxes
up to 85 percent of the benefits.
And don't get confused with this statement often
confuses people with them thinking that if they
work, they're going to lose part of the
social security.
That's not what I'm talking about.
I'm talking about when you reach a certain
(19:18):
income level, your social security benefits are taxed
up to 85 percent, depending on your income.
Right.
So the president had said he would hopefully
end all taxes on social security.
But what the big beautiful bill did was
not eliminate income tax on social security.
There is now a new senior deduction of
(19:40):
six thousand dollar per filer age 65 and
older.
So if you're 62 and decided to go
like social security.
This is not for you.
You have to be 65 and meet certain
income limits, as you referenced in the other
provisions.
And you have a deduction which will be
a new line on the income taxes.
(20:04):
Another line on the income taxes where you
can deduct six thousand dollars from your taxable
amount of social security.
Yeah.
So, you know, another thing that sounded real
good when we started, like people maybe were
counting their monies, but the actual provision that
was passed in the compromise with the Democrats
(20:26):
and Republicans House and Senate.
This is what came up.
So still some good news, but not as
good as one might hope.
Similar to the overtime needs.
It's very similar.
When you were talking about it, I was
thinking, yeah, there's a lot of things like
that.
Yeah.
But at the end of the day, I
was looking at some, you know, projected tax
returns on our planning software and seniors over
(20:51):
65 can earn can have up to like
a.
I think it was.
Don't quote me on this number exactly, but
I think it was about forty seven thousand
five hundred as the total standard deduction for
2025, which is considerable for a married couple.
So it's because it's the the standard deduction
plus the there is a I think sixteen
(21:12):
hundred dollars or double that for a married
couple that was already in place for people
over 65.
And there's this additional six thousand per person.
So and so here's another answer to that
question, which I kind of answered, but I
want to emphasize it.
So sometimes people, when something new happens, they
(21:33):
say, oh, but I do the standard deduction.
Will I still be able to deduct?
And yes, this is going to be a
separate line item, not included in the standard
deduction, the six thousand dollars.
So this is this this is for every
senior who may see income qualifications.
So that's good news for a lot of
(21:55):
people.
OK, I have one more question for you,
Jeff.
This is not on the beautiful bill, at
least not.
So it says we've been investing in a
five twenty nine for our son's college expenses.
Five to nine is invested in a growth
stock mutual fund and has been doing great
as our son will be a senior in
(22:16):
high school this fall and using the five
to nine money next year.
My wife and I are nervous about the
stock market and what happens as it goes
down.
What happens if it goes down at the
same time?
Our son needs the money.
Should we be doing anything about this?
It's a good question.
You know, we get this question in many
contexts, like in retired people, you know, people
(22:41):
even when they're just retiring, you know, they'll
they'll come in and they'll have a 401k
say that they want to roll over and
they've had it aggressively invested in their accumulation
years and they they feel like I'm not
working anymore.
I want to reduce risk.
That's a very normal feeling.
(23:02):
Right.
And sometimes it's appropriate.
Sometimes it's not.
We spend a lot of time with these
clients to see to see what their needs
are, what their cash flows are, other income.
But oftentimes we encourage them not to de
-risk completely because a 65 year old very
well could have 25 plus years left of
(23:22):
living and needing those money.
So maybe it's a bucket approach.
Um, this is different.
It's the same where someone's having a feeling
about risk.
But this is different because the time frame
where this family will want to access those
funds, those 529 funds, which are college savings
funds, tax tax free is used for education.
(23:44):
Um, it's very, it's a short window.
It's between now one and say five years,
first year of college, next year in the
example in the next four years when they'll
need these funds.
And so thinking about what if next year
we have a bear market or we have
a significant correction or a period of the
down market, which happens, you know, we don't
(24:06):
like them, but they happen and they know
parts of the market.
It doesn't mean that investing in a growth
mutual fund wasn't a good idea.
It probably was a great idea.
Obviously, you know, to think about the last
18 years, it's been some ups and downs,
but I'm sure that 529 fund has done
really well.
Right.
So they're at the end, they're getting close
to the end.
So I think they have two choices.
(24:27):
And I think leaving it in a growth
mutual fund with that short time frame and
the markets being at record highs begs the
question of, should we?
And the answer is yes, you should de
-risk a portion or all of it.
So you get two different approaches here.
And many people don't, aren't aware of this.
(24:47):
Within a 529, they usually have you pick
one investment as your money's going in, but
you can once, it's either once a year
or once every six months, depending on your
state and the rules, but you can segregate
some funds out.
You can put them in a separate investment,
meaning making a change in your investment choice.
In this case, maybe a money market account,
(25:08):
right?
If they want to take, if they want
to go totally on the safety market.
Yeah.
So I would encourage them if they're working
with an advisor, you know, I get a
lot of questions.
Are these funds dedicated completely for, are there
other funds coming in?
So it'd be prudent to add a minimum
to take next year's, the freshman year in
(25:31):
college, next year's funds out of the market
risk.
Yeah.
And put them into a money market, still
get four or four and a half percent,
whatever it is and have those funds that,
you know, whatever happens over the next year,
the market goes up a little bit, you
lose a little bit on return, but it's
not favorable.
Then you know that you're not going to
(25:51):
be affected by a market downturn, a market
volatility.
I would encourage them to at least do
that.
They could make, they could make a very
rational decision to say, we've had a great
run.
We've had great returns.
We're going to be needing this money.
Let's switch it all to a less risky
or no risk situation.
(26:12):
It really depends on how much money they're
going to need, how they view risk.
Are they going to be worrying about this?
Do they have other funds that they might
use?
But the question is a great question.
And the answer is somewhere, you know, on
a personal level, we try to offer guidance
in these segments on the show, but it's
really about the individual and, you know, how
(26:33):
the whole fits into the whole financial plan.
But the question is a good one.
And I think their, their feeling of concern
is accurate.
And I would, I talked to their, they
should talk to their advisor and ask what
they think.
But I think it's very prudent to at
least take the first year, maybe two, maybe
all of it, depending on the situation and
(26:54):
how they, how they view risk.
Yeah.
I think it also depends on if, you
know, if it's solely meant for that one
child or if it's going to be, you
know, moved over to your next kid, let's
say after the first one's out of school.
But in general, you can think of it
similar to you do with savings.
And if you're going to be spending the
(27:16):
money within, you know, two, three, even four
years, there's, there's a big argument to be
made for having that in cash and having
that more liquid, if not cash, very conservatively
invested at the very least, because, you know,
you're going to be using that.
It's very different than when we try to,
you know, project our lifespan and how long
we're going to live.
That's a number we don't know.
(27:36):
We have no way of knowing.
But with college, it's sort of a finite
amount of years.
And that's kind of it.
So that's one thought.
And then the other is I know some
529 plans have sort of similar to like
a target date fund where they have like
a, you know, they're saying that your child
is going to be in college this year.
So this is our target.
(27:56):
And it auto adjusts over time.
So that's, yeah, that's another investment choice within
529 plans.
Not all, but some.
So if these folks were in a target
fund, it would have already been done.
Right.
It would have been transitioning over time.
Exactly.
So they would have very little market risk
being a year out from the funds being
needed.
(28:17):
Target funds have, you know, they kind of
they're designed to reset it and forget it.
In the early years and mid years, you
probably lose a little bit of potential for
earnings because they're being, in my opinion, a
little too conservative.
And some of these target funds have higher
fees than others.
So it's not all positive with target funds,
(28:38):
but the principle behind it is a good
principle about risk reduction.
The closer you're getting to the goal, you
know, we'll have clients say, OK, I'm going
to start saving for a house.
How long?
Five years.
And they'll have in their mindset of, OK,
let's invest in Nvidia or let's invest in,
you know, semiconductors or let's invest in some
(29:00):
stock that they heard about.
Um, because they're trying to maximize their their
returns by increasing their risk.
But by doing that, they're certainly taking the
risk of not reaching that goal five years.
So it's really a modeling and a measurement
of not their own, not only their own
(29:21):
risk, but more importantly, is one of those
funds going to be needed, whatever the goal
is.
And certainly going to college at a certain
time is a very specific time frame.
That is not movable, obviously, but not really
that movable for 99 percent of the people.
Exactly.
Good questions, Russ.
(29:41):
Thanks for joining us.
And let's see next time if we can
have a whole episode without mentioning the one
big beautiful bill.
We'll see.
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(30:02):
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Until then, keep striving for something more.
Thank you for listening to something more with
Chris Boyd.
Call us for help, whether it's for financial
planning or portfolio management, insurance concerns or those
(30:24):
quality of life issues that make the money
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You're listening to something more with Chris Boyd
(30:45):
Financial Talk Show.
Wealth Enhancement Advisory Services and Jay Christopher Boyd
provide investment advice on an individual basis to
clients only.
Proper advice depends on a complete analysis of
all facts and circumstances.
The information given on this program is general
financial comments and cannot be relied upon as
pertaining to your specific situation.
Wealth Enhancement Group cannot guarantee that using the
information from this show will generate profits or
ensure freedom from loss.
(31:06):
Listeners should consult their own financial advisors or
conduct their own due diligence before making any
financial decisions.
Welcome to Something More with Chris Boyd.
Chris Boyd is a certified financial planner practitioner
and senior vice president financial advisor at Wealth
Enhancement Group, one of the nation's largest registered
investment advisors.
We call it Something More because we'd like
to talk not only about those important dollar
and cents issues, but also the quality of
life issues that make the money matters matter.
(00:22):
Here he is, your fulfillment facilitator, your partner
in prosperity, advising clients on Cape Cod and
across the country.
Here's your host, Jay Christopher Boyd.
Welcome to another edition of Something More with
Chris Boyd.
Chris Boyd is off today.
So my name is Jeff Curry.
I'm sitting in the co-host seat with
my co-host Russ Ball.
(00:42):
Russ, thanks for joining.
Thanks for having me, Jeff.
Happy to be here.
I was just, for the listeners, we're going
to do a mailbag episode today.
We're going to take a number of questions
from issues with the big beautiful bill questions
about that to 529 questions, college savings questions.
So we'll see where we go when we
(01:03):
dig into the questions from listeners and clients
that we've developed over the last month or
so.
But Russ, before we get into those questions,
I was looking at the date.
It's the date of my granddaughter's birthday today.
So happy birthday, Faith.
I'm sure you're not listening.
But I'm realizing, like, this is halfway through
(01:26):
summer.
I mean, if you count July and August
as summer, it's halfway.
If you count June, July, August, September as
summer, you're halfway.
So summer is half over.
Are you achieving your summer goals?
Are you, like, out there doing those summer
things?
Oh man, I'm trying.
I'm trying.
You're behind.
I'm definitely behind.
(01:46):
I've been to the beach, I think, twice.
And I had a goal much more than
that.
But no, it's been a good summer.
Of course, when August hits, it starts feeling
like, all right, it's already winding down.
But there's still more time.
There's more time to do some fun stuff
and enjoy Cape Cod in the summer.
Yeah, I think when August hits, people are
(02:08):
like, you know what, we haven't done this.
We haven't gone here.
We haven't done this.
We said we were going to do this,
you know, and it's like the time to
focus or it's going to go by.
Yeah, it's true.
It's true.
It's going to flash by and then soon
it's going to be fall and we're going
to be cold again.
Or not you.
You're going to be cold.
Not you.
(02:28):
You're going to be comfortable.
I'll be less hot.
For our listeners, Russ is on Cape Cod
at our team office in Hyannis, team AMR
office of Wealth Enhancement.
And I am, although from Cape Cod, I
am living in Florida.
So we're coming back to the Cape from
Florida at the end of August a little
(02:50):
bit.
So we'll get some of that Cape summer
and get a relief from the Florida summers.
Yeah, that's always good to look forward to.
Hopefully it's good weather when you come.
It's been pretty hot here lately.
Yeah, I have, you know, most of my
family is still in Massachusetts on the Cape
or Rhode Island or where they happen to
(03:12):
scatter.
And I hear from them almost every day.
And this summer, it's been hotter in New
England, if you will, in southern New England,
than here many days.
It's been a hot summer.
Yeah, yeah, no, it's it's been feeling hot.
And I was in I was in the
city in New York City last weekend.
(03:32):
It was scorching in New York City.
So definitely, you know, it's comparable to what
you've got going on in Florida.
It seems like it.
Yeah, we're just kind of used to it.
Yeah.
All right, let's dig into the mailbag.
I'm going to start with you.
I get a question from a I think
that's a client question that now this one
was a listener question.
(03:53):
So here we go.
My elderly grandfather has informed me that I,
the person writing the question, will be inheriting
a traditional IRA, presumably when the grandfather passes.
I'm already in the 24% tax bracket
and was wondering if there's anything I can
do to lessen my income taxes with the
additional funds coming from the beneficiary IRA.
(04:15):
So here's a busy young person that seems
to have a good salary.
They're in the 24% tax bracket already.
And they're worried about future taxes when they
get this IRA, beneficiary IRA.
So do you have any advice?
Yeah, I have a couple thoughts.
So, you know, when when children are inheriting
(04:39):
or plan to inherit or expect to inherit
anything from from their parents, a lot of
time it is going to be IRA dollars,
money that will be taxed as part of
the SECURE Act.
There's no more stretch rule for those IRAs.
So you have to take those if you're
not a spouse, beneficiaries have to take those
(05:00):
inheritance over 10 years.
So there has to be nothing left in
the IRA after 10 years.
As you might imagine, that could create a
significant tax event.
Yeah.
And for a lot of people that are
inheriting, it's in their peak earning years.
And so they're at the highest or as
high as they're going to be in their
life.
(05:20):
And they have to withdraw from these IRAs
that they inherited.
Of course, you know, it's it's it's money.
It's not it's still it's still inheritance.
It's still a gift.
But it does create a tax burden.
And I recently had a client come in
and ask, you know, the legacy planning was
sort of part of their goal or one
(05:41):
of their goals.
And they're saying, you know, I have all
this inheritance.
I mean, all this IRA money.
When my kids inherit it, they're going to
have to pay taxes on it, right?
Well, they are.
There are a few that you can do.
One and the one that we talked about
at the time was doing some Roth conversions.
(06:02):
So getting more of that money out of
IRAs and into out of traditional IRAs and
into Roth IRAs, which does not have that
tax impact when you when you pass and
there isn't.
In this case, the father or mother, the
people who would be passing and leaving the
IRAs have to pay the taxes when they
(06:24):
do the conversion.
That's exactly right.
So it's it's you're you're taking on the
tax burden that you would have passed on
to your heirs.
And they may be in, you know, depending
on the circumstances.
But sometimes people when they're retired are in
a lower tax bracket.
Right, right.
So so that's definitely one and probably the
most common solution to that to that issue.
(06:47):
If you if you don't if you're worried
about the tax hit for those 10 years
for your heirs, probably doing some Roth conversions
would make sense.
I did, however, come across an article recently
that talked about using a life insurance policy
as sort of a hedge against having to
pay those taxes yourself or for or for
(07:10):
your heirs.
It's a little bit complicated, but but the
the basics are that, let's say you and
your spouse are 65 years old or in
that area, rather than just building up your
IRA and then slowly withdrawing it.
Let's say you have other income from Social
(07:31):
Security or other retirement assets.
You can use some of those some of
the IRA money to purchase a life insurance
policy and have that pass on to your
heirs.
And basically the thinking is you're drawing down
your IRA, but at a smaller rate.
So it's about like, let's say it's a
(07:51):
policy in this article I'm thinking of.
It was like $40,000 a year.
So significant premium for a universal life insurance
policy.
But then you're not restricted as far as
having to do Roth conversions.
You can just use your money as you
want.
And then there's always going to be that
inheritance that's tax free to your heirs.
So it's a little bit complicated.
(08:12):
It's definitely a specific case by case basis.
If the person is already elderly and that
would be passing those funds along, that might
be a little bit more difficult because you
can't get insurance up to a certain point.
But this is a math problem.
If someone's interested in exploring that, you really
(08:35):
have to sit down with someone who's experienced
at doing these calculations and time value of
money and taxes.
And it's not a back of the napkin
analysis, I guess.
No, I wouldn't call it that.
It's definitely a little bit more complicated.
But it is an interesting solution that I
hadn't heard of before reading this article talking
(08:55):
about using life insurance to reduce the tax
impact for heirs and for yourself, presumably.
It's interesting in that I'm not trying to
be negative about life insurance.
But don't ask your life insurance salesman to
do this analysis.
Yes, very good point.
(09:15):
Right.
So this isn't going off of our program
today.
But it's a good reminder that when you're
getting advice from someone, you should always ask.
I always have these three questions in the
financial world.
One is, are you a fiduciary?
And a fiduciary means someone who works for
(09:37):
you and your best interest.
They're legally and ethically bound to help you
ethically and legally for your best interest, not
in their best interest, like how much commission,
how much fee they have to give you
advice that's in your best interest.
Number two is, how are you compensated?
The person you're dealing with, how are you
paid?
Everybody's going to get paid for helping you,
(09:58):
selling you something, giving you advice.
Just have an understanding of how you're going
to get paid.
If someone's getting paid to sell you a
certain product, you should know that.
Before you listen to them.
And three is, if it's an investment vehicle,
where's my money being kept?
Where's it invested?
How's it kept?
How's it protected?
Is it insured?
(10:18):
All of those things.
So, you know, I'll give you a funny
story to make an analogy.
If I have a friend, for obvious reasons,
when I finish the story, I'm not going
to say the person's name, but they're a
surgeon.
And he says, if he gets a referral
from a physician to him for surgery, it's
(10:39):
most likely you're going to have surgery.
You know, so he, you know, very few
people who get referred to a surgeon, get
a referral back and say, no, we're not
going to do the surgery.
It's not a good option.
So, and just know who you're talking to,
know if there's some motive there, if there's
some financial benefit for them selling you something.
(11:00):
But so in this case, you know, if
you're working with a financial advisor and you're
like, you know, you're thinking that the strategy
that Russ just talked about might make sense
for you in your situation, go to your
financial advisor who's not selling you that life
insurance.
Right.
For example, in Russ's example.
So sorry to take up a couple minutes.
(11:21):
No, no, I think it's important.
I think that's a great point.
Like rather than going to the person who
sold you a life insurance policy, which and
their life insurance policy is going to be
very complex, especially universal insurance policy.
So, you know, that would be like a
permanent life insurance policy.
So definitely talking to your advisor, putting this
all out in a plan is definitely going
(11:43):
to be the way to go rather than
going directly to the source.
And then who knows what kind of product
you'll end up getting when you leave.
But yeah, we, you know, this is a
big part of what we do as advisors.
We're fiduciaries.
We're paid by a percentage of the assets
under our management.
In most cases, sometimes it's a fee-based
(12:04):
if people don't want to do it that
way.
But this is an example of like the
breadth of issues that we get from our
clients.
You know, a client may hear this podcast
and say, hey, is this right for me?
They come in, we do the analysis and
we give them our advice.
And if it's to buy that life insurance,
then we, you know, they buy it from
somebody else.
(12:24):
We don't sell it.
So, or some other thing that they hear
about or some other thing that maybe their
estate planning attorney tells them to talk to
us.
So a big part of what we do
is not just manage portfolios, is we help
our clients through these questions of, is this
the right thing for me?
And whatever that thing might be is, you
(12:44):
know, from investing to financial planning, to legacy
planning, to gifting and strategies around taxes.
So I think it's a good question that
highlights all those things, right?
Yeah, definitely.
All right, Russ, let's take a big shift
because we're getting a lot of questions as
I think all advisors are and accountants and
(13:08):
lawyers about the one big beautiful bill, the
bill that President Trump agenda bill that had
a lot of different provisions in it, but
they also had a lot of different opportunities
for people to save money.
We had a question recently that came up
in a client meeting and you're talking about
the deductions on overtime and tips.
(13:31):
So this was actually this question was specifically
about overtime.
You know, there is this new deduction and
I have the numbers here.
So for overtime, the maximum deduction is $12
,500 for individuals.
And that's starting this year, starting for 2025
and going until 2028.
$12,500 for individuals and $25,000 for
(13:53):
married filing jointly.
So for married couples.
For tips, it's $25,000 for individuals and
for married couples is the same for both.
There are income restrictions on that.
So it's those those deductions do phase out
after $150,000 for individual income and then
$300,000 for married filing jointly.
(14:16):
But those deductions are going to impact a
lot of people, obviously.
So one of the questions was, I have
overtime, you know, I get paid overtime.
So how are they going to know what
part of my salary is overtime?
How are they going to know how many
overtime hours I work?
What is deductible?
The current pay stubs and even further, the
W-2s don't have that.
(14:37):
It's just one long number.
Exactly.
It's not broken out.
Did some research because, you know, there are
a lot of things, different moving parts with
this new legislation and not everything is is
fully known right now.
So I think they're still trying to work
out some details.
But there is a new requirement for employers
to break it down on W-2s when
(14:59):
those come out at the end of the
year.
So it's going to break down what you
got in tips.
They're supposed to and what you were paid
in overtime as separate line items on the
W-2.
And that way you can know what you're
able to what qualifies to be deducted on
your tax return.
Sounds like it's going to be the one
big number with your overtime, those four tips
(15:19):
in the number and then a number that
you'll be eligible to deduct on a separate
line item on the tax bill.
That's what it seems like.
It's not entirely clear at this point.
And, you know, other questions were like, well,
what about for the overtime I already worked
this year?
Are they, you know, they didn't know that
this law was going to be this way.
So basically, as things stand, I'm sure there
(15:42):
will be changes.
But as things stand, companies are expected to
come up with an estimate for the amount
of overtime worked in the first half of
the year before this bill was passed.
In any case, I noticed something important about
overtime as well.
So it's not all hours of overtime, like
it's not your full pay for overtime that's
(16:04):
deductible.
It's only the premium amount.
So it's the amount over your base pay.
If you make $20 an hour and you
get time and a half, so you get
$30 for overtime.
It's just the $10 part of it.
That's exactly right.
Yeah.
It's just the additional amount that you get
paid for overtime that would be going towards
that $25,000 deductible.
(16:27):
I didn't know that.
That's interesting.
So it's still good for people who work
overtime.
There's going to be an advantage there.
But it's not quite as good as you
might have been doing the math on, right?
Not quite as good as it might have
looked off the bat without hearing the fine
print there.
So definitely some things to know.
But the good news is that there is
(16:49):
going to be some sort of definition of
what amount qualifies on your W-2 when
you do your taxes.
Well, the big beautiful bill is big.
I'll leave it to the pundits to say
it's beautiful.
But it's certainly a bill that's going to
keep accountants and estate planning and financial advisors
working.
Oh, yeah.
For sure.
(17:09):
I think every other webinar I'm getting emails
about is about the one big beautiful bill.
So much for simplifying the tax code.
And I think that trend is that bus
has left the station as they speak.
Definitely.
Definitely.
But there's a lot to stay on top
of.
But that's what we're working on behind the
scenes.
For you, Jeff, I have another question on
(17:31):
the one big beautiful bill act.
No surprise.
We're sticking with this.
Yeah, yeah, yeah.
I imagine there will be more for our
next middle bag episode.
But for this one, here's the question.
I'm retired and receive monthly social security benefits.
I heard that the newly enacted one big
beautiful bill act eliminates federal income tax on
(17:53):
social security benefits.
Is that true?
No.
It's not true.
And I get why people are confused whether
it's, you know, we talked about taxes and
tips and social security.
The president, President Trump, during the campaign and,
you know, even afterwards, for a while, he
was, I won't say promising.
(18:15):
He uses this rhetoric as indications of what
he'd like to do.
And then he compromises, right?
So but there was a lot of rhetoric
that social security, no taxes on overtime, no
taxes on tips, no taxes on social security.
So, you know, then people who aren't paying
close attention to this and who should, right,
besides people who need to like us.
(18:36):
But then they see, oh, the bill passed.
So they make they make these assumptions that
the rhetoric of no taxes on this in
this case on social security passed and they
get excited.
But now the one big beautiful bill doesn't
make social security benefits fully taxable.
Right.
Just as a refresher.
Many, I won't say most because low income
(18:57):
people, you know, would be exempt from this.
So many social security recipients pay income taxes
up to 85 percent of the benefits.
And don't get confused with this statement often
confuses people with them thinking that if they
work, they're going to lose part of the
social security.
That's not what I'm talking about.
I'm talking about when you reach a certain
(19:18):
income level, your social security benefits are taxed
up to 85 percent, depending on your income.
Right.
So the president had said he would hopefully
end all taxes on social security.
But what the big beautiful bill did was
not eliminate income tax on social security.
There is now a new senior deduction of
(19:40):
six thousand dollar per filer age 65 and
older.
So if you're 62 and decided to go
like social security.
This is not for you.
You have to be 65 and meet certain
income limits, as you referenced in the other
provisions.
And you have a deduction which will be
a new line on the income taxes.
(20:04):
Another line on the income taxes where you
can deduct six thousand dollars from your taxable
amount of social security.
Yeah.
So, you know, another thing that sounded real
good when we started, like people maybe were
counting their monies, but the actual provision that
was passed in the compromise with the Democrats
(20:26):
and Republicans House and Senate.
This is what came up.
So still some good news, but not as
good as one might hope.
Similar to the overtime needs.
It's very similar.
When you were talking about it, I was
thinking, yeah, there's a lot of things like
that.
Yeah.
But at the end of the day, I
was looking at some, you know, projected tax
returns on our planning software and seniors over
(20:51):
65 can earn can have up to like
a.
I think it was.
Don't quote me on this number exactly, but
I think it was about forty seven thousand
five hundred as the total standard deduction for
2025, which is considerable for a married couple.
So it's because it's the the standard deduction
plus the there is a I think sixteen
(21:12):
hundred dollars or double that for a married
couple that was already in place for people
over 65.
And there's this additional six thousand per person.
So and so here's another answer to that
question, which I kind of answered, but I
want to emphasize it.
So sometimes people, when something new happens, they
(21:33):
say, oh, but I do the standard deduction.
Will I still be able to deduct?
And yes, this is going to be a
separate line item, not included in the standard
deduction, the six thousand dollars.
So this is this this is for every
senior who may see income qualifications.
So that's good news for a lot of
(21:55):
people.
OK, I have one more question for you,
Jeff.
This is not on the beautiful bill, at
least not.
So it says we've been investing in a
five twenty nine for our son's college expenses.
Five to nine is invested in a growth
stock mutual fund and has been doing great
as our son will be a senior in
(22:16):
high school this fall and using the five
to nine money next year.
My wife and I are nervous about the
stock market and what happens as it goes
down.
What happens if it goes down at the
same time?
Our son needs the money.
Should we be doing anything about this?
It's a good question.
You know, we get this question in many
contexts, like in retired people, you know, people
(22:41):
even when they're just retiring, you know, they'll
they'll come in and they'll have a 401k
say that they want to roll over and
they've had it aggressively invested in their accumulation
years and they they feel like I'm not
working anymore.
I want to reduce risk.
That's a very normal feeling.
(23:02):
Right.
And sometimes it's appropriate.
Sometimes it's not.
We spend a lot of time with these
clients to see to see what their needs
are, what their cash flows are, other income.
But oftentimes we encourage them not to de
-risk completely because a 65 year old very
well could have 25 plus years left of
(23:22):
living and needing those money.
So maybe it's a bucket approach.
Um, this is different.
It's the same where someone's having a feeling
about risk.
But this is different because the time frame
where this family will want to access those
funds, those 529 funds, which are college savings
funds, tax tax free is used for education.
(23:44):
Um, it's very, it's a short window.
It's between now one and say five years,
first year of college, next year in the
example in the next four years when they'll
need these funds.
And so thinking about what if next year
we have a bear market or we have
a significant correction or a period of the
down market, which happens, you know, we don't
(24:06):
like them, but they happen and they know
parts of the market.
It doesn't mean that investing in a growth
mutual fund wasn't a good idea.
It probably was a great idea.
Obviously, you know, to think about the last
18 years, it's been some ups and downs,
but I'm sure that 529 fund has done
really well.
Right.
So they're at the end, they're getting close
to the end.
So I think they have two choices.
(24:27):
And I think leaving it in a growth
mutual fund with that short time frame and
the markets being at record highs begs the
question of, should we?
And the answer is yes, you should de
-risk a portion or all of it.
So you get two different approaches here.
And many people don't, aren't aware of this.
(24:47):
Within a 529, they usually have you pick
one investment as your money's going in, but
you can once, it's either once a year
or once every six months, depending on your
state and the rules, but you can segregate
some funds out.
You can put them in a separate investment,
meaning making a change in your investment choice.
In this case, maybe a money market account,
(25:08):
right?
If they want to take, if they want
to go totally on the safety market.
Yeah.
So I would encourage them if they're working
with an advisor, you know, I get a
lot of questions.
Are these funds dedicated completely for, are there
other funds coming in?
So it'd be prudent to add a minimum
to take next year's, the freshman year in
(25:31):
college, next year's funds out of the market
risk.
Yeah.
And put them into a money market, still
get four or four and a half percent,
whatever it is and have those funds that,
you know, whatever happens over the next year,
the market goes up a little bit, you
lose a little bit on return, but it's
not favorable.
Then you know that you're not going to
(25:51):
be affected by a market downturn, a market
volatility.
I would encourage them to at least do
that.
They could make, they could make a very
rational decision to say, we've had a great
run.
We've had great returns.
We're going to be needing this money.
Let's switch it all to a less risky
or no risk situation.
(26:12):
It really depends on how much money they're
going to need, how they view risk.
Are they going to be worrying about this?
Do they have other funds that they might
use?
But the question is a great question.
And the answer is somewhere, you know, on
a personal level, we try to offer guidance
in these segments on the show, but it's
really about the individual and, you know, how
(26:33):
the whole fits into the whole financial plan.
But the question is a good one.
And I think their, their feeling of concern
is accurate.
And I would, I talked to their, they
should talk to their advisor and ask what
they think.
But I think it's very prudent to at
least take the first year, maybe two, maybe
all of it, depending on the situation and
(26:54):
how they, how they view risk.
Yeah.
I think it also depends on if, you
know, if it's solely meant for that one
child or if it's going to be, you
know, moved over to your next kid, let's
say after the first one's out of school.
But in general, you can think of it
similar to you do with savings.
And if you're going to be spending the
(27:16):
money within, you know, two, three, even four
years, there's, there's a big argument to be
made for having that in cash and having
that more liquid, if not cash, very conservatively
invested at the very least, because, you know,
you're going to be using that.
It's very different than when we try to,
you know, project our lifespan and how long
we're going to live.
That's a number we don't know.
(27:36):
We have no way of knowing.
But with college, it's sort of a finite
amount of years.
And that's kind of it.
So that's one thought.
And then the other is I know some
529 plans have sort of similar to like
a target date fund where they have like
a, you know, they're saying that your child
is going to be in college this year.
So this is our target.
(27:56):
And it auto adjusts over time.
So that's, yeah, that's another investment choice within
529 plans.
Not all, but some.
So if these folks were in a target
fund, it would have already been done.
Right.
It would have been transitioning over time.
Exactly.
So they would have very little market risk
being a year out from the funds being
needed.
(28:17):
Target funds have, you know, they kind of
they're designed to reset it and forget it.
In the early years and mid years, you
probably lose a little bit of potential for
earnings because they're being, in my opinion, a
little too conservative.
And some of these target funds have higher
fees than others.
So it's not all positive with target funds,
(28:38):
but the principle behind it is a good
principle about risk reduction.
The closer you're getting to the goal, you
know, we'll have clients say, OK, I'm going
to start saving for a house.
How long?
Five years.
And they'll have in their mindset of, OK,
let's invest in Nvidia or let's invest in,
you know, semiconductors or let's invest in some
(29:00):
stock that they heard about.
Um, because they're trying to maximize their their
returns by increasing their risk.
But by doing that, they're certainly taking the
risk of not reaching that goal five years.
So it's really a modeling and a measurement
of not their own, not only their own
(29:21):
risk, but more importantly, is one of those
funds going to be needed, whatever the goal
is.
And certainly going to college at a certain
time is a very specific time frame.
That is not movable, obviously, but not really
that movable for 99 percent of the people.
Exactly.
Good questions, Russ.
(29:41):
Thanks for joining us.
And let's see next time if we can
have a whole episode without mentioning the one
big beautiful bill.
We'll see.
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(30:02):
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Until then, keep striving for something more.
Thank you for listening to something more with
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Call us for help, whether it's for financial
planning or portfolio management, insurance concerns or those
(30:24):
quality of life issues that make the money
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You're listening to something more with Chris Boyd
(30:45):
Financial Talk Show.
Wealth Enhancement Advisory Services and Jay Christopher Boyd
provide investment advice on an individual basis to
clients only.
Proper advice depends on a complete analysis of
all facts and circumstances.
The information given on this program is general
financial comments and cannot be relied upon as
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(31:06):
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