Ep. 83 Inheriting An IRA - You Need To Know These Rules Red Barn Financial podcast

8:08

In this episode of the Red Barn Financial podcast we talk about the most googled financial questions of 2024. It’s always interesting to see what’s on people’s minds, especially when it comes to finances. Did you know some of the most Googled financial questions in 2024 included: “How do I start investing?” , “What’s the best way to save for retirement?” , and “Do I really need life insurance?” These are great questions, and if you’ve been wondering about them too, you’re not alone. Financial planning can feel overwhelming, but I’m here to simplify it for you. Whether you’re curious about building wealth, protecting your family, or maximizing your savings, let’s address your biggest questions together. No question is too big—or too small—when it comes to your financial future. I’d love to schedule a time to chat and help you gain clarity and confidence about your next steps. Let’s turn those Googled questions into personalized answers for your goals. Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact smoran@redbarnfinancial.com visit www.redbarnfinancial.com or call 615-619-6919…

Red Barn Financial Podcast

1
Episode 91 - What Do You Value Most? 7:48

10 weeks之前7:48

7:48

In this episode of the Red Barn Financial Podcast, I kick off the 21 day devotional "Look At The Sparrows" by Faithfi. In this episode we explore Matthew 6:19-21 which says: 19 “Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. 20 But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal. 21 For where your treasure is, there your heart will be also. If we put our efforts and desires in things of this earth, we will be left feeling empty. This is not to say that having nice things is bad. What it is saying is that our focus should be on being content in who God made us and in what His goals are for our lives, which will be way better than any plan we have. Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact smoran@redbarnfinancial.com visit www.redbarnfinancial.com or call 615-619-6919…

Red Barn Financial Podcast

1
Ep. 90 How to Reduce or Eliminate Debt in 2025 8:23

11 weeks之前8:23

8:23

In this episode of the Red Barn Financial Podcast, Sean Moran talks about ways to reduce or eliminate debt. It's often a strategy and a process and we talk through the ways in which to make this happen for you. Are you committed to paying down your debt this year? Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact smoran@redbarnfinancial.com visit www.redbarnfinancial.com or call 615-619-6919…

Red Barn Financial Podcast

1
Ep. 89 Avoid Leaving Your Heirs a Big Tax Liability - Do This Instead 8:34

14 weeks之前8:34

8:34

In this episode of the Red Barn Financial Podcast, Sean Moran talks about the unintended consequences of leaving money to loved ones. When you leave money to someone, you may be leaving them a tax liability that could have been smaller with a bit of planning. Here are a few things to consider: Plan while both spouses are alive Consider the tax bracket of the people you are gifting to Think about actionable planning to reduce your tax liability over time Giving equal amounts to multiple people doesn't always result in them receiving an equal amount. This chart will help you follow along: Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact smoran@redbarnfinancial.com visit www.redbarnfinancial.com or call 615-619-6919…

Red Barn Financial Podcast

1
Ep. 88 Year-End Giving: A Tax-Smart Strategy for Charitable Giving 11:34

16 weeks之前11:34

11:34

In this episode of the Red Barn Financial Podcast, I talk about ways to make your charitable giving go further with some tax efficient ideas. I share the keys to giving and finding where your philanthropy can have the most impact. The use of a Donor Advised Fund (DAF) or making a Qualified Charitable Distribution (QCD) from an IRA are two potential ways to improve your giving by paying less in taxes, thereby leaving more for the charity or less of a tax burden for yourself. Giving appreciated stock vs. selling the stock and giving cash, and many more topics are discussed. Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact smoran@redbarnfinancial.com visit www.redbarnfinancial.com or call 615-619-6919…

Red Barn Financial Podcast

1
Ep 87 - What happens to your investment when new investors are brought in 9:10

18 weeks之前9:10

9:10

Equity ownership dilution occurs when a company issues additional shares, reducing the ownership percentage of existing shareholders. This is common during second round fundraising (Series B), where new investors come on board, and more shares are created to accommodate their investment. It isn't necessarily a bad thing, however, because 10% of a company with no money is likely worth less than 5% of a company with money. Key points to consider include: Impact on Ownership: Existing shareholders' ownership percentages decrease, which can affect control and decision-making power. Valuation and Terms: The company's valuation and the terms of the new investment round play crucial roles in determining the extent of dilution. Protective Measures: Founders and early investors often negotiate anti-dilution provisions to protect their stakes. Understanding these aspects helps founders and investors make informed decisions during subsequent fundraising rounds. Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact smoran@redbarnfinancial.com visit www.redbarnfinancial.com or call 615-619-6919…

Red Barn Financial Podcast

1
Ep 86 Smart Planning to Avoid the Widow Tax Penalty In the Future 8:59

19 weeks之前8:59

8:59

When one spouse passes there is a little known and unintended consequence from a tax perspective. It’s often called the Widow Penalty. This is the result of the fact that generally a retired married couple lives on close to the same amount of money (because of the shared household expenses) when they are both alive as compared to when one passes. The issues comes from the fact that now the surviving spouse is single and their standard deduction is cut in half. In 2024 that would be from $29,200 married filing joint vs $14,600 if they were single. Additionally, the amount of income they can earn per each tax bracket is roughly half of what it would be if they were still considered married. For example, a Married couple with $201,050 of taxable income would be at the top of the 22% tax bracket, while a single person with the same income would be in the 32% bracket, some 10% and 2 brackets higher. The best way to avoid this is to be proactive with your tax planning. A financial advisor such as myself can help you with this. Disclaimer: This podcast is not tax, legal or financial advice. Every person’s situation is different. If you would like to discuss your personal situation, feel free to reach out to Sean at 615-619-6919, email smoran@redbarnfinancial or schedule a meeting at Calendly.com/spmoran…

Red Barn Financial Podcast

1
Ep. 85 Saving for Retirement At Various Life Stages 8:32

23 weeks之前8:32

8:32

In this episode of the Red Barn Financial Podcast, Sean Moran shares the different strategies for investing at different stages of your life. One example is when you are younger, you might want to put your retirement funds in Roth accounts as your tax liability is low, so a tax deduction might not be as valuable. As you reach the peak of your career, you may be in the highest tax brackets and want to reduce your taxes, in which case the traditional 401(k) or IRA might be a better choice. If you have a lot of money in your traditional accounts, you might want to consider Roth so that your RMDs (Required Minimum Distributions) are lower. Working with a financial advisor can help you choose the best strategies. Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact smoran@redbarnfinancial.com visit www.redbarnfinancial.com or call 615-619-6919…

Red Barn Financial Podcast

1
Ep. 84 Taxing Unrealized Capital Gains 13:57

25 weeks之前13:57

13:57

“Taxing Unrealized Capital Gains: What You Need to Know” Current Taxation System: Under the current system, taxpayers pay taxes on the growth in the value of their assets when they are sold (realized gains). Short-term gains (assets held for less than one year) are subject to ordinary income tax rates. Long-term gains (assets held for over a year) are taxed at a top rate of 23.8%. Kamala Harris’ Proposal: Harris has proposed taxing unrealized capital gains for individuals. These taxpayers would report unrealized gains annually, including basis (original purchase price) and market value as of December 31. The tax applies if the individual does not pay at least a 25% tax rate on their income (including unrealized gains). Payments can be spread out over subsequent years. Implications and Controversies: The proposal aims to address wealth inequality and capture gains from appreciating assets. Critics argue that it could be complex to implement and may have unintended consequences. Supporters believe it could generate revenue for social programs and reduce tax avoidance. Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact smoran@redbarnfinancial.com visit www.redbarnfinancial.com or call 615-619-6919…

Red Barn Financial Podcast

1
Ep. 83 Inheriting an IRA - You need to know these rules 9:55

28 weeks之前9:55

9:55

Are you the fortunate recipient of an inherited IRA? This podcast episode is your essential guide to understanding and maximizing your inherited IRA. We'll delve into the complexities of different inheritance scenarios, explore the rules and regulations governing inherited IRAs, and provide practical tips for making informed decisions about your financial future. Key Topics: Different Inheritance Scenarios: Understand the nuances of inherited IRAs based on your relationship to the deceased. Required Minimum Distributions (RMDs): Learn about the mandatory withdrawals you'll need to make from an inherited IRA. Tax Implications: Explore the tax consequences of withdrawing funds from an inherited IRA and strategies to minimize your tax burden. Stretching RMDs: Discover how to potentially extend the withdrawal period for an inherited IRA, allowing you to spread out tax payments. Roth Conversions: Explore the benefits and drawbacks of converting a traditional inherited IRA to a Roth IRA. Estate Planning Considerations: Understand how inherited IRAs can impact your overall estate plan and how to plan for future generations. Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact smoran@redbarnfinancial.com visit www.redbarnfinancial.com or call 615-619-6919…

Red Barn Financial Podcast

1
Ep. 82 - Early Retirement Account Withdrawals - What You Need to Know 9:16

29 weeks之前9:16

9:16

Pitfalls of Early Retirement Account Withdrawals The video provides information about early withdrawals from retirement accounts. The speaker discusses what an early withdrawal is, the penalties associated with it, and the circumstances under which you may be able to avoid those penalties. Some of the key points from the video include: Early withdrawals are any withdrawals taken from your retirement account before you reach age 59 and a half. Early withdrawals are subject to a 10% penalty on top of the regular taxes. There are some exceptions to the 10% penalty, including death, permanent disability, unreimbursed medical expenses, birth or adoption, qualified higher education expenses, first-time homebuyer expenses, military reservist duty, and rollovers. It's important to consult with a financial advisor or tax professional to determine if you qualify for any of the exceptions and to understand the potential tax implications of taking an early withdrawal. Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact smoran@redbarnfinancial.com visit www.redbarnfinancial.com or call 615-619-6919…

Red Barn Financial Podcast

1
Ep. 81 Tax Efficient Funding of a Major Purchase (House, Car, etc.) 17:19

37 weeks之前17:19

17:19

Ep. 81 Tax Efficient Funding of a Major Purchase (House, Car, etc.) In this episode I share how I helped a client with funding a home downpayment, but this process can work with any amount and any major purchase. The key here is to avoid penalties and keep our taxes to a minimum. Here is the spreadsheet used to walk through this. When you have an annuity, they often come with surrender charges if you cash them in early. In this case it was over $20k on one of them and the other we didn't have the information available, but it was going to be some number, likely around 8-10% as well. This is a hefty fee to pay and made us decide not to use them. With the inherited IRAs, while they are taxable, to most people they will not have early withdrawal penalties. An individual brokerage generally will have capital gains but if there are capital losses to offset them it could be a good place to draw from ad there isn't an income tax. Consolidating accoutns was another factor we took into account. Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact smoran@redbarnfinancial.com visit www.redbarnfinancial.com or call 615-619-6919…

Red Barn Financial Podcast

1
Ep. 80 Top 5 Considerations When Hiring a Financial Advisor 16:59

41 weeks之前16:59

16:59

When choosing a financial advisor, there are a number of questions you want to ask. In this episode of the Red Barn Financial Podcast, Sean Moran answers the Top 5 questions: Is the advisor licensed? Are they truly a financial advisor or are they an insurance agent or coach that gave themselves a fancy name? Don't just pick the first advisor you meet. Make sure you interview a few to determine if you are picking the right one. Just like you wouldn't buy the first house you looked at without seeing a few more, make sure you know you are picking the best advisor for you. Choose someone who is aligned with your values - whether it's faith based investing, ESG, giving to charity, retiring early or another value you have. Be sure your advisor understands your goals and is aligned and committed to helping you achieve them. Understand the fees - Does your advisor charge an Assets Under Management (AUM) fee, do they charge hourly, do they get commissions for selling you products? You want to know which applies and whether you are comfortable with that method. Do Your Homework - Look at Google reviews, see if the advisor has been recognized in their community, check out their website and understand if they have done the things you need before. Disclaimer : This podcast is for informational purposes only. It is not tax, legal or financial advice. What is right for one person may not be right for another depending on their circumstances. If you would like to contact us please email smoran@redbarnfinancial.com To learn more about Red Barn Financial and the services we provide visit www.redbarnfinancial.com:…

Red Barn Financial Podcast

1
Ep. 79 Does the Bible Talk About Money? 10:38

42 weeks之前10:38

10:38

In this episode of the Red Barn Financial Podcast, Sean Moran talks about the areas in the Bible where it speaks about money. This is only scratching the surface, because there are over 2,500 verses that talk about money. If you feel convicted to do what God is calling you to do with your money, specifically being a good steward of what has been given to you, reach out. We can help you with budgeting, intentional giving, putting money away for the future and tax advantaged ways to give. Disclaimer: This podcast is for informational purposes only. It is not tax, legal or financial advice. What is right for one person may not be right for another depending on their circumstances. If you would like to contact us please email smoran@redbarnfinancial.com To learn more about Red Barn Financial and the services we provide visit www.redbarnfinancial.com…

Red Barn Financial Podcast

1
Ep 78 Why Drawing From Your Retirement Account Early is a Costly Mistake 6:47

45 weeks之前6:47