Last month’s presentation by the A Little Help non-profit organization discussed taxes and finances. Host Jason Morgan introduced the panel of speakers: Cathy Schwartz with Waddell & Reed Financial Advisors, Ashlee Lease with Blue Federal Credit Union, and Beau Smith with Edward Jones. Amanda Gregg with Soaring Eagle Healing started the presentation on using meditation exercises for relaxation and to prevent stress. Visit www.alittlehelp.org/littletalks for this and past videos to learn more.
Cathy explained common tax errors to avoid such as filing quarterly tax reports as a business to avoid penalties, using the correct filing status is important, claiming dependents living with you, home office deductions by the self-employed, keeping records from 7 to 10 years, claiming medical deductions, marriages & divorces, IRA and 401k contributions and distributions after age 72, saving for college 529 plans vary by state, inheritance from retirement plans, tax planning on gift giving and donations, and itemized versus individual standard deductions.
Ashlee discussed different principles for preserving wealth. She emphasized the three steps on investing, financial, and estate planning. She discussed your longevity and managing your investing portfolio completing important documents regarding healthcare issues on Advanced Directives, Living Will, Power of Attorney, Durable Power of Attorney for medical emergencies. Protect your assets by having a will or trust and title of assets to avoid unnecessary probate issues. Bottom line is to meet with attorney, financial planner, and your accountant (CPA) to review your documents.
Beau discussed estate planning and recommended registering your accounts and assigning an executor and beneficiary(s) to your important assets, which should be listed in your will. This includes your bank, retirement, life insurance, investment, and annuity accounts if listed. If you have no will or trust, a very long probate process can occur with consequences to your family members. Be sure to review and update your will or trust with your attorney. Thanks to A Little Help for their educational monthly series!