Jason Rainier, CFP talks to Dr. Justin Trosclair DC on A Doctor's Perspective Podcast.
Doctor based Retirement and
Investment options. Jason Rainier CFP will cover FSA’s, 401K, SEP IRA, 5...
Jason Rainier, CFP talks to Dr. Justin Trosclair DC on A Doctor's Perspective Podcast.
Doctor based Retirement and
Investment options. Jason Rainier CFP will cover FSA’s, 401K, SEP IRA, 529B
education funds, Trusts, Estate taxes, Wills, Index vs Managed Funds and Life
Insurance. Novice or established you will learn something new.
What is a Certified Financial
Planner, CFP? Qualifications, job role, CE’s etc. While the CFA has a broad
spectrum of things they can do, part of their job is to coordinate and make
sure the CPA and Lawyer are also all on the same page.
The generic goals of investments and retirement are to save as much as possible and not pay more taxes than you have to (legally).
10:35 - Retirement Vehicles11:30 - 401K and 403B17:00 - FSA Account21:10 - SEP IRA –self employed24:18 - 529 Education Plans36:20 – Gifts37:23 – Estate Tax41:05 – Trusts43:25 – Testamentary Trust49:15 – Wills54:40 – Expense Ratios57:30 – Index Funds1:09:55 – Life Insurance1:23:45 Happy Family Life
What are 401K’s and 403B’s investments?
Limits on investing, tax benefits, when do you pay the tax, employer contributions, investment options, how much can you contribute each year and all those type of questions are answered.
What are Flexible Spending Accounts (FSA)?
When should you consider saving for health bills as well as reducing
taxes? A big quirk in the rule that you must pay attention to otherwise
you lose all the money you put in.
What type of person should consider prepaying for health bills?
What are SEP IRA ‘s investments for self employed people? There is a certain formula you have to use but you can save nearly triple the amount as a 401k.
In’s and out’s of 529B educational funds.
Jason helps us understand the limits, what qualifies as a school expense, what doesn’t count, and what to do if your kid decides to not go to university at all and the tax benefits of using an In state vs Out of state sponsored plan. Plus he discusses the legacy of paying for school for your grandchildren or other family members.
Why does he caution over funding an education fund at the cost of your own retirement?
You can gift a high amount of money tax free, Jason discusses the details behind Gifting: whether that’s to your kids, grandkids or whomever.
BE INFORMED AND ASK QUESTIONS and
READ THE PROSPECTUS
Estate tax used to big a real threat, but recently the rules have changed. Learn a bunch about estate tax in this segment. What’s the Annual Exclusion Amount and how does that tie into gifting.
What is a trust?
A big topic that Jason Rainier CFP talks about is Trusts. What is a trust, why would you set one up, and is it just for the rich? Reasons to set up a trust could be to protect your own loved ones from blowing through millions of dollars at a young age or you can even set one up to benefit a charity. Listen for all the details and examples of this fiduciary capacity.
Testamentary trust, what are they? It’s probably one you might consider for your own family when you have children. How to stop someone from stealing the inheritance that your kid should get while a person is overseeing the trust in their teen years?
What is a good schedule and time frame for your children to start receiving lump sum amounts from their trust?
Fun side note: a notary in Louisiana also has to understand law, so the pass rate is only 20%.
Important parts of trusts are for probate reasons, protecting or guiding the way your wealth is distributed from beyond the grave and a few other reasons you can listen to. One reason you may want to avoid a general Will is to avoid the public records in the court system.
Expense Ratios and Index and Managed Funds
You have to understand about the Expense Ratios and Percent in passive Index Funds vs actively managed funds. Let’s learn the pluses and minuses of both investment sides of the argument and what are considered mutual fund expenses...
view more