The 'What's Next?' Retirement Podcast Craig Wear, CFP®

This episode focuses on the unique challenges faced by Canadians living and working in the United States and those planning to return to Canada. The conversation covers topics such as cross-border taxation, immigration issues, and retirement planning. The guests, Jerry Scott and Craig Wear, discuss the importance of finding the right professionals to navigate these complex issues and the need for proper planning to minimize tax liabilities. They also highlight the significance of filing the necessary elections and forms to ensure tax efficiency. The episode emphasizes the value of education and seeking expert advice in managing cross-border financial matters.

Find Gerry Scott Around the Web:

Snowbirds US Day Tracker:

www.snowbirdsusdaytracker.com

Snowbirds Wealth Management:

www.snowbirdswealthmanagement.com

Snowbirds Ex Pat Radio Podcast:

https://open.spotify.com/show/43fItjxqPBHTDbuRQdJhk3?si=9d0a9d23fe694aaf


Takeaways


Canadians living and working in the United States face unique challenges related to cross-border taxation and immigration issues.Proper planning and finding the right professionals are crucial in minimizing tax liabilities and ensuring tax efficiency.Filing the necessary elections and forms is essential for Canadians moving back to Canada to avoid potential tax consequences.Education and seeking expert advice are key in managing cross-border financial matters and making informed decisions.Chapters


00:00
Introduction and Unique Challenges for Canadians in the US
08:18
Jerry Scott's Business and Expertise in Cross-Border Financial Planning
27:04
Working with Canadians and Americans in Cross-Border Financial Matters
32:28
Exiting the US Properly and Avoiding Tax Issues
36:45
Conclusion and Call to Action

In this conversation, Craig discusses the questions and decisions that arise when preparing for retirement, including the important decision of choosing a Medicare plan. He introduces Emily, a Medicare consultant who helps individuals make informed decisions about Medicare. They discuss the differences between Original Medicare and Medicare Advantage, and Craig decides to stick with Original Medicare for its flexibility. They explore the various parts of Original Medicare, including Part A, Part B, and Part D. Emily provides recommendations for Medigap plans and Part D drug plans, and they discuss appealing income-related penalties. Overall, the conversation provides valuable insights into navigating the complexities of Medicare. In this conversation, Craig and Emily discuss the Part D late enrollment penalty and the considerations for delaying Part D coverage. They explore the options of keeping an existing drug plan or paying for medications out of pocket. They also discuss the risk of not having Part D coverage and the guaranteed enrollment period for joining a new Medicare Part D drug plan. They delve into the importance of selecting a stable insurance company and the factors to consider when choosing a Medicare supplement plan. They also touch on dental, vision, and hearing coverage, as well as the next steps for enrolling in Medicare.
Chapters

00:00 Introduction and Retirement Questions
00:29 Introduction to Medicare
00:55 Discovering Medicare Consulting
01:24 Inviting Emily, the Medicare Coach
03:20 Introduction to Emily's Business
04:02 Emily's Personal Experience with Medicare
04:22 Choosing Between Original Medicare and Medicare Advantage
05:29 Craig's Decision to Stick with Original Medicare
07:20 Understanding the Parts of Original Medicare
08:05 Choosing a Medicare Supplement Plan
09:26 Medicare Part D and Prescription Drug Coverage
11:58 Considering Doctors and Health Issues
13:26 Appealing Income-Related Penalties
14:21 Medigap Plans and Appeals
15:36 Understanding Medicare Part A and Part B
16:24 Medicare Part B Premiums and Deductibles
21:12 Appealing Income-Related Medicare Penalties
26:03 Recommendation for Part D Drug Plan
27:25 Considering Part D Penalties
27:56 Part D Late Enrollment Penalty
28:14 Considering Existing Drug Plan
28:29 The Risk of Delaying Part D Coverage
29:00 Qualifying for Medicare Part D
29:20 Guaranteed Enrollment Period
29:38 Enrolling in a Drug Plan
30:06 Options for Coverage in Case of a Curveball
30:21 Considering the Cost of Late Enrollment Penalty
30:47 Impact of Income on Part D Penalty
31:20 Coverage for Vaccinations
31:39 High-Level Overview of Part D
32:14 Selecting a Stable Insurance Company
33:15 Importance of Long-Term Planning
34:05 Guaranteed Enrollment for Medicare Supplement Plans
35:05 Comparison of Medicare Supplement Plans
36:04 Considerations for Plan G, High Deductible G, and Plan N
37:22 Considering Future Healthcare Options
38:03 Coverage for Medical Tests and Services
38:22 Dental, Vision, and Hearing Coverage
43:51 Next Steps: Enrolling in Medicare
46:09 Final Thoughts and Takeaways

Summary
This episode discusses accessing retirement funds while still working. Marcus Foote, an attorney, shares his discovery of a way to access qualified funds such as 401ks and pension plans. The most common reasons for accessing these funds include diversifying investment options, investing in alternative investments, and rolling funds down to a younger spouse. Marcus explains the process of using in-marriage quadros to transfer funds legally. He also addresses limitations and considerations, such as the type of plan and state-specific laws. The episode concludes with information on how to contact Marcus and schedule a consultation.
Takeaways
There is a way to access retirement funds while still working, such as 401ks and pension plans.Common reasons for accessing these funds include diversifying investment options and investing in alternative investments.In-marriage quadros can be used to transfer funds legally.Considerations include the type of plan and state-specific laws.Chapters
00:00
Introduction
00:30
Accessing Retirement Funds While Still Working
01:24
Introducing Marcus Foote
04:27
Common Reasons for Accessing Retirement Funds
06:11
Benefits of Rolling Funds Down to a Younger Spouse
07:40
Using Quadros to Avoid Early Withdrawal Penalties
09:24
Limitations and Considerations
11:16
Process Overview

Want to Learn More?

To discuss how the ideas presented here may fit into your future, simply email cw@craigwear.com to schedule a complimentary consultation with one of our CFPs.

For more information or to schedule a time to talk to Marcus Foote, please email JDear@InMarriageQDRO.com

Summary


In this episode, Craig Wear discusses how to supercharge your Roth conversion strategy by using donations. He introduces the concept of Qualified Charitable Donations (QCDs) and explains how they can be used to offset taxable minimum distributions. Craig then dives into the benefits and workings of Donor Advised Funds (DAFs), which act as charitable giving accounts. He highlights the tax advantages of DAFs, including immediate tax deductions and the elimination of capital gains tax. Craig concludes with an example demonstrating the combination of Roth conversion and DAFs, and offers recommendations for a coordinated approach.
Takeaways
Qualified Charitable Donations (QCDs) can be used to offset taxable minimum distributions from IRAs.Donor Advised Funds (DAFs) are flexible charitable giving accounts that offer immediate tax deductions and tax-free growth.Combining Roth conversions with DAFs can result in significant tax savings.Coordinating with a Roth specialist, investment advisor, and CPA is recommended for an effective strategy.Chapters
00:00
Introduction and Setting the Stage
01:25
Using Qualified Charitable Donations (QCDs)
04:37
Donor Advised Funds (DAFs)
09:08
Tax Benefits of Donor Advised Funds
12:28
Example: Combining Roth Conversion and Donor Advised Funds
15:15
Considerations and Recommendations

Join in to listen to Craig and Matt Blackwell discuss how to recession proof your investments.

Special Guest:
Matt Blackwell
Schedule a call to learn more
www.reliant-mgmt.com
mblackwell@reliant-mgmt.com

Check out my books here.

Today's primary objective is to provide insight into the current financial climate and offer potential solutions. We have a special guest who will share valuable insights.

Contact Ben Nelson:

646-849-6840
bnelson@ashcroftcapital.com
Investashcroft.com

Check out my website for access to my books.