Your Wealth, Your Legacy

Prairiewood Wealth Management
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Your Wealth, Your Legacy

Reduce Taxes | Grow Wealth | Create a Legacy: Your Wealth, Your Legacy is a podcast by Prairiewood Wealth Management covering the latest in investment, tax, estate, and charitable giving strategies to help individuals and families keep more of what they make, make more with what they have, and create a legacy that will last beyond their lifetimes.

  1. MAR 1

    EP 42: Sudden Wealth - How to Handle a Large Inheritance

    My father recently passed away, and he left a significant inheritance to me and my siblings. How do we make sure we don’t waste it? Questions like the one above are becoming more common and will increase in the years ahead as approximately $84 Trillion dollars is transitioned from the silent generation and baby boomers to their children. More and more individuals and families will be faced with the blessings and challenges that come from a significant inheritance. A sudden wealth transfer often comes at an emotionally difficult time. In addition, the individual receiving the money may never have dealt with a similar amount of money before. Rather than building wealth gradually and developing the skills to manage it over the years, they are immediately handed the inherited assets along with the related challenges and must learn to navigate them quickly. If you are interested in learning more about how to handle the sudden wealth that can accompany an inheritance, we think you'll enjoy this month’s episode. Thanks for listening! For more details, we recommend that you check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/sudden-wealth-how-to-handle-a-large-inheritance/.

    15 min

  2. FEB 1

    EP 41: Cutting Your Tax Bill With Direct Indexing!

    Using exchange-traded funds (ETFs) and mutual funds to create diversified portfolios and track well-established indices has provided a great way for many investors to grow their wealth over the past few decades. However, simply using ETFs and mutual funds can restrict the investor’s ability to maximize the tax savings available since access to the underlying positions is not available. Direct indexing offers the ability to track a particular index while providing the additional flexibility of actually holding each underlying position. While this strategy used to only be feasible for the wealthiest Americans, the transition to commission-free trading at the major custodians and the advancement of technology has made this strategy available to many more individuals. Direct indexing can offer significant tax efficiency by maximizing the benefits of tax-loss harvesting, gifting appreciated positions to charity, and implementing a stepped-up basis strategy for the next generation. Combined, these opportunities can keep more money in your pocket and reduce your tax bill to Uncle Sam! If you are interested in learning more about direct indexing and its tax efficiencies, we think you'll enjoy this month’s episode. Thanks for listening! For more details we recommend that you check out our blog post covering the same topic at https://pw-wm.com/learn/investing/cutting-your-tax-bill-with-direct-indexing/.

    21 min

  3. JAN 1

    EP 40: Year In Review And Looking Ahead To 2025!

    Welcome to the first podcast episode of 2025! Looking back over 2024, market performance continues to be driven by the incredible performance of the Magnificent 7 - the seven largest tech companies. Aside from these seven companies, market returns were much less exciting. The question remains, how long can the outperformance of large US technology companies continue, and are investors who are heavily allocated to the S&P 500 taking on unnecessary risk for the years to come given 1/3rd of the S&P is allocated to these seven companies? Looking forward, 2025 is slated to be a year of significant discussion around tax legislation where lawmakers debate the December 31, 2025 scheduled expiration of many important individual, business, and estate tax provisions. If you are interested in learning more about our perspective on 2024 and recommendations for key planning opportunities in 2025, we think you'll enjoy this month’s episode. Thanks for listening! For more details, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/year-in-review-and-looking-ahead-to-2025/

    22 min

  4. 12/01/2024

    EP 39: The Corporate Transparency Act for Small Business Owners

    The Corporate Transparency Act (CTA), passed on a bipartisan basis in 2021, introduces new federal reporting requirements aimed at improving corporate transparency and combating illegal financial activities. The reporting requirements will impact most small business owners and investors who own or have substantial control over a business entity such as an LLC or corporation. In this podcast, we provide a brief overview of why the CTA was considered necessary and how individuals can ensure they are compliant with the requirements in order to avoid the severe penalties for those who fail to file the necessary information. If you are interested in learning more about the CTA and the reporting requirements, we think you'll enjoy this month’s episode. Thanks for listening! For more details on who needs to file and how to file we recommend that you check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/the-corporate-transparency-act-for-small-business-owners/

    17 min

  5. 11/02/2024

    EP 38: Guiding Your Children To Financial Success

    While many of our clients have already achieved financial freedom and independence for themselves, they are often reaching the stage where they have children who are leaving home and beginning their own journey. This month’s podcast is designed to assist parents as they have conversations with their children about how to get off to the right start with their finances. If you are interested in the best practices for ensuring your children make wise financial decisions from the beginning, we think you'll enjoy this podcast. Thanks for listening! For more details on the six steps we recommend to help guide your children to financial freedom and independence, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/guiding-your-children-to-financial-success/.

    20 min

  6. 10/01/2024

    EP 37: Hiring Your Children: Saving Taxes and Teaching Responsibility

    For many parents who own small businesses, two of their primary goals are passing on a strong work ethic to their children while also lowering their tax bill. While many parents work for a large employer and may not have the option to hire their children directly; others who own small businesses may find that employing their children can be a great way to start building that work ethic while also receiving tax benefits. Significant tax advantages may include tax free income for the children up to the standard deduction, avoiding Social Security, Medicare and federal unemployment taxes, and reducing the parents' tax bill. In addition, children with earned income can make Roth IRA contributions at a young age to maximize the value of tax-free growth for decades – ultimately creating the potential for a multi-million-dollar Roth IRA in retirement. If you are interested in learning more about how to incorporate your children into the family business, as well as helping them get started saving for retirement, we think you’ll enjoy this episode. Thanks for listening! For more details on employing your children, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/hiring-your-children-saving-taxes-and-teaching-responsibility/

    22 min

  7. 09/01/2024

    EP 36: Avoiding Identity Theft When Your Data Is Exposed

    On August 1st, 2024, a class action lawsuit was filed against Jerico Pictures, Inc. otherwise known as National Public Data, alleging a massive data breach that appears to impact nearly all Americans. SpyCloud, a leader in helping businesses avoid cybercrime, reported that their team was able to access and analyze the data and confirmed that 277 million distinct social security numbers were included in the breach. Given the current population of the United States is about 337 million people, most individuals should assume their information was included. When data breaches like this happen, what should everyday Americans do to reduce the risk that they become the victim of identity theft? In the past, most individuals were careful to avoid giving out their data and then simply hoped that their identity would not be compromised. With the size and frequency of recent breaches, this is no longer a viable strategy. Individuals must assume that their data is available to identity thieves. In this month’s podcast, we discuss the steps individuals should be taking now to actively reduce the risk of becoming a victim of identity theft in light of the National Public Data security breach. If you are interested in learning more about how to protect yourself financially from identity thieves, we think you’ll enjoy this episode. Thanks for listening! For more details on protecting yourself from identity theft, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/avoiding-identity-theft-when-your-data-is-exposed/

    15 min

  8. 08/01/2024

    EP 35: Tax-Smart Charitable Giving Strategies

    According the Giving USA 2024: Annual Report on Philanthropy, individuals in the United States gave over $374 billion to charity in 2023. Beyond the intrinsic reward of helping others, charitable giving also offers substantial tax benefits if it is approached strategically. While most individuals choose to simply give to charity via cash, check, or credit card, these options are typically the least tax efficient. In this month’s podcast we are discussing how various charitable giving strategies such as giving appreciated stock, bunching charitable contributions, making qualified charitable distributions, and utilizing the North Dakota qualified endowment tax credit can significantly increase the tax savings individuals receive from their charitable gifts. If you are interested in learning more about tax-smart ways of giving to charity, we think you’ll enjoy this episode. Thanks for listening! For more details on tax smart charitable giving, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/tax-smart-charitable-giving-strategies/

    24 min
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    Ratings & Reviews

    5
    out of 5
    7 Ratings

    About

    Reduce Taxes | Grow Wealth | Create a Legacy: Your Wealth, Your Legacy is a podcast by Prairiewood Wealth Management covering the latest in investment, tax, estate, and charitable giving strategies to help individuals and families keep more of what they make, make more with what they have, and create a legacy that will last beyond their lifetimes.

    Information

    • Creator
      Prairiewood Wealth Management
    • Years Active
      2021 - 2025
    • Episodes
      42
    • Rating
      Clean
    • Copyright
      © Prairiewood Wealth Management
    • Show Website
      Your Wealth, Your Legacy

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