Your Wealth, Your Legacy

Prairiewood Wealth Management
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. DEC 1

    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

  2. NOV 2

    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

  3. OCT 1

    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

  4. SEP 1

    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

  5. AUG 1

    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

  6. JUL 1

    EP 34: Is Life Insurance A Good Investment?

    The life insurance industry in the United States is large and growing. According to LIMRA, US life insurance premiums set a new record in 2023 with over $15 billion in new annualized premium sales. Only $3 billion of the total represents term life insurance which means 80% of the new premiums were generated from non-term policies. When insurance agents endorse the investment characteristics of life insurance, they are referring to permanent insurance which is a blend of insurance and investments. In this month’s podcast, we discuss how the investment component of permanent life insurance works and how it generally performs compared to other investment options. If you are interested in learning more about how the investment component of permanent life insurance stacks up against other investment options, we think you’ll enjoy this episode. Thanks for listening! For more details on permanent insurance, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/is-life-insurance-a-good-investment/

    19 min

  7. JUN 1

    EP 33: Navigating Life Insurance and Avoiding Pitfalls!

    Discussions of life and death are often uncomfortable. Facing our own mortality forces us to answer questions and consider scenarios we’d rather pretend do not exist. While we’d rather believe life will go on for decades and we’ll be able to continue providing for loved ones, the reality is that we don’t always have that opportunity. When individuals pass away, often their loved ones are left in a difficult financial situation, and things that previously were assumed to be a given (staying in their current home, covering day to day expenses, assisting children with education expenses, etc.) are no longer guaranteed. In this podcast, we discuss the financial implications resulting from the untimely death of a loved one and how life insurance plays an important role in ensuring your family is adequately protected. If you are interested in learning more about navigating life insurance and avoiding pitfalls, we think you’ll enjoy this episode. Thanks for listening! For more details on navigating life insurance, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/navigating-life-insurance-and-avoiding-pitfalls/

    15 min

  8. MAY 1

    EP 32: Protect Your Estate From Taxes!

    The American Dream has led thousands of people to start businesses, and eventually, become successful through years of hard work and persistence. In most cases, success did not come without lean times in the early years, late nights and long weekends, and missed quality time with family. On top of the personal sacrifices made, successful business owners typically have paid significant amounts in taxes throughout the years – income taxes, Social Security taxes, Medicare taxes, etc. Now after decades of hard work, their goal is to pass what they’ve created down to the next generation; so it is no wonder they are frustrated to learn that their estate may also be subject to estate taxes. Despite playing by the rules and paying taxes for years, they feel like they are a victim of their own success as Uncle Sam takes another bite at the apple. In this podcast, we discuss planning considerations for families who are concerned about estate taxes - including how estate tax rules are expected to change at the end of 2025 when many of the provisions of the Tax Cuts and Jobs Act of 2017 expire. If you are interested in learning more about ways to protect the wealth you’ve created from estate taxes, we think you’ll enjoy this episode. Thanks for listening! For more details on estate tax considerations, check out our blog post covering the same topic at https://pw-wm.com/learn/estate-planning/protect-your-estate-from-taxes/

    22 min
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Ratings & Reviews

5
out of 5
6 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 - 2024
  • Episodes
    39
  • Rating
    Clean
  • Copyright
    © Prairiewood Wealth Management
  • Show Website
    Your Wealth, Your Legacy

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