We’ve received a lot of questions about real estate and Adam Scott addresses them in this two-part real state series.
In this episode, Adam talks about real estate across America and how the future may differ from what we’ve seen happen historically. He goes over what’s going on with the housing market, whether it’s a good time to buy or sell, how taxes can affect the housing market, and what tax strategies you can use to minimize your real estate taxes.
Adam discusses:
The current state of the housing market
Why buying a home might not be the wealth builder it once was
How taxes can help you, and how they can hurt you when buying and selling property
Tax planning strategies to get around taxes when it’s time to sell
Medicare doesn’t cover long-term care. If you thought it did or haven’t purchased long-term care insurance for any other reason, Adam has 10 things for you to think about before you make your final decision.
In this episode, Adam Scott, CFP®, introduces a dear friend of his, Jennifer Burnham-Grubbs, Founder of Quantum Insurance Services and Women Of Wealth, to go over 10 things you should know about long-term care insurance.
Adam introduces the list with a personal story about his family’s experiences with needing long-term care before diving into the ins and outs of long-term care, unravelling the crucial factors determining whether it’s right for you. From understanding the amount of coverage you need, to discovering who can benefit from long-term care insurance.
Adam and Jennifer discuss:
Adam’s personal experience about his mother and mother-in-law, one who had long-term care insurance and one who didn’t
What long-term care insurance is and why you may or may not need it
The different kinds of long-term care solutions
Why long-term care insurance is pricey but worth the cost
What the best age is to get long-term care insurance
How much coverage you may need
Who long-term care insurance works best for
Why even the wealthy may need long-term care insurance
In this episode, Adam sheds light on a crucial topic that concerns many individuals and businesses: how to find a GREAT CPA. Adam discusses the questions you should be asking and takes you through eight essential steps that will help you identify and select the right tax professional for you.
Adam discusses:
The 8 steps you should take to find a great CPA
Why it’s difficult to find a great CPA
Why price shouldn’t be your first priority.
How to judge their technical expertise
What credentials to look for in a good CPA
Why you should know which of the 4 different levels of philosophy your CPA falls under
The importance of asking your CPA about their contingency plan
For business owners and freelancers in entertainment, this is an episode you won’t want to miss! CPAs look through the rearview mirror at where you have been. Good Financial Planners help you navigate the route ahead.
In this episode, Adam Scott, CFP®, provides 5 valuable wealth-building insights and practical tax-saving strategies that CPAs often don’t know or overlook. Listen in as Adam unpacks these strategies to help you achieve greater financial flexibility to pursue your dreams and enjoy your hard-earned money.
Adam discusses:
Four tax-saving strategies for self-employed business people
How self-employed individuals can minimize their self-employment tax by electing to be taxed as an S-Corp and paying themselves a lower salary
Maximizing the 199 A deduction for business owners, which provides a 20% tax break on profit for S Corporation owners
What is a Hollywood Loan Out Corporation
What is and what are the benefits of defined benefit pension plans for high-earning individuals in the entertainment industry
Examples of how clients were able to reduce their tax liability and achieve financial flexibility through the use of defined benefit plans
The California Pass-through entity (PTE) elective tax allows individuals to pay their California taxes through their corporation and receive a federal tax deduction
Spice up your retirement planning with the Secure Act 2.0’s hottest benefit strategies.
Retirement planning may not sound like the sexiest topic, but the Secure Act 2.0 is changing that. In this episode, Adam discusses several benefit strategies that employers, retirees, pre-retirees, and even younger employees can take advantage of, and they’re anything but boring.
Adam discusses:
The benefit strategies that retirees and pre-retirees can take advantage of
How business owners can take advantage of the secure act 2.0
What the benefits are for employees of all ages, not just pre-retirement employees
Estate planning isn’t a fun topic of conversation, but it’s more important than you might think. Don’t miss these 10 common mistakes.
In this episode, Adam Scott shares 10 of the most significant estate planning mistakes. He explains what they are and how to avoid them! He also drives the lessons home with a few stories about instances of these snafus.
Adam discusses:
What the 10 biggest estate planning mistakes are
Why some of these mistakes are easily overlooked
Why the most important mistake to avoid is not having a trust
Finding a financial advisor can be difficult. Just because they are likable doesn’t mean they will be excellent at taking care of you. How can you tell the difference?
In this episode, Adam shares 10 of the most important questions everyone should ask their financial advisor, especially if they are in the interview process, to find out if the financial advisor will actually help them, how they’ll help, or if the advisor will put their own interests first.
Adam discusses:
Why it’s important to ask if the advisor has any customer complaints or abuses on their record, and how to find the answer before asking them
The different fee structures and how they can determine if an advisor will put your needs first
Taxes are something everyone could save money on by properly implementing tax strategies, but many of those strategies can easily be overlooked.
In this episode, Adam highlights the top 8 tax oversights CPAs and clients make. He explains how these overlooked strategies can save clients tons of money unnecessarily spent on taxes and he emphasizes the importance of having tax returns double-checked by a financial advisor before submitting them.
Adam discusses:
What itemized deductions are, but why you may be wasting time and money itemizing.
Ensuring charitable contributions are structured correctly to be a tax write-off
How to optimize retirement contributions
The importance of reducing Medicare tax and how to do it for self-employed business owners.
And 4 more tax-saving strategies CPAs often overlook
The end of the tax year is rapidly approaching, and we have 10 tips to help you minimize your taxes.
In this episode, Adam shares his Top 10 year-end tax tips as the end of 2022 nears. He talks about Roth conversions, why and when it’s a great strategy to reduce taxes, and how it works. Adding to Roth conversions, Adam shares a few stories about putting Roth conversions into practice and finishes with a speedy roundup of nine other great year-end tax strategies.
Adam discusses:
What a Roth conversion is
Why a Roth conversion is a great tax-saving strategy and how it works
Using Roth conversions can go wrong if you do not know what you are doing, as described in a few examples
We help reduce risk, enhance returns and create more certainty with our 90-10 Investment Process™ and our 5 Investment Pillars. Previously, we talked about pillars 1-3. Today, we wrap up our philosophy with pillars 4 and 5.
In this episode, Adam Scott, CFP®, elaborates on the 90-10 Investment Process™ with a recap of pillars 1-3 before diving into pillars 4 and 5. Adam unpacks the bucket investment strategy and shares a story explaining how the different types of buckets can be utilized. Adam then talks about the significance of tax efficiency in navigating your financial journey.
Adam discusses:
A recap of pillars 1-3 from the previous episode of Red Carpet Retirement™
Pillar number 4, the bucket investment strategy, and 5, tax efficiency
A client’s story detailing how investment buckets are set up and what each type of bucket is for
How important tax efficiency is in navigating your financial journey