Can You Reduce Your Taxes?

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You can set up a structure where the trust pays you an income stream for xamonatime. The problem is these trusts are irrevocable, meaning once you set this up and you move the money into that trust, you can't change your mind. You're helping your community. Your giving back to your community. That actually serves three purposes. First, it reduces tax on the money, but second, it also brings along a charitable side of what you're doing. And by the way, paula, i've seen people take this with a lot of money. They have zero tax or very, very small amount of tax that they pay.

#362: David is questioning how to better manage his spending. He’d like a stronger framework to think through budgeting challenges.

Elisa and her husband bought a home, and now they’re saving extra income every month. She has a pension and her husband is an entrepreneur. How much should they be saving for retirement and how should they invest their extra money?

Geoff invested primarily in taxable brokerage accounts for the last twenty years. He’s built a $6 million portfolio and reached financial independence. He wonders about the smartest strategy for withdrawing from those taxable brokerage accounts to efficiently manage capital gains?

Jenna and her husband are planning on buying their next home in a few years. She wants to know if I-bonds are a good way to save for the down payment and closing costs.

Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.

Enjoy!

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