Category: Education
Understanding Charitable Giving Tax Implications To Maximize Your Impact (Ep.13)

Understanding Charitable Giving Tax Implications To Maximize Your Impact (Ep.13)

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Do you plan on donating money to your favorite charities?

First, let’s understand the tax implications so you can maximize your charitable impact.

In this release, Ryan Poterack discusses the nuances of charitable giving. He describes the strategies like qualified charitable distributions and donor-advised funds, and the benefits of donating appreciated assets. 

Ryan is eager to offer detailed advice, emphasizing the importance of professional guidance for individual financial situations. 

Ryan discusses:

  • Qualified charitable distributions and why they’re a smart move for retirement savings
  • How donor-advised funds offer flexibility in your philanthropy
  • The win-win scenario of donating your appreciated assets 
  • The value of seeking professional guidance when making these emotional decisions

Resources:

Connect with Ryan Poterack: 

Connect with Poterack Capital Advisory: 

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The Most Essential Conversations You Need to Have About Estate Planning (Ep. 11)

The Most Essential Conversations You Need to Have About Estate Planning (Ep. 11)

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Not all conversations about money are going to be comfortable, especially the conversation about what happens to your assets after you pass away.

This week, Ryan Poterack discusses the value of having conversations about money and estate planning early on in life. Ryan highlights the emotional aspects of these discussions and the role of a wealth manager in facilitating them. 

This episode also covers the necessity of including children in estate planning conversations and the potential for disagreements. Ryan then goes on to emphasize the value of having a plan and how to thoroughly communicate it to loved ones.

Talking points include: 

  • How to start conversations about estate planning with your loved ones
  • The most common mistakes people make when creating an estate plan (and how to avoid them)
  • The emotional aspect of having these conversations and why it’s up to the parents to decide when to initiate them
  • The roles associated with an estate plan (including power of attorney, financial power of attorney, and the executor)
  • And more!

Resources:

Connect with Ryan Poterack: 

Connect with Poterack Capital Advisory: 

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The Ins and Outs of Compensation Within The Financial Industry (Ep. 10)

The Ins and Outs of Compensation Within The Financial Industry (Ep. 10)

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“How much and how do you get paid?”

This can be an uncomfortable question to ask your current or prospective financial advisor.

This week, Ryan Poterack discusses the importance of transparency in how financial advisors are compensated today. Ryan also explains different payment methods, such as commissions and fees, while emphasizing the need for this information to be accessible to consumers to ensure a strong client-advisor relationship.

Main talking points include:

  • The various ways financial advisors get compensated
  • The role (and importance) of transparency in any advisor-client relationship
  • Poterack Capital Advisory’s approach to advisor compensation
  • The client or advisor: Who should initiate the compensation conversation 
  • And more!

Resources:

Connect with Ryan Poterack: 

Connect with Poterack Capital Advisory: 

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Using Roth IRAs to Create a Tax-Efficient Retirement (Ep. 9)

Using Roth IRAs to Create a Tax-Efficient Retirement (Ep. 9)

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We’ve talked about the good, the bad, and the limitations of traditional 401(k)s. Now, we’re tackling the process of turning that traditional IRA into a Roth IRA. 

What does it take to do a Roth conversion, and is it right for you? 

In this episode, Ryan Poterack discusses the benefits and process of converting a traditional IRA into a Roth IRA. He explains the tax implications of both types of IRAs and the value of considering current and future income tax brackets when deciding to convert. 

Tune in as Ryan emphasizes the importance of critical thinking in financial planning, using specific examples to illustrate his points. 

Main talking points include: 

  • What are Roth IRA conversions and how to maximize its usage  
  • The tax implications of having an IRA conversion
  • The role Roth IRAs have in your unique retirement plan
  • The value of critical thinking skills when creating your financial plans
  • And more!

Resources:

Connect with Ryan Poterack: 

Connect with Poterack Capital Advisory: 

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Can We Have Too Much Money? Understanding The Purpose of Our Money (Ep. 8)

Can We Have Too Much Money? Understanding The Purpose of Our Money (Ep. 8)

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“Your eyes are bigger than your belly.”

Have you heard this saying? (You eat too much of something good and end up feeling not-so-good afterward!)

Now, let’s apply it to our finances. Can we have too much money? How much is enough for retirement?

In this episode, Ryan Poterack discusses the purpose of money, focusing on its role during retirement. Ryan explains why wealth accumulation is not about greed but about maintaining a lifestyle and potentially giving back. 

Ryan uncovers: 

  • Tips on determining how much is enough for personal retirement goals and needs
  • The influence of social media on retirement expectations
  • Ways societal pressures influence people’s financial desires
  • The role of charitable giving in retirement and how to start creating a legacy plan
  • How listening to our personal needs and circumstances can help us know when is the right time to retire
  • And more!

Resources:

Connect with Ryan Poterack: 

Connect with Poterack Capital Advisory: 

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Let’s Talk About Inflation: Its History, Modern Impact, and Possible Future Trajectory (Ep. 7)

Let’s Talk About Inflation: Its History, Modern Impact, and Possible Future Trajectory (Ep. 7)

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Like most things these days, inflation is getting politicized. 

And the truth is that we all want a soft landing from it, regardless of who gets credit for it.

This week, Ryan Poterack explores recent inflation, its impact on the economy, and its relationship with higher interest rates. He also sheds light on the history of inflation and its effect on various sectors, including healthcare and education. 

Ryan discusses: 

  • The intricate relationship between inflation and interest rates
  • The gig economy and its impact on wages and inflation
  • An on-repeat question: Is inflation ever a ‘good thing’ for the economy and working citizens?
  • Ways to mitigate the risk of inflation impacting our asset allocation strategy
  • And more!

Resources:

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Connect with Poterack Capital Advisory: 

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Growth by Mistakes: Learning & Embracing Missteps (Ep. 6)

Growth by Mistakes: Learning & Embracing Missteps (Ep. 6)

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Making mistakes can be discouraging and even embarrassing at times.

But the key to personal and professional growth lies in embracing mistakes!

In this episode, Ryan Poterack helps you look past your mistakes and turn negative experiences into valuable life lessons.

Ryan discusses: 

  • The importance of personal responsibility and embracing mistakes (but not repeated mistakes!)
  • How faith has helped him overcome fear and improve his relationships
  • How to approach circumstances that are out of your control
  • Guiding clients to untangle past baggage and embrace what’s best for them now
  • And more!

Resources:

Connect with Ryan Poterack: 

Connect with Poterack Capital Advisory: 

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Let’s Talk About Tax Planning & How It Can Enhance Your Retirement Savings (Ep. 5)

Let’s Talk About Tax Planning & How It Can Enhance Your Retirement Savings (Ep. 5)

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What’s the difference between tax preparation and tax planning?

Believe it or not, knowing the difference can help you navigate (the often dreaded) tax season!

In this episode, Ryan Poterack reveals why tax planning is a year-round process. He talks about the contrast between tax preparation and tax planning while emphasizing the value of taking proactive steps for your future tax years.

Ryan discusses: 

  • Reasons you should pay your taxes as soon as you get them
  • The options available when you need help with your taxes
  • The advantages of paying taxes through strategies like donor-advised funds and Roth conversions
  • His unique approach to tax refunds and checks
  • The importance of working with a wealth manager who focuses on tax planning and mitigation 
  • And more!

Resources:

Connect with Ryan Poterack: 

Connect with Poterack Capital Advisory: 

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How To Find The Right Financial Professional? Here’s What You Need To Know (Ep. 4)

How To Find The Right Financial Professional? Here’s What You Need To Know (Ep. 4)

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When it comes to managing our finances, seeking support from a professional advisor can save us from many costly mistakes.

In this episode, Ryan Poterack uncovers the importance of finding the right financial professional and the concept of comprehensive planning. Ryan stresses the value of gathering quantitative and qualitative information from clients while providing them with a holistic view of their financial situation and personal aspirations. 

Listen in as Ryan addresses the challenges faced by ‘do-it-yourselfers’ and the benefits of establishing a fee-for-advice relationship with a financial professional.

Ryan discusses: 

  • Reasons he gathers quantitative and qualitative client data
  • What  ‘fiduciary’ means at Poterack Capital Advisory
  • The value of asking your advisor about their professional network (ranging from attorneys, CPAs, tax professionals, and beyond!)
  • Some of the roadblocks ‘do-it-yourselfers’ face when doing their own financial planning
  • And more!

Resources:

Connect with Ryan Poterack: 

Connect with Poterack Capital Advisory: 

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