Welcome to EWM INSIGHTS, where we celebrate HUMAN CAPITAL!

In this podcast edition, we continue our advanced planning series and explore the implications of the recently enacted "One Big Beautiful Bill," focusing on tax planning and investment strategies. We examine key components of this legislation, including the permanence of extended lower income tax rates and new deductions, such as the enhanced standard deduction for individuals and married couples. Additionally, we discuss the strategic advantages of Roth IRA conversions and how these changes can optimize tax situations. We also address significant alterations to estate tax exemptions and deductions that impact wealth transfer and estate planning for families, particularly business owners.

Takeaways:

• The "One Big Beautiful Act" introduced tax provisions requiring careful consideration by individuals and families.
• A key feature is the permanent extension of lower federal income tax rates, presenting unique planning opportunities for taxpayers.
• Understanding the complexities of recent tax changes, including potential deductions and benefits of converting traditional IRAs to Roth IRAs, is essential; consult with tax and financial professionals.
• Individuals over 65 now qualify for an additional senior deduction, enhancing tax planning strategies.
• The standard deduction for married couples filing jointly has substantially increased, providing further tax relief to many households.
• Business owners should be aware of new provisions affecting pass-through entities that offer additional tax benefits.

This episode explores the "One Big Beautiful Bill," focusing on its implications for individual taxpayers and families. Host Paul Ellis and special guest Jim Bergeron dissect the complexities of this legislative package, which includes numerous tax provisions aimed at transforming the financial laandscape for American citizens. A primary theme is the permanence of lower federal income tax rates, previously scheduled to revert, granting individuals a unique opportunity to capitalize on these extended tax benefits.

The speakers emphasize the importance of adapting financial planning strategies in response to these changes, advocating for tax optimization strategies, such as converting traditional IRA assets into Roth IRAs. The discussion explores the rationale behind such conversions in the context of favorable tax rates and underscores the necessity of consulting financial advisors to tailor strategies to individual circumstances.

Moreover, the episode addresses the broader implications of the new tax law, including enhancements to standard and itemized deductions. The speakers encourage proactive financial planning, leveraging these changes to enhance financial well-being. Overall, this episode serves as a guide, equipping listeners with insights to navigate the new tax landscape and empowering them to make informed financial decisions that can assist in creating "One Big Beautiful... Legacy."

Additional notes and resources are attached below.

Feel free to share this episode with those in your circle who are on a similar path of learning.

We hope our conversations will help you acquire more knowledge, become even more curious about the gifts that are in and all around us, while supporting you to reach new heights as we grow together.

You can subscribe and listen to EWM INSIGHTS on Spotify, Apple Podcasts, Amazon Music, or the Ellis Wealth Management Homepage: https://elliswealthmanagement.net/podcasts/

Above all, through EWM INSIGHTS we want to encourage you to:

INVEST IN WHAT YOU LOVE!®

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Additional notes and resources are attached below.

Speakers:

Paul Bertrand Ellis, CIMA®

President and Managing Director

Ellis Wealth Management, LLC

phone: 425-405-7720

email: [email protected]

James A. Bergeron, J.D.

Jim is an attorney and Advisor Education Consultant in the Global Learning and Development group where he and the team focus on developing and delivering intellectual capital designed to help wealth management firms and advisory practices evolve - and enhance their relationships with clients.

Jim is a graduate of Augsburg University in Minneapolis with degrees in Economics and Political Science and later received his Law Degree from Vanderbilt University in Nashville, TN. Jim currently serves on the Northern Regional Council for the American Cancer Society.

Will Stutenroth

Nuveen, Internal Advisor Consultant

Graduate of Ohio State

Research Links:

• The Entertainers Checklist, Estate Guidelines and Considerations - EWM - The Entertainers Checklist, Estate Guidelines and Considerations A Value Based Resource Journal compliments of Ellis Wealth Management, LLC.
• The Next Generation of Wealth Transfer - An Action Plan for Passing On What Matters Most -Nuveen
• 10 Family Wealth Compass Questions - Journal.pdf - 10 Family Wealth Compass Questions - Journal

Companies mentioned in this episode:

• Ellis Wealth Management
• Nuveen