From Discipline to Freedom: Q&A Episode

In this episode, I spend some time answering the top five questions clients asked me over the last week. These questions are:

1. What should I be planning for inflation now and through my retirement, particularly if I'm young?

2. When is it worth it to convert and IRA to a Roth?

3. Do I have to pay capital gains on the sale of my rental property? (How does capital gains and potential exclusions work.)

4. Does my power of attorney and Trust trustee have to be the same person? (Estate Planning Question)

5. What tax benefits apply to someone who may be adopting a child? Here are some resources:

   • The adoption tax credit. Topic No. 607 Adoption Credit and Adoption Assistance Programs | Internal Revenue Service (irs.gov) Biggest issue is there as an income limitation. (https://www.irs.gov/taxtopics/tc607)

   • Deducting qualified expenses related to the adoption. (The 2023 Federal Adoption Tax Credit | AdoptHelp) (https://www.adopthelp.com/the-2023-fe...)

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