Episode 338 - When Money Stops Being the Problem And Becomes the Tension
Built For Life, Not Just Wealth
In this episode of "Built For Life, Not Just Money," hosts Ryan Burklo and Alex Collins delve into the complexities of wealth management beyond mere financial metrics. They discuss how, for high net worth individuals, money transitions from being a problem to a source of tension, as conversations shift from basic financial survival to deeper questions about values, legacy, and the purpose of wealth. The hosts emphasize the importance of understanding one's values and priorities when it comes to financial decisions, highlighting the need for a decision-making framework rather than traditional...
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Episode 337 - Crafting a Future That Shapes Today
Built For Life, Not Just Wealth
In this episode of "Built for Life Not Just Wealth," Ryan Burklo and Alex Collins discuss the importance of aligning financial planning with life events rather than just focusing on wealth accumulation. They emphasize how significant life moments—whether joyous or challenging—can shift perspectives on money, highlighting that financial security allows individuals to make decisions without the burden of financial stress. The conversation also touches on the need for flexibility in financial planning, advocating for liquidity and a cash flow system that empowers clients to prioritize their...
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Episode 336 - Built For Life, Not Just Wealth
Built For Life, Not Just Wealth
In this episode of Beer and Money, hosts Ryan Burklo and Alex Collins announce an exciting rebranding of their podcast to 'Built for Life, Not Just Wealth.' They reflect on the origins of the podcast, which began as a casual lunch-and-learn session at Amazon's Brave Horse restaurant, where they aimed to make discussions about money more approachable and less stressful. Over time, they realized that their conversations have evolved to focus more on how money impacts life, rather than just the numbers themselves. This shift is driven by feedback from their clients, who are more interested in how...
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Episode 335 - Navigating the Risks of Over-Concentrated Stock Positions
Built For Life, Not Just Wealth
In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the challenges and strategies associated with over-concentrated stock positions, particularly in the context of tech companies and other large firms. They explore the risks of having a significant portion of one's wealth tied to a single stock, the emotional connections that can complicate decision-making, and the importance of coordinated financial planning. The conversation covers various strategies for unwinding concentrated positions, including selling shares, tax implications, and alternative methods such as options...
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Episode 334 - The Illusion of Progress
Built For Life, Not Just Wealth
In this episode of Beer and Money, Ryan Burklo discusses the common misconception of financial progress, particularly among high earners who may feel stressed despite increasing net worth. He emphasizes the importance of building confidence in financial planning, understanding cash flow, and having clarity about one's financial situation. The conversation highlights the need for proactive financial management and the value of working with a financial advisor to navigate uncertainties and optimize financial outcomes. Check out our website: beerandmoney.net Find us on YouTube:...
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Episode 333 - Why Does It Feel Like Financial Planning is a Moving Target?
Built For Life, Not Just Wealth
In this episode of Beer and Money, Ryan Burklo discusses the complexities of financial planning, emphasizing the ever-changing nature of financial goals due to various life factors. He highlights the psychological barriers that prevent individuals from engaging in financial planning and stresses the importance of understanding personal goals. Ryan outlines the necessity of a comprehensive financial plan that accommodates market volatility and provides peace of mind. He encourages listeners to take proactive steps in their financial planning and offers resources for further assistance....
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Episode 332 - Holiday Reflections: What Truly Matters
Built For Life, Not Just Wealth
In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the significance of the holiday season as a time for reflection on family, values, and financial planning. They explore the emotional aspects of spending time with loved ones, the expectations that come with hosting, and the importance of having meaningful conversations about legacy and future planning. The hosts encourage listeners to take actionable steps towards what truly matters in their lives, emphasizing that money is merely a tool to facilitate a fulfilling life. Check out our website: beerandmoney.net Find...
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Episode 331 - Your Financial Plan: Organize & Prioritize
Built For Life, Not Just Wealth
In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the complexities of financial planning, emphasizing the importance of organization, prioritization, and clarity in achieving financial goals. They explore common misconceptions clients have about their financial situations and provide a structured framework for effective financial planning. The conversation highlights the need for income protection, cash flow organization, and the automation of financial decisions to ensure a smooth planning process. Additionally, they address common mistakes made in financial planning and...
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Episode 330 - Are You Planning Financially Backwards?
Built For Life, Not Just Wealth
In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the common pitfalls of linear financial planning, emphasizing the importance of understanding personal values and future aspirations. They advocate for a future-first approach to financial planning, which allows individuals to align their financial decisions with their life goals, ultimately leading to a more fulfilling and less stressful financial journey. Check out our website: beerandmoney.net Find us on YouTube: https://www.youtube.com/@beerandmoney Subscribe to our newsletter: Check out our Instagram: Ryan...
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Episode 329 - The Art of Choosing a Financial Advisor
Built For Life, Not Just Wealth
In this episode of Beer and Money, Alex Collins discusses how to find a financial advisor, what to look for in an advisor, and the key questions to ask during the selection process. He emphasizes the importance of understanding advisor credentials, the advisor's process, and the value they can bring to clients. The conversation aims to equip listeners with the knowledge needed to make informed decisions when seeking financial advice. Check out our website: beerandmoney.net Find us on YouTube: https://www.youtube.com/@beerandmoney Subscribe to our newsletter: Check out our Instagram: ...
info_outlineIn this episode of Beer and Money, Ryan Burklo discusses the essential rules and obligations associated with inheriting an IRA. He explains the importance of understanding required minimum distributions (RMDs), the tax implications of withdrawals, and the necessary steps to set up an inherited IRA correctly. The conversation emphasizes the need for strategic financial planning and coordination with tax professionals to ensure compliance and optimize tax outcomes.
Check out our website: beerandmoney.net
Find us on YouTube: https://www.youtube.com/@beerandmoney
Subscribe to our newsletter: https://www.quantifiedfinancial.com/subscribe-now
Check out our Instagram: https://www.instagram.com/ryanburklofinance?igsh=ZTJzN3Jnajd5M2Mw
For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo
RMD website Ryan mentions: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-beneficiary
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#estateplanning
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Takeaways
Inheriting an IRA means dealing with tax obligations.
Required Minimum Distributions (RMDs) must be understood and managed.
If the deceased did not take their RMD, beneficiaries must ensure it is taken.
Beneficiaries have a 10-year window to distribute the inherited IRA funds.
Retitling the IRA to an inherited IRA is crucial.
Withdrawals from an inherited IRA are taxable as ordinary income.
Coordination with a CPA is essential for tax strategy.
Each RMD impacts the beneficiary's tax bracket.
Setting a schedule for RMDs helps in financial planning.
Understanding where to allocate the withdrawn funds is important.
Chapters
00:00 Understanding Inherited IRAs
03:00 Key Rules for Distributions
05:49 Setting Up Your Inherited IRA