Tax Strategies for 2024 with Guru David Brooks

My Retirement Clarity with Lee Perkins

With tax rates set to change soon and national debt on the rise, tax planning might be the most critical piece of retirement planning right now. That’s why we wanted to catch up with David Brooks, a renowned tax expert from Omaha, Nebraska. David, who we consider a tax guru, shared invaluable insights into the world of tax strategies, proactive planning, and the future of tax policies. If you’re looking to optimize your tax planning, this conversation should give you

For those that aren’t as familiar with our current tax landscape, we’ll spend some time on the details of today’s taxes and how to prepare for future changes. With the national debt crossing $35 trillion and interest expenses skyrocketing, it's crucial to anticipate how tax policies might shift post-election. Regardless of political affiliations, we should all be focusing on policy implications and be planning accordingly.

Join us as we get into the tax strategies we’re utilizing in 2024 and why this proactive tax planning can really help mitigate tax liabilities in retirement.

Here’s what we discuss in today’s show:

Our country’s rising debt is becoming a major political issue because it will impact tax policies.

Why we’ve started accelerating Roth conversions for our clients.

Future legislation that might change taxes and the actions you can take now.

Is it a good thing or bad thing that RMD age has moved up to 75?

Why you work with an independent financial advisor versus the big box retailers.

The Donor Advised Fund strategy and the most common way we utilize that for retirees.

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About our guest: https://retiresmartomaha.com/