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One Big Beautiful Bill: What it Really Means for your Wallet
16 Plays22 days ago
In this episode of The Future of Finance, Marissa Wood welcomes policy expert and financial advisor Todd Manternach to break down what’s being called “The One Big Beautiful Bill”—and why it could have a serious impact on your finances.
They unpack changes in tax policy, new savings opportunities, how the bill impacts different generations (from Gen Z to Boomers), and why this could be the best time to rethink your strategy on Roth conversions, 529 plans, and Social Security.
If you've ever wondered how legislation really affects your wallet, this is the episode to watch.
⏱ Timestamps:
00:00 – Intro: What is "The One Big Beautiful Bill"?
01:00 – Meet Todd Manternach: 30+ Years of Financial Wisdom
02:00 – Plain-English Breakdown: What This Bill Actually Does
03:30 – Why the 2017 Tax Cuts Needed to Be Extended
04:50 – How This Impacts Taxes, Childcare, Healthcare & Student Loans
06:00 – What Families with Children Can Expect to Save
06:45 – Do You Need to Do Anything to Get These Tax Breaks?
07:15 – Generation-Specific Strategies: Gen Z, Millennials, and More
09:30 – Real-Life Impact: How One Client's Overtime Just Got More Valuable
11:10 – Social Security & Taxes: What's Changing and What’s Not
13:00 – The “Trump Accounts” (aka New Child Investment Accounts) Explained
15:30 – 529 Plans: New Rules, New Flexibility
17:00 – What Is a Roth IRA & Why the Government Limits It
18:30 – Roth Conversions for Gen Xers: The Sweet Spot
22:30 – The Rule of 72: How to Estimate When Your Money Doubles
24:45 – Tax Breaks on Cars Made in the USA
26:00 – Will This Bill Narrow or Widen the Wealth Gap?
27:15 – Biggest Myths About the Bill—Debunked
30:00 – Final Thoughts: Generational Wealth Starts with Legislation
31:30 – How to Connect with Todd or Union Financial Services
📌 Mentioned in This Episode:
✔️ Roth IRAs & Roth Conversions
✔️ Trump Accounts (working title)
✔️ 529 Plan to Roth IRA rollover
✔️ Rule of 72: Doubling your money
✔️ USA-made EV tax incentives
🎯 Ready to get clarity on your plan?
📅 Schedule your free consultation today at https://union-financial.com
💬 Drop a comment below:
What’s one change from the bill you’re most excited (or confused) about?
👍 Like, subscribe, and hit the bell to stay up to date with smart financial conversations—built for real life.
Recommended
Transcript
00:00:08
Speaker
Hi, everyone.
Introduction to the Episode
00:00:09
Speaker
Welcome back to the Future of Finance podcast.
Overview of the Financial Bill
00:00:11
Speaker
I'm your host, Marissa Wood with the Union Financial Services. And today we have an exciting episode ahead. We're diving deep into a topic that's really making headlines right now, stirring up opinions, and to be honest, confusing a lot of people.
Todd Botterdach's Insights on the Financial Bill
00:00:26
Speaker
And that is the one big beautiful bill. Now, whether you've heard it talked about in the media or not, It really can have a big impact on your day-to-day life, especially for families and working professionals. And to help us break it all down, we're joined by Todd Botterdach with Excel Wealth Management.
00:00:45
Speaker
And Todd is an expert in financial policy and has over 30 years in the industry. So Todd, welcome to the show. Thank you, Marissa. I'm very happy to be here. Todd, tell us a little bit about how long you've been in the financial services industry. How'd you get started?
00:01:03
Speaker
kind of what your niches are? Yeah, well, I started in 1987 with Prudential Insurance Company. And then in 2002, I started my own business, um broke off from Prudential, started my own financial planning business, and have been doing that ever since.
00:01:23
Speaker
And where is Excel Wealth Management located? We are in the wonderful state of Iowa, right in the middle of the country. Nice. Gotta love the Midwest. Oh, absolutely. And you are really an expert when it comes to diving deep into those financial policies that most people don't want to read or learn about because it's just overwhelming.
00:01:46
Speaker
And you've been helping bring some clarity to your clients and to other advisors throughout the country. So today I'm going to call on you for your expertise on that. Okay, thank you. I will try and do my best.
00:01:59
Speaker
All right. We're going to break it down in a way that the average person can understand because legislation can be overwhelming and complicated and confusing, but it really does affect all of us on a day-to-day basis.
00:02:13
Speaker
And so we need to know what those impacts are going to be. And so for listeners that may not be following every headline, can you just explain what that one big, beautiful bill actually is in plain
Impact on Middle-Class Families
00:02:26
Speaker
English? Yeah.
00:02:27
Speaker
um I will try and do my best when it comes to plain in greek English. The main thing that the bill did is it made the 2017 on tax cuts and job act, the lower tax brackets permanent.
00:02:42
Speaker
Now, keep in mind when we say permanent, that means until Congress changes it. Doesn't mean it's permanent forever. um The other thing it did, it provided some additional breaks for working Americans in certain types of jobs.
00:02:55
Speaker
It also brought in some additional breaks for those over 65 and to small business owners. I think today let's focus more on the individual and not on the business side.
00:03:07
Speaker
um But it in my opinion, it truly is one of the largest tax breaks for the middle class than we've seen in a very long time. and And yeah, in the United States, middle class, if your income is between $52,000 and $155,000, you're considered middle class. And I think this bill does a lot to benefit that segment of the population.
00:03:30
Speaker
Well, that's great. So basically, that 2017 tax cut was going to expire if this bill didn't get passed, correct? Correct. Absolutely. And if that were the case, we would have seen major increases in almost everybody's taxes.
00:03:47
Speaker
The rates would have went up. The brackets would have went up. It would have affected a lot. Okay. So in terms of the average American family, how will this affect things like taxes, child care, health care, student loans? Are there any standout impacts that you're seeing for the average family? Okay.
00:04:09
Speaker
Yeah, when we talk about, especially young families, the child tax credit, and we're seeing an increase on that. So it's going from 2000 to 2200. They're also increasing the amount of refundable credit.
00:04:24
Speaker
And what that means is if you don't pay enough in taxes and your credit exceeds your taxes, you get that back. So you can actually get a refund that exceeds what you paid in.
00:04:37
Speaker
So that's being increased from $1,600 to $1,700 per child. One of the other big changes is is they've made it inflation adjusted. So it used to be Congress always had to go in and increase this. Now it's going to automatically increase um just by the inflation rate.
00:04:55
Speaker
um So that's one of the pieces that's really big. The other
Tax Credits for Families with Children
00:04:58
Speaker
is um they've increased the phase out. So for a single person, this credit doesn't start to phase out until you're at $200,000 of income.
00:05:07
Speaker
And for a married couple, it's $400,000. So this is truly going to benefit um an awful lot of people um that maybe may not have been able to receive that in the past.
00:05:21
Speaker
Okay. So those with children are going to be positively impacted on their tax bill. Yeah, and it goes even further when we look at the dependent care tax credit. So that's if you've got a child going to daycare, um you get some tax breaks on that.
00:05:36
Speaker
So here again, this is going to allow a larger percentage of people in that middle class to get a larger break if they have children in daycare.
00:05:48
Speaker
So they're going to get a nice break for those daycare expenses. Now, is there any other steps that people have to take on their tax return to take advantage of these deductions, or is it automatic? Do most accountants automatically apply these?
00:06:04
Speaker
Yeah, the accountants are still going to automatically apply it. How you file for it hasn't changed. So that piece of the tax code hasn't changed at all. um It's just you've got increased income limits that are now going to be able to take advantage of these credits.
00:06:19
Speaker
um And um a larger percentage of it's going to now be able to be deducted. So what that's going to do is put more money in people's hands to do things with.
00:06:32
Speaker
And that's always what we want. We want to keep more of what we're making rather than spending it on taxes.
Generational Effects and Tax Breaks
00:06:38
Speaker
um Now, we work with a lot of different generations from Gen Z, millennial, Gen X, boomers. And we always like to tell people the strategies that they can be using online.
00:06:52
Speaker
to really benefit the most in their generation or the mistakes to avoid that their generation is making. And being a multi-generational company, Union Financial, we do like to share that there's different strategies depending on where you're at in life. And so I want to discuss the way this bill is going to impact those different generations from Gen Z all the way up to boomers. And of course, there's going to be some overlap, but any standout impacts that you see Gen Zs should be mindful of or millennials, those that are little bit on the younger side and maybe just getting started in the workforce, what can they be mindful of in terms of the benefits from this bill?
00:07:36
Speaker
It's going to make a difference whether you have children, so we talked about a lot of the big breaks are going to get if you're young yeah have children you're trying to start your family and raise it. um So whether you're Gen Z or whatever category you fall in if you have young children this bill is going to add a lot to benefit you.
00:07:54
Speaker
the other thing that it's going to impact is depending on the type of job or work that you do so, one of the big things is no tax on tips. So if you're in a type of employment where you're receiving a good portion of your wages in tips, $25,000 of tips will not be taxed. So you won't pay income tax on it, but you still are going to have to pay your Social Security tax.
00:08:20
Speaker
That's a huge break for somebody who's in that line of work. The other big break is for those that are in employment where you have a lot of overtime. So um if you're filing single, $12,500 of overtime compensation will not be taxed.
00:08:39
Speaker
If you're married, that overtime jumps to $25,000. That's not going to be taxed. um The biggest thing to keep in mind, it's not 100% of that income you make in overtime.
00:08:53
Speaker
It's the extra. So let's say your pay is $20 an hour. pay is twenty dollars an hour and your overtime is $30 an hour, that extra 10 you're getting an overtime pay, that's the portion that you're not going to have to pay income tax on.
00:09:10
Speaker
Still pay Social Security, but you won't pay any income tax. So for people in that line of work, they're going to get a big break when it comes to um saving money on taxes.
00:09:22
Speaker
That's huge. I mean, I know personally one of my really good friends and clients is a police officer, and he works a lot of overtime. He's in the process of starting a family right now, and so they're looking for every extra dollar they can find, and so he's working a lot of overtime, and he's If he can save money on taxes from that overtime and keep more of that, maybe he can put it towards an account for his newborn baby or something that can benefit his child's future. And so the impact just starts snowballing at that point when you really think about the money that you're saving on taxes and where you can put it to use.
00:10:02
Speaker
That's awesome. That's exciting. Yeah, absolutely. i think that's one of the nice things about the bill. You take a look at these young people out there really trying to do the right thing, working hard and just feeling like they're struggling to get ahead. I think this bill is going to help.
00:10:18
Speaker
um Now, for the older generation, those over 65, they're getting an extra six thousand dollar deduction. So their standard deduction is going up an extra six thousand dollars.
00:10:32
Speaker
um Now, this doesn't mean whether you just take the standard or whether you itemize um every individual over 65 is going to get an extra $6,000 of deduction on their taxes.
00:10:45
Speaker
So for the older generation, it's going to put more money in their pocket also. And that creates some planning opportunities for that segment of the population as
Social Security and Taxable Income Adjustments
00:10:55
Speaker
well.
00:10:55
Speaker
Is Social Security going to be taxed? Because that's been a massive question and I think something that both political parties were discussing in all the debates, that they would end tax on Social Security. Has that happened yet or is it still in the works?
00:11:11
Speaker
I think it's more about the terminology. So there was no elimination on tax on Social Security. What the extra credit is, is designed to reduce the amount of income that you pay tax on, which in turn um can reduce the amount of Social Security that's subjected to tax.
00:11:34
Speaker
So they're in order to eliminate the tax on Social Security, it would have required Congress to vote on that. So instead of doing that, they added this extra credit in, which in turn kind of does the same thing when you look at your bottom line tax.
00:11:54
Speaker
It's reducing your overall tax, which I guess could be equated to, oh well, it's reduced tax on Social Security. But in reality, it just reduced tax on all of your income.
00:12:06
Speaker
Okay. So it's a baby step towards reducing tax on Social Security. We're not 100% there yet, but the seniors will be saving on taxes. So it's it's a baby step.
00:12:17
Speaker
Okay. um Yeah, because when you look at if you had couple that didn't pay tax on Social Security because where their income was, but they still had income tax, this just wiped out some of that.
00:12:29
Speaker
So it can benefit those that maybe didn't have enough income to where they were paying tax on Social Security. um It's going to reduce their taxable income. For those that had 85% of their tax, their Social Security subjected to tax,
00:12:44
Speaker
It's also going to reduce the tax amount. So it really benefits anybody over 65 who was paying taxes. OK. All right. Well, that's that's a good thing.
00:12:55
Speaker
Now, another thing that could benefit the younger generations that have young children or are thinking about having children, talk to me about these Trump accounts.
Trump Accounts and Education Savings
00:13:06
Speaker
that haven't officially launched yet, but I'm personally really excited about the benefits that this could provide young families and their children. So tell me a little bit more about that. For anyone who had a child born in 2025, starting you can apply and have added your account and then you can contribute up to five thousand dollars a year into the savings account It continues to grow tax deferred.
00:13:38
Speaker
And if it's used for qualifying um qualifying items, it comes out tax free when you are 18. So you get 18 years of deferral on this.
00:13:50
Speaker
If it's used for education, if it's used for trade school, if it's used to purchase a home, ah that all comes out tax free. So this is a huge factor.
00:14:02
Speaker
Huge benefit to save for your children to try and get them a step ahead when they turn 18. But it's a huge benefit. If somebody puts $5,000 a year into this account for 18 years, even if it grows at a modest 6%, that's that have been accumulated by age wow which is a great way to set an 18-year-old up for education. They can start a business. I mean, it's deductible for that.
00:14:30
Speaker
There's just a lot of nice things that it can be used for. So that whole $150,000 will be considered tax-free, essentially, at 18 if it's used for a business or education <unk>re buying a home?
00:14:45
Speaker
Absolutely. That's amazing. What a great jumpstart. It is, and it really works in conjunction with the 529 plan. So the 529 is an education account.
00:14:57
Speaker
They've also expanded that to be used for K through 12. So you can use it for younger kids, K through 12. You can let this other ah Trump account grow, use it for college, or use the two in a combination.
00:15:14
Speaker
um And then when that child graduates, they may have money sitting in that account to purchase a home, start a business. um It's really a lot of neat things that can be done with those funds.
00:15:26
Speaker
That is great. And I know the laws around 529 plans have
Roth IRAs and 529 Plans
00:15:31
Speaker
changed. Obviously, you said they expanded them to be able to be used prior to college. you know They could be used for private school, charter schools, K through 12.
00:15:41
Speaker
But talk to me about the other really cool benefit that you can do with a 529 plan to convert that into a Roth IRA.
00:15:52
Speaker
That's one of the neat features of the 529 plan. um I think some of the great things are is, you know, if you don't use the money, you can let it continue to sit and you can pass it to your children to use for education.
00:16:06
Speaker
So it's a generational thing. Or you have the ability to take up to $35,000 out of that 529 and use it as Roth contribution. and use it as a roth contribution So if somebody hasn't used it all for education, they want to move it into or part of it into a retirement account, they have the ability to do that by pulling it out and putting it into a Roth account.
00:16:29
Speaker
So that's a really another another really nice feature that the 529 offers. And for our listeners that aren't familiar with a Roth IRA and how that works, essentially everything that comes out of the Roth IRA in retirement, including all the interest earned, you know, you start it with $5,000. Let's say it grows to $50,000. That entire $50,000, including the $45,000 in interest earned, is available to you tax-free.
00:16:58
Speaker
You're essentially removing that money from the tax system forever. And that's why they put a limit on how much you can contribute to one each year because they don't want all of the money moved out of the tax system.
00:17:10
Speaker
But it's a huge benefit, especially for those that are young, because you have all of the years for that money to grow and compound and increase your overall tax savings in the future.
00:17:23
Speaker
And the other reason, too, is that we don't know what the tax rates are going to be 10, 20, 30, 40 years from now. Yeah, I've always looked at the tax code kind of as a board game.
00:17:34
Speaker
So when you get to be age 65 and you're starting to live off the money you've accumulated, um you need to know the rules of the game. So having different buckets of money, Roth money, traditional money, regular investments, allows you to determine where to pull the money from depending on the changes to the tax code.
00:17:54
Speaker
For young people, Roth is absolutely one of the best accounts they can put money into. As you mentioned, it is going to grow tax-free. It's going to come out tax-free as long as you're over 59 and a half.
00:18:07
Speaker
Other things about Roth income under the current tax code that creates an advantage is currently we do calculate Social Security to determine how much of it is going to be taxable.
00:18:18
Speaker
Roth income does not count in that calculation. Also, when you retire, depending on your income, your Medicare Part B premiums can be increased if you have too much income.
00:18:29
Speaker
Roth IRA income does not count in that calculation. Where traditional IRA 401k income is going to be part of that calculation. And not only you paying tax on the withdrawal that comes out, but it can cause you to have more of your social so security subjected to tax and cause your Medicare B premiums to go up.
00:18:48
Speaker
Roth income currently that is not in the calculation. So it is huge. And for the younger generation, especially if you have kids, um you know, you may be in a very low tax bracket.
00:19:02
Speaker
um An example, if we take a look at, let's say you have a married couple, you've got a spouse ah making $25,000 wages, in tips. You've got the second spouse, in wages, overtime.
00:19:21
Speaker
they have two children they're spending fifteen thousand dollars a year in child care Under the current tax code, that couple would not pay any federal income tax.
00:19:33
Speaker
Wow. The deductions, the child credits, everything would wipe that out. And they would end up getting a refund of $1,038 approximately.
00:19:45
Speaker
Under the new bill, with the break you get overtime, the break you get on TIBs, That same couple now will see a refund of $7,120. That's a huge difference.
00:20:01
Speaker
If they can take that money and put it into a Roth IRA or a Roth 401k, they are not paying tax on that. So they are getting a contribution going in that they've not paid tax on.
00:20:16
Speaker
It's going to grow tax free, come out tax free. Best scenario you could possibly have. It's getting tax advantages on every side. It does.
00:20:27
Speaker
So if you are in a situation like that, where you literally are not paying taxes, and you have the ability to take advantage of a 401k plan, if they have a Roth option, that's the place to put it.
00:20:41
Speaker
From our planning standpoint, we've always looked at, if you're in the 12% bracket, which is about approximately $98,000 of taxable income, If you can put it away at 12% or less, you're much better off to put it into the Roth. Because the day will come, your children are grown, you've got basically no deductions anymore, you're in your peak earning years, that's the time you really need to take advantage of the pre-tax and get those tax deductions when you're in that highest bracket in your lifetime.
00:21:15
Speaker
So for young people, not only are you getting it in at a low tax bracket, but the Compounding of interest over all those years is just going to make a huge difference when it comes to retirement. So a good suggestion would be, as we get into the 2026 tax season, if anyone receives a refund after they file their taxes, that should absolutely be invested into a Roth IRA for your future.
Roth Conversions for Gen X
00:21:44
Speaker
i I completely agree with you. I think that's one of the best things they can do with it. Okay. That's amazing. And let's talk real briefly about doing a Roth conversion during this time. Maybe that could be for the Gen Xers who are not quite in retirement.
00:22:02
Speaker
That seems to be the sweet spot to do the Roth conversion to benefit their future while also not creating a huge tax burden right now. Tell me just a little bit about what a Roth conversion is and And maybe an example of what you're doing with your clients, Todd.
00:22:20
Speaker
Yeah. So a Roth conversion is just taking the traditional IRA money and deciding that I want to convert it to the Roth for the long-term benefits. You're going to pay tax on it the day of the year you convert it.
00:22:34
Speaker
So if somebody has $10,000 in a traditional IRA that you determine they want to convert it to a Roth, that $10,000 is going to be added as taxable income. So here again, if you're in that lower tax bracket, it may make sense to do that from a long-term planning standpoint.
00:22:51
Speaker
Because that's $10,000. If it's growing at 7.2% interest, it's going to double every 10 years. So that's a huge compounding of tax-free money when you take a look at the tax you may pay today to have the ability to not pay tax on it in the future.
00:23:09
Speaker
um And also keep in mind some 401ks now allow you to do conversions inside the 401k. So if all of your money is in a 401k and you don't have it in individual accounts, check with your employer to see if they have an option to allow you to do that.
00:23:25
Speaker
That's interesting. And what I just heard you do is use the rule of 72. And that's something we've never discussed on our podcast before. Can you share what that is? And I think our listeners will enjoy that.
Financial Growth Calculations: The Rule of 72
00:23:37
Speaker
Yeah. So if you're talking about how long it takes money to double, um you can just look at if I'm going to get 7.2% interest, 72 divided by 7.2 is 10 years.
00:23:49
Speaker
That means your money is going to double um every 10 years. If you're getting 10% interest on it, it's going to double every 7.2 years. So just divide it by 72, and that'll give you the doubling effect.
00:24:02
Speaker
um It's just a simple terminology, um a way to calculate quick growth on money. That's pretty cool because everyone wants to double their money, but how long will it take? Let's be realistic here. Yeah.
00:24:15
Speaker
Well, yeah. So like that 10,000 conversion, if you've got 30 years to retirement, it's going to double three times. So the 10 goes to 20, goes to 40, goes to 80. but to eighty So that conversion, when you look at the compounding and the doubling, it gets huge.
00:24:30
Speaker
That is huge. Now, another thing that I have heard a little bit about, but I don't know the details, is some of the tax breaks on buying new cars that are produced or finished in the USA.
Tax Breaks for American-Made Cars
00:24:46
Speaker
And how will that impact the average American? Tell me a little bit more about that. Yeah. So what it's going to allow, it's going to allow you to deduct the interest on the loan. um And one of the advantages is you don't have to itemize.
00:25:00
Speaker
So even if you're taking the standard deduction, you're going to get a break on the interest you paid on that loan. It just the assembly needs to finish in the United States.
00:25:10
Speaker
um There is a website you can go to that will help determine which vehicles are eligible for this. And I would assume the car dealers should be able to tell you that also.
00:25:22
Speaker
as long as they're being honest and ethical. ah um But there are some nice breaks on paying interest on that loan. It just has to be a new vehicle. So you can't do it on a used vehicle.
00:25:35
Speaker
We'll put that website in the description below for our listeners to check out. But, I mean, if you're in the market for a new car anyways, why not save a bit on the taxes on the interest part of that loan? you know it's Yeah. If you're buying it anyways, it helps.
00:25:53
Speaker
Promote buying America. Exactly. Exactly. Now... In your opinion, does this bill help narrow the gap between the middle class and the upper class, or does it widen that
Wealth Gap and Middle-Class Focus
00:26:07
Speaker
gap?
00:26:07
Speaker
I mean, we're talking about the average American, and is this actually going to make a difference in your opinion? Well, it's not so much what the bill does as far as narrowing that gap.
00:26:20
Speaker
It's what people do with the savings. So the example I gave with that couple getting an extra over $6,000 in tax refund, it's what they do with the refund is what's going to help narrow that gap.
00:26:35
Speaker
So if they turn around and put it aside for retirement, um then yes, that is going to help narrow that gap because it's now allowing them to save that extra money that they weren't able to save before.
00:26:48
Speaker
If they just go out and spend it, it's going actually do nothing to narrow that gap. um But it is putting more money in people's pocket that is going to allow them to create additional savings.
00:27:02
Speaker
And in the long term, that will help narrow that gap. Okay, that's exciting to hear. And now, before we wrap up, what would you say would be a myth or a misunderstanding around this bill that you keep hearing?
00:27:16
Speaker
And what's the real truth behind it? I've heard people say, well, um they're going to be kicking people out of nursing homes. um That's not true. That's random.
00:27:26
Speaker
Yeah, very random. Well, they're going to kick people out of nursing homes. No, there's nothing in the bill that affects Medicare or Medicaid benefits for those over 65.
00:27:39
Speaker
um Those from 19 to 64 that are receiving Medicaid, they have some requirements now. You need ah either 80 hours a month and either in either an employment, um community service, or education.
00:27:54
Speaker
If you're unwilling to do those three things and you're able to work physically, you're not going to get a benefit. So those are the people that are going to be impacted. If you're disabled, medically you can't work, you're still going to get benefits. It's not going to impact you.
00:28:11
Speaker
So I think that's one of the myths. um The other is that this bill only impacts the wealthy. um If you look at where a lot of the phase outs go into place, this is really, it's designed for the middle class.
00:28:24
Speaker
um It's designed for married couples, singles that fall into that middle class category. They are going to reap the biggest benefits from this. Those making four or $500,000 a year, there's not much in this bill for them because all the phase outs can go into effect.
00:28:44
Speaker
So it's it's really, in my opinion, it's for the middle class. So I think those are the two biggest misconceptions. um is all these people that are going to be thrown out of nursing homes um or that this bill just benefits the wealthy.
00:28:58
Speaker
hi I don't see that in the bill anywhere. Okay. Well, good. Thank you for adding some clarity to that. Anything else that you want to share, Todd, about the way you're helping your clients or any strategies that you're using right now that you think you'd like to spread a bit of awareness about?
Strategic Financial Planning and Legacy Building
00:29:15
Speaker
um I think the biggest thing is you know having awareness of what the tax code is and understanding how that can impact your client. um Just like you mentioned, um taking that refund, putting it into a Roth IRA, um that's great planning.
00:29:31
Speaker
That's going to help create additional wealth for people that maybe couldn't before. So those are huge advantages. And working with people over 65, I really think with this extra $6,000, $12,000 for married couples, it creates additional opportunities for Roth conversions.
00:29:50
Speaker
That helps create a nice legacy bucket for the next generation that's going to save them on taxes and receiving that inheritance. So there's a lot of nice things in this bill from a planning standpoint.
00:30:04
Speaker
Absolutely. Thank you for sharing everything. And I hope our listeners got a bit more clarity. And we should be excited. We're going to be saving on
Conclusion and Encouragement for Financial Planning
00:30:12
Speaker
taxes. We have more opportunities to invest those tax savings and opportunities for the next generation as well with some of the updates for the 529 plans and the quote-unquote Trump account or whatever they're going to call it, that could really help the next generation be even better than the current one when it comes to saving for their future.
00:30:34
Speaker
And for anyone that's listening and you're in the Midwest area, I'd encourage you to get in touch with Todd from Excel Wealth Management. I'm sure he could review your current plan or If you want to ask a few more questions about this legislation or any future ones, he's always a wealth of knowledge.
00:30:53
Speaker
And if you're in either the Tampa Bay area or we serve New Jersey, Pennsylvania, up and down the East Coast, and you have specific questions for our team at Union Financial, feel free to go to our website, union-financial.com.
00:31:08
Speaker
You could schedule a meeting. We always offer complimentary meetings. And you can just click the schedule a meeting button. It'll take you right to our personal calendar. But that's pretty much all we have for today. Todd, thank you so much for coming on and helping us unpack this in a way that actually makes sense.
00:31:26
Speaker
And I always like to say that, you know, policy can shape your paycheck, but decisions are what shape your future. And that's what our job is as advisors. So thank you, Todd.
00:31:37
Speaker
ah Thank you, Marissa. I've always enjoyed your podcasts and it's fun to to be on one. So I appreciate it. Thank you very much. I think you'll be on future ones or maybe start your own at some point. I'm not sure at this stage of my career, I'm ready to do that. It's never it's never too late.
00:31:53
Speaker
Well, for everyone that's watching, thank you all for tuning into another episode of the Future of Finance podcast. I'm your host, Marissa Wood, and we look forward to helping you live a better financial future.
00:32:06
Speaker
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00:32:21
Speaker
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00:33:17
Speaker
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Speaker
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