After months of political debates and campaign ads, the election season has finally come to a close. While some of our clients are celebrating the results, others are feeling disappointed. However, the reality is that many of the key financial issues we faced before remain unchanged. Taxes, investing, Medicare, long-term care, estate planning—these are the areas we’ll continue navigating regardless of the election outcome.

In today’s episode, we’re going to discuss what we might expect now that the Republicans have secured control of the Senate and likely the House of Representatives. We’ll also dive into tax and planning considerations in the wake of the election and explore what lies ahead.

Here’s some of what we discuss in this episode:

• The possible extension of the Tax Cuts and Jobs Act
• State and local tax (SALT) proposals
• The potential elimination of taxes on Social Security benefits
• The Social Security solvency issue and proposed changes

Links for today's show

Federal Tax Rates –

https://taxfoundation.org/data/all/federal/2024-tax-brackets/

The SALT Deduction –

https://suozzi.house.gov/media/in-the-news/trump-signals-hed-restore-full-salt-deduction-democrats-are-skeptical

https://www.cnbc.com/2021/11/19/house-democrats-pass-package-with-80000-salt-cap-through-2030.html

Taxation of Social Security Benefits –

https://taxfoundation.org/blog/social-security-benefits-tax-inflation/

The Social Security Trust Fund and Future Cuts-

https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html

The Debt Clock –

https://www.usdebtclock.org/

Get in touch with Don and learn more: https://doncashpodcast.com/

Medicare Open Enrollment is upon us! Running from October 15th to December 7th, this window allows you to make important changes to your healthcare coverage. So, what should you be on the lookout for and what mistakes should you avoid during this time?

Today, we’re excited to welcome the one and only Ray Martin, the owner of Martin & Associates Insurance Services in Irvine, California. who will help us navigate this process. He is the author of The Nuts & Bolts of Original Medicare, Medicare Advantage and Medicare Supplement Insurance, and is a true expert in the field. Tune in as he walks us through the ABCs of Medicare and shares valuable tips for making informed choices.

Here’s some of what we discuss in this episode:

• What is Medicare Open Enrollment season and how does it affect most seniors?
• Changes in Medicare advertising regulations
• The difference between Medicare Advantage and traditional Medicare plans
• Benefit changes in Medicare Advantage and Part D plans due to the Inflation Reduction Act
• The impact of IRMAA on seniors and the potential for increased costs
• Key mistakes to avoid during Open Enrollment

Resources for this episode:

Last Medicare show –

https://doncashpodcast.com/podcast/the-abcs-of-medicare/

Medicare Part D –

https://www.medicare.gov/drug-coverage-part-d

Medicare Advantage –

https://www.medicare.gov/health-drug-plans/health-plans/your-health-plan-options

Medicare Plan Big Changes for 2025 –

https://www.wsj.com/health/healthcare/medicare-plans-are-making-big-changes-for-2025-heres-how-to-navigate-them-5c81fd05?st=aafBaT&reflink=desktopwebshare_permalink

Get in touch with Don and learn more: https://doncashpodcast.com/

In the wake of Hurricanes Helene and Milton, many are grappling with the devastation these powerful storms have caused. Now, more than ever, it’s crucial to understand how to safeguard our homes and finances against such natural disasters.

In today’s episode, Don offers a comprehensive guide on protecting your assets through homeowners and flood insurance. He and Marc also share some ways that you can support those affected by Hurricane Helene.

Here’s some of what we discuss in this episode:

• Some ways to help those who have suffered in North Carolina
• The tax benefits of charitable contributions + how QCDs work
• Having proper homeowners’ insurance + the two sections of a homeowners policy
• The difference between homeowners insurance and flood insurance

• When to apply for flood insurance to ensure coverage

Resources for this episode:

Check out the Charity Navigator HERE

Visit Samaritan’s Purse

National Flood Insurance Program

https://www.floodsmart.gov/get-flood-insurance?gad_source=1&gclid=Cj0KCQjw05i4BhDiARIsAB_2wfA3xCHvd2i8V70upWfIhBR3h1ewIuse_3fNgV1GVKi7IHvZtC3rM6waAuZ6EALw_wcB

How to Prepare for a Storm

https://www.housebeautiful.com/lifestyle/organizing-tips/a28872132/how-to-prepare-for-a-hurricane/?utm_source=google&utm_medium=cpc&utm_campaign=mgu_ga_hbl_md_pmx_hybd_mix_us_281495960970879&gad_source=1&gclid=Cj0KCQjw05i4BhDiARIsAB_2wfBk2KXH8X_geZxDfxAFL31PJVHy6FCC1VNArz7pR3cVz-XJCmjya1UaAiQdEALw_wcB

What’s my home elevation?

https://whatismyelevation.com/location/35.59507,-82.55426/Asheville--NC--United-States-

Get in touch with Don and learn more: https://doncashpodcast.com/