Hot Topics in Wealth Management For 2024 with OJM Advisors Bob Peelman, Adam Braunscheidel, and Andrew Taylor

Wealth Planning for the Modern Physician

Listen in as host David Mandell chats with Certified Financial Planners Bob Peelman, Adam Braunscheidel, and Andrew Taylor from the OJM Group on three wealth planning topics that are relevant for 2024.

David begins by discussing with Bob Peelman the basics of 529 plans, including the two types of plans, tax benefits, planning flexibility factors and more. Bob also delves into the new rules coming into effect in 2024 regarding the Roth IRA transfer provisions for unused 529 plan balances.

David then turns to Adam Braunscheidel to discuss HSAs. He explains the importance of having a High Deductible Health Plan (HDHP) to qualify for an HSA and the potential of HSAs as a retirement savings vehicle, taking advantage of their unique triple tax benefit. Adam discusses the tactic of using HSAs for long-term savings by paying current medical expenses out-of-pocket and reimbursing oneself later from the HSA through tax-free distributions.

Finally, David chats with Andy Taylor about the question of whether to invest in bonds or hold cash, particularly in the context of recent interest rate fluctuations and inflation rates. Andy explains the inverse relationship between interest rates and bond prices, and how this impacts investment decisions and how the environment as they record the podcast (4th Quarter 2023) is much different than it was 6, 12, or 18 months ago.

Learn more, incluing key takeaways and insights, as well as being able to listen to this and past episodes by visiting www.physicianswealthpodcast.com.