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Answers That Count with Charles Musgrove is about leadership and the experiences that shape us into who we become as leaders.
Charles sits down with business owners, entrepreneurs and other leaders for real conversations about their leadership journeys. These aren't simply stories about success. They're conversations about the difficult decisions, challenges, values, and lessons that helped shape the person behind the position.
Charles Musgrove brings more than four decades of business and leadership experience to these conversations. As a CPA, Fractional CFO, entrepreneur, business advisor, coach, speaker, and teacher, Charles has spent his career working alongside business owners and leadership teams. His experience includes building businesses of his own and helping companies navigate financial challenges, operational decisions, growth, accountability, and change. That experience has taught him something important:
Leadership isn't theory. Leadership shows up in your decisions, your actions, your values, and the results you produce.
Episodes
Jan 15, 2020
Jan 15, 2020
33 min
On this episode, Charles Musgrove and guest Taylor Hodges from Southern Capital discuss a variety of topics including:
- The 529 College Savings Plan and how the 2019 SECURE Act has expanded the use of the plan assets
- The Safe Harbor provision
- Non-ERISA plans or the Golden Handcuff and practical examples
- Distributions from inherited retirement plans
- Balance of tax deferred vs after tax savings
- 2019 SECURE Act:
- Small business owners will receive a tax credit for establishing a retirement plan
- Additional tax credit for adopting auto enrollment
- New provisions to allow part-time employees with less than $1,000-hours to join 401K
- Elimination of stretch provisions for beneficiaries
- With a few exceptions, most non-spouse beneficiaries will have 10 years to withdrawal 100% from the inherited IRA – No RMDs during 10-year window
- Will count as income to beneficiary – Shift assets to tax-free?
- RMD age pushed back to age 72
- Only for people who turn 70 ½ after January 1, 2020
- Everyone should check to make sure their beneficiaries are updated
- If beneficiary is a Trust, understand how it may effect beneficiary amounts and taxes on distributions
- With a few exceptions, most non-spouse beneficiaries will have 10 years to withdrawal 100% from the inherited IRA – No RMDs during 10-year window
- Small business owners will receive a tax credit for establishing a retirement plan
- Executive Benefits
- Goal for business owners is to attract, retain and reward good employees
- ERISA – 401K, SEP, ESOP
- Non-ERISA – NQDC, Phantom Stock, Golden Handcuff
- Different for 8(a) companies due to program restrictions on income and net worth
- Specialize in 8(a) – Unique planning process
- Goal for business owners is to attract, retain and reward good employees
- Articles
- The Hierarchy Of Tax-Preferenced Savings Vehicles For High-Income Earners:
- Tax Brackets Resource:
- 2019 SECURE Act:
- Don't Die Yet: New U.S. Law Will Muddle Estate Plans:
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