You probably have a Health Savings Account - but chances are, you’re NOT using it correctly.

It's the only account in the entire tax code where your money goes in tax-free, grows tax-free, and comes out tax-free.

Yet most people leave it sitting in cash, treating it like a checking account for co-pays instead of one of the BEST wealth-building tools available.

In this episode, I break down the good, the bad, and the ugly of the HSA - including a simple trick almost nobody uses and a mistake that can quietly cost you THOUSANDS.

You’ll also learn:

- The "tax trifecta" that makes the HSA the only account with three tax advantages at once

- Why turning 65 turns your HSA into a second retirement account

- The double penalty for spending HSA money on the wrong thing, and the yearly contribution limits you need to know

- How a Medicare backdate can silently create an "excess contribution"

- Why leaving your HSA to the wrong person can turn it into one giant tax bill for them

If you have an HSA right now, this episode could change how you use it for the rest of your life.

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You've built something real.

Let's make sure it stays that way.

I help business owners and high-achieving families build clear, practical financial plans that hold up when life doesn't go according to plan.

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Parallel Financial, LLC is a member firm of The Fiduciary Alliance, LLC, which is a registered investment adviser. More information about Parallel Financial can be found in Form ADV Part 2 which is available upon request. This website is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security or other investment, or to undertake any investment strategy. Opinions expressed herein are solely those of Parallel Financial, LLC, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant, or legal counsel prior to implementation.

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#WellAdvisedWealth #FinancialPlanning #BuildWealthLiveWell #CertifiedFinancialPlanner #HSA #HealthSavingsAccount #TaxPlanning #RetirementPlanning #MoneyMindset #PersonalFinancePodcast

Your spouse passes away.

Days later, a letter shows up from the custodian with four options and a deadline - all while you're planning a funeral. One decision at that moment can permanently affect your taxes, sometimes costing tens of thousands of dollars more than it should.

In this episode, I walk you through inherited IRAs and spousal rollovers - what actually happens to a retirement account when it passes from one spouse to another, and the good, the bad, and the ugly of each path.

You’ll also learn:

- Why a surviving spouse gets more flexibility than any other beneficiary in the tax code

- The real difference between a spousal rollover and staying a beneficiary

- The "hybrid" strategy that lets a spouse access funds penalty free now and roll over later

- Why custodians often default you into the wrong choice, and how that single decision can trigger unnecessary taxes and penalties

- The blended-family mistake that can accidentally cut out a deceased spouse's intended beneficiaries

If you're a beneficiary on a spouse's retirement account right now, this episode could save you thousands in taxes and heartache before you sign anything.

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You've built something real.

Let's make sure it stays that way.

I help business owners and high-achieving families build clear, practical financial plans that hold up when life doesn't go according to plan.

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Parallel Financial, LLC is a member firm of The Fiduciary Alliance, LLC, which is a registered investment adviser. More information about Parallel Financial can be found in Form ADV Part 2 which is available upon request. This website is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security or other investment, or to undertake any investment strategy. Opinions expressed herein are solely those of Parallel Financial, LLC, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant, or legal counsel prior to implementation.

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#WellAdvisedWealth #FinancialPlanning #BuildWealthLiveWell #CertifiedFinancialPlanner #WealthMindset #FinancialEducation #MoneyMindset #GriefAndGrowth #Legacy #PersonalFinancePodcast

Did you know the federal government might already owe your child $1,000?

It's called a Trump account, and if you're a parent, grandparent, aunt, uncle, or employer looking to give a child a financial head start, you NEED to understand exactly how this works before you touch it.

In this episode, I break down the good, the bad, and the ugly on Trump accounts.

You’ll also learn:

- What a Trump account actually is (hint: it's NOT what the name makes it sound like) and who qualifies

- The good: free seed money, tax-deferred growth with no earned income required, and how multiple family members can contribute

- The bad: why it's not a "Roth for kids," the strict age-18 lockup, and the contribution deadline most people get wrong

- The ugly: what happens tax-wise at 18, the unresolved financial aid question, and why this account can't replace a 529 or Roth IRA

- Why using the right financial tool for the right goal matters more than any single account type

If you're planning ahead for a child's future, this is the episode that gives you the FULL picture before you decide if a Trump account fits into your family's plan.

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You've built something real.

Let's make sure it stays that way.

I help business owners and high-achieving families build clear, practical financial plans that hold up when life doesn't go according to plan.

---

Parallel Financial, LLC is a member firm of The Fiduciary Alliance, LLC, which is a registered investment adviser. More information about Parallel Financial can be found in Form ADV Part 2 which is available upon request. This website is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security or other investment, or to undertake any investment strategy. Opinions expressed herein are solely those of Parallel Financial, LLC, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant, or legal counsel prior to implementation.

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#WellAdvisedWealth #FinancialPlanning #BuildWealthLiveWell #CertifiedFinancialPlanner #WealthMindset #FinancialEducation #MoneyMindset #GriefAndGrowth #Legacy #PersonalFinancePodcast