Author: LEFP

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Kevin Rental Real Estate

Taxation on Real Estate Investing

In this video, Kevin Gormley, CPA, CFP® from Leading Edge Financial Planning dives into the tax implications of real estate investing. Learn about the benefits and limitations of real estate taxation, including concepts like depreciation shields, real estate losses, and 1031 exchanges. Kevin explains how real estate taxes apply to rental income, but may not directly reduce your W-2 income taxes.

Discover strategies like loss harvesting, the short-term rental loophole, and how depreciation can create "phantom expenses" that lower taxable rental income. Kevin also covers key topics like:

• Depreciation recapture when selling real estate
• 1031 exchanges for deferring taxes on capital gains
• Self-directed IRAs and LLCs in real estate investing

If you’re a real estate investor or pilot looking to understand real estate taxation, this video is packed with insights to help you build wealth and plan effectively.

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Contact us at 865-240-2292, or visit our website to learn more about our financial planning services, https://leadingedgeplanning.com/ 

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning and are subject to change at any time due to the changes in market or economic conditions.

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Inheriting Money Kevin Video

Inheriting Money: IRS Rules You Need to Know

In this video, Kevin Gormley and Travis Reader, both CERTIFIED FINANCIAL PLANNERs® from Leading Edge Financial Planning, dive into what you need to consider when you inherit money. Whether it's a taxable brokerage, IRA, or Roth IRA, understanding the tax implications and required distributions is crucial. Kevin and Travis explain the three most common types of accounts you may inherit and walk you through the key steps to take when you're a beneficiary. From determining the account type to understanding designations like eligible or non-eligible beneficiaries, they simplify what can be a complex process.

Kevin and Travis also discuss important terms like RMD (Required Minimum Distribution) and RBD (Required Beginning Date), and share strategies for handling inherited accounts based on your relationship to the deceased. This video is a must-watch if you're dealing with an inherited account and want to ensure you're making the best decisions for your financial future.


Watch now to learn:

○ The 3 most common types of inherited accounts: taxable, IRA, and Roth IRA.

○ What it means to be an eligible or non-eligible beneficiary.

○ Options to handle manage required distributions and tax considerations.

○ Key insights on how to minimize taxes and maximize the potential of your inheritance.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning and are subject to change at any time due to the changes in market or economic conditions.

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Education Kevin Retirement Video

The Three Bucket Approach: Securing Your Retirement Income

In this video, Kevin from Leading Edge Financial Planning breaks down the Three Bucket Approach — a retirement portfolio strategy as vital as oxygen for financial peace in retirement. He explains the importance of each bucket: a cash bucket for immediate expenses, a conservative bucket for steady income in the medium-term, and a growth bucket to guard against inflation and maintain purchasing power. Discover how this method can bring security and peace of mind, along with ideas to consider for managing your retirement portfolio using this approach.

Kevin also discusses some pros and cons about this strategy and offers insights on how to visualize these buckets to achieve peace of mind in retirement. If you're planning for retirement or just want to understand how to make your income last, this video is a must-watch.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning and are subject to change at any time due to the changes in market or economic conditions

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Kevin Pilot Money Guys Pilots Rental Real Estate Video

The Pilot’s Guide to Passive Real Estate Investing: What "Passive" Really Means


In this video, Kevin Gormley from Leading Edge Financial Planning dives into the concept of "passive" real estate investing, breaking down the realities behind the word "passive" in different scenarios. We'll cover what passive income truly means, particularly in rental real estate.

Kevin examines the distinctions in "passive" effort between three real estate approaches: hands-off investments, real estate with a property management company, and direct management without help from a property management company. He explains the tax implications, including the IRS’s definition of passive income and the impact on your taxes. Kevin also explores opportunity costs and time investment—what you’re really trading when investing in real estate. This video offers valuable insights for pilots interested in real estate to help you decide if it’s the right fit for your lifestyle.

Gina Roth interview referenced: Flight #52: Real Estate Investing with Gina Roth (youtube.com)

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning and are subject to change at any time due to the changes in market or economic conditions

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Education Kevin Pilots Video

United Airlines Benefits Open Enrollment: Key Health Insurance Options Explained

Join Kevin Gormley, CFP®, CPA and Andy Christopher, CFA from Leading Edge Financial Planning as they explore the upcoming open enrollment period for health insurance. The fall season means it’s time for United pilots to review their health plans for the upcoming year. Many individuals stick to last year’s choices without reevaluating their options, but this discussion aims to encourage informed healthcare decisions.

They break down essential terms like premiums, deductibles, co-pays, and co-insurance, emphasizing their significance in personal financial planning. The conversation also covers various health insurance plans for United pilots, including Health Savings Accounts (HSAs), Preferred Provider Organizations (PPOs), and Exclusive Provider Organizations (EPOs), as well as early retirement options and supplemental coverage as pilots transition to Medicare.

If you're a United pilot or considering your healthcare options, this episode is packed with valuable information to help you navigate the complexities of health insurance open enrollment.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning and are subject to change at any time due to the changes in market or economic conditions

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Kevin Pilots

A Pilot's Guide to Real Estate Investing

Pilot's Guide to Real Estate Investing: Tax Benefits & Wealth Building

Kevin Gormley, CFP®, CPA presents a comprehensive overview of Real Estate Investing specifically tailored for pilots and their families. Discover why many pilots are drawn to real estate, including the potential for tax savings, passive income, and long-term wealth generation. Kevin discusses the risks and rewards of real estate investing, providing valuable insights into expected returns, market research, and the importance of informed decision-making. Whether you're considering your first investment or looking to diversify your portfolio, this guide can equip you with the knowledge you need to navigate the real estate market effectively.
 


Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning and are subject to change at any time due to the changes in market or economic conditions

Categories
Education Kevin Retirement

One Reason To Invest in Roth NOW

Tax Changes Ahead: Why Invest in a Roth IRA Now

Kevin Gormley, CFP®, CPA discusses upcoming changes in tax policy that may affect your retirement investment strategy. With the expiration of the Tax Cuts and Jobs Act on January 1, 2026, the tax landscape is set to shift significantly, potentially resulting in higher taxes for many individuals.  Kevin outlines key strategies for investing in Roth IRAs, Roth 401(k)s, and utilizing “Backdoor” Roth conversions. He emphasizes the importance of considering these options, especially if you're in your 60s and have substantial funds in traditional IRAs or 401(k)s. This discussion offers valuable insights into how these strategies may help you minimize your tax burden and maximize your retirement savings.  Please note, Roth investments and conversions can potentially affect your taxes in the current year. Consulting a tax professional is essential before implementing this strategy.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning and are subject to change at any time due to the changes in market or economic conditions

Categories
Kevin Retirement

Not Your Parents Long Term Care Insurance

Not Your Parents Long Term Care Insurance

Understanding Long-Term Care Costs:

New Insurance Options

Kevin Gormely, CFP®, CPA and Todd Russell CFP®, President of Private Client Strategies, LLC dive into the evolving landscape of long-term care insurance and its critical role in financial planning. With rising healthcare costs and the increasing desire to age in place, understanding the new generation of long-term care products is essential.They explore the financial risks associated with long-term care, discuss how these costs can impact your savings, and explain how modern insurance policies can help mitigate some of these risks. Whether you're planning for yourself or loved ones, this discussion offers valuable insights into making informed decisions about long-term care.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning and are subject to change at any time due to the changes in market or economic conditions.

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Education Kevin Pilot Money Guys Pilots Retirement Uncategorized Video

United Pilots: RHA & Healthy Fear of Healthcare Costs

Kevin Gormley, CFP®, CPA and Andy Christopher, CFA and Lead Financial Planner, discuss the intricacies of Health Reimbursement Accounts (HRA) and Retiree Health Accounts (RHA), exploring how to determine the optimal amount to save for future healthcare costs in retirement. They break down the advantages and limitations of these accounts, provide mental models for effective saving, and offer practical tips for United pilots.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning and are subject to change at any time due to the changes in market or economic conditions.

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Charlie Education Kevin Pilot Money Guys Pilots Retirement

Southwest Airlines Market Based Cash Balance Plan

SWA Market-Based Cash Balance Pension Plan (MBCBP) Tips and Techniques

Below is an overview of the topics we cover in the video:

• Market-Based Cash Balance Plan basics

• Why do we love it? 

• How to max out the MBCBP 

• How to minimize your 401k spillover if you do not want more MBCBP. 

• How to use the potential MBCBP tax savings to contribute more Roth to your retirement savings.

Leading Edge is not affiliated with Southwest Airlines.  This is informational only.  Please refer to the Southwest Airlines Pilot contract for further information.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning and are subject to change at any time due to the changes in market or economic conditions.