Read The Transcript Here:

Steven Jarvis, CPA (00:53.058)
Hello, everyone, and welcome to the next episode of the Retirement Tax Services Podcast Financial Professionals Edition. I’m your host, Steven Jarvis, CPA, and rejoining the show this week is my good friend and fellow CPA, Brad Wooten. Brad, welcome back to the show.

Brad Wooten (01:06.776)
Thanks, Steven. It’s great to be on again and I appreciate the invite. Yeah.

Steven Jarvis, CPA (01:10.738)
Absolutely. I be I enjoy our conversations regardless. You’re also going to be at the Summit next month in person, getting to to share a lot of great insight, wisdom, action items with advisors attending the summit. There are still a few spots left. So if you haven’t gotten your ticket yet, you can go to retirementtaxservices.com, get signed up, come see me and Brad, and we’ll all have a great time and build a 12-month action plan on tax planning. So, Brad, that’s not really what we want to talk about today. to kick things off, you actually just recently opened Trump accounts for your kids. There’s plenty of articles that go on about this, but like let’s get the firsthand experience. What what what prompted you to do it? Were it any reservations? What was the process like? Like talk us through it.

Brad Wooten (01:51.714)
Yeah, yeah. So, you know, obviously they they well, maybe not obviously, I try not to use that word because you only know things that you’re exposed to. So I actually heard a guy one time saying obviously is kind of I forgot how he described it, but it made a lot of sense to me. So if you don’t know about Trump accounts, I don’t think you’re an idiot for not obviously knowing about these things. So anyway, let’s not say obviously. But they were part of the new tax law last year, right? And and then you you couldn’t put any money into them until July fourth of this year, and you could elect to open them. On your tax return or directly through the website or now through the app now that it is active. So I had filled out the forum to elect to open them with my tax return, but I haven’t found my tax return yet. So then I went back in and deleted the form and just went straight to the website to open it up around July 4th. I might have done it on the fourth, I can’t remember. And opened it up, got the app set up. doing it online through their website took about, I want to say 48 hours, maybe two days. And I would assume this is right in the heart of when it ton of people were signing up for them because it was right around the fourth and or maybe a day or two before the fourth is when I actually filled out the the form. But it was it was ready. I got the I got the message. It said they’re ready to go. I put you know put a small deposit put a thousand dollars into each of the kids. It kind of processed right away. I think it was I don’t I can’t remember if you put in a debit card or a credit card or whatever. You put something in. Anyway, the money went in, it processed right away and then the next business day it was automatically invested. I think there there’s only one investment right now. I forget exactly what it is. I think it’s the Spider SPY five hundred index fund. there’ll be some others in the future, but it it automatically got invested. So first thing I noticed is that’s great because I’ve heard stories from f other financial advisors who say, Yeah, I got a client with an IRA and he’s got fifty grand in there and he never invested the money. And it’s like, man, I’ve never heard that before. Like the first time I heard that was a couple of years ago from a financial advisor. So it’s nice that it gets automatically invested. So you don’t have to necessarily worry about that. You know, again, once there’s more more options you can you can move it around. So so the reason why I decided to do it was one, to check it out. you know, I mean it never hurts to set your kids up early for retirement. The the other reason my kids are all old enough that I don’t I don’t get the free money. Now, if you get the free money, I’m I’m all for free money unless there’s some sort of strings attached, which I don’t really think there are in this case. So so take the free money, but

Brad Wooten (04:13.26)
Yeah, I I put it in there. I I’m viewing it. There there’s a lot of things I’ve seen in people, you know, hey, maybe use it for this, maybe you’re use it for that. View it as retirement. Mm-hmm. I I wouldn’t necessarily view it as like maybe my kid can use it for education or maybe they can pull it out for a car or a house or things like that. Just view it as a retirement account. we we pretty much all probably have seen the example of Betty started saving for retirement at twenty and she stopped when she was thirty, and Johnny started at thirty and saved all the way till sixty. But Betty has more money than Johnny ’cause she started ten years earlier. So my kids are twelve, fourteen, and sixteen. you know, if your your kids are just being born, you’re you’re adding twenty to thirty years to the timeline for their s retirement savings. And they don’t have to have earned income. So great to set up a Roth IRA, great to set up an IRA for your kids, but they have to be earning income. And, you know, unless you’re TikTok advisor, there’s not really a way to pay a two year old any earned income.

Steven Jarvis, CPA (05:13.134)
So Brad, I like the way you’re describing that because I think sometimes, especially as financial professionals, especially financial professionals online, on podcasts, on TikTok, on LinkedIn, wherever it might be, it can get easy to get hung up on the math side of things and forget about the behavior side of things. Because there’s those people who, like, as you describe, hey, this this compounding effect, it’s like, well, you don’t need a Trump account to do that. You can just do it in a brokerage account. Like you can set up other things. It’s like, yeah, that’s true, but most people don’t do it. And so even though it’s not like nobody’s forced to open a Trump account, like if if that’s the thing that prompts you to actually set aside money that’s gonna compound for forty, fifty, sixty years, cool. That sounds like a huge win to me. And so we always have to rem remember that there’s a behavioral side to all these things, not just the technical or compliance side.

Brad Wooten (05:58.284)
Yeah, a hundred percent. And you know, I mean I I got people who I’m not gonna put anything with with the president’s name on it. And I’m like, that’s fine, you know. I I don’t know this Roth guy, but I’m definitely gonna put money into Roth, you know. Like if I met him, maybe I’d hate him. I don’t know. Do you need to slap your name on everything? I mean, probably not. It’s already on enough hotels and fake college courses that, you know, you probably don’t need to put your name on something else. But hey, the the account seems to be an account that my kids can benefit from. So, you know, I I’m gonna put it in there. And, you know, as financial advisors, you know, your audience already knows, you know, are we gonna use an UTMA or are we gonna use a five twenty nine or are we gonna use a taxable brokerage account? You’re already thinking about, you know, like what’s the purpose of this money? Yeah. I I did the financial advising classes, I heard. I heard the examples of Betty and Johnny and I still didn’t start saving for retirement until, you know, early 30s and gave up that 10 years for for who knows what reason. Just helping them out, helping them out there and setting it up. And the thing that I like the least about it is that it’s it’s like this stupid, you know, after tax contributions to a traditional IRA. There’s basis that’s not taxable. There’s earnings that are taxable. You gotta track the basis. It comes out pro rata. And I’m sitting there thinking, who’s gonna track all that? It’s not gonna be tracked in the account, probably. Someone’s gonna have to be tracking it. I think the same thing with the A six sixes, right? Like, yeah, we might file a couple of them, but maybe the previous guy missed one. Maybe the next guy misses it after you, you know, I die or someone else, you know, takes over your account. Like who’s gonna know what was what was basis and what wasn’t? So for that very reason, I’ll probably have them rolled into Roth just so that it all becomes tax free. There’ll be a tax hit, right? So

Steven Jarvis, CPA (07:53.9)
Yeah, just to be clear, Brad. Like when when they turn eighteen, like they’re like they’re and I know I know you knew that coming in, but I I we get a lot of questions about this already. And so in basically until the year they turn eighteen, like the the bas you can put money in and that’s the only thing you can do with it. Like there there really are

Brad Wooten (08:08.878)
Yeah, as far as I know, there’s no exceptions for any education or anything, right?

Steven Jarvis, CPA (08:11.7)
Not that I’m aware of. And so like that that’s the one piece that gives me just a tiny bit of optimism that this will be better than the current non deductible IRA situation, because all of the contributions are non-deductible. So at least we have I’m I’m with you. It’s it’s irritating to set it up that way. But for anybody who hasn’t been paying close attention, the way the Trump accounts work right now is that contributions going in are not a deduction and then the growth is tax deferred. When the kid turns 18, essentially becomes a traditional IRA, where now we and at that point we absolutely have to start paying really close attention. Are there additional contributions that go in? what’s after tax versus pre-tax contributions? But then w one of the common themes I’m hearing right now is, just like you said, Brad, as soon as they turn 18, great, let’s convert it all to Roth. They’ll probably have a couple of years where they’re not making money, they’re going to school, whatever they’re doing. So let’s go ahead and convert it all to Roth. And I mean, I’m in general I’m a big fan of Roth, but Brad, what are things you’re thinking about as that that eventual event happens?

Brad Wooten (09:11.798)
That’s where I’m thinking about converting it to Roth. The the question on that is gonna be timing. Right. So I mean I I got one kid who’s sixteen. So I mean in two years there’s not gonna be a whole lot of money in there. There’s not gonna be a whole lot of growth in there. Great. Go ahead, convert it probably. The twelve year old, hey, maybe there’s a little bit more in there. Maybe there’s a little bit more growth. So then you you you convert at eighteen. Well, most likely all of our kids at eighteen are are gonna be subject to kiddie tax. So, you know, unearned income for I forget the exact parameters. It’s not just tied to whether or not they’re dependent or not. It’s tied to their income levels and and things like that. I don’t know all of it off the top of my head. But basically they’re gonna be subject to kitty tax, where depending on how much the earned earned income is, it could get taxed at the parent tax rate. Yeah. So so that that’s one big thing to keep in mind when you convert it. Maybe you wait until they fall out of that. They’re twenty three, twenty-four, they fall out of the kitty tax based on, you know, the factors and circumstances, but income is still low, lower than the parents and so you could you could convert it or coach your kid through converting it at that time if you need to. Just doing it that way so then it’s a Roth and they don’t have to worry about tracking any sort of basis or anything. It it’s in a Roth and it’s ready to go all tax free.

Steven Jarvis, CPA (10:18.828)
Yeah, there’s there’s some important kind of details in there. I I appreciate you bringing that up because I I’ve seen several places where people miss that of the the kitty tax can still apply. And the kitty tax doesn’t just automatically go away when someone’s over seventeen. Cause usually the way this is described is just that of, my kid’s gonna be in college, that’ll be perfect, I’ll go ahead and convert to Roth. It’s like, yeah, but that’s probably at your rates, not theirs. So maybe it’s that that first year out of college when they’re not a tax dependent anymore. They still probably aren’t making a ton of money. It depends on what they got their their degree in. Yeah, everybody just go into a county, then you have a good first year salary, right? That’s that’s how that works, Brad.

Brad Wooten (10:51.606)
Is that how that works? Is accounting a good first year salary? I don’t I don’t think they’ve kept up with inflation.

Steven Jarvis, CPA (10:56.0)
I think it’s all relative. Relative to the person who got their degree in medieval comparative literature or something like that. I I think degree. I’ve th this Trump account is a good reminder of kind of really principles that should apply any time we’re talking about tax planning, right? Like just because there’s something new and flashy doesn’t mean it takes the place of all the other things. So when somebody is asking about, hey, should I fund a Trump account? Like there’s just like any other qualified account, there’s an order of operations here.

Steven Jarvis, CPA (11:23.818)
Of like, are we doing the other things that we need to do before we get to this particular type of contribution? Do we understand how this fits in with our other sources of income? Brad, you mentioned like, hey, what’s the goal of this money? And is this the type of account that’s gonna accomplish that? and then these these tracking and reporting things are really critical too. And Trump Accounts a good example of sometimes we’re tracking things and we’re planning for things that will have an impact years, decades in the future. And if we want that to turn out the way we intended, we gotta stay on top of this stuff.

Brad Wooten (11:53.036)
Yeah. Yeah. And and maybe, you know, when we go to convert this ten, twenty years from now, there’ll be a nice report from the Trump accounts that says, Here’s the lifetime contributions and here’s the lifetime earnings, you know, maybe. we’ll find out. But the other thing that that kind of popped into my mind when you said, you know, why’d I do it? And and I haven’t necessarily done this with everything. I don’t I don’t know if anyone could do it with everything, but I know Matthew. Matthew, I’ve seen him post plenty of times, you know, about hey, my my clients won’t do Roth conversions, why won’t they? And his first question is, well, how much did you convert to Roth this year? Right. Like I’ve seen him post about that plenty of times. And so, you know, hey, I I I’ve tested it out. I I’ve got the app, I know how to navigate the app. I know what happened when the money went in. I’ll know what happens when I go to convert it. And you know, I’ve I’ve got experience with that to be able to talk to clients about that. So you know, even if you just play around with it to open it up for one kid and throw twenty five bucks in there or something, you know, at least you you got a feel for what it is. but yeah, I just to iterate it one more time, you know, it it it falls into the same category as everything else. You need to know about it so that when the clients ask about it and then you need to know when the good case studies are to throw it in with your Utmas and your five twenty nines and taxable brokerages to say, Hey, here’s another one and here’s when it might make sense to use.

Steven Jarvis, CPA (13:06.22)
Yeah, absolutely. I’ve got two kids that I can open Trump accounts for. I haven’t yet, mostly because a primary goal for me in opening them is just like you’re describing it. So that I can with integrity go to my clients, say, this is how it works and and see how it works. But I’m I’m gathering kind of some of the other people’s experiences so that when I go to do it, I can record some videos, like actually the the screen pro like process to share with people that I’m hearing like kind of what what went well, what went wrong. So hopefully that can be a real valuable resource. So yeah, and

Brad Wooten (13:33.644)
So yeah, and the app I think it’s built on Robin Hood’s app. I it looks pretty pretty similar. It it looks pretty straightforward. hey, at age sixty this kid could have two hundred and twenty two thousand. I don’t know what parameters that’s based on, but some assumptions that are in there. But hey, he’s he’s made twenty eight bucks. They they I put the same amount in on the same day. So they’ve all made twenty eight bucks since I put the money in, so

Steven Jarvis, CPA (13:54.466)
To kind of change topics almost entirely here, I guess we kicked off with you’re going to come to the summit and you spend a lot of time interacting with financial advisors. Do you put out a lot of great content? If you don’t follow Brad on LinkedIn already, please do. But a question that I didn’t ask you before, because I want your genuine reaction to this. When you have a new client, what’s your reaction when you find out whether or not they have a financial advisor? Like, is it is it immediately a good or bad thing when you find out a client has a financial advisor or or are you patient enough to wait and find out what the financial advisor is all about?

Brad Wooten (14:25.986)
Man, that that’s a good question. I’m trying to I’m trying to think, man. Okay, so some of the most recent ones have come from financial advisors that I know. So I I’m happy sure you know, when I’m like, good, you work with so and so and I know that, you know, if I have questions, they’re gonna help you or they’re gonna know what’s going on. I know that that particular person or whatever is is tax aware and will bring up those topics but won’t overstep. Yeah. or won’t try to cut me out, right? And be like, you need to do your tax planning with us, you know, but but we’ll always say, hey, look, we’re gonna talk about these things and then, you know, go to Brad and run it by him. There’s that piece. My clients, actually I post about this today. I don’t know when you’ll post this, but it’s early August. So I posted today about, you know, I I target the the normal net worth and the average I I’m not after the ultra high net worth or the high net worth. If if if anyone has high net worth or ultra net worth and they want me to do their taxes, great, right? That’s fine. But I I’m not out here, you know

Steven Jarvis, CPA (15:13.166)
Yeah.

Brad Wooten (15:24.312)
Trying my hardest to land them. So, so, you know, the normal net worth, the, the totally normal net worth, though those are those are the clients that I’m after. And I say that because a lot of them are not working with financial advisors. A lot of them probably just have, you know, their retirement account. I should probably ask better questions. You know, I should probably use the tax return to surface some more things. But I will say also a lot of my clients sign up for my basic level of service. And so I prepare the tax return for them because that’s what they asked me to do. Another thing I’ve seen Matthew post about is, you know, like how can you have clients on that level of service knowing that you’re not providing the best service that you can for them? I was like, hey, I mean, that’s true, but that’s what they asked for. So that’s what I’m gonna give them. So there’s that piece. I think I think if they came to me and told me they had a financial advisor, I I would start by asking them, What does the financial advisor do? Right. Like maybe they met with the financial advisor, got a one page plan and then were told that they needed some whole life insurance, right? And that they could they could you know, sign up with them for a policy. And it’s like, okay. Are they looking at other stuff or are they just, you know, selling you insurance?

Steven Jarvis, CPA (16:23.534)
There’s something you said in there that I I wanna clarify for the audience. You you mentioned that like you get excited when you get referrals from financial advisors because I’m assuming these are advisors you know, you mentioned that they’re they’re tax aware, but they won’t overstep. For you, where’s that line? What is a good amount of being tax aware or tax involved on the advisor side? And when has somebody clearly overstepped and you’re like, hold on, we got a problem here.

Brad Wooten (16:46.178)
Yeah, yeah. So and this kind of ties into a little bit to, you know, we we’ve we’ve posted around I don’t I don’t know what the official title will be, but I guess if it if it can go in as how not to piss off your CPA, you know, we’ll put it in as that maybe. But yeah, I I think for me it’s a spectrum, right? So I I don’t want the financial advisors that my clients work with to say, I can’t talk to you about taxes, you need to go ask Brad. I don’t want that. Because then they show up and they’re like, Hey, I I I need to know if this is gonna create taxes. And I’m like, Well, I don’t know what the dividends are gonna be. Like, I don’t I like I I need the financial advisor to to give us at least some sort of context here in terms of here’s what I got you invested in, here’s what’s gonna happen, and here’s what the tax implications are of that. Now go, you know, maybe talk to Brad about how that fits into your specific situation. So one end of the spectrum is you don’t even mention taxes, right? Even though every single decision that you make affects taxes. And that is
not really ideal. And then you’ve got the other end of the spectrum where, you know, it’s it’s hey, you know, great, let Brad prepare the tax return. You don’t need to ask him any questions at all. I’ve got you covered. We’ve got the strategies. He’ll just put it on the tax return. When tax time comes and you don’t communicate with me about anything that you did, you do it and then the client shows up, forgets half the stuff you did, doesn’t tell me about the backdoor Roth, and you didn’t tell me about the backdoor Roth and no one knows about the backdoor Roth. So there’s
two ends of the spectrum where where you overstep and you do way too much. And then there’s the other end of the spectrum where you kind of hide behind this. I’m not allowed to give tax advice. But I think I’ve never been a CFP, I’ve never been a financial advisor, but I’m pretty sure it’s okay under any and all situations to say, hey, when we sell this stock, there’s going to be some taxes. Like I I don’t think that’s tax advice, but maybe it is. Because I’ve had clients that didn’t know there was going to be taxes.

Steven Jarvis, CPA (18:30.446)
yeah. I mean I I’m only laughing because I’ve been in those situations as well. and that’s that’s one of the reasons I love having these conversations. It’s one of the reasons I started the podcast, like being able to help more advisors understand like they’re already doing tax planning. Every everyone’s scared of the word tax advice, but like anytime you win something with a recommendation, like sure, that fits one definition of advice. The the IRS definition of tax advice is actually super narrow, and there’s no way you can accidentally give tax advice. Under the IRS’s definition, but the rest of us are hired for our professional opinion. And so anecdotal at best, but I would be shocked if it was less than 95% of financial advisors who, under one definition of tax advice, are constantly giving tax advice because to your point, every money decision has a tax impact. And so for you to be able to help someone with insurance or investments or legacy planning or whatever you want to fill in the bull, whatever it is you do as a financial advisor. There are tax impacts. It’s just whether you’re doing something proactive about it.

Brad Wooten (19:31.79)
I had one it was actually the same client, back to back years, unfortunately. But, you know, this is the first one that comes to mind. So had a bunch of taxes one year. Yeah. It’s like, hey, why do I have all these taxes? I was Well, I mean, you had like forty thousand dollars of capital gains this year. Yeah. did your financial advisor like, what were you guys doing? You know, I I got I got the brokerage statement. What was the point here? He’s like, I switched financial advisors and he didn’t like any of my investments, so we were We were putting it into the stuff that he said would be better investments and get me better returns. I was like, that’s great. It would cost you forty thousand you it cost you fifteen percent of forty thousand dollars in taxes. He was like, okay. like is there any way around that? And I like, No, but ideally your financial advisor would have told you, like, hey, we’re gonna see some capital gains. Here’s an estimate of what those capital gains might be, and there’s gonna be some taxes. Could they have then multiplied it ten fifteen percent and given them an estimate? Probably.

Steven Jarvis, CPA (20:10.84)
Huh now?

Brad Wooten (20:24.746)
Or they could have at least said there’s gonna be some taxes, ask your tax guy about it.

Steven Jarvis, CPA (20:27.732)
Yeah, that’s a really good example of what that range can look like because I mean for me, even even if the advisor is at the point and I work with advisors like this who they’re not confident enough in their skills to want to give the client a number, but they will say, Hey, there’s gonna be a tax impact. Let’s go talk to the RTS team.

Brad Wooten (20:42.764)
You know, maybe you don’t know if it’s gonna be fifteen percent or eighteen point three or twenty or twenty three point eight. Great. I mean, I just told someone today that I don’t have any of her information. It was a discovery call and I We’re gonna pay somewhere between fifteen and twenty three point eight And so it’s like Well, at least I made it more she had no clue, right? So now she at least has a frame of reference.

Steven Jarvis, CPA (20:59.918)
Advisors, I mean, as you listen to Brad talk about this, the way Brad described walking this to a client, that is your best case scenario if you aren’t proactively talking to your client and their CPA. Because his example explained what the potential taxes we do. He he explained where it came from, but in there he wasn’t saying, hey, your idiot financial advisor or hey, they screwed up, or and that that’s not just because we’re on a podcast. I’ve worked with Brad in other cases. I really don’t think he’s out there just slandering people. But a lot of CPAs are. True. Honestly, it’s nothing against the CPA industry because it’s really hard at the end of February, middle of March, if a client’s mad at me because they have a giant tax bill and it’s your fault as the advisor, the further into March we get, the harder it is for me to say that nicely. I could because it’s not. Why should you take responsibility for something that somebody else generated? Because you also don’t get credit for having generated the investment return. So why should you take the fall for causing the tax?

Brad Wooten (21:53.666)
I’m not gonna badmouth somebody, but I’m I’m gonna dance around it quickly honest too, you know, and say, like they ideally should have, you know, warned you that there was gonna be some taxes here. if they didn’t go back to them and and I mean, I think this is what I told I like, Hey, just tell them in the future, like if we’re gonna do some rebalancing and some moving around, could you please let me know what the estimated, you know, gains are gonna be so that I can take it to my tax guy. Same guy a year later took some money out of I wanna say it was an annuity, I guess. So he got a 1099R. And, you know, it comes from Fidelity and, you know, maybe let’s call it a hundred thousand dollars and sixty thousand dollars is taxable as ordinary income. So, you know, he gets hit with this huge tax bill and he said, Hey, why do I have this tax bill? I said, Well, this is all this fidelity money that you took out, like, where’d that come from and what’d you use it for? And why’d you take it out? And why didn’t you have any withholding on it? Yeah. And he said, Hang on, let me check with my financial advisory. The financial advisor said most of that was supposed to be basis. And I was like, Well, Fidelity says it’s not. So you can call Fidelity and ask them if it is. I was like, I I highly doubt Fidelity got this wrong. Maybe that happens, but you know, I was like, I don’t know, man. I I got the 1099R. Like, go back to your advisor, go back to Fidelity, find out if it’s right. Anyway, the the advisor thought it should all be basis because he had taken some money out of it before. Yeah. And I’m sitting there thinking, like, so I asked another financial advisor friend of mine. I was like, hey, like in this situation, I I don’t know, like, would you would you think this is sufficient? And he was like, Nah man, that’s that’s a phone call. That’s a phone call before you take the money out to find out how much is basis and they and they should have done that. So not tax advice, basic due diligence. Yeah, you can take a hundred thousand dollars out of your fidelity account and it should all be tax that guy actually did say it should all be tax free.

Steven Jarvis, CPA (23:36.92)
So Brad, what I’m hearing from you then is when you come to the summit next month and and talk to advisors about how to not piss off their CPAs, really you’re just gonna tell them to go become an enrolled agent or a CPA themselves. Like it’s it’s they need a PhD in taxes. wait, no, that’s not it at all. I like how you you summarize it as hey, like do your due diligence, like communicate effectively. Like if you if you want to go from potentially making your client and their per tax preparer angry every year to like being their tax hero, because

Brad Wooten (23:49.144)
Yeah.

Steven Jarvis, CPA (24:04.182)
Brad, unfortunately, the other side of this, it happens really often too, where when the advisor is proactive talking about these things, there’s really no credit left for us to take as the tax preparer. We’re like, we’re just record keepers. And you know what? Like I I’m okay with that. Like I’m okay with the role I serve. Like I I want the client to be taken care of. So there there are really positive outcomes that can happen for advisors who are doing their due diligence and communicating effectively.

Brad Wooten (24:26.21)
And I mean, I’ll tell you too, I I may not be the best I may not be the best person because you’re gonna piss some people off when you’re not gonna piss me off. So So I I I’ve told clients, you know, I’ve had clients that’s like, Hey, I this tax strategist that I want to work with and you know, they’re they’re throwing out some ideas. I’m like, Look man, that’s fine with me. Go meet with them. I just want you to run just for I’ll I don’t even tell them to run it by me. I say, give it to me and I’ll give you a second opinion on it. And it would be the same thing with an advis hey, my advisors, you know, we had a tax meeting and and they were recommending some strategy. Hey, great, like… Do you mind if I look at them just to let you know my thoughts on them? And you know, and if if you’re pitching stuff and I come back and say, I really wouldn’t do that, you know, don’t get mad at me either because you know, you’re using TikTok advice. But, you know, come to the summit and get some good tax factors to to factor in and and brush out. Yeah, yeah, you don’t have to be you don’t have to be an expert, you don’t have to get your EA. You already know. I mean, you already know what’s happening because you’re you’re a good advisor. So just just open your mouth and say, like, there’s gonna be some ta even if you just say there’s gonna be some tax implications

Steven Jarvis, CPA (25:25.198)
Yeah.

Brad Wooten (25:26.882)
Bare minimum. Yeah. Hey, there’s gonna be some tax implications. You might wanna reach out to you don’t have anyone, you do it yourself. let me give you the name of somebody that I know that I trust. So those two sentences will will go a very, very long way.

Steven Jarvis, CPA (25:42.742)
Yeah, if we get the whole industry to do even that.

Brad Wooten (25:45.976)
don’t know if there’s gonna be tax implications; just say that there’s gonna be.

Steven Jarvis, CPA (25:49.944)
I mean, if you’re making any kind of money decision, like making the statement, hey, there could be tax impacts, I think that’s true every time. There could be tax impacts. Like at least get some thinking about it. Yeah.

Brad Wooten (26:00.086)
Even taking money out of a Roth, there could be some tax impacts. So

Steven Jarvis, CPA (26:03.448)
Brad, you and I could nerd out on this stuff for hours, which is what we’re gonna do next month at the summit. in the meantime, for people who haven’t gotten their ticket yet or who aren’t able to come to the summit this year, how do people learn more about what you’re up to and follow along with what you’re doing? Yeah.

Brad Wooten (26:15.532)
And find me on LinkedIn. Anything I post about there is in my profile, anything else that’s going on, you can find out there. But yeah, man. One thing I do, I do I do stand alone ten forty tax returns still, you know. It seems an old hat, right? Like not too many people do that anymore. So that and and answering questions for people if you’re not sure about tax implications. But yeah, I’m looking forward to the summit, connecting with more advisors and I don’t do many in person things. So you know, if you want to meet me in person, come to the summit ’cause I don’t do too many things in person.

Steven Jarvis, CPA (26:47.106)
Yeah, retirementtaxservices.com. There are still seats available. Brad, thank you as always for coming and doing this. Really looking forward to seeing you next month and getting to do a lot more of this together in Scottsdale. Yep. And to everyone listening, until next time, good luck out there. And remember to tip your server, not the IRS.

Brad Wooten (26:56.142)
Yeah, thanks a lot, Steven. Great time as always.