In this episode, I wanted to highlight the many benefits available to veterans with VA disability ratings, as I was surprised by how extensive they are during my own claims process. I go over key benefits, especially those that are lesser known, particularly for 100% disabled veterans. These include commissary and exchange privileges, waived VA loan funding fees, tax-free compensation (which can be substantial), healthcare benefits that expand significantly at 50% and 100% ratings, student loan forgiveness for 100% total and permanent disability, property tax exemptions in some states, Chapter 35 education benefits for dependents, and even free in-state tuition in certain states. When combined, these benefits can add up to millions of dollars in value over time. I emphasize the importance of knowing your benefits, ensuring your rating is accurate, and filing for increases if warranted. If you haven't filed a VA claim but believe you're eligible, it's worth pursuing, as these are benefits you're legally entitled to. Hopefully, this episode helps veterans or their loved ones understand what’s available to them. Let me know if you have any questions, and thanks for listening!

Key Takeaways:

• Disabled veterans can access commissary and exchange privileges, hiring preferences, and burial benefits.

• Veterans with at least a 10% disability rating can have their VA loan funding fee waived, potentially saving thousands.

• Some states offer full property tax exemptions for 100% disabled veterans, while others provide partial exemptions.

• Spouses and children of 100% disabled veterans may qualify for additional education benefits similar to the GI Bill.

• Even at lower ratings, benefits can add up to tens of thousands of dollars, while a 100% rating can be worth millions over a lifetime.

• Veterans should not feel guilty about filing; these benefits are legally granted based on service-connected conditions.

Key Timestamps:

(00:00) – VA Disability Benefits

(01:36) – VA Loan Funding Fee Waiver

(02:19) – Compensation Details

(04:10) – Healthcare Benefits

(05:18) – Student Loan Forgiveness

(06:58) – Property Tax Exemptions and Vehicle Registration

(07:53) – Chapter 35 Benefits

(09:21) – In-State Tuition for Children of Disabled Veterans

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show

Mentions:

Current Veterans disability compensation rates: https://www.va.gov/disability/compensation-rates/veteran-rates/

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

www.baskinfp.com/post/63

In this episode, I break down the key changes we can expect in the 2025 Republican tax bill and what they might mean for you. With a Republican majority in Congress and President Trump back in office, major tax reforms are likely on the horizon—think lower individual tax rates staying in place, a potential repeal or increase of the SALT deduction cap, and a higher child tax credit. Business owners could see an expanded QBI deduction and the return of 100% bonus depreciation, while there’s also talk of eliminating taxes on tips, overtime, and Social Security benefits. Plus, clean energy tax credits may be on the chopping block, and estate tax changes are on the table. Tune in as I walk through what’s coming, how it could impact your finances, and what to keep an eye on as the bill takes shape later this year!

Key Takeaways:

• The lower individual tax brackets from the 2017 Tax Cuts and Jobs Act (TCJA) are expected to become permanent, avoiding the scheduled 2026 increase.

• The 20% deduction on qualified business income (QBI) is expected to remain and could increase to 30% or 35%, benefiting small business owners.

• There’s discussion about making tips, overtime pay, and Social Security benefits tax-free, though this remains uncertain

• Credits for electric vehicles, solar panels, and other green energy incentives are likely to be phased out or eliminated altogether.

• The final bill is expected mid-2025, so individuals and businesses should monitor changes closely to adjust tax strategies before year-end. Stay tuned for updates!

Key Timestamps:

(00:00) – Overview of Expected Tax Changes

(02:30) – SALT Tax Exemption Changes

(04:17) – Enhanced Standard Deduction

(05:08) – Enhanced Child Tax Credit

(06:13) – Qualified Business Income Deduction

(07:47) – Reintroduction of 100% Bonus Depreciation

(09:03) – Miscellaneous Income Tax Changes

(10:05) – Removal of Clean Energy Credits

(11:03) – Estate Taxes and Conclusion

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show, tax changes, estate taxes, EV tax credits, solar panels, green energy incentives, SALT, Tax Cuts and Jobs Act, President Trump, Republican majority

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

www.baskinfp.com/post/62

I explore a common question I hear frequently: “Can my spouse quit their job?” Using a real-life client case study, I break down the financial and emotional considerations of transitioning to a single-income household. By analyzing their $350K combined income, with $800K already saved for retirement and a strong financial foundation, they decide the tradeoff is worth it for less stress and more family time. This exercise highlights the importance of evaluating not just numbers but also lifestyle priorities, whether it’s reducing hours, cutting expenses, or rethinking long-term goals. I hope this discussion inspires listeners to reflect on their own situations and find the balance that works best for their family.

Key Takeaways:

• Quitting a job doesn’t necessarily mean a drastic loss of financial stability, but it does take serious consideration of personal goals and situations.

• For families with young children, childcare is often a significant expense. Removing this cost can offset the financial impact of one spouse staying home.

• Financial decisions should factor in lifestyle priorities, such as spending time with young children or reducing household stress, not just numbers on a spreadsheet.

• Families can consider cutting discretionary spending, such as dining out or shopping, to make up for the reduced income. Downsizing major expenses like housing or cars can also create more flexibility.

• Beyond childcare, other work-related expenses—like commuting, vehicle depreciation, and professional attire—can be reduced or eliminated if one spouse quits their job.

• The couple prioritizes spending time with their kids during their formative years, recognizing that this opportunity is limited and irreplaceable.

Key Timestamps:

(00:00) - Introduction: Can My Spouse Quit Their Job

(00:36) - Case Study: Real-Life Scenario

(01:43) - Financial Breakdown: Income and Expenses

(03:14) - Analyzing the Impact of Quitting a Job

(04:57) - Qualitative Considerations and Lifestyle Changes

(07:27) - Summarizing the Decision-Making Process

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

www.baskinfp.com/post/61

As we step into 2025, I wanted to take a moment to review the routine tax and contribution limit changes that come with the new year. This episode focuses on the updated limits for 401(k)s, IRAs, HSAs, and other retirement plans, along with key adjustments to Social Security, the annual gift tax exclusion, and standard deductions. For instance, the 401(k) elective deferral limit is now $23,500 for those under 50, with a special new catch-up contribution for those aged 60-63. While most changes align with inflation, they’re crucial to understand for effective tax planning. Though income tax rates remain stable this year, bracket thresholds and deductions have been adjusted. I also touch on planning tips, like updating recurring contributions to retirement accounts. This isn’t to be confused with anticipated broader tax reforms from the incoming administration, which I’ll cover in a separate episode. Thanks for tuning in, and here’s to staying tax-savvy in 2025!

Key Takeaways:

• The 401(k), 403(b), and TSP elective deferral limit for those under 50 is now $23,500. For those 50 and older, the catch-up contribution remains $7,500, allowing a total of $31,000.

• A catch-up provision allows individuals aged 60-63 in 2025 to make an additional catch-up contribution of $3,750, bringing their total potential contributions to $35,250.

• The annual contribution limit for IRAs remains unchanged at $7,000, with an additional $1,000 catch-up for those 50 and older.

• Health Savings Account (HSA) limits have increased to $4,300 for individuals and $8,850 for families, with a $1,000 catch-up contribution for those 55 and older.

• The annual gift tax exclusion has increased to $19,000 per person, up $1,000 from 2024.

• The lifetime exemption amount for 2025 is $13.99 million per person, up from $13.61 million in 2024.

Key Timestamps:

(00:00) - Introduction to 2025 Tax Changes

(00:50) - 401k and Retirement Plan Updates

(02:30) - IRA and HSA Contribution Limits

(03:31) - SEP IRA and Solo 401k Limits

(04:11) - Social Security and Gift Tax Adjustments

(06:04) - Income Tax Rates and Deductions

(07:11) - Capital Gains and QBI Adjustments

(07:47) - Conclusion and Final Thoughts

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

www.baskinfp.com/post/60

In this episode, I tackle key questions about estate tax and gifting strategies, highlighting the importance of proactive planning to pass wealth to future generations. Annual gifting is one of the simplest ways to remove money from your taxable estate without reducing your lifetime exemption per spouse. I clear up common misconceptions, such as the belief that gifts over $18,000 are taxable (they aren’t; they simply require reporting and reduce your lifetime exemption) and that recipients of gifts or inheritances owe taxes (they generally do not). I also discuss exceptions, like direct payments for educational or medical expenses, which don’t count toward gift limits and can be powerful tools for gifting. I wrap up by encouraging you to start thinking about your legacy and taking action now, especially if you’re a business owner or high-income earner. Tax laws can always change, so staying proactive now can help protect your family and create a lasting impact. Thanks for listening, and I’ll see you next year!

Key Takeaways:

• Be sure to keep track of and report your untaxed gifts. This is important to ensure they don’t end up counting against your lifetime exemption.

• Always get up to date with your state and local laws, and know how they interact with federal regulations.

• Wealth can come faster than you think. High earners in their 30s and 40s may end up surprised, and should keep an active plan for themselves and their heirs.

• Legislation changes. Wealth transfers are favored today, but the law may not always read that way. Active planning will help you leave something behind.

Key Timestamps:

(00:00) - Understanding Estate Tax and Annual Gifting

(01:03) - Historical Context of Estate Tax Exemptions

(02:00) - Current Estate Tax Exemptions and Future Considerations

(03:50) - Annual Gift Tax Exclusion Explained

(08:08) - Misconceptions and Reporting Requirements

(10:30) - Exceptions to Gift Limits

(11:45) - Conclusion and Final Thoughts

(13:16) - Closing Remarks and Resources

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show, Estate Planning, Wealth Transfer, Estate Tax, Gift, Financial Gifts, Tax Write Off

Mentions:

• IRS Form 709: https://www.irs.gov/forms-pubs/about-form-709

• State Estate Taxes: https://taxfoundation.org/data/all/state/estate-inheritance-taxes/

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

www.baskinfp.com/post/59

Erik discusses how the recent election win by Donald Trump and the Republican party could potentially impact your financial portfolio. Erik highlights three main areas of concern: financial markets and investments, interest rates, and taxes. The discussion covers possible inflationary effects, changes in financial market dynamics, expected volatility in interest rates, and potential tax code modifications. Erik emphasizes the importance of staying invested, monitoring interest rates, and understanding the likely changes in tax policies to make informed financial decisions in the coming years.

Key Takeaways:

• How will a Trump and Republican win affect financial markets and investments?

• What are the potential impacts on interest rates due to proposed policies and economic conditions?

• How might taxes change under a Republican majority, and what should individuals consider for tax planning?

Key Timestamps:

(00:00) - Introduction: Impact of Trump's Win on Finances

(01:23) - Financial Markets and Investments

(05:15) - Interest Rates and Their Implications

(08:11) - Tax Changes and Planning

(13:39) - Download the Ultimate Military Finance Checklist

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

www.baskinfp.com/post/#5

I dive into the Southwest Companion Pass, a travel hack I’m currently using that offers huge savings for frequent travelers. The pass allows you to bring a companion along on any Southwest flight for just the cost of taxes, making it an incredible deal if you often fly with someone. To earn the pass, you need 135,000 qualifying points, which can be done efficiently through Southwest credit cards and carefully timing your spending to hit signup bonuses early in the year. I stress the importance of tracking expenses diligently to maximize the two-year eligibility period, ensuring you get the most value out of the pass. For me, the potential savings—$4,000 to $6,000 in travel value over two years—makes this a no-brainer, especially if you’re a responsible credit card user or a business owner. I also share tips for maintaining the pass long-term, like alternating eligibility with a spouse. If you fly Southwest frequently, this is an easy way to make your travel budget go much further.

Key Takeaways:

• The Companion Pass allows you to bring a companion on any Southwest flight for just the cost of taxes.

• Earning the pass early in the calendar year maximizes its value because it’s valid for the rest of that year and the entire following year. Aim to hit qualifying thresholds in January.

• The strategy only works if you pay off balances in full each month to avoid interest. Carrying debt undermines the benefits of the Companion Pass.

• You can requalify for the pass after 24 months by canceling your Southwest cards and reapplying. Many couples alternate who earns the pass to extend the benefit indefinitely.

• This hack is especially valuable for frequent travelers, those who live near Southwest hubs, and business owners or side giggers who can easily meet spending requirements.

Key Timestamps:

(00:00) - Introduction and Personal Hack

(00:25) - Understanding the Southwest Companion Pass

(01:29) - Steps to Earn the Companion Pass

(07:03) - Maximizing the Companion Pass Benefits

(10:28) - Conclusion and Final Thoughts

(11:28) - Additional Resources and Farewell

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show

Mentions:

Companion Pass information: https://www.southwest.com/rapid-rewards/tiers/companion-pass/

Chase Southwest Rapid Rewards Performance Business Card: https://www.referyourchasecard.com/226o/JUSTZTPE0R

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

www.baskinfp.com/post/56

Today, I welcome Broc Buckles, co-founder of BC Brokerage, an insurance partner for fee-only financial planners specializing in diverse insurance types, including life, disability, and long-term care. We discuss BC Brokerage’s unique approach, emphasizing honesty and transparency, especially for military veterans and active-duty members who may face insurance hurdles due to health screenings. We highlight the importance of adequate life insurance, especially for transitioning military personnel, and explore how company-provided insurance might lack portability and sufficient coverage, urging listeners to secure personal policies early. Disability insurance is crucial, as statistics show that one in four 20-year-olds will experience a disabling event before retirement, often due to illness rather than injury. These events don't necessarily mean total incapacitation; they may simply impact regular work capacity. Desk workers, for instance, could experience back pain or chronic migraines, limiting work hours. We also discuss life insurance and underscore the value of working with fee-only planners, who prioritize clients' best interests over aggressive sales tactics typical of some large firms.

Key Takeaways:

• Broc’s approach to life and disability insurance.

• Why you must take advantage of plans offered by your employer.

• Which plans set you up best for when you leave the military.

• Why you need disability insurance - even if you’re in “perfect health”.

• How to compare costs of different brokers.

• How insurance prevents strain on your retirement funds.

Key Timestamps:

(00:38) - Understanding the Insurance Industry

(01:17) - BC Brokerage: A Unique Approach

(03:46) - Life Insurance for Military Members

(11:40) - Disability Insurance Insights

(17:40) - Insurance for Business Owners

(22:11) - Why Work with Fee-Only Planners?

(24:05) - Contact Information and Conclusion

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show, Disability Insurance, Life Insurance

Mentions:

Website: https://www.bc-brokerage.com/

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

www.baskinfp.com/post/55