#30 | Filing Statuses and Estate Planning feat. Simon Brady & Brian Levy

Practical Tax with Steve Moskowitz

Financial specialist Simon Brady asks a simple question; are your finances ready should you get divorced or your spouse were to die? Divorce and taxes; And what about your parents in their final days; will they, or YOU, outlive your money? Episode Transcript Intro: Welcome to the Practical Tax podcast, with tax attorney Steve Moskowitz. The Practical Tax podcast is brought to you by Moskowitz, LLP, a tax law firm. Disclaimer: The information contained in this podcast is based upon information available as of date of recording and will not be updated for changes in law regulation. Any information is not to be considered tax advice or legal advice and does not form an attorney/client relationship. Further, this podcast may be construed as attorney advertising. You should see professional consultation for your individual tax and legal situation. Chip Franklin: Well, welcome to Practical Tax. I'm Chip Franklin. I am with co-host. Of course the host is our tax attorney, Steve Moskowitz. Steve, I hope you're well. Steve Moskowitz: Doing fine Chip. Chip Franklin: It's a holiday weekend and we have a lot to talk about on the show today. Coming up a little bit later, we're going to talk about many people that are watching this, either are seniors, or they have parents that are either in nursing homes and or living with them. And a lot of that's changing. And we want to talk a little bit about later on the show about some of the tax advantages that you can take advantage of. Obviously some of the tax, just possibilities here that you can avoid. Also, if you're an entrepreneur or if you have side hustles, is a time to go long form. We'll talk about some of the tips for being self-employed in our Ask Steve segment. But first let's talk about, well, the painful part of divorce. Joining us right now is Simon Brody. He is from www.angliaadvisors.com. He's from London originally. He worked at the UN in Manhattan for quite a while as a Financial Advisor and a ETF specialist before going on to found Anglia Advisors. It's a fee for service advisor firm. We'll get to that in a few minutes as well, but they offer personal advice and consulting services to young people, couples and family, for nationals, and also suddenly single. Those are people that are coming out of divorce and in some cases, widower or widowhood, without the inevitable conflicts of interest that many times the commission compensated sales people deal with. And he's joining us right here on Practical Tax on again, our streaming network. Simon Brody, say hello to Steve Moskowitz. Simon Brady: Hi Steve, how are you? Steve Moskowitz: Hi Simon, how you doing? It's very impressive, the UN. Simon Brady: It's certainly an interesting place. I wouldn't say it moves along at the speed of sound. You're probably not astonished to hear that there's an intensely high level of bureaucracy there, but it was definitely interesting. Yeah, really. Chip Franklin: That'll give us all a little room to breathe here. Okay. Simon Brady: There we go. Chip Franklin: So let's just jump into this and talk about the suddenly single thing, because I know this is something that you both share. Steve deals with this all the time and as well as you. Can we start with you Simon? How do people and especially women begin and sustain a financial plan at that point in their lives? Simon Brady: Yeah, it is an extremely triggering event on all levels. A divorce or a widowhood, but sticking with divorce for the time being. Most relationships tend to have an imbalance when it comes to being the financial decision maker within the household, you very, very often have one person who is taking control of a very, very high amount of it. And therefore by definition, the other person is shut out. And that may be an arrangement they came to perfectly amicably. But what happens when the relationship ends for one reason or another is you very often have one person who ...