Episode•June 28, 2022•20 min

Wealth Management with Jamie Lima | Ep. 117

Jamie Lima joins Tiffany this week to share his knowledge on all things wealth management, covering everything from estate planning, retirement and tax management. About Our Guest Jamie Lima is the President of Woodson Wealth Management. Jamie’s career began with Morgan Stanley in 2006. He later joined Fidelity Investments in 2011, where he managed a $1 billion in assets of high-net worth families and businesses. During his tenure with Fidelity, he also spent several years coaching and training fellow associates nationally with a focus on the southern California region. To that end, he brings over 20 years of financial education and hands-on experience in the Financial Services industry. Jamie holds an MBA from National University in San Diego and has been a CERTIFIED FINANCIAL PLANNER™ for nearly a decade. Jamie loves helping his clients make complex financial decisions, and ‘making the puzzle pieces fit’ for them. “The Financial Planning process can seem like an overwhelming exercise, but it doesn’t have to be. My job is to ensure that my team and I are with our clients every step of the way. Our job is done when clients can easily understand and, more important, are able to explain their plan(s) to their loved ones. The pinnacle for me is creating a cohesive (and executable) plan, which every important stakeholder can follow and implement.” Outside of work, Jamie and his wife, Dawn, spend a lot of time in their Jeep off-roading, working around their farm in Ramona, CA and trying to keep up with their 5 (yes, 5!) kids. Connect with Jamie Instagram: https://www.instagram.com/jamiemlima/ Twitter: https://twitter.com/JamieMLima Facebook: https://www.facebook.com/Woodsonwm Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

Apple Podcasts Spotify YouTube Overcast Amazon Music

Key Takeaways

Estate planning is critical for all adults, including young adults 19+

Wills, trusts, healthcare POA, and financial POA are essential documents

HIPAA laws prevent parents from making medical decisions for adult children without proper documentation

Trusts allow control over asset distribution timing and conditions even after death

Naming minor children directly as beneficiaries can lead to loss of control and court intervention

Tax management should be an ongoing process, not just an annual event

Tax-loss harvesting can be done throughout the year, not just in Q4

Review W-4 withholdings regularly to avoid giving the IRS an interest-free loan

Use online tax estimators to determine optimal withholding amounts

The IRS W-4 form has changed and now requires dollar amounts rather than simple allowances

Roth conversions provide tax diversification for retirement planning

Having both traditional and Roth accounts gives more flexibility in managing taxable income in retirement

Roth distributions after 59½ are tax-free

Traditional accounts require Required Minimum Distributions (RMDs) starting at age 72

Converting traditional 401(k) or IRA assets to Roth accounts can be strategic if tax rates are expected to rise

Avoid naming minor children directly as beneficiaries on accounts

Minors lack legal capacity to manage inherited assets

Without a trust, courts may need to appoint a guardian, creating delays and costs

Trusts allow staggered distributions (e.g., 25% at 21, 25% at 30, remainder at 40)

A trust maintains control from beyond the grave regarding when and how assets are distributed

Intro

Tiffany discusses wealth management strategies beyond basic retirement contributions with financial expert Jamie Lima, focusing on estate planning, tax management, and retirement optimization for Gen X, Y, and Z listeners.

Jamie Lima is President of Woodson Wealth Management with over 20 years in financial services. Former Morgan Stanley and Fidelity advisor who managed $1B in assets. He holds an MBA and is a CERTIFIED FINANCIAL PLANNER™.

Wealth Management with Jamie Lima | Ep. 117

Key Takeaways

Intro

– Beyond Retirement Accounts: Essential Wealth Planning

– Estate Planning Fundamentals

– The Problem with Naming Minor Children as Beneficiaries

– Ongoing Tax Management Strategy

– Roth Conversions for Tax Diversification

Resources

Topics