In this episode of the Ideas by Mike™ Podcast, Mike Milligan sits down with best-selling author David McKnight, creator of The Power of Zero. They dive deep into the truth about rising taxes, why the next 10 years are critical for retirement savers, and how to build a tax-free strategy before rates climb again.
When people talk about retirement, most conversations revolve around money — but what about what comes after the paychecks stop?
In our latest Ideas by Mike™ Podcast, we sit down with Dr. Riley Moynes, author of The Four Phases of Retirement, to unpack the emotional and psychological journey that every retiree goes through — and why so many struggle to find meaning once the “vacation” phase fades.
In this episode, Mike Milligan discusses innovative tax planning strategies that can help individuals and businesses maximize their financial potential. He explores various tax incentives, including the Augusta Rule, advanced strategies like ‘buy, borrow, and die’, and the benefits of Donor Advised Funds and Charitable Trusts.
Additionally, he delves into estate planning tools and the advantages of real estate investments. The conversation culminates in an in-depth look at Puerto Rico’s Act 60, which offers significant tax benefits for residents and businesses. Mike emphasizes the importance of designing a unique financial plan tailored to individual needs and goals.
You’ll discover how to:
Design a financial plan that leverages tax incentives—are you missing hidden opportunities?
Use the Augusta Rule to generate tax-free rental income—have you considered renting your home to your business?
Preserve wealth using the buy, borrow, and die strategy—could borrowing against your assets reduce your taxes?
Optimize charitable giving with Donor Advised Funds—are you maximizing your deductions in high-income years?
Protect family wealth across generations using dynasty trusts—what steps safeguard your legacy?
Offset taxable income through real estate depreciation—are your investments working as hard as you are?
Unlock tax-free growth with the mega backdoor Roth IRA—are you fully using your retirement opportunities?
Save tens of thousands in taxes through Puerto Rico Act 60—might relocating reshape your financial future?
Understand the tax code to create significant savings—how well are you negotiating with the IRS?
Build a unique financial plan for long-term success—how customized is your current strategy?
Imagine a financial plan that not only builds your wealth but also enriches your life.
This week,Mike reflects on the values he learned from his grandmother’s sandwich shop — values that now shape his approach to financial planning.
For Mike, wealth is more than money. It’s about aligning your finances with what matters most, like a secure retirement, supporting loved ones, or giving back.
So, his takeaway?
Start early, focus on what’s important, and partner with someone who understands that true wealth serves your life, not the other way around.
Key Highlights:
Lessons from Mike’s entrepreneurial grandmother and their lasting impact
Why aligning your money with your values is essential for financial success
How integrating health and wealth creates a balanced, fulfilling life
The key areas of financial planning (taxes, retirement income, investments, long-term care)
Ways tools like HolistaPlan, Halo, and Snug simplify and enhance financial planning
A real-life case study: How Mike helped a high-earning family reduce stress through smart planning
Legacy planning is more than just dividing up financial assets; it’s about preserving the values, traditions, and harmony within a family.
This week on Ideas by Mike™, Mike Milligan, CFP®, highlights the importance of this often-overlooked step in his unique financial planning approach.
By incorporating SNUG — a powerful platform designed to streamline the organization of essential documents, final wishes, and family legacies — Mike empowers families to face the emotional and practical challenges that come with losing a loved one with greater ease and confidence.
Key Highlights:
How legacy planning is the final piece of a comprehensive financial strategy, working alongside tax planning, retirement income, investment, and long-term care
The importance of preserving more than just financial assets — ensuring family stories, values, and traditions live on
SNUG and its unique benefits in simplifying the organization of critical documents, wills, and final wishes to avoid disorganization after death
Real-life stories that highlight the emotional and practical burdens families face without a proper legacy plan
Investing is an important piece of retirement planning, but there is much more to it than just picking “the right” stocks.
This week on Ideas by Mike™, Mike Milligan, CFP®, breaks down the third step in his one-of-a-kind financial planning processes, investment management. Mike explains the importance of setting specific goals and developing strategies to achieve those goals through investments.
But that’s not everything! He also emphasizes the need for diversification and risk assessment in investment portfolios while highlighting common mistakes people make in investment planning.
Mike covers:
Why tax planning is crucial for your financial health
How to create a sustainable retirement income plan
The importance of diversification when it comes to crafting an investment plan
With the right financial plan, it’s entirely possible to keep those “paychecks” coming, even after you stop working.
This week on Ideas by Mike™, Mike Milligan, CFP®, dives into the second critical element of the Ideas by Mike™ one-of-a-kind financial planning process, retirement income. Highlighting personal experiences and historical insights, Mike unveils actionable steps to help secure your financial future without fear of running out of money.
Mike discusses:
The first step of his one-page financial plans, tax planning, and how retirement income planning builds off of that
Different methods to help you obtain consistent retirement income
Historical insights into the evolution of pensions and retirement systems
Innovative tools such as income forecasters that the Ideas by Mike™ team uses to alleviate financial fears for retirees
Did you know that over 56% of Americans now feel they pay more than their fair share in taxes?
This frustration is only growing.
So, let’s dive into how you can approach tax planning to keep more of your hard-earned money!
Join Mike Milligan, CFP®, as he unpacks the history of taxes in the United States, the impact of tax planning on your financial future, and practical steps to take control of your tax liabilities. Follow along to hear about the partnership Ideas by Mike™ has to help you navigate your tax situation and how their holistic approach could help you reach your retirement goals.
Mike discusses:
The historical context of tax rates in the United States and their current implications
How tax planning is the foundation of all real financial planning
The top 3 frustrations surrounding tax obligations
How their partnership with Holistiplan provides clients with comprehensive, personalized tax planning strategies
