Month: February 2026
Breaking Down the Latest Tax Code Changes and What They Really Mean (Ep. 43)

Breaking Down the Latest Tax Code Changes and What They Really Mean (Ep. 43)

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Tax headlines can sound simple, but the details often tell a different story.

What do recent tax law updates actually mean for your income, deductions, and long-term planning? And how should you adjust when the rules keep shifting?

In this episode, Jim Sumpter, CFP®, breaks down key changes from the recent tax bill and explains how they affect families, retirees, and business owners. He covers updates to SALT deductions, child tax credits, and charitable giving, while clarifying common misconceptions around “no tax on Social Security,” tips, and overtime. 

Jim also outlines new rules for auto loan interest, dependent care, bonus depreciation, and expanded 529 plan uses, emphasizing why ongoing tax planning is essential as laws evolve.

Key takeaways:

  • How the temporary SALT increase to $40,000 could impact itemizers through 2029
  • What “no tax on Social Security” actually means for income thresholds and age
  • Why the child tax credit increase and refundable portion matter for families
  • New above-the-line charitable deduction for standard deduction filers
  • Expanded 529 uses, auto loan interest rules, and planning around expiring provisions
  • And more!

Connect with Jim Sumpter: 

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The Great Wealth Transfer: What Most Families Are Not Prepared For (Ep. 42)

The Great Wealth Transfer: What Most Families Are Not Prepared For (Ep. 42)

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Inheriting money sounds straightforward, but for many families, it becomes one of the most confusing and emotionally loaded financial moments they will ever face.

In this episode, the client learns why preparation, guidance, and the right advisor matter more than the inheritance itself.

Jim Sumpter, CFP®, is joined by fellow CFP® David Pulcini Jr. for an honest conversation about the Great Wealth Transfer and why so many families are not fully prepared when assets change hands. Together, they unpack what really happens when money, property, and responsibility pass from one generation to the next, and where costly mistakes often occur.

Jim Sumpter, CFP®, discusses:

  • Why most heirs are unprepared for inherited wealth
  • The difference between inheriting assets and managing them well
  • What fiduciary responsibility really means in real life
  • Questions every family should ask before and after an inheritance
  • Common mistakes families make when wealth transfers occur

Resources:

Connect with Jim Sumpter: 

Connect with David Pulcini Jr.:

About Our Guest: 

David Pulcini Jr. is a Certified Financial Planner® and founder of Six Point Financial Partners in Rochester, New York. He also hosts the podcast The Great Wealth Transfer, where he helps families understand inheritance planning, financial decision-making, and generational transitions.

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