Episode 41

Ep 41: Are You Screwing Up Your Kids’ Future? The High-Earner’s Guide to Building, Protecting & Passing On Wealth

Episode Description

Think you’re doing “enough” to secure your & your kids’ future? You might want to take a second look…

In this episode of The Big Bo $how: 360° No-Nonsense Wealth Building Wisdom, Jason Blumstein, CFA, Founder of Julius Wealth Advisors, dives into the most overlooked strategies high earners are missing when it comes to building a generational legacy.

From underused 529 Plans and misunderstood trust strategies to the newly passed One Big Beautiful Bill (OBBBA), Jason walks you through what it really takes to grow, protect, and pass on wealth — without sacrificing your own financial stability in the process.

You’ll walk away with:

• A smarter approach to using 529 Plans without derailing your retirement

• How trusts can serve as legal armor for your legacy (not just for billionaires)

• Key takeaways from the latest tax law changes that could impact your wallet

• And a powerful lesson from the MLB All-Star Break about showing up where it matters mos

Whether you’re earning multiple six figures, juggling work and family, or just want to build a future that lasts — this episode should help you get your full wealth strategy back in the driver’s seat.

Episode Transcript

Let me ask you something:

When was the last time you stopped to ask — Am I actually doing enough with all this success I’m creating?

Because here’s the thing — you blink... and suddenly, months pass. Then years. Then decades. And while your kids may have graduated from the backseat —

Your wealth strategy? Still stuck back there.

I’m not talking about glancing at your 401k...Or high-fiving yourself for bumping up that 529 contribution. I mean real, intentional planning. The kind that builds a legacy — not just a portfolio.

Because if you’re anything like the high achievers I work with — You’re busy. You’re crushing it at work, juggling meetings, family, workouts...
It’s all gas, no brakes.

And before you know it —You’re moving fast, but is your wealth strategy even in the car with you?

So today on The Big Bo $how — we’re getting it back in the driver’s seat.

We’re diving into:

·  529 Plans — the misunderstood tool that could supercharge your kids' future.

·  Trusts — your legal armor to protect your wealth and legacy.

·  And the One Big Beautiful Bill — the latest tax law updates your wallet can’t afford to ignore.

And of course — I’ll close it out with a new Bo Know$ — A mindset shift inspired by the MLB All-Star Break to help you reset your life and wealth strategy for the second half of the year.

You ready? Let’s go.

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  Alright — let’s set the scene.

  It’s summer. The beach chairs are out. You’re spending more time with the family — maybe even catching a few rays yourself.

  The kids? They’re all about cannonballs, popsicles, and seeing who can make the biggest splash.

  But for us parents...Somewhere in the back of your mind... that little voice whispers:

  “Am I really doing enough to set them up for the future?”

  And that, my friends, is where the 529 plan comes in. And if you’re a high earner who hasn’t really dug into this strategy yet — now might be the time to pay attention.

  So — let’s break it down. What is a 529 Plan?

  At its core — it’s a tax-advantaged savings plan built for education expenses.
  You put money in, it grows tax-deferred, and when you pull that money out for qualified education expenses — tuition, books, laptops, room and board — it’s all tax-free.

  Even K–12 private tuition can qualify in many cases.

  But here’s where high earners can really play offense.

  Right now, you can contribute up to $19,000 per person per year, or $38,000 per married couple, per child — without triggering the gift tax exclusion.

  And if you want to front-load it? You can use a nifty strategy called gift tax averaging. The IRS lets you contribute five years’ worth of gifts all at once. For married couples, that’s up to $190,000 per child — in one shot.

  That’s like spotting your investment a huge head start out of the gate. That kind of early compounding? It’s the real MVP here.
  

  Now... what happens if your child doesn’t end up using all of it?

  No problem.

  You can transfer the balance to a sibling. Or a cousin. Or a grandkid.

  And thanks to SECURE Act 2.0, you can even potentially roll up to $35,000 of unused 529 money into a Roth IRA for your child — turning college savings into retirement dollars.

  That’s generational wealth-building right there.

  
  But — here’s the catch:
  Not all 529 plans are created equal.

  Some states offer tax deductions when you contribute to their specific plan. Others? No perks. Nada.

  For example —
  In New York, married couples can deduct up to $10,000 per year on their state taxes.
  In New Jersey, it’s also $10k, but only if your household income is under $200k.

  In states like California? No deduction. But you still get the tax-free growth.
  And if you’re in a no-income-tax state like Florida or Texas — well, no deduction there either, but again, it’s all about that tax-free compounding over time.

  And here’s a pro tip:
  Even if your state offers a deduction, it might only apply if you use their 529 plan. So — shop smart. You’re not locked into your state’s plan — that’s a common myth.

  
  But let’s pump the brakes for a second.
  Because this next part? It’s where too many people go wrong.

  Funding a 529 can actually be a bad idea...If — and this is a big IF — you don’t have your own financial house in order.

  Ask yourself:

  ·       Do you have an emergency fund that can actually cover an emergency?

  ·       Are you behind on your retirement savings?

  ·       Do you have a clear, cohesive wealth strategy?

  If you’re shaky on any of these — funding a 529 shouldn’t even be on your radar yet.

  Why?
  Because your kids can borrow for college. You can’t borrow for retirement.

  And I get it — the words student loans scare a lot of parents like they’re the financial boogeyman.
  But let’s be honest — a low-interest loan is often a better trade-off than raiding your own retirement engine.

  
  Let’s do the math together.

  Say you stash away $250k for your kid’s college fund.
  You start tapping it when they’re 18... and you’re, let’s say, 50 years old.

  That $250k? If left untouched and compounding at 7% annually — by the time you’re 65? You’re looking at almost $700,000.

  At a 10% return? We’re talking just over $1 million.

  So ask yourself — What’s the better play? Burning that growth early for tuition — or letting it ride?

  Meanwhile, if your kids take out loans at 4-5% interest, and you’re growing your wealth at 7-10% — that’s an overall win for the family balance sheet.

  
  The point is simple:

  Don’t sacrifice your future trying to fund theirs.

  The best gift you can give your kids?
  Your own financial stability.

  You’ve heard it before — when you’re on a plane, they tell you:

  “Put your oxygen mask on first.”

  Because you can’t save anyone else if you pass out trying.

  And while this may feel counterintuitive — prioritizing your financial health first... it’s what positions your family to thrive in the long run.

  Otherwise, you might just be banking on your kid’s diploma funding your retirement.

  And last I checked... that’s not the kind of legacy you want to build.

  
  529s are an incredible tool —
  But only when they fit into your broader wealth strategy.

  Used right? They feel like a cheat code — accelerating your family’s future.

  Used wrong? They can derail your compounding potential and leave you short when it matters most.

  Because financial planning?
  It’s not about isolated plays — it’s about the whole game plan.

  And that’s exactly where we come in.

  At Julius Wealth Advisors, we help you build a strategy that connects the dots —Education, retirement, legacy — all working together.

   If you’re not sure where your 529 fits into that bigger picture — that’s a conversation worth having.

  Alright — stick around, because coming up next: We’re shifting from building wealth... to protecting it.

  We’re gonna break down trusts — and why they’re not just for billionaires on HBO.

  Plus — what Congress just slipped into the One Big Beautiful Bill that could quietly shake up your tax situation.

  That’s all coming up — right after this.

  Alright — welcome back.

  We just talked about building wealth with tools like 529s.
  Now — let’s shift gears.
  Let’s talk about how to protect it.

  Because here’s the hard truth:
  Your success? Your income?
  It doesn’t shield you... unless you’ve got an intentional plan in place.

  Without that?
  Taxes, legal fees, court costs, bad decisions — they’ll chip away at your wealth faster than a rookie blowing a late-inning lead.

  And this is where trusts come in.
  And no — trusts aren’t just for billionaires, yachts, or those families you see on HBO.

  They’re for anyone who’s serious about keeping their wealth secure, efficient, and directed the way they want.

  So — let’s break down the basics.

  There are two main types of trusts: Revocable and Irrevocable.

  Let’s start with the revocable trust.

  This is a trust you set up while you’re alive — you control it fully. You can change beneficiaries, update the terms, even dissolve it entirely.

  And the biggest advantage?
  When you pass, your assets skip probate.

  That means no drawn-out, public court process.
  Just a smooth, private transfer of wealth — exactly how you planned it.

  Let’s say you own real estate in multiple states.
  Without a trust, your family could be stuck navigating probate in each state — and trust me, that’s a nightmare nobody wants.

  A revocable trust helps ensure your wealth passes on quickly, privately, and cleanly.

  Now — on the other hand, there’s the irrevocable trust.

  And this one? It’s the heavyweight champ of asset protection.

  Once you put assets in an irrevocable trust — you can’t just pull them back out.
  But that trade-off comes with big benefits:

  ·       Those assets are removed from your taxable estate.

  ·       They’re protected from creditors and lawsuits.

  ·       And they open the door to advanced strategies — like life insurance trusts, dynasty trusts, and more.

  So who’s this for?
  If you’re a high-net-worth family — and you’re thinking about tax efficiency, asset protection, and multi-generational planning — an irrevocable trust could be your go-to move.

  There are even more specialized trusts out there too:

  ·       Living Trusts for managing wealth while you’re alive.

  ·       Testamentary Trusts that kick in through your will — great if you want to control inheritance for minors.

  ·       Special Needs Trusts for protecting family members with disabilities.

  ·       And Charitable Trusts if giving back while gaining tax advantages is part of your legacy.

  Now — quick disclaimer:
  We’re not estate attorneys. We don’t draft documents.

  But at Julius Wealth Advisors, we coordinate with your legal team to make sure your trust strategy fits into your total wealth playbook.

  Because it’s not just about legal documents — it’s about making sure every piece of your financial life is working together.

  
  Now — just when you thought that was enough to think about...

  
  Here comes Congress, right on schedule — with a fresh new playbook of their own.

  On July 4th — because apparently nothing says patriotism like changing tax law — they passed the One Big Beautiful Bill Act — or OBBBA.

  And while you may not have the time — or let’s be honest, the desire — to read the fine print...
  I do.

  So here’s your fast highlight reel:

  • The 2018 Tax Cuts and Jobs Act tax brackets? Now permanent.

  • Standard deductions? Higher, permanently extended.

  • SALT deduction limit? Bumped to $40,000 — but only until 2029.

  • Child Tax Credit? Up to $2,200.

  • No tax on tips or overtime — you can deduct up to $25,000 in extra income.

  • New charitable deductions even if you don’t itemize.

  • Enhanced deductions for seniors.

  • And — you can now deduct interest on U.S.-built car loans. Because... why not?

  Now — will these changes overhaul your financial plan overnight?
  Probably not.

  But they create opportunities.

  
  And if you’re not tuned in — or worse, if your advisor isn’t — you could be leaving thousands of dollars on the table.

  These updates especially matter if:

  • You’re a high-income earner

  • You itemize deductions

  • You own a pass through business

  If that’s you — and let’s be honest, if you’re listening to this, that probably is — then updating your plan?

  Non-negotiable.

  That’s exactly why clients work with Julius Wealth Advisors.

  We keep your playbook updated — so you’re not just reacting, you’re anticipating.

  Because that’s the difference between playing to win... and just playing not to lose.

  And I know which game you’d rather play.

  And that’s why having a 360° Wealth Coach matters.

  You need someone who’s not just looking at your investments,
  but at the whole playing field —
  growing, protecting, and optimizing your wealth.

  Because here’s the thing:
  Building wealth is the first half of the game.
  Protecting and keeping it? That’s the second half.

  And speaking of second halves...

  We just passed the MLB All-Star break — the literal midpoint of the season.

  And it got me thinking —
  How do we reset and refocus in the second half of our own year?

  I’ve got a story about that —
  something I picked up while watching the game with my son — and I think it’ll hit home for a lot of you.

  That’s coming up next in Bo Know$ — don’t go anywhere.

  Alright — let’s get after it.
  Time for everyone's favorite segment... Bo Know$!

  We just had the MLB All-Star break.
  For players, it’s not just a breather — it’s a reset.
  A moment to reflect, recalibrate, and gear up for the second half of the season.

  And for us?
  It should be the same.

  We’re past halftime in the year — time to ask yourself:

  “Am I headed in the right direction?
  Am I making the right decisions — for me and for my family’s future?”

  That reminder hit me hard when I took my son to our 9th stadium —
  We’re on a mission to visit every ballpark before he grows up.

  We were at a Mets vs. Orioles game.
  I looked around — parents everywhere glued to their phones. Emails, Slack messages, the never-ending notifications.

  I get it — I’ve been that guy.
  But that night — I stayed off my phone.

  Because here’s the truth:
  My son? He doesn’t care about 529 plans.
  He doesn’t care about trusts or tax strategies.

  What he cares about... is me.
  My time. My attention. My presence.

  And that’s what real wealth is.

  Not just the dollars in your account.
  It’s the freedom to show up — fully present — for the moments that actually matter.

  The goal isn’t “career or family.”
  It’s career AND family.
  Success at work and fulfillment at home.

  The most fulfilled people I know?
  They’ve figured out how to integrate their financial and personal goals — not keep them separate.

  They’re coaching their kid’s Little League team and coaching their finances.
  They’re closing deals and closing their laptop when it’s family time.

  Now — I’m not saying it’s easy.
  That’s why we plan.
  Not for perfection, but for alignment.

  And let’s be honest — most of you don’t have the time, or the expertise, to pull this off solo.
  You need a teammate. A coach. A partner who sees your entire playing field.

  That’s where we come in.
  At Julius Wealth Advisors, we help you build a 360° plan —
  to grow your wealth, protect it, optimize for taxes...
  and align it with the life you want to live.

  Because wealth without alignment?
  That’s just money.

  Wealth with alignment? That’s freedom.

  That’s the game.
  That’s how you win.

  
  Alright — that’s a wrap for today’s episode of The Big Bo $how.

  Quick recap:

  ✅ We broke down 529s — how to fund education without sacrificing your future.
  ✅ We tackled trusts — your legal armor to protect wealth and legacy.
  ✅ And we ran through the latest tax changes in the One Big Beautiful Bill — so you don’t leave money on the table.

  But the biggest takeaway?

  You don’t have to do it alone.

  You’re the MVP of your life — but even the best players have coaches, teammates, and a game plan.

  At Julius Wealth Advisors, we’re that team.

  If today’s episode hit home —
  📲 Like it, share it, and subscribe so you don’t miss future episodes.

  And if you’re ready to get serious about your second-half strategy — let’s talk.

  • Visit JuliusWealthAdvisors.com and schedule a call.

  • Or call us directly: 201-408-4644

  • Or email: info@juliuswealth.com

  Because remember —

  Building wealth is by choice, not chance.

  And the choice... is yours.

  And as always —

  Live a life of integrity.
  Gain as much knowledge as possible.

  And live a life you are truly passionate about.

  Catch you next time on The Big Bo $how.

  All the best.

Disclosure:

The content is developed from sources believed to be providing accurate information. The information in this podcast is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Julius Wealth Advisors, LLC (“JWA”) is a registered investment adviser located in Englewood, NJ. Registration as an investment adviser does not imply a certain level of skill or training.  The publication of The Big Bo $how should not be construed by any consumer or prospective client as JWA’s solicitation or attempt to effect transactions in securities, or the rendering of personalized investment advice over the Internet. A copy of JWA’s current written disclosure statement as set forth on Form ADV, discussing JWA’s business operations, services, and fees is available from JWA upon written request.  JWA does not make any representations as to the accuracy, timeliness, suitability, or completeness of any information prepared by any unaffiliated third party, whether linked to or incorporated herein.  All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. JWA is neither your attorneys nor your accountants and no portion of this podcast should be interpreted by you as legal, accounting, or tax advice.  We recommend that you seek the advice of a qualified attorney and accountant.