Episode 111 – Tax Law Changes for 2025 – What Retirees and Charitable Givers Need to Know

If you’re nearing retirement, living on a fixed income, or focused on charitable giving, the 2025 tax law changes may affect you more than you realize. In Episode 111 of the Last Paycheck podcast, Archie Hoxton and advisor Emily Leslie explain what you need to know—and what to do now to prepare.

1. Overtime Deduction: A Win for Middle-Income Earners

If you’re working overtime to boost savings or pay off debt, there’s good news: from 2025 to 2028, up to $25,000 of overtime income will qualify for an above-the-line deduction. This benefit begins to phase out at $300,000 of household income (MFJ).

Action Step: If you expect to earn overtime in the coming years, adjust your tax planning to take advantage of this short-term window

2. The Senior Deduction: A Modest but Meaningful Break

While headlines claimed “No More Taxes on Social Security,” the reality is more nuanced. Instead of eliminating Social Security taxes, the new law introduces a $6,000 deduction for Americans age 65+ with income under $150,000 (MFJ). It’s available from 2025 to 2028 and doesn’t apply if you’ve already started benefits before age 65.

Who Benefits Most?

  • Retirees aged 65+ with modest income
  • Those delaying Social Security to full retirement age or beyond

3. Estate Tax Made (More) Predictable

For high-net-worth individuals and business owners, the estate tax threshold has been solidified. Now, individuals can pass on up to $15 million—and couples up to $30 million—without triggering estate tax liability. This change removes the previous uncertainty around sunset provisions.

If your estate is below that amount: No changes needed.
If it exceeds the threshold: Consider trusts, gifting strategies, or business succession plans.

4. SALT Deduction Expansion: Relief for High-Tax States

Taxpayers in states like New York, New Jersey, or California may benefit from the raised state and local tax (SALT) deduction cap—now $40,000 instead of $10,000. This provision begins phasing out at $500K income and reverts in 5 years.

Be cautious: Roth conversions or large IRA withdrawals could inadvertently push you over the $500K income limit, disqualifying you from the higher deduction.

5. Charitable Giving: More Options, More Rules

For donors, the new rules include:

  • Above-the-line deduction: Up to $2,000 for charitable gifts without itemizing
  • 0.5% AGI floor: You must give at least this amount before deductions kick in
  • $1,700 SGO credit: Donations to Scholarship Granting Organizations (SGOs) offer a dollar-for-dollar reduction in your tax bill

Pro Tip: Combining these strategies may reduce your taxable income while supporting causes you care about.

Final Thought

Tax laws are always changing—but the next few years offer unique planning opportunities. Whether you’re still working, recently retired, or managing a large estate, it’s important to understand how these changes affect your financial picture.

Want a quick way to review where you stand?

Download our free 2025 Tax Change Readiness Checklist to uncover what benefits you qualify for—and what steps you might want to take next. Schedule a free consultation to build a strategy that takes full advantage of the new law.
Download The Checklist
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 110 – What the “One Big Beautiful Bill” Means for Your Taxes (2025–2028)

The recently passed legislation known as the “One Big Beautiful Bill” is about to reshape the personal finance landscape—and in Episode 110 of Last Paycheck, advisors Archie Hoxton and Emily Leslie walk you through what matters most for everyday families, retirees, and business owners.

Here’s what you need to know—and how to prepare.

Making the Tax Cuts and Jobs Act Permanent

The biggest headline is the permanent extension of the 2017 Tax Cuts and Jobs Act. That means the doubled standard deduction and reduced tax brackets are here to stay. For most households, this helps avoid a major tax increase that was originally expected if the law expired.

However, the flip side is the continued loss of many itemized deductions, especially those in the miscellaneous category. If you were expecting a return to the old deduction system, that’s no longer on the table.

Boosts to the Child Tax Credit

Families will see a modest but helpful increase in the Child Tax Credit—from $2,000 to $2,200 per child, with $1,700 of that amount refundable. Households earning up to $400,000 (married filing jointly) remain eligible, but you must owe federal taxes to receive the refundable portion.

Big Win for Service Workers: Tip Income Deduction

One of the most surprising—and generous—changes is a new above-the-line deduction for tip income. Starting in 2025, eligible workers can deduct up to $25,000 of tip-based income from their taxable income. This is especially helpful for servers, bartenders, delivery drivers, and others who now earn tips through credit card transactions.

The IRS and Treasury will release additional guidance about which professions qualify, but the basic test appears to be “customary and voluntary” tipping.

Auto Loan Interest Becomes Deductible (With Conditions)

For vehicles assembled in the U.S., borrowers can deduct up to $10,000 in interest on auto loans. This deduction applies from 2025 to 2028 and begins phasing out above $200,000 in household income. Buyers will need to verify final assembly location, but for many Americans, this change will offer substantial tax savings on a necessary expense.

A New Tax-Advantaged Account for Babies: The Trump Account

A new savings vehicle—informally dubbed the “Trump Account”—will give newborns a $1,000 federal contribution if they’re born between 2025 and 2028. Parents can contribute $5,000 annually, and employers can add $2,500 per year.

But there are caveats:

  • Only U.S. stocks are allowed as investments
  • Withdrawals for education, first-time home buying, or small business use are allowed after age 18—but earnings will be taxed
  • Early withdrawals come with penalties

This account blends elements of a Roth IRA and 529 plan but comes with unique restrictions that families must consider carefully.

Final Thoughts

While the “One Big Beautiful Bill” offers tax relief and new savings tools, it also brings complexity and confusion. Many of the provisions are time-limited (2025–2028), and several will require additional IRS clarification.

If you’re a tip-based worker, expecting a child, considering a new vehicle, or simply trying to make sense of these changes—now is the time to act.

Evaluate your own risk comfort and investment goals.

Download our 2025 Tax Change Readiness Checklist to audit your situation—and schedule a free consultation to build a strategy that takes full advantage of the new law.
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Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 105 – What’s Your Money Story? Childhood Beliefs That Still Shape Your Wallet

We all carry financial baggage—and most of it was packed before we turned ten.

In Episode 105 of Last Paycheck, Rob and Archie Hoxton explore how unconscious beliefs formed in childhood shape our adult financial habits. These “money scripts,” as defined by financial psychologist Brad Klontz, are emotional blueprints for how we think, feel, and behave around money.

Whether you’re a compulsive saver, impulsive spender, or anxious budgeter, this episode peels back the layers to help you understand why.

Money Memories That Stick

Archie shares his first financial memory: cutting grass for cash. Rob recalls matching Archie’s car savings, only to watch him game the system using gift money. These stories might seem small, but they reflect formative ideas—“Money is earned,” “Money can be leveraged,” or even “Money makes people anxious.”

Rob encourages listeners to ask themselves:
“What’s your first memory of money?”

The answer may reveal more than you think.

The Four Money Scripts

  1. Money Avoidance
    1. Belief: Money is bad or undeserved.
    2. Typical behavior: Chronic under-earning, guilt around wealth.
  2. Money Worship
    1. Belief: More money = more happiness.
    2. Typical behavior: Overspending, never feeling secure.
  3. Money Status
    1. Belief: Net worth equals self-worth.
    2. Typical behavior: Lifestyle inflation, keeping up appearances.
  4. Money Vigilance
    1. Belief: Always save, avoid risk.
    2. Typical behavior: Hoarding money, fear of spending—even when safe.

Rob and Archie stress that these scripts aren’t destiny. With awareness, reflection, and support, you can rewrite your narrative.

Why This Matters

Money scripts influence:

  • How you budget (or avoid it)
  • How you invest (or hoard cash)
  • How you talk to your spouse (or don’t)
  • How you prepare for retirement—or delay it entirely

Understanding your script doesn’t just help you manage money better. It helps you make decisions from clarity, not fear or habit.

Start With Reflection

  • What beliefs about money were modeled for you?
  • How do those show up in your life today?
  • Are they helping—or holding you back?

If your answers reveal patterns you’d like to change, you’re not alone. Rob and Archie recommend working with a financial advisor or therapist trained in financial behavior. The Financial Therapy Association (financialtherapyassociation.org) is a great resource.

Final Thought

You can’t change what you don’t acknowledge. But once you understand the money story you’ve been telling yourself—maybe since childhood—you can begin writing a new chapter.

Ever wonder why you save compulsively, overspend emotionally, or freeze when facing financial decisions?

It might trace back to beliefs formed in childhood. Download our Financial Baggage Self-Audit to uncover the money scripts that drive your decisions—and start rewriting your money story.
Download the Self-Audit
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 104 – The Cost of Financial Clutter—and How to Fix It

Are You Financially Organized? 5 Questions That Can Change Everything

You might know how much you earn. Maybe you even know what you spend each month. But do you know where all your accounts are? When your insurance renews? Who to call if something happens to you?

In Episode 104 of The Last Paycheck, Rob and Archie Hoxton discuss what financial advisors quietly observe: that disorganization is one of the biggest (and most underdiagnosed) threats to financial health.

We’re not just talking about a messy desk. We’re talking about forgotten accounts, lapsed insurance, missed deadlines, and decision fatigue caused by scattered information.

Here are five questions to ask yourself today to start clearing the fog:

1. Do You Know Where Your Money Is Going?

Budgeting is one thing. Awareness is another.

  • Are you tracking fixed vs. discretionary spending?
  • Are there subscriptions you don’t use?
  • Does your spending reflect your values—or just habits?

Tip: Use a spending tracker (even just for 30 days) to see where your money leaks are.

2. Are Your Accounts and Documents Organized?

Many people have IRAs they’ve forgotten about, bank accounts that barely earn interest, or insurance policies they haven’t reviewed in years.

  • Can you name all your active accounts?
  • Are your beneficiaries current?
  • Do you know how your assets are titled?

Tip: Create a one-page inventory that lists every account, document, and key contact.

3. Do You Have a System for Tracking?

Your financial dashboard doesn’t have to be fancy—but it does need to exist.

  • Are you using software, spreadsheets, or a binder?
  • Can you quickly check your net worth or upcoming bills?
  • Do you track tax documents, insurance renewals, or due dates?

Tip: Start with a monthly finance date—just one hour to check progress and prep for what’s next.

4. Can Your Partner or Loved Ones Step In If Needed?

One of the most overlooked issues: financial gatekeeping.

  • If something happened to you, would your spouse or child know where to find information?
  • Is your will, power of attorney, and insurance contact list easily accessible?

Tip: Consider creating a “financial fire drill” document. It doesn’t have to be public—but it should exist.

5. Are You Making Decisions Based on Goals—or Stress?

When everything feels chaotic, people tend to make reactive decisions—sell that stock, cancel that insurance, or pull money out prematurely.

  • Are you acting from a plan, or reacting to pressure?
  • Are your financial decisions aligned with long-term goals?

Tip: Use planning tools to give structure to your decisions. You don’t have to do this alone.

Final Thought

Financial organization is more than a task—it’s a discipline. It reduces mental load, helps avoid costly mistakes, and keeps you moving toward what actually matters.

Financial clutter creates costly mistakes.

Get organized with our Financial Command Center Worksheet—a step-by-step tool to help you consolidate accounts, track documents, and prep your plan for anything.
Download the Worksheet
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 103 – The Truth About Millionaires (And Why They Probably Drive a Pickup Truck)

If you think millionaires are flashy, high-risk, fast-talking financial geniuses—you’re buying into a myth. According to Rob and Archie Hoxton in Episode 103 of Last Paycheck, the average millionaire doesn’t look anything like the pop culture stereotype.

And that’s good news—because it means that wealth is more attainable than most people realize.

So, What Do Actual Millionaires Have in Common?

Based on data and decades of advising real clients, here are the key shared traits:

  1. Ordinary Careers, Extraordinary Discipline
    The most common careers for millionaires include engineers, teachers, accountants, managers, and lawyers. These are solid, middle-class jobs—not celebrity roles or viral successes.
  2. They Live Below Their Means
    94% reported spending less than they earn. That simple act, repeated over time, is the engine of their success.
  3. They Avoid Credit Card Debt
    Three out of four self-made millionaires have never carried a balance on a credit card. Managing debt responsibly is foundational.
  4. They Don’t Wait for Inheritance
    Only 21% received any inheritance at all. Wealth wasn’t handed to them—it was built through consistent saving and investing.
  5. They Max Out Their 401(k)
    The 401(k) is often the single biggest contributor to millionaire status. Autopilot saving, employer matching, and decades of compounding create powerful momentum—especially in the later years of your career.

Why It Works

Compound interest is slow at first, then it snowballs. A 10% return on $10,000 is $1,000. But a 10% return on $500,000? That’s $50,000. Over time, the balance—not the contribution—drives your wealth.

At the same time, mortgages begin to reverse in your favor. In the final 5–10 years, you’re paying down principal fast, just as your investments are accelerating. Net worth builds from both directions.

Final Thought

Becoming a millionaire isn’t about luck, inheritance, or brilliance. It’s about time, consistency, and values. And it starts with the habits you can adopt today.

Want to know how close you are to becoming the millionaire next door?

Download our  Millionaire Habits Self-Check to compare your current financial habits against proven wealth-building strategies used by real, everyday millionaires.
Download the Self-Check
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 102 – Warren Buffett’s Lessons Every Retiree Should Live By

Warren Buffett may be stepping away from daily leadership at Berkshire Hathaway, but his investing wisdom continues to shape generations. In Episode 102 of Last Paycheck, Rob and Archie Hoxton reflect on two timeless pieces of Buffett advice—and how retirees can apply them to their own lives.

Lesson 1: Pay Off High-Interest Debt Before You Invest

Buffett once told a woman asking how to invest a small windfall: “What’s your credit card rate?” When she replied with 18%, he said, “I can’t beat that. Pay it off first.”

This is simple but powerful advice. Before putting money into retirement accounts, the market, or real estate, make sure you’ve eliminated any high-interest debt. Even a well-diversified portfolio can’t guarantee consistent double-digit returns. But avoiding interest payments of 18% or more is a guaranteed win.

Rob and Archie note that this principle often gets overlooked when people are eager to start investing. But in practice, the path to financial stability starts with debt elimination, then emergency savings, and then investing for the long haul.

Lesson 2: Stocks Are Safe—If You Give Them Time

Buffett is known for his unwavering belief in the long-term value of American companies. “You’re not buying a stock,” he says, “you’re buying a business.” That distinction matters. While the market may fluctuate wildly in the short term, the broader trend of American business growth over decades remains strong.

The Hoxtons explain how this philosophy is essential in retirement. Even if you’re no longer earning a paycheck, your investments still need to grow—to fund a retirement that could last 20 to 30 years or more. That means staying invested, avoiding panic in volatile markets, and trusting in long-term fundamentals.

Final Thoughts

Buffett’s approach is grounded in patience, humility, and realism. He doesn’t chase fads. He doesn’t try to time the market. He stays focused on what works—and encourages others to do the same.

For retirees, that means:

  • Paying down high-interest debt
  • Staying diversified
  • Remaining invested even in retirement
  • Thinking in decades, not quarters

Retirement isn’t the end of your investment journey—it’s a new chapter. Warren Buffett’s wisdom offers the perfect guide.

Ready to invest smarter?

Start by following Warren Buffett’s two-step checklist. Download our Investment Readiness Worksheet to evaluate your debt, mindset, and time horizon before jumping in.
Download the Worksheet
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 98: How to Make Retirement More Meaningful – Smart Giving Strategies

You’ve saved diligently, planned carefully, and finally stepped into retirement. But after the celebrations fade, a deeper question often surfaces: now what?

For many retirees, the missing piece isn’t financial—it’s emotional. It’s the desire to do something more with this chapter of life. In Episode 98 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® professionals Rob and Archie Hoxton explore how strategic giving—of time, wealth, and wisdom—can turn retirement from a finish line into a new beginning.

More Than Numbers: Why Giving Matters in Retirement

We often think of financial planning as a numbers game. But what if retirement planning could also be about impact, legacy, and joy?

This episode shines a light on how giving back—when done intentionally—can enhance your sense of purpose and satisfaction, without compromising your income or security.

Ask yourself:

  • What causes or communities have shaped my life?
  • Am I giving in ways that reflect my values?
  • Could my charitable actions also benefit my financial plan?

Tools That Make Giving Smarter

Rob and Archie break down several powerful giving strategies that retirees can use to align generosity with financial stewardship:

  • Qualified Charitable Distributions (QCDs): For retirees over age 70½, QCDs allow you to give directly from your IRA to a qualified charity—while reducing your taxable income and satisfying Required Minimum Distributions (RMDs).
  • Donor-Advised Funds (DAFs): These flexible giving vehicles let you make a charitable contribution, receive an immediate tax deduction, and then recommend grants to charities over time. They’re especially helpful if you’re trying to reduce taxes in a high-income year.
  • Gifting Appreciated Assets: Donating stocks or other appreciated investments can help you avoid capital gains taxes while supporting a cause you care about.
  • Non-Financial Giving: Mentoring, volunteering, or serving on boards can be just as fulfilling as writing a check. Retirement gives you time—and you get to choose how to invest it.

Giving as Part of Your Financial Plan

Integrating generosity into your plan isn’t just about tax benefits—it’s about personal alignment. Giving with purpose adds dimension to your retirement strategy and helps ensure your money reflects your values.

This episode encourages you to revisit your financial goals with a broader lens: What kind of legacy do you want to leave? How do you want to be remembered—not just by your family, but by your community?

Final Thought

The transition into retirement is one of the most personal financial events in your life. And the most successful retirees? They don’t just plan for longevity—they plan for meaning.

If you’re ready to align your wealth with your values, we’re here to help.

Schedule a free conversation at www.hoxtonpm.com/schedule and let’s explore how giving can become one of the most fulfilling parts of your plan.
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Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 97: Financial Harmony for Couples – Avoiding Money Fights

Every couple handles money differently—but how you communicate about it can make or break your financial future.

In Episode 97 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® professionals Rob and Archie Hoxton explore one of the most emotionally charged areas of personal finance: managing money as a couple. Whether you’re newly married or preparing for retirement together, learning how to talk openly and plan jointly is key to long-term harmony.

Why Money Fights Happen

Many disagreements over money aren’t really about dollars and cents. They stem from differing values, life experiences, and expectations. One partner might have grown up in a household that viewed money as a source of anxiety or scarcity, while the other saw it as a tool for freedom and opportunity. Without clear communication, those differences show up as tension.

What This Episode Covers

Rob and Archie walk through some of the most common stress points for couples, including:

  • Joint vs. separate accounts: There’s no one-size-fits-all solution, but there does need to be clarity.
  • Dividing financial responsibilities: Who tracks the budget? Who manages investments? These decisions matter.
  • Handling financial disengagement: When one partner checks out, it leaves the other carrying the emotional and administrative burden.
  • Dealing with secrecy: Financial infidelity—like hiding purchases or debt—can erode trust faster than any market crash.

Ask Yourselves:

  • Are we aligned on our spending and saving goals?
  • Do we understand each other’s financial history?
  • When was the last time we had a calm, open-ended conversation about money?
  • Have we scheduled regular financial check-ins as a couple?

Tips for Building Financial Harmony

  1. Schedule a money date each month to review accounts, upcoming expenses, and shared goals.
  2. Create a joint financial vision statement. What are we working toward as a team?
  3. Divide roles clearly—and revisit them periodically to ensure both partners feel confident and included.
  4. Use neutral language. Saying “I noticed” instead of “you always” keeps discussions focused and constructive.
  5. Work with a third party. A financial advisor can create a judgment-free space where both partners feel heard.

This episode isn’t about choosing the “right” way to manage money—it’s about finding the approach that works for both of you, built on trust, communication, and shared purpose.

Final Thought

Financial peace in a relationship doesn’t happen by accident. It’s the product of consistent conversations, mutual respect, and a clear understanding of what matters most to both of you.

Want help facilitating those conversations or creating a couple-centered financial plan?

Schedule a no-pressure session with our team at www.hoxtonpm.com/schedule and let’s move forward together.
Schedule a Consultation
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 95: How to Stay Calm in Market Chaos – A Volatility Survival Plan

How should I react when the market drops?
Should I sell my investments now or wait it out?
Am I doing the right thing with my money during a downturn?

These are the exact questions we hear from investors whenever volatility spikes. And if you’re asking them too—you’re not alone.

In Episode 95 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® professionals Rob and Archie Hoxton tackle the emotional, practical, and behavioral challenges that come with investing through uncertainty. Their message is simple: the market’s movement isn’t the problem—how we respond to it often is.

Why Market Volatility Feels So Personal

We all know the market goes up and down. But when your portfolio starts falling—especially as you approach or enter retirement—it’s not just numbers on a screen. It’s your future, your income, your peace of mind.

That’s why knee-jerk reactions like moving everything to cash or pausing retirement contributions feel tempting. It feels like “doing something.” Unfortunately, those short-term decisions can create long-term consequences.

What This Episode Covers

Rob and Archie outline a clear, level-headed framework for navigating a market pullback. Their volatility survival strategies include:

  • Avoiding panic selling: Selling when the market drops means locking in losses. Recovery often begins before you realize it—and missing those days can significantly lower your long-term returns.
  • Rebalancing with purpose: Market dips can throw your asset allocation out of balance. This is an opportunity to reset your portfolio—not abandon it.
  • Tax-loss harvesting: Down markets present rare opportunities to capture losses and reduce your tax bill—especially for taxable accounts.
  • Maintaining liquidity: Having a short-term cash reserve prevents you from withdrawing from investments during a downturn.
  • Understanding behavior: Investor psychology is often the biggest risk to your plan. Headlines and fear cycles can drive decisions that don’t align with your goals.

Ask Yourself:

  • What are my rules for handling market volatility?
  • Is my portfolio designed to support withdrawals even during downturns?
  • Am I responding to a long-term plan—or reacting to short-term headlines?

Why Staying Invested Matters

Rob and Archie cite studies that show just how damaging it can be to miss the best recovery days in the market. Most of those days happen close to the worst ones. That’s why discipline and planning—not timing—are the keys to success.

Market volatility is inevitable. Reacting emotionally isn’t.

Final Thought

If your portfolio feels like a source of stress instead of confidence, that’s a signal—not a failure. It means it’s time to review your strategy, understand your risk, and make sure your investments are aligned with your long-term goals.

You shouldn’t have to face market chaos alone. You need a plan that’s built to keep working—whether the market is up, down, or sideways.

Want to make sure your portfolio is prepared for whatever comes next?

Schedule a free, no-pressure consultation with our team at www.hoxtonpm.com/schedule. We’ll help you build a strategy rooted in clarity, not chaos.
Schedule a Consultation
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 92: Don’t Blow It – Inheritance Mistakes to Avoid

Receiving an inheritance can be a blessing—but without a plan, it can quickly become a burden.

In Episode 92 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® professionals Rob and Archie Hoxton share the most common mistakes people make after receiving a windfall—and how to avoid them. Whether you’re anticipating an inheritance or navigating one right now, this episode offers clear, actionable advice to help you protect your future.

Why Inheritance Planning Is More Than a Windfall

An inheritance may feel like a gift, but it comes with weight: emotional, financial, and often, legal. Without thoughtful planning, what starts as an opportunity can turn into a missed chance—or worse, a long-term liability.

Too many people treat inherited money as “found” money. But in doing so, they make emotionally driven decisions, ignore tax rules, or fail to integrate it into a bigger financial picture.

The Most Common Inheritance Mistakes

Rob and Archie outline the top pitfalls they see, including:

  • Treating it like bonus money: Inherited wealth is not a lottery win. It needs to be managed within the context of your overall plan.
  • Spending first, planning later: Emotions often override logic after a loved one passes. But reactionary decisions—big purchases, early retirement, excessive gifting—can be difficult to undo.
  • Ignoring tax implications: Different assets come with different tax treatments. For example, inherited IRAs have strict withdrawal rules, and selling appreciated assets too soon could trigger unnecessary capital gains.
  • Overlooking your own estate plan: Any major change in net worth should prompt a fresh look at your own will, trust, and beneficiary designations.
  • Letting your guard down: Inheritances often draw unwanted attention. Scams, pushy salespeople, and opportunistic acquaintances can make you vulnerable when you’re least prepared.

What to Do Instead

This episode emphasizes the power of patience and planning. Rob and Archie recommend:

  • Wait at least 6 to 12 months before making major decisions
  • Work with a financial advisor and tax professional to understand your options and obligations
  • Build a purpose-driven plan that aligns the inheritance with your long-term goals
  • Update your estate documents so your wishes are just as clear as those of the person who left you the gift

Ask Yourself

  • Do I know the tax treatment of each inherited asset?
  • Have I reviewed how this changes my retirement, insurance, or giving strategy?
  • Am I making decisions that reflect my values—or just my emotions?

Final Thought

The best way to honor a legacy is to use it wisely. With the right plan, an inheritance can support your life’s goals, create new opportunities, and even help you leave a legacy of your own.

Want to avoid common inheritance mistakes?

Download our free guide: Inheritance Mistakes to Avoid, or schedule a one-on-one consultation at www.hoxtonpm.com/schedule.
Download the Guide
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.