Weston DePriest - Financial Planner

Weston DePriest - Financial Planner Weston DePriest | Financial Planner & Wealth Manager | Educator
Trusted Independent Wealth Management Advisor

06/17/2026

High income is a blessing, but it can also create a false sense of security.
Many high earners are great at making money, but long-term wealth is usually built by how well you keep, grow, protect, and eventually distribute that income.

A few strategies high-income earners should be thinking about:

1. Maximize tax-advantaged accounts
401(k)s, HSAs, backdoor Roth strategies, and other retirement plans.

2. Build a tax-efficient investment strategy
It’s not just about what you earn, it’s about what you keep after taxes. Asset location, capital gains planning, and tax-loss harvesting can matter more as income grows.

3. Protect your income and estate
Disability insurance, life insurance, umbrella coverage, wills, trusts, and beneficiary planning are often overlooked until it’s too late.

4. Create a long-term retirement income plan
The goal isn’t just accumulating assets. Eventually, those assets need to become a reliable paycheck that supports your lifestyle.

5. Avoid lifestyle creep
As income rises, expenses usually rise with it. The families who build lasting wealth often increase savings and investing before upgrading the lifestyle.

6. Plan for major transitions
Business sales, career changes, retirement, inheritance, and college funding all require proactive planning, not last-minute decisions.

High income gives you options.

Good planning helps turn those options into freedom.

I have included a link in the comments to book an introductory call when you get ready to sit down and discuss your situation 👇

06/12/2026

Should I gift my children my house(s) or leave it to them as an inheritance?

In addition to Financial Planning I also teach a lot of Financial Education at various locations, and I get this question almost every time I teach a class to pre-retirees and retirees.

Before you start transferring investments, real estate, or other appreciated assets during your lifetime, it’s important to understand what may be lost.

A BIG advantage of inheriting assets after someone passes is the potential for a step-up in cost basis.

That means your beneficiaries may inherit the asset at its current market value rather than your original purchase price.

For example:
If you bought a house, land, stock, or a business interest years ago for a low price and gift it during your lifetime, your beneficiary may also receive your original cost basis. (the original price you paid for it)

But if they inherit it after your passing, that basis may be adjusted to the value at the date of death. (the price that it is worth when you pass)

That can potentially reduce or even eliminate capital gains taxes if they sell upon your death.

Generosity is a great thing.

But gifting assets without understanding the tax and estate planning impact can unintentionally create problems.

Before you make any tax, estate planning, or financial decisions be sure to discuss your individual situation with your CPA, Estate planning attorney, and Financial advisor.

When you go to put your individual plans together I will be happy to sit down with you and any of your other professionals.

06/11/2026

Can you contribute directly to a Roth IRA?

Roth IRAs can be a powerful tool because qualified withdrawals may be tax-free in retirement.

But not everyone can contribute directly.

For 2026, Roth IRA income limits are based on Modified Adjusted Gross Income, or MAGI:

Single / Head of Household
Full contribution: under $153,000
Partial contribution: $153,000–$167,999
No direct contribution: $168,000+

Married Filing Jointly
Full contribution: under $242,000
Partial contribution: $242,000–$251,999
No direct contribution: $252,000+

The 2026 contribution limit is $7,500, or $8,600 if age 50+.

One planning note: being over the income limit does not always mean Roth planning is off the table. Some high-income earners may still consider strategies like a Backdoor Roth IRA, but it is important to understand the tax rules before doing so.

A Roth IRA can be simple on the surface, but the details matter.

Before making a contribution, make sure you know where you fall within the income limits and how it fits into your overall tax and retirement plan.

06/09/2026

A high income is like having a bigger shovel.

You can dig yourself out faster.

You can build something meaningful faster.

You can create freedom faster.

But you can also dig a much bigger hole faster if there is no plan.

More income does not automatically mean more wealth.

Sometimes it just means bigger payments, bigger taxes, bigger lifestyle, and bigger confusion.

A good financial plan helps answer:
Where should the money go?
How much should be saved?
How should it be invested?
How can taxes be managed?
When can work become optional?

Because the goal is not to look successful.

The goal is to actually build something that lasts.

06/05/2026

If you sell your primary residence, you may be able to exclude part of your gain from capital gains tax.
✅ Single filers may exclude up to $250,000 of gain
✅ Married couples filing jointly may exclude up to $500,000 of gain

The general rule: you must have owned and lived in the home as your primary residence for at least 2 of the last 5 years before the sale.

That means if your home has appreciated significantly, this exclusion could potentially save you thousands in taxes.

As always, there are details and exceptions, so be sure to review your situation with a CPA and Financial Professional before you sell.

Good planning is not just about growing wealth. It is also about keeping more of what you have built.

06/05/2026

A strong financial plan is like GPS.

Without it, you might still get there… but it's like reading the old paper maps while driving down the highway.

There’s a good chance you’ll take three wrong turns, miss the exit, yell at traffic, run into construction, and blame the market.

Investments matter.

But direction matters too

I was explaining different types of retirement accounts to a prospect in their late 40s the other day. They had no idea ...
06/04/2026

I was explaining different types of retirement accounts to a prospect in their late 40s the other day. They had no idea about the different accounts you could have and the pros and cons of each. It was like they discovered a new world. They were intelligent, it was just no one ever taught them.

We need more general financial education in this country. People just don't know their options in many cases. Therefore, they don't take advantage of any of them.

What's your opinion on why we only have half the country taking advantage of some type of retirement centered account?

The Great Wealth Transfer is no secret. It's here.But Wealth does not automatically transfer well just because the asset...
06/03/2026

The Great Wealth Transfer is no secret. It's here.

But Wealth does not automatically transfer well just because the assets exist.

Without proper planning, families can run into:

• Unnecessary taxes
• Probate delays
• Family conflict
• Outdated beneficiaries
• Poor investment decisions
• Assets being distributed in ways that do not match the family’s wishes

Estate planning, tax planning, investment planning, and communication all matter.

The families that handle this best do not wait until there is a crisis. They start the conversation early, get organized, and build a plan that protects both the assets and the people they care about.

Don't know where to start? Reach out I would love to help get you started.

You’ve done a good job saving and investing.You built the accounts.You stayed disciplined.You made sacrifices.You accumu...
06/02/2026

You’ve done a good job saving and investing.

You built the accounts.
You stayed disciplined.
You made sacrifices.
You accumulated the assets.

But at some point, the question changes from:

“How much can I save?”

to

“How will this money actually flow back to me?”

That is where planning becomes so important.

Retirement is not just about having investments. It is about creating a strategy for income, taxes, Social Security, healthcare costs, estate planning, and making sure your money supports the life you worked hard to build.

05/29/2026

Where's your money?

Have you moved companies before? Where is your old 401k?

A lot of people change jobs, get busy, and leave an old retirement account sitting with a previous employer’s plan. That may not be a problem, but it is something you should be aware of.

Old 401(k)s can sometimes mean:

➡️ Investments you haven’t reviewed in years
➡️ Fees you may not be paying attention to
➡️ Beneficiaries that may be outdated
➡️ Multiple accounts that make your retirement picture harder to manage
➡️ Money that is not aligned with your current financial plan

A rollover is not always the right answer, but for some people, consolidating old retirement accounts into an IRA can make their financial life easier to manage and give them more control over investment options, retirement income planning, and beneficiary planning.

The main goal is simple: don’t let an old account sit forgotten just because it is out of sight.

Let’s find it, review it, and make an informed decision.

Address

Edmond, OK
73025

Telephone

+14056391993

Website

Alerts

Be the first to know and let us send you an email when Weston DePriest - Financial Planner posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Weston DePriest - Financial Planner:

Shortcuts

Share