Michael Hollis, Financial Planner & Coach

Michael Hollis, Financial Planner & Coach Financial Planner and Coach at The Dala Group | A financial plan only changes your life if it leaves the page! CERTIFIED FINANCIAL PLANNER™ professional

02/13/2026

Will I owe tax on my inheritance?

It depends on the type of asset you are inheriting and timing.

For assets that remain in the estate while it is settled, any income generated, like interest, dividends, or rent, is reported by the estate. When that income is distributed to you, you're responsible for paying tax on it.

For example, if a bank account has $100k in it, earning 3.5% interest, and it stays in the estate for 6 months while being settled, the estate earns about $1,750 in interest. When the $101,750 is distributed, you'd pay tax on the $1,750 but the $100k inherited is tax-free.

02/12/2026

Will I owe tax on my inheritance?

It depends on the type of asset you are inheriting and timing.

Assets like houses and stocks receive what's called a step-up in basis to their value on the date of death. That means if the house was bought for $200k 15 years ago and it's worth $450k now, you inherit it with a new starting value of $450k. If you sell it for $450k, you have no gain and owe no tax. If you hold the property for a year and it appreciates to $500k, then you would owe capital gains tax on the $50k post-inheritance gain.

02/11/2026

"College looks so unaffordable and my kid starts this fall. I don't think we can make it work."

I totally get this sentiment. College IS expensive and if you've waited until now to think about it, you and your student are behind the eight ball.

You need to plan to make it happen. That's intentional.

Start by getting it on paper (or a spreadsheet) by doing this:

1. Find the estimated all-in cost on the school's website
2. Put an entry on paper for each year of attendance
3. Inflate each year by 5%
4. Add up the total
5. Figure out how many months you have from now until graduation
6. Divide the total by the number of months

That's the amount you need each month to make it work.

Let's say you need $1,500/mo from now until graduation. Your student could achieve that by:

• Going to a Community College for the first two years
• Living at home while attending
• Choosing an in state, public school instead of out of state
• Working 20hrs a week earning $20/hr
• Delaying going to school and saving while working full time
• Finding scholarships through schools, honor societies, & community foundations

I find getting it on paper and seeing the numbers crystalizes whether it's doable or not.

You might be surprised.

02/10/2026

How much cash should I have on hand?

At a bare minimum, 3-6mo of expenses. That's for emergency savings that you store in a separate high-yield savings account. After that, it will depend on your current financial goals.

Here are some that would add to your cash:

• Bi-annual property taxes
• Annual car and homeowner insurance
• College tuition you will pay in the next 12 - 24 months
• Home maintenance like roof and hot water heater that need replaced this year
• Charitable giving that you plan to do at some point this year
• Enough to cover Christmas
• The funds for that sweet summer vacation
• Quarterly self-employment tax for your solo business
• A buffer to pay medical out-of-pocket expenses like deductibles and prescriptions

Here's a process to make it happen:

1. Figure out how much you spent last year or expect to spend this year
2. Increase the amount for inflation if applicable
3. Divide by 12
4. Automate the savings to one or more dedicated accounts

How do you make this work?
• Live on less than you make
• Increase your income

If you have excess after that, formulate an investing plan that fits what the money will be used and when you need it.

02/09/2026

I think we choose student loans to fund school for a few reasons:

• It's widely accepted
• The system greases the skids and makes it easy
• We don't believe it's possible any other way
• We are focused on a short-term rather than a long-term view of life

Based on what I've seen, I strongly suggest exploring other options before committing to loans:

• Military Service
• Delayed Start & Working Your Butt Off
• Living at Home
• Be an RA or TA
• A Rich Uncle 😜
• Working While Attending
• Community College
• Employer Tuition Programs
• Scholarship Writing Blitz

Student loan debt can feel incredibly limiting in your post-grad life and career choices.

02/06/2026

A budget is a tool for you to get control of every $ that comes in and goes out.

It is a superpower that sets the foundation for you to reach any financial goal with clarity.

02/05/2026

Most situations in personal finance are not urgent. In fact, slowing down and considering your options without pressure leads to better decisions and outcomes.

However, there are a few situations where speed and urgency are warranted:

• Identity theft: Report it immediately to freeze accounts and prevent further damage.
• Death of a loved one: Act quickly to stabilize finances and handle estate matters.
• Elder financial abuse: Alert authorities right away to protect vulnerable family members.

Once the quick reaction is taken, it's time to reorient and figure out next steps with as much clear-headedness, support, and intentionality as you can muster.

02/04/2026

How much should I contribute to kids' college?

Whatever you decide.

🚫 Society doesn't get to tell you
🚫 Your kid doesn't
🚫 Your family and where you come from, nope
🚫 Your internal guilt, not that either

What you contribute is:
✅ According to your values
✅ Based on your financial ability
✅ Completely up to you

If someone else, besides your spouse, doesn't like it, they can go pound sand.

02/03/2026

Why am I not making progress?

One of the most common financial mistakes is trying to do too much at the same time.

Focus on one financial goal at a time, especially when you're starting out.

As you set a strong foundation and your financial rhythm matures - spending control, no debt, right amount of cash, automating - you'll have the bandwidth to knock out even more.

Plus, you'll have the confidence you can do anything you put your mind to because of earlier wins.

01/31/2026

Financial entanglement is a crusher for relationships.

It's so easy to think you're being helpful but then things get weird. It starts as convenience or generosity, but over time it can delay independence or create friction.

• Adult children staying on family phone plans or car insurance
• Cosigning loans for a good friend
• Living at home rent free with an open-ended timeframe
• Buying a house with someone you're not married to
• Injecting yourself into a financial decision that isn't yours to make
• Couples intertwining their finances further than their real commitment

The problem is that there are often unsurfaced thoughts and unspoken expectations. These turn into annoyance, then bitterness and resentment.

Super sticky and hard to unwind without causing harm. Picture putting glue on two pieces of paper, sticking them together, letting it dry, and then trying to separate them. Not going to be a very clean split, will it?

It's best to avoid these situations altogether. But what do you do if you've already stepped into it?

Here's a place to start:

1. Be real - Where do things stand and how did you get here?
2. Prepare yourself for change - Figure out the right lines and what needs to change.
3. Communicate clearly - Express what you think needs to happen. These are tough conversations.
4. Build an off ramp - Set a timeline, be specific, be realistic.
5. Reclaim boundaries - Take care of your responsibility and commitment, let others do the same.
6. Let natural consequences take hold - It's so hard to do, but some pain is almost inevitable.

There's no question financial entanglement is a challenge a lot of us face. It's starts with good intentions, but eventually gets sticky. The good news is the situation doesn't have to stay that way.

01/30/2026

Should I give to my kids now or wait to give them an inheritance?

That's a common question.

Just like most things, it doesn't have to be an all or nothing. It depends on your circumstances. How about some of both?

My dad set a great example for my family in that respect.

01/30/2026

When you start is important. How long you execute the plan is what allows it to compound and matter.

You can't evaluate a particular strategy in isolation. Ask yourself: How many years will I stick with it? Some moves have little impact if done for just one or two years.

• Invest the difference
• Contribute to an HSA
• Harvest tax losses
• Spend less than you make
• Get your employer match
• Max out your 401(k)
• Backdoor Roth

If you only do these sporadically, the benefits are mostly limited to the current year.

It's time to craft a plan that aligns your family's trajectory with the life you want to create; one that you can execute consistently over the long-haul.

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