Kelly Financial: Saturday, March 16, 2024

Episode Transcript

(00:12):
This coming to us. Good morning, dear Boston. I'm John Boudras and
Kelly Financial. Safe Money Strategies indeedcarries on every single Saturday right here on
w RKO six eighty, on theAM dial and online from just about anywhere.

(00:34):
Well, if you recovered from thetime change, I haven't. I'm
still woozy and I'm not happy aboutit. And who may be talking about
that later in the show, Sostay tuned. Of course you'll be hearing
from the advisors at Kelly Financial andmissus Kelly herself, Kelly financials CEO and
co founder. Don't touch the dial, we will be right back. Safe

(01:00):
Money Strategies with John Budrus and KellyKelly. Called Kelly Financial on a eight
eight hundred eighteen eighty one or goto Kellyfinancial dot org. Hi. I'm
Kelly Kelly from Kelly Financial Services.A recent study suggested that nearly half of
all American adults plan on giving tofamily members, but only half of them

(01:23):
actually speak to their family about it. Legacy planning is not just for the
over rich. Anyone with assets shouldconsider a legacy plan. Kelly Financial can
help you take the first steps.Our twelve page investor guide will help you
understand the basics of estate planning.It's called the Greatest Gift and includes a
checklist to help you select the rightperson to carry out your wishes. I

(01:47):
address legacy planning in my book RetireYour Fear, Plan Your Future. It's
a retirement primer covering many aspects ofretirement planning. Both publications are free for
those or to set up a complimentaryappointment with one of our advisors, call
eight eight eight eight hundred eighteen eightyone or email Kelly at Kellyfinancial dot org.

(02:08):
We're Kelly Financial. Come retire withus safe money strategies. Go to
Kelly Financial Dottle. Good morning,dear friends and dear listeners. I'm Kelly
Kelly, and welcome to our showon this fine Saturday morning. I'm here
with my very handsome son, WilliamKelly Junior, as we chat every Saturday

(02:32):
morning. Good morning, William,Good morning Mom. How are you.
I'm doing great? How about yourself? Oh? I'm good. It's definitely
been an event packed week for me. Happy birthday to Ashton Cooner. Yes,
Happy birthday Ashton. His birthday overthe weekend. Yes, and we'll
see him tonight. To celebrate.I can't wait. I know they always
put up a good show. Iknow no dirt to Jeff. Jeff is

(02:53):
fantastic. I'm sure he's perfectly capableof hosting a good event. But doctor
Grace knows where it's at. Alwaysbeen a pressed by the events that she
puts up. I don't think we'vemissed one of their birthday parties. But
we've known Ashes since he was threeyears old. Wow, just when they
moved to Boston and he's fourteen.He's gonna love his gift. You actually

(03:15):
picked it out. We're not gonnasay it on air. I feel like
it's something that I would want athis age and something that I would keep
forever, something that you gave methat I've still held on to forever.
We'll reveal it next week. Oh, we have Georgia Kelly joining us as
well. Oh yeah, Georgia lovesto be in on our Saturday Morning.
Kid. It's something touch my feet. I was like, is that cat

(03:35):
or a dog? And it turnedout to be a dog. It's not
Marshall. No, Marshall would betrying to eat the microphone. I bet
so you've been on spring break.Yeah, so the first week I kind
of did nothing, and then Istarted training at a lifting clinic with someone
that I've known since I was reallylittle. Fantastic guy. He knows what
he's doing. Adam's great. Heis, He's one of the best in
my opinion. He also has agood mindset and he's a pause has got

(04:00):
to be around, and he makesit enjoyable and fun. But we've been
working on various things like front squats, and he's helping me get stronger.
He knows how to program, andit's just been a lot of fun so
far. It's been a week nowand I've already been having a blast just
enjoying it. I joined Brazilian jiujitsu near his place. I will say
it is big. It is veryclean, well kept, awesome people over

(04:25):
there, super nice. I meta guy he's a computer programmer, and
then I met another guy who workedon a sub for about ten years who's
a bit hard of hearing. Hesaid his name. I told him my
name and he said, oh,Blake, and I was like, no,
no, William. He said,I'm sorry. I worked on a
sub and I asked him, Isaid, oh, did you serve He

(04:46):
said yeah. I said you know, thank you for your service. You
know, he was really nice,he said, thank you. I'm assuming
Navy. I didn't ask what branch, but I'm immediately assuming Navy. Yeah,
I know that stuff is loud,and it's almost like a different culture
of life. I felt home there. So what's the difference between jiu jitsu
and wrestling. Oh, there's abig difference. But wrestling is a great
base because in jiu jitsu, alot of them don't wrestle. Some maybe,

(05:11):
but most don't. They're not usedto you taking shots at them,
which is like attacking their legs tothrow them on the ground, if that
makes sense for those who don't knowwhat taking a shot is. So they're
not used to that, even thoughit exists and it's part of it.
I've noticed that I can do somewrestling moves that'll catch them off guard even
when they're on guard. Wrestling helpsme so much good. The only downside
is I don't know how to submitanybody. So I get them on the

(05:33):
ground, they're on their back,and it's like I don't know what to
do because they're there. They've alreadyinterlocked their legs around my back, so
I'm just there trying to get out, and then I get out, and
then they get up, I takethem down again. So how do you
win by submission? So the otherperson has to tap, So no one

(05:54):
wins until somebody taps correct to sayI'm done. Yeah, if you start
choking them and they can feel thatthey're being choked, you have to tap.
It felt awkward. It felt reallyawkward because he was like, all
right, you know, put yourforearm under his neck and then grab your
hand and use his shoulder. Well, I mean, I've done it before,
but I forgot everything because I remember, you did a little bit of
jiu jitsu before wrestling. If youwant to be good at jiu jitsu,

(06:15):
I'm learning that wrestling first will helpyou. I feel confident going out there.
I didn't get submitted besides drilling withpeople. You know, when we
rolled, which is when you practiceactually like combat, you're trying to not
get submitted and you're trying to submityour opponent. I didn't get submitted even
by the brown belt, but heknew what he was doing, and he
got me in a couple like headlocksthat I got out of. But I

(06:36):
didn't know what to do to himbecause I've never been put in this position
before, you know, so it'spart of the fun I've learned. I'm
happy I'm doing it. It's agreat after wrestling thing to do. Good
to keep grappling. Well, that'sexcellent, William. Well you've got a
few more days free of school startingback on Wednesday. Yeah. I want
to wish everyone a wonderful rest ofthe weekend. And do Kee keep us

(07:00):
on your dial. We have someinformative segments coming up our Kelly Advisors might
do set and Greg Workman. We'llbe discussing the importance of estate planning.
Mary Madeline Kelly and Greg Murray willbe talking about cryptocurrency. I will be
back with John Boudras and we willhave a discussion about gifting and is always
some wit and wisdom from Bill Kelly. William, thank you for chatting with

(07:24):
me. I look forward to nextSaturday, my son, as do.
I love you very much, Loveyou Safe Money Strategies eight eight eight eight
hundred one eighth K one Kelly FinancialServices wants to ask you a very very

(07:46):
important question. Over the next severalyears, tons of trillions of dollars are
going to be passed down from oldergenerations to younger generations and gifting to charities
will also pay a big role.Well, have you been thinking about giving
money to your kids or grandkids,or your place of worship, your alma

(08:07):
mater, or perhaps to our terrificservicemen and women. Where do you start?
How do you do gifting while protectingyour own savings? The advisors at
Kelly Financial Services can help you.Get their free investor guide it's called the
Greatest Gift. Outline your wishes withan estate plan, then set up a
free consultation. You can start estateplanning on the right foot. Call eighty

(08:31):
eight eight eight hundred eighteen eighty oneeighty eight eight eight hundred eighteen eighty one
or email Kelly at Kelly Financial dotorg. That's Kelly at Kelly Financial dot
org. Kelly Financial Services go toKelly Financial dot org. Good morning,
you are listening to Safe Money Strategies. My name is Mike Tussett, Chief

(08:52):
Operating Officer at Kelly Financial Services.I am joined once again by one of
the trusted fiveinancial advisors on our team, Greg Workman. Good morning, Greg,
Good morning, Mike. Great tobe here with you and our listeners.
Accumulating wealth is no small feat.It often comes from years of hard
work, smart decisions, and sometimessacrifices. But without careful planning, a

(09:15):
significant portion of this wealth could disappearto taxes, taxes that, with the
right foresight and strategy might be reducedor even avoided altogether. Now, imagine
the power to influence the fate ofyour wealth even beyond your lifetime. Imagine
ensuring it benefits your loved ones orcauses you hold dare. Achieving this vision
requires an effective estate plan. Intoday's show, we'll dive into the choices

(09:39):
you make or neglect to make todayin how they can shape your legacy and
your family's future long after you aregone. A state planning is like piecing
together a puzzle. Skip just onepiece and the whole scene might look different.
It's not only about preserving the moneyyou've poured sweat and time into,
but also helping to ensure your familiespath forward. I know it sounds daunting,

(10:03):
but it's genuinely worth the effort.If you need help, call us
today for no strings attached conversation attriple eight eight hundred, eighteen eighty one.
Once again, that number is eighteight eight eight hundred eighteen eighty one,
or visit us on the web atkellifinancial dot org. Let's take that
crucial first step together helping protect bothyour future and theirs. Sorting out your

(10:28):
state should be one of the areasthat are front and center in your retirement
planning. On today's segment of safeMoney Strategies will explore some foundational principles to
get you started. One of themore time sensitive blunders in estate planning revolves
around a ticking tax time bomb,the scheduled increase of estate taxes in twenty

(10:48):
twenty six. At the heart ofthis upcoming shift lies the expiration of provisions
from the twenty seventeen Tax Cuts andJobs Act. The TCJA, one introduced
significantly increased the estate tax exemption amounts, allowing many individuals and families to transfer
greater wealth without incurring the federal estatetax for a limited number of years.

(11:11):
These changes presented strategic advantages in estateplanning, enabling a more generous transfer of
assets and reduced tax liabilities. However, the catch with the TCJA is its
temporary nature. Correct and many ofits provisions, including the estate tax relief,
are set to expire at the endof twenty twenty five. This means

(11:33):
that, starting in twenty twenty six, unless Congress intervenes with new legislation,
the estate tax exemption will revert topre twenty seventeen levels adjusted for inflation.
The impact potentially millions more in estatetaxes for unsuspecting heirs now. For individuals
and families hovering near the exemption threshold, this rollback could pose significant financial challenges.

(11:58):
Furthermore, estate lands crafted under theTCJA's guidelines might become quickly outdated,
causing unintended tax consequences. This servesas an important reminder that a state planning
isn't a quote, set it andforget it endeavor. As tax landscape shift
and laws evolve, it is importantto revisit and potentially revise as state plans

(12:20):
to help ensure that they remain taxefficient and aligned with one's legacy vision.
Greg What are some of the possiblestate planning blunders that you come across when
meeting with clients and prospective clients.Understanding the intricacies of tax codes can be
important in a state planning, particularlywhen it comes to the step up basis.
At its core, the step upbasis is a provision in the tax

(12:43):
code that adjusts the value of aninherited asset think real estate or stocks to
their market value at the time ofthe individual owner's death. This step up
can substantially reduce capital gains tax liabilitiesfor airs when they decide to sell the
inherited asset. Let's paint a picture. Imagine an individual who owns a piece

(13:03):
of real estate that has significantly appreciatedover the decades. Recognizing the challenges of
dividing a physical asset among three children, he considers selling the property with the
intention of distributing the proceeds as aninheritance. On the surface, converting real
estate to cash may appear as astreamlined solution to help ensure each AIR gets

(13:24):
in equal share. However, sellinga highly appreciated asset during one's lifetime triggers
capital gains tax on the difference betweenthe original purchase price and the selling price.
This means that the airs would inheritonly the after tax amom, potentially
losing out on a significant sum.Now, let's consider an alternative. If
the individual holds onto the real estateuntil they're passing, the property benefits from

(13:48):
the step up in basis the childrenwould inherit the asset at its stepped up
market value, helping minimize capital gainstax if they decide to sell. Depending
upon the appreciation and potential tax liabilities, this could translate to tens or even
hundreds of thousands of dollars in savetaxes, ensuring the children receive a larger

(14:11):
portion of their intended inheritance. Fallinginto traps like this is all too common
when retirement planning operates in a silodetached from a state planning strategy. Coordinating
both areas is essential, as decisionsin one can greatly affect the other.
By understanding provisions like the step upbasis and integrating retirement in estate plans,

(14:31):
individuals can optimize their financial legacy,helping to ensure their loved ones benefit from
every possible advantage. Another possible blundernot understanding tax consequences of leaving an IRA
to airs. A tax deferral hasbeen a cornerstone piece of advice in retirement
planning for years, and rightfully so. By deferring taxes on assets, individuals

(14:56):
can harness the power of compound growth, allowing their way health to accumulate faster.
As a result, many retirees findthemselves with substantial balances in their four
to one k IRA or other taxdeferred retirement plans. While these nest eggs
are a celebratory evidence of prior planning, they can also morph into potential pitfalls

(15:18):
if they grow beyond what's required forone's retirement lifestyle. Essentially, what seems
like a generous inheritance might actually cometethered with significant tax liabilities. Historically,
this wasn't as problematic as it istoday. Earlier provisions allowed surviving spouses as
well as non spouse beneficiaries to stretchthe taxable distributions of inherited iras throughout their

(15:41):
lifetimes. This stretch IRA approach notonly spaced out tax liabilities, but also
permitted beneficiaries to enjoy the sustained benefitsof tax deferred growth on portions of their
inheritances. The landscape shifted with theintroduction of the Secure Act and its subsequent
iteration, the Secure Act two pointzero. You said it, Mike.

(16:02):
Under these new regulations, most nonspouse beneficiaries are now required to withdraw the
entirety of the inherited accounts balance withina decade. This ten year rule essentially
condenses the timeline for tax liability,potentially bumping beneficiaries into higher tax brackets.
While this might sound like a mazeof tax complications, it underscores the necessity

(16:26):
of forwardlooking estate planning. Navigating thesenuances and regulations require experience. Working closely
with a knowledgeable attorney and financial advisorhelps ensure that your legacy intentions remain intact
and your ears receive the full valueof your generosity untangled from unexpected tax burdens.
We need to take a break,but Greg and I will be back

(16:47):
later in the show to continue ourconversation. We'll talk to you soon.
Kelly Financial Services eight eight hundred eighteeneighty one. Hi Kelly, Good morning,
Dear Bosson. I'm John Budris.I'm Kelly Kelly of Kelly Financial Services.
Twenty twenty four marks the eighteenth yearof our radio show, Safe Money

(17:08):
Strategies. Listen to financial insights,family stories, and relevant retirement news every
Saturday morning. Rewind on Kellyfinancial dotorg for a free consultation. Call eight
eight eight eight hundred eighteen eighty oneor email Kelly at Kellyfinancial dot org.
We're Kelly Financial. Come Retire withus. You wake up, you go

(17:30):
to work, you have lunch,you go home, you take the dog
for a walk, then you goto bed. Your day and night routines
you do them without thinking. Butdo you ever think about your retirement?
The team at Kelly Financial has helpedclients plan for their retirement for twenty years,
and that team knows retirement is noroutine matter. Call eight eight eight

(17:52):
eight hundred eighteen eighty one. Goto Kelly Financial dot org. We are
Kelly Financial. Come retire with us. Money Wrap with Kelly Financial Advisors Greg
Murray and Mary Madeline Kelly. Goodmorning. This is Greg Murray, Senior
vice president and chief Compliance Officer atKelly Financial Services. Joining me today is
Mary Madeline Kelly, one of ourinvestment advisors. How are you doing today?

(18:17):
I'm doing great. Thank you forasking so. Our topic for today's
show is the approval of bitcoin exchangetraded funds, also known as ETFs,
by the Securities and Exchange Commission,also known as the SEC. Can you
share your thoughts on what this meansfor the crypto market. The SEC's approval
of bitcoin ETFs marks a significant milestonefor the cryptocurrency space. ETFs aro writ

(18:37):
a more accessible and regulated way fortraditional investors to gain exposure to bitcoin without
directly holding the digital asset. Forour listeners who might not be familiar,
can you briefly explain what an ETFis and why this SEC approval is such
a game changer? And ETF isa type of investment fund that holds a
basket of assets and trades on anexchange, just like a stock. In

(18:59):
the case of bitcoin, ETFs,they allow investors to buy and sell shares
that represent ownership a bitcoin without needingto deal with the complexities of owning and
securing the cryptocurrency directly. The SEC'sapproval brings a new level of legitimacy to
the crypto markets. Legitimacy is akey word there, so how do you
think this regulatory approval impact the perceptionof cryptocurrencies in the broader financial world.

(19:21):
It's a huge step towards mainstream acceptance. The SEC is a regulatory authority that
oversees the securities industry, and theirapproval indicates a level of confidence in the
maturation and stability of the crypto market. This move is likely to attract more
institutional investors who have been waiting onthe sidelines for clearer regulatory guidance. Now,
for our listeners who might be consideringinvesting in these bitcoin ETFs, what

(19:42):
are some of the potential benefits andrisks they should be aware of. The
main benefit is successibility. ETFs makeit easier for a broader range of investors
to participate in the crypto market.However, like any investment, there are
risks. Crypto markets can be volatileand the value of the ETF can be
influence by factors like regulatory changes,market sentiment, and technological developments. It's

(20:04):
essential for investors to do their duediligence and understand what you're getting into.
That's good advice. So looking ahead, how do you foresee the approval of
bitcoin ETF's impacting the overall trajectory ofthe crypto market. This approval is likely
to bring in a wave of newcapital and interest from institutional investors. As
more investors gain exposure to bitcoin throughregulated channels, it can contribute to increased

(20:26):
price stability and liquidity in the market. It's a positive development for the long
term growth and adoption of cryptocurrencies.Exciting times ahead for the crypto community.
Well, Greg, thank you forshedding some light on the significant development.
Any final thoughts for our listeners.Absolutely keep an eye on how this space
evolves. The SEC's approval is aclear signal that their cryptocurrencies are becoming more

(20:47):
integrated into traditional financial systems. It'san exciting time to be part of the
crypto journey. It really is.And thank you for our listeners for tuning
in today. Have a great weekend. To get in touch with Greg Murray
or Mary Madeline Lly or any memberof the Kelly Financial team, call eight
eight eight eight hundred eighteen eighty one. Hi, I'm Kelly Kelly from Kelly

(21:10):
Financial. Many Americans are planning onleaving an inheritance, but a significant number
have no plans to discuss their intentionswith their family members. Start your estate
planning and gifting the right way.Get our investor Guide the Greatest Gift.
Call eight eight eight eight hundred eighteeneighty one or email Kelly at Kellyfinancial dot
org to get your free copy todayand ask for a free retirement consultation.

(21:34):
We're Kelly Financial. Come retire withus. Are you moved by the transition
from one season to another, likewinter into spring or summer inter fall?
Likewise we are moved by life's transitions, losing a job, facing retirement,
the passing of a spouse. Areyou prepared for the financial hazards each transition
brings? The financial advisors at KellyFinancial can help you triumph over life's transitions.

(21:59):
Call eight eight eight eight hundred eighteeneighty one or email Kelly at Kellyfinancial
dot org. Serving Boston for twentyyears, Safe Money Strategies with John Budris.
I'm Kelly Kelly, call the teamon eight eight eight hundred eighteen eighty
one. But on giving You've gotit well. We are back on the

(22:26):
Safe Money Strategies Radio Hour on sixeighty WRKO and streaming live on the iHeart
app on this lovely Saturday morning forsome of us, for some of us,
it's not so lovely, depending uponwhere you are in New England.
I'm John Budris, your co host, and thanks as always for joining us
today. So let me ask aquestion as we begin this segment of the

(22:48):
program. Do you find it moreand more of a challenge to adjust this
semiannual ritual of changing the clocks backand forward? I do bea It's because
I'm getting older, but it seemsto really throw my game off for a
bit, and not just a littlebit, I mean it takes me at
least a week to get used toit now, not just the Sunday,

(23:11):
after a whole week. I reallyfeel it. And I read somewhere recently
that more traffic accidents occur on theMonday after the change of the clocks and
on other days, And that makesperfect sense because people are often late.
They hurry all cause mortality. There'sa big spike in it, and you
can understand why people change their medicationrituals. That hour of sleep that they

(23:36):
kind of get thrown off wreaks havocwith their circadium rhythms and their whole immune
system goes haywire, and so makesperfect sense. Now we know that Congress
has been kicking the idea around tojust get rid of it, to keep
the clock at one spot all thetime. But you know, Congress has
trouble deciding on naming a post office. It takes them a decade. So

(23:57):
I'm not optimistic about the daylight savingtime changes. Now. Members of Congress
probably don't know or they don't care, that all of this started because of
farming and kids going to school backthen farming was the principal economic driver of
the country, and most kids walkto school. I did. I'm one

(24:17):
of those old guys. But noneof those exists now, So what's the
point. But where am I goingwith this? Well, first, let
me thank Rob for today's bumper music. Kelly will be joining me in a
moment, and I realized it's theperfect entree to our discussion because we're talking
about making gifts today now. JimFreeman of Kelly Financial, the director of

(24:41):
client services, sent me a notesaying that we were going to be speaking
about gifting today and Jim, asGeorge Bush once said, not going to
do it. Not going to doit. I'm not going to use the
word gifting. I'm not going totake the perfectly good noun gift and turn
it into a verb tech thinkly we'llcall that a gerrand. It's lazy,

(25:02):
and I will not do it.I won't abide by it. So the
more formalized process of making gifts iscrafting an estate plan. It's really central
to it, and it's an importantpart of your retirement planning. So let
me bring on Kelly. Kelly,Welcome to this first Saturday after daylight saving
the twenty twenty four edition. Goodmorning, John. Great to be with

(25:26):
you on this fine Saturday morning,and I think you're right. I was
feeling a bit groggy on Monday myself, and to be honest, I would
say a couple of days after that, but let that go. And today's
conversation is really inspired by our residentdemographer, Kelly Financials Jim Freeman. Some

(25:47):
people want to be social media influencersas their dream job, but I think
Jim wants to study generational behavior,and he brought to my attention some new
findings based on a recent stay conductedby Edward Jones about making gifts, and
you may find yourself in the sameshoes as those cited in that Edgezone study.

(26:08):
I know Jim has been looking atthis big transfer of wealth that has
begun in this country. Simply said, we are starting to see incredible amounts
of wealth investments, hard assets likeproperties, trusts being transferred from older generations
like the Silent Gin and Baby Boomerstwo younger generations like Gen X and Millennials.

(26:33):
Over the next twenty to thirty yearsor so, it's estimated that approximately
seventy five trillion dollars will be transferredby inheritance or gifting, as Jim rightly
says, is the largest intergenerational transferof wealth the world has ever seen,

(26:53):
and it certainly will impact the businesswe're in, the retirement planning business.
It really is stunning the dollar amountsbeing considered. And let's think about this
for a moment. The big assettransfer isn't just the ultra high net worth
people out there. This is everyonewith investable assets. And let me also

(27:14):
point out that people sometimes think aboutestate planning and I'm using air quotes as
an activity for the super rich,but that's really a misnomer. Estate planning
really is something that everyday people,people like you, people like me,
should consider doing, because anyone withassets is a candidate for estate planning,
particularly here in Massachusetts where the deathtax is just grotesque. So why let

(27:41):
the government at the national level andat the state level get any more of
your money or your air's money thanthey already haven't taken from you in the
course of your working life. Goodpoints to bring up, John, And
it is so true, and estateplanning should be considered an investment in the
future, the future of those forwhom are the beneficiaries. Of such giving,

(28:06):
it is worth sorting it all outnow in a formalized way. Well,
that sets up nicely that ed Jonesstudy. It sure does. And
here is what the study found,John. The headline here is that nearly
half of the parents with adult childrenplan to leave an inheritance, but only
a quarter have had the wealth talk. And here is a key consideration.

(28:30):
The study sheds light on one criticalyet often overlook aspect of family financial planning
conversations surrounding the transfer of wealth.I'm still trying to understand the reality that
the percentage of people, which wouldtranslate into a huge number who intend to
give gifts to family members but haveno plans to discuss these intentions with those

(28:56):
very family members. It's really weirdto me, but it understand scores the
fact that talking about financial matters,even amongst family members is very sensitive topic,
taboo almost and it shouldn't be.And here's a quote from Lena Hawes,
the head of wealth management at edJones. It underpins your thoughts,

(29:17):
John, She said, we knowit can be extremely uncomfortable and nearly impossible
to separate emotions from the financial decisionsnecessary when planning inheritance. And wealth transfer,
particularly as givers navigate family priorities beyondfinances. And how about this nugget

(29:37):
of knowledge. The study also emphasizedthat the evolving nature of inheritance, with
just more than two thirds of Americansthat would be sixty eight percent to be
exact, acknowledged that increased longevity andhigher living expenses will influence the wealth passed
down to their future generations. Andwe've been talking a lot about these factors

(30:00):
for well years now. So holdthat thought. We are going to take
a short break. I'm John Boudrisand you're listening to the Safe Money Strategies
radio show. Stay tuned Kelly andI will be right back. Kelly Financial
Services. Go to Kelly Financial dotorg. Come retire with us, Ladies

(30:25):
and gentlemen, boys and girls.Welcome a new baseball season. It's nearly
here. You have to marvel atthe preparation, hard work, and skills
of the players and managers. Baseballis a game of inches, but it's
also a game of complexity, nuance, and endurance. Just forty years ago,
endurance meant that every five games,one starter went the distance all nine

(30:48):
innings, sometimes two of them.Today, it's not even one percent.
Are your retirement plans ready to gothe distance? The advisors at Kelly Financial
can help. They'll assess the risksin your portfolio and build income strategies for
a retirement plan design for the longterm right throughout line called eight eight eight

(31:10):
eight hundred eighteen eighty one or visitKellyfinancial dot org and set up an appointment
today. Go the distance in themost important game your life. Are wonder
We are Kelly Financial. Come retirewith us Safe Money Strategies with John Buderis
and Kelly Kelly eight eight eight hundredeighteen eighty one one. You've got in

(31:40):
and welcome back to the Safe MoneyStrategies Radio hour that has been your financial
friend and companion every Saturday on WRKOsix eighty am now for more than eighteen
years, every single Saturday. Idon't think we've missed one in this time
spot, and with baseball starting afew weeks, that's a very good record

(32:01):
of consistency. I'm here with KellyKelly, the head of the company that
bears her name, and we're talkingabout some new findings from a new study
released by the national broker dealer EdwardJones and the study focuses on making gifts,
and as we know, we arein the midst of the greatest transfer

(32:21):
of wealth this country has ever seen. During the segment before the break,
we heard that while nearly half oftoday's adults plan on leaving money and assets
to their family members, only abouthalf of them that would be a total
of twenty five percent overall, planon having a conversation about it with the
beneficiaries. I mean, I supposethey think it'll be some wonderful surprise after

(32:45):
they're gone. But I think thatthought should be just reconsidered and if you
find yourself in such a predicament,to think again. So in just a
couple of moments, Kelly will speakto some of the resources that Kelly Financial
has to help you if you areconsidering making gifts or perhaps even putting together

(33:06):
a more formal estate plan. It'sreally important to consider it. Making gifts
and estate planning is not just forthose rich celebrities we all hear about.
So, Kelly, before we diginto some of the resources you offer prospective
clients and current clients, what elsestruck you about that Edward Jones study.
I think we shouldn't discount the factthat while the wealth transfer that has just

(33:30):
started the gifting and estate planning,John, we should be mindful that a
good percentage of American seniors are likelyconsidering their own circumstances before actually formally giving
assets away. In the most extremecases, longer than expected lifespans and expenses

(33:52):
related to health challenges or long termcare could leave older generations unable to provide
an inheritance. But the shift hasstarted, and it will impact the retirement
planning business. That's absolutely true,Kelly. Among those who've already had the
talk or plan to do so,almost half have touched on saving for retirement,

(34:15):
while thirty six percent say they've discussedmanaging personal finances. Charitable giving and
family business succession plans meanwhile figured amongjust twenty percent and twenty three percent,
respectively. So here's the key takeawayfor me. According to the study,
those receiving an inheritance say they mostlyfeel grateful for it. That's two thirds

(34:39):
of them, but around one fourthalso feel that they're not ready or they
feel anxious thinking about it. Sothe conclusion that the Edward Jones study arrives
at boils down to this. Thestudy suggests that engaging a professional. A
financial professional can help allay these concerns. Seems like it's common sense and almost

(35:01):
sixty percent of Americans do believe thatexpert guidance would help simplify the planning and
allow the families to arrive at aconsensus more easily, and that would just
help everybody. John. That makessense to me, And while we are
not trusts in estate lawyers at KellyFinancial, we do work with them and

(35:21):
I think it is important to considergifting estate planning as an integral part of
your retirement planning. There are manyvariables to consider, taxes, your own
income levels needed to maintain your lifestyle, and let's not forget about the sensitive
matters of family dynamics. Maybe afamily member has special needs that will impact

(35:43):
your decision as far as creating agifting program, or how about gifting to
a child who has addiction issues ora child married today but who goes through
a divorce. It's awfully tough toconsider everything on your own, and that's
where the financial professionals of Kelly Financialcome in. Kelly Financial has been serving
clients in the Greater Boston region formore than twenty years. And if you

(36:07):
are not a client. I'm prettyconfident in saying that their clients are people
just like you. Their concerns areyour concerns, Kelly and our remaining time
together. What are some of theresources, in particular that Kelly Financial offers
prospective clients when it comes to passingon their hard earned assets, John,

(36:27):
we have a number of things.First, we have an investor guide called
the Greatest Gift, Outline your Wisheswith an Estate Plan. It's a twelve
page guide that will help you understandthe basics of estate planning, and it
includes a checklist to help you selectthe right person to carry out your wishes.
And we haven't mentioned it in sometime, but my book Retire Your

(36:51):
Fear, Plan Your Future is alsoa very good primer. I dedicate a
chapter to legacy planning, but itis really a book meant to help you
gain a better understanding of retirement planning. Overall, I try to tie in
all the component parts to make itunderstandable and actionable for you. Legacy planning

(37:12):
is certainly part of the bigger picture. Finally, if you are considering retiring
and have investable assets, set upa complimentary, no obligation appointment with one
of our financial advisors. We willwalk you through our process to help you
identify your retirement needs and wants.I think fundamental to all of us,

(37:34):
John, is maintaining a lifestyle inretirement the same, if not better than
the one you led in pre retirement. Our advisors are friendly and knowledgeable,
and we welcome the opportunity to meetwith you, especially if you are looking
at the possibility of creating some sortof gifting or inheritance plan for your family.

(37:55):
Kelly is always wonderful to talk withyou, and thanks your time.
It's really helpful when we hear fromsomeone in the business who works with these
very issues every day, someone likeyou and the advisors at Kelly Financial.
Hey, we'll speak again next week. Thank you, John, I look
forward to next Saturday. Have agreat rest of the weekend. So do

(38:16):
yourself a favor, give yourself thegift of knowledge and comfort that you're starting
to take the first steps not onlyin setting up your financial future, but
also the future of those you maybe giving gifts to get the greatest gift
The Investor Guide by Kelly Financial andKelly's book Retire your Fear, Plan your

(38:37):
future, and get yourself on thecalendar of a Kelly Financial Advisor. They're
all complimentary, So call eight eighteight eight hundred eighteen eighty one or email
Kelly at Kellyfinancial dot org. I'mJohn Boudris and you're listening to the Safe
Money Strategies Radio Hour exclusively right hereon WRKO. And if you'd like to

(38:57):
rewind the show, or maybe justa set like the one you've just heard,
go to Kellyfinancial dot org. Allof this year's shows are archived on
the radio tab. And if youlike what you hear, let us know,
or if you would like to hearmore about a given retirement issue you
have some questions, feel free toreach out to us again. That's eight
eight eight eight hundred and eighteen eightyone, or email Kelly at Kelly at

(39:22):
Kellyfinancial dot org. Stay tuned,we will be right back and Save Money
Strategies brought to you by Kelly FinancialServices at eight eight hundred eighteen eighty one.
You wake up, you go towork, you have lunch, you

(39:43):
go home, you take the dogfor a walk, then you go to
bed. Your day and night routinesyou do them without thinking, But do
you ever think about your retirement?The team at Kelly Financial has helped clients
plan for their retirement for twenty years, and that team knows retirement is no
routine matter. Call eight eight eighteight hundred eighteen eighty one. Go to

(40:04):
Kelly Financial dot org. We areKelly Financial. Come retire with us Kelly
Financial Services. Go to Kellyfinancial dotorg. Hi, I'm Kelly Kelly from
Kelly Financial. Many Americans are planningon leaving an inheritance, but a significant
number have no plans to discuss theirintentions with their family members. Start your

(40:25):
estate planning and gifting the right way. Get our investor Guide the Greatest Gift.
Call eight eight eight eight hundred eighteeneighty one or email Kellyakellyfinancial dot org
to get your free copy today andask for a free retirement consultation. We're
Kelly Financial. Come retire with Us. Hold a eight eight hundred eighteen eighty

(40:46):
one. I'm like you said,and welcome back to this week's installment of
safe money Strategies. Earlier in theshow, Greg and I discussed too common
estate planning blunders. The first isnot taking advantage of a step up in
basis and the possible tax burden createdby leaving iras to your ears. Now
that the stretch IRA rules have changed, Greg, what are the possible blunders

(41:08):
are you coming across? The landscapeof charitable giving and its intersection with tax
benefits has seen substantial shifts in recentyears. The twenty seventeen Tax Cuts and
Jobs Act, for instance, increasedthe standard deduction, pushing a significant number
of taxpayers into a position where itemizingdeductions no longer makes financial sense. This

(41:32):
legislative pivot substantially slashed the number oftaxpayers who itemized, and consequently the number
benefiting from deductions. Tied to charitablecontributions, enter the Donor Advised Fund or
DAF, a vehicle that can harmoniouslyalign a donor's charitable intent with advantageous tax

(41:52):
strategies. At its core, DAFis a philanthropic account sponsored by a public
charity. Donors contribute to the fundand receive an immediate tax deduction for their
gift. Over time, donors canthen recommend grants from the fund to their
charity of choice. Can you giveus a scenario where DAF can magnify tax

(42:15):
benefits? Sure? Imagine a donoraccustomed to gifting twelve thousand dollars annually to
a beloved charity. Instead of maintainingthis yearly contribution, the donor could opt
to front load five years of contributions, depositing sixty thousand dollars into a DAF
in a single year. Now thismove affords them a sizeable sixty thousand dollars

(42:37):
tax deduction in that tax year.From there, the DAF can distribute the
typical twelve thousand to the designated charityon an annual basis. Through strategies like
these, donors not only ensure thattheir charities continue to receive steady support,
but they also optimize their own taxpositions. Charitable giving with the right planning

(42:58):
can be both a gesture of goodwine will in an efficient financial move.
Greg do most people you meet withtake advantage of the annual gift exclusion.
Many are aware that gifting assets canbe a generous and strategic way to pass
on wealth to the next generation,But an oversight that's often missed is the
utility of the annual gift exclusion.By neglecting this opportunity, individuals may inadvertently

(43:22):
miss out on a tax advantaged approachto giving. The annual gift exclusion is
a provision within the US tax codethat permits an individual to give a specific
amount to as many beneficiaries as theydesire without triggering any gift tax. For
twenty twenty three, this exclusion amountis set at seventeen thousand per beneficiary.

(43:43):
Let's dive deeper into this. Thenotable aspect here is per beneficiary as a
stipulation. So if, for instance, you have three grandchildren, you could
gift each one seventeen thousand, totalingfifty one thousand without encounter during the gift
tax. And that's just from oneindividual. If you're married, the scenario

(44:05):
becomes even more favorable. Each spousecan make these gifts, effectively doubling the
total amount. So using the sameexample, a couple could gift their three
grandchildren a combined total of one hundredand two thousand in a single year,
all without invoking the gift tax.Correct. It's also worth highlighting that outbreight
gifts to a grandchild or more remotedescendant up to the annual exclusion amount are

(44:30):
generally not only exempt from the gifttax, but also from the generation skipping
transfer tax. This means that agrandparent could, for instance, provide financial
assistance for a grandchild's tuition or firsthome purchase without any added tax penalties.
As with most financial strategies, thekey lies in the details to optimize the

(44:52):
benefits of the annual gift exclusion andnavigate potential pitfalls. It's paramount to consult
with the professional just about avoiding taxes. It's about thoughtful strategic wealth transfer,
helping to ensure that your financial generosityhas the desired impact without unforeseen complications.
Don't navigate this journey alone. Letus guide you through the intricacies. Call

(45:15):
us today to schedule your complementary consultationat eight eight eight eight hundred eighteen eighty
one. Once again, that's eighteight eight eight hundred eighteen eighty one,
or visit us online at Kellyfinancial dotorg. With that, I'm Greg Workman

(45:36):
and I'm Mike du said. Welook forward to seeing you here next week.
For more safe money strategies Kelly FinancialServices go to Kelly Financial dot org.
Kelly Financial Services wants to ask youa very very important question. Over
the next several years, tens oftrillions of dollars are going to be passed

(45:59):
down from older generations to younger generations, and gifting to charities will also pay
a big role as well. Haveyou been thinking about giving money to your
kids or grandkids, or your placeof worship, your alma mater, or
perhaps to our terrific servicemen and women. Where do you start? How do
you do gifting while protecting your ownsavings? The advisors at Kelly Financial Services

(46:23):
can help you. Get their freeinvestor guide it's called the Greatest Gift.
Outline your wishes with an estate plan, then set up a free consultation.
You can start estate planning on theright foot. Call eight eight eight eight
hundred eighteen eighty one eighty eight eighteight hundred eighteen eighty one or email Kelly

(46:44):
at Kelly Financial dot org. That'sKelly at Kelly Financial dot org. Kelly
Financial Services Braintree and Burlington go toKelly Financial dot org. Emissions are still
going up and the accumulated amount isnow trapping as much extra heat as would

(47:06):
be released by six hundred thousand rochmentglass atomic bombs exploding every single day on
the Earth. That's what's boiling theoceans, creating these atmospheric rivers and the
rain bombs. In addition to turningyour TV off, changing the light bulbs.
We need to put a price ontocarbon directly or indirectly. What's the
planned, ladies and gentlemen. Ifthe plan might look something like this,

(47:29):
everyone on Earth will receive one hundredthousand carbon credits. Let's say that means
you, your mom and dad,your children, your grandchildren, people on
welfare, people in Africa, peoplein Mexico. So everyone on Earth starts
out with a clean slate of onehundred thousand carbon credits and a lifetime to
use them. How obviously small childrenare going to need the carbon credits,

(47:52):
and you're saying, what the dickensare carbon credits, Well, it's going
to be a market for them rightaway in exchange, and that's going to
benefit al and his bunch. Andhow's that going to work. Well,
if you go to buy an airconditioner, someone somewhere is going to come
up with an idea that, accordingto the government and al Gore, that
the carbon credits needed to purchase anair conditioner because it damages the ecology so

(48:17):
badly the environment, that maybe you'regoing to need fifteen hundred carbon credits to
buy an air conditioner, a largeair conditioner, let's say for your house.
So you go down to Ace Hardware, you pick up your eighty thousand
BTU air conditioner, and you paythe man seven hundred and eighty bucks.
You go to install it, buton the way out the door, he

(48:38):
says, wait a minute, Ineed fifteen hundred carbon credits. Do you
have any and where are they held? And you go, yes, I
have one hundred thousand carbon credits.He said, okay, and we'd like
to have those transferred over to us. And that's what you do. You
give up your carbon credits. Now, someone somewhere is going to come up

(48:58):
with a bright idea that my auntlives in a small apartment, she'll never
need carbon credits again. So I'llgo to my aunt and I'll say,
can I have your carbon credits?You one hundred thousand carbon credits and I'll
give you fifteen thousand bucks. Obviously, my aunt's going to say yes.
But when she goes in to havework done on her car, if she

(49:19):
buys a new car, or ifshe does anything like that, she's going
to need some carbon credits to makethat sale. At the end, so
you're going to pay for the item. You're going to pay the state sales
tax, you're going to pay thefederal value added tax, and then you're
going to have to have carbon credits. If you don't have the carbon credits,
ladies and gentlemen, what's going tohappen. You're going to have to

(49:39):
buy them on the open market.So the people that are going to collect
them. Obviously, the billionaire incarbon credits is going to be Al Gore,
So you can buy some of alGore's carbon credits on the exchange that
he's helping to set up. Sothat's the plan, ladies and gentlemen.
So it's going to be great forthe first generation. Everyone's going to be
wealthy. But as the generations goand this carbon credit market increases and becomes

(50:04):
more pervasive, then politicians are goingto be able to establish the limits and
what's needed and how many carbon creditsyou're going to need to do certain things
such as sell a home. Ifthere are deficiencies in the home, you
might have to give up twenty thousandcarbon credits. When you sell the house,
you're going to have to give upcarbon credits. If the house isn't
certified to a certain degree, you'regoing to probably have to pay a value

(50:29):
added tax, maybe on the mortgage, maybe the points things like that.
So, as you can see,they're going to layer you down with things
they're going to pile on you.Not only with the value added tax,
they're going to add this carbon creditlayer. So now, if there's ten
of you sitting on a bench tomorrowgetting ready to take the sea basically,

(50:49):
and ten of you are working,there are ten people working on that bench.
Four of those people are not payingtaxes. Two of those people not
only don't pay taxes, they receivea rebate that's higher and the amount of
taxes that they pay they will getan earned income credit. So that's what's
happening. Few and fewer people arepaying taxes. Now they're not going to

(51:09):
have the carbon credits to buy ahome, and they're not going to be
able to get the carbon credits.How are they going to get them?
Or they're going to be folded intothe mortgage ladies and gentlemen. They're going
to be purchased on the market.So that's the plan. They're going to
capture everyone on Earth. So thepeople living on the planes of Africa,
God bless them, right now,they're going to be able to participate in

(51:30):
that that's how we're going to makeamends to those people, because we've ruined
their lives. According to the farleft, we've ravaged the earth, we've
harmed people. But cap and tradeis going to have nothing to do with
saving the environment, ladies and gentlemen, It's going to have everything to do
with your pocketbook and how they're goingto get money away from you. So
that's the plan that they have.The people are there to implement it,

(51:53):
except it's not working. So whydid we need the Euro? It's very
simple, ladies and gentlemen. Whydo we need one European currency to be
able to trade with the cap andtrade to be able to fluently use it
throughout Europe without having to be continuouslyswapping currencies when the cap and trade was
done. So that was what theEuro was all about, in my humble

(52:15):
opinion, and not really to createa new nation state called Europa. It
was to be able to implement capand trade. Unfortunately, their societies over
there are so socialists and so brokethat the individual nations propping up the Euro
are crumbling. So it's kind oflike an old expression in Japan when the
monkey falls out of the tree.Basically we find out what's on the monkey's

(52:37):
mind. And with this administration,basically we're seeing it now right out in
the open, that it's in competence. But they can always grab some of
your money, ladies and gentlemen,and that's what they're thinking. There's plenty
there and we're going back for more. So what you need, obviously,
is a safe money strategy for themost part. Right now, ladies and

(52:58):
gentlemen, it's a critical uncture inyour investing life. You know, I
don't sell things on this show generally, but I will sell an idea to
you, and that is make sureit's safe, and if it's not,
make some changes. So our numberseight eight eight, eight hundred and one,
eight eighty one, and take adeep breath, ladies and gentlemen,

(53:19):
how's that? Let it out slowlyand move ahead through life. Enjoy life.
Moments are fleeting and the time hereis limited. So what we need
to focus upon is the depth ofour experience, not the length of our
time on earth. And it canmake it all seem like a dream when

(53:40):
we have things the way we wantthem in an orderly fashion, creating a
plan that we walk forward with andwe can look back upon as working.
You're listening to save money strategies withjump address. I'm Kelly Kelly, brought

(54:00):
to you by Kelly Financial Services.Call eight eight eight hundred eighteen eighty one
or go to Kellyfinancial dot org.Are you moved by the transition from one
season to another, like winter intospring or summer inter fall? Likewise,
we are moved by life's transitions losinga job, facing retirement, the passing

(54:22):
of a spouse. Are you preparedfor the financial hazards each transition brings.
The financial advisors at Kelly Financial canhelp you triumph over life's transitions. Call
eight eight eight eight hundred eighteen eightyone or email Kelly at Kellyfinancial dot org.
Serving Boston for twenty years. Hi, I'm Kelly Kelly from Kelly Financial

(54:43):
Services. A recent study suggested thatnearly half of all American adults plan on
giving to family members, but onlyhalf of them actually speak to their family
about it. Legacy planning is notjust for the over rich. Anyone with
assets should consider legacy plan Kelly Financialcan help you take the first steps.

(55:04):
Our twelve page investor guide will helpyou understand the basics of estate planning.
It's called the Greatest Gift and includesa checklist to help you select the right
person to carry out your wishes.I address legacy planning in my book Retire
Your Fear, Plan Your Future.It's a retirement primer covering many aspects of
retirement planning. Both publications are freefor those or to set up a complimentary

(55:29):
appointment with one of our advisors,call eight eight eight eight hundred eighteen eighty
one or email Kelly at Kellyfinancial dotorg. We're Kelly Financial. Come retire
with us safe money strategies brought toyou by Kelly Financial. Call the team
on eight eight eight eight hundred eighteeneighty one or go to Kelly Financial dot

(55:52):
org. The news break is comingup, and during the break take the
time to give a call at eighteight eight eight hundred eighteen eighty one and
make that all important first step tosecure your retirement future. Talk things through
with a financial advisor about any aspectof retirement or money management, whether it's
your portfolio, concerns about health care, or if you're tossing around the idea

(56:15):
of relocating or maybe helping out withyour grandchildren's college. See if financial advisor
isn't only about the stock market.That's only a portion of the job description.
And in the end you'll be amazedat how very small adjustments over time
can have enormous results when it's timeto retire. In fact, these adjustments
can be the difference of when youcan retire, or in some cases,

(56:37):
whether you can retire at all.So call eight eight eight eight hundred,
eighteen eighty one and raise a toastto your financial future. Eight eight eight
eight hundred, eighteen eighty one KellyFinancial Services with offices in Braintreet and Burlington.
All right, see you next week. All opinions expressed by the host,
his guests or employees of Kelly FinancialServices are solely their own and do

(56:58):
not reflect the opinion of keay LeeFinancial Services. Information has been obtained from
sources deemed to be reliable, buttheir accuracy and completeness cannot be guaranteed.
The information provided as general in natureand is not intended to be specific investment,
tax or legal advice. It isalways advisable to consult a professional before
making a financial decision. The hostis a client of Kelly Financial Services in
exchange for hosting the Safe Money Strategiesshow and providing testimonials of his personal experience
as a client of Kelly Financial Services. Kelly has waived the host's advisory fee

(57:22):
in full. Because of this arrangement, where the host receives compensation in the
form of a fee waiver, thehost has an incentive to recommend Kelly Financial
Services, resulting in a material conflictof interest,