Kelly Financial: Saturday, November 1, 2025

Episode Transcript

Speaker 1 (00:12):
It is coming to us, So.

Speaker 2 (00:20):
Ladies and gentlemen welcome to Safe Money Strategies on WRKO.
I'm William Kelly and it's an honor to carry on
a family legacy rooted in real world values and practical advice.
Kelly Financial was founded in two thousand and three by
my parents, my late father Bill Kelly and my mother
Kelly Kelly and Braintree and Burlington, Massachusetts. Just two years later,

(00:41):
Dad launched Safe Money Strategies on WRKO as a no
nonsense call in radio show focused on common sense planning
and protecting wealth. Over the past two decades, Dad became
a pillar in New England finance, an engineer turned entrepreneur,
author and philanthropist who believed in giving back and walking
the talk SWO thousand and five. Our show has remained

(01:01):
a Saturday morning staple, offering insight and empowerment. Here at
Kelly Financial, we help steward over seven hundred million dollars
across our affiliated business, including more than five hundred million
dollars managed by our sec registered investment advisory, where fiduciary
care and our family first philosophy guides us on safe
money strategies. You'll hear candid conversations with the team, my mother, Kelly, myself,

(01:26):
advisors Charlie Gable, Mike Ducett, Greg Workman, Greg Murray, my
sister Mary Madeline, and Tom Schlager. We live by two rules,
never quit and carry on, and we're here to help
you do the same when it comes to your money.
Stick around, take notes and join the conversation. To learn more,
or get our free guides or schedule a consultation, visit

(01:47):
Kelly Financial dot org or call us at eighty eight
eight eight hundred one eight eight one. This is Safe
Money Strategies. Next up Forever Young with Kelly Kelly and
myself William Kelly Junior.

Speaker 3 (02:02):
Safe Money Strategies with William Kelly and Kelly Kelly eight
hundred eighteen eighty one.

Speaker 4 (02:13):
Each week on Safe Money Strategies, we take a moment
to step back from the headlines and have a real conversation,
the kind you might have around the kitchen table. This
is a part of the show we call Forever Young
is where I sit down with my son, William Kelly Junior,
and we talk about life, what's going on in the world,

(02:34):
and our family and what really matters most when you're
planning for the future. Sometimes it is light, sometimes is thoughtful,
but it's always real. Good morning, William, how are you.

Speaker 1 (02:46):
I'm fine, Mom, and yourself.

Speaker 5 (02:47):
I'm doing just dandy.

Speaker 1 (02:49):
That's great. I'm happy to hear that.

Speaker 4 (02:51):
Man.

Speaker 1 (02:52):
Today is a big day for me, Yes, it is.

Speaker 2 (02:55):
Today is my second powerlifting competition with the United States
Powerlifting Association, and I plan on setting some more records today.
Hopefully I'll be able to hit the following numbers. Hopefully
I'll be able to squat at least five to ten,
Hopefully I'll be able to bench three fifteen, and then
hopefully I'll be able to deadlift over five sixty five.

(03:16):
Those are my three goals. I've hit them before during training.
We're going to see if I can hit them in competition.
Please pray for me if you have a moment.

Speaker 5 (03:24):
So are you nervous?

Speaker 1 (03:26):
I will say that definitely, there's a bit of nerves
going on, for sure. I'm very excited. Though.

Speaker 4 (03:30):
Well, you've prepared for it, you know, what are some
of the steps? Tell our listeners, what are some of
the steps you've been taking since preparing for this meat.

Speaker 2 (03:39):
Well, I have to eat over two hundred and fifty
grams of protein a day, so eating is quite substantial.

Speaker 5 (03:45):
Yeah, I witness that.

Speaker 2 (03:47):
My mom loves that, Ladies and gentlemen, she loves the
yogurt container she finds, and you know the steak that
I cook almost every day. I need to get eight
hours to sleep at night. So I have a red
light bulb. And if you have a good, non flickering
red light bulb, it promotes melatonin.

Speaker 1 (04:02):
It's very healthy. It winds you down. So is this
red light bulb. It's on the lamp in my bedroom. Oh,
I turn it on, the whole room goes red. You
gotta set up all the light on.

Speaker 2 (04:14):
No, no, no, so you don't sleep with any light
on or rephrase, so you don't sleep with it on,
but fifteen minutes before you go to bed.

Speaker 1 (04:22):
It's red light therapy. It's a very real thing. Okay,
ladies and gentlemen.

Speaker 2 (04:27):
I make sure that I do a bunch of workouts
days before. We'll not a bunch, but very light workouts
because my nervous system has been fatigued from lifting so
heavy for the past We'll say eight to twelve weeks,
so I need a week to wind.

Speaker 1 (04:44):
Down before competition.

Speaker 2 (04:46):
And then once competition hits, my nervous system will be primed.
So think of your nervous system kind of like something
that you expend, and let's say you expend it faster
than it regenerates or re energizes. Sometimes when you get
to the end of a program, you need to wait
for it to re energize and to recover. Just like
our muscles, it's a whole other field of things that

(05:08):
we don't think about because we often only think.

Speaker 1 (05:10):
About our muscles.

Speaker 2 (05:11):
So once your nervous system has recovered, that's the primary
thing you've got to focus on. And then by the
time you get the competition, you'll be primed and ready,
which would be today.

Speaker 1 (05:21):
So it's been a long time coming.

Speaker 2 (05:23):
I hope I set some more records and I beat
my previous ones.

Speaker 1 (05:28):
I'll be going up aleweight class.

Speaker 2 (05:30):
I decided just because it's too soon to cut any weight.

Speaker 1 (05:33):
And I think that I don't care competing up. That's
fine with me.

Speaker 5 (05:37):
Yeah, I'll be there cheering you on, that's right.

Speaker 2 (05:40):
And a couple other people will be there too that
have texted me, so I'm excited to see them.

Speaker 1 (05:45):
Good. But yeah, no, that's been the primary thing going on.

Speaker 4 (05:47):
So what else. Oh, we have we have the dav
Radiothon coming up.

Speaker 5 (05:54):
That's right, Friday, almost seventh.

Speaker 1 (05:56):
I can't believe that's going to happen already.

Speaker 5 (05:58):
Yeah, and you'll be there right in early.

Speaker 1 (06:01):
That's right. I'm going to wake up at five forty.

Speaker 2 (06:03):
Five in the morning, right, No, you'll be leaving, leaving
at five forty You don't wake up at five forty five, William,
My gosh, it's horrible.

Speaker 5 (06:12):
Yeah, no, I believe that's what time you have to leap.

Speaker 1 (06:15):
Because I might.

Speaker 2 (06:15):
I might botch the whole thing. I'll be so tired,
I'll fall asleep in the middle of my set. Last year,
Oh how I remember I only had four hours of sleep,
And ladies and gentlemen, doing radio work on little sleep
is not a fun activity.

Speaker 1 (06:28):
You did great.

Speaker 5 (06:29):
You represent it.

Speaker 4 (06:30):
You've been you know what, You've been doing this for
since you were twelve.

Speaker 2 (06:33):
Oh yeah, it's a pleasure, it's a it's an honor
and a privilege to be able to do it, for sure.

Speaker 5 (06:37):
I typically you call in what it was before school?

Speaker 1 (06:41):
That's so easy, and this is.

Speaker 4 (06:42):
Before you graduated. And last year was the first you
were able to be there in person, which was awesome.

Speaker 1 (06:49):
I am great.

Speaker 5 (06:50):
They they videoed.

Speaker 4 (06:51):
The entire segment with you, and I met Paul Wahlberg,
who is a very nice guy, I will say.

Speaker 2 (06:57):
And his burgers are delicious. Wahburgers are very They had
them them there. Yeah, for the vets as well. Oh
that is son not Oh no, it was great. It
was fantastic. Yeah, so Paul, thank you for the burgers.
They were excellent. And if you come aground a second time,
I very will so potentially having more.

Speaker 4 (07:17):
Yeah, they're like us, they're there every year. Really, we
were the first. Really, Yes, Dad was one of the first.
That's amazing for the Massachusetts branch.

Speaker 2 (07:27):
Yeah.

Speaker 5 (07:28):
I can't wait to hear the conversation and to see it.

Speaker 1 (07:32):
Yeah, me too.

Speaker 5 (07:33):
They will film it.

Speaker 2 (07:34):
Jeff is very He's just such a great guy to
talk to on air because he is just such like
I'm very comfortable with him. And I remember when Dad
passed and I did the Kelly Zone. For those who
are longtime listeners, I'm sure you remember that. I was
thirteen fourteen when we started doing that.

Speaker 4 (07:49):
I think you were twelveth it was your it was
your twelfth birthday.

Speaker 1 (07:53):
Well yeah, moly, so I was twelve years old, and uh, I.

Speaker 5 (07:57):
Think it helped in my mind.

Speaker 4 (08:00):
You know, it was right after dad passed, and this
was your connection with Jeff and every Wednesday morning you
would record with him at five thirty and we.

Speaker 2 (08:13):
Would genuinely we would talk about just on before the
fourtiest show, right, we would just.

Speaker 1 (08:17):
Talk about like current events.

Speaker 2 (08:20):
Yes, that's primarily, and like you know, I was up
to date and he was up to date. He was
more up to date because he, you know, watched the
news a lot more frequently, and we would just kind
of quickly go over, Okay, what do we want to
talk about, and then we just would have a great conversation.

Speaker 1 (08:33):
Wait, I miss those days.

Speaker 4 (08:34):
We featured the Kelly Zone in our radio show, that's right,
every week, and you stopped during the pandemic.

Speaker 1 (08:43):
That's right.

Speaker 2 (08:44):
The pandemic threw everything off. The pandemic was not the
greatest time for a lot of people. I really threw
a lot of plans off.

Speaker 1 (08:50):
But so you did it.

Speaker 4 (08:52):
I'm thinking back, I haven't thought about the Kelly Zone
in a long time. You did this for three years. Yeah,
so you stopped. I guess you were like fifty years old.

Speaker 1 (09:01):
Must have been I wouldn't mind recontinuing.

Speaker 5 (09:04):
I know we need to pull up some of those
old segments.

Speaker 1 (09:06):
We should, we should. I have not thought about the Kellyson,
nor have I I kind of.

Speaker 2 (09:10):
I mean it's been in the back. This has been
the replacement for the Kelly Zone. Yeah, our segment together.
But I remember I would wake up every Wednesday and
I'd have to do it before school because you know,
it was in grade school. You can't miss it. And
I would wake up at four forty five. I'd be
half asleep and Mom would force feed me coffee.

Speaker 5 (09:30):
I think, oh, that is terrible.

Speaker 1 (09:33):
Twelve years old. My mother. She wanted to make me work.

Speaker 2 (09:36):
I was a mule for Kelly Financial, and I had
to I had to chug a.

Speaker 1 (09:42):
Cup of coffee. Sometimes it got so bad that I'd
be laying on the couch.

Speaker 2 (09:46):
I'd be talking, but my eyes would be closed because
I just want to sleep so bad. But I mean
we would always have great conversations though. And you know
what it was, Uh it.

Speaker 5 (09:54):
Was we can visualize the whole thing.

Speaker 1 (09:56):
It was stamina. You needed stamina to do it.

Speaker 5 (09:59):
Yeah, Britney was so sweet, Yes she was.

Speaker 1 (10:02):
Brittany was great.

Speaker 2 (10:04):
I wonder what she's up to now, but she was
very helpful and yeah, yeah.

Speaker 5 (10:07):
I know, yeah, a lot of memories those are.

Speaker 1 (10:10):
The days, so yeah, but the Kelly Zone.

Speaker 2 (10:14):
I know, it's it's honestly, it's been a long time
because I used to do a lot of political commentary
on say funny strategies, and I mean, you know, I
talk about politics still, but I.

Speaker 1 (10:24):
Have really veered away.

Speaker 2 (10:26):
And I'm sure a lot of you have noticed that
my generation may seem uninvolved or non caring. But I mean,
can you really blame them? With how saturated everything is,
you know, it's very tough for people to sort of
get a grip on what they believe.

Speaker 1 (10:40):
But I think we're very hard working. I think we
genuinely care.

Speaker 2 (10:44):
We may not be formal and traditional in a lot
of ways, but I think a lot of Generation Z
cares about the same things that Baby boomers and Gen
X too.

Speaker 1 (10:51):
Yeah, Millennials not so much.

Speaker 2 (10:53):
Nothing, not that I disrespect millennials, but as a generalization,
they're very different than Gen Z and how they think.
And that's totally fine. But Gen Z is certainly unique
in the respect that, well, you're a hard worker.

Speaker 4 (11:09):
I know that.

Speaker 5 (11:10):
I know that I see that every day.

Speaker 1 (11:14):
That's because of you and Dad, you know, and very Madeline.
You know she kind of works.

Speaker 4 (11:18):
But you know, William, do keep us on your dial.
We've got a lot of great content coming your way.
Mike do Set and Greg Workman will share practical strategies
for navigating the sale of a highly appreciated asset so
you can make smart tax moves and turn one time
profits into lasting retirement income. Mary, Madeline Kelly and Greg

(11:42):
Murray will break down the tax traps of inheriting retirement
accounts and how smart planning can move more of your
legacy in the family. I'll be back with William. We
will share how generosity and gratitude can create lasting impact
without putting your retirement at risk. And of course we'll
close the hour with some wit and wisdom from the

(12:04):
late Bill Kelly. His words continue to inspire and guide us.
That's a wrap for forever, young Thank you for listening,
and William, thank you for joining me. We'll be back
with more great content. I love you, honey, I.

Speaker 2 (12:19):
Love you too.

Speaker 3 (12:24):
Kelly Financial Services eight hundred eighteen eighty one.

Speaker 6 (12:30):
Okay, my friends, let me tell you about Kelly Financial Services.
You know me, I don't sugarcoat anything. If you're heading
into the holidays without a plan, you're flying blind. And
that's why the team at Kelly Financial put together something
every listener needs. They're free year end checklist and action plan,

(12:51):
and this one is worth your time. It's packed with
powerful practical steps to protect your savings, your family, and
your peace of mind before December thirty. First review your beneficiaries.
Make sure your retirement distributions are on time. Double check
those cash reserves. These are the smart moves that separate
the planners from the panickers. Kelly enterteam of fiduciary advisors.

(13:15):
They live for this stuff. They have helped families all
across Massachusetts build real financial momentum. And you know what
momentum is everything, So don't wait. Get your free copy now.
Call eight eight eight eight hundred eighteen eighty one eight
eight eight eight hundred eighteen eighty one or email Kelly

(13:37):
at Kelly Financial dot org. That's Kelly at Kelly Financial
dot org.

Speaker 7 (13:45):
Welcome back to Safe Money Strategies. I'm Mike du said,
chief operating officer at Kelly Financial Services, joined as always
by Greg Workman, one of our investment advisors.

Speaker 1 (13:54):
Good to be here, Mike.

Speaker 8 (13:56):
Last week we started a conversation about selling a large asset.
For many of our listeners, well, that asset might be
your home. We covered some of the emotional and financial
decisions involved. Today we're going to focus on what happens
after the sale of that appreciated asset, especially the tax
planning implications.

Speaker 7 (14:16):
Right selling your home or another major asset can have
big tax consequences, and understanding them ahead of time can
make a world of difference.

Speaker 1 (14:24):
Exactly, and we'll say this upfront.

Speaker 8 (14:26):
While we at Kelly Financial are tax planners, we are
not tax preparers, so always consult with your CPA or
tax professional before making any moves. Our role is to
help you think strategically how different decisions fit into your
retirement plan and your long term goals.

Speaker 7 (14:46):
Let's start with one of the most common questions we get.
Do I have to pay tax when I sell my home.

Speaker 8 (14:51):
That's where the home sale exclusion comes in. Under current
tax law, if you sell your primary residence, you can
excit excluded up to two hundred and fifty thousand of
capital gains from taxes if you're single, or up to
five hundred thousand if you're married.

Speaker 1 (15:10):
Filing jointly.

Speaker 7 (15:11):
So if you bought your home for three hundred thousand
and sold it for eight hundred thousand, that's a five
hundred thousand dollars gain.

Speaker 1 (15:18):
If you are a married.

Speaker 7 (15:19):
Couple, you could exclude that entire amount, meaning no capital
gains tax.

Speaker 8 (15:23):
Exactly, But you have to meet what's called the ownership
and use test. You must have owned and lived in
that home as your primary residence for at least two
of the last five years prior to the sale.

Speaker 7 (15:37):
Now here's where things get interesting. People sometimes ask, can
I just keep doing this every couple of years? Great question,
and we actually hear it a lot. The answer is yes,
but with an important caveat. You can generally use this
exclusion once every two years. So in theory, if you've
met all the ownership and use tests again, you could

(16:00):
qualify again after two years.

Speaker 1 (16:02):
But let's talk about a common scenario.

Speaker 7 (16:04):
Suppose you sell your primary home, then move into your
vacation home and live there for two years. Could that
vacation home then qualify for the exclusion when you sell it.

Speaker 8 (16:13):
Potentially yes, but it's not always straightforward. If you convert
that vacation property into your primary residence, and live there
for at least two years, you might qualify.

Speaker 1 (16:26):
But since two thousand and.

Speaker 8 (16:27):
Eight, the IRS has made it a little trickier, right.

Speaker 7 (16:31):
They now look at what's called non qualified use. Basically,
if you used that second home as a vacation property
for several years before moving in, only the portion of
ownership when it was your primary residence counts towards the
exclusion exactly.

Speaker 8 (16:46):
So, if you owned it for ten years but only
lived in it for two, only a fraction of your
gain might qualify for the exclusion. The rest it could
be taxable.

Speaker 7 (16:56):
And again that's where it's crucial to run the numbers
with a tax profession. The rules are detailed in Getting
the timing right can make a.

Speaker 1 (17:03):
Huge difference in how much you owe or save.

Speaker 8 (17:06):
Let's bring this to life with a quick example. Remember
Joe and Maria from last week. They decided to downsize
after selling their family home of thirty years.

Speaker 1 (17:17):
Right.

Speaker 7 (17:17):
They bought it decades ago for two hundred thousand and
just sold it for eight hundred and fifty thousand. That's
a six hundred and fifty thousand dollars gain.

Speaker 8 (17:24):
Because they're married, they can exclude five hundred thousand of
that gain, so only one hundred and fifty thousand would
be subject to capital gains tax, and even that might
be offset by improvements, selling costs, or other deductions.

Speaker 7 (17:38):
But let's say they also own a lake house that
they've used as a vacation spot for years. They're thinking,
let's move there full time for a couple of years
and then sell it to That's.

Speaker 8 (17:48):
Doable, but remember what we said, the portion of ownership
when it was a vacation home may not qualify, so
the exclusion might only.

Speaker 7 (17:57):
Apply partially in the irs, So close eye on those situations.
The key takeaway is to plan ahead, not after the fact.

Speaker 8 (18:06):
Now let's touch on two other strategies that can sometimes
help reduce or defer taxes, installment.

Speaker 1 (18:13):
Sales and ten thirty one exchanges.

Speaker 7 (18:16):
Right, with an installment sale, instead of receiving all the
money at once, you agree to receive payments over several years.
That spreads out your capital gains so you may avoid
being bumped into a higher tax bracket in one year.

Speaker 8 (18:28):
And with a ten thirty one exchange, you can defer
paying capital gain tax altogether, but only if you reinvest
the proceeds into a quote unquote like kind property, typically
another investment or rental property.

Speaker 1 (18:43):
The catches.

Speaker 7 (18:44):
You can't use a ten thirty one exchange on your
primary residence. It's meant for investment or business properties, but
if part of your home was rented out or used
for business, you may be able to apply it to
that portion. Again, a great reason to have a tax
as it involved early in the process.

Speaker 8 (19:01):
Absolutely, timing, paperwork and IRS deadlines are critical with ten
thirty one exchanges. It's not something you can decide to
do after the sale. It has to be structured before
you close.

Speaker 1 (19:16):
So to sum up.

Speaker 7 (19:17):
Selling a large asset like your home can be a
tremendous opportunity, but it also comes with a lot of
tax considerations.

Speaker 1 (19:23):
That's right.

Speaker 8 (19:24):
Understand your exclusion, know the timing rules, and if you're
thinking about moving into another property to qualify later, make
sure you understand the limits.

Speaker 7 (19:34):
And remember at Kelly Financial where tax planners not tax preparers.
We help you think strategically about how these moves fit
into your broad a financial plan, but when it comes
to filing and fine tuning the numbers, your CPA is
your best friend.

Speaker 8 (19:48):
Next, in Part two, we'll continue this conversation and talk
about what to do with the proceeds after you sell,
how to reinvest, create income and make sure that money
lasts throughout you retirement.

Speaker 7 (20:00):
That's right, turning a one time sale into long term
financial security.

Speaker 1 (20:05):
You won't want to miss it.

Speaker 7 (20:06):
And as always, if you'd like a copy of our
Safe Money Strategies workbook, give us a call or visit
Kelly Financial dot org. It's a great resource to help
you start planning smarter. Today, we'll take a quick break
and we'll be right back with more Safe Money Strategies.

Speaker 3 (20:24):
Kelly Financial Services eight eight eight hundred eighteen eighty one.
I believe that this nation should commit itself to achieving.

Speaker 4 (20:32):
The goal of landing a man on the moon and
returning him safely to the.

Speaker 2 (20:37):
Earth sixty five or three two one zero all engine.

Speaker 1 (20:45):
Rock Look look Dott Apollo eleven.

Speaker 9 (20:49):
Remember those Apollo Moon missions. One of America's greatest adventures
and achievements too. The nation set a goal and then
realized it. What are your goals? At Kelly Financial Services,
We've got the right team and technology to help launch
your retirement planning. Let us help you set and reach

(21:09):
your goals for your greatest adventure and achievement. Call us
at eight eight eight eight hundred eighteen eighty one or
visit us at Kelly Financial dot org. Where do you
want to land perthit tanguality behavior be angle, I landed.
We are Kelly Financial Services. Come retire with us.

Speaker 4 (21:28):
I'm Kelly Kelly from Kelly Financial. Is your financial advisor
a fiduciary? In other words, are they legally required to
act in your best interest? My complimentary book, Retire Your Fear,
Plan Your Future, explains what a fiduciary is and will
help you understand if an advisor is really putting you first.
For the book, call eight eight eight eight hundred eighteen

(21:51):
eighty one or email Kelly at Kelly Financial dot org.

Speaker 5 (21:55):
We're Kelly Financial. Come retire with us.

Speaker 3 (21:59):
The Money with Kelly Financial Advisors Greg Murray and Mary
Madeline Kelly.

Speaker 1 (22:06):
Hello.

Speaker 10 (22:06):
This is Greg Murray, Senior Vice president and Chief Compliance
Officer at Kelly Financial Services. Joining me today is Mary
Madeline Kelly, one of our wealth advisors.

Speaker 1 (22:14):
How are you doing today?

Speaker 3 (22:15):
Hi?

Speaker 10 (22:15):
Greg?

Speaker 11 (22:16):
I am doing great. I have a busy weekend ahead
as I'm cheering on my friend during the New York
Marathon tomorrow. I've only ever attended one other marathon in
London earlier this year, so I'm definitely excited to be
there and be a part of the crowd.

Speaker 1 (22:30):
That's pretty exciting.

Speaker 10 (22:31):
I bet you have some pretty fun signs already created
to cheer her on.

Speaker 11 (22:34):
Absolutely, However, I won't have any embarrassing ones like my
brother did for me at my race.

Speaker 1 (22:40):
I'm not like that.

Speaker 11 (22:41):
So our topic for today is the tax traps of
inheriting retirement accounts, because this is one of those areas
where people can make costly mistakes without even realizing it.

Speaker 1 (22:51):
You're exactly right.

Speaker 10 (22:52):
A lot of folks assume that inheriting a retirement account
like an IRA or four oh one K is simple.

Speaker 1 (22:57):
You just take the money and you move on.

Speaker 10 (22:58):
But the reality is there are a lot of tax
rules around these accounts, and if you don't follow them carefully,
you could lose a big chunk of that inheritance to
the irs.

Speaker 11 (23:06):
Yes, and it's especially important since the rules changed a
few years ago under the Secure Act. Before that law,
non spouse beneficiaries like adult children could stretch the required
withdrawals over their lifetime. Now, most people who inherit have
to withdraw the entire account within ten years, and that.

Speaker 10 (23:23):
Ten year rule is where people get tripped up. They think,
I don't need the money right now, I'll just let
its sit. But by year ten, if you haven't taken
it out gradually, you might face a huge tax bill
all at once exactly.

Speaker 11 (23:34):
Let's put that in real numbers. Suppose someone inherits a
five hundred thousand dollars IRA from a parent. If they
wait ten years and take the full amount in one
lump sum, that five hundred thousand dollars gets added to
their taxable income for that year, possibly pushing them into
the highest tax bracket.

Speaker 10 (23:50):
That's a great example. They could easily mean losing well
over thirty percent of that inheritance the taxes. But if
you spread it out over several years, you can manage
the impact and potentially keep more of what your love
one intended.

Speaker 1 (24:00):
For you to have. And it's not just federal taxes.

Speaker 11 (24:03):
Depending on where you live, you could owe state income
taxes too, So the planning piece is really critical.

Speaker 10 (24:08):
Now, there are exceptions. If you're inheriting from a spouse,
you usually have more flexibility. You can roll the IRA
into your own and continue taking distributions basing your own
retirement timeline. But for non spouse airs like children, nieces
and nephews, the ten year rule is the norm.

Speaker 11 (24:23):
That's right, And here's another trap people fall into not
updating their beneficiary designations. We've seen cases where someone's ex
spouse or even a deceased relative is still listed as
a beneficiary. In those cases, the money may not go
where you expect, and fixing that mistake after death is
nearly impossible.

Speaker 10 (24:40):
Such a good point keeping beneficiary information current is one
of the simplest but most overlooked pieces of financial planning,
and greg.

Speaker 5 (24:46):
We should mention raw iras too.

Speaker 11 (24:48):
They're still subject to the ten year rule for beneficiaries,
but withdrawals are usually tax free, which can make a
huge difference for airs.

Speaker 1 (24:56):
Converting a traditional IRA to.

Speaker 11 (24:57):
A raw while you're still alive can be a great
strategy for passing on wealth more efficiently.

Speaker 10 (25:02):
Yes, roth conversions can help families manage tax across generations.
You pay the tax now at possibly a lower rate,
and your errors get the benefit of tax free growth
and withdrawals later.

Speaker 11 (25:12):
Another strategy would sometimes discuss is using part of a
retirement account to fund life insurance. It sounds counterintuitive, but
in some cases, taking control withdrawals, paying the taxes gradually
and using the proceeds to purchase life insurance can allow
you to pass along tax free dollars instead of taxable ones.

Speaker 10 (25:30):
That's a really smart approach for certain families, especially when
the goal is leaving money the kids are grandkids in
the most tax efficient way.

Speaker 1 (25:37):
So to summon up.

Speaker 11 (25:38):
The key tax traps of inheriting retirement accounts are not
understanding the ten year rule, waiting too long to take
withdrawals and facing a huge tax hit, failing to update
beneficiary information, and missing opportunities like roth conversions or life
insurance strategies.

Speaker 10 (25:54):
Perfect summary, and the good news is all of these
issues can be avoided with a little bit of planning
and guidance.

Speaker 1 (26:00):
Absolutely.

Speaker 11 (26:00):
At Kelly Financial we help families navigate these transitions so
they can keep more of what their loved ones worked
hard to build instead of handing it over to the irs.

Speaker 10 (26:09):
Because at the end of the day, good estate and
tax planning isn't just about numbers. It's about honoring someone's
legacy and making sure their wishes are carried out the
right way. Well said Greg, that's going to wrap things up.
If you've recently inherited a retirement account, or you're planning
leaving one behind.

Speaker 1 (26:22):
Please give us a call.

Speaker 10 (26:23):
We'll walk you through the tax rules and help you
make smart, informed decisions.

Speaker 11 (26:27):
We certainly will well. Greg, enjoy your weekend and I
will see you next week.

Speaker 1 (26:31):
Have fun in New York.

Speaker 3 (26:32):
To get in touch with Greg Murray or Mary, Madeline Kelly,
or any member of the Kelly Financial team, call at
TATE eight hundred eighteen eighty one.

Speaker 9 (26:46):
I'm John Boudris, and welcome to a new edition of
Kelly Financials. What would Bill say? The wit and wisdom
of the late Bill Kelly. Today we'll address fact from fiction.

Speaker 12 (26:57):
You can always make money. If you haven't, you lose
it all. It's very difficult to do that, so you
have to have a plan. If the market goes up
quite a bit or down quite a bit, you have
to be ready. And how do you sort fact from fiction?

Speaker 9 (27:11):
Download Kelly Financial's Consumer Guide simply called the value of
an objective opinion. With so much at stake with your
retirement future, you don't just want any financial advice, but
objective financial advice. And as a fiduciary, Kelly Financial puts
your interests above all else. Go to Kellyfinancial dot Org

(27:33):
or call eight eight eight eight hundred and eighteen eighty
one to get the guide.

Speaker 1 (27:37):
Ladies and gentlemen, sort fact from fiction.

Speaker 9 (27:40):
We are Kelly Financial Services. Come retire with.

Speaker 3 (27:43):
Us Safe Money Strategies with William Kelly and Kelly Kelly.
Call the team on a eight eight hundred eighteen eighty one.

Speaker 4 (27:57):
Welcome back to Save Money Strategies. I'm Kelly Kelly here
with my son, William Kelly Junior, and we're so glad
you're with us today. This time of year always reminds
us of how much gratitude and generosity shape a good life.
Today we're talking about the heart of generosity, why giving

(28:20):
still matters, and how retirees can give back without breaking
the bank.

Speaker 1 (28:26):
It's amazing how strong the spirit a giving still is.

Speaker 2 (28:29):
According to Giving USA, twenty twenty five, Americans donated more
than five hundred and ninety two billion dollars last year,
and older Americans led the way. That tells us that
generosity is still at the core of who we are.
Another study from Fidelity Charitable found that nearly eighty percent
of pre retirees and retirees say charitable giving remains a priority.

Speaker 4 (28:50):
It really does come from a deep place gratitude, faith,
and the desire to make a difference while we can,
and that doesn't always mean in writing a big check.
I know a retiree who tutors elementary school children twice
a week. She once told me my time is worth
more than my checkbook. Sometimes the greatest present, truly is

(29:15):
your presence.

Speaker 2 (29:17):
That captures it perfectly. Generosity is about meaning, not magnitude.
You don't have to give a fortune to make a difference.
You just have to give with intention. But we should
talk about the common pitfalls. A lot of people give
from the heart, but not from a plan. It's easy
to get caught up in what I call holiday guilt.

(29:37):
Giving a commercial tugs at you, a letter comes in
the mail, and before you know it, you've spent more
than you intended. Others over volunteer because it feels good,
and suddenly they're worn out or neglecting their own health.
Generosity without guardrails can threaten your long term independence, and

(30:00):
many retirees aren't aware of the most tax efficient ways
to give.

Speaker 4 (30:05):
Only about a third know how to do it properly,
which means they might take funds.

Speaker 5 (30:11):
From the wrong account. Or miss valuable deductions.

Speaker 1 (30:15):
That's where planning makes such a difference.

Speaker 2 (30:18):
You can still give with a full heart, but in
a way that supports your future instead of straining it.
The right structure keeps generosity sustainable.

Speaker 4 (30:26):
Let's talk about practical ideas, because giving doesn't have to
mean spending large sums.

Speaker 5 (30:32):
You can volunteer your time.

Speaker 4 (30:34):
Or skills, mentor coach, or serve on a community or
church board. You can set a giving cap, maybe one
or two percent of your annual income or a fixed
monthly amount.

Speaker 2 (30:49):
Automating small donations makes a huge difference. Setting up recurring
twenty five dollars fifty dollars monthly gifts makes generosity part
of your budget instead of an afterthought. You can also
give in kind, donate gently used items, off professional services,
or support local efforts through neighborhood or faith based giving circles.

Speaker 4 (31:08):
And For retirees with iras, one of the smartest options
is a qualified charitable distribution or QCD. You can donate
directly from your IRA to a qualified charity, count it
towards your required minimum distribution, and pay no tax on

(31:28):
that amount. If you're over seventy and a half, that's
an incredibly effective way to give while keeping your retirement
plan intact.

Speaker 2 (31:37):
Morning Star recently highlighted that approach too, emphasizing that small,
steady generosity often creates more long term impact than one
time grand gestures.

Speaker 4 (31:47):
Exactly, consistency builds legacy. When giving is part of your
regular plan, it becomes a reflection of your life's values,
not a seasonal impulse.

Speaker 1 (32:00):
Let's touch on protecting retirement while giving.

Speaker 2 (32:03):
Even the kindest intentions can cause problems if they lead
to overspending. If you're safe with jewel rate is about
four percent a year, make sure your charitable giving fits
inside that rate, not beyond it.

Speaker 4 (32:14):
And revisit your giving plan as markets or medical expenses change.
Some years, you may give a little more, others you
might scale back. Whatever you do, never dip into your
emergency fund or use credit cards to make donations. True
generosity brings peace, not pressure.

Speaker 1 (32:34):
That's such a good reminder.

Speaker 2 (32:36):
Financial peace of mind and charitable peace of mind really
do go hand in hand.

Speaker 4 (32:40):
This is also where a fiduciary advisor can add real value.
They can help calculate sustainable giving levels, identify which accounts
taxable IRA or donor advised makes the most sense and
create a charitable giving schedule that fits neat into your

(33:00):
retirement budget.

Speaker 2 (33:02):
And having that accountability partner helps you stay disciplined. It
ensures that emotion doesn't override strategy, so your giving feels
good it makes sense.

Speaker 4 (33:10):
We've put together a complementary guide that ties all of
this together. It's called the Greatest Gift. Outline your wishes
with an estate plan. Inside you'll discover how generosity fits
naturally into your retirement and a state planning, how to
protect your family's future, and how to document your charitable

(33:32):
intent so your loved ones know your wishes clearly when.

Speaker 2 (33:37):
You plan ahead, and your generosity continues far beyond your lifetime.
And that's one of the greatest gifts you can give.

Speaker 4 (33:42):
As we step into this season of gratitude, remember this
gratitude is not measured by how much you give, but
by how wisely you give it. A thoughtful plan turns
generosity into your greatest gift of.

Speaker 1 (33:58):
All, beautifully self.

Speaker 2 (34:00):
While we return, we'll keep that theme going with our
next conversation, Gratitude and Giving, turning purposeful giving into greatest gifts.

Speaker 5 (34:08):
Stay with us.

Speaker 4 (34:09):
You're listening to safe money strategies on WRKO.

Speaker 3 (34:17):
Safe Money Strategies brought to you by Kelly Financial Services.
Call eight eight eight eight hundred eighteen eighty one or
visit Kellyfinancial dot org.

Speaker 9 (34:27):
Ready to enjoy your golden years without worry. At Kelly Financial,
we know retirement planning can be overwhelming. With more than
twenty two years of experience, our friendly team of advisors
makes it easy and stress free. Trust us to help
you create a secure and enjoyable future. For a free
initial retirement consultation, called eight eight eight eight hundred eighteen

(34:50):
eighty one or email Kelly at Kelly Financial dot org.
We're Kelly Financial. Come retire with.

Speaker 3 (34:56):
Us Safe Money Strategies with William Kelly. I'm Kelly Kelly.
Call the team on eight eight hundred eighteen eighty one.

Speaker 4 (35:06):
Take in character, Welcome back to Sake Money Strategies. I'm
Kelly Kelly here with my son, William Kelly Junior, and
today we're continuing our conversation about gratitude and giving and
how both can become a part of a lasting legacy.

Speaker 2 (35:26):
You know, Mom, When we think about legacy, a lot
of people picture a will or trust, or maybe a
house with an investment account. But legacy is also about
values and what we teach our family to stand for.

Speaker 1 (35:37):
Gratitude is a big part of that.

Speaker 4 (35:40):
Absolutely, gratitude isn't just a feeling, it's an action. It's
what happens when you take what life's given you and
you decide to pay it forward. According to Giving USA
twenty twenty five, retires sixty five and older remain the
backbone of charitable giving in America. They account for most

(36:03):
planned gifts, which shows that gratitude really does grow with age.

Speaker 2 (36:08):
And it's interesting for a lot of families, the octs
of giving is what teaches the next generation what really matters.
You can leave money, but if you don't explain the
why behind your giving, that message can get lost. That's
why some families write legacy letters or include personal notes
in their estate plans.

Speaker 1 (36:24):
Exactly.

Speaker 4 (36:25):
A simple letter that says this is why we support
this cause, this is what it means to our family
can do so much to prevent confusion and even conflict
down the road. It turns a donation into a story
that keeps living on.

Speaker 1 (36:42):
And there's also strategy behind this.

Speaker 2 (36:44):
A lot of people don't realize how there are many
ways to give smartly and tax efficiently. One great example
is something called a qualified Charitable distribution or QCD. If
you're over seventy and a half, you can give up
to one hundred and five thousand dollars directly from your
IRA to a charity in twenty twenty five. It's tax free,
and it counts towards your required minimum distribution.

Speaker 4 (37:05):
And that's a big one because so many retirees tell us,
I don't need all my RMD, but I don't want
to increase my taxes. While a QCD is a perfect solution,
you help a cause you care about and potentially reduce
your taxable income.

Speaker 2 (37:22):
Then there are donor advice funds or DAFs. That's where
you can make a one time contribution, take the deduction
this year, and then decide leader what charities to support.
It's a great way to plan ahead while still being
strategic about timing.

Speaker 4 (37:35):
Morning Star recently highlighted something called bunching donations that means
you combine two years of giving into one so you
can exceed the standard deduction and get the tax benefit.
So instead of donating ten thousand dollars every year, you
might donate twenty thousand dollars in one year and skip

(37:56):
the next. You still give the same amount overall, but
you save more in taxes.

Speaker 2 (38:03):
And if you own appreciated assets like stocks that have
grown a lot, you can donate those directly. That way,
you can avoid capital gains taxes and still get a
deduction for the full value of the gift. Franklin Templeton
calls out one of the most underused tools for retirees.

Speaker 4 (38:18):
These are smart ways to give with purpose while protecting
your retirement income. And when you add those strategies to
your estate plan, that's where gratitude truly becomes a legacy right.

Speaker 2 (38:32):
You can even add charitable beneficiaries to an IRA or
a life insurance policy, or include a nonprofit in your
will for a small percentage of your estate.

Speaker 1 (38:40):
You donate millions to make a difference, and you.

Speaker 4 (38:43):
Can use the annual gift tax exclusion that's eighteen thousand
dollars per person in twenty twenty five to support your
family right now without affecting your estate. It's a great
way to help kids or grandkids when.

Speaker 5 (38:58):
They need it the most.

Speaker 2 (39:00):
For some families, a charitable Remainder trust or CRT could
be an option too. It lets you receive income from
life and leave what's left to a charity. That kind
of strategy lets you see your impact while you're still here.

Speaker 4 (39:12):
And the key to all of this is alignment, making
sure your giving plan fits your family goals and your
financial plan. We've seen families avoid so many conflicts by
just having these conversations ahead of time.

Speaker 2 (39:28):
That's true because the legacy isn't just what you leave behind,
it's how you prepare the people you love to receive it.
If you teach them values beyond your giving that carry
those lessons forward.

Speaker 4 (39:38):
I love that, and you don't have to stretch your
finances to make a difference. Sometimes volunteering or serving in
a leadership role with a local charity can have just
as much impact as a large donation. It's about showing
up consistently, not just occasionally.

Speaker 2 (39:58):
That's so true when you folks thanks for giving on
causes where you can see the results in your community.

Speaker 1 (40:03):
It keeps you connected.

Speaker 2 (40:05):
And if you review your plan once a year, just
like you review your ashirement plan, you can adjust based
on your income, the markets, or new priorities.

Speaker 4 (40:13):
A financial advisor can really help with that process. Integrating
charitable gifting into your estate and tax plans, coordinating with
attorneys or accountants, and helping determine which assets make the
most sense to gift now versus later.

Speaker 2 (40:31):
They can also facilitate those family conversations so everyone understands
the plan and no one.

Speaker 1 (40:37):
Feels left out.

Speaker 2 (40:38):
That's how you protect both your errors and the charities
you care about.

Speaker 4 (40:42):
And we have a wonderful tool to help you get
started our complementary guide, the Greatest Gift, How to Outline
your wishes with an estate Plan. It will walk you
through how to map out your wishes, identify the people
you trust to carry them out, and blend your charitable

(41:02):
intent with your family goals.

Speaker 2 (41:05):
It really is about clarity and care. When you put
those plans in writing, you remove uncertainty and give your
loved ones peace of mind.

Speaker 4 (41:12):
So if you'd like to request your copy of that guide,
just give us a call at eight eight eight eight
hundred eighteen eighty one or visit Kellyfinancial dot org. Again,
that's the greatest gift, how to outline your wishes with
an estate.

Speaker 2 (41:30):
Plan, Because your greatest gift isn't what you leave behind,
it's the clarity and care you leave it with.

Speaker 4 (41:36):
Beautifully said William, and that wraps up our conversation on
gratitude and giving.

Speaker 1 (41:43):
Stay with us.

Speaker 4 (41:44):
There's more financial insight ahead on safe money strategies.

Speaker 3 (41:51):
Safe Money Strategies brought to you by Kelly Financial Services.
Call eight eight eight eight hundred eighteen eighty one.

Speaker 1 (41:59):
Or visit Kelly Fine dat Hole.

Speaker 7 (42:02):
Welcome back to Safe Money Strategies. I'm Mike du said,
chief operating officer at Kelly Financial Services, with Greg Workman,
one of our investment advisors.

Speaker 1 (42:10):
Great to be back Mike.

Speaker 8 (42:11):
Before the break, we covered some key tax planning implications
when selling a large asset like your home, from the
primary residence exclusion to installment sales and even ten thirty
one exchanges.

Speaker 1 (42:23):
That's right.

Speaker 7 (42:23):
Now, let's talk about what comes after the sale. You've
sold your home, you've planned around the taxes, and now
you're sitting on a large sum of money. The big
question becomes what's next.

Speaker 1 (42:33):
We see the situation all the time.

Speaker 8 (42:34):
Someone sells a property, maybe they've downsized, maybe it was
an investment, and suddenly they're holding five hundred thousand, eight
hundred thousand, sometimes more in cash.

Speaker 1 (42:44):
It can feel like both a relief and a burden.
On one hand. That's a big chunk of liquidity.

Speaker 7 (42:49):
On the other it's a major planning responsibility because if
that money isn't handled correctly, taxes, inflation, and poor investment
time and can quickly eat into it.

Speaker 1 (42:59):
Exactly.

Speaker 8 (43:00):
The first step is to treat the proceeds as part
of your overall retirement plan, not as quote unquote extra cash.
It's tempting to leave it sitting in the bank, especially
in today's interest rate environment, but that's usually just a
temporary solution, right.

Speaker 7 (43:15):
You want that money working for you, generating income, maintaining
purchasing power, and positioned for long term goals.

Speaker 1 (43:22):
Let's go back to our couple Joe and Maria.

Speaker 8 (43:25):
Last week, they sold their home for eight hundred and
fifty thousand and used their five hundred thousand exclusion to
avoid most of the tax hit. After paying off their
mortgage and some expenses, they're left with about six hundred
thousand dollars in cash.

Speaker 1 (43:38):
Their next question is what do we do with it?

Speaker 7 (43:41):
They've already moved into their lake house and now they
want to make sure that six hundred thousand supports their
retirement lifestyle.

Speaker 8 (43:47):
So we help them look at their income picture between
social Security, a modest pension and some savings.

Speaker 1 (43:53):
They were covering the basics, but they wanted more of
a cushion.

Speaker 8 (43:56):
That's where this six hundred thousand becomes part of their
income strategy.

Speaker 7 (44:00):
We started by segmenting the money into three buckets, short term, intermediate,
and long term.

Speaker 8 (44:06):
Right short term money that they might need in the
next two years for things like home updates, travel, or
unexpected expenses that stayed liquid.

Speaker 7 (44:17):
The intermediate bucket, maybe a five to seven year horizon,
was positioned for steady income through dividend paying investments and
fixed income solutions.

Speaker 8 (44:25):
And the long term bucket was designed for growth to
help offset inflation and sustain their later years of retirement.
That's where they used a mix of managed portfolios and
some tax efficient vehicles that can grow without immediate tax exposure.

Speaker 7 (44:40):
In speaking of taxes, just because the home sale itself
might be behind you doesn't mean tax planning stops there exactly.

Speaker 8 (44:47):
You need to think about how you invest that money. Interest, dividends,
and capital gains. All of those are taxed a bit differently.
Structuring the portfolio the right way can make a huge
difference over time.

Speaker 7 (45:01):
For instance, if Joan Marie had taken the full six
hundred thousand and put it in a taxable brokerage account
generating high dividends, they could end up paying more in
annual taxes than necessary.

Speaker 8 (45:11):
Instead, we help them allocate some of that money into
tax deferred our tax free vehicles like iras or roth
conversions where appropriate, and used municipal bonds for their taxable
portion to keep their income efficient.

Speaker 7 (45:25):
And this is a great reminded that tax planning isn't
a one time event.

Speaker 1 (45:28):
It's ongoing.

Speaker 7 (45:29):
The goal is to keep more of what you earn legally, strategically,
and efficiently.

Speaker 1 (45:34):
Another big istory that comes up is timing.

Speaker 8 (45:36):
Many people sell a property and immediately want to invest
the proceeds, but that can expose them to market risk,
even if the timing isn't right exactly.

Speaker 7 (45:46):
If you invest all at once in the market dips,
that's a tough pill to swallow. That's why we often
recommend dollar cost averaging or phased entry, putting the money
to work gradually over several months or quarters.

Speaker 8 (45:59):
That allows you to smooth out market volatility and reduce
emotional decision making. The goal is to have a disciplined
plan rather than reacting to short term headlines and noise.

Speaker 7 (46:10):
Let's also talk about generating income from the proceeds, because
for many retirees, the sale of a home or large
asset isn't about building wealth.

Speaker 1 (46:19):
It's about creating reliable cash flow. Right.

Speaker 8 (46:21):
There are different ways to do that, interest, income dividends,
structured annuities, or even conservative real estate partnerships. The key
is balancing security and flexibility.

Speaker 1 (46:34):
For Joe and Maria, we used a combination.

Speaker 7 (46:36):
Part of their funds went into an income annuity to
guarantee a lifetime payout that covered essential expenses. The rest
stayed invested for growth and flexibility.

Speaker 8 (46:45):
That combination gave them confidence knowing their baseline income was
covered while still having access to funds for lifestyle goals.

Speaker 7 (46:51):
Let's also mention what not to do after a major sale.
The biggest mistake we see letting the money sit idle.

Speaker 8 (46:58):
Yes, keeping large sums in h backing our savings account
might feel safe, but over time inflation erodes your purchasing power.
At three percent inflation, your money actually loses a third
of its value over the course of twelve years.

Speaker 7 (47:13):
The other mistake is jumping into something too quickly, maybe
a friend's real estate deal or a can't misinvestment. Big
windfalls can attract risky ideas.

Speaker 8 (47:21):
That's why you want a written plan, something that aligns
with your risk tolerance, your tax situation, and your retirement timeline.

Speaker 1 (47:29):
So to recap.

Speaker 7 (47:30):
Selling a large asset like your home can open up
new opportunities, but it's what you do after the sale
that determines your long term success.

Speaker 8 (47:37):
Absolutely, make sure your proceeds are reinvested with purpose, diversified
income growth and or tax efficiency. Don't let cash sit idle,
but don't rush into decisions either.

Speaker 7 (47:49):
And remember our goal a Kelly Financial Services is to
help you connect all these dots, from the tax implications
of a sale, to the reinvestment strategy to the retirement
income plan that follows.

Speaker 8 (48:00):
If you'd like a copy of our Safe Money Strategies workbook,
it's a great place to start. Inside we walk you
through how to coordinate your investments, income and taxes into
one cohesive plan.

Speaker 7 (48:12):
You can request your copy at Kellyfinancial dot org or
give our office a call.

Speaker 1 (48:17):
We'd be happy to send one your way. That's all
for today's show.

Speaker 8 (48:20):
Thank you for joining us on this installment of Safe
Money Strategies.

Speaker 1 (48:24):
On Mike you said, and I'm Greg Workman.

Speaker 7 (48:26):
Until next time, Stay safe, stay informed, and as always,
keep building your safe money strategies.

Speaker 6 (48:36):
Joining us now as she always does at this time,
she is the co founder, president CEO of Kelly Financial
Services Kelly Kelly, Kelly, how are you.

Speaker 1 (48:54):
Good morning, Jeff?

Speaker 4 (48:55):
I am good.

Speaker 3 (48:57):
You know, with the.

Speaker 4 (48:58):
Holidays right around the corner, is so easy for spending
to sneak up a few last minute flights, a couple
of extra gifts, and before you.

Speaker 5 (49:07):
Know it, you've gone way past what you planned.

Speaker 4 (49:10):
A lot of retirees tell us they want to be
generous without jeopardizing their income plan. The key is knowing
what you can safely spend and what to avoid so
the season stays joyful without creating financial stress. Our complimentary guide,
will your Money Last.

Speaker 1 (49:29):
As Long as You Do explains how those.

Speaker 4 (49:31):
Small overspending moments can add up and how to keep
your income plan strong through.

Speaker 5 (49:37):
The holidays and beyond.

Speaker 4 (49:40):
So give us a call or visit Kellyfinancial dot org
to request your free copy or schedule a complimentary appointment.

Speaker 5 (49:48):
Jeff, have a wonderful weekend.

Speaker 4 (49:50):
My best, degrades and the kiddos you too.

Speaker 6 (49:53):
All the best to you and everyone at Kelly Financial
call now eight eighty eight eight hundred eight eighteen eighty
one eight eight eight eight hundred eighteen eighty one, or
if you prefer, you can email Kelly directly Kelly K.
E Lly So Kelly kellifinancial dot org.

Speaker 3 (50:21):
Safe Money Strategies A eight eight hundred one eight eight one.

Speaker 4 (50:29):
Each week we share a story from Bill Kelly, moments
of wisdom that remind us what truly matters. In this reflection,
Bill looks back on his grandfather, a man of faith, discipline,
and quiet strength who built a life on hard work, family,
and the simple dignity of doing things the right way.

(50:51):
It's a timeless reminder that true wealth is measured in character,
not just coins.

Speaker 1 (50:57):
Here's Bill Kelly.

Speaker 12 (50:59):
O're shitting with my grandfather one day. He was very ill,
and he knew he was about ready to head out,
and he reached into his top shirt pocket and he
handed me a passbook and he said, give this to
your mother. And I didn't say anything. I put it
in my top shirt pocket, and then when I was leaving,
I gave it to my mom. I said, Grandpa, want
you to have this. It was a passbook and he

(51:20):
had saved money for years and years and years, and
that passbook was full of little lines, and every time
he got one thousand dollars saved, he would move it
to another account somewhere. So it was like his own
personal money market account. And it's kind of interesting to
see that book and how that happened, and knowing him,

(51:41):
I mean a farmer who had his suits perfectly pressed,
his ties are neat, his dress, shoes are shined perfectly,
his overcoat, camel hair beautifully hung, mothballs in the closet
keep everything from being eaten, I guess by moths. And
then when there was an event, a wedding, a first communion,

(52:02):
anything like that, two days before the event, you could
see Gramp's suit hanging outside of the closet and maybe
outside for an hour or two to get rid of
the camphor smell. Then he'd brush it off with a
camel hair brush and it would look perfect, and off
he would go to the wedding, the first communion, and
the confirmation, and that's how he lived. Now things were

(52:23):
much better for him. At one time he owned a
huge factory in Providence before the depression, I think he
had thirty six apartments coming into the depression. Insurance companies
used to finance things, building projects, not banks, and he
and his buddy McDermott woul build them. And they built
so many that they had a set of pictures that
would use to get their progress payments. They'd send them

(52:44):
out to Ohio or whoever was financing them, and they
would beat progress pictures and they'd always get the job done.

Speaker 1 (52:51):
But they basically.

Speaker 12 (52:52):
Didn't take a lot of different sets of progress pictures
that used the same set. Sometimes they flipped them over.
He said, take the negative backward. So they had a
lot a lot of apartment houses. The enameling business was
booming into the thirties, and of course the markets crashed.
My grandfather owned a large interest in a firm that
did a change counting machines that was gone. The enameling

(53:17):
was over with. DuPont had come out with a POxy
like substances to replace the enameling, which was very expensive
to do back then. It was beautiful though. The old badgers,
the car emblems, the Roberty osmobile emblems were all made
by my grandfather. So he built up quite a family.
His thirty six apartments. Basically Providence looked like a movie

(53:37):
of a prison camp. People would sit on their stoops
all day, nothing to do. The jewey industry went first.
So you've got eight children, no one could pay the
rent in your apartment houses, and what are you going
to do? Well? He started working every kind of job
he could, and now way did he end up from
being a multi millionaire in the thirties. He worked in

(53:57):
any kind of machine shop. I remember going into our
attic one day and opening up black box, and in
it were beautiful tools, all laid out with a little
thin film of oil on each one. And he did
machining into the forties, and then he had a terrible accident.
Some machines fell on him and he recovered miraculously, but
he really couldn't do the lifting. And he had enough

(54:20):
money for a down payment on a farm, which he
did with my folks. He decided to raise the chickens,
build the hen coops. He decided to help my folks
with us. My folks worked, He did the cooking, he
did the laundry, and did the chickens, cooked the meals,
and we had.

Speaker 1 (54:36):
A pretty good life.

Speaker 12 (54:37):
We never needed a babysitter, and I never needed an advocate,
because I always had one. It was my grandfather, and
he and I got to be obviously very close. I
see a lot of my grandfather and my son. He
eats meals the same way that my grandfather did, very slow,
never opens his mouth when he's eating, never puts food
in his mouth until he's through chewing what he's eating.

(55:00):
To talk. My son and I went to the baseball
hitting cages the other day. He's starting to hit off
a tee and when we were done, I was sitting
there paying and my son's over there, five years all
talking to the baseball players and they're all talking to him.
There's a thing you do with your back foot. It's
called stepping on the bug, and you have to twist
your back foot and pivot your hips and that's how
you get your stride going eventually. For now, it teaches

(55:22):
you to open up your hips at the right time.
So he's talking about stepping on the bug. And the
thing I like about going to the batting cages is
the people you meet, the things that they do, are
the baseball players. It's so American, you know, And I
know some of you don't like the fact that I
refer to that being so American and loving America and
the baseball traditions. But you know, I love that, and

(55:43):
I love those young men, and I'm glad that my
son gets along with them. I'm glad he'll be playing
baseball someday, and I'll know he'll be better than me
because he started early. Because in the spring when I
got my baseball glove right, there just weren't that many
people around to play with me. Sometimes I would hit
the ball to myself. Sometimes I would throw the ball
against the side of a shed. I'd get old tennis
balls and get myself grounders, stuff like that. So never

(56:07):
really could play the game well. I loved the game.
I used to keep score and listen to Kirk Goudy
late at night and keep score the Red Sox when
they went on their road trips, listening to them on
their radio. So it was fun. It was a great life.

Speaker 3 (56:26):
Call Kelly Financial Services eight eight eight hundred eighteen eighty one.

Speaker 5 (56:32):
I'm Kelly Kelly from Kelly Financial.

Speaker 4 (56:34):
Whether you're in your sixties, seventies, or eighties, financial advice
is important when it comes to preserving your nest egg.
We have a free investor guide called designing your Fiscal
House to Weather the elements, which highlights the steps needed
to build a balance portfolio. For the guide, call eight
eight eight eight hundred eighteen eighty one or email Kelly

(56:56):
at Kellyfinancial dot org.

Speaker 5 (56:58):
We're Kelly Financial. Come retire with us.

Speaker 3 (57:02):
Save money strategies with William Kelly and Kelly Kelly. Go
to Kelly Financial dot org.