Episode Transcript
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(00:00):
All these years you've saved up planningfor secure retirement, but if you're not
careful, it will be the irsthat's living it up when you retire by
taxing your hard earned money. Welcometo the Maggie Tax and Financial Hour with
Robert and Chris Maggie of Maggie TaxAdvisory and Financial Group. With over thirty
years of combined experience in tax savings, income planning, and investment opportunities,
(00:21):
Robert and Chris share advice and taxplanning strategies designed to protect your retirement nest
egg from Uncle Sam. Your questionsand comments are welcome during today's program by
calling eight one three three two twotwenty five twenty. That's eight one three
three two two twenty five twenty,or visit Maggie Tax dot com. That's
(00:41):
Maggi tax dot com and now yourhost for the Maggie Tax Financial Hour on
nine seventy WFLA. Robert and ChrisMaggie. Welcome everyone, and thanks for
joining us today. My name isRobert Maggie and I'm here with Chris Maggie,
and be sure to visit our website, Maggie Tax dot Com. Today
we're going to talk about some topics, but register for our seminars. It's
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a three and one. We'll talkabout that throughout today's show. And also
go to the retirement tax calculator soyou could see what your retirement tax bill
is going to be. These aretwo important spaces that you can go to
to find out information for free.And we're going to talk about our three
and one seminar today because it's goingto help a lot of people. Also
visit our website Maggie tax dot com. Be sure to watch our TV show
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every Sunday at ten thirty am.It's about education and we have a lot
of topics to talk about today,so let's get going. Chris, and
you know, I'm excited about thisbecause we put a three and one seminar
together. It's been very successful.We talk about estate planning, social security
and taxes and a lot of advisorsout there aren't doing any of that,
and I can tell you from theresults that we've had, as you know,
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it's been very well received. Wellthat's just it. So welcome everyone.
I'm Chris Maggie and thanks for tuninginto our show. And you know,
each and every week we talk abouteducation and if you're not working with
a complete plan, you're missing theboat because most advisors out there just deal
with investments, and really, youcan invest your own money. It's not
that hard, really, but mostpeople don't complete the rest of the story.
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And there's income planning, there's taxplanning, there's investment planning, there's
social security maximization planning, and thenwhat we're talking about today is a state
planning. So what's a state planningand what documents do people need in Florida.
And that's a big question because alot of people Chris bypass it.
I believe sixty percent of the Americanpeople don't even have a will. And
that's said because when you pass away, you want to make sure that your
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assets are title correctly. We talkabout this every time about beneficiary designation and
make sure it goes to who youwant. So when you go up to
heaven and you're looking down, whatis your family picture going to look like?
Is it going to look like peopleare fighting or people are just you
know, relaxed and got everything theway you want it. And that's important.
So what state planning documents do weneed in Florida. Let's talk about
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that. So a state planning orenhance planning applies to all of you.
And I'm not you know, Idon't care how old you are, but
it applies to all of you.So register today at Maggie tax dot com,
click on seminars and all the locationsand times are listed, and we
do the seminar at libraries because it'sabout education, and like Chris said,
we educate a lot of people throughoutthe week and throughout the year and throughout
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our career because it's about learning thelanguage and understanding what to do. So
a library is a great place tolearn. And another reason to attend is
what I give you all a freecopy of our first book that we wrote.
Stop funding Uncle Sam's retirement and geta plan that's simple and easy to
understand. And we call it theMaggie Plan. It's a tax plan,
it's an income plan, it's aninvestment plan, and more importantly, Chris,
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it's a legacy plan. So there'sa lot that we're offering there,
and it's very easy to attend,and it's like ninety minutes, so why
not show up? Absolutely, Sovisit our website at Maggie tax dot com.
There's so much information right there,so let's discuss what documents are required
in Florida. They are a handfulof things that need to be sorted out
before you can set things in stoneto ensure that everything goes smoothly. You
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want to avoid the probate process,and you don't want to go through probate
if you don't have to. Andmost people they just don't know what they
don't know and they just think that'sjust the process. But it doesn't have
to be that way. So asI talk about, things have to go
smoothly, but it can be alot for a single person to keep track
of and not everyone may understand theterminology that's involved. So that's why you
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need to meet with the right advisor. That's why Magita's advisory is here to
let you know what documents are neededfor a state planning and an explanation of
what they're for. So we workwith a national group of attorneys to get
all the documents that you need.Every situation is different, but the question
is what is a state planning?And here's a brief summary that once you
go into that and talk about whata state planning is sure, and again
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a lot of people don't spend alot of time on this, but you
know it's something that you have tothink about. So what is a state
planning? So a brief summary thatmake this easy. Things can happen and
that may put us in a situationwhere unable to communicate our intentions when it
comes to our assets or our ownwell being. So, whether it be
from a sub disability and inability tospeak freely or the act of passing,
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there are a number of reasons thatcould cause you to relinquish control of your
say in things that you want tohave done, not someone else. So
a state planning prepares you for theseoutcomes by setting your wishes in place should
any of these things occur. AndChris, not when someone sitting on a
hospital bed in a coma, oryou know, dementia sets in before that.
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That's what this is all about.To take the time to sit down
and do it. And you'd besurprised how many clients have we met that
sat down and said, Wow,I didn't think it was this easy,
but I'm so glad I did itnow absolutely. I mean, we just
met with a beneficiary of a daughterwho mom passed away just last week,
and you know, we met withthem two years ago. Do the estate
planning side of the whole complete planand guess what she came in. She
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had a death certificate, she wasthe benefit to share with their brother and
guess what. Things passed smoothly ascan be, and that can happen for
you as well. And a stateplanning or estate planning involves a few types
of documentation to ensure that the resultsthat you desire. Each of these papers
covers your rights in their corresponding fieldsand you can enjoy the peace of mind
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by getting it all down in writing. That's what it's about. But also
you have to make sure that thingsare notarized. Just keep in mind that
it's important to avoid common estate planningmistakes since you won't be able to fix
them after it's too late. Sosuch documents are your last will and testament.
This is often seen as one ofthe most important documents that you can
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sign. Your last will and testamentwill make sure that your assets go to
the people that you want them togo to. This can also be used
to designate specific people to be theguardian of your mind and children. Without
this document, there's no guarantee thatyour wishes will be fulfilled. After you
pass register for US seven are wedo a state planning segment on that to
help you. We have a nicemarketing piece that will give all of you
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to kind of fill in the blanks. You know, who's going to get
what, How does it work fora husband and wife, the whole thing.
So register at our website, Maggietax dot com. That's what we're
talking about today. I invite allof you. It's very simple. Go
to Maggie tax dot com, lookfor seminars and the dates are there for
August and it's free. There's nocost, there's no obligation. But the
bottom line is we have done thisand I have done many seminars in my
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career. It's about education. Soif you're coming to a seminar to get
educated, we're at the right placebecause it's at the library. Please don't
come to a seminar and it getexpect to be sold something. That's not
the way it is christ And tome today, the language and the education
is so important for everyone listening totoday's show, well that's it. So
that's why we do complete planning.We call it the Maggi Plan. It's
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a tax plan and it's an investmentplan, it's an income plan, it's
state planning. You know, it'slegacy planning, it's so security maximization planning.
And we're talking about today in thistopic here a state planning and you
know we do complete planning, sowe can help you in a lot of
different ways. Let's discuss what aliving trust is sure, and this is
one of the questions we get allthe time. So how can you make
sure that your positions are going tobe distributed how you wish? That's the
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most important thing. And you canpersonally choose someone that you know to be
the trustee to handle all of yourassets for you after you pass, to
give you greater peace of mind.It says like speak from the grave.
So you are also able to changeyour designation with to designate a trustee as
many times as you'd like, foras long as you are alive. And
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here's the question. As you puta trust together, you have a trustee,
but you can change them. Youhave full control, right, you
can buy, sell, you canstill manage the whole trust. But it's
more protection for you because you're doingit. And what's really important is that
a trust avoids probate. And alsoit's private, so God forbid you pass
away. Something happens to you peopleout there, it doesn't have to go
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through the probate process. It's notpublic data. It's private, so no
one's going to know what you haveand what your wishes are. So that's
why it's important. These are someof the documents that we're talking about when
you talk about estate planning and enhanceplanning. So pick up the phone,
schedule time to meet with us.If you don't have a will, you're
looking for questions about a trust orstate planning, we have the attorneys here
to help you. Eight three tothree magi tax. That's eight three to
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three Maggie tax. So what areother documents that are part of the estate
planning process. Another document is apower of attorney. So if you are
ever in a situation where you areunable to make important decisions yourself concerning your
property, financial matters, and otherassets, a power of attorney can make
those decisions on your behalf. Soyou would want someone that you could absolutely
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trust to handle such important matters.And this document will establish who will be
your power of attorney should you everneed one. And Chris this is the
documents that people missing that we seeall the time. That's right. So
let's talk about healthcare directives. Sosetting up your healthcare directives is almost like
having a power of attorney, butfor medical concerns. You can state what
types of treatment you do and donot want, what surgeries you approve of,
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whether or not you would like todonate your organs, and so on.
So since these concerns are something that'svery personal to you and it's your
own body, it's very important tohave such matters clearly written. So reach
out to us at Maggie Tax Advisoryand Financial Group. We can help you.
We can help and help you ina lot of different ways. We
can preserve your family harmony and protectyour legacy. That's what it's about.
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So we have a question for allof you. How often do you play
the estate game in your lifetime?How do you know how well you did?
You're never going to know until youactually get it done. So that's
why it's important to meet with us. Pick up the phone and schedule time
to meet with us eight three tothree MAGI tacks. Be sure to register
for US seminars. Go to MaggieTax dot com right now hit seminars.
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You'll see the seminars coming up inAugust and every month after that. So
it's up to you get educated.We're trying to help everyone out there.
Eight three three Magi Tax and don'tforget. Every Sunday at ten thirty,
what's your TV show on ABC,The Magi Tax and Financials. Stop planning
for Uncle Sam's retirement and start planningfor your retirement. As we return to
the Maggie Tax and Financial Hour withyour host, father and son Robert and
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Chris Maggie. For additional information onhow you can create a tax free retirement,
visit Maggie Tax dot com. That'sma Ggi tax dot com or call
eight one three three two two twentyfive twenty. That's eight one three three
two two twenty five twenty now yourhost for the Maggie Tax and Financial Hour,
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Father and son from Maggie Tax Advisoryand Financial Group, Robert and Chris
Maggie. Hello and welcome back tothe Maggie Tax and Financial Show. My
name is Robert Maggie and I'm herewith my son Chris Maggie. A couple
things real important for all of you. If you're just tuning in. Go
to our website Maggie tax dot com. On the top right there's the retirement
calculator. Click on it and fillin the information. Let's see what your
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tax bill is going to be,and in thirty seconds we could show you
what it is. Number two,there's a chat box on this so if
you're driving or you have questions,go to the chat box, fill in
the question. We will respond toyou. And more importantly, to educate
everybody out there and help when we'redoing seminars every month, So go to
the Maggie tax dot com look forupcoming seminars. The dates are there.
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Register and let's get a chance tomeet with you. Because isn't it imperative
that all of you reason out foryourself that you can have a strategy under
any circumstances. And again, Chris, most people come in and they go,
gee, guys, I don't havea lot of money. That's not
the question we're asking you. Thequestion we're asking you is how can we
help you? So my guess ismany of you do not know this information,
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and it's because you're not asking youradvisor why. Because it's the language
we talk about the language, andmany of you do not understand, so
we can help. We call itthe Maggie Plan, simple and easy to
understand. And for many of youthat have met with us, you understand
what I'm saying because we made itsimple and understand. Chris talked about some
clients that came in before we talkabout this every week. They came in
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and they were shocked, Wow,I really could do that. So many
people in our country believe that thegovernment's going to take care of them.
Look, in fact, isn't itthe majority of people many of you listening,
Sure it is. So how dowe get you to understand that it
has now become mathematically impossible that thegovernment's going to take care of you?
Christen, what's happening is they're doingthe opposite. They're making it worse for
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us. Well, that's just saying, and you can't control that. Right
where in Ayoyo economy you're on yourown and many people work hard, you
know, they go to have ajob, they put money away, they
don't know what to do with it. That's where we come in. You
know, how do you structure allthis where you can have income in the
most tax efficient way. How doyou structure this where you can have a
tax plan where you pay the leastamount of taxes possible, but do it
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legally. How do you put togetheran investment plan where you have different buckets
doing different things to combat inflation?How do you make sure that everything you
put together stays in your family anddoesn't have to go through the probate process
or has to go through taxes orjust heartache with other beneficiaries. It doesn't
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have to happen. It's called successionplanning. And how do you put this
together? So that's what we're discussinghere, And if you have questions,
now's the time to stop for aminute, take a deep breath, you
know, pick up the phone andschedule a time to meet with us.
You know, a goal without aplan is really not going to be achievable.
So what do you do. Youhave to have to schedule time to
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meet with us. You have tocome in and let's let's have a conversation
why. Because you deserve it,you put away money. Now is the
time to put together a plan.You just brought something up that just hit
me. You call it succession planning. Many people call it enhanced planning or
estate planning. But talk about successionplanning for a minute, because it applies
to everything that we're talking about,Chris, about income planning, about tax
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planning, about four oh one Krollovers. It's about succession planning. How
do you get to the next levelbecause people do not understand the language and
if you do not take action,you're simply just going to lose. And
if you do take action, youcan win. It's that easy. And
what I'm saying, it's that easy. Once you learn the game and you
learn the rules, you can makesomething happen. And we can help all
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of you arrive at this important determinationbecause you're probably worrying too much. Why
are we sharing this with you?We do this every week we do our
TV show. You know. I'vebeen speaking in person, you know,
and on the radio and on TVfor years, and I have been stunned
to discover how few people understand thisvital information because they don't take the time.
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Chris, to stop for a secondand let me put this. It's
an hour an hour and a halfof your time instead of going to the
beach or going bowling or going whatever, or drinking. Am I right around?
I mean, because if you don'tunderstand this information, it's possible that
you will not realize the damage thatyou're doing to your financial and retirement success.
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And that's pretty simple. I mean, if you take the time to
just carve out a little bit oftime to do what you need to do
to put yourself in good order,then you can have fun from there.
You know. We talked about aclient of mine that we had last the
segment. We discussed how they hadno idea how to generate the income,
and they came to us and theysaid, I got this lum sum pension.
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What do I do with it?How do I get income in the
most tax efficient way? Well,we created bucket planning. They'll never outlive
that money. Ever, they willhave guaranteed income coming in eight thousand dollars
a month for the rest of theirlife, you know what. And how
settling is that? How comforting isthat? So when I say the question
is what are you doing about it? Or if you don't understand this information
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that we're talking about, is possiblethat you will not realize that the damage
that you're doing to your financial yourfuture of financial and retirement success. You
know, and again, it doesn'tmatter if it's intentional or unintentional. And
one of the things that you knowwhat you brought up about education, about
language, about teaching our young folksand our kids how to save for retirement
because nobody's doing that. Why becausethey're not making enough money to even save.
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But there is a way to savea portion of your money if you
understand the way it works. Andhere's the worst part, man, you
are unaware of the poor choice thatyou're making because you are being informed in
ways that are beneficial to the sellersof these non beneficial products. You don't
understand what you have with mutual fundsand stocks and what the fees are and
what the risk is. And Christalk about the comparison when we do that
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with many clients because when we askthem, are you married to that stock
or do you know what you have? The answer always is, uh,
I don't know. Well, let'sjust say, how many people follow the
crowd. How many people just tryto keep up with the Joneses right their
neighbors, and they just don't knowwhat they don't know And that is the
biggest thing. So we have clientsthat come in and they say, just
like my dad mentioned, the well, I don't have a lot of money.
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But meanwhile they do they have enoughmoney so they can retire. They
have enough money where you can createa guaranteed income plan and they stay within
their income and their budget, andthey're great. They can do that.
They don't have to have millions ofdollars. You don't have to get to
a certain number like the TV tellsus or these advertisements tell us to do.
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You don't have to do. Youdon't know what you don't know.
And that's the thing. That's whywhen you come in to meet with us,
we'll tell you. You know,as a fiduciary, we got to
tell you the best thing. Wegot to do the best thing for you.
This is your money, not ours. But we can help because a
lot of things we do as acomplete planner, we can help. So
pick up the phone, schedule timeto meet with us. Every Sunday.
We have a TV show on ABCTV at ten thirty It's called The Maggie
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Tax and Financial Show. And whydo we do it Because we enjoy teaching.
We enjoy educating you. Why becauseyou need this information. When's the
last class you had on income planning, tax planning, investment planning, estate
planning, social security planning, medicareplanning. When's the last time you had
a class on that. You don'teven have a class on how to buy
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and sell a house. That's howthe educational system we have is not complete.
That's why we need to meet withyou. So pick up the phone
schedule time to meet with us.We look forward at meeting with you.
Visit our website Maggie Tax dot com. That's Maggie Tax. Stop stop planning
for Uncle Sam's retirement and start planningfor your retirement. As we return to
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the Maggie Tax and Financial Hour withyour host, father and son Robert and
Chris Maggie. For additional information onhow you can create a tax free retirement,
visit Maggie Tax dot com. That'sma gg I tax dot com.
Or call eight one three three twotwo twenty five twenty. That's eight one
three three two two twenty five twentynow your host for the Maggie Tax and
(19:33):
Financial Hour, Father and son fromMaggie Tax Advisory and Financial Group, Robert
and Chris Maggie. Welcome back tothe Megie Tax and Financial Show, and
thank you so much for tuning inand visit our website at Maggie tax dot
Com. In thirty seconds, youcan find out what your tax bill would
be in retirement. If you havean IRA four one K, you need
to understand what this number is whybecause it can't affect your retirement future income.
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Maggie Tax up a right hand cornertax bill in retirement, Click on
it and you can discover what thatwill be. But more importantly, schedule
time to meet with us. There'sso much information to talk about. If
you have questions about how do Idesign an income plan for my retirement where
it has inflation built in and multipleincome sources and guaranteed income, how do
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I go about doing that? Wecan help. What if you're looking for
an investment plan. A lot ofvolatility going on in the market. Does
it really keep you up at night? Are you losing sleep? Do you
have questions? Do you really notknow what's going on and you're afraid to
open up your statements. Well,let's get it together and have a conversation
about it, because there might besome bucket planning that we could put together
to design for safety and growth andinflation and a lot of other opportunities that
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are in the market today. Whatabout social security planning. Do you have
questions about how do I maximize itfor me and my spouse? What about
a state planning? I want toleave all this stuff to my heirs.
I just don't know how to doit. Is everything set up the right
way? We can help these thingsthat we do each and every day to
help you. So pick up thephone, schedule time to meet with us.
We look forward to get in togetherwith you. Eight three to three
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Maggie tax. So the question Iwould ask is how many of you have
a complete plan or an incomplete plan? And what Chris just mentioned are some
of the things that we see thatpeople have an incomplete plan? So what
are you doing about it? Youknow what keeps you up at night?
What's that elephant in the room?Is it about income? Is it about
taxes? Is it about your investments? We know the volatility of the market
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is there, but how are youprepared to take less risk and keep more
for yourself? And has anyone everdone a beneficiary review for you? Quick
example, We've had a client,a couple of clients this past year.
They passed away and they had beneficiarydesignations on there. They had POD and
TOD on their accounts and Chris,the money passed to their beneficiaries probate free
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and it didn't have to go throughthat process. And people make mistake about
estate planning, let's call it enhancedplanning. Do you have the list of
who you want your assets to goto and when it should go to them
and how much it should go tothem? Are you set up that way
so you know if you have anincomplete plan? Think about what Chris and
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I are talking about. If it'sabout income, it's about taxes, you
confuse about your investments. You don'tunderstand them. We see this every day.
We ask a client, bring inyour statement, We ask them do
they understand their investments? And Chris, the answer that we get all the
time is well not really, thatis just not a good answer. And
it's not because you work hard.You worked hard for the money you have,
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the assets that you have, andthe worst thing you want to do
is either I have to go backto work or be outlive your money.
And most people that come in andmeet with us, we ask them,
you know what brought you in andthe main question and the answer is I
want to make sure I don't outlivemy money, And is that going to
happen, and we have to dothe analysis to figure it out, and
sometimes we have to tell people,yeah, yes, at this place and
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with the assets that you have,you will outlive your money. And that's
where it's very, very scary.So can you retire? We can show
you we can. We can showyou the projections, we can show you
what the guarantees are going to be. We can show you that if you
have a concrete plan or a completeplan, then you'll enjoy retirement. You'll
have the inflation buckets coming in forincome in the future, you'll have the
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estate plan. So if anything happensto you a stay in your family.
That's what we call developing a planbecause if you don't have a plan,
guess what, you know what,someone who you don't know will make that
plan for you in the future becauseyou didn't set it up the right way.
So check the boxes off. Doyou have a tax plan yes or
no? Do you have an incomeplan yes or no? Do you have
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an investment plan or just laying thatmoney right in the market. Do you
have an estate plan or an enhancedplan? What about college planning for the
children? Are you aware if youhave a mutual fund. You're paying fees?
How many fees are you paying?The question is do you know what
you're fees are paying? Because ifyou're paying fees, it's eating aweight your
retirement. So without a plan,like Chris says, you have nothing.
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So everything we do, we haveto have a plan. What are you
looking for in an advisor that youwould be willing to work with. We
just mentioned a bunch of topics thatwe would talk to you about because we
see this all the time. Well, my advisor doesn't talk about tax planning.
Chris or Bobby, you know thisis and when we ask him what
were you hoping for when you camein? And the answer we get all
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the time is wow, not this. Well, you know the thing about
it is when you talk about weasked that question, is your current advisor
talking about tax planning? And mostof the time, probably ninety five percent
of the time, it's no.And the question that I have is why.
I mean, that's your biggest expense. Taxes are our biggest expense and
it's going to get worse. Sothink about this, your cruising the retirement.
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Everything's going well, and guess whatlegislative risk happens, and the tax
code changes, and guess what,less to you because now you have to
pay more to Uncle Sam, Sothat income check every month goes down.
And what about inflation that's happening rightnow on top of it. So you're
in a situation where you have tochange your lifestyle in retirement. Is that
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what you want? The answer isno. But could it happen to you?
Yes? And if you don't havethe right plan in place, like
an income plant, a tax plan, investment plan, then yes, it
could happen. And that's what youdon't want. So right now is a
time, more than ever before,to pick up the phone in schedule a
time get a second opinion. Doyou have enough confidence in your current advisor?
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Get a second opinion? Because it'sabout you. It's about your money.
It's not about me or your CPAor your current advisor. It's not
about that. It's about what youwant your money to do for you.
Do you want safe money? Wecan help. Do you want money in
the market where it's risky. Wecan design buckets like that as well.
But guess what, you have tohave a purpose with everything you do.
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Why, Because that's a plan weall hear. Yeah, you need to
have a plan in life. Weall get that. But the end of
the day is do you have aplan with your retirement? Take take control
of this and we can help eightthree three Maggie tax. So the biggest
question for all of you listening today, how can we at Maggie Tax and
Financial help you? That's the question. So when you come in, I
want to know the answer. Howcan we help you? You know what
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upsets you every night when you putyour head on that pillow and your mind
starts racing about what you're worried aboutbecause you can't control it. You know,
what are you looking to change?And this is the big question,
Chris. Change has to happen inmany cases with people out there because they
don't understand their investments, they don'tunderstand income planning. Their advice is not
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sitting down and talking to them.So what would you change? Think about
that? What would you change ifyou were educated on what you have that
maybe it's not the right investment foryou, maybe it's not the right plan
for you. When would you changeit? And like I said, what's
the elephant in the room. Andthat's just it? You know, is
your plan your presence plan going toget you where you want to go?
(27:03):
Do you know unequivocally if that theanswer is yes. If you are thinking
about it, well I'm really sureor I don't really know, then you
have to get a second opinion.You have to look at this. You
have to have someone look at thisfor you so you can have that Yeah,
absolutely, I know. Absolutely myplan is going to give me what
I want in retirement and is doingit right now. That's what you want,
(27:23):
the confidence, the clarity, thecontrol, and that's what we can
help you with. So pick upthe phone, schedule time to meet with
us. We look photo meeting withyou. We have office on both sides
of the bay to help you.A three to three Maggie tax. That's
eight three to three Maggie tax.And here's the big question. Do you
all do this planning on your own? Think about this. The left brain
(27:44):
in you is the more to thinkabout it. The right brain is the
solution side of your brain. Wehave both sides working for us, Chris,
the left and the right. Becauseyou're confused, you have to draw
a line in the sand. Ican't understand planning, you know, I
think I'm okay, but I'm not. And most people buy what they want,
not what they need. And that'sthe issue that we try to talk
(28:07):
about. What do you want?You know, what are your needs?
How much income do you want?You know? Does your advisor have a
process, Maggie, tax advisor,We have a process. We come in
and you come in and meet withus. We ask you questions, you
ask us questions. We do abalance sheet, so we know where your
assets are. We know what qualifiedmoney is non qualified money. We know
where your bank accounts are if they'retitled right. Does your advisor do all
(28:30):
this? We call it red money, green money, and on my website
you can take a look at it. But look, if you're taking too
much risk and you don't know it, folks, you know Chris does this
all the time. When are yougoing to realize that you don't have to
take all that risk, you don'thave to pay all those fees, and
you don't have to see your accountgo down because your advisor says, well,
(28:51):
everybody else is losing. No,it's not true, Chris, that's
not true. That's just it.You know, why file the crowd.
We don't have to just because youradvisor says everyone else is lost money.
But where is it written that youhave to lose thirty forty percent? Where
is it written that you have togo down that route? I'm frustrated because
you don't have to. I haveclients that come in and they're like,
well, you know, this iswhat it is. We lost three hundred
(29:14):
thousand dollars with our old advisor.Why doesn't have to be that way?
You know, maybe you're younger andyou got time on your side and you
can absorb some of these losses.But guess what, you're in retirement.
Why go down to three four,five hundred thousand dollars? Why? You
know that's up to you, butyou don't have to. You know,
where is it written that you haveto lose twenty thirty forty percent like everybody
(29:36):
else? It's not there. Youdon't have to go down that route if
you don't want to. So pickup the phone, schedule a time to
meet with us. Let's show youbucket planning. Let's put together a plan
for you. Buckets. What arebuckets? Buckets with a purpose? You
have buckets for safety, you havebuckets for inflation. You have buckets for
future guaranteed income. You have bucketsfor the volatility control. You have buckets
(29:56):
to take advantage of the opportunity inthe markets down. You have buckets to
take advantage when the market goes down. You have buckets out there to provide
buffer and strategies to protection against noloss in the market. How do you
go about doing these things because everyaccount needs to have a purpose based on
what you are looking for. Whatis it that you want? That's the
(30:17):
question. When you come in,We're going to ask you that question.
We're going to listen to you,we're going to hear you. We're going
to make this very very real foryou to try to accomplish what you are
looking for. We're going to educateyou. We're going to take our time.
We're going to build the confidence,build the clarity, and you're going
to have the control in retirement.If that's what you want, you can
pick up the phone and schedule timeto meet with us. We look forward
(30:37):
at meeting with you. Why becausethis is real. Things are changing and
you need to be on the otherside to take advantage of these opportunities as
opposed to falling victim to them.So pick up the phone. We look
forward to meeting with you eight threethree Magi tacks and don't forget every Sunday
for the mag Attacks and Financial Showon TV ABC TV at ten thirty am.
(30:59):
Visit our website Maggie Tax dot com. Schedule time to meet with us
eight three three Maggie Tax. Stopplanning for Uncle Sam's retirement and start planning
for your retirement. As we returnto the Maggie Tax and Financial Hour with
your host, father and son Robertand Chris Maggie. For additional information on
how you can create a tax freeretirement, visit Maggie tax dot com.
(31:22):
That's ma gg I tax dot comor call eight one three three two two
twenty five twenty. That's eight onethree three two two twenty five twenty now
your host for the Maggie Tax andFinancial Hour, Father and son from Maggie
Tax Advisory and Financial Group, Robertand Chris Maggie, welcome back to the
(31:44):
Mega Tax and Financial Show and methank you so much for tuning in today.
And you know, as always,we enjoy doing what we do.
I mean, it's great when wemeet with you my gosh put together plans
or so rewarding because we know theclients can retire and it's great to see
that smile on their face when theyknow that they're going to get income in
the most tax efficient way. Whata great feeling. So pick up the
phone, schedule time to meet withus. We have office on both sides
(32:06):
of the bay to help you.Eight three to three maggie tax. That's
eight three to three maggie tax.Just remember, we have a very good
staff that understands how to help allof you in any which way that we
can. So we have to havea conversation so that you can take action.
I think the key there is takeaction. So many people don't.
They only talk about it and theyprocrastinate, and again, stop making excuses.
(32:27):
That is not acceptable. And ifyou are all paying attention to what's
happening in this world, then thatshould be enough to take action before you
get deeper into trouble than you areright now. Taxes, income planning,
you name it, it's out there. The big question to all of you
is where are we going to getthe money to pay for the taxes and
inflation? What about higher income taxes? What about increasing property taxes? The
(32:50):
list goes on and on. Justremember on December twenty twenty five, and
we talk about it all the time, the Trump tax cuts, they're going
to go back to what it was. So on Anuary of twenty twenty six,
everyone's going to be paying a highertax. And how many of you
know that. We've been talking aboutthat, Chrisphy years and it's getting closer
and closer. And again, whenwe offer the retirement Calculator on our website,
(33:12):
it's because, folks, you needto see this. We get millionaire
clients coming in and looking at itand going like, I didn't think I
had to pay that much tax?Well, what did you think? It
was free money? They have amortgage to Uncle Sam. Right, absolutely.
You know. We had a clientlast week has a two point two
million dollar IRA and guess what youknow? He says, Oh my gosh,
I got two point two million.It doesn't matter what you have.
Guess what after taxes? You knowyou don't have two point two You had
(33:34):
a big account that's infected with taxWhat are you doing about it? And
he sat back and he said,well that's why I'm here? He said,
what can I do about it?So we talked about his other positions,
and we talked about his other accounts, and he had the ability to
go off set using a tax deductionstrategy where he can have guaranteed income coming
in, he can create a bigtax deduction and he can avoid the capital
(33:54):
gains tax. And he said,oh my god, no one ever showed
me this. And he said,well, why, he asked me,
Why hasn't my advisor shown me.I said, it's pretty simple. The
current advisor that you're with right now, all they want to do is just
manage your money. That's it.They're not talking about your taxes. They
don't care. They're not talking aboutthe way your accounts are going to transfer.
(34:15):
They don't care. They're not lookingfor your income best purposes, they
don't care. They just want tomanage your money. Is that you out
there listening today. If it is, then you have an incomplete plan.
You just have an investment plan.But there's so much more to that,
especially now when you're talking about taxes. We do tax planning, we do
income planning, we do investment planning. If you have a brokerage account,
(34:37):
let's analyze that. Let's see howit's incorporating with the taxes. Is your
advisor, your broker causing you topay necessary taxes? Maybe you don't see
it until tax time. But isyour CPA really showing you that as well?
So let us dissect what you got. Let's get a second opinion,
Let's show you eight three to three, mag Attas, bring your stuff in,
Let's have a conversation. Let's tellyou. Tell us what's on your
(35:00):
mind. Would we want to hearit so we can help you. Eight
three to three, Maggie. TaxAnd the big question is are you going
to wait and get hit? Youknow with that issue, it's going to
affect everyone listening today, whether itbe income or taxes or investments. You
know, I don't care who's rightor wrong. What we care about is
where are they going to get themoney from? And who will pay for
all of this? And the answeris all of us. So do you
(35:22):
have a plan? Just ask andwe can go on and on, but
that's not the point. Complaining isnot a plan, Procrastination is not a
plan, and just saying no isnot a plan. And this is what
people are doing out there, Chris, They just afraid. That's what this
whole show is about. Ask forhelp. That's how you solve these concerns.
Get some help, and remember,just ask for help. Eight three
(35:44):
to three Maggie tax. Do youknow what the answer is to all of
this is if they do not haveenough money to pay the tax, then
the answer is simple, Well,they do just print more money and that's
what's going to happen, and whichcreates stealth taxes, and that's going to
reduce the purchasing power. And guesswhat, but this is going to make
it more difficult for you to livebecause again it's going to affect the dollar.
(36:05):
So what are we doing? That'swhy it's so important to put together
a plan. I can't stress thisenough because people who have plans succeed more.
They're gonna take advantage of the opportunities. They're gonna take advantage if the
market goes down this big volatility.Would you want to be on the other
side of this? When you wantto be on the positive side, It
says, instead of saying, ohmy gosh, Ei, there's down twenty
or thirty forty percent like nine toeleven times, or the housing market times
(36:28):
or COVID times. Right, theseare things that you can avoid if you
have a plan, if you workwith an advisor that understands concepts and the
distribution phase of your life. Whatabout the taxes? My gosh, I
can't stress this enough. People aregoing to pay more in taxes. They're
going to come after the people whohave the money. If you have iras
(36:49):
in four oh one k's and TSP, if you are federal employees, guess
what they know how much money youhave. It's infected with taxes. It's
very simple. They can increase thetax rate and when they do that one
point two percentage points five percentage points, that means Uncle Sam gets paid first.
You lose your value. Don't lethappen to you. If you have
(37:10):
abilities to go ahead and put togetherplans to help you, pick up the
phone, schedule time to meet withus. We look forward to helping you
get the Maggie Plan eight three tothree Maggie Tax and one more thing,
don't forget. Go to our website, go to seminars and register for one
of our seminars that we do ona state planning and social security and tax
planning. We'll probably the only onedoing a three to one event. But
(37:31):
here's why. Because those three topicsare very important to each and every one
of you out there. In someway, shape or form. People are
concerned about social security. People don'tknow when to take social security. People
don't know how it's tax and whatthe amount is going to be taxed in
the future. And that is whyit's so important to ask for help,
because these are questions that we're gettingasked everyday. Income planning, tax planning,
(37:52):
social security, wills and trust,and how to take care of your
family. Visit our website Maggie Taxdot com, click on seminars, click
on retirement calculator. All the informationis there. Be sure to watch our
TV show every Sunday on ABC atten thirty and then following the show,
we're back on the radio again withthe Maggie Tax and Financial Show. Folks,
(38:12):
it's about education. Chris and I'vebeen doing this for a long time.
It's up to you. If youhave questions, please don't be afraid
to ask write them down. That'swhy we do this show. So throughout
the show, right out a question, well, give us a call.
We have operated standing by right now. Eight three to three Maggie Tax.
We have offices in Palm Harbor andLoots and also Saint Pete. So give
us a call ask questions. Eightthree to three Maggie Tax. Again eight
(38:34):
three to three Maggie Tax and you'relistening to the Maggie Tax and Financial Show.
You've been listening to the Maggie Taxon Financial Hour discussing tax planning investment
strategies, presented by Robert and ChrisMaggie from Maggie Tax Advisory and Financial Services
with offices in Hillsboro and Panela's County. Visit Maggie Tax dot com or call
eight one three three two two twentyfive twenty. That's eight one three three
(39:00):
two two twenty five twenty and tunein next Saturday at five for the Maggie
Tax and Financial Hour
All these years you've saved up planningfor secure retirement, but if you're not
careful, it will be the irsthat's living it up when you retire by
taxing your hard earned money. Welcometo the Maggie Tax and Financial Hour with
Robert and Chris Maggie of Maggie TaxAdvisory and Financial Group. With over thirty
years of combined experience in tax savings, income planning, and investment opportunities,
(00:21):
Robert and Chris share advice and taxplanning strategies designed to protect your retirement nest
egg from Uncle Sam. Your questionsand comments are welcome during today's program by
calling eight one three three two twotwenty five twenty. That's eight one three
three two two twenty five twenty,or visit Maggie Tax dot com. That's
(00:41):
Maggi tax dot com and now yourhost for the Maggie Tax Financial Hour on
nine seventy WFLA. Robert and ChrisMaggie. Welcome everyone, and thanks for
joining us today. My name isRobert Maggie and I'm here with Chris Maggie,
and be sure to visit our website, Maggie Tax dot Com. Today
we're going to talk about some topics, but register for our seminars. It's
(01:06):
a three and one. We'll talkabout that throughout today's show. And also
go to the retirement tax calculator soyou could see what your retirement tax bill
is going to be. These aretwo important spaces that you can go to
to find out information for free.And we're going to talk about our three
and one seminar today because it's goingto help a lot of people. Also
visit our website Maggie tax dot com. Be sure to watch our TV show
(01:27):
every Sunday at ten thirty am.It's about education and we have a lot
of topics to talk about today,so let's get going. Chris, and
you know, I'm excited about thisbecause we put a three and one seminar
together. It's been very successful.We talk about estate planning, social security
and taxes and a lot of advisorsout there aren't doing any of that,
and I can tell you from theresults that we've had, as you know,
(01:49):
it's been very well received. Wellthat's just it. So welcome everyone.
I'm Chris Maggie and thanks for tuninginto our show. And you know,
each and every week we talk abouteducation and if you're not working with
a complete plan, you're missing theboat because most advisors out there just deal
with investments, and really, youcan invest your own money. It's not
that hard, really, but mostpeople don't complete the rest of the story.
(02:13):
And there's income planning, there's taxplanning, there's investment planning, there's
social security maximization planning, and thenwhat we're talking about today is a state
planning. So what's a state planningand what documents do people need in Florida.
And that's a big question because alot of people Chris bypass it.
I believe sixty percent of the Americanpeople don't even have a will. And
that's said because when you pass away, you want to make sure that your
(02:36):
assets are title correctly. We talkabout this every time about beneficiary designation and
make sure it goes to who youwant. So when you go up to
heaven and you're looking down, whatis your family picture going to look like?
Is it going to look like peopleare fighting or people are just you
know, relaxed and got everything theway you want it. And that's important.
So what state planning documents do weneed in Florida. Let's talk about
(02:57):
that. So a state planning orenhance planning applies to all of you.
And I'm not you know, Idon't care how old you are, but
it applies to all of you.So register today at Maggie tax dot com,
click on seminars and all the locationsand times are listed, and we
do the seminar at libraries because it'sabout education, and like Chris said,
we educate a lot of people throughoutthe week and throughout the year and throughout
(03:21):
our career because it's about learning thelanguage and understanding what to do. So
a library is a great place tolearn. And another reason to attend is
what I give you all a freecopy of our first book that we wrote.
Stop funding Uncle Sam's retirement and geta plan that's simple and easy to
understand. And we call it theMaggie Plan. It's a tax plan,
it's an income plan, it's aninvestment plan, and more importantly, Chris,
(03:44):
it's a legacy plan. So there'sa lot that we're offering there,
and it's very easy to attend,and it's like ninety minutes, so why
not show up? Absolutely, Sovisit our website at Maggie tax dot com.
There's so much information right there,so let's discuss what documents are required
in Florida. They are a handfulof things that need to be sorted out
before you can set things in stoneto ensure that everything goes smoothly. You
(04:05):
want to avoid the probate process,and you don't want to go through probate
if you don't have to. Andmost people they just don't know what they
don't know and they just think that'sjust the process. But it doesn't have
to be that way. So asI talk about, things have to go
smoothly, but it can be alot for a single person to keep track
of and not everyone may understand theterminology that's involved. So that's why you
(04:27):
need to meet with the right advisor. That's why Magita's advisory is here to
let you know what documents are neededfor a state planning and an explanation of
what they're for. So we workwith a national group of attorneys to get
all the documents that you need.Every situation is different, but the question
is what is a state planning?And here's a brief summary that once you
go into that and talk about whata state planning is sure, and again
(04:49):
a lot of people don't spend alot of time on this, but you
know it's something that you have tothink about. So what is a state
planning? So a brief summary thatmake this easy. Things can happen and
that may put us in a situationwhere unable to communicate our intentions when it
comes to our assets or our ownwell being. So, whether it be
from a sub disability and inability tospeak freely or the act of passing,
(05:13):
there are a number of reasons thatcould cause you to relinquish control of your
say in things that you want tohave done, not someone else. So
a state planning prepares you for theseoutcomes by setting your wishes in place should
any of these things occur. AndChris, not when someone sitting on a
hospital bed in a coma, oryou know, dementia sets in before that.
(05:34):
That's what this is all about.To take the time to sit down
and do it. And you'd besurprised how many clients have we met that
sat down and said, Wow,I didn't think it was this easy,
but I'm so glad I did itnow absolutely. I mean, we just
met with a beneficiary of a daughterwho mom passed away just last week,
and you know, we met withthem two years ago. Do the estate
planning side of the whole complete planand guess what she came in. She
(05:57):
had a death certificate, she wasthe benefit to share with their brother and
guess what. Things passed smoothly ascan be, and that can happen for
you as well. And a stateplanning or estate planning involves a few types
of documentation to ensure that the resultsthat you desire. Each of these papers
covers your rights in their corresponding fieldsand you can enjoy the peace of mind
(06:18):
by getting it all down in writing. That's what it's about. But also
you have to make sure that thingsare notarized. Just keep in mind that
it's important to avoid common estate planningmistakes since you won't be able to fix
them after it's too late. Sosuch documents are your last will and testament.
This is often seen as one ofthe most important documents that you can
(06:38):
sign. Your last will and testamentwill make sure that your assets go to
the people that you want them togo to. This can also be used
to designate specific people to be theguardian of your mind and children. Without
this document, there's no guarantee thatyour wishes will be fulfilled. After you
pass register for US seven are wedo a state planning segment on that to
help you. We have a nicemarketing piece that will give all of you
(06:59):
to kind of fill in the blanks. You know, who's going to get
what, How does it work fora husband and wife, the whole thing.
So register at our website, Maggietax dot com. That's what we're
talking about today. I invite allof you. It's very simple. Go
to Maggie tax dot com, lookfor seminars and the dates are there for
August and it's free. There's nocost, there's no obligation. But the
bottom line is we have done thisand I have done many seminars in my
(07:21):
career. It's about education. Soif you're coming to a seminar to get
educated, we're at the right placebecause it's at the library. Please don't
come to a seminar and it getexpect to be sold something. That's not
the way it is christ And tome today, the language and the education
is so important for everyone listening totoday's show, well that's it. So
that's why we do complete planning.We call it the Maggi Plan. It's
(07:43):
a tax plan and it's an investmentplan, it's an income plan, it's
state planning. You know, it'slegacy planning, it's so security maximization planning.
And we're talking about today in thistopic here a state planning and you
know we do complete planning, sowe can help you in a lot of
different ways. Let's discuss what aliving trust is sure, and this is
one of the questions we get allthe time. So how can you make
sure that your positions are going tobe distributed how you wish? That's the
(08:07):
most important thing. And you canpersonally choose someone that you know to be
the trustee to handle all of yourassets for you after you pass, to
give you greater peace of mind.It says like speak from the grave.
So you are also able to changeyour designation with to designate a trustee as
many times as you'd like, foras long as you are alive. And
(08:28):
here's the question. As you puta trust together, you have a trustee,
but you can change them. Youhave full control, right, you
can buy, sell, you canstill manage the whole trust. But it's
more protection for you because you're doingit. And what's really important is that
a trust avoids probate. And alsoit's private, so God forbid you pass
away. Something happens to you peopleout there, it doesn't have to go
(08:50):
through the probate process. It's notpublic data. It's private, so no
one's going to know what you haveand what your wishes are. So that's
why it's important. These are someof the documents that we're talking about when
you talk about estate planning and enhanceplanning. So pick up the phone,
schedule time to meet with us.If you don't have a will, you're
looking for questions about a trust orstate planning, we have the attorneys here
to help you. Eight three tothree magi tax. That's eight three to
(09:13):
three Maggie tax. So what areother documents that are part of the estate
planning process. Another document is apower of attorney. So if you are
ever in a situation where you areunable to make important decisions yourself concerning your
property, financial matters, and otherassets, a power of attorney can make
those decisions on your behalf. Soyou would want someone that you could absolutely
(09:35):
trust to handle such important matters.And this document will establish who will be
your power of attorney should you everneed one. And Chris this is the
documents that people missing that we seeall the time. That's right. So
let's talk about healthcare directives. Sosetting up your healthcare directives is almost like
having a power of attorney, butfor medical concerns. You can state what
types of treatment you do and donot want, what surgeries you approve of,
(09:58):
whether or not you would like todonate your organs, and so on.
So since these concerns are something that'svery personal to you and it's your
own body, it's very important tohave such matters clearly written. So reach
out to us at Maggie Tax Advisoryand Financial Group. We can help you.
We can help and help you ina lot of different ways. We
can preserve your family harmony and protectyour legacy. That's what it's about.
(10:20):
So we have a question for allof you. How often do you play
the estate game in your lifetime?How do you know how well you did?
You're never going to know until youactually get it done. So that's
why it's important to meet with us. Pick up the phone and schedule time
to meet with us eight three tothree MAGI tacks. Be sure to register
for US seminars. Go to MaggieTax dot com right now hit seminars.
(10:43):
You'll see the seminars coming up inAugust and every month after that. So
it's up to you get educated.We're trying to help everyone out there.
Eight three three Magi Tax and don'tforget. Every Sunday at ten thirty,
what's your TV show on ABC,The Magi Tax and Financials. Stop planning
for Uncle Sam's retirement and start planningfor your retirement. As we return to
the Maggie Tax and Financial Hour withyour host, father and son Robert and
(11:07):
Chris Maggie. For additional information onhow you can create a tax free retirement,
visit Maggie Tax dot com. That'sma Ggi tax dot com or call
eight one three three two two twentyfive twenty. That's eight one three three
two two twenty five twenty now yourhost for the Maggie Tax and Financial Hour,
(11:28):
Father and son from Maggie Tax Advisoryand Financial Group, Robert and Chris
Maggie. Hello and welcome back tothe Maggie Tax and Financial Show. My
name is Robert Maggie and I'm herewith my son Chris Maggie. A couple
things real important for all of you. If you're just tuning in. Go
to our website Maggie tax dot com. On the top right there's the retirement
calculator. Click on it and fillin the information. Let's see what your
(11:50):
tax bill is going to be,and in thirty seconds we could show you
what it is. Number two,there's a chat box on this so if
you're driving or you have questions,go to the chat box, fill in
the question. We will respond toyou. And more importantly, to educate
everybody out there and help when we'redoing seminars every month, So go to
the Maggie tax dot com look forupcoming seminars. The dates are there.
(12:11):
Register and let's get a chance tomeet with you. Because isn't it imperative
that all of you reason out foryourself that you can have a strategy under
any circumstances. And again, Chris, most people come in and they go,
gee, guys, I don't havea lot of money. That's not
the question we're asking you. Thequestion we're asking you is how can we
help you? So my guess ismany of you do not know this information,
(12:33):
and it's because you're not asking youradvisor why. Because it's the language
we talk about the language, andmany of you do not understand, so
we can help. We call itthe Maggie Plan, simple and easy to
understand. And for many of youthat have met with us, you understand
what I'm saying because we made itsimple and understand. Chris talked about some
clients that came in before we talkabout this every week. They came in
(12:56):
and they were shocked, Wow,I really could do that. So many
people in our country believe that thegovernment's going to take care of them.
Look, in fact, isn't itthe majority of people many of you listening,
Sure it is. So how dowe get you to understand that it
has now become mathematically impossible that thegovernment's going to take care of you?
Christen, what's happening is they're doingthe opposite. They're making it worse for
(13:16):
us. Well, that's just saying, and you can't control that. Right
where in Ayoyo economy you're on yourown and many people work hard, you
know, they go to have ajob, they put money away, they
don't know what to do with it. That's where we come in. You
know, how do you structure allthis where you can have income in the
most tax efficient way. How doyou structure this where you can have a
tax plan where you pay the leastamount of taxes possible, but do it
(13:37):
legally. How do you put togetheran investment plan where you have different buckets
doing different things to combat inflation?How do you make sure that everything you
put together stays in your family anddoesn't have to go through the probate process
or has to go through taxes orjust heartache with other beneficiaries. It doesn't
(13:58):
have to happen. It's called successionplanning. And how do you put this
together? So that's what we're discussinghere, And if you have questions,
now's the time to stop for aminute, take a deep breath, you
know, pick up the phone andschedule a time to meet with us.
You know, a goal without aplan is really not going to be achievable.
So what do you do. Youhave to have to schedule time to
(14:18):
meet with us. You have tocome in and let's let's have a conversation
why. Because you deserve it,you put away money. Now is the
time to put together a plan.You just brought something up that just hit
me. You call it succession planning. Many people call it enhanced planning or
estate planning. But talk about successionplanning for a minute, because it applies
to everything that we're talking about,Chris, about income planning, about tax
(14:41):
planning, about four oh one Krollovers. It's about succession planning. How
do you get to the next levelbecause people do not understand the language and
if you do not take action,you're simply just going to lose. And
if you do take action, youcan win. It's that easy. And
what I'm saying, it's that easy. Once you learn the game and you
learn the rules, you can makesomething happen. And we can help all
(15:03):
of you arrive at this important determinationbecause you're probably worrying too much. Why
are we sharing this with you?We do this every week we do our
TV show. You know. I'vebeen speaking in person, you know,
and on the radio and on TVfor years, and I have been stunned
to discover how few people understand thisvital information because they don't take the time.
(15:24):
Chris, to stop for a secondand let me put this. It's
an hour an hour and a halfof your time instead of going to the
beach or going bowling or going whatever, or drinking. Am I right around?
I mean, because if you don'tunderstand this information, it's possible that
you will not realize the damage thatyou're doing to your financial and retirement success.
(15:45):
And that's pretty simple. I mean, if you take the time to
just carve out a little bit oftime to do what you need to do
to put yourself in good order,then you can have fun from there.
You know. We talked about aclient of mine that we had last the
segment. We discussed how they hadno idea how to generate the income,
and they came to us and theysaid, I got this lum sum pension.
(16:06):
What do I do with it?How do I get income in the
most tax efficient way? Well,we created bucket planning. They'll never outlive
that money. Ever, they willhave guaranteed income coming in eight thousand dollars
a month for the rest of theirlife, you know what. And how
settling is that? How comforting isthat? So when I say the question
is what are you doing about it? Or if you don't understand this information
(16:30):
that we're talking about, is possiblethat you will not realize that the damage
that you're doing to your financial yourfuture of financial and retirement success. You
know, and again, it doesn'tmatter if it's intentional or unintentional. And
one of the things that you knowwhat you brought up about education, about
language, about teaching our young folksand our kids how to save for retirement
because nobody's doing that. Why becausethey're not making enough money to even save.
(16:52):
But there is a way to savea portion of your money if you
understand the way it works. Andhere's the worst part, man, you
are unaware of the poor choice thatyou're making because you are being informed in
ways that are beneficial to the sellersof these non beneficial products. You don't
understand what you have with mutual fundsand stocks and what the fees are and
what the risk is. And Christalk about the comparison when we do that
(17:15):
with many clients because when we askthem, are you married to that stock
or do you know what you have? The answer always is, uh,
I don't know. Well, let'sjust say, how many people follow the
crowd. How many people just tryto keep up with the Joneses right their
neighbors, and they just don't knowwhat they don't know And that is the
biggest thing. So we have clientsthat come in and they say, just
like my dad mentioned, the well, I don't have a lot of money.
(17:37):
But meanwhile they do they have enoughmoney so they can retire. They
have enough money where you can createa guaranteed income plan and they stay within
their income and their budget, andthey're great. They can do that.
They don't have to have millions ofdollars. You don't have to get to
a certain number like the TV tellsus or these advertisements tell us to do.
(17:59):
You don't have to do. Youdon't know what you don't know.
And that's the thing. That's whywhen you come in to meet with us,
we'll tell you. You know,as a fiduciary, we got to
tell you the best thing. Wegot to do the best thing for you.
This is your money, not ours. But we can help because a
lot of things we do as acomplete planner, we can help. So
pick up the phone, schedule timeto meet with us. Every Sunday.
We have a TV show on ABCTV at ten thirty It's called The Maggie
(18:22):
Tax and Financial Show. And whydo we do it Because we enjoy teaching.
We enjoy educating you. Why becauseyou need this information. When's the
last class you had on income planning, tax planning, investment planning, estate
planning, social security planning, medicareplanning. When's the last time you had
a class on that. You don'teven have a class on how to buy
(18:45):
and sell a house. That's howthe educational system we have is not complete.
That's why we need to meet withyou. So pick up the phone
schedule time to meet with us.We look forward at meeting with you.
Visit our website Maggie Tax dot com. That's Maggie Tax. Stop stop planning
for Uncle Sam's retirement and start planningfor your retirement. As we return to
(19:07):
the Maggie Tax and Financial Hour withyour host, father and son Robert and
Chris Maggie. For additional information onhow you can create a tax free retirement,
visit Maggie Tax dot com. That'sma gg I tax dot com.
Or call eight one three three twotwo twenty five twenty. That's eight one
three three two two twenty five twentynow your host for the Maggie Tax and
(19:33):
Financial Hour, Father and son fromMaggie Tax Advisory and Financial Group, Robert
and Chris Maggie. Welcome back tothe Megie Tax and Financial Show, and
thank you so much for tuning inand visit our website at Maggie tax dot
Com. In thirty seconds, youcan find out what your tax bill would
be in retirement. If you havean IRA four one K, you need
to understand what this number is whybecause it can't affect your retirement future income.
(19:59):
Maggie Tax up a right hand cornertax bill in retirement, Click on
it and you can discover what thatwill be. But more importantly, schedule
time to meet with us. There'sso much information to talk about. If
you have questions about how do Idesign an income plan for my retirement where
it has inflation built in and multipleincome sources and guaranteed income, how do
(20:21):
I go about doing that? Wecan help. What if you're looking for
an investment plan. A lot ofvolatility going on in the market. Does
it really keep you up at night? Are you losing sleep? Do you
have questions? Do you really notknow what's going on and you're afraid to
open up your statements. Well,let's get it together and have a conversation
about it, because there might besome bucket planning that we could put together
to design for safety and growth andinflation and a lot of other opportunities that
(20:47):
are in the market today. Whatabout social security planning. Do you have
questions about how do I maximize itfor me and my spouse? What about
a state planning? I want toleave all this stuff to my heirs.
I just don't know how to doit. Is everything set up the right
way? We can help these thingsthat we do each and every day to
help you. So pick up thephone, schedule time to meet with us.
We look forward to get in togetherwith you. Eight three to three
(21:08):
Maggie tax. So the question Iwould ask is how many of you have
a complete plan or an incomplete plan? And what Chris just mentioned are some
of the things that we see thatpeople have an incomplete plan? So what
are you doing about it? Youknow what keeps you up at night?
What's that elephant in the room?Is it about income? Is it about
taxes? Is it about your investments? We know the volatility of the market
(21:32):
is there, but how are youprepared to take less risk and keep more
for yourself? And has anyone everdone a beneficiary review for you? Quick
example, We've had a client,a couple of clients this past year.
They passed away and they had beneficiarydesignations on there. They had POD and
TOD on their accounts and Chris,the money passed to their beneficiaries probate free
(21:55):
and it didn't have to go throughthat process. And people make mistake about
estate planning, let's call it enhancedplanning. Do you have the list of
who you want your assets to goto and when it should go to them
and how much it should go tothem? Are you set up that way
so you know if you have anincomplete plan? Think about what Chris and
(22:17):
I are talking about. If it'sabout income, it's about taxes, you
confuse about your investments. You don'tunderstand them. We see this every day.
We ask a client, bring inyour statement, We ask them do
they understand their investments? And Chris, the answer that we get all the
time is well not really, thatis just not a good answer. And
it's not because you work hard.You worked hard for the money you have,
(22:38):
the assets that you have, andthe worst thing you want to do
is either I have to go backto work or be outlive your money.
And most people that come in andmeet with us, we ask them,
you know what brought you in andthe main question and the answer is I
want to make sure I don't outlivemy money, And is that going to
happen, and we have to dothe analysis to figure it out, and
sometimes we have to tell people,yeah, yes, at this place and
(23:02):
with the assets that you have,you will outlive your money. And that's
where it's very, very scary.So can you retire? We can show
you we can. We can showyou the projections, we can show you
what the guarantees are going to be. We can show you that if you
have a concrete plan or a completeplan, then you'll enjoy retirement. You'll
have the inflation buckets coming in forincome in the future, you'll have the
(23:23):
estate plan. So if anything happensto you a stay in your family.
That's what we call developing a planbecause if you don't have a plan,
guess what, you know what,someone who you don't know will make that
plan for you in the future becauseyou didn't set it up the right way.
So check the boxes off. Doyou have a tax plan yes or
no? Do you have an incomeplan yes or no? Do you have
(23:45):
an investment plan or just laying thatmoney right in the market. Do you
have an estate plan or an enhancedplan? What about college planning for the
children? Are you aware if youhave a mutual fund. You're paying fees?
How many fees are you paying?The question is do you know what
you're fees are paying? Because ifyou're paying fees, it's eating aweight your
retirement. So without a plan,like Chris says, you have nothing.
(24:07):
So everything we do, we haveto have a plan. What are you
looking for in an advisor that youwould be willing to work with. We
just mentioned a bunch of topics thatwe would talk to you about because we
see this all the time. Well, my advisor doesn't talk about tax planning.
Chris or Bobby, you know thisis and when we ask him what
were you hoping for when you camein? And the answer we get all
(24:29):
the time is wow, not this. Well, you know the thing about
it is when you talk about weasked that question, is your current advisor
talking about tax planning? And mostof the time, probably ninety five percent
of the time, it's no.And the question that I have is why.
I mean, that's your biggest expense. Taxes are our biggest expense and
it's going to get worse. Sothink about this, your cruising the retirement.
(24:49):
Everything's going well, and guess whatlegislative risk happens, and the tax
code changes, and guess what,less to you because now you have to
pay more to Uncle Sam, Sothat income check every month goes down.
And what about inflation that's happening rightnow on top of it. So you're
in a situation where you have tochange your lifestyle in retirement. Is that
(25:11):
what you want? The answer isno. But could it happen to you?
Yes? And if you don't havethe right plan in place, like
an income plant, a tax plan, investment plan, then yes, it
could happen. And that's what youdon't want. So right now is a
time, more than ever before,to pick up the phone in schedule a
time get a second opinion. Doyou have enough confidence in your current advisor?
(25:33):
Get a second opinion? Because it'sabout you. It's about your money.
It's not about me or your CPAor your current advisor. It's not
about that. It's about what youwant your money to do for you.
Do you want safe money? Wecan help. Do you want money in
the market where it's risky. Wecan design buckets like that as well.
But guess what, you have tohave a purpose with everything you do.
(25:56):
Why, Because that's a plan weall hear. Yeah, you need to
have a plan in life. Weall get that. But the end of
the day is do you have aplan with your retirement? Take take control
of this and we can help eightthree three Maggie tax. So the biggest
question for all of you listening today, how can we at Maggie Tax and
Financial help you? That's the question. So when you come in, I
want to know the answer. Howcan we help you? You know what
(26:18):
upsets you every night when you putyour head on that pillow and your mind
starts racing about what you're worried aboutbecause you can't control it. You know,
what are you looking to change?And this is the big question,
Chris. Change has to happen inmany cases with people out there because they
don't understand their investments, they don'tunderstand income planning. Their advice is not
(26:40):
sitting down and talking to them.So what would you change? Think about
that? What would you change ifyou were educated on what you have that
maybe it's not the right investment foryou, maybe it's not the right plan
for you. When would you changeit? And like I said, what's
the elephant in the room. Andthat's just it? You know, is
your plan your presence plan going toget you where you want to go?
(27:03):
Do you know unequivocally if that theanswer is yes. If you are thinking
about it, well I'm really sureor I don't really know, then you
have to get a second opinion.You have to look at this. You
have to have someone look at thisfor you so you can have that Yeah,
absolutely, I know. Absolutely myplan is going to give me what
I want in retirement and is doingit right now. That's what you want,
(27:23):
the confidence, the clarity, thecontrol, and that's what we can
help you with. So pick upthe phone, schedule time to meet with
us. We look photo meeting withyou. We have office on both sides
of the bay to help you.A three to three Maggie tax. That's
eight three to three Maggie tax.And here's the big question. Do you
all do this planning on your own? Think about this. The left brain
(27:44):
in you is the more to thinkabout it. The right brain is the
solution side of your brain. Wehave both sides working for us, Chris,
the left and the right. Becauseyou're confused, you have to draw
a line in the sand. Ican't understand planning, you know, I
think I'm okay, but I'm not. And most people buy what they want,
not what they need. And that'sthe issue that we try to talk
(28:07):
about. What do you want?You know, what are your needs?
How much income do you want?You know? Does your advisor have a
process, Maggie, tax advisor,We have a process. We come in
and you come in and meet withus. We ask you questions, you
ask us questions. We do abalance sheet, so we know where your
assets are. We know what qualifiedmoney is non qualified money. We know
where your bank accounts are if they'retitled right. Does your advisor do all
(28:30):
this? We call it red money, green money, and on my website
you can take a look at it. But look, if you're taking too
much risk and you don't know it, folks, you know Chris does this
all the time. When are yougoing to realize that you don't have to
take all that risk, you don'thave to pay all those fees, and
you don't have to see your accountgo down because your advisor says, well,
(28:51):
everybody else is losing. No,it's not true, Chris, that's
not true. That's just it.You know, why file the crowd.
We don't have to just because youradvisor says everyone else is lost money.
But where is it written that youhave to lose thirty forty percent? Where
is it written that you have togo down that route? I'm frustrated because
you don't have to. I haveclients that come in and they're like,
well, you know, this iswhat it is. We lost three hundred
(29:14):
thousand dollars with our old advisor.Why doesn't have to be that way?
You know, maybe you're younger andyou got time on your side and you
can absorb some of these losses.But guess what, you're in retirement.
Why go down to three four,five hundred thousand dollars? Why? You
know that's up to you, butyou don't have to. You know,
where is it written that you haveto lose twenty thirty forty percent like everybody
(29:36):
else? It's not there. Youdon't have to go down that route if
you don't want to. So pickup the phone, schedule a time to
meet with us. Let's show youbucket planning. Let's put together a plan
for you. Buckets. What arebuckets? Buckets with a purpose? You
have buckets for safety, you havebuckets for inflation. You have buckets for
future guaranteed income. You have bucketsfor the volatility control. You have buckets
(29:56):
to take advantage of the opportunity inthe markets down. You have buckets to
take advantage when the market goes down. You have buckets out there to provide
buffer and strategies to protection against noloss in the market. How do you
go about doing these things because everyaccount needs to have a purpose based on
what you are looking for. Whatis it that you want? That's the
(30:17):
question. When you come in,We're going to ask you that question.
We're going to listen to you,we're going to hear you. We're going
to make this very very real foryou to try to accomplish what you are
looking for. We're going to educateyou. We're going to take our time.
We're going to build the confidence,build the clarity, and you're going
to have the control in retirement.If that's what you want, you can
pick up the phone and schedule timeto meet with us. We look forward
(30:37):
at meeting with you. Why becausethis is real. Things are changing and
you need to be on the otherside to take advantage of these opportunities as
opposed to falling victim to them.So pick up the phone. We look
forward to meeting with you eight threethree Magi tacks and don't forget every Sunday
for the mag Attacks and Financial Showon TV ABC TV at ten thirty am.
(30:59):
Visit our website Maggie Tax dot com. Schedule time to meet with us
eight three three Maggie Tax. Stopplanning for Uncle Sam's retirement and start planning
for your retirement. As we returnto the Maggie Tax and Financial Hour with
your host, father and son Robertand Chris Maggie. For additional information on
how you can create a tax freeretirement, visit Maggie tax dot com.
(31:22):
That's ma gg I tax dot comor call eight one three three two two
twenty five twenty. That's eight onethree three two two twenty five twenty now
your host for the Maggie Tax andFinancial Hour, Father and son from Maggie
Tax Advisory and Financial Group, Robertand Chris Maggie, welcome back to the
(31:44):
Mega Tax and Financial Show and methank you so much for tuning in today.
And you know, as always,we enjoy doing what we do.
I mean, it's great when wemeet with you my gosh put together plans
or so rewarding because we know theclients can retire and it's great to see
that smile on their face when theyknow that they're going to get income in
the most tax efficient way. Whata great feeling. So pick up the
phone, schedule time to meet withus. We have office on both sides
(32:06):
of the bay to help you.Eight three to three maggie tax. That's
eight three to three maggie tax.Just remember, we have a very good
staff that understands how to help allof you in any which way that we
can. So we have to havea conversation so that you can take action.
I think the key there is takeaction. So many people don't.
They only talk about it and theyprocrastinate, and again, stop making excuses.
(32:27):
That is not acceptable. And ifyou are all paying attention to what's
happening in this world, then thatshould be enough to take action before you
get deeper into trouble than you areright now. Taxes, income planning,
you name it, it's out there. The big question to all of you
is where are we going to getthe money to pay for the taxes and
inflation? What about higher income taxes? What about increasing property taxes? The
(32:50):
list goes on and on. Justremember on December twenty twenty five, and
we talk about it all the time, the Trump tax cuts, they're going
to go back to what it was. So on Anuary of twenty twenty six,
everyone's going to be paying a highertax. And how many of you
know that. We've been talking aboutthat, Chrisphy years and it's getting closer
and closer. And again, whenwe offer the retirement Calculator on our website,
(33:12):
it's because, folks, you needto see this. We get millionaire
clients coming in and looking at itand going like, I didn't think I
had to pay that much tax?Well, what did you think? It
was free money? They have amortgage to Uncle Sam. Right, absolutely.
You know. We had a clientlast week has a two point two
million dollar IRA and guess what youknow? He says, Oh my gosh,
I got two point two million.It doesn't matter what you have.
Guess what after taxes? You knowyou don't have two point two You had
(33:34):
a big account that's infected with taxWhat are you doing about it? And
he sat back and he said,well that's why I'm here? He said,
what can I do about it?So we talked about his other positions,
and we talked about his other accounts, and he had the ability to
go off set using a tax deductionstrategy where he can have guaranteed income coming
in, he can create a bigtax deduction and he can avoid the capital
(33:54):
gains tax. And he said,oh my god, no one ever showed
me this. And he said,well, why, he asked me,
Why hasn't my advisor shown me.I said, it's pretty simple. The
current advisor that you're with right now, all they want to do is just
manage your money. That's it.They're not talking about your taxes. They
don't care. They're not talking aboutthe way your accounts are going to transfer.
(34:15):
They don't care. They're not lookingfor your income best purposes, they
don't care. They just want tomanage your money. Is that you out
there listening today. If it is, then you have an incomplete plan.
You just have an investment plan.But there's so much more to that,
especially now when you're talking about taxes. We do tax planning, we do
income planning, we do investment planning. If you have a brokerage account,
(34:37):
let's analyze that. Let's see howit's incorporating with the taxes. Is your
advisor, your broker causing you topay necessary taxes? Maybe you don't see
it until tax time. But isyour CPA really showing you that as well?
So let us dissect what you got. Let's get a second opinion,
Let's show you eight three to three, mag Attas, bring your stuff in,
Let's have a conversation. Let's tellyou. Tell us what's on your
(35:00):
mind. Would we want to hearit so we can help you. Eight
three to three, Maggie. TaxAnd the big question is are you going
to wait and get hit? Youknow with that issue, it's going to
affect everyone listening today, whether itbe income or taxes or investments. You
know, I don't care who's rightor wrong. What we care about is
where are they going to get themoney from? And who will pay for
all of this? And the answeris all of us. So do you
(35:22):
have a plan? Just ask andwe can go on and on, but
that's not the point. Complaining isnot a plan, Procrastination is not a
plan, and just saying no isnot a plan. And this is what
people are doing out there, Chris, They just afraid. That's what this
whole show is about. Ask forhelp. That's how you solve these concerns.
Get some help, and remember,just ask for help. Eight three
(35:44):
to three Maggie tax. Do youknow what the answer is to all of
this is if they do not haveenough money to pay the tax, then
the answer is simple, Well,they do just print more money and that's
what's going to happen, and whichcreates stealth taxes, and that's going to
reduce the purchasing power. And guesswhat, but this is going to make
it more difficult for you to livebecause again it's going to affect the dollar.
(36:05):
So what are we doing? That'swhy it's so important to put together
a plan. I can't stress thisenough because people who have plans succeed more.
They're gonna take advantage of the opportunities. They're gonna take advantage if the
market goes down this big volatility.Would you want to be on the other
side of this? When you wantto be on the positive side, It
says, instead of saying, ohmy gosh, Ei, there's down twenty
or thirty forty percent like nine toeleven times, or the housing market times
(36:28):
or COVID times. Right, theseare things that you can avoid if you
have a plan, if you workwith an advisor that understands concepts and the
distribution phase of your life. Whatabout the taxes? My gosh, I
can't stress this enough. People aregoing to pay more in taxes. They're
going to come after the people whohave the money. If you have iras
(36:49):
in four oh one k's and TSP, if you are federal employees, guess
what they know how much money youhave. It's infected with taxes. It's
very simple. They can increase thetax rate and when they do that one
point two percentage points five percentage points, that means Uncle Sam gets paid first.
You lose your value. Don't lethappen to you. If you have
(37:10):
abilities to go ahead and put togetherplans to help you, pick up the
phone, schedule time to meet withus. We look forward to helping you
get the Maggie Plan eight three tothree Maggie Tax and one more thing,
don't forget. Go to our website, go to seminars and register for one
of our seminars that we do ona state planning and social security and tax
planning. We'll probably the only onedoing a three to one event. But
(37:31):
here's why. Because those three topicsare very important to each and every one
of you out there. In someway, shape or form. People are
concerned about social security. People don'tknow when to take social security. People
don't know how it's tax and whatthe amount is going to be taxed in
the future. And that is whyit's so important to ask for help,
because these are questions that we're gettingasked everyday. Income planning, tax planning,
(37:52):
social security, wills and trust,and how to take care of your
family. Visit our website Maggie Taxdot com, click on seminars, click
on retirement calculator. All the informationis there. Be sure to watch our
TV show every Sunday on ABC atten thirty and then following the show,
we're back on the radio again withthe Maggie Tax and Financial Show. Folks,
(38:12):
it's about education. Chris and I'vebeen doing this for a long time.
It's up to you. If youhave questions, please don't be afraid
to ask write them down. That'swhy we do this show. So throughout
the show, right out a question, well, give us a call.
We have operated standing by right now. Eight three to three Maggie Tax.
We have offices in Palm Harbor andLoots and also Saint Pete. So give
us a call ask questions. Eightthree to three Maggie Tax. Again eight
(38:34):
three to three Maggie Tax and you'relistening to the Maggie Tax and Financial Show.
You've been listening to the Maggie Taxon Financial Hour discussing tax planning investment
strategies, presented by Robert and ChrisMaggie from Maggie Tax Advisory and Financial Services
with offices in Hillsboro and Panela's County. Visit Maggie Tax dot com or call
eight one three three two two twentyfive twenty. That's eight one three three
(39:00):
two two twenty five twenty and tunein next Saturday at five for the Maggie
Tax and Financial Hour
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