Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Good Saturday morning twelve on this Saturdayin July when there's a reminder that the
twenty ninth annual Run with Carl isin thirty seven days. Run with Carl
is on Labor Day, September fourth. It's a tradition here in Bettendorf.
(00:21):
Run with Carl is for the benefitof high school seniors in both Pleasant Valley
High School and Bettendorf High School.Proceeds at the Run with Carl has provided
scholarships to graduates of these schools.These proceeds have succeeded in establishing the Carl
D. Shilling Memorial Scholarship that continuesto award scholarships to graduates of these schools.
(00:46):
Now. Furthermore over, one ofthese school systems is providing an additional
scholarship over the past five years.So register for the Run with Carl today
Labor Day twenty twenty three will behere before we know it. Chuck our
additional details by going to our websitewww. Run with Karl dot com.
(01:08):
The event is a one mile fundrun for kids, a five mile run,
and a five k run walk.You know, we had our virtual
community meetings here this past week OnTuesday, Craig presented the basics of Medicare
and then focused on the Medicare supplementplans available in these Medicare regions. Now
(01:34):
on Thursday this past week, Craigagain presented the basics of Medicare and then
focused on the Medicare advantage plans available. So as we move into the month
of August, we will again presentthese community meetings. Remember these meetings are
virtual meetings, so you stay inthe privacy of your own home using your
(01:59):
home computer system to participate in thesemeetings. We will be presenting these meetings
again on Tuesday, August fifteenth andThursday August seventeenth, ten o'clock in the
morning. So listeners, if youare aging into Medicare turning age sixty five
(02:19):
sometime this year, I know youare being inundated with information on Medicare supplements,
Medicare prescription drug plans, and Medicareadvantage plans. How do you make
sense of all that stuff? Boyparticipates in Participants in prior meetings have all
said the same thing. They say, now, I understand the choices I
(02:43):
have with Medicare. Gosh, thereare ten standardized Medicare supplement plants. We
get to choose one of these tenplans. There are eighteen Medicare prescription drug
plans available. We get to chooseone of these plans, and there are
eight Medicare Advantage plans, and weget to choose one of these plans.
(03:07):
How do you make sense of allthese choices? Boy? Participants and prior
meetings all say the same thing.They say, now I understand the choices
I have with Medicare, so encourageyour listeners to be one of those participants
again. The meetings are coming uphere on Tuesday August fifteenth and Thursday August
(03:32):
seventeenth. Call us for instructions onhow to participate. Call us at five
sixty three three three two twenty twohundred or email me www Dick Shullig dot
com and scroll over to the contactI can for my email address. Send
(03:52):
me a note via email if youwould like to participate this morning, I'd
like to share with you. Butpopped up in one of those financial newsletters
we received, and this article isan idea that we've been talking about for
a long long time, but wekind of forget about some of these topics.
(04:13):
This article is about the importance ofmaking a will. How often have
we heard about the importance how importantit is to have a will, And
sometimes we forget about how important itis to have a will. So making
a will isn't a task for justthe old and the wealthy. It is
also for the well prepared. Recentyears serve as a heavy reminder that you
(04:41):
might not know when your last daysare. Life expectancy in the United States
dropped in both twenty twenty and twentytwenty one, different driven by the COVID
nineteen deaths and an increase in accidentaldesks. According to most recent data availed
from the Center for Disease Control andPrevention, over one million people in this
(05:06):
country have died of COVID nineteen.According to the Center for Disease Control,
and in twenty one twenty twenty one, accidents or unintentional injuries were the fourth
leading cause of death in the UnitedStates. It is unlikely that you'll be
(05:27):
dying young, but if the unexpectedhappens, having a will in place,
even if it feels like you don'tneed one, it can be a simple
way to avoid leaving important decisions aboutyour assets and guardianship wishes to your states,
laws and courts. It doesn't haveto cost thousands of dollars either.
(05:50):
What can happen if you don't havea will. If you don't have a
will, that's called dying intestate.Your assets are distributed by a probate court
according to your states laws of intestacy. Going through probate without a will can
(06:11):
be a longer, more complicated process, as inheritance must file a petition to
make a claim to the assets.Intestacy laws vary among states. They vary
from Iowa to Illinois a little bit, but they generally prioritize close family members
such as spouses, children's parents,siblants as beneficiaries. If you don't have
(06:35):
a will, funds to wind up. Funds can wind up in the hands
of unintended recipients, so says manyattorneys dying intests. Dying intestate can be
damaging if even if you don't havea spouse or kids. In this case,
(06:56):
your next of kin will likely beapparent. Significant assets can disqualify an
older adult from medicaid eligibility, soif you do have kids, a will
is just as crucial whether or notyou have assets to pass down. A
will is the only way to namea legal guardian of your choosing in the
(07:21):
event of your death. Otherwise,state laws determine who cares for your child
and what they inherit. When shouldyou make a will. The right time
to make a will is based uponlife events, not age. Generally,
(07:42):
these events fall into three categories.Acquiring assets as the first category, such
as buying a home buying a house. Number two is legal attachment to someone
else, like getting married or adoptinga child, and the third is the
risk of death. Health diagnosis,or even remote travel can be a factor
(08:07):
in some cases. It's helpful tomake a will as soon as you are
of legal age, and legal ageis eighteen age eighteen in most states.
I want to protect myself as earlyas possible, says Mariel Picknelling twenty one,
age twenty one, a singer andcontent creator based in New York.
(08:31):
Her mother encouraged her to make awill as soon as she could and as
soon as she reached adulthood, toprotect assets titled to her at birth.
Having her own will excuse me.Having her own will has giving her and
her family security about the future.I keep my purse close because I don't
(08:54):
want anyone to take the things thatare meant for me and my family and
my future. She says. Willworks the same way. How to get
started. Making a will doesn't haveto be time consuming or costly. Some
websites offer will templates for free,making sure complies with your states will requirements.
(09:16):
Online will making software allows you tomake a custom will for about one
hundred bucks, give or take afew. Those with complex assets or family
situations may want to consult an estateplanning attorney to help craft a will.
Costs can range from around two hundreddollars to three hundred fifty dollars an hour,
(09:41):
or a thousand to two thousand dollarsfor a flat estate rate package,
depending upon your location and the experiencelevel of your attorney. While a will
is a good starting point, moreis needed in some cases. If you
have complex assets or family situations,setting up trusts could make the transfer of
(10:05):
assets faster and more seamless, potentiallyhelping you bypass the time consuming probate process,
which is a legal process for distributingassets of a person who has died.
For example, if you have volatileassets, such as investments in different
securities, you might want a trustinstead of a will, so if someone
(10:30):
can take immediate control of those assets. Attorneys say that trust often or for
more protection, is especially if youhave minor children or a lifelong dependent whom
you like to inherit assets in amore controlled manner. However, just because
there may be more optimal in thestate planning tools doesn't mean a will isn't
(10:56):
valuable. A perfect plan is betterthan none at all. People say that
having a will for just rich peopleis not it's for careful people. You
don't need to have a huge amountof assets. You just need protection for
when you're not around to speak foryourself. Now, I'll pick up on
(11:18):
this topic again next week, butas a reminder, remember that life insurance
products, including annuities, are notsubject to a will. These products have
a named beneficiary. So if youhave an annuity, whether it's a qualified
or a non qualified annuity, orwhether you have life insurance, then you
(11:43):
designate the beneficiary in that document itself, and that designation then avoids probate that
avoids the will. So, likeI say, I'll pick up on this
topic again next week. But nuities, remember are not subject to a will.
These products have a named beneficiary,and life insurance products also have a
(12:09):
named beneficiary. Now, I havea question for your listeners, when have
you reviewed your beneficiary designation on yourlife insurance last time? Boy, as
I share with you almost every week, I've been in business a long long
time, and I'll never forget thecase I had several years ago where an
(12:33):
ex spouse was named as beneficiary ofa life insurance policy and that X spouse
then inherited that life insurance policy thecurrent beneficiary, the current spouse was not
permitted to have that life insurance becausethe beneficiary was designated as a person who
(12:56):
actually was the ex spouse, Sobeneficial, Your designations are something which we
kind of put aside and kind offorget about, but as something I think
you should keep track of and shouldreview periodically, especially life insurance policies where
we haven't reviewed life insurance in along long time. So that is important.
(13:20):
And that's one of the things thatI do when I meet with my
clients and meet with my potential clients, is that I asked them if they
own life insurance and when is thelast time you have reviewed your beneficiary arrangement.
Now, that's a good question foryou listeners this morning to consider and
(13:43):
to think about when is the lasttime you reviewed your life insurance or your
annuity, your annuities to determine howthe beneficiary was arranged. That case in
which the ex spouse was named asbeneficiary was a sad situation, but it
was an actual situation and it resultedfrom just the inability of the insured to
(14:07):
check those beneficiary arrangements. So Iencourage you, you listeners, make sure
that you check periodically. You checkyour beneficiary arrangements on your life insurance,
your personal life insurance. And asimportant is that if you are employed,
your group insurance, your group lifeinsurance. Oftentimes, when people retire from
(14:31):
an employer, from a large employer, especially, they end up with some
retiree life insurance, and oftentimes peopletend to forget about that retiree life insurance,
especially in reviewing that beneficiary arrangement.So I encourage you to take a
look at that, Encourage you toreview that, and if I can help
(14:54):
you with that, boy, giveme a call, call me at five
six three three three two twenty twohundred. I have clients come into my
office or prospective clients come into myoffice all the time and re review those
old life insurance policies, and Iask them if they remember who the beneficiary
(15:15):
is, and if life's circumstances iscalled as if life's circumstances have caused for
a divorce or a second marriage,then oftentimes they forget about those beneficiary designations.
So that's something that's very very importantand something that you should consider.
(15:35):
Listeners, if you haven't done sorecently, I encourage you to do that.
Do that soon. You can callthe insurance company that that life insurance
is with and just ask for thecustomer service areum and they can designate and
they can tell you immediately who thebeneficiary is on those insurance policies or those
(15:56):
annuity contracts. So insurance life insurance, whether it's group life insurance or individual
life insurance, and annuities, whetherit's qualified innuities or non qualified innuities.
Those two products avoid probate and youdesignate on those products a named beneficiary.
(16:18):
So you designate your beneficiary, andoftentimes we tend to forget about who that
beneficiary is, especially if life circumstanceshas called such things as a divorce or
even if there's a death in thefamily. Oftentime, the deceased spouse is
the beneficiary and that causes some issuestoo, so I encourage you to take
(16:40):
a look at that. If Ican help with that, don't hesitate to
give me a call. Call meat five sixty three three three two twenty
two hundred, or go to mywebsite. Go to Dick Schulig dot com
and scroll over to the contact informationand if for my email address, and
if I'd like to send an email, be happy to correspond in that manner
(17:03):
with you. That's about all Ihave for you this morning, so have
a great, great weekend, goodday.
Good Saturday morning twelve on this Saturdayin July when there's a reminder that the
twenty ninth annual Run with Carl isin thirty seven days. Run with Carl
is on Labor Day, September fourth. It's a tradition here in Bettendorf.
(00:21):
Run with Carl is for the benefitof high school seniors in both Pleasant Valley
High School and Bettendorf High School.Proceeds at the Run with Carl has provided
scholarships to graduates of these schools.These proceeds have succeeded in establishing the Carl
D. Shilling Memorial Scholarship that continuesto award scholarships to graduates of these schools.
(00:46):
Now. Furthermore over, one ofthese school systems is providing an additional
scholarship over the past five years.So register for the Run with Carl today
Labor Day twenty twenty three will behere before we know it. Chuck our
additional details by going to our websitewww. Run with Karl dot com.
(01:08):
The event is a one mile fundrun for kids, a five mile run,
and a five k run walk.You know, we had our virtual
community meetings here this past week OnTuesday, Craig presented the basics of Medicare
and then focused on the Medicare supplementplans available in these Medicare regions. Now
(01:34):
on Thursday this past week, Craigagain presented the basics of Medicare and then
focused on the Medicare advantage plans available. So as we move into the month
of August, we will again presentthese community meetings. Remember these meetings are
virtual meetings, so you stay inthe privacy of your own home using your
(01:59):
home computer system to participate in thesemeetings. We will be presenting these meetings
again on Tuesday, August fifteenth andThursday August seventeenth, ten o'clock in the
morning. So listeners, if youare aging into Medicare turning age sixty five
(02:19):
sometime this year, I know youare being inundated with information on Medicare supplements,
Medicare prescription drug plans, and Medicareadvantage plans. How do you make
sense of all that stuff? Boyparticipates in Participants in prior meetings have all
said the same thing. They say, now, I understand the choices I
(02:43):
have with Medicare. Gosh, thereare ten standardized Medicare supplement plants. We
get to choose one of these tenplans. There are eighteen Medicare prescription drug
plans available. We get to chooseone of these plans, and there are
eight Medicare Advantage plans, and weget to choose one of these plans.
(03:07):
How do you make sense of allthese choices? Boy? Participants and prior
meetings all say the same thing.They say, now I understand the choices
I have with Medicare, so encourageyour listeners to be one of those participants
again. The meetings are coming uphere on Tuesday August fifteenth and Thursday August
(03:32):
seventeenth. Call us for instructions onhow to participate. Call us at five
sixty three three three two twenty twohundred or email me www Dick Shullig dot
com and scroll over to the contactI can for my email address. Send
(03:52):
me a note via email if youwould like to participate this morning, I'd
like to share with you. Butpopped up in one of those financial newsletters
we received, and this article isan idea that we've been talking about for
a long long time, but wekind of forget about some of these topics.
(04:13):
This article is about the importance ofmaking a will. How often have
we heard about the importance how importantit is to have a will, And
sometimes we forget about how important itis to have a will. So making
a will isn't a task for justthe old and the wealthy. It is
also for the well prepared. Recentyears serve as a heavy reminder that you
(04:41):
might not know when your last daysare. Life expectancy in the United States
dropped in both twenty twenty and twentytwenty one, different driven by the COVID
nineteen deaths and an increase in accidentaldesks. According to most recent data availed
from the Center for Disease Control andPrevention, over one million people in this
(05:06):
country have died of COVID nineteen.According to the Center for Disease Control,
and in twenty one twenty twenty one, accidents or unintentional injuries were the fourth
leading cause of death in the UnitedStates. It is unlikely that you'll be
(05:27):
dying young, but if the unexpectedhappens, having a will in place,
even if it feels like you don'tneed one, it can be a simple
way to avoid leaving important decisions aboutyour assets and guardianship wishes to your states,
laws and courts. It doesn't haveto cost thousands of dollars either.
(05:50):
What can happen if you don't havea will. If you don't have a
will, that's called dying intestate.Your assets are distributed by a probate court
according to your states laws of intestacy. Going through probate without a will can
(06:11):
be a longer, more complicated process, as inheritance must file a petition to
make a claim to the assets.Intestacy laws vary among states. They vary
from Iowa to Illinois a little bit, but they generally prioritize close family members
such as spouses, children's parents,siblants as beneficiaries. If you don't have
(06:35):
a will, funds to wind up. Funds can wind up in the hands
of unintended recipients, so says manyattorneys dying intests. Dying intestate can be
damaging if even if you don't havea spouse or kids. In this case,
(06:56):
your next of kin will likely beapparent. Significant assets can disqualify an
older adult from medicaid eligibility, soif you do have kids, a will
is just as crucial whether or notyou have assets to pass down. A
will is the only way to namea legal guardian of your choosing in the
(07:21):
event of your death. Otherwise,state laws determine who cares for your child
and what they inherit. When shouldyou make a will. The right time
to make a will is based uponlife events, not age. Generally,
(07:42):
these events fall into three categories.Acquiring assets as the first category, such
as buying a home buying a house. Number two is legal attachment to someone
else, like getting married or adoptinga child, and the third is the
risk of death. Health diagnosis,or even remote travel can be a factor
(08:07):
in some cases. It's helpful tomake a will as soon as you are
of legal age, and legal ageis eighteen age eighteen in most states.
I want to protect myself as earlyas possible, says Mariel Picknelling twenty one,
age twenty one, a singer andcontent creator based in New York.
(08:31):
Her mother encouraged her to make awill as soon as she could and as
soon as she reached adulthood, toprotect assets titled to her at birth.
Having her own will excuse me.Having her own will has giving her and
her family security about the future.I keep my purse close because I don't
(08:54):
want anyone to take the things thatare meant for me and my family and
my future. She says. Willworks the same way. How to get
started. Making a will doesn't haveto be time consuming or costly. Some
websites offer will templates for free,making sure complies with your states will requirements.
(09:16):
Online will making software allows you tomake a custom will for about one
hundred bucks, give or take afew. Those with complex assets or family
situations may want to consult an estateplanning attorney to help craft a will.
Costs can range from around two hundreddollars to three hundred fifty dollars an hour,
(09:41):
or a thousand to two thousand dollarsfor a flat estate rate package,
depending upon your location and the experiencelevel of your attorney. While a will
is a good starting point, moreis needed in some cases. If you
have complex assets or family situations,setting up trusts could make the transfer of
(10:05):
assets faster and more seamless, potentiallyhelping you bypass the time consuming probate process,
which is a legal process for distributingassets of a person who has died.
For example, if you have volatileassets, such as investments in different
securities, you might want a trustinstead of a will, so if someone
(10:30):
can take immediate control of those assets. Attorneys say that trust often or for
more protection, is especially if youhave minor children or a lifelong dependent whom
you like to inherit assets in amore controlled manner. However, just because
there may be more optimal in thestate planning tools doesn't mean a will isn't
(10:56):
valuable. A perfect plan is betterthan none at all. People say that
having a will for just rich peopleis not it's for careful people. You
don't need to have a huge amountof assets. You just need protection for
when you're not around to speak foryourself. Now, I'll pick up on
(11:18):
this topic again next week, butas a reminder, remember that life insurance
products, including annuities, are notsubject to a will. These products have
a named beneficiary. So if youhave an annuity, whether it's a qualified
or a non qualified annuity, orwhether you have life insurance, then you
(11:43):
designate the beneficiary in that document itself, and that designation then avoids probate that
avoids the will. So, likeI say, I'll pick up on this
topic again next week. But nuities, remember are not subject to a will.
These products have a named beneficiary,and life insurance products also have a
(12:09):
named beneficiary. Now, I havea question for your listeners, when have
you reviewed your beneficiary designation on yourlife insurance last time? Boy, as
I share with you almost every week, I've been in business a long long
time, and I'll never forget thecase I had several years ago where an
(12:33):
ex spouse was named as beneficiary ofa life insurance policy and that X spouse
then inherited that life insurance policy thecurrent beneficiary, the current spouse was not
permitted to have that life insurance becausethe beneficiary was designated as a person who
(12:56):
actually was the ex spouse, Sobeneficial, Your designations are something which we
kind of put aside and kind offorget about, but as something I think
you should keep track of and shouldreview periodically, especially life insurance policies where
we haven't reviewed life insurance in along long time. So that is important.
(13:20):
And that's one of the things thatI do when I meet with my
clients and meet with my potential clients, is that I asked them if they
own life insurance and when is thelast time you have reviewed your beneficiary arrangement.
Now, that's a good question foryou listeners this morning to consider and
(13:43):
to think about when is the lasttime you reviewed your life insurance or your
annuity, your annuities to determine howthe beneficiary was arranged. That case in
which the ex spouse was named asbeneficiary was a sad situation, but it
was an actual situation and it resultedfrom just the inability of the insured to
(14:07):
check those beneficiary arrangements. So Iencourage you, you listeners, make sure
that you check periodically. You checkyour beneficiary arrangements on your life insurance,
your personal life insurance. And asimportant is that if you are employed,
your group insurance, your group lifeinsurance. Oftentimes, when people retire from
(14:31):
an employer, from a large employer, especially, they end up with some
retiree life insurance, and oftentimes peopletend to forget about that retiree life insurance,
especially in reviewing that beneficiary arrangement.So I encourage you to take a
look at that, Encourage you toreview that, and if I can help
(14:54):
you with that, boy, giveme a call, call me at five
six three three three two twenty twohundred. I have clients come into my
office or prospective clients come into myoffice all the time and re review those
old life insurance policies, and Iask them if they remember who the beneficiary
(15:15):
is, and if life's circumstances iscalled as if life's circumstances have caused for
a divorce or a second marriage,then oftentimes they forget about those beneficiary designations.
So that's something that's very very importantand something that you should consider.
(15:35):
Listeners, if you haven't done sorecently, I encourage you to do that.
Do that soon. You can callthe insurance company that that life insurance
is with and just ask for thecustomer service areum and they can designate and
they can tell you immediately who thebeneficiary is on those insurance policies or those
(15:56):
annuity contracts. So insurance life insurance, whether it's group life insurance or individual
life insurance, and annuities, whetherit's qualified innuities or non qualified innuities.
Those two products avoid probate and youdesignate on those products a named beneficiary.
(16:18):
So you designate your beneficiary, andoftentimes we tend to forget about who that
beneficiary is, especially if life circumstanceshas called such things as a divorce or
even if there's a death in thefamily. Oftentime, the deceased spouse is
the beneficiary and that causes some issuestoo, so I encourage you to take
(16:40):
a look at that. If Ican help with that, don't hesitate to
give me a call. Call meat five sixty three three three two twenty
two hundred, or go to mywebsite. Go to Dick Schulig dot com
and scroll over to the contact informationand if for my email address, and
if I'd like to send an email, be happy to correspond in that manner
(17:03):
with you. That's about all Ihave for you this morning, so have
a great, great weekend, goodday.
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