July 8, 2025 • 42 mins
In C.S. Lewis’s The Lion, the Witch and the Wardrobe, Aslan tells Lucy, “Things never happen the same way twice.” It’s a good reminder that life brings changes. They’re unavoidable, but how we choose to meet them is up to us. On today's Faith & Finance Live, Sharon Epps joins Rob West with sage advice about preparing for life’s transitions. Then, it’s on to your calls. That’s on Faith & Finance Live, where biblical wisdom meets today’s finances—weekdays at 4pm Eastern/3pm Central on Moody Radio.
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Episode Transcript
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S1 (00:08):
In C.S. Lewis's The Lion, the witch and the wardrobe,
Aslan tells Lucy things never happen the same way twice. Hi,
I'm Rob West. It's a good reminder that life brings changes.
They're unavoidable, but how we choose to meet them is
up to us. Sharon Epps joins us today with sage
advice about preparing for life's transitions. And then it's on
(00:30):
to your calls at 800 525 7852 five 7000. This
is faith in finance. Live biblical wisdom for your financial journey. Well,
it's always fun and educational when Sharon Epps stops by.
She's president of Kingdom Advisors. And Sharon, how would you
(00:50):
say that The Chronicles of Narnia might give us insight
into life's changes or transitions?
S2 (00:57):
Well, most of us are familiar with C.S. Lewis's profound
allegory for the life of Christ. Yes. And in The
Chronicles of Narnia, Aslan represents Christ, of course. And in
the quote you read, Aslan is comforting little Lucy Pevensie
about changes and challenges she and her siblings were facing.
S1 (01:15):
Oh, that's exactly right. And it's a good reminder that
changes never stop happening. And I know that's what you
want to talk about today, right?
S2 (01:22):
It is. And you know, summer is a time when
we look ahead to the school year. And I know
for us, even we don't have kids in school, but
we still make plans that mirror an August to May
type school calendar. Yes. So let's look at a few
transitions that you may be anticipating in the months to come.
Whether you have a child entering kindergarten or a rising
senior anticipating graduation. You're planning a move dealing with aging parents.
(01:47):
Financial decisions are embedded in every life transition. In fact,
our friend Mitch Anthony likes to say money goes into
motion when life goes into transition. It's easy to remember,
but often hard to manage.
S1 (02:00):
Oh, it sure is. And I've got one of those
that you just rattled off. As you know, I've got
a senior headed off to college, so we're in transition ourselves.
So I know you have a few suggestions, Sharon, for
meeting and managing those changes, financial and otherwise. So let's
dive in.
S2 (02:16):
Let's go through the first one. Pray for wisdom. New
seasons require new wisdom. And there's two ways to learn
in a new season, either through pain or wisdom. We
probably all remember lessons learned through painful consequences of a
poor decision. In our teenage years, we found out that
pain is a really expensive way to learn. So let's
(02:37):
choose wisdom.
S1 (02:37):
Oh, that is such good counsel. We need to start
there with wisdom. All right, what is next?
S2 (02:42):
We want to go and seek godly counsel. Yeah. Let's
use an example here. If your oldest child is going
to enter college this fall, what can you learn from
other parents who have college graduates? What do they wish
they would have done differently? What did they do well
that they would want to repeat.
S1 (02:56):
Yeah. And hopefully with a lot of these transitions, you
have a certified Kingdom advisor providing that wise counsel walking
alongside you as well.
S2 (03:04):
Well, and how did you know? My next one is
that financial decisions will accompany this life transition? That's right.
So let's stick with the college student. You've thought about
paying for college, but have you thought about what expenses
your child might be responsible for? Well, they have a
part time job. Will you provide a monthly stipend? And
I like to call it that because that makes it specific.
(03:26):
But your bottom line is what will you provide and
what do you expect for them to provide?
S1 (03:31):
I have become very aware that college housing is no joke.
It is not. It is expensive.
S2 (03:37):
Now, number four, decide ahead of time what you will
do when things don't go exactly as planned. Do you
have an emergency fund? What will you do when and
if the child calls home to say they're out of money?
That's always good to have a backup.
S1 (03:49):
Absolutely.
S2 (03:50):
And then number five, communicate your financial decisions now before
the transition is complete. If it's the child going to college,
be sure that you've clearly communicated what they're responsible for.
If it's a move, have you clearly communicated with your realtor?
The more we communicate our financial decisions, the more accountability
we have to stick with them in the busyness of
(04:10):
the life's transitions.
S1 (04:11):
Well, you are exactly right, and I love that last
point about communication ahead of time, because that can make
all the difference when life throws us unexpected curveballs.
S2 (04:19):
I agree, and I've actually found that these five strategies
are really essential for staying grounded during the transition. If
you're preparing financially for the child, or even welcoming a
new child into your home, if you're moving, if you're
taking care of aging parents, these five still apply. And
taking the time now to lay the foundation will save
a lot of stress later on.
S1 (04:40):
Wow, Sharon, this is such good advice during this season
of transition. Be prepared for it. Have some wise counsel
and let's go back where we started today Sharon. And
that is be prayed up, right?
S2 (04:51):
Absolutely. God's the one who can give us wisdom. When
we ask, that's what he says.
S1 (04:55):
I love it. Well, Sharon, thank you for stopping by.
We always appreciate your wisdom that you share with us.
S2 (05:00):
Great to be here.
S1 (05:01):
That's Sharon Apps, president of Kingdom Advisors. You know, we
mentioned a certified Kingdom advisor. And if you'd like to
find a key to journey alongside you through life's transitions,
just head to our website and click Find a Professional.
That's faith Philly.com. All right. Your calls are next. 800
525 7000. Don't go anywhere.
S3 (05:34):
The opinions offered during this program represent the personal or
professional opinions of the participants, given for informational purposes only.
Any information provided is not intended to replace advice from
a financial, medical, legal, or other professional who understands your
specific situation.
S1 (05:57):
Hey, great to have you with us today on faith
and finance here on Moody Radio, helping you see God
as your ultimate treasure and money as a tool to
bring him glory and accomplish his purposes. We're taking your
calls and questions today. Anything financial, whether you're thinking about
your budget and how you stay on track, maybe it's
investing for the future or giving wisely. Perhaps you have
(06:18):
some debt you've never been able to pay off. We'd
love to tackle those questions, help you process those through
the lens of biblical wisdom. And you can call right
now we've got some lines open, not for long, but
for now you can call 800 525 7000. That's 805,
two five 7000. We'll be headed to those phones here
in just a moment. You know, in the news today,
(06:40):
like you, I'm sure you are deeply saddened by the
devastating floods that struck the Texas Hill Country over the
July 4th weekend. The disaster has claimed the lives of
at least 105 people across the region. That makes it
one of the deadliest flood events in Texas history. The
tragedy has touched countless families, with many more still missing
as search and rescue operations continue. And we want to
(07:03):
connect you with a ministry on the ground that's doing
some incredible work there. Because I know if you're like me,
you'd love to be there to, you know, pull a
chainsaw out and try to help clear things out or
just be there to encourage the people there. But obviously
the first responders or those that are needed. But there
are organizations on the ground doing incredible work even now.
(07:24):
And so one of the ways we can support them
is through our prayer support, but also our giving. And
we know you that listen to this program are generous people.
And if you'd like to be a part of that,
one of the organizations on the ground right now is
Texans on Mission. Uh, this is the disaster relief ministry
of the Texas Baptists, and they're actively in Kerr County
and the surrounding areas there providing emergency food and water,
(07:48):
shelter and basic supplies. Chaplaincy and emotional support also volunteer
teams for cleanup and recovery, and your support is really
crucial in bringing hope and healing to those affected by
this unimaginable tragedy. So if you'd like to support their work,
you can just head to Texans on Missions. Org, that's
(08:08):
Texans on Mission Dot. You can learn more about their
work there and you can donate on their website. All right.
Let's dive into your questions today. Again we've got some
lines open. You can call right now 800 525 7000
is the number to call. Let's begin in Fort Myers today. Myra,
thanks for calling. Go ahead.
S4 (08:27):
Hi, Rob. Thank you for taking my call today. Um,
so I am a 60 year old single retiree, and
I must admit, I'm a little bit ashamed that I'm
financially illiterate. So it wasn't until 2003, when I was 45,
that I opened an annuity account without really understanding what
I was doing or what it was about. So I
(08:48):
have two accounts. One of the one is a Roth
IRA that has 63,000. And, um, and I have another
one that's a diversified um, I've begun to be more
diligent in the past years to put money into my
Roth IRA and the diversified account, which I have 18,000.
(09:09):
I placed it as fixed after 2008, after the market plunge,
and I left it as fixed. Now, I was a
healthcare professional, and now that in my senior years, I
carry a lot of shame for not being in a
better financial place. Um, even though I do have zero debt,
I live strictly off my Social Security income. But I
(09:32):
believe I've heard you say in your past programs that
you're not a big fan of annuities. So I wanted
to know if I should get out of this annuity.
Should I stay and diversify? Or what other options do
you feel I have?
S1 (09:48):
Yeah, it's a great question, Myra, and I'd be delighted
to help you with it. Now, you mentioned the Roth IRA.
You can have a Roth IRA annuity, where essentially you're
combining the tax free growth of the Roth and then
placing that inside an insurance contract, an annuity that offers
the guarantees. And that's typically why people do that. Is
(10:09):
that what you have or is the Roth separate from
the annuity?
S4 (10:12):
No, no. Both accounts are part of the annuity.
S1 (10:15):
Okay. All right. Yeah. So in terms of getting out
of those, um, you know, you have a couple of options.
You can surrender it or cash it out, but you've
got to watch for the surrender charges and the taxes
on any gains. You can annuitize it, which essentially converts
it to an income stream. Or you can do what's
called a 1035 exchange, which is where you transfer it
(10:38):
to another annuity product because you found something that you
like a little bit better. What are you ultimately trying
to accomplish in this? Is it really about repositioning the investments,
or do you need to use the money for some
other purpose?
S4 (10:53):
No, no, it's just that, um, you know, just realizing
that I didn't say for my senior years and, um, I,
you know, just a way of maybe continuing to save.
But I wasn't sure because, again, I have I don't
have a lot of understanding about, you know, the annuity
or financial. I'm financially illiterate, to be honest with you. Yeah.
(11:14):
So just moving forward in my old, in my old,
you know, years, I wanted to know how to save
and for whatever amount of life I have.
S1 (11:24):
Do you know what the cash value is in the annuity?
S4 (11:28):
Uh, the Roth annuity is 63,000.
S1 (11:32):
All right. And do you have other investable assets?
S4 (11:35):
No, sir.
S1 (11:36):
Okay. Yeah. So I think the first thing would be
just to see about repositioning Positioning the assets that are
already there. The reason I say that I'm I'm not
a big fan of annuities is they tend to be complex.
They tend to be a little bit more expensive, and
you lock up your money because you have a harder
time getting to it without surrender charges. If you've had
this for a long time, there probably are no more
(11:58):
surrender charges. And it could be that this is a
great place for you to be, especially since you're already
in there. I mean, you could look at rolling it out,
but at that point you'd have unlimited investment options. And
I think given just the fact that you don't have
a whole lot of confidence in this, it probably warrants
an advisor to come alongside you to help you make
those investment decisions. Do you have more that you could
(12:20):
be adding to investments, or is it really just about
maximizing what you've already got?
S4 (12:26):
No, it's really maximizing what I have because like I said,
right now I'm just living off Social Security now, I
don't know if I should just end my diversified account,
which I have it fixed, or if I should just
try to diversify, start diversifying it again, because after 2008
I got scared and I just fixed it and never
did anything with it.
S1 (12:46):
So yeah. Yeah, well, you want to get it growing
for you, especially if this is money you're not planning
on living on, if you've fashioned your budget so you
can live on Social Security alone, then you've got the
benefit of letting this continue to grow. But you're right.
In that fixed account, we probably don't want 100% there because, well,
let me ask, what is your age?
S4 (13:06):
I'm 67.
S1 (13:07):
Okay. So if we were to round up to 70,
essentially we'd typically somewhere approaching 70 years old, we would
often want to have about 40% in stocks, maybe 60%
in bonds. So it could be that 60% of that
60 something thousand is, you know, appropriately in the fixed portion.
But then we take 40% of it and move it
(13:28):
into something that has more stock exposure, which gives you
more growth potential. But I would love for somebody to
look over that annuity and just see what you have
and see if there's not a better option for you. Um,
just as you consider perhaps moving it somewhere else. Do
you have access to the internet?
S4 (13:45):
Yes, sir.
S1 (13:46):
Okay. I would go to faith. That's faith.com. And click
Find a Professional at the top of the page and
reach out to a certified Kingdom advisor there in Fort Myers.
And here's what I would have them do is just
look over and read the annuity contract that you have
to help you understand what options you have. And it
could be that you leave it right there and just
(14:07):
reposition it. Or it could be that they have a
better option for you to kind of roll it out
into something else that has the more potential to grow
in either case. Let's take a long term perspective and
just try to not touch this and let it grow
for the future. Again, that website is Faith B.Com. Myra,
thanks for your call. We'll be right back. Hey, thanks
(14:34):
for joining us today on Faith in finance here on
Moody Radio. Rob West, we're taking your calls and questions today.
We have a few lines open. If you have a
financial question, you can call right now that number 800
525 7000. Again that's 800 525 7000. Let's head right
back to the phones down to Florida. Hi, Avis. Go ahead.
S5 (14:55):
Hi. Yes, I have a question. Sure. Um, uh, me
and my husband was thinking about we are retired, and
we're thinking about having that doing a reverse mortgage, okay,
on our home. And I was wondering about what is
the best way to go about it. You mentioned previously
on your program about two different types of reverse mortgage.
(15:17):
And you said about this one that was better, um,
that we don't lose our home in the process. So
I was wondering, um, which one? Yes. Which one is
the best way?
S1 (15:32):
Yeah. Well, first of all, just kind of my perspective
on reverse mortgages. You know, we love the idea of
getting out of debt and staying there. And there's a
lot of people. In fact, I'll tell a lot of
folks that call this program that if you can have
your house paid off by the time you retire, that
is great. I mean, there's a lot of warnings in
Scripture around the dangers of debt. I will say, though,
(15:52):
that as we think about how to fund our retirement years,
that fourth quarter of life, a lot of times, and
I get these calls all the time, we hear from
people who say, listen, I just haven't saved enough. And
so now I'm entering retirement. I've still got a mortgage.
And in fact, where that used to be, half of
retirees entered retirement with a mortgage. Now it's two thirds.
(16:14):
And that's my biggest expense. And because I didn't save
enough and all, all I have is Social Security and
maybe a small 400 1KI just struggling to make ends
meet and I'm not able to enjoy this season. And
so at that point we say, okay, what are your assets.
And when we begin to look at your assets, you know,
you've got your income stream from Social Security. Maybe you
(16:34):
got a small investment account. For most people, their biggest
asset is their home they may be spending on. Sitting
on a home that's free and clear or has a
lot of equity. Maybe it's two. Three, four, maybe $500,000
or more in equity and they can't get it out.
And so the. Reverse mortgages of today there's really only
one kind. And it's what's called a hecm. A home
(16:55):
equity conversion mortgage. And it's essentially where, just as you said, you.
Do pay a 2% fee to the FHA, the Federal
Housing Administration. But in exchange for. That they guarantee that
you'll never owe more than the House is worth. And
then at that point, you have to decide, as long
as you have at least 50% equity in your 62
years old, do you want to receive a monthly check
(17:17):
for life, or do you want to get a line
of credit where the equity in the home becomes available
to you and you can pull it out as needed?
The great thing about a reverse mortgage, though, is that
there's never a payment. And so if you get a
check for life that could supplement Social Security, or at
the very least, maybe you just pay off your existing
mortgage with a reverse. But again, that payment goes away.
(17:39):
For many people, that could be a game changer in
terms of them having enough to maintain their lifestyle in retirement.
So if that's you, this could be an option. But
let me just ask, are you all at least 62,
and do you have at least 50% equity in your home?
S5 (17:55):
Yeah, we have 65% equity.
S1 (17:59):
At least 50%. What is your home worth, do you
think today?
S5 (18:04):
Yes. Yeah, about 400,000.
S1 (18:08):
Okay. And do you have a mortgage?
S5 (18:10):
Yes.
S1 (18:11):
And what is it?
S5 (18:14):
For? 104,000.
S1 (18:17):
Okay. Yeah. So you got quite a bit of equity there.
And so what you could do is you could essentially
refinance the home and pay off the $104,000 mortgage with
a reverse mortgage. Except now you'd no longer have a
payment and then you could just do nothing but that.
And that may solve the problem in terms of you
having enough available to cover your living expenses. If not,
(18:40):
you could then get the remaining equity or some portion
of it available to you, either as a monthly check
or a line of credit that you could tap into
as needed. But again, you'd never have a payment. Now,
whatever balance is outstanding would grow with interest and fees.
And then at your death, when both of you pass away,
or if you move, then the home would be sold,
(19:03):
the mortgage would be paid, and then whatever is remaining
would go according to your wishes and your estate.
S5 (19:11):
Okay, so how that would affect a living trust like
the difference would go to like the kids.
S1 (19:18):
Yes. So the home would be in the living trust.
It could have a reverse mortgage on it. They would
just need to review the trust documents and make sure
that the trust allows for that. Generally they do. And
then once you pass away, the home is sold. The
the proceeds after the reverse mortgage is paid off would
go into the trust, and then your trustee would distribute
(19:39):
what's remaining based on the instructions in the trust document.
S5 (19:43):
Do you have a particular company that you can recommend
for the reverse mortgage?
S1 (19:48):
We do. Yeah, we have good friends. It's a Christian company,
and they really are one of the leaders in this.
It's called Movement Mortgage. I would go to movement. Again
that's movement. And somebody will get in touch with you.
The gentleman who runs their reverse mortgage division is on
(20:09):
this broadcast regularly. His name is Harlan Accola. He'd be
delighted to connect with you. Answer your questions. Let me
also send you a copy of his book, just as
our gift to you to explain reverse mortgages in detail. Okay.
S5 (20:22):
Okay, I appreciate that.
S1 (20:24):
Happy to do it. All right. You stay on the line,
and we'll get your information, send you that book, and
then just go to Movement.com to learn more. Thanks for
your call today. Let's go to Ohio. Hi, Amy. Go ahead.
S6 (20:37):
Hi. I wanted to ask. I made a just a personal,
personal loan through my own checking account and everything to
my cousin. Help him out between jobs, and they paid
it back, and it was just a handwritten IOU, but
it ended up with, um, $300 interest that I got,
(20:59):
which I did, you know, report that or.
S1 (21:01):
Yes, you do. So the $300 of interest income is taxable.
And so therefore you'd have to report it on your
tax return as interest income even though it was a
private loan. So it would go on the form 1040.
You'd usually report that as other income. If you don't
have a 1099 int from the borrower, which you wouldn't
(21:22):
if it's a personal loan. So it would just be
up to you to report it. You're going to want
to let your CPA know that. Or if you file
your own taxes, you'll see that place as other income
on the 1040. And you'll just want to make sure
you keep records about that private loan and go ahead
and pay the appropriate tax. Hope that helps. Amy, thanks
for your call. 800 525 7000 is the number to call.
(21:44):
We're headed to Saint Louis after this break and then
to talk to Linda in Missouri. This is Faith in
finance live on Moody Radio. We'll be right back. Hey,
thanks for joining us today on Faith in Finance live.
I'm Rob West. We're taking your calls and questions. The
(22:06):
number to call today 800 525 7000. We've got plenty
of room for you. So now would be a great
time to call again that number with any financial question.
800 525 7000. You can call right now. Let's go
to Saint Louis. Hi, Duane. How can I help you, sir?
S7 (22:23):
Hi. Um, I have, uh, one biological.
S1 (22:31):
Well, you're breaking up just a little bit. Let me
see if I can get a clear signal here. Perhaps
you can move one direction or the other and go
ahead and try that again.
S7 (22:40):
Okay. Is this better?
S1 (22:41):
It sure is. Yep.
S7 (22:43):
Okay, great. I have, uh, one biological child, a son,
and I have three that came into the with the marriage. Uh,
and my. I have a will drawn up, and the
home goes to my son. If something happens to him,
then it would be divided equally among the other three. Um,
(23:05):
the question is, will he have an inheritance or a
capital gain tax?
S1 (23:10):
Uh, no. So as long as he receives the home
by way of an inheritance and you don't transfer an
ownership interest to him while you're alive, then the current
IRS rules and Regs, says that he gets a step
up in basis, which just simply means when he inherits
the home, either by way of a will or a trust.
Doesn't matter. Could even be what's called a Tod to
(23:33):
transfer on death deed in any one of those scenarios.
If he inherits it after your death, then his new
cost basis is no longer what you paid for it.
It's the market value of the property as of the
date of death. And so what that means is, if
he sells it shortly after you pass away, there is
no capital gain and there's no federal inheritance tax. So
(23:54):
he wouldn't have any taxes whatsoever.
S7 (23:58):
Oh, okay. All right. Because.
S1 (24:03):
I'm losing you again. Let's see if we can get
you back on. Go ahead. Dwayne.
S7 (24:09):
I lost that I would be better.
S1 (24:11):
Yeah. Unfortunately, you're going in and out. Let me have
the team. I'm going to put you on hold, and
we'll see if they can get you in a place
where we get a clear signal there. We'll get right
back to you, to South Carolina. Hi, Jeff. How can
I help?
S7 (24:24):
Yes, sir.
S8 (24:24):
Now that we've passed the big, beautiful bill, is this
a good time for the next four years to take
some of that, uh, before tax money and finally pay
the tax on it?
S1 (24:36):
So tell me a little bit about what you're thinking. What?
What do you have in the way of assets, and
how are you going to use the money?
S8 (24:43):
Okay. I've got about, uh, assets are about 1.5 million.
I got about 500,000 that would be available. That is in. Well,
I got two annuities that we set up for our
RMDs when they come due, so I wouldn't want to
touch those. So it'd be about 400 that, you know,
(25:05):
over the next four years, we're living off of our
Social Security and our pensions, not even spending our savings
income right now. So I'll still be about 20,000 short
of getting above the the 12% federal rate this year.
Now that the the bill is helping us out.
S1 (25:27):
Yeah, yeah, yeah. I mean, I'm tracking with you there
and I think that makes a lot of sense. So
I think you are thinking about it the right way. Um,
so where are you going to when you pull the
money out? What are you going to do with it
at that point?
S8 (25:40):
Well, that's something I'll I'll pass by the advisor once
I make the decision. So.
S1 (25:45):
Yeah. Okay. Yeah. Very good. Yeah. I mean, I think
because we've locked in these lower rates, it does, you know,
remove some of that uncertainty and gives you an opportunity.
I think the key is go into that with a
real clear strategy on how you're going to reposition the
money once it comes out. But I think this is
a great time, just given the assets that you have, Jeff,
to visit with your CPA and your advisor to do
(26:06):
some tax planning and some investment planning, uh, and see if,
if repositioning some of these assets makes sense. Um, you know,
don't miss the opportunity for the qualified charitable distribution to
get money out of any IRA accounts that you have
tax free. Are you aware of that?
S8 (26:23):
Yeah. Already doing that. My wife is. We started that
this year with my wife. I'm not there yet. Yeah.
Are doing that one. Yeah. I wish I could do
it myself. Yeah.
S1 (26:33):
Yeah. You got to be 70.5, unfortunately.
S8 (26:37):
No, I'm getting closer, though. Hopefully. Hopefully the Lord tarries
and I can get there.
S1 (26:42):
Or maybe not. Right. I think we'll be in much
better shape if we go. There we go. Hey. God
bless you, my friend. Stay on the line. I want
to send you a gift. I appreciate you calling today.
I want to send you a copy of our magazine,
Faithful Steward. I think it'll be an encouragement to you
and your wife. And we'd love to, to send that
to you. So stay on the line. We'll get that
out to you and call anytime if we can help you.
(27:03):
Saint Louis is where we're headed next. Hi, Dwayne. How
can I help?
S7 (27:07):
Hi. Yes, I called earlier. Oh, you're breaking up. I
have the biological child.
S1 (27:13):
And my apologies. Yes, sir. I know exactly what you're
talking about. So tell us the second part of that question.
S7 (27:19):
My brother in law says I should have a trust
that I should. That I shouldn't be doing, sir. With
the trust.
S1 (27:28):
Okay. Yeah. Unfortunately, you're breaking up again, but I think
I see the question here. So essentially, your brother in
law says you need a trust. What's the difference between
a will and a trust? So a will is a
legal document that takes effect only after your death and
really specifies how your assets should be distributed. It also
names guardians for minor children. So if you have minor children,
(27:50):
you absolutely need a will and it then appoints an
executor to handle your estate. Now wills go through probate.
So that's the probate court, which means the probate court process,
which means time and money. And that's why a lot
of people prefer a trust, even though they're more expensive
to set up. Your typical will might be $500. Your
(28:12):
typical trust is 2000 plus, but it does remove the
time and expense of the probate court. It adds a
few other kind of benefits, if you will, because it
allows you not to be required to distribute everything at
death with a trust. If you have, let's say, minor
children or you had a lifelong dependent or you had
(28:34):
a situation where you wanted to distribute the assets over time,
you can make those determinations inside the trust documents. And
then you'd name a trustee and then the trustee could
distribute the assets. Let's say when the kids reach a
certain age or something like that. The other benefit of
the trust is it's private, not public like a will.
(28:55):
There is no probate court involved. And so it eliminates
the time and expense. So there are benefits to a trust.
You just need to make sure those benefits are worth
the extra cost of you taking the time to put
that in place. And also keep in mind you would
need to retitle any assets that you want to put
(29:15):
in the trust in the name of the trust, and
that just involves a little bit of work. Does that
make sense though, Dwayne?
S7 (29:22):
Yes, yes it does. Yeah. Okay. Good sense. Um, what
is a lady bird deed?
S1 (29:29):
Yeah. Well, a lady bird deed is essentially. I mean,
do you have a home? And what state are you in?
S7 (29:37):
Um.
S1 (29:40):
Oh, I'm losing you again there. Essentially, this is a
kind of deed in some states that lets you keep
full control of your property during your lifetime, but then
it automatically transfers to someone else with you when you
die without going through probate. And so basically, it's a
simple estate planning tool, not as complex or as expensive
(30:03):
as the trust. And, you know, it's, um, I'm not
sure if it's available in Missouri or not. We would
have to check on that. But essentially, if it is,
it can be a pretty simple way, kind of like
a transfer on death deed, which is what they call
it in other states where you keep full control of
your property, you own it while you're alive, but then
(30:23):
upon your death, it automatically goes to your beneficiary that
you name in the deed. So it can be a
very effective tool to bypass probate, but not require you
to put the the full trust in place, which, as
I said, can can run you several thousand dollars. Dwayne,
I hope that helps you, my friend. Thanks for your call.
We're going to take a quick break and then back
(30:45):
with our final segment. Just a few lines open 800
525 7000. You can call right now and we'll be
right back. I'm so glad you've joined us today on
Faith and Finance Live. Hey, before we head back to
the phones, let me remind you, there's a program we
(31:05):
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we provide to encourage you in your stewardship journey as
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if you love the program, maybe you listen regularly, you've
(31:27):
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(31:50):
new study called wisdom Over Wealth A study on the
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All right. Let's head back to the phones to Indianapolis. Leslie,
how can I help you?
S9 (32:05):
Hi. Yes. My question is, we are wanting to update
our kitchen by painting the cabinets and painting the interior
of our home. And I'm trying to figure out if
a HELOC or a home equity loan would be good
to do. Or should we just borrow from our own
investment savings? We're planning to pay it off within six
months to a year, and I know there are some
(32:27):
penalties if you pay off those loans early, so just
trying to figure out which would be best.
S1 (32:33):
Yeah. Well, you would be able to find a HELOC
without an early termination penalty. Um, but there would absolutely
be expenses associated with you taking out that loan. So
I would say if you have the ability and you
can really see a pathway to getting this paid off
in six months, I would say, let's just try to
(32:53):
pull it out of savings. If you did that, would
you still have an emergency reserve to fall back on?
S9 (33:00):
Yes.
S1 (33:01):
Okay. And how many months roughly of expenses would you
have in emergency savings?
S9 (33:06):
Um, we would be fine.
S1 (33:10):
Okay. Yeah. So I would say that makes.
S9 (33:14):
This is an investment savings account. Where? Got it. Um,
it would be to to make investments based on what's
happening in the market.
S1 (33:21):
I see. Okay. Yeah. I mean, I think just given
that we're talking a six month period of time, you've
got the money sitting in money market. It's it's probably
not earning a whole lot, and it's probably earning less
than what you would be paying on that HELOC especially,
you know, with the prime rate where it is. I mean,
you'll probably be paying 7% or more, uh, on that money.
And so I would say, let's just pay it out
(33:42):
of your investment account, assuming that's not a retirement account,
where you're going to have a taxable event and then
just try to, you know, replenish that money when you can.
S9 (33:51):
Yes. Okay. Great. Thank you so much.
S1 (33:54):
All right. Thanks for your call today. Uh, Danville, Indiana
is where we're headed next. Hi, Pam. How can I
help you?
S10 (34:01):
Hi, Rob. Thanks for taking my call. Um, I was just, um,
confused about something. I've heard you say many times that
if a person has a trust set up, that their
property will not go through probate. But, um, I was
looking on, on Google and it said that, um, testamentary
(34:21):
trust will go through probate. That's what we have. Testamentary trust.
I called their office at the courthouse and they they
were saying that. Yeah, we would it would go through probate.
I'm not worried about our bank accounts or brokerage. I'm
just worried about our house.
S1 (34:35):
Got it. Yes, you are correct. So there's a testamentary
trust is a little different that's created by your will.
And so it only goes into effect after you pass
away and your will goes through probate. That's different than
what we were talking about, which is essentially a living trust. Uh,
the testamentary trust does not avoid probate. The living trust does.
(34:58):
The living trust would go into effect as soon as
it's created and it would allow you to retitle assets
in the name of the Living Trust. And then the
trustee has the ability to manage those assets prior to
your death. If you're incapacitated, let's say at your death
or even beyond your life based on the trust documents.
But that testamentary trust created by the will would in
(35:21):
fact involve probate.
S10 (35:23):
Oh. All right. That the wording it clears it up
because on Google it said if you have a living
will it won't go through probate. And I thought living
will meant with the health care part. But that's just
a different type of trust for property. I see what
you're saying.
S1 (35:39):
Yeah. And you are correct. There's a distinction there. So
the living will is that legal document that spells out
your wishes for medical care. If you're unable to speak
for yourself, especially about, you know, end of life decisions,
life support and those kinds of things. A living trust
is a type of trust that goes into effect right
away once assets are placed in the trust and therefore
(36:03):
it does bypass probate. So you've got three things going
on here. We've got the testamentary trust, which is what
you've got does go through probate, the living trust, which
goes into effect right away and avoids probate, and then
the living will, which is that legal document for medical
care wishes.
S10 (36:20):
Oh I see okay. Well that clears that up. Thank
you so much.
S1 (36:24):
All right. You're welcome. Thanks for your call. Chicago is
where we're headed next. Subhakar. Thanks for calling. Go ahead.
S11 (36:31):
Yeah. Hi, Rob. Uh, yeah. This is, um, I've got
a question where I just want your advice. Uh, I've
got a townhome and then a single family home. Uh,
and I've got 60,000, uh, home equity line of credit,
and I have got like, three credit cards, which I have, like,
(36:52):
for $40,000. So, um, right now we are making we
are trying to pay only the minimum and the difficulty.
We are trying to make those minimum payments as well.
So I just want your advice is what what is
the best way that I could get this debt closed
as quickly as possible?
S1 (37:14):
Yeah. Yeah, absolutely. I'm glad you called. So you said
you had 40,000in credit card debt. You're making the minimum payment.
What is that? Around 1000 1200 a month?
S11 (37:25):
Um, yeah, one of the credit card. It has got 0% interest,
and it's going to end in couple of months. So
when that kicks in, then the payments are going to
go higher.
S1 (37:37):
Okay. And then what other.
S11 (37:39):
Uh yeah. Go ahead. Sorry.
S1 (37:42):
What other debts do you have? You mentioned a HELOC.
S11 (37:45):
Yeah I've got a HELOC. Um, um, so right now
the property has been rented out and, uh, the rent
is kind of taking care. Uh, almost. And, EMI.
S1 (37:59):
Okay, great. And so you're able to cover the minimum payments.
You're just not getting ahead because of the high interest rates.
S11 (38:07):
Uh, yes. Yes. And then it's getting piled up because
I have to, like, um, like, buy the groceries and
all of that. So the, the monthly maintenance is going
on the credit cards now and then it's climbing up slowly. So.
S1 (38:21):
Yeah. Yeah. Okay. Um, well, the next step, I think,
for you is to reach out to our friends at
Christian Credit Counselors. You know, my preferred way for you
to get out of debt is not debt settlement, where
you stop paying them and they get past due, and
then they try to negotiate a settlement because that trashes
your credit, and you could end up with a, a
legal judgment against you. It's not debt consolidation where we
(38:43):
try to roll up all the debt into a new loan.
It's debt management, which involves a nonprofit credit counseling agency.
So essentially what would happen is the cards would be closed.
They'd stay right where they are with the existing creditors.
But when they're moved into the credit counseling program, which
each of the creditors have, the interest rate would drop.
(39:03):
And the combination of that level monthly payment every month
that you would now send to Christian credit counselors, and
they would send it on to your creditors. The combination
of that level payment, plus the lower interest rate, which
would probably be dropped to somewhere between 0 and 10%,
is going to help you pay off that debt about 80% faster.
(39:24):
The key is you've got to have enough income that
you can stay current with that. You know that monthly payment,
but as long as you can get a budget that
balances and allows you to stay current, you're going to
get this paid off much quicker because of these lower
interest rates. How does that sound though?
S11 (39:43):
Yes, yes. So if I get it right, the debt
consolidation is probably not the best way to move forward.
S1 (39:50):
And it really isn't, because what happens there is you
take out a new loan and the appeal is, well,
I'll roll it up in a new loan and instead
of paying 23% interest, I'm paying ten. And that sounds good.
The problem is, it takes the pressure off. Often I
get calls from people that say, hey, Rob, remember we
(40:10):
called six months ago and you and we got that
consolidation loan and guess what? Now I got the consolidation
loan and the credit card debts back, because they didn't
fix the problem that got themselves in the in the
debt in the first place. So really what's better is
let's get the budget fixed. Let's dial back your spending,
live within your means. Let's leave the credit card debt
right where it is and close those accounts. Let's drop
(40:32):
the interest rate through credit counseling. Let's get that debt
paid off once and for all. And then let's never
go back there. In my experience, is that's just a
far better approach than consolidation.
S12 (40:44):
Okay, okay. Sure. Rob. Yeah. Thank you. Thank you so much.
S1 (40:47):
Absolutely. So I think your next step is to reach
out to Christian credit counselors. Org, that's Christian credit counselors. And.
They should be able to take good care of you.
We appreciate your call today. Let's finish up with Debbie
in Florida. Debbie. Go ahead.
S6 (41:06):
Hi. I'm looking for some of the advantages of a
dynasty trust in that. I'd like my heirs to only
be able to access the interest on the principal and
leave the principal for the next generation. But I also
like the idea of a charitable remainder trust in case
I want to cash out something that will create a
big capital gains tax in the same tax year. Is
(41:29):
there a combination of the two?
S1 (41:32):
Yeah. Um, you know, it's a good question. So essentially,
a dynasty trust keeps the wealth in your family for
multiple generations. And so it protects assets from estate taxes.
The challenge there is you've got to have a pretty
big estate. I mean, I think the new bill that
was just passed raises the, you know where the estate taxes.
(41:53):
They don't kick in until you get over $15 million.
So for most people, estate taxes are not an issue.
Now it can protect from creditors and divorces and things
like that. But there's no charitable benefit and it requires
pretty careful management. The charitable remainder trust pays you or
someone else income for life or for a set term,
(42:14):
and then leaves what's left to charity. So you get
the income for life, you get the immediate tax deduction,
and then you support a cause. You care about two
different things. Um, you know, I think perhaps the next
step for you is to visit with an advisor who
can just understand a little bit more about your goals
and objectives, perhaps work in partnership with an estate planning attorney,
(42:35):
because these get pretty complex, and I'd want you to
think through all the different aspects of it. If you
want to find a CPA, just go to.com. Thanks for
your call, Debbie. Faith and finance is a partnership between
Moody Radio and Faith fi. Thank you to Omar, Tahera,
Rihanna and Taylor. We'll see you tomorrow.
In C.S. Lewis's The Lion, the witch and the wardrobe,
Aslan tells Lucy things never happen the same way twice. Hi,
I'm Rob West. It's a good reminder that life brings changes.
They're unavoidable, but how we choose to meet them is
up to us. Sharon Epps joins us today with sage
advice about preparing for life's transitions. And then it's on
(00:30):
to your calls at 800 525 7852 five 7000. This
is faith in finance. Live biblical wisdom for your financial journey. Well,
it's always fun and educational when Sharon Epps stops by.
She's president of Kingdom Advisors. And Sharon, how would you
(00:50):
say that The Chronicles of Narnia might give us insight
into life's changes or transitions?
S2 (00:57):
Well, most of us are familiar with C.S. Lewis's profound
allegory for the life of Christ. Yes. And in The
Chronicles of Narnia, Aslan represents Christ, of course. And in
the quote you read, Aslan is comforting little Lucy Pevensie
about changes and challenges she and her siblings were facing.
S1 (01:15):
Oh, that's exactly right. And it's a good reminder that
changes never stop happening. And I know that's what you
want to talk about today, right?
S2 (01:22):
It is. And you know, summer is a time when
we look ahead to the school year. And I know
for us, even we don't have kids in school, but
we still make plans that mirror an August to May
type school calendar. Yes. So let's look at a few
transitions that you may be anticipating in the months to come.
Whether you have a child entering kindergarten or a rising
senior anticipating graduation. You're planning a move dealing with aging parents.
(01:47):
Financial decisions are embedded in every life transition. In fact,
our friend Mitch Anthony likes to say money goes into
motion when life goes into transition. It's easy to remember,
but often hard to manage.
S1 (02:00):
Oh, it sure is. And I've got one of those
that you just rattled off. As you know, I've got
a senior headed off to college, so we're in transition ourselves.
So I know you have a few suggestions, Sharon, for
meeting and managing those changes, financial and otherwise. So let's
dive in.
S2 (02:16):
Let's go through the first one. Pray for wisdom. New
seasons require new wisdom. And there's two ways to learn
in a new season, either through pain or wisdom. We
probably all remember lessons learned through painful consequences of a
poor decision. In our teenage years, we found out that
pain is a really expensive way to learn. So let's
(02:37):
choose wisdom.
S1 (02:37):
Oh, that is such good counsel. We need to start
there with wisdom. All right, what is next?
S2 (02:42):
We want to go and seek godly counsel. Yeah. Let's
use an example here. If your oldest child is going
to enter college this fall, what can you learn from
other parents who have college graduates? What do they wish
they would have done differently? What did they do well
that they would want to repeat.
S1 (02:56):
Yeah. And hopefully with a lot of these transitions, you
have a certified Kingdom advisor providing that wise counsel walking
alongside you as well.
S2 (03:04):
Well, and how did you know? My next one is
that financial decisions will accompany this life transition? That's right.
So let's stick with the college student. You've thought about
paying for college, but have you thought about what expenses
your child might be responsible for? Well, they have a
part time job. Will you provide a monthly stipend? And
I like to call it that because that makes it specific.
(03:26):
But your bottom line is what will you provide and
what do you expect for them to provide?
S1 (03:31):
I have become very aware that college housing is no joke.
It is not. It is expensive.
S2 (03:37):
Now, number four, decide ahead of time what you will
do when things don't go exactly as planned. Do you
have an emergency fund? What will you do when and
if the child calls home to say they're out of money?
That's always good to have a backup.
S1 (03:49):
Absolutely.
S2 (03:50):
And then number five, communicate your financial decisions now before
the transition is complete. If it's the child going to college,
be sure that you've clearly communicated what they're responsible for.
If it's a move, have you clearly communicated with your realtor?
The more we communicate our financial decisions, the more accountability
we have to stick with them in the busyness of
(04:10):
the life's transitions.
S1 (04:11):
Well, you are exactly right, and I love that last
point about communication ahead of time, because that can make
all the difference when life throws us unexpected curveballs.
S2 (04:19):
I agree, and I've actually found that these five strategies
are really essential for staying grounded during the transition. If
you're preparing financially for the child, or even welcoming a
new child into your home, if you're moving, if you're
taking care of aging parents, these five still apply. And
taking the time now to lay the foundation will save
a lot of stress later on.
S1 (04:40):
Wow, Sharon, this is such good advice during this season
of transition. Be prepared for it. Have some wise counsel
and let's go back where we started today Sharon. And
that is be prayed up, right?
S2 (04:51):
Absolutely. God's the one who can give us wisdom. When
we ask, that's what he says.
S1 (04:55):
I love it. Well, Sharon, thank you for stopping by.
We always appreciate your wisdom that you share with us.
S2 (05:00):
Great to be here.
S1 (05:01):
That's Sharon Apps, president of Kingdom Advisors. You know, we
mentioned a certified Kingdom advisor. And if you'd like to
find a key to journey alongside you through life's transitions,
just head to our website and click Find a Professional.
That's faith Philly.com. All right. Your calls are next. 800
525 7000. Don't go anywhere.
S3 (05:34):
The opinions offered during this program represent the personal or
professional opinions of the participants, given for informational purposes only.
Any information provided is not intended to replace advice from
a financial, medical, legal, or other professional who understands your
specific situation.
S1 (05:57):
Hey, great to have you with us today on faith
and finance here on Moody Radio, helping you see God
as your ultimate treasure and money as a tool to
bring him glory and accomplish his purposes. We're taking your
calls and questions today. Anything financial, whether you're thinking about
your budget and how you stay on track, maybe it's
investing for the future or giving wisely. Perhaps you have
(06:18):
some debt you've never been able to pay off. We'd
love to tackle those questions, help you process those through
the lens of biblical wisdom. And you can call right
now we've got some lines open, not for long, but
for now you can call 800 525 7000. That's 805,
two five 7000. We'll be headed to those phones here
in just a moment. You know, in the news today,
(06:40):
like you, I'm sure you are deeply saddened by the
devastating floods that struck the Texas Hill Country over the
July 4th weekend. The disaster has claimed the lives of
at least 105 people across the region. That makes it
one of the deadliest flood events in Texas history. The
tragedy has touched countless families, with many more still missing
as search and rescue operations continue. And we want to
(07:03):
connect you with a ministry on the ground that's doing
some incredible work there. Because I know if you're like me,
you'd love to be there to, you know, pull a
chainsaw out and try to help clear things out or
just be there to encourage the people there. But obviously
the first responders or those that are needed. But there
are organizations on the ground doing incredible work even now.
(07:24):
And so one of the ways we can support them
is through our prayer support, but also our giving. And
we know you that listen to this program are generous people.
And if you'd like to be a part of that,
one of the organizations on the ground right now is
Texans on Mission. Uh, this is the disaster relief ministry
of the Texas Baptists, and they're actively in Kerr County
and the surrounding areas there providing emergency food and water,
(07:48):
shelter and basic supplies. Chaplaincy and emotional support also volunteer
teams for cleanup and recovery, and your support is really
crucial in bringing hope and healing to those affected by
this unimaginable tragedy. So if you'd like to support their work,
you can just head to Texans on Missions. Org, that's
(08:08):
Texans on Mission Dot. You can learn more about their
work there and you can donate on their website. All right.
Let's dive into your questions today. Again we've got some
lines open. You can call right now 800 525 7000
is the number to call. Let's begin in Fort Myers today. Myra,
thanks for calling. Go ahead.
S4 (08:27):
Hi, Rob. Thank you for taking my call today. Um,
so I am a 60 year old single retiree, and
I must admit, I'm a little bit ashamed that I'm
financially illiterate. So it wasn't until 2003, when I was 45,
that I opened an annuity account without really understanding what
I was doing or what it was about. So I
(08:48):
have two accounts. One of the one is a Roth
IRA that has 63,000. And, um, and I have another
one that's a diversified um, I've begun to be more
diligent in the past years to put money into my
Roth IRA and the diversified account, which I have 18,000.
(09:09):
I placed it as fixed after 2008, after the market plunge,
and I left it as fixed. Now, I was a
healthcare professional, and now that in my senior years, I
carry a lot of shame for not being in a
better financial place. Um, even though I do have zero debt,
I live strictly off my Social Security income. But I
(09:32):
believe I've heard you say in your past programs that
you're not a big fan of annuities. So I wanted
to know if I should get out of this annuity.
Should I stay and diversify? Or what other options do
you feel I have?
S1 (09:48):
Yeah, it's a great question, Myra, and I'd be delighted
to help you with it. Now, you mentioned the Roth IRA.
You can have a Roth IRA annuity, where essentially you're
combining the tax free growth of the Roth and then
placing that inside an insurance contract, an annuity that offers
the guarantees. And that's typically why people do that. Is
(10:09):
that what you have or is the Roth separate from
the annuity?
S4 (10:12):
No, no. Both accounts are part of the annuity.
S1 (10:15):
Okay. All right. Yeah. So in terms of getting out
of those, um, you know, you have a couple of options.
You can surrender it or cash it out, but you've
got to watch for the surrender charges and the taxes
on any gains. You can annuitize it, which essentially converts
it to an income stream. Or you can do what's
called a 1035 exchange, which is where you transfer it
(10:38):
to another annuity product because you found something that you
like a little bit better. What are you ultimately trying
to accomplish in this? Is it really about repositioning the investments,
or do you need to use the money for some
other purpose?
S4 (10:53):
No, no, it's just that, um, you know, just realizing
that I didn't say for my senior years and, um, I,
you know, just a way of maybe continuing to save.
But I wasn't sure because, again, I have I don't
have a lot of understanding about, you know, the annuity
or financial. I'm financially illiterate, to be honest with you. Yeah.
(11:14):
So just moving forward in my old, in my old,
you know, years, I wanted to know how to save
and for whatever amount of life I have.
S1 (11:24):
Do you know what the cash value is in the annuity?
S4 (11:28):
Uh, the Roth annuity is 63,000.
S1 (11:32):
All right. And do you have other investable assets?
S4 (11:35):
No, sir.
S1 (11:36):
Okay. Yeah. So I think the first thing would be
just to see about repositioning Positioning the assets that are
already there. The reason I say that I'm I'm not
a big fan of annuities is they tend to be complex.
They tend to be a little bit more expensive, and
you lock up your money because you have a harder
time getting to it without surrender charges. If you've had
this for a long time, there probably are no more
(11:58):
surrender charges. And it could be that this is a
great place for you to be, especially since you're already
in there. I mean, you could look at rolling it out,
but at that point you'd have unlimited investment options. And
I think given just the fact that you don't have
a whole lot of confidence in this, it probably warrants
an advisor to come alongside you to help you make
those investment decisions. Do you have more that you could
(12:20):
be adding to investments, or is it really just about
maximizing what you've already got?
S4 (12:26):
No, it's really maximizing what I have because like I said,
right now I'm just living off Social Security now, I
don't know if I should just end my diversified account,
which I have it fixed, or if I should just
try to diversify, start diversifying it again, because after 2008
I got scared and I just fixed it and never
did anything with it.
S1 (12:46):
So yeah. Yeah, well, you want to get it growing
for you, especially if this is money you're not planning
on living on, if you've fashioned your budget so you
can live on Social Security alone, then you've got the
benefit of letting this continue to grow. But you're right.
In that fixed account, we probably don't want 100% there because, well,
let me ask, what is your age?
S4 (13:06):
I'm 67.
S1 (13:07):
Okay. So if we were to round up to 70,
essentially we'd typically somewhere approaching 70 years old, we would
often want to have about 40% in stocks, maybe 60%
in bonds. So it could be that 60% of that
60 something thousand is, you know, appropriately in the fixed portion.
But then we take 40% of it and move it
(13:28):
into something that has more stock exposure, which gives you
more growth potential. But I would love for somebody to
look over that annuity and just see what you have
and see if there's not a better option for you. Um,
just as you consider perhaps moving it somewhere else. Do
you have access to the internet?
S4 (13:45):
Yes, sir.
S1 (13:46):
Okay. I would go to faith. That's faith.com. And click
Find a Professional at the top of the page and
reach out to a certified Kingdom advisor there in Fort Myers.
And here's what I would have them do is just
look over and read the annuity contract that you have
to help you understand what options you have. And it
could be that you leave it right there and just
(14:07):
reposition it. Or it could be that they have a
better option for you to kind of roll it out
into something else that has the more potential to grow
in either case. Let's take a long term perspective and
just try to not touch this and let it grow
for the future. Again, that website is Faith B.Com. Myra,
thanks for your call. We'll be right back. Hey, thanks
(14:34):
for joining us today on Faith in finance here on
Moody Radio. Rob West, we're taking your calls and questions today.
We have a few lines open. If you have a
financial question, you can call right now that number 800
525 7000. Again that's 800 525 7000. Let's head right
back to the phones down to Florida. Hi, Avis. Go ahead.
S5 (14:55):
Hi. Yes, I have a question. Sure. Um, uh, me
and my husband was thinking about we are retired, and
we're thinking about having that doing a reverse mortgage, okay,
on our home. And I was wondering about what is
the best way to go about it. You mentioned previously
on your program about two different types of reverse mortgage.
(15:17):
And you said about this one that was better, um,
that we don't lose our home in the process. So
I was wondering, um, which one? Yes. Which one is
the best way?
S1 (15:32):
Yeah. Well, first of all, just kind of my perspective
on reverse mortgages. You know, we love the idea of
getting out of debt and staying there. And there's a
lot of people. In fact, I'll tell a lot of
folks that call this program that if you can have
your house paid off by the time you retire, that
is great. I mean, there's a lot of warnings in
Scripture around the dangers of debt. I will say, though,
(15:52):
that as we think about how to fund our retirement years,
that fourth quarter of life, a lot of times, and
I get these calls all the time, we hear from
people who say, listen, I just haven't saved enough. And
so now I'm entering retirement. I've still got a mortgage.
And in fact, where that used to be, half of
retirees entered retirement with a mortgage. Now it's two thirds.
(16:14):
And that's my biggest expense. And because I didn't save
enough and all, all I have is Social Security and
maybe a small 400 1KI just struggling to make ends
meet and I'm not able to enjoy this season. And
so at that point we say, okay, what are your assets.
And when we begin to look at your assets, you know,
you've got your income stream from Social Security. Maybe you
(16:34):
got a small investment account. For most people, their biggest
asset is their home they may be spending on. Sitting
on a home that's free and clear or has a
lot of equity. Maybe it's two. Three, four, maybe $500,000
or more in equity and they can't get it out.
And so the. Reverse mortgages of today there's really only
one kind. And it's what's called a hecm. A home
(16:55):
equity conversion mortgage. And it's essentially where, just as you said, you.
Do pay a 2% fee to the FHA, the Federal
Housing Administration. But in exchange for. That they guarantee that
you'll never owe more than the House is worth. And
then at that point, you have to decide, as long
as you have at least 50% equity in your 62
years old, do you want to receive a monthly check
(17:17):
for life, or do you want to get a line
of credit where the equity in the home becomes available
to you and you can pull it out as needed?
The great thing about a reverse mortgage, though, is that
there's never a payment. And so if you get a
check for life that could supplement Social Security, or at
the very least, maybe you just pay off your existing
mortgage with a reverse. But again, that payment goes away.
(17:39):
For many people, that could be a game changer in
terms of them having enough to maintain their lifestyle in retirement.
So if that's you, this could be an option. But
let me just ask, are you all at least 62,
and do you have at least 50% equity in your home?
S5 (17:55):
Yeah, we have 65% equity.
S1 (17:59):
At least 50%. What is your home worth, do you
think today?
S5 (18:04):
Yes. Yeah, about 400,000.
S1 (18:08):
Okay. And do you have a mortgage?
S5 (18:10):
Yes.
S1 (18:11):
And what is it?
S5 (18:14):
For? 104,000.
S1 (18:17):
Okay. Yeah. So you got quite a bit of equity there.
And so what you could do is you could essentially
refinance the home and pay off the $104,000 mortgage with
a reverse mortgage. Except now you'd no longer have a
payment and then you could just do nothing but that.
And that may solve the problem in terms of you
having enough available to cover your living expenses. If not,
(18:40):
you could then get the remaining equity or some portion
of it available to you, either as a monthly check
or a line of credit that you could tap into
as needed. But again, you'd never have a payment. Now,
whatever balance is outstanding would grow with interest and fees.
And then at your death, when both of you pass away,
or if you move, then the home would be sold,
(19:03):
the mortgage would be paid, and then whatever is remaining
would go according to your wishes and your estate.
S5 (19:11):
Okay, so how that would affect a living trust like
the difference would go to like the kids.
S1 (19:18):
Yes. So the home would be in the living trust.
It could have a reverse mortgage on it. They would
just need to review the trust documents and make sure
that the trust allows for that. Generally they do. And
then once you pass away, the home is sold. The
the proceeds after the reverse mortgage is paid off would
go into the trust, and then your trustee would distribute
(19:39):
what's remaining based on the instructions in the trust document.
S5 (19:43):
Do you have a particular company that you can recommend
for the reverse mortgage?
S1 (19:48):
We do. Yeah, we have good friends. It's a Christian company,
and they really are one of the leaders in this.
It's called Movement Mortgage. I would go to movement. Again
that's movement. And somebody will get in touch with you.
The gentleman who runs their reverse mortgage division is on
(20:09):
this broadcast regularly. His name is Harlan Accola. He'd be
delighted to connect with you. Answer your questions. Let me
also send you a copy of his book, just as
our gift to you to explain reverse mortgages in detail. Okay.
S5 (20:22):
Okay, I appreciate that.
S1 (20:24):
Happy to do it. All right. You stay on the line,
and we'll get your information, send you that book, and
then just go to Movement.com to learn more. Thanks for
your call today. Let's go to Ohio. Hi, Amy. Go ahead.
S6 (20:37):
Hi. I wanted to ask. I made a just a personal,
personal loan through my own checking account and everything to
my cousin. Help him out between jobs, and they paid
it back, and it was just a handwritten IOU, but
it ended up with, um, $300 interest that I got,
(20:59):
which I did, you know, report that or.
S1 (21:01):
Yes, you do. So the $300 of interest income is taxable.
And so therefore you'd have to report it on your
tax return as interest income even though it was a
private loan. So it would go on the form 1040.
You'd usually report that as other income. If you don't
have a 1099 int from the borrower, which you wouldn't
(21:22):
if it's a personal loan. So it would just be
up to you to report it. You're going to want
to let your CPA know that. Or if you file
your own taxes, you'll see that place as other income
on the 1040. And you'll just want to make sure
you keep records about that private loan and go ahead
and pay the appropriate tax. Hope that helps. Amy, thanks
for your call. 800 525 7000 is the number to call.
(21:44):
We're headed to Saint Louis after this break and then
to talk to Linda in Missouri. This is Faith in
finance live on Moody Radio. We'll be right back. Hey,
thanks for joining us today on Faith in Finance live.
I'm Rob West. We're taking your calls and questions. The
(22:06):
number to call today 800 525 7000. We've got plenty
of room for you. So now would be a great
time to call again that number with any financial question.
800 525 7000. You can call right now. Let's go
to Saint Louis. Hi, Duane. How can I help you, sir?
S7 (22:23):
Hi. Um, I have, uh, one biological.
S1 (22:31):
Well, you're breaking up just a little bit. Let me
see if I can get a clear signal here. Perhaps
you can move one direction or the other and go
ahead and try that again.
S7 (22:40):
Okay. Is this better?
S1 (22:41):
It sure is. Yep.
S7 (22:43):
Okay, great. I have, uh, one biological child, a son,
and I have three that came into the with the marriage. Uh,
and my. I have a will drawn up, and the
home goes to my son. If something happens to him,
then it would be divided equally among the other three. Um,
(23:05):
the question is, will he have an inheritance or a
capital gain tax?
S1 (23:10):
Uh, no. So as long as he receives the home
by way of an inheritance and you don't transfer an
ownership interest to him while you're alive, then the current
IRS rules and Regs, says that he gets a step
up in basis, which just simply means when he inherits
the home, either by way of a will or a trust.
Doesn't matter. Could even be what's called a Tod to
(23:33):
transfer on death deed in any one of those scenarios.
If he inherits it after your death, then his new
cost basis is no longer what you paid for it.
It's the market value of the property as of the
date of death. And so what that means is, if
he sells it shortly after you pass away, there is
no capital gain and there's no federal inheritance tax. So
(23:54):
he wouldn't have any taxes whatsoever.
S7 (23:58):
Oh, okay. All right. Because.
S1 (24:03):
I'm losing you again. Let's see if we can get
you back on. Go ahead. Dwayne.
S7 (24:09):
I lost that I would be better.
S1 (24:11):
Yeah. Unfortunately, you're going in and out. Let me have
the team. I'm going to put you on hold, and
we'll see if they can get you in a place
where we get a clear signal there. We'll get right
back to you, to South Carolina. Hi, Jeff. How can
I help?
S7 (24:24):
Yes, sir.
S8 (24:24):
Now that we've passed the big, beautiful bill, is this
a good time for the next four years to take
some of that, uh, before tax money and finally pay
the tax on it?
S1 (24:36):
So tell me a little bit about what you're thinking. What?
What do you have in the way of assets, and
how are you going to use the money?
S8 (24:43):
Okay. I've got about, uh, assets are about 1.5 million.
I got about 500,000 that would be available. That is in. Well,
I got two annuities that we set up for our
RMDs when they come due, so I wouldn't want to
touch those. So it'd be about 400 that, you know,
(25:05):
over the next four years, we're living off of our
Social Security and our pensions, not even spending our savings
income right now. So I'll still be about 20,000 short
of getting above the the 12% federal rate this year.
Now that the the bill is helping us out.
S1 (25:27):
Yeah, yeah, yeah. I mean, I'm tracking with you there
and I think that makes a lot of sense. So
I think you are thinking about it the right way. Um,
so where are you going to when you pull the
money out? What are you going to do with it
at that point?
S8 (25:40):
Well, that's something I'll I'll pass by the advisor once
I make the decision. So.
S1 (25:45):
Yeah. Okay. Yeah. Very good. Yeah. I mean, I think
because we've locked in these lower rates, it does, you know,
remove some of that uncertainty and gives you an opportunity.
I think the key is go into that with a
real clear strategy on how you're going to reposition the
money once it comes out. But I think this is
a great time, just given the assets that you have, Jeff,
to visit with your CPA and your advisor to do
(26:06):
some tax planning and some investment planning, uh, and see if,
if repositioning some of these assets makes sense. Um, you know,
don't miss the opportunity for the qualified charitable distribution to
get money out of any IRA accounts that you have
tax free. Are you aware of that?
S8 (26:23):
Yeah. Already doing that. My wife is. We started that
this year with my wife. I'm not there yet. Yeah.
Are doing that one. Yeah. I wish I could do
it myself. Yeah.
S1 (26:33):
Yeah. You got to be 70.5, unfortunately.
S8 (26:37):
No, I'm getting closer, though. Hopefully. Hopefully the Lord tarries
and I can get there.
S1 (26:42):
Or maybe not. Right. I think we'll be in much
better shape if we go. There we go. Hey. God
bless you, my friend. Stay on the line. I want
to send you a gift. I appreciate you calling today.
I want to send you a copy of our magazine,
Faithful Steward. I think it'll be an encouragement to you
and your wife. And we'd love to, to send that
to you. So stay on the line. We'll get that
out to you and call anytime if we can help you.
(27:03):
Saint Louis is where we're headed next. Hi, Dwayne. How
can I help?
S7 (27:07):
Hi. Yes, I called earlier. Oh, you're breaking up. I
have the biological child.
S1 (27:13):
And my apologies. Yes, sir. I know exactly what you're
talking about. So tell us the second part of that question.
S7 (27:19):
My brother in law says I should have a trust
that I should. That I shouldn't be doing, sir. With
the trust.
S1 (27:28):
Okay. Yeah. Unfortunately, you're breaking up again, but I think
I see the question here. So essentially, your brother in
law says you need a trust. What's the difference between
a will and a trust? So a will is a
legal document that takes effect only after your death and
really specifies how your assets should be distributed. It also
names guardians for minor children. So if you have minor children,
(27:50):
you absolutely need a will and it then appoints an
executor to handle your estate. Now wills go through probate.
So that's the probate court, which means the probate court process,
which means time and money. And that's why a lot
of people prefer a trust, even though they're more expensive
to set up. Your typical will might be $500. Your
(28:12):
typical trust is 2000 plus, but it does remove the
time and expense of the probate court. It adds a
few other kind of benefits, if you will, because it
allows you not to be required to distribute everything at
death with a trust. If you have, let's say, minor
children or you had a lifelong dependent or you had
(28:34):
a situation where you wanted to distribute the assets over time,
you can make those determinations inside the trust documents. And
then you'd name a trustee and then the trustee could
distribute the assets. Let's say when the kids reach a
certain age or something like that. The other benefit of
the trust is it's private, not public like a will.
(28:55):
There is no probate court involved. And so it eliminates
the time and expense. So there are benefits to a trust.
You just need to make sure those benefits are worth
the extra cost of you taking the time to put
that in place. And also keep in mind you would
need to retitle any assets that you want to put
(29:15):
in the trust in the name of the trust, and
that just involves a little bit of work. Does that
make sense though, Dwayne?
S7 (29:22):
Yes, yes it does. Yeah. Okay. Good sense. Um, what
is a lady bird deed?
S1 (29:29):
Yeah. Well, a lady bird deed is essentially. I mean,
do you have a home? And what state are you in?
S7 (29:37):
Um.
S1 (29:40):
Oh, I'm losing you again there. Essentially, this is a
kind of deed in some states that lets you keep
full control of your property during your lifetime, but then
it automatically transfers to someone else with you when you
die without going through probate. And so basically, it's a
simple estate planning tool, not as complex or as expensive
(30:03):
as the trust. And, you know, it's, um, I'm not
sure if it's available in Missouri or not. We would
have to check on that. But essentially, if it is,
it can be a pretty simple way, kind of like
a transfer on death deed, which is what they call
it in other states where you keep full control of
your property, you own it while you're alive, but then
(30:23):
upon your death, it automatically goes to your beneficiary that
you name in the deed. So it can be a
very effective tool to bypass probate, but not require you
to put the the full trust in place, which, as
I said, can can run you several thousand dollars. Dwayne,
I hope that helps you, my friend. Thanks for your call.
We're going to take a quick break and then back
(30:45):
with our final segment. Just a few lines open 800
525 7000. You can call right now and we'll be
right back. I'm so glad you've joined us today on
Faith and Finance Live. Hey, before we head back to
the phones, let me remind you, there's a program we
(31:05):
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we provide to encourage you in your stewardship journey as
a result of those that support the ministry. And so
if you love the program, maybe you listen regularly, you've
(31:27):
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(31:50):
new study called wisdom Over Wealth A study on the
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All right. Let's head back to the phones to Indianapolis. Leslie,
how can I help you?
S9 (32:05):
Hi. Yes. My question is, we are wanting to update
our kitchen by painting the cabinets and painting the interior
of our home. And I'm trying to figure out if
a HELOC or a home equity loan would be good
to do. Or should we just borrow from our own
investment savings? We're planning to pay it off within six
months to a year, and I know there are some
(32:27):
penalties if you pay off those loans early, so just
trying to figure out which would be best.
S1 (32:33):
Yeah. Well, you would be able to find a HELOC
without an early termination penalty. Um, but there would absolutely
be expenses associated with you taking out that loan. So
I would say if you have the ability and you
can really see a pathway to getting this paid off
in six months, I would say, let's just try to
(32:53):
pull it out of savings. If you did that, would
you still have an emergency reserve to fall back on?
S9 (33:00):
Yes.
S1 (33:01):
Okay. And how many months roughly of expenses would you
have in emergency savings?
S9 (33:06):
Um, we would be fine.
S1 (33:10):
Okay. Yeah. So I would say that makes.
S9 (33:14):
This is an investment savings account. Where? Got it. Um,
it would be to to make investments based on what's
happening in the market.
S1 (33:21):
I see. Okay. Yeah. I mean, I think just given
that we're talking a six month period of time, you've
got the money sitting in money market. It's it's probably
not earning a whole lot, and it's probably earning less
than what you would be paying on that HELOC especially,
you know, with the prime rate where it is. I mean,
you'll probably be paying 7% or more, uh, on that money.
And so I would say, let's just pay it out
(33:42):
of your investment account, assuming that's not a retirement account,
where you're going to have a taxable event and then
just try to, you know, replenish that money when you can.
S9 (33:51):
Yes. Okay. Great. Thank you so much.
S1 (33:54):
All right. Thanks for your call today. Uh, Danville, Indiana
is where we're headed next. Hi, Pam. How can I
help you?
S10 (34:01):
Hi, Rob. Thanks for taking my call. Um, I was just, um,
confused about something. I've heard you say many times that
if a person has a trust set up, that their
property will not go through probate. But, um, I was
looking on, on Google and it said that, um, testamentary
(34:21):
trust will go through probate. That's what we have. Testamentary trust.
I called their office at the courthouse and they they
were saying that. Yeah, we would it would go through probate.
I'm not worried about our bank accounts or brokerage. I'm
just worried about our house.
S1 (34:35):
Got it. Yes, you are correct. So there's a testamentary
trust is a little different that's created by your will.
And so it only goes into effect after you pass
away and your will goes through probate. That's different than
what we were talking about, which is essentially a living trust. Uh,
the testamentary trust does not avoid probate. The living trust does.
(34:58):
The living trust would go into effect as soon as
it's created and it would allow you to retitle assets
in the name of the Living Trust. And then the
trustee has the ability to manage those assets prior to
your death. If you're incapacitated, let's say at your death
or even beyond your life based on the trust documents.
But that testamentary trust created by the will would in
(35:21):
fact involve probate.
S10 (35:23):
Oh. All right. That the wording it clears it up
because on Google it said if you have a living
will it won't go through probate. And I thought living
will meant with the health care part. But that's just
a different type of trust for property. I see what
you're saying.
S1 (35:39):
Yeah. And you are correct. There's a distinction there. So
the living will is that legal document that spells out
your wishes for medical care. If you're unable to speak
for yourself, especially about, you know, end of life decisions,
life support and those kinds of things. A living trust
is a type of trust that goes into effect right
away once assets are placed in the trust and therefore
(36:03):
it does bypass probate. So you've got three things going
on here. We've got the testamentary trust, which is what
you've got does go through probate, the living trust, which
goes into effect right away and avoids probate, and then
the living will, which is that legal document for medical
care wishes.
S10 (36:20):
Oh I see okay. Well that clears that up. Thank
you so much.
S1 (36:24):
All right. You're welcome. Thanks for your call. Chicago is
where we're headed next. Subhakar. Thanks for calling. Go ahead.
S11 (36:31):
Yeah. Hi, Rob. Uh, yeah. This is, um, I've got
a question where I just want your advice. Uh, I've
got a townhome and then a single family home. Uh,
and I've got 60,000, uh, home equity line of credit,
and I have got like, three credit cards, which I have, like,
(36:52):
for $40,000. So, um, right now we are making we
are trying to pay only the minimum and the difficulty.
We are trying to make those minimum payments as well.
So I just want your advice is what what is
the best way that I could get this debt closed
as quickly as possible?
S1 (37:14):
Yeah. Yeah, absolutely. I'm glad you called. So you said
you had 40,000in credit card debt. You're making the minimum payment.
What is that? Around 1000 1200 a month?
S11 (37:25):
Um, yeah, one of the credit card. It has got 0% interest,
and it's going to end in couple of months. So
when that kicks in, then the payments are going to
go higher.
S1 (37:37):
Okay. And then what other.
S11 (37:39):
Uh yeah. Go ahead. Sorry.
S1 (37:42):
What other debts do you have? You mentioned a HELOC.
S11 (37:45):
Yeah I've got a HELOC. Um, um, so right now
the property has been rented out and, uh, the rent
is kind of taking care. Uh, almost. And, EMI.
S1 (37:59):
Okay, great. And so you're able to cover the minimum payments.
You're just not getting ahead because of the high interest rates.
S11 (38:07):
Uh, yes. Yes. And then it's getting piled up because
I have to, like, um, like, buy the groceries and
all of that. So the, the monthly maintenance is going
on the credit cards now and then it's climbing up slowly. So.
S1 (38:21):
Yeah. Yeah. Okay. Um, well, the next step, I think,
for you is to reach out to our friends at
Christian Credit Counselors. You know, my preferred way for you
to get out of debt is not debt settlement, where
you stop paying them and they get past due, and
then they try to negotiate a settlement because that trashes
your credit, and you could end up with a, a
legal judgment against you. It's not debt consolidation where we
(38:43):
try to roll up all the debt into a new loan.
It's debt management, which involves a nonprofit credit counseling agency.
So essentially what would happen is the cards would be closed.
They'd stay right where they are with the existing creditors.
But when they're moved into the credit counseling program, which
each of the creditors have, the interest rate would drop.
(39:03):
And the combination of that level monthly payment every month
that you would now send to Christian credit counselors, and
they would send it on to your creditors. The combination
of that level payment, plus the lower interest rate, which
would probably be dropped to somewhere between 0 and 10%,
is going to help you pay off that debt about 80% faster.
(39:24):
The key is you've got to have enough income that
you can stay current with that. You know that monthly payment,
but as long as you can get a budget that
balances and allows you to stay current, you're going to
get this paid off much quicker because of these lower
interest rates. How does that sound though?
S11 (39:43):
Yes, yes. So if I get it right, the debt
consolidation is probably not the best way to move forward.
S1 (39:50):
And it really isn't, because what happens there is you
take out a new loan and the appeal is, well,
I'll roll it up in a new loan and instead
of paying 23% interest, I'm paying ten. And that sounds good.
The problem is, it takes the pressure off. Often I
get calls from people that say, hey, Rob, remember we
(40:10):
called six months ago and you and we got that
consolidation loan and guess what? Now I got the consolidation
loan and the credit card debts back, because they didn't
fix the problem that got themselves in the in the
debt in the first place. So really what's better is
let's get the budget fixed. Let's dial back your spending,
live within your means. Let's leave the credit card debt
right where it is and close those accounts. Let's drop
(40:32):
the interest rate through credit counseling. Let's get that debt
paid off once and for all. And then let's never
go back there. In my experience, is that's just a
far better approach than consolidation.
S12 (40:44):
Okay, okay. Sure. Rob. Yeah. Thank you. Thank you so much.
S1 (40:47):
Absolutely. So I think your next step is to reach
out to Christian credit counselors. Org, that's Christian credit counselors. And.
They should be able to take good care of you.
We appreciate your call today. Let's finish up with Debbie
in Florida. Debbie. Go ahead.
S6 (41:06):
Hi. I'm looking for some of the advantages of a
dynasty trust in that. I'd like my heirs to only
be able to access the interest on the principal and
leave the principal for the next generation. But I also
like the idea of a charitable remainder trust in case
I want to cash out something that will create a
big capital gains tax in the same tax year. Is
(41:29):
there a combination of the two?
S1 (41:32):
Yeah. Um, you know, it's a good question. So essentially,
a dynasty trust keeps the wealth in your family for
multiple generations. And so it protects assets from estate taxes.
The challenge there is you've got to have a pretty
big estate. I mean, I think the new bill that
was just passed raises the, you know where the estate taxes.
(41:53):
They don't kick in until you get over $15 million.
So for most people, estate taxes are not an issue.
Now it can protect from creditors and divorces and things
like that. But there's no charitable benefit and it requires
pretty careful management. The charitable remainder trust pays you or
someone else income for life or for a set term,
(42:14):
and then leaves what's left to charity. So you get
the income for life, you get the immediate tax deduction,
and then you support a cause. You care about two
different things. Um, you know, I think perhaps the next
step for you is to visit with an advisor who
can just understand a little bit more about your goals
and objectives, perhaps work in partnership with an estate planning attorney,
(42:35):
because these get pretty complex, and I'd want you to
think through all the different aspects of it. If you
want to find a CPA, just go to.com. Thanks for
your call, Debbie. Faith and finance is a partnership between
Moody Radio and Faith fi. Thank you to Omar, Tahera,
Rihanna and Taylor. We'll see you tomorrow.
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