Episode Transcript
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Speaker 1 (00:06):
In.
Speaker 2 (00:06):
Good morning, and welcome to Let's Talk Money here on
eight ten and one O three one WGY. I'm Ryan
Bouche and we'll be with you for the next hour.
Happy to be here and glad to have you all
with us today. Thank you so much for tuning in.
We got a great show today, a lot to discuss.
(00:30):
It's I wrote a put out a client letter yesterday,
you know, thinking about as we're in this time of year,
March madness going on, and a lot to be excited
for with the college basketball playoffs. My kids have all
filled out their first brackets this year and they're having
a blast with that. But we're also seeing March madness
(00:54):
to a different extent in the world of the markets,
maybe a little bit of our economy and certainly out
of Washington, d C. Right now, and how that all
is playing into your portfolio, your retirement planning. Maybe you
have some decisions to make as a nearing retirement. Maybe
(01:16):
you know everything that's going on is it's got you
a little concerned. It's to be expected. That's kind of
been the sentiment we've we've been getting in house. But
you know, I think through the work we do and
in you know, taking a high level view of what's
really going on can help get us through these times.
(01:36):
So we'll talk about that. We will talk about some
of the ups and downs in the markets this week.
What's really driving it? You know, what are we seeing
from a you know, market perspective. We had the Fed
met this week as well. Drone Powell had some comments
and we can talk about why, you know, all of
a sudden their job has gotten a lot more difficult.
(02:00):
I think, you know, not that it was easy. I
think going through a pandemic of the last five years
and the ups and downs, the inflation, everything we saw there,
the changes to the economy, and really the effects that
that COVID brought in the immediate term, and you know,
some of the fallout I think we're still dealing with
(02:22):
today to obviously a lesser extent. But you know, the
Fed head a lot they were dealing with. But I
think right now in today, and based on some of
their comments from earlier this week, they find themselves in
a harder position than they've ever found themselves in this
recent administration. So we'll talk about that. We'll talk about
the challenges they have come in their way. You know,
(02:45):
we can get more into this volatility that we're seeing
and some of the impacts from both pariffs, government job cuts,
how that's playing out, how that's affecting the market, kind
of what we're seeing. You know, we'll talk about, you know,
a lot of the themes that I'm I'm following right
in managing our portfolios and you know, kind of both
(03:09):
from an economic standpoint, but also just markets underlying market data,
how we're really viewing this environment we find ourselves in
today and how that is affecting the decisions that you know,
many people are left making. We're in a much different
environment over the last month, four or five weeks than
we were in the last two plus years. And so
(03:32):
you know, it doesn't mean that that as an investor
you have to make dramatic changes, but your thought process
and your decision making framework may have changed just given
what we're seeing. And we can talk about, you know,
some of the conversations we're having with clients. You know,
I think, especially throughout this uncertainty in kind of unknowns
(03:58):
of what's happening, how thinking about you know, distributions, clients
conversations as to accessing their money in retirement, how they
should be proceeding with that, you know, some of the
tax work and tax planning. We're getting closer and closer
to the April fifteenth deadline, so we can talk a
little bit about some tax planning strategies. And lastly, you know,
(04:20):
with all that is going on and all of this uncertainty,
I think there's still a lot of hope out there.
Right There's still a lot to be optimistic about. Still
a lot that we have in front of us that
you know, gives us hope that we'll get through whatever
whatever this hopefully short timeframe of uncertainty and volatility is.
(04:43):
But there's a lot to continue to sort of be again,
stay optimistic over and keeping that, like I said, that
higher level of view of what's going on and not overreacting,
but you know, understanding the risks that are in front
of us, but also looking at the opportunities that may
(05:03):
lay ahead. So we have phone lines are open. Give
me a call one eight hundred talk WGY. That's one
eight hundred eight two five, five, nine four nine. If
any of those topics are of interest to you, or
if you have something else that maybe you're dealing with
in your own financial life or questions that you have
(05:23):
that have come up again, especially over the last few
weeks where we've been dealing with just a much higher
degree of uncertainty than we've seen in quite some time.
Give me a call, happy to have you be part
of the show. One eight hundred talk WGY. That's one
eight hundred eight two five five nine four nine. So
(05:47):
the markets this week, you know, we take a step back.
The good news is is we did break a four
week losing streak in the markets. All three major indices
were up for the week, driven primarily by a strong
close into Friday into yesterday's market, which was a good thing.
(06:10):
Finally getting back up into positive territory. Although we're seeing
again that theme of some of the market dynamics changing.
We're definitely seeing that in terms of I think some
of these major indices in what's doing well, maybe what's
lagging a little bit. For the week we had the
Dow was actually the leader, up a little over one percent,
(06:32):
up one point two percent. The SMP was up about
a half a percent, with the Nasdaq was up it
was only up about point two percent, but it was
up nonetheless. So again we had the first first time
in four what we had four losing weeks in a row.
First time I get some five weeks where we had
a positive close to the week, So you know, that's
a good thing, right, We had some resiliency and helped
(06:55):
a little bit by I think Jerome Powell's comments earlier
in the week. And we can talk about that and
we'll get into the bigger challenges I think they're facing
today than they have in quite some time. But before
we do that, we are going to go to the
phone lines. We have Steve n Albany. Steve, good morning,
Thank you for calling in.
Speaker 1 (07:16):
Good morning. My question is I'm over fifty nine and
a half and I would like to do a rock
conversion from my conventional IRA or traditional IRA, and I'm
I don't understand a five year holding period? Does that
apply if you're over fist fifty nine and a half?
Speaker 2 (07:32):
Yes, in terms of getting the benefit of the tax
freed distributions, So there is a five year holding period
for any conversions. You know, with roth iras in general,
there's there's a five year holding period, and then with
any conversions and new money coming in, there is a
(07:54):
five year look back. And when it comes to conversions meat,
you know, unless unless something comes up in terms of
a liquidity need or you know, maybe something unknown where
you're you're looking to pull funds from. You know, that
five year window actually turns out to be a good thing,
right because the benefit of those conversions, if you're doing them,
(08:16):
you're paying the taxes upfront, right, so you have a
cost for that conversion. The longer that money can stay
in the raw, the better it is for you. You know,
from a from a generational tax perspective, when you think
about all the taxes you will owe or pay over
your lifetime, so there is a you know, it's almost
like an added buffer, even though it kind of feels
(08:39):
like you your money may be locked up, but the
benefit of pulling those gains out tax free, there is
that five year look back period.
Speaker 1 (08:48):
And one question, who tricks the five year whole period?
Is that trick by the brokerage company or the I
R S tricks at two? Or how is all that tricked?
Speaker 2 (09:00):
Yeah, the IRS wouldn't be tracking it per se. Right,
you'll have ten ninety nine's that come out. So if
you have a distribution coming out if you were to
do a conversion and disease point into the listening audience,
we're seeing this a lot more, especially recently through some
of the changes to some of the tax laws back
(09:21):
going back five six years or so, but were wroth
conversions are becoming a lot more popular, where you maybe
take some of your traditional IRA, move it over to
a wroth and you're forced to pay those taxes on
that conversion. So whatever money is coming out of the
traditional you pay taxes on it, and it now can
be housed in a wroth IRA in terms of who
(09:45):
tracks it, right, So you're ten ninety nine, so if
there's a distribution coming out of your IRA that will
show up in a ten ninety nine form that does
get sent to the irs, and but there it is
your job and to track sort of the tax elements
on your own tax returns. You know, when it comes
(10:05):
to what's coming out of the wrath, I mean it's
in terms of that five year look back, it's more
of a you know, up to the filer to make
sure that hey, they're tracking that appropriately, and you know
when the wroth account may have been opened if it
was opened before when those new contributions were made, So
(10:26):
it is probably more up to in terms of the
actual filing of what's happening up to the owner of
those accounts, and your tax preparation is really up to you.
Hopefully you kind of have the history of it within
your own you know, custodian records, you know whether for
us we use Charles Schwab to do all that, and so, yeah,
(10:50):
it is going to be a little bit up to you.
It really won't be tracked by the I R s.
The only thing they're tracking, if you will, is the
movement of money that's coming in and out of you
or ten ninety nine's and it's up to you to
make sure that the taxable income elements of those distributions,
whatever it may be, are recorded appropriately in your tax return.
Speaker 1 (11:13):
Right. What I've been doing is if I do a conversion,
like for twenty five, I'll open up a separate WROTH
account for twenty twenty five, and if I do want
a twenty twenty six, I'll open up a second separate
Roth account in twenty twenty six. And that's way I
would trick it.
Speaker 2 (11:28):
Yeah, I mean, so it could make sense that that
just you know, to me, that may just create more
complexity in terms of having multiple accounts that maybe really
aren't needed. I mean, if you're truly not planning on
making a distribution or not needing to pull that money
in the coming five years. And like I said, if
you have money that's already been there, you know you'll
(11:52):
have that history. If you if you're converting, you know,
ten thousand dollars, but you already had fifty k in
the raw. If you pulled anything within the five years,
it's really only the only penalty is really on the
gains of the most recent But if you had money
that was already within the raw, you can make the
argument that you know, this distribution really isn't coming from
that new money, from the old value an account that
(12:16):
was there, So you know, I think personally to me,
I think that may be overdoing it, only because now
you're just creating multiple accounts, multiple tracking, you have to
trade in multiple accounts. I think you could just simplify it,
make sure you're your own record keeping is solid, but
you'd be able to again if they're all within the
(12:37):
same account at the same brokerage or again custodian, you'll
have those records lined up, So I would my recommendation
would kind of be more tracking on your own in
terms of that movement of money, or you know, will
essentially be tracking your tax return as well to a
certain extent, keep those ten ninety nine's, keep a little
(12:57):
running record versus having building up multiple accounts each and
every year. It just may be too much work to
have that many accounts. I'd rather see that consolidated and
just have a little bit more easier way of tracking
all it.
Speaker 1 (13:14):
Right, Okay, all right here, I appreciate your advice. Have
a nice day.
Speaker 2 (13:18):
No, it's a great question. See appreciate you calling in.
It's a great talking point, especially as I said earlier,
we're doing so much work in helping clients with Wroth conversions,
and from our perspective, right we're doing it, and for
some clients, we're doing it year over year. Again we're
keeping those same conversions within the same Wroth account. We
(13:40):
are not opening multiple Wroth accounts. And I can totally
see the perspective that Steve is coming at that with
in terms of a little bit easier to tract for
each one they have. But like I said, just as
time goes on, and if you're doing this over multiple years,
I personally and I think it's a firm philosophy of
our when we meet with prospective clients or meeting with
(14:04):
existing clients. Is Hey, we're trying to make your financial
life a little bit simpler, right, We're trying to if
we can consolidate accounts, bring those together. It just makes
for an easier experience of you know, tracking what you have,
monitoring it, making sure the portfolio up to speed, right,
(14:27):
because now, as time goes on, you could end up
having five six seventy eight different roth Ira accounts and
you know it could just be a lot to manage
and keep on top of versus you know, just having
those proper tax records as you're making the conversions through
the years. So it's a great question. See appreciate the
call phone lines are open. Any other listeners that have
(14:49):
calls on financial planning needs, what's going on in the markets,
what we're seeing out of Washington, Give me a call
one eight hundred talk WGY. That's one eight hundred eight
two five five nine. To Ce's point, right, you know
we're talking about you know, the early withdrawal, So you
know there's different rules in guidelines around whether it's an IRA,
(15:13):
wroth Ira, whatever it may be. That five year look back,
as we talked a little bit about when you make
a conversion. You know, if you if you make any
distributions from a Wroth conversion within a five year time period,
there is an early ten percent withdrawal penalty on this
(15:38):
or I apologize, that's if you're before fifty nine and
a half. If you're over fifty nine and a half,
it's more of a tax on gain, so you don't
get that tax free even though you are fifty nine
and a half and WROTH distribution should be tax free.
If you have gains on anything within that five year
contribution window, those may be tax as a you know,
(16:02):
just tax book income versus being tax free. But you know,
as we we were talking about it, you know, to me,
a Roth conversion is really a long term strategy, and
it may be a long term strategy for yourself, you
and your spouse in your lifetime, or it could be
a long term strategy for estate planning purposes and for
(16:25):
your next generation. Right, we we work a lot with
generational you know, what we call generational wealth because we
are planning for you know, multi generations, and that doesn't
have to be you know, insane levels of wealth, right,
doesn't necessarily mean it's you know, ten to fifteen to
twenty million dollars of wealth. It can be, you know,
just an amount where hey, we know that we live
(16:46):
well within our means. There's going to be money that
we are planning to pass to our children, to the
next generation, to our beneficiaries outside of a married couple,
and you know, so you are planning for that long
term you know, process of transferring wealth. And the best
(17:07):
way to keep as much as you can is have
the right tax planning tools and right now, because traditional
iras are required to be distributed within ten years, if
you inherit it outside of a spousal ira, inheritance that
could kick up the next generation's tax full income in
(17:27):
terms of how they are withdrawing that money, how they
need to withdraw in the timeframe that they need to
do so, so a lot more of that wealth is
being taxed at the next generation versus, hey, if you
can pay those taxes today, let that grow within a roth.
You know, the next generation is going to be far
better off. And not only that, but between the multi generations,
(17:50):
you are saving a lot in lifetime taxes that will
be paid, so you're keeping more of that money that
you've earned. And I know, for many folks that is
one of the most important and planning tools that we provide.
Taxes come up quite often in our planning approach, and
rightfully so right again, it's not so much. It's not
always how much you make, how much you keep. We're
(18:12):
going to go back to the phone lines we have
Jim Jim, good morning. How are you.
Speaker 3 (18:19):
Hi? I am good, Thanks, how are you?
Speaker 2 (18:21):
I'm doing great? Thank you for calling.
Speaker 3 (18:23):
Okay, yeah, I have a thanks for taking my column,
and I really appreciate listening to your program almost every
Saturday morning.
Speaker 2 (18:32):
Appreciate that.
Speaker 3 (18:33):
I've got an additional question. You were just discussing the
roth iras, and I have never been able to find
out from anyone in regard to a roth ira a
that has met all of the aging you know, five
(18:54):
year agent and everything. Those the beneficiary that would be
listed for a wroth ira after the owner of the
account dies, Does the beneficiary have to pay any taxes
at all in regard to to you know, inheriting the
(19:15):
wroth i ra.
Speaker 2 (19:18):
No, No, the roth ira is is not at the
next beneficiary level required to pay taxes. So, yeah, that
is added benefit right of some of these conversion Yeah,
is you know, the you know, that's how we think
about it, right, is the lifetime and in multi generational
(19:45):
like how much taxes are you paying over you know,
the course of an you know of an account of
you know who owns that? And and that's why I
mean it's the roth conversion question and exercise. Right, there
is a cost to it. Right, there's upfront taxes you pay. Uh,
it's not you know, it's sometimes it's hard to really
(20:08):
calculate what is the full beneficiary benefit of this, but
there is you know, as it goes on to the
next generation, a lot more tax benefits. You know, if
you had that long term approach and you're really thinking
about trying to protect as much from taxes as you can.
Speaker 3 (20:28):
Yes, And I have one other little question in regard
to a roth Ira. I never hear anybody on your
program or anywhere else that that has mentioned at least
well I've been listening with a roth Ira. If you
(20:50):
open a roth Ira a new account new wroth on
December thirty first, the following day, January first, it's already
aged one year, which is something people should give a
you know, thought of about opening in.
Speaker 2 (21:13):
Terms of thinking about the five year look back period.
Speaker 3 (21:16):
Yes, yes, no.
Speaker 2 (21:20):
It's it's a good point. I'll double check it because yeah,
for the five year window, No, it's a it's a
good point. I'll double check that too and make sure
that is the case. But yeah, no, I mean the
five year look back is is something that we have
to think about and consider when doing a lot of
this planning and as a as a I was speaking
(21:40):
earlier with Steve and to his point, you know, oftentimes
when we're whether you're opening a wroth or doing a conversion,
whatever it may be. Uh, you know, the five year
look back does come into play on the flip side.
You know, our goal with any sort of wrath money
is the longer that can be pushed out right, That's
the that's where of the biggest bend fit lies, whether
(22:01):
again it's for you or for that next generation. So
the more time you can keep the roths growing and
open is the best strategy moving forward. So no, I
appreciate that, and it's a great point.
Speaker 3 (22:16):
Okay, well, thank you very much. I appreciate it.
Speaker 2 (22:18):
I all right, Jim, thank you for listening, Thank you
for the call. All right, take care again. Our phone
lines are open one eight hundred talk wgy that's one
one hundred eight two, five, five, nine or nine. And
to Jim's point in terms of inheriting those roths, you know,
same in terms of what you're required to distribute. You
(22:38):
are required if it's a non spousal wroth inheritance, you
are required to take those distributions within a ten year timeframe.
So you know, you do, I guess you lose out.
Maybe if you think about the tax free nature. Again,
the longer you can keep that growing and invested, the better,
But you are required much like a traditional IRA inheritance
(23:00):
and non spousal you know that ten year timeframe, same thing,
same rule applies to the wrath, just those distributions are
tax free. So a huge benefit. You pay the taxes upfront,
whether you're contributing as you're making earning income or contributing
or doing a wroth conversion, there is the upfront tax
that you go on that money. But you know, the benefits,
(23:20):
especially on a longer term basis, are quite dramatic and
can be really really you know, a huge, huge value
add to you or your family. So we have about
a minute left before we have to break for the news.
I know we have Bill on the line. Bill, I'm
going to come back to you. If you can hold
(23:43):
until we get back from the news, would be great.
I just don't want to, you know, rush a question,
and I know we have limited time right now, so
we'll get back to you when we come back. And
you know, great, great discussion points today, a lot of
planning points around IRAS WROTH IRAS conversion. Again, as I
mentioned earlier, these are a lot of the areas that
(24:03):
we've been working very closely with clients. Actually had the
conversation just the other day with a client talking about
these gap years and why those can be good for
planning around both conversions or R and D strategies. So
we'll talk more about that when we come back. Bill
will try to get you at the other side of
the news. Thank you for listening. You are tuning into
(24:24):
Let's Talk Money here on eight ten in one of
three one W G Y. We'll see you after news
break and welcome back to Let's Talk Money here at
APN and one O three one w g Y. I'm
Ryan Bouchet. Great to be with you all today. Thank
(24:45):
you so much for tuning in love hearing you know.
When we get callers calling and how they've been listening
every week for a long time. It's it's awesome to
hear it's you know, we really appreciate all you listeners
sticking with us and being part of the show. It
I know, it means a lot to myself, my father,
(25:07):
the rest of our colleagues. So our phone lines are
open one eight hundred talk WGI. That's one eight hundred,
eight two, five, five, nine, four nine. Had a great
discussion already, just on some planning topics around roth conversions,
traditional iras, you know what it means for beneficiaries, and
you know, talking a little bit about the markets. Obviously
(25:28):
we've had some up and down weeks. Finally had a
positive week this week, which was a great thing. I think,
you know, maybe a little bit more optimism out there,
and we can talk about, you know why, there's a
lot of reasons to stay hopeful moving forward. But before
we do that, let's go back to the phone lines.
We have Bill in Hudson. Bill, good morning, Thank you
(25:49):
for calling in.
Speaker 4 (25:51):
Good morning, Brian. I wanted to sell my kids who
were graduated from college that they should open accounts, and
my daughter who graduated in twenty two I wanted to
open up a ROTH account before April fifteenth, three weeks away,
because she had earned income last year, and I figured
that I would take money, the remaining money out of
(26:13):
her five twenty nine plan and just put that into
a ROTH that she would have. And I thought that
was a good idea, but I realized that she took
out federal student loans starting six years ago, hasn't been
informed by anybody yet about that loan. My son finished
college last June and hasn't been informed by anybody, and
(26:35):
he has got earned income. Some I'm wondering before I
open up a ROTH, I want to find out if
they're deep in debt, because they may be laid on
making payments to their student loans. The colleges that they
went to don't know anything about it, and I don't
know if you do. But as much as I tell
them that investing is important, I tell them that managing
debt is important. And I can't even tell them how
much debt they have.
Speaker 2 (26:57):
Yeah, yeah, No, that's great point and a great question.
And you know, a lot of debt management to the
way I think about it is, you know, what what
are the levels of debt? Not only from a dollar perspective,
but interest rate and perspective as well, right, because you know,
in some cases, even for retirees we talked about, you know,
(27:17):
if you have that low mortgage rate, you know, that
can be good debt, even though you may not want
a retirement, but you know, having a mortgage under four percent,
especially in today's day and age, is a great thing.
Now when it comes to student loan debt, you know,
oftentimes that's a little bit higher and you know, depending
on when those loan repayments and in interest rate kicks in.
(27:39):
You know, really it's about managing that debt to your
point in terms of if it's you know, seventy eight
percent student loan interest rate levels, you know, those are
probably debt levels that you want to pay off first
before trying to you know, save I think when we
think about, especially for young folks, in terms of how
they can how they can start putting money away, I
(28:03):
mean to me, and this is where you'd have to
kind of weigh out the pros and cons to this
debt management versus savings. But you know, if they're working
for a company that is matching any sort of borrowing
K contributions first and foremost, get to that number, right
if they're matching up to four percent, five percent, whatever
that number is, because that's free money. So even if
(28:25):
there's maybe some outstanding debt that they're trying to figure
out what the best way to manage their cash flow
would be, you know, getting that free money there, I
think is first and foremost. You know, the other other
area of savings that I think is really important that
it's probably not talked about as much, is and this
is more for folks that are in maybe high deductible
(28:46):
plans through their work, and you know, for for most
young people, that may be a good you know option
in terms of the type of insurance they're receiving, just
because you know, statistically speaking, probably using less care. But
you know, HSA's are you know, triple tax free, meaning
you can get it right off for putting money into
(29:07):
it grows tax deferred, and then when you pull it out,
if you're using it for healthcare reasons, whether today or
in retirement, it comes out tax free as well. So
they're actually one of the best UH savings vehicles. So
when I think you know, young people, you know, those
are probably like the first two areas that are most
taxed beneficial. And then to that third step is those
(29:29):
wroth I rays. You know, any sort of wrath contribution,
especially early on in a career when you have a
lower most likely a lower tax rate. Then as you
move up and start growing in your career, those are
the best avenues for savings, and so trying to find
a way to best max that out, whether through a again,
through a work plan, through a raw if they have
(29:50):
a wroth for one K option. If they don't have that,
most do now, but if they don't, you know, looking
to those wroth irays and to your point, opening it
up because you can still contribute to it for twenty
twenty four before you're filing deadline. But yeah, to the
to the point on student loans, it'd be great to
just better understand what that amount is, what the interest
(30:12):
rate is, and you know, get a good grasp on it.
But to me, it's all about what the interest rate is,
and you know that should hopefully kind of dictate where
you want to focus those efforts of either paying it
down or saving and maybe doing a little bit of
both and finding that right balance.
Speaker 4 (30:33):
Well, at this point, we don't even know how to
find it out because nobody can tell us how we
find that insformation out or when they're going to get
their first bill.
Speaker 2 (30:45):
That's yeah, you know, honestly, that's that's an area where
I'm not as much of a expert in the day
to day of being able to track that down. I
can always try to look into avenues and we have
some folks that that may know within our office. But yeah,
that would that. I wish I had a better answer
on that bill. I'm really not in terms of what
(31:07):
the first step of figuring that out would be.
Speaker 4 (31:11):
Well, I'll try calling the officer in the week's all.
Speaker 2 (31:16):
Right, Yeah, that'd be perfect. Thanks Bill for the for
the calling. Appreciate it again. Our phone lines are open
one eight hundred talk w G Y. That's one eight hundred,
eight two five, five nine, four nine. A lot to consider,
especially now, is you know, to Bill's point of maybe
some five twenty nine plans in moving them around, you know,
there's there's more options now as time goes on with
(31:38):
some five twenty nine conversions and being able to you know,
actually move some of that money into ross to a
certain extent, which is beneficial through your planning phase and
planning for UH school expenses, they're only going up and
as we know, so having any sort of flexibility there,
(32:00):
you know, maybe in some cases you have a child
that doesn't need some of those funds, or you know,
I've gotten student aid scholarships, whatever it may be. You know,
there's beneficial there's the benefits of being able to transition
and move those to other beneficiaries or you know, now
there's more options to do some some conversions in moving
(32:22):
them to investment accounts out of the five twenty nine,
which is a good thing. A lot of restrictions around it,
but again it gives you a little bit more flexibility
when it comes to planning. We're going to go back
to our phone lines. We have Jim from my hometown
of Troy, New York. Jim, good morning, thank you for
calling in.
Speaker 5 (32:42):
Good morning, Yeah, good morning, Ryan, thank you.
Speaker 3 (32:45):
So I have a.
Speaker 5 (32:46):
Question about long term healthcare insurance. And so I'm about
eighteen months away from retiring. My wife is retiring this
year with Luckily with she's we're fortunate that she's got
health care benefits through a school district. But I've heard,
(33:07):
you know, long term health care insurance is very expensive
and at least that's what I've heard, So we don't
have any So I'm just curious and we both have
we both have family history of medical issues you know,
later in life, which many people do. So I guess
the question is any strategies where you know, like putting
(33:28):
your money in a state to protect what potentially like
a long term health care facility could go after or
is there any is there anything that you're Is there
any way around, you know, any way around needing long
term health care insurance where you can kind of protect
your assets and still get you know, a level of care.
Speaker 2 (33:51):
Yep, yep. Now it's a great question, and Jim, you're
you're not alone in thinking these issues through. And it's again,
just like we were talking about education costs going up,
long term care and those types of facilities costs are
only only going up. It's becoming more and more expensive.
(34:12):
And it's a real concern of a lot of folks
because you know, many people who are thinking about this.
You know, a lot have been impacted personally, maybe you know,
seeing a parent or a loved one go through this,
and so it's on top of a lot of folks minds.
To your point, the long term care insurance, you know
that that area has just changed. So you know, when
(34:35):
you compare it to fifteen twenty years ago, you know, historically,
looking back, the insurance companies really mispriced a lot of
these plans and policies, and you know, given where the
cost of care is today, you know, now trying to
get that type of insurance has become very, very expensive,
and so you know, first and foremost it's it's worth taking,
(34:57):
you know, a look at to what your options are
given your age. If you're eighteen months away from retirement,
I mean maybe I'm speculating a little bit. I'm assuming
maybe your early sixties, mid sixties, you know, that's not
a terrible time to be looking at this. I think
probably the sweet spot when you're really considering the cost
(35:18):
and the best best time to maybe get long term
care insurance maybe in your mid to late fifties just
tends to be a little bit you know, better priced
for policies. But at the end of the day, these
policies are very expensive and so it's not right for everybody,
and sometimes it doesn't fit into the cash flow. What
we're seeing also is again depending on the situation, we've
(35:42):
explored and have clients that have gotten into some hybrid
policies right, kind of a mix of life insurance and
long term care where it's a life insurance policy with
a long term care rider on it, so you kind
of get the benefit of both and if you don't
end up never needing that long term care insurance. That's
one of the you know, problems or hurdles for many
(36:04):
folks is that, hey, this is really expensive and if
I don't end up needing it, this is going to
cost me an awful lot of money, where having that
life insurance rider on it sort of gives a little
bit added benefit that well, even if I don't need it,
at least there's something there should I pass down the
road where it doesn't you know, isn't wasted. You know,
(36:28):
I think of insurance to a certain extent that hopefully
that money is wasted because the if you don't need it,
that's generally a good thing, but it has become expensive.
The other area is thinking about a Medicaid asset protection trust.
So we work with a lot of state planning attorneys
in our clients to see if that's a right fit,
(36:48):
and you know, it sort of depends. There's there's a
multitude of factors that you have to consider what type
of assets you have, the level of assets where they held, right,
because there's different protections on say a qualified account like
a traditional IRA, if most of your wealth is in
a traditional IRA or four one K plans versus you know,
(37:11):
if you hold you know, maybe a lot in real estate,
or you have a big taxable brokerage account and a
lot of money sitting outside of retirement plans that aren't
as protected. And that's where the need for a Medicaid
Asset Protection Trust comes in because they can shield those
assets from being qualifying for Medicaid. So you would you
(37:32):
would qualify for that health coverage or long term care
coverage a lot better if those assets are protected versus
needing to pay those down before you qualify for Medicaid.
So there's a lot to consider, you know. My my
train of thought is, look at all your options, right,
(37:53):
look at the cost of long term care insurance, look
at the cost of maybe a hybrid type policy, you know,
work with the finance advisor, work with a state you know,
and like I said, we work in conjunction with the
estate planning attorneys that we will partner with to do
some of this you know, long term planning, right, because
we want to make sure that you're doing what's best
(38:14):
in finding the most cost effective way of again either
protecting assets so you can qualify for Medicaid down the road,
or having some sort of insurance policy overriding it, or
maybe you're just self funding it right and saying, hey,
I have this bucket of money. This is really intended
for if we should ever need it, because there's just
(38:35):
only so many ways around trying to protect it. Or
maybe we won't qualify for some of these planning strategies.
Let's just you know, have an account that's our self
funded account and hopefully that can you know, serve as
as that you're internal insurance if you will hopefully you
don't need it down the road. But that's the other
sort of way that we plan around it, because again,
(38:58):
some of those strategies aren't just aren't the right fit
for every client situation.
Speaker 5 (39:03):
Okay, it sounds like the it sounds like just by
listening to this, the Medicare trust protection. I mean, I
know my father tried to do this. That's the one
that has a five year look back right, yeah, on period,
and he unfortunately got caught and it wasn't you know,
he was in the like year three and a half
(39:24):
and my mom went into a nursing home and you know,
and basically you know that was wasn't a good story
from that standpoint, but as far as what he had.
But so, okay, it sounds like it sounds like it's
the trust. I know, I hear you're there's many options,
but the trust is probably a good option to at
(39:45):
least look at it.
Speaker 2 (39:47):
It may be, like you said, if you have enough
assets outside of that. Now, again it comes with every
planning strategy, right, there's there's there can be pros and
cons to it, and sometimes these these trusts can help,
then they can restrict your access to some of these funds.
So again it's it's really just weighing the options and
understanding which each sort of option means to you and
(40:09):
how it can be beneficial. But also if there's restrictions
or or maybe areas of it that are not beneficial
for your situation. So again, this is like a lot
of things in personal finance, you know, it's it's personal
and different for every situation. So yeah, just going through
and going through the exercise and seeing what makes the
(40:30):
most sense for for what you're trying to accomplish. And
like I said, many many cases, clients we work with
sort of just go the route of, hey, we're just
planning to quote unquote self fund this because some of
the you know, some of what we have to give
up for these other strategies just doesn't make the most
sense for our own personal situation. So there's no right
or wrong answer. I think it's really what's most important
(40:52):
to you and what you're willing to live with and
the risks that are out there.
Speaker 5 (40:58):
Okay, thank you.
Speaker 2 (40:58):
Sounds like having gone through it for you, Jim. It's
it's top of mind and it's it's important to you.
So yeah, if there's anything we can do to help,
feel free to give our offices a call as well.
Speaker 5 (41:09):
Thank you very much. Appreciate it all right, Jim, take care.
Speaker 2 (41:12):
Thanks for the call again. Our phone lines are open
one eight hundred talk w G Y. That's one eight hundred,
eight two, five, five, nine four nine. Yeah. Great questions
so far, A lot of planning questions, which which is
you know it's important. It's we have this conversation with
(41:34):
clients often because sometimes you know, someone will come in
and say, hey, my neighbor is doing this, or my
brother sister, whoever it may be, is doing that. I
want to do it. And you know, sometimes it's it
can be a good strategy and sometimes that that's a
right fit, but sometimes it's not right sometimes, And like
I said, with personal finance, there's a lot of options
(41:56):
and there's sometimes no right or wrong answer because these
pass forward and these strategies are so personal to the individual,
to the to the couple, to the family where you
know you have to and sometimes these strategies there's there's
give and take, like like anything in light and you
got to find the right balance of what makes sense
(42:17):
in your situation, how you're set up. Right, If we
have a client where most of their assets are in
a qualified traditional IRA type holdings versus a client that
has a lot of assets in like I said earlier,
real estate or a taxable account, you know, those two
strategies are much different in terms of trying to protect
if if qualifying for medicaid down the road. Even if
(42:39):
your asset levels are are equal, you know, depending on
where those assets reside and the type of types of
accounts that they're setting in, you know, there may be
the need for multiple different strategies in both cases, because
again just it's not a one size fits all type case,
and especially when it comes to some of these more
complex elder care planning approaches, there's a lot that goes
(43:03):
into it, and there's a lot of variables, and no
two situations are alike, so you really just have to
find what's best for you. Again, work with the right
advisor or advisory team. Like I said, we try to
play the role of quarterback to help and you know,
(43:23):
bring other resources or experts to the table if you will,
to help in our clients' situations. Again, our phone lines
are open one eight hundred talk WGY one eight hundred
eight to five, five nine, four nine. Coming to the
end of the show, we still have about seven or
eight minutes left, so we're going to go back to
the phone lines we have Jim and Albany. Jim, how
(43:47):
are you today?
Speaker 6 (43:48):
H good. I'll make this quick. I have long term
I have long term care insurance for my wife and
I my wife did come down with Alzheimer's two and
a half years. I'm with jen Worth and they're pretty good.
It costs me six twelve thousand a month and they
(44:09):
reimburse me maybe eight or nine thousand. Anyway, here's my question.
Speaker 2 (44:16):
I'm in it.
Speaker 6 (44:17):
I'm still working. I'm seventy seventy five, and I have
two buildings I want to sell about eight hundred thousand
I have. I owe no money on them. But I'm
worried about should I be worried about Medicare? Uh I,
As I said, I'm still working and I I'm in
(44:39):
the I'm over two hundred thousand a year in income,
So what what should I be? My question is what
should I be looking out for?
Speaker 2 (44:52):
So from a from a Medicare perspective specifically, yes, okay, yeah,
So so when it comes to Medicare, I mean there's
different income thresholds where you know, you you go above those,
your Medicare premiums on a monthly basis will become a
little bit more expensive, right, and so you know they're
(45:14):
called the IRMA adjustments, and you know there's different thresholds
of where what those you know, step ups are and
how much more they would cost you, you know, in
your case, I mean, I think it comes down to
and usually there's a two year look back, so you know,
those increased to premiums generally will only last for two years.
(45:34):
If you have a you know, increase to your income
for one particular year. It's not in perpetuity, so there
is a look back period. It could be temporary. I
mean to me, I would say, considering you're you know,
taking a look at your situation. Is if your premiums
go up by you know, two hundred dollars a month
(45:55):
and maybe a caution an extra twenty four hundred a
year if that's over two years, you know, an extra
five thousand if if it's worth selling you know, those
properties and it helps, you know, make your life a
little simpler, or if it's a good time in the market,
you know, not knowing what those properties are, you know,
I don't know if I would, I would have those
increase of premiums hold you back from it. I think
(46:15):
it's just kind of weighing the pros and cons to
each But you know, to me, it's it's kind of saying, thinking, hey,
what is it worth? You know, maybe a little bit
of temporary increase to Medicare coverage by increasing my income
this year from a sale of a property.
Speaker 6 (46:31):
Right I'm going to sell one building for three hundred,
But I'm just sick. I'm sick and tired of tenants. Yeah,
but anyways, that's it. I mean, okay, I just needed
to know a number, and that's that's okay. I'm not
worried about.
Speaker 2 (46:46):
The Yeah, the thresholds are you know, typically the big
jumps are at like two hundred and fifty thousand, three
hundred and thirty, four hundred thousand, and then seven hundred
and fifty. So again it depends, but the step ups
aren't that much, and it sounds like maybe from the
headaches or hassle of tenants, it may be worth you know,
selling and eating the additional costs for a year or two.
Speaker 6 (47:09):
Okay, okay, all right, Jim, Well, I go ahead if
I want to sit down with you, how do I
I just turned I just turned the station on.
Speaker 2 (47:22):
Yeah, how do I get Yeah, call call our offices
our phone number. You can find us at Bouchet dot
com or you can call us at five one eight
seven two zero three three three three and just let
them know that you're interested in booking an initial console
and will help you from there. Our team will be
more than more than happy to help you.
Speaker 6 (47:44):
Jim, Okay, and ask and I'll ask for whose.
Speaker 2 (47:49):
One of our service team members will be able to assist.
You know, we'll ever we have someone on our phone
lines at all times, so you know, maybe someone maybe Angela, Angie,
Shelley Moren and we have a great team. So just
let them know what you're looking to do and they'll
be able to help assist you.
Speaker 6 (48:05):
No problems at all, Okay, all right, than you Jim.
Speaker 2 (48:09):
Yeah, thank you so much for the call. We appreciate it.
Look forward to hearing from you again. We'll we still
have a couple more minutes. We'll see we can go
to Mike and Coliny. Mike, how are you this morning?
Thanks for calling in. Good Good morning, Brian. How you
doing today? Oh, I'm doing good. I just got word
(48:29):
for my producer. We have one minute, so if you
can do a quick question or you know, we have
the show tomorrow at eight am, maybe we can help
answer it then, or maybe just call our offices at
some point. I apologize I didn't realize how far at
the end of the show we were.
Speaker 6 (48:46):
Yeah, it's pretty tight. I'll probably give you a call
and Mark.
Speaker 3 (48:48):
It's about a difference between a will and a trust,
so it's probably not a two or one minute answers.
Speaker 2 (48:53):
So yeah, probably not today. Well, we appreciate you calling in,
and yeah, give us a call tomorrow. We'll be there
at eight am. All right, great, great show. A lot
of callers is awesome. I appreciate that. And you can
find us again tomorrow at eight am for Let's Talk
Money on eight ten in one O three one wg wye.
(49:14):
Have a great rest of your Saturday. We'll talk to
you tomorrow. Take care,
In.
Speaker 2 (00:06):
Good morning, and welcome to Let's Talk Money here on
eight ten and one O three one WGY. I'm Ryan
Bouche and we'll be with you for the next hour.
Happy to be here and glad to have you all
with us today. Thank you so much for tuning in.
We got a great show today, a lot to discuss.
(00:30):
It's I wrote a put out a client letter yesterday,
you know, thinking about as we're in this time of year,
March madness going on, and a lot to be excited
for with the college basketball playoffs. My kids have all
filled out their first brackets this year and they're having
a blast with that. But we're also seeing March madness
(00:54):
to a different extent in the world of the markets,
maybe a little bit of our economy and certainly out
of Washington, d C. Right now, and how that all
is playing into your portfolio, your retirement planning. Maybe you
have some decisions to make as a nearing retirement. Maybe
(01:16):
you know everything that's going on is it's got you
a little concerned. It's to be expected. That's kind of
been the sentiment we've we've been getting in house. But
you know, I think through the work we do and
in you know, taking a high level view of what's
really going on can help get us through these times.
(01:36):
So we'll talk about that. We will talk about some
of the ups and downs in the markets this week.
What's really driving it? You know, what are we seeing
from a you know, market perspective. We had the Fed
met this week as well. Drone Powell had some comments
and we can talk about why, you know, all of
a sudden their job has gotten a lot more difficult.
(02:00):
I think, you know, not that it was easy. I
think going through a pandemic of the last five years
and the ups and downs, the inflation, everything we saw there,
the changes to the economy, and really the effects that
that COVID brought in the immediate term, and you know,
some of the fallout I think we're still dealing with
(02:22):
today to obviously a lesser extent. But you know, the
Fed head a lot they were dealing with. But I
think right now in today, and based on some of
their comments from earlier this week, they find themselves in
a harder position than they've ever found themselves in this
recent administration. So we'll talk about that. We'll talk about
the challenges they have come in their way. You know,
(02:45):
we can get more into this volatility that we're seeing
and some of the impacts from both pariffs, government job cuts,
how that's playing out, how that's affecting the market, kind
of what we're seeing. You know, we'll talk about, you know,
a lot of the themes that I'm I'm following right
in managing our portfolios and you know, kind of both
(03:09):
from an economic standpoint, but also just markets underlying market data,
how we're really viewing this environment we find ourselves in
today and how that is affecting the decisions that you know,
many people are left making. We're in a much different
environment over the last month, four or five weeks than
we were in the last two plus years. And so
(03:32):
you know, it doesn't mean that that as an investor
you have to make dramatic changes, but your thought process
and your decision making framework may have changed just given
what we're seeing. And we can talk about, you know,
some of the conversations we're having with clients. You know,
I think, especially throughout this uncertainty in kind of unknowns
(03:58):
of what's happening, how thinking about you know, distributions, clients
conversations as to accessing their money in retirement, how they
should be proceeding with that, you know, some of the
tax work and tax planning. We're getting closer and closer
to the April fifteenth deadline, so we can talk a
little bit about some tax planning strategies. And lastly, you know,
(04:20):
with all that is going on and all of this uncertainty,
I think there's still a lot of hope out there.
Right There's still a lot to be optimistic about. Still
a lot that we have in front of us that
you know, gives us hope that we'll get through whatever
whatever this hopefully short timeframe of uncertainty and volatility is.
(04:43):
But there's a lot to continue to sort of be again,
stay optimistic over and keeping that, like I said, that
higher level of view of what's going on and not overreacting,
but you know, understanding the risks that are in front
of us, but also looking at the opportunities that may
(05:03):
lay ahead. So we have phone lines are open. Give
me a call one eight hundred talk WGY. That's one
eight hundred eight two five, five, nine four nine. If
any of those topics are of interest to you, or
if you have something else that maybe you're dealing with
in your own financial life or questions that you have
(05:23):
that have come up again, especially over the last few
weeks where we've been dealing with just a much higher
degree of uncertainty than we've seen in quite some time.
Give me a call, happy to have you be part
of the show. One eight hundred talk WGY. That's one
eight hundred eight two five five nine four nine. So
(05:47):
the markets this week, you know, we take a step back.
The good news is is we did break a four
week losing streak in the markets. All three major indices
were up for the week, driven primarily by a strong
close into Friday into yesterday's market, which was a good thing.
(06:10):
Finally getting back up into positive territory. Although we're seeing
again that theme of some of the market dynamics changing.
We're definitely seeing that in terms of I think some
of these major indices in what's doing well, maybe what's
lagging a little bit. For the week we had the
Dow was actually the leader, up a little over one percent,
(06:32):
up one point two percent. The SMP was up about
a half a percent, with the Nasdaq was up it
was only up about point two percent, but it was
up nonetheless. So again we had the first first time
in four what we had four losing weeks in a row.
First time I get some five weeks where we had
a positive close to the week, So you know, that's
a good thing, right, We had some resiliency and helped
(06:55):
a little bit by I think Jerome Powell's comments earlier
in the week. And we can talk about that and
we'll get into the bigger challenges I think they're facing
today than they have in quite some time. But before
we do that, we are going to go to the
phone lines. We have Steve n Albany. Steve, good morning,
Thank you for calling in.
Speaker 1 (07:16):
Good morning. My question is I'm over fifty nine and
a half and I would like to do a rock
conversion from my conventional IRA or traditional IRA, and I'm
I don't understand a five year holding period? Does that
apply if you're over fist fifty nine and a half?
Speaker 2 (07:32):
Yes, in terms of getting the benefit of the tax
freed distributions, So there is a five year holding period
for any conversions. You know, with roth iras in general,
there's there's a five year holding period, and then with
any conversions and new money coming in, there is a
(07:54):
five year look back. And when it comes to conversions meat,
you know, unless unless something comes up in terms of
a liquidity need or you know, maybe something unknown where
you're you're looking to pull funds from. You know, that
five year window actually turns out to be a good thing,
right because the benefit of those conversions, if you're doing them,
(08:16):
you're paying the taxes upfront, right, so you have a
cost for that conversion. The longer that money can stay
in the raw, the better it is for you. You know,
from a from a generational tax perspective, when you think
about all the taxes you will owe or pay over
your lifetime, so there is a you know, it's almost
like an added buffer, even though it kind of feels
(08:39):
like you your money may be locked up, but the
benefit of pulling those gains out tax free, there is
that five year look back period.
Speaker 1 (08:48):
And one question, who tricks the five year whole period?
Is that trick by the brokerage company or the I
R S tricks at two? Or how is all that tricked?
Speaker 2 (09:00):
Yeah, the IRS wouldn't be tracking it per se. Right,
you'll have ten ninety nine's that come out. So if
you have a distribution coming out if you were to
do a conversion and disease point into the listening audience,
we're seeing this a lot more, especially recently through some
of the changes to some of the tax laws back
(09:21):
going back five six years or so, but were wroth
conversions are becoming a lot more popular, where you maybe
take some of your traditional IRA, move it over to
a wroth and you're forced to pay those taxes on
that conversion. So whatever money is coming out of the
traditional you pay taxes on it, and it now can
be housed in a wroth IRA in terms of who
(09:45):
tracks it, right, So you're ten ninety nine, so if
there's a distribution coming out of your IRA that will
show up in a ten ninety nine form that does
get sent to the irs, and but there it is
your job and to track sort of the tax elements
on your own tax returns. You know, when it comes
(10:05):
to what's coming out of the wrath, I mean it's
in terms of that five year look back, it's more
of a you know, up to the filer to make
sure that hey, they're tracking that appropriately, and you know
when the wroth account may have been opened if it
was opened before when those new contributions were made, So
(10:26):
it is probably more up to in terms of the
actual filing of what's happening up to the owner of
those accounts, and your tax preparation is really up to you.
Hopefully you kind of have the history of it within
your own you know, custodian records, you know whether for
us we use Charles Schwab to do all that, and so, yeah,
(10:50):
it is going to be a little bit up to you.
It really won't be tracked by the I R s.
The only thing they're tracking, if you will, is the
movement of money that's coming in and out of you
or ten ninety nine's and it's up to you to
make sure that the taxable income elements of those distributions,
whatever it may be, are recorded appropriately in your tax return.
Speaker 1 (11:13):
Right. What I've been doing is if I do a conversion,
like for twenty five, I'll open up a separate WROTH
account for twenty twenty five, and if I do want
a twenty twenty six, I'll open up a second separate
Roth account in twenty twenty six. And that's way I
would trick it.
Speaker 2 (11:28):
Yeah, I mean, so it could make sense that that
just you know, to me, that may just create more
complexity in terms of having multiple accounts that maybe really
aren't needed. I mean, if you're truly not planning on
making a distribution or not needing to pull that money
in the coming five years. And like I said, if
you have money that's already been there, you know you'll
(11:52):
have that history. If you if you're converting, you know,
ten thousand dollars, but you already had fifty k in
the raw. If you pulled anything within the five years,
it's really only the only penalty is really on the
gains of the most recent But if you had money
that was already within the raw, you can make the
argument that you know, this distribution really isn't coming from
that new money, from the old value an account that
(12:16):
was there, So you know, I think personally to me,
I think that may be overdoing it, only because now
you're just creating multiple accounts, multiple tracking, you have to
trade in multiple accounts. I think you could just simplify it,
make sure you're your own record keeping is solid, but
you'd be able to again if they're all within the
(12:37):
same account at the same brokerage or again custodian, you'll
have those records lined up, So I would my recommendation
would kind of be more tracking on your own in
terms of that movement of money, or you know, will
essentially be tracking your tax return as well to a
certain extent, keep those ten ninety nine's, keep a little
(12:57):
running record versus having building up multiple accounts each and
every year. It just may be too much work to
have that many accounts. I'd rather see that consolidated and
just have a little bit more easier way of tracking
all it.
Speaker 1 (13:14):
Right, Okay, all right here, I appreciate your advice. Have
a nice day.
Speaker 2 (13:18):
No, it's a great question. See appreciate you calling in.
It's a great talking point, especially as I said earlier,
we're doing so much work in helping clients with Wroth conversions,
and from our perspective, right we're doing it, and for
some clients, we're doing it year over year. Again we're
keeping those same conversions within the same Wroth account. We
(13:40):
are not opening multiple Wroth accounts. And I can totally
see the perspective that Steve is coming at that with
in terms of a little bit easier to tract for
each one they have. But like I said, just as
time goes on, and if you're doing this over multiple years,
I personally and I think it's a firm philosophy of
our when we meet with prospective clients or meeting with
(14:04):
existing clients. Is Hey, we're trying to make your financial
life a little bit simpler, right, We're trying to if
we can consolidate accounts, bring those together. It just makes
for an easier experience of you know, tracking what you have,
monitoring it, making sure the portfolio up to speed, right,
(14:27):
because now, as time goes on, you could end up
having five six seventy eight different roth Ira accounts and
you know it could just be a lot to manage
and keep on top of versus you know, just having
those proper tax records as you're making the conversions through
the years. So it's a great question. See appreciate the
call phone lines are open. Any other listeners that have
(14:49):
calls on financial planning needs, what's going on in the markets,
what we're seeing out of Washington, Give me a call
one eight hundred talk WGY. That's one eight hundred eight
two five five nine. To Ce's point, right, you know
we're talking about you know, the early withdrawal, So you
know there's different rules in guidelines around whether it's an IRA,
(15:13):
wroth Ira, whatever it may be. That five year look back,
as we talked a little bit about when you make
a conversion. You know, if you if you make any
distributions from a Wroth conversion within a five year time period,
there is an early ten percent withdrawal penalty on this
(15:38):
or I apologize, that's if you're before fifty nine and
a half. If you're over fifty nine and a half,
it's more of a tax on gain, so you don't
get that tax free even though you are fifty nine
and a half and WROTH distribution should be tax free.
If you have gains on anything within that five year
contribution window, those may be tax as a you know,
(16:02):
just tax book income versus being tax free. But you know,
as we we were talking about it, you know, to me,
a Roth conversion is really a long term strategy, and
it may be a long term strategy for yourself, you
and your spouse in your lifetime, or it could be
a long term strategy for estate planning purposes and for
(16:25):
your next generation. Right, we we work a lot with
generational you know, what we call generational wealth because we
are planning for you know, multi generations, and that doesn't
have to be you know, insane levels of wealth, right,
doesn't necessarily mean it's you know, ten to fifteen to
twenty million dollars of wealth. It can be, you know,
just an amount where hey, we know that we live
(16:46):
well within our means. There's going to be money that
we are planning to pass to our children, to the
next generation, to our beneficiaries outside of a married couple,
and you know, so you are planning for that long
term you know, process of transferring wealth. And the best
(17:07):
way to keep as much as you can is have
the right tax planning tools and right now, because traditional
iras are required to be distributed within ten years, if
you inherit it outside of a spousal ira, inheritance that
could kick up the next generation's tax full income in
(17:27):
terms of how they are withdrawing that money, how they
need to withdraw in the timeframe that they need to
do so, so a lot more of that wealth is
being taxed at the next generation versus, hey, if you
can pay those taxes today, let that grow within a roth.
You know, the next generation is going to be far
better off. And not only that, but between the multi generations,
(17:50):
you are saving a lot in lifetime taxes that will
be paid, so you're keeping more of that money that
you've earned. And I know, for many folks that is
one of the most important and planning tools that we provide.
Taxes come up quite often in our planning approach, and
rightfully so right again, it's not so much. It's not
always how much you make, how much you keep. We're
(18:12):
going to go back to the phone lines we have
Jim Jim, good morning. How are you.
Speaker 3 (18:19):
Hi? I am good, Thanks, how are you?
Speaker 2 (18:21):
I'm doing great? Thank you for calling.
Speaker 3 (18:23):
Okay, yeah, I have a thanks for taking my column,
and I really appreciate listening to your program almost every
Saturday morning.
Speaker 2 (18:32):
Appreciate that.
Speaker 3 (18:33):
I've got an additional question. You were just discussing the
roth iras, and I have never been able to find
out from anyone in regard to a roth ira a
that has met all of the aging you know, five
(18:54):
year agent and everything. Those the beneficiary that would be
listed for a wroth ira after the owner of the
account dies, Does the beneficiary have to pay any taxes
at all in regard to to you know, inheriting the
(19:15):
wroth i ra.
Speaker 2 (19:18):
No, No, the roth ira is is not at the
next beneficiary level required to pay taxes. So, yeah, that
is added benefit right of some of these conversion Yeah,
is you know, the you know, that's how we think
about it, right, is the lifetime and in multi generational
(19:45):
like how much taxes are you paying over you know,
the course of an you know of an account of
you know who owns that? And and that's why I
mean it's the roth conversion question and exercise. Right, there
is a cost to it. Right, there's upfront taxes you pay. Uh,
it's not you know, it's sometimes it's hard to really
(20:08):
calculate what is the full beneficiary benefit of this, but
there is you know, as it goes on to the
next generation, a lot more tax benefits. You know, if
you had that long term approach and you're really thinking
about trying to protect as much from taxes as you can.
Speaker 3 (20:28):
Yes, And I have one other little question in regard
to a roth Ira. I never hear anybody on your
program or anywhere else that that has mentioned at least
well I've been listening with a roth Ira. If you
(20:50):
open a roth Ira a new account new wroth on
December thirty first, the following day, January first, it's already
aged one year, which is something people should give a
you know, thought of about opening in.
Speaker 2 (21:13):
Terms of thinking about the five year look back period.
Speaker 3 (21:16):
Yes, yes, no.
Speaker 2 (21:20):
It's it's a good point. I'll double check it because yeah,
for the five year window, No, it's a it's a
good point. I'll double check that too and make sure
that is the case. But yeah, no, I mean the
five year look back is is something that we have
to think about and consider when doing a lot of
this planning and as a as a I was speaking
(21:40):
earlier with Steve and to his point, you know, oftentimes
when we're whether you're opening a wroth or doing a conversion,
whatever it may be. Uh, you know, the five year
look back does come into play on the flip side.
You know, our goal with any sort of wrath money
is the longer that can be pushed out right, That's
the that's where of the biggest bend fit lies, whether
(22:01):
again it's for you or for that next generation. So
the more time you can keep the roths growing and
open is the best strategy moving forward. So no, I
appreciate that, and it's a great point.
Speaker 3 (22:16):
Okay, well, thank you very much. I appreciate it.
Speaker 2 (22:18):
I all right, Jim, thank you for listening, Thank you
for the call. All right, take care again. Our phone
lines are open one eight hundred talk wgy that's one
one hundred eight two, five, five, nine or nine. And
to Jim's point in terms of inheriting those roths, you know,
same in terms of what you're required to distribute. You
(22:38):
are required if it's a non spousal wroth inheritance, you
are required to take those distributions within a ten year timeframe.
So you know, you do, I guess you lose out.
Maybe if you think about the tax free nature. Again,
the longer you can keep that growing and invested, the better,
But you are required much like a traditional IRA inheritance
(23:00):
and non spousal you know that ten year timeframe, same thing,
same rule applies to the wrath, just those distributions are
tax free. So a huge benefit. You pay the taxes upfront,
whether you're contributing as you're making earning income or contributing
or doing a wroth conversion, there is the upfront tax
that you go on that money. But you know, the benefits,
(23:20):
especially on a longer term basis, are quite dramatic and
can be really really you know, a huge, huge value
add to you or your family. So we have about
a minute left before we have to break for the news.
I know we have Bill on the line. Bill, I'm
going to come back to you. If you can hold
(23:43):
until we get back from the news, would be great.
I just don't want to, you know, rush a question,
and I know we have limited time right now, so
we'll get back to you when we come back. And
you know, great, great discussion points today, a lot of
planning points around IRAS WROTH IRAS conversion. Again, as I
mentioned earlier, these are a lot of the areas that
(24:03):
we've been working very closely with clients. Actually had the
conversation just the other day with a client talking about
these gap years and why those can be good for
planning around both conversions or R and D strategies. So
we'll talk more about that when we come back. Bill
will try to get you at the other side of
the news. Thank you for listening. You are tuning into
(24:24):
Let's Talk Money here on eight ten in one of
three one W G Y. We'll see you after news
break and welcome back to Let's Talk Money here at
APN and one O three one w g Y. I'm
Ryan Bouchet. Great to be with you all today. Thank
(24:45):
you so much for tuning in love hearing you know.
When we get callers calling and how they've been listening
every week for a long time. It's it's awesome to
hear it's you know, we really appreciate all you listeners
sticking with us and being part of the show. It
I know, it means a lot to myself, my father,
(25:07):
the rest of our colleagues. So our phone lines are
open one eight hundred talk WGI. That's one eight hundred,
eight two, five, five, nine, four nine. Had a great
discussion already, just on some planning topics around roth conversions,
traditional iras, you know what it means for beneficiaries, and
you know, talking a little bit about the markets. Obviously
(25:28):
we've had some up and down weeks. Finally had a
positive week this week, which was a great thing. I think,
you know, maybe a little bit more optimism out there,
and we can talk about, you know why, there's a
lot of reasons to stay hopeful moving forward. But before
we do that, let's go back to the phone lines.
We have Bill in Hudson. Bill, good morning, Thank you
(25:49):
for calling in.
Speaker 4 (25:51):
Good morning, Brian. I wanted to sell my kids who
were graduated from college that they should open accounts, and
my daughter who graduated in twenty two I wanted to
open up a ROTH account before April fifteenth, three weeks away,
because she had earned income last year, and I figured
that I would take money, the remaining money out of
(26:13):
her five twenty nine plan and just put that into
a ROTH that she would have. And I thought that
was a good idea, but I realized that she took
out federal student loans starting six years ago, hasn't been
informed by anybody yet about that loan. My son finished
college last June and hasn't been informed by anybody, and
(26:35):
he has got earned income. Some I'm wondering before I
open up a ROTH, I want to find out if
they're deep in debt, because they may be laid on
making payments to their student loans. The colleges that they
went to don't know anything about it, and I don't
know if you do. But as much as I tell
them that investing is important, I tell them that managing
debt is important. And I can't even tell them how
much debt they have.
Speaker 2 (26:57):
Yeah, yeah, No, that's great point and a great question.
And you know, a lot of debt management to the
way I think about it is, you know, what what
are the levels of debt? Not only from a dollar perspective,
but interest rate and perspective as well, right, because you know,
in some cases, even for retirees we talked about, you know,
(27:17):
if you have that low mortgage rate, you know, that
can be good debt, even though you may not want
a retirement, but you know, having a mortgage under four percent,
especially in today's day and age, is a great thing.
Now when it comes to student loan debt, you know,
oftentimes that's a little bit higher and you know, depending
on when those loan repayments and in interest rate kicks in.
(27:39):
You know, really it's about managing that debt to your
point in terms of if it's you know, seventy eight
percent student loan interest rate levels, you know, those are
probably debt levels that you want to pay off first
before trying to you know, save I think when we
think about, especially for young folks, in terms of how
they can how they can start putting money away, I
(28:03):
mean to me, and this is where you'd have to
kind of weigh out the pros and cons to this
debt management versus savings. But you know, if they're working
for a company that is matching any sort of borrowing
K contributions first and foremost, get to that number, right
if they're matching up to four percent, five percent, whatever
that number is, because that's free money. So even if
(28:25):
there's maybe some outstanding debt that they're trying to figure
out what the best way to manage their cash flow
would be, you know, getting that free money there, I
think is first and foremost. You know, the other other
area of savings that I think is really important that
it's probably not talked about as much, is and this
is more for folks that are in maybe high deductible
(28:46):
plans through their work, and you know, for for most
young people, that may be a good you know option
in terms of the type of insurance they're receiving, just
because you know, statistically speaking, probably using less care. But
you know, HSA's are you know, triple tax free, meaning
you can get it right off for putting money into
(29:07):
it grows tax deferred, and then when you pull it out,
if you're using it for healthcare reasons, whether today or
in retirement, it comes out tax free as well. So
they're actually one of the best UH savings vehicles. So
when I think you know, young people, you know, those
are probably like the first two areas that are most
taxed beneficial. And then to that third step is those
(29:29):
wroth I rays. You know, any sort of wrath contribution,
especially early on in a career when you have a
lower most likely a lower tax rate. Then as you
move up and start growing in your career, those are
the best avenues for savings, and so trying to find
a way to best max that out, whether through a again,
through a work plan, through a raw if they have
(29:50):
a wroth for one K option. If they don't have that,
most do now, but if they don't, you know, looking
to those wroth irays and to your point, opening it
up because you can still contribute to it for twenty
twenty four before you're filing deadline. But yeah, to the
to the point on student loans, it'd be great to
just better understand what that amount is, what the interest
(30:12):
rate is, and you know, get a good grasp on it.
But to me, it's all about what the interest rate is,
and you know that should hopefully kind of dictate where
you want to focus those efforts of either paying it
down or saving and maybe doing a little bit of
both and finding that right balance.
Speaker 4 (30:33):
Well, at this point, we don't even know how to
find it out because nobody can tell us how we
find that insformation out or when they're going to get
their first bill.
Speaker 2 (30:45):
That's yeah, you know, honestly, that's that's an area where
I'm not as much of a expert in the day
to day of being able to track that down. I
can always try to look into avenues and we have
some folks that that may know within our office. But yeah,
that would that. I wish I had a better answer
on that bill. I'm really not in terms of what
(31:07):
the first step of figuring that out would be.
Speaker 4 (31:11):
Well, I'll try calling the officer in the week's all.
Speaker 2 (31:16):
Right, Yeah, that'd be perfect. Thanks Bill for the for
the calling. Appreciate it again. Our phone lines are open
one eight hundred talk w G Y. That's one eight hundred,
eight two five, five nine, four nine. A lot to consider,
especially now, is you know, to Bill's point of maybe
some five twenty nine plans in moving them around, you know,
there's there's more options now as time goes on with
(31:38):
some five twenty nine conversions and being able to you know,
actually move some of that money into ross to a
certain extent, which is beneficial through your planning phase and
planning for UH school expenses, they're only going up and
as we know, so having any sort of flexibility there,
(32:00):
you know, maybe in some cases you have a child
that doesn't need some of those funds, or you know,
I've gotten student aid scholarships, whatever it may be. You know,
there's beneficial there's the benefits of being able to transition
and move those to other beneficiaries or you know, now
there's more options to do some some conversions in moving
(32:22):
them to investment accounts out of the five twenty nine,
which is a good thing. A lot of restrictions around it,
but again it gives you a little bit more flexibility
when it comes to planning. We're going to go back
to our phone lines. We have Jim from my hometown
of Troy, New York. Jim, good morning, thank you for
calling in.
Speaker 5 (32:42):
Good morning, Yeah, good morning, Ryan, thank you.
Speaker 3 (32:45):
So I have a.
Speaker 5 (32:46):
Question about long term healthcare insurance. And so I'm about
eighteen months away from retiring. My wife is retiring this
year with Luckily with she's we're fortunate that she's got
health care benefits through a school district. But I've heard,
(33:07):
you know, long term health care insurance is very expensive
and at least that's what I've heard, So we don't
have any So I'm just curious and we both have
we both have family history of medical issues you know,
later in life, which many people do. So I guess
the question is any strategies where you know, like putting
(33:28):
your money in a state to protect what potentially like
a long term health care facility could go after or
is there any is there anything that you're Is there
any way around, you know, any way around needing long
term health care insurance where you can kind of protect
your assets and still get you know, a level of care.
Speaker 2 (33:51):
Yep, yep. Now it's a great question, and Jim, you're
you're not alone in thinking these issues through. And it's again,
just like we were talking about education costs going up,
long term care and those types of facilities costs are
only only going up. It's becoming more and more expensive.
(34:12):
And it's a real concern of a lot of folks
because you know, many people who are thinking about this.
You know, a lot have been impacted personally, maybe you know,
seeing a parent or a loved one go through this,
and so it's on top of a lot of folks minds.
To your point, the long term care insurance, you know
that that area has just changed. So you know, when
(34:35):
you compare it to fifteen twenty years ago, you know, historically,
looking back, the insurance companies really mispriced a lot of
these plans and policies, and you know, given where the
cost of care is today, you know, now trying to
get that type of insurance has become very, very expensive,
and so you know, first and foremost it's it's worth taking,
(34:57):
you know, a look at to what your options are
given your age. If you're eighteen months away from retirement,
I mean maybe I'm speculating a little bit. I'm assuming
maybe your early sixties, mid sixties, you know, that's not
a terrible time to be looking at this. I think
probably the sweet spot when you're really considering the cost
(35:18):
and the best best time to maybe get long term
care insurance maybe in your mid to late fifties just
tends to be a little bit you know, better priced
for policies. But at the end of the day, these
policies are very expensive and so it's not right for everybody,
and sometimes it doesn't fit into the cash flow. What
we're seeing also is again depending on the situation, we've
(35:42):
explored and have clients that have gotten into some hybrid
policies right, kind of a mix of life insurance and
long term care where it's a life insurance policy with
a long term care rider on it, so you kind
of get the benefit of both and if you don't
end up never needing that long term care insurance. That's
one of the you know, problems or hurdles for many
(36:04):
folks is that, hey, this is really expensive and if
I don't end up needing it, this is going to
cost me an awful lot of money, where having that
life insurance rider on it sort of gives a little
bit added benefit that well, even if I don't need it,
at least there's something there should I pass down the
road where it doesn't you know, isn't wasted. You know,
(36:28):
I think of insurance to a certain extent that hopefully
that money is wasted because the if you don't need it,
that's generally a good thing, but it has become expensive.
The other area is thinking about a Medicaid asset protection trust.
So we work with a lot of state planning attorneys
in our clients to see if that's a right fit,
(36:48):
and you know, it sort of depends. There's there's a
multitude of factors that you have to consider what type
of assets you have, the level of assets where they held, right,
because there's different protections on say a qualified account like
a traditional IRA, if most of your wealth is in
a traditional IRA or four one K plans versus you know,
(37:11):
if you hold you know, maybe a lot in real estate,
or you have a big taxable brokerage account and a
lot of money sitting outside of retirement plans that aren't
as protected. And that's where the need for a Medicaid
Asset Protection Trust comes in because they can shield those
assets from being qualifying for Medicaid. So you would you
(37:32):
would qualify for that health coverage or long term care
coverage a lot better if those assets are protected versus
needing to pay those down before you qualify for Medicaid.
So there's a lot to consider, you know. My my
train of thought is, look at all your options, right,
(37:53):
look at the cost of long term care insurance, look
at the cost of maybe a hybrid type policy, you know,
work with the finance advisor, work with a state you know,
and like I said, we work in conjunction with the
estate planning attorneys that we will partner with to do
some of this you know, long term planning, right, because
we want to make sure that you're doing what's best
(38:14):
in finding the most cost effective way of again either
protecting assets so you can qualify for Medicaid down the road,
or having some sort of insurance policy overriding it, or
maybe you're just self funding it right and saying, hey,
I have this bucket of money. This is really intended
for if we should ever need it, because there's just
(38:35):
only so many ways around trying to protect it. Or
maybe we won't qualify for some of these planning strategies.
Let's just you know, have an account that's our self
funded account and hopefully that can you know, serve as
as that you're internal insurance if you will hopefully you
don't need it down the road. But that's the other
sort of way that we plan around it, because again,
(38:58):
some of those strategies aren't just aren't the right fit
for every client situation.
Speaker 5 (39:03):
Okay, it sounds like the it sounds like just by
listening to this, the Medicare trust protection. I mean, I
know my father tried to do this. That's the one
that has a five year look back right, yeah, on period,
and he unfortunately got caught and it wasn't you know,
he was in the like year three and a half
(39:24):
and my mom went into a nursing home and you know,
and basically you know that was wasn't a good story
from that standpoint, but as far as what he had.
But so, okay, it sounds like it sounds like it's
the trust. I know, I hear you're there's many options,
but the trust is probably a good option to at
(39:45):
least look at it.
Speaker 2 (39:47):
It may be, like you said, if you have enough
assets outside of that. Now, again it comes with every
planning strategy, right, there's there's there can be pros and
cons to it, and sometimes these these trusts can help,
then they can restrict your access to some of these funds.
So again it's it's really just weighing the options and
understanding which each sort of option means to you and
(40:09):
how it can be beneficial. But also if there's restrictions
or or maybe areas of it that are not beneficial
for your situation. So again, this is like a lot
of things in personal finance, you know, it's it's personal
and different for every situation. So yeah, just going through
and going through the exercise and seeing what makes the
(40:30):
most sense for for what you're trying to accomplish. And
like I said, many many cases, clients we work with
sort of just go the route of, hey, we're just
planning to quote unquote self fund this because some of
the you know, some of what we have to give
up for these other strategies just doesn't make the most
sense for our own personal situation. So there's no right
or wrong answer. I think it's really what's most important
(40:52):
to you and what you're willing to live with and
the risks that are out there.
Speaker 5 (40:58):
Okay, thank you.
Speaker 2 (40:58):
Sounds like having gone through it for you, Jim. It's
it's top of mind and it's it's important to you.
So yeah, if there's anything we can do to help,
feel free to give our offices a call as well.
Speaker 5 (41:09):
Thank you very much. Appreciate it all right, Jim, take care.
Speaker 2 (41:12):
Thanks for the call again. Our phone lines are open
one eight hundred talk w G Y. That's one eight hundred,
eight two, five, five, nine four nine. Yeah. Great questions
so far, A lot of planning questions, which which is
you know it's important. It's we have this conversation with
(41:34):
clients often because sometimes you know, someone will come in
and say, hey, my neighbor is doing this, or my
brother sister, whoever it may be, is doing that. I
want to do it. And you know, sometimes it's it
can be a good strategy and sometimes that that's a
right fit, but sometimes it's not right sometimes, And like
I said, with personal finance, there's a lot of options
(41:56):
and there's sometimes no right or wrong answer because these
pass forward and these strategies are so personal to the individual,
to the to the couple, to the family where you
know you have to and sometimes these strategies there's there's
give and take, like like anything in light and you
got to find the right balance of what makes sense
(42:17):
in your situation, how you're set up. Right, If we
have a client where most of their assets are in
a qualified traditional IRA type holdings versus a client that
has a lot of assets in like I said earlier,
real estate or a taxable account, you know, those two
strategies are much different in terms of trying to protect
if if qualifying for medicaid down the road. Even if
(42:39):
your asset levels are are equal, you know, depending on
where those assets reside and the type of types of
accounts that they're setting in, you know, there may be
the need for multiple different strategies in both cases, because
again just it's not a one size fits all type case,
and especially when it comes to some of these more
complex elder care planning approaches, there's a lot that goes
(43:03):
into it, and there's a lot of variables, and no
two situations are alike, so you really just have to
find what's best for you. Again, work with the right
advisor or advisory team. Like I said, we try to
play the role of quarterback to help and you know,
(43:23):
bring other resources or experts to the table if you will,
to help in our clients' situations. Again, our phone lines
are open one eight hundred talk WGY one eight hundred
eight to five, five nine, four nine. Coming to the
end of the show, we still have about seven or
eight minutes left, so we're going to go back to
the phone lines we have Jim and Albany. Jim, how
(43:47):
are you today?
Speaker 6 (43:48):
H good. I'll make this quick. I have long term
I have long term care insurance for my wife and
I my wife did come down with Alzheimer's two and
a half years. I'm with jen Worth and they're pretty good.
It costs me six twelve thousand a month and they
(44:09):
reimburse me maybe eight or nine thousand. Anyway, here's my question.
Speaker 2 (44:16):
I'm in it.
Speaker 6 (44:17):
I'm still working. I'm seventy seventy five, and I have
two buildings I want to sell about eight hundred thousand
I have. I owe no money on them. But I'm
worried about should I be worried about Medicare? Uh I,
As I said, I'm still working and I I'm in
(44:39):
the I'm over two hundred thousand a year in income,
So what what should I be? My question is what
should I be looking out for?
Speaker 2 (44:52):
So from a from a Medicare perspective specifically, yes, okay, yeah,
So so when it comes to Medicare, I mean there's
different income thresholds where you know, you you go above those,
your Medicare premiums on a monthly basis will become a
little bit more expensive, right, and so you know they're
(45:14):
called the IRMA adjustments, and you know there's different thresholds
of where what those you know, step ups are and
how much more they would cost you, you know, in
your case, I mean, I think it comes down to
and usually there's a two year look back, so you know,
those increased to premiums generally will only last for two years.
(45:34):
If you have a you know, increase to your income
for one particular year. It's not in perpetuity, so there
is a look back period. It could be temporary. I
mean to me, I would say, considering you're you know,
taking a look at your situation. Is if your premiums
go up by you know, two hundred dollars a month
(45:55):
and maybe a caution an extra twenty four hundred a
year if that's over two years, you know, an extra
five thousand if if it's worth selling you know, those
properties and it helps, you know, make your life a
little simpler, or if it's a good time in the market,
you know, not knowing what those properties are, you know,
I don't know if I would, I would have those
increase of premiums hold you back from it. I think
(46:15):
it's just kind of weighing the pros and cons to
each But you know, to me, it's it's kind of saying, thinking, hey,
what is it worth? You know, maybe a little bit
of temporary increase to Medicare coverage by increasing my income
this year from a sale of a property.
Speaker 6 (46:31):
Right I'm going to sell one building for three hundred,
But I'm just sick. I'm sick and tired of tenants. Yeah,
but anyways, that's it. I mean, okay, I just needed
to know a number, and that's that's okay. I'm not
worried about.
Speaker 2 (46:46):
The Yeah, the thresholds are you know, typically the big
jumps are at like two hundred and fifty thousand, three
hundred and thirty, four hundred thousand, and then seven hundred
and fifty. So again it depends, but the step ups
aren't that much, and it sounds like maybe from the
headaches or hassle of tenants, it may be worth you know,
selling and eating the additional costs for a year or two.
Speaker 6 (47:09):
Okay, okay, all right, Jim, Well, I go ahead if
I want to sit down with you, how do I
I just turned I just turned the station on.
Speaker 2 (47:22):
Yeah, how do I get Yeah, call call our offices
our phone number. You can find us at Bouchet dot
com or you can call us at five one eight
seven two zero three three three three and just let
them know that you're interested in booking an initial console
and will help you from there. Our team will be
more than more than happy to help you.
Speaker 6 (47:44):
Jim, Okay, and ask and I'll ask for whose.
Speaker 2 (47:49):
One of our service team members will be able to assist.
You know, we'll ever we have someone on our phone
lines at all times, so you know, maybe someone maybe Angela, Angie,
Shelley Moren and we have a great team. So just
let them know what you're looking to do and they'll
be able to help assist you.
Speaker 6 (48:05):
No problems at all, Okay, all right, than you Jim.
Speaker 2 (48:09):
Yeah, thank you so much for the call. We appreciate it.
Look forward to hearing from you again. We'll we still
have a couple more minutes. We'll see we can go
to Mike and Coliny. Mike, how are you this morning?
Thanks for calling in. Good Good morning, Brian. How you
doing today? Oh, I'm doing good. I just got word
(48:29):
for my producer. We have one minute, so if you
can do a quick question or you know, we have
the show tomorrow at eight am, maybe we can help
answer it then, or maybe just call our offices at
some point. I apologize I didn't realize how far at
the end of the show we were.
Speaker 6 (48:46):
Yeah, it's pretty tight. I'll probably give you a call
and Mark.
Speaker 3 (48:48):
It's about a difference between a will and a trust,
so it's probably not a two or one minute answers.
Speaker 2 (48:53):
So yeah, probably not today. Well, we appreciate you calling in,
and yeah, give us a call tomorrow. We'll be there
at eight am. All right, great, great show. A lot
of callers is awesome. I appreciate that. And you can
find us again tomorrow at eight am for Let's Talk
Money on eight ten in one O three one wg wye.
(49:14):
Have a great rest of your Saturday. We'll talk to
you tomorrow. Take care,
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