Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The information or services discussed on this show is for
informational purposes only, and it is not intended to be personal
financial advice. The investments and services offered by us may
not be suitable for all investors. If you have any
doubts as to the merits of an investment, you should
seek advice from an independent financial advisor.
Speaker 2 (00:25):
All right, Syracuse, good afternoon. It's Saturday. Believe it or not.
It's the twenty sixth of July already, which is hard
to believe. It's gonna be in August. We're gonna blink
our eyes and the snow will be flying. But I'm
Dave Kopek. This is the retirement Planning Show. We're here
(00:46):
on the weekends so hopefully educate you on the opportunities
and the obstacles that you'll be faced in your pre
and post retirement years. I've got my son with me today,
Christopher William who's a graduate of Siena College with a
degree in financial planning. I've been doing it now for
forty three years, even though I don't look at forty
(01:07):
three years, and uh, bottom, mine gets down to We're
gonna be talking about a topic today that I wanted
to talk about, because I think it's going to bring
a lot to the table, some of the things for
you to think about. Because we're all great at what procrastination.
We love to procrastinate. But I'm gonna give out the
telephone number. We love phone calls because phone calls makes
(01:30):
this show much more interesting. So if you have a question,
excuse me, I just swallowed and went down the wrong pipe.
It's three one five four seven ninety seven three one
five four to two one wsyr any question at all?
(01:53):
Today we're talking about a state planning and why are
we talking about it.
Speaker 3 (01:58):
Because it's a part of what we do and what
we recommend to a lot of clients. It's part of
the holistic financial planning approach that we bring to each
of our clients. As far as you know, not just
making sure that your investments are sound and that you're
you know, allocated in the right investment model, or you
(02:18):
know your your assets are titled properly. It's it's making
sure that when you do pass away that you're the
next generation whoever your beneficiaries are are taken care of
as well, and making sure that we do that in
the most efficient way that we possibly can good, very good.
Speaker 2 (02:37):
I like that. You know, this week, we've seen some
horrific stuff where I live in Lake George, New York.
There was a girl that was drowned by her father,
killed by her father, a nine year old girl. We
saw Malcolm Jamal Warner who was on Cosby when swimming
(03:00):
with his eight year old daughter. She has survived. He drowned.
Ozzy Osbourne passed away. These are all names and people
that you're going to recognize. Hulk Hogan died. I believe
Hulk Hogan has been married for about eighteen months with
his new wife was estrange from his daughter, so I'm
(03:23):
very concerned about that situation. Had a very sizeable estate,
estimated to be somewhere between forty five and fifty million dollars.
So we're going to talk about what you should be
doing and the things that you should be talking about
with your family and loved ones. So today's show is
about six estate planning must haves. These are things that
(03:49):
you need to start talking about because here's the number, folks.
Eighty five trillion dollars of wealth will transfer over the
next twenty years between my generation, going to our children
(04:09):
and our grandchildren. Eighty five trillion dollars. So it's critical
that you understand exactly what you've created, how that money
and wealth is going to go to the next generation
and it doesn't go to the evil son in law,
daughter in law, or the child gets a corvette and
heads to California. But we got a phone call, which
(04:30):
is great. We love phone calls. Let's go to Ron.
Good afternoon, Ron.
Speaker 4 (04:40):
Hello, how are you? I swallowed something wrong too? Crypto currency?
How do I get INVO?
Speaker 2 (04:53):
I think the I think the Fidelity. We clear all
of our business Fidelity. Fidelity has etf which you can
purchase crypto currency.
Speaker 3 (05:04):
You can actually purchase it directly through Fidelity now as well,
there's a way we can set it up through our
accounts to buy.
Speaker 4 (05:13):
You suggested or no?
Speaker 3 (05:16):
It I mean, it depends. It's it's we It's a
risk on investment, so depending on your risk profile, and
you know how much money we're looking. You know, we're
never going to recommend well, you know, take all your
money and throw it into bitcoin.
Speaker 4 (05:28):
But suppose you want to say, if you want to
say one thousand dollars or ten thousand dollars, can you
buy anything worth getting for that.
Speaker 3 (05:36):
Yeah, yeah, I mean a bitcoin right now or Ethereum
are the two big name players in the game, it seems.
But Bitcoin is is about one hundred and twenty thousand
the last I looked at it, you.
Speaker 2 (05:48):
Know, per per coin.
Speaker 3 (05:50):
Yeah, and uh, you know, making an investment in that,
you know, there's obviously if you're putting a thousand, you know,
ten thousand dollars into this, it's it's not something that
is gonna break the bank, hopefully. But yeah, as far
as like an investment, I I feel more strongly about
it than you know, my father would over here.
Speaker 2 (06:09):
But I think that.
Speaker 4 (06:12):
Here's the question, do you have that.
Speaker 2 (06:15):
Any say that again, he do you have any crypto currently?
Speaker 3 (06:23):
I have invested in crypto in the past and have
gotten out. You know, I kind of just did it
as like a quick thing because I didn't fully understand it.
But you know, the way I look at it now
is it's like a secondary market. So it's something that's
not really associated with like your traditional market that you
know opens at nine and closes at four o'clock. But
you're it's twenty four hours a day, twenty four hours
(06:46):
a day, so yeah, you're you're gonna have to to me,
it's it's it's an investment that is ultra risky, but
at the same time has uh we've seen it obviously
grow tremendously over the last five.
Speaker 4 (06:57):
Years, but isn't Trump banking it up with the dollar.
Speaker 3 (07:01):
There is a lot going on as far as conversations
where they're trying to get some type of stable coin
currency out there that you know, people can utilize on
a digital aspect. So that's why I think you're seeing
a lot of these crypto currencies, you know, take off
because a lot of investors are feeling more comfortable getting
(07:21):
into that space. And the reason why Bitcoin and ethereum
seem to be a little bit more attractive than these
others that are in the space is that institutional financial
institutions like Fidelity, Vanguard, Black, Croc you can now they're
trying to get into the space where you can purchase
directly on their platform, so we can. So it makes sense,
(07:44):
you know, once the institutions kind of see that it's
vetted and they're getting into the space, and they and
now it's you know, something that they're thinking is attractive.
Speaker 2 (07:53):
You know, to me, it just looks more more and more.
Speaker 4 (07:55):
Attractive should I buy gold and silver instead?
Speaker 2 (07:59):
Then well, we can't give you that answer until we
meet with you because it's it's it's it's a compliance thing.
We can't give recommendations over the rate.
Speaker 4 (08:10):
Do you have gold and silver your portfolio.
Speaker 2 (08:13):
Yes, I'm a big believer in having commodities, actively managed commodities.
As a small I got it as a very small
percentage of my portfolio.
Speaker 4 (08:22):
But p that I have, I'm eighty years old. What
percent should I have?
Speaker 2 (08:27):
Well, it depends on do you have pension and socials?
I mean, do you rely on your portfolio for income?
Speaker 4 (08:34):
Not at all? Zero, I have pension, I have social security.
I won't touch it at all.
Speaker 2 (08:41):
Well, modern portfolio theory says alternative investments should be somewhere
between five to five to ten percent. So you got
a million dollar portfolio, it should be somewhere between fifty
to one hundred thousand dollars. As far as alternative.
Speaker 4 (08:54):
Investments in gold and silver.
Speaker 2 (08:59):
All of it aggregated when you aggregate it. When you
aggregate it together, you know you're not betting on You're
not betting on one You're not betting on one horse.
You're betting on a multitude of horses, Ron, and I think.
Speaker 4 (09:16):
You have mutual funds, don't they invest in gold and
silver and the mutual funds themselves.
Speaker 2 (09:22):
Yeah, some of them don't. It depends on which ones
that you select. I like ets because of the cost.
We like low costs. Low cost is good. So we
like low cost a multitude of positions that are basically
held in an ETF. But if you want to we
have an office in Syracuse. If you want to come
(09:42):
in and have a chat chat with us, we'll be
more than happy. Might I'll be very honest with you.
Ron my Son knows more a hell of a lot
more about this than I do. Because I'm the old dog.
You know, I'm the dinosaur in the office. You know.
I I haven't embraced it, but I do believe that
it's here to stay.
Speaker 4 (10:03):
The crypto you're talking about are the.
Speaker 2 (10:06):
Crypto I think.
Speaker 4 (10:09):
Because I'm old. I'm eighty years old, so I should
be being more conservative. Probably right.
Speaker 2 (10:14):
Well, you basically said you don't care for that. You know,
you got a pension, social Security. Uh, you know, there's
nothing wrong with what we call a sandbox account, right.
The sandbox account is that you go out and speculate
and you have some fun. So just as long as
you just as long as you're going to be able
to pay the bills and put food in the refrigerator,
(10:35):
you know, knock yourself out the.
Speaker 4 (10:38):
Its fidelity and company that deals with a certain like
one percent of what you earned that year, and they
get a share of one percent of it. Is that
how it works, so they.
Speaker 2 (10:46):
Have it depends, it depends. I mean, our management fee
is never one percent. It goes as low as fifty
basis points a half a percentage point. You know, we
actively managed portfolios. We do a lot of wealth management.
If you listen today's show. We work with a lot
of attorneys. We run hundreds of millions of dollars of assets.
So ultimate, ultimately you have to you know, you have
(11:11):
a wife.
Speaker 4 (11:12):
Yeah, I already had my money and a trust for
my daughter, and so this will be in a trust
for her.
Speaker 2 (11:18):
Yeah, it doesn't make it money? Yeah, who who is?
Where's the money? Now?
Speaker 4 (11:25):
It's a trust? On I've got to actually split up
in three things. Key bank kids some of them yeah,
Edleman has a big chunk of them.
Speaker 2 (11:34):
All right, Well there, we got to take a heard break.
Give us a call. We'll love to sit down and
have a chat with you. We'll be right back. This
is retirement planning show. We are living through the greatest
wealth transfer in the history of mankind. Trillions of dollars
(11:55):
of wealth will change hands from one generation to the next.
Your money for a beloved children and grandchildren. Are you ready?
Your future is written by chance, it's written by action.
Now's the time to build your plan, protect your assets,
and position yourself for the opportunity. Don't wait, take action.
If future favors those that are prepared, call eighty eight
(12:16):
five eight zero one nine one nine. That's eight eight
eight five eight zero one nine one nine. Retirement is
in a Sunday thing. It's a now thing. Whether you're
just starting out or nearing the finish line. The best
time to build your retirement plan is today. Don't wait
for the right moment. Let's create a plan that works
for you. Secure your future and the freedom that comes
(12:39):
with it. Call my office today and take action. Eighty
eight eight five eat zero one nine one nine. That's
eighty eight five eight zero one nine one nine, and
your future will thank you. Are you ready for retirement
or just hoping it works out? Don't leave your future
to chance. At the Retirement Planning Group, we hope you
create a personalized retirement plan so you can relax knowing
(13:02):
you are prepared. Take action today. Call eight eight eight
five eight zero one nine one nine. That's eight eight
eight five eight zero one nine one nine, or visit
us at our website rpgretire dot com to schedule your
complementary consultation. Your future will say thank you. You've spent
a lifetime saving for retirement. Now it's time to make
(13:23):
that money work for you. Here's the secret most people miss.
You have to create your own retirement income plan. Social
security is not enough, pensions are rare. You need a
strategy that turns savings into monthly income that will last
a lifetime. At the Retirement Planning Group, we build customized
income distribution plans so you can retire with confidence, retire smart,
live well. Call eight eight eight five eight zero nine
(13:47):
one nine for your complementary consultation. We are living through
the greatest wealth transfer in the history of mankind. Trillions
of dollars of wealth will change hands from one generation
to the next. Your money to our beloved children, and
are you ready? Your future is written by chance. It's
written by action. Now's the time to build your plan,
protect your assets, and position yourself for the opportunity. Don't wait,
(14:10):
take action. If future favors those that are prepared, call
eighty eight five eight zero one nine one nine. That's
eighty eight five eight zero one nine one nine. All right,
(14:32):
we are back. I'm Dave Kopak, the president of the
Retirement Planning Group. I'm here with my son Christopher, who
is a financial advisor. We do pre and post retirement planning.
We've got five locations in the state of New York,
now Syracuse being one of them. Right out there off
exit thirty five. Carrier Carrier, Circle Love Cues. Look forward
(14:55):
to basically being out there much more in the fall
in the winter months for some football and some basketball.
So you'll see me rootining for the Orange Go Crush.
So we got another phone caller. We love phone call
so if you've got any questions, don't hesitate to give
us a buzz. Go to Tom. Hi.
Speaker 5 (15:14):
Tom, Yes, I'm Tom Him.
Speaker 6 (15:18):
I was working radio from ten o'clock to eleven o'clock finances,
I guess yep. And at the very end of his
show you talked about trust and there was another thing.
He said, all you need is a TL and I
don't know the last letter title something. Do you know
(15:39):
anything about that?
Speaker 2 (15:41):
Well, it's you can title assets a lot of different ways.
You can do it inside of trust are revocable, which
is no different than a check go ahead.
Speaker 6 (15:51):
He said, you don't need one of those. All you
need is something you know.
Speaker 7 (15:54):
In today's age, I think he probably said TOD trans
friend deathd transfer and death.
Speaker 6 (16:06):
Yeah, that gets through to your house, to your kids.
Speaker 2 (16:09):
Yep, you can title everything over. Uh, they don't get
access to it until you go through the pearly gates.
You know, TOD POD. It depends on the asset. But
you know what I always say is that I'm a
big fan of a revocable trust and an irrevocable Let
(16:31):
me ask you a question. You're worried about passing money
on to your kids. Do you have long term care insurance?
Speaker 6 (16:37):
I don't have a lot of money.
Speaker 2 (16:38):
I have a house, all right, So you want that
house to go to your kids? Yes? How old are you?
Speaker 6 (16:46):
Seventy two?
Speaker 2 (16:47):
So what happens if you got to go answer?
Speaker 6 (16:51):
How many people got processaying cancer of seventy two?
Speaker 5 (16:55):
Quite a few I know everybody.
Speaker 2 (16:59):
Yeah, you know. The thing is is that it's probably
all the crap that we eat. You know, look at
the box, Look at the box that we eat, all
these foods. You know, it's like six inches deep. As
far as all of these chemicals, I couldn't even tell
you what they are. But this is what I'll say
to you.
Speaker 5 (17:13):
Do you have a wife, Yes, and she's got brain cancer.
Oh Jesus, I know, but she's clear of it. She
went through the whole process.
Speaker 2 (17:23):
Yeah. Well, you know, you know I would say this
to you if the community spouse is allowed to keep
the home, right, it's when one of the spouses passed away.
Speaker 6 (17:39):
But we're divorced, so I own my house, she owns
her house.
Speaker 2 (17:43):
Oh okay, so you're divorced. So something happens to you,
there's a pretty good chance that that house won't go
to you your kids. If you need to go into
the nursing home, they'll lean that house. Then they'll basically
they'll go after it once you pass away.
Speaker 6 (17:58):
Medicaid, so I have Medicare and Medicaid.
Speaker 2 (18:03):
Well, I'm not talking about Medicare. I'm talking about if
you want to bed in a nursing home and you
don't have you can't pay for it. Medicaid is going
to step up, but they're going to basically go after
your assets, your money.
Speaker 5 (18:15):
So yeah, I don't want that to happen.
Speaker 2 (18:17):
Well, you need to come in and have a chat
with me then, because I can tell you what to do.
Speaker 6 (18:21):
Whereabouts are you located? I'm I live in Almara, but
I'm up here taking care of her. I'm in Syracuse.
Speaker 2 (18:29):
Pioneer Business Park right there off of thirty.
Speaker 5 (18:32):
Five, thirty five.
Speaker 6 (18:35):
I've never heard of it.
Speaker 2 (18:36):
Exit thirty five of the way.
Speaker 5 (18:40):
Come all right, Yeah, that's.
Speaker 6 (18:43):
That's thirty three. I know the casino.
Speaker 2 (18:47):
No, no casino for me. I'm not a gambler. Thirty five.
We're right there, a carrier circle right on the other. Okay,
carrier circle. So you want to come in. We can
sit down with you and have a chat and see
if we can help you.
Speaker 6 (19:00):
How's that sound That sounds like a good idea.
Speaker 2 (19:03):
I need to do that. Okay, Well, I give out
my telephone number. Get you get your pencil. I give
up my telephone number quite a bit during the show.
Speaker 6 (19:12):
I got a short memory and I don't have a
pen all right.
Speaker 2 (19:16):
Eighty eight five eight zero, one, nine.
Speaker 6 (19:18):
Nine, give me the last four?
Speaker 2 (19:24):
All right?
Speaker 6 (19:25):
What a eight eight?
Speaker 4 (19:27):
What?
Speaker 2 (19:28):
Five? Eight zero.
Speaker 8 (19:30):
Five?
Speaker 2 (19:32):
Yep? Five eighty nineteen nineteen.
Speaker 5 (19:36):
Nineteen nineteen, yep, all right.
Speaker 6 (19:39):
I try to remember that until tomorrow or Monday.
Speaker 2 (19:42):
Right, I'll give it out a few more times during
citayhow I've heard of this?
Speaker 4 (19:47):
Then?
Speaker 2 (19:49):
Okay, brother, only a pleasure.
Speaker 6 (19:51):
I listened to radio from seven eight am to one unless.
Speaker 2 (19:55):
You after one?
Speaker 6 (19:56):
Al right, yeah, I gues I listen to you too.
Speaker 2 (20:00):
How do you like a show?
Speaker 6 (20:02):
I love this radio. There's more intelligence on this radio
than there is on my TV. I'll tell you that.
Speaker 2 (20:09):
Yeah, I agree. I like s Y are good people? Yeah,
stay tuned? Right, okay, Well, get out there and exercise too.
I didn't say it's just about the diet. It's about
the exercise. Yes.
Speaker 6 (20:23):
And I have a bike. I ride my bike every day.
Speaker 2 (20:26):
Beautiful. Yeah, all right, all right, that's okay. We'll see
you soon. Thank you.
Speaker 5 (20:34):
What's your name?
Speaker 2 (20:35):
David?
Speaker 5 (20:37):
David?
Speaker 6 (20:37):
All right?
Speaker 2 (20:37):
I'm Tom, Okay, Tom. I look forward to meeting him.
God bless we're coming back. Now. That's a good conversation.
This is why we like phone calls. If you have
a question, don't be bashful. We don't bite anything that's
specific about your own personal situation. You know, we had
(21:01):
Ron and Tom. The telephone number at the studio is
three one five four two one ninety seven ninety seven
three one five four to two one W S y R.
We're talking about a state planning. You want to talk
about crypto, you want to talk about trust alternatives. It
doesn't make any difference. But I know that there's been
some deaths over the last week, week and a half,
(21:25):
Hulk Hogan, Jamal from Cosby and then of course Ozzy Osbourne.
Question becomes did they dot the rise and cross their
t's and make sure that everything is fine. There's always
horror stories, there's always people that basically, I'm not too sure.
I know I mentioned this earlier today. If the the
state has been selld to yet from Prince the Singer,
(21:49):
I think it's still I think it's still going through
trials and tribulations, and he's been dead for quite some time.
Aretha Franklin, you know, you you get out of it
when you put into it. If you want to have
a fight cat fight, that's not what I want. Basically,
my family in a position that they know exactly what
my wishes are and my wife, and so we're gonna
(22:12):
talk a little bit more. The most powerful document that
you have, besides most likely your trust that you basically
set up, is your beneficiary forms, your beneficiary forms. What
I say that the beneficiary form trumps any other document
(22:36):
that you have. So if you say that my will says,
that's Sammy, Julie and Billy all receive a third of
your assets and one inside your IRA. You have one
child named as the beneficiary. What's going to happen? One
(23:00):
child's getting it, all of it. So you should have
a primary beneficiary. You should have contingent beneficiaries. And if
you have three children, three children, you should have the
If you want equal distribution a third third to third
to third, name them, name the children, and there's a
(23:22):
way for it to follow the blood if you don't
want it to go to the evil son in law
and daughter in law if the child should die before you.
All right, so let's go to Greg. We got another
phone call from Greg. Hey, Greg, Hey, good more, good afternoon,
Good afternoon.
Speaker 9 (23:41):
Hey, the reasons for my college.
Speaker 10 (23:43):
I've got a quick question.
Speaker 9 (23:45):
My wife and I we have two homes here in
New York and we have a we just purchased a
place down in Florida. Our plans are eventually to change
our primary residence to Florida. However, we want to put
everything into a trust, and our attorney in New York
(24:06):
wouldn't do it for us. She kind of said that
if we're going to move to Florida, if we did
a trust here in New York, even it was even
for all three properties, that when we went to Florida,
we have to redo the trust and the look back
period would start over.
Speaker 2 (24:19):
So that's not true. That's not true. Okay, So we
could I mean, we should get it the trust done yesterday.
Speaker 9 (24:32):
I'm sorry I lost you there.
Speaker 2 (24:33):
What you say you should get the trust done yesterday?
I don't know.
Speaker 11 (24:37):
Yeah, I mean we're both we're both sixty one, in
relatively good health now, but my wife's got, you know,
a history of Alzheimer's and her family.
Speaker 9 (24:48):
And you know, so we just want to get ahead
of this. And I know there's a five year lookback period.
So so we could have we could have the trust
done here in New York. And even though we changed
our residency in turn.
Speaker 2 (25:00):
Yours, in fact, you're breaking up on me. But I'll
tell you that the answer is an emphatic yes, and
you should come in and have a chat with me
because I've been in the business for forty three years
and then we've done hundreds of these.
Speaker 9 (25:16):
Okay, all right, I will look you guys up next week.
Thank you very much.
Speaker 2 (25:21):
Hey, brother, God Bless. What part of Florida? Are you
going to.
Speaker 9 (25:29):
A place in Daytona?
Speaker 2 (25:31):
Okay, good, I'm in Boca. I'll meet you in between.
Speaker 9 (25:38):
All right, thank you very much. All right, thank you
very much. Enjoy yourself.
Speaker 2 (25:42):
All right, yep, God Bless, I don't understand that at all.
That doesn't make any sense to me at all. You
have a home here in New York and a horm
and then you got a probated in two different states.
I don't know. You know, attorneys, they all have different positions,
and I know my position is and the you know,
get it in a trust. Simplify everything. This is the
(26:07):
Retirement Planning Show. We've had great questions today. Let's get
some more. We've got to take a break. When we
come back, hopefully we'll have a bunch of phone callers.
We'll see on the other side of the news. Retirement
is in a Sunday thing. It's a now thing. Whether
(26:27):
you're just starting out or nearing the finish line. The
best time to build your retirement plan is today. Don't
wait for the right moment. Let's create a plan that
works for you. Secure your future and the freedom that
comes with it. Call my office today and take action
eighty eight eight five eight zero one nine nine. That's
eight eight eight five eight zero one nine nine, and
(26:50):
your future will thank you. Are you ready for retirement
or just hoping it works out. Don't leave your future
to chance. At the Retirement Planning Group, we hope you
create a personalized retirement plan so you can relax knowing
you are prepared. Take action today. Call eight eight eight
five eight zero one nine one nine. That's eight eight
eight five eight zero one nine one nine, or visit
(27:13):
us at our website rpgretire dot com to schedule your
complementary consultation. Your future will say thank you. You've spent
a lifetime saving for retirement. Now it's time to make
that money work for you. Here's the secret most people miss.
You have to create your own retirement income plan. Social
security is not enough, pensions are rare. You need a
(27:34):
strategy that turns savings into monthly income that will last
a lifetime. At the Retirement Planning Group, we build customized
income distribution plans so you can retire with confidence, retire smart,
live well. Call eight eight eight five eight zero nine
one nine for your complementary consultation. We are living through
the greatest wealth transfer in the history of mankind. Trillions
(27:56):
of dollars of wealth will change hands from one generation
to the next, to our beloved children and grandchildren. Are
you ready? Your future isn't written by chance, it's written
by action. Now's the time to build your plan, protect
your assets, and position yourself for the opportunity. Don't wait,
take action if future favors those that are prepared. Call
(28:16):
eighty eight five eat zero one nine one nine. That's
eight eight eight five eat zero one nine one nine.
All right, we are back. This is the Retirement Planning Show.
I'm Dave Kopek, your host. Been doing a long time
forty three years, been on radio for twenty five years.
(28:38):
We're new to syr We started at the beginning of
the year. Hopefully you find it educational and informative. We
have a office right off exit thirty five Carre Circle.
If you want to come in and have a chat
with us, we'll be honored. Eight eight eight five eat
zero one nine one nine is our telephone number, and
I think we have another phone caller, Ray on a
state planning Are you there, Ray?
Speaker 10 (28:59):
Yes? Can you hear me Dave? Can you hear me
Dave or not?
Speaker 4 (29:04):
Okay?
Speaker 10 (29:06):
Here's the situation. I do have a revocable trust, okay.
And I do have a long term care policy okay.
And with respect to the long term care policy, it's
a total asset protection with a partnership program with New
York State.
Speaker 2 (29:24):
Okay.
Speaker 10 (29:25):
So I want to zero in on the partnership program okay.
In other words, when my long term care insurance, because
I have a situation where it's basically home care, assisted living,
and nursing home. I don't mind home care and assisted living,
but I prefer not to go to nursing home. But
I can't control that. So long story short, what I
(29:48):
want to do is protect my assets basically, and that's
why I have the partnership program with New York State.
So if I run out of money with the long
term care hypothetically, okay, let's say nursing home and the
partnership program kicks in. What's the process in terms of
them tapping into the income and income and my I
(30:12):
think the income would be uh, you know, my require
minimum distributions and social security that they would tap into. Okay,
and it might correct uh in assuming that part. That's
the part I want you to walk me through. Once
the that part kicks in the partnership program.
Speaker 2 (30:28):
All right, are you driving in a car? Yes? All right,
well pull over and listen because this is going to
take a little while. Okay, Well, first of all, I
applaud that you had the wherewithal to you get a
long term care policy. You've got the best policy that
you could possibly get. The total asset protection. It was
(30:52):
total asset, not dollar for dollar.
Speaker 10 (30:54):
Correct, correct, correct, it was total acid protection.
Speaker 2 (30:57):
Okay, So if your care, if your benefit right now,
let's just say it's five hundred dollars a day and
the cost of your care is seven hundred and fifty
or one thousand dollars a day. And I'm just using
these numbers, you're still out of pocket with that policy,
just so you understand, Okay, from day your day one
(31:17):
dollar one now once. Now, statistically, this is not going
to happen, but it's happened to us at the retirement
planning group where the individual it just happened to a
woman who was a client of ours still is a client. No,
she just passed. She just passed. She had Alzheimer's. She
was in a long term care facility for five years.
(31:41):
The policy paid four hundred and semi thousand dollars of care. Uh,
and they thought it was the greatest thing since sliced bread.
What happened though, after that, was she no longer had
any benefit in that policy. New York State is supposed
to put you on what call extended care through Medicaid
(32:03):
ninety days before the policy is exhausted. Right, the insurance
company gives notice to New York State. Here she comes.
New York State will go after income income. So if
you have a lot of money in IRA four oh
one k, you got these large distributions, they're going to
go after it.
Speaker 10 (32:27):
Yeah, that's the part that that was talking about. They
would tap into Social Security, which I'm collecting. They would
tap into the required minimum distributions in any interest that
any interest that I have on CDs correct days.
Speaker 2 (32:42):
Well, this is the kick in the butt, Okay, depending
on the county. Right, the counties throughout New York State,
none of them are consistent. But a lot of the
counties now are doing distributions based on life expectancy. So
let's keep it simple. You're eighty five, your rm D
says you got to take twenty thousand dollars a year off. Well, no,
(33:06):
they no longer recognize RMD. Now they mandate that you
take distributions based on life expectancy. So instead of twenty
thousand dollars, you might have to take a distribution for
seventy five or eighty thousand dollars. So you keep your
fingers crossed that you're going to either die or there's
gonna be enough money left in the pot, especially if
(33:26):
it's important for wealth replacement for a surviving spouse.
Speaker 10 (33:32):
When did that parts start day with respect to now
zeroing in on the particular county, Okay, because you're going
deep into their weeds now, but when did that start
where the county could determine now a little further to
take more money as income, you know, out of your.
Speaker 2 (33:51):
Situation as they started going broke. Okay, you do realize
that ninety percent of some of these counties that are expended.
Sure is medicaid, So all the other stuff is ten
percent of all the revenue that comes in. Ninety percent
is medicaid. So it's a huge it's a huge burden. Now,
(34:16):
I will say this, if you need the benefit, you've
done fantastic. Do you know what your daily benefit is? Yeah?
Speaker 10 (34:23):
Yeah, my daily benefit be with me. Uh it was
with home care and assisted living. Basically that comes out
to like four hundred and fifty dollars a day you
follow out with respect with respect to the nursing home. Okay,
(34:45):
that's currently around four Yeah, I daily benefit daily.
Speaker 2 (34:50):
Now, have you made any have you made any modifications
to that policy because a lot of times they've sent
you letters that basically say that if you don't want
this thing to skyrock through the roof, you can make
adjustments to the policy. Have you made any adjustments to
the policy?
Speaker 4 (35:07):
Yes, I have.
Speaker 10 (35:08):
It's with John Worth's life and they've come through with yeah,
changes over the last because I got this back in
twenty and eleven, and they'll come back with reduction and
the inflation factor, which I did take from five percent
to three and a half percent.
Speaker 4 (35:25):
Okay, but because of the.
Speaker 10 (35:26):
Partnership program, that can only go down to a certain level.
So I did some adjustments with that, and then one
time they wanted to buy you off, okay and give
you some cash and get rid of you, and I
chose not to and I stayed with them because I'm
getting older here. I'm seventy four years old right now.
Speaker 2 (35:45):
So anyway, Yeah, well, what I would say to you
is that overall you're in pretty good shape, but it's
not the apple that you originally thought it was. Now
be aware of this. You got to read the fine print.
These policies have said that if you would just the
original policy and you modify it, you are no longer
(36:09):
covered for total asset protection under the partnership. Do you know?
Speaker 4 (36:16):
Wow?
Speaker 10 (36:17):
Yeah, Okay, I didn't realize that, dude.
Speaker 2 (36:20):
Just you know what, I'm not saying that I did.
I did a lot of work in this arena. Because
the name on the door of Retirement Planning Group, I
know it inside and out. The partnership still exists in
New York State, but nobody sells it anymore because the
policy if skyrocketed through the roof. You should call me
and come into the Syracuse office and just have a
face to face with me, bring your policy, bring your
(36:41):
policy with you in any forms and documents that you signed,
to adjust it, and I'll tell you exactly what you got.
Speaker 10 (36:51):
Okay, sounds good, Daves. I appreciate the input.
Speaker 2 (36:54):
All right, God blessed, Thank you, have a good day. Yeah,
buyer beware agree. Yeah yeah.
Speaker 3 (37:03):
A lot of those policies, like you were saying, the
fine print is yeah, needs to be overemphasized.
Speaker 2 (37:09):
You gotta know what you own. And the thing is
is that you know. I think statistically statistically, you're in
pretty good shape statistically, but that means nothing. The thing
that's great about it, Ray is that you've got home
care and assisted living where everybody wants to be right.
I mean, the new policies today are so different. How
(37:31):
long is your elimination period if you do need care,
start the clock running like asap. Some of them are
ninety days, some over one hundred and twenty. But I
can help you with that. But we're going to have
to take a break here. But this is why I
like phone calls, because it always makes it much more
interesting for you, and it also makes it much more
(37:51):
interesting for me. I think my son learned a few
things here today in regard to long term care planning
critical critical.
Speaker 3 (38:02):
Yeah, I saw too, the life expectancy tables. Those got
utilized after two thousand and five, the Fiction Reduction Act
of two thousand and five.
Speaker 2 (38:12):
Yep, we'll be right back. Give us a call. Three
one five Ford two one ninety seven. We're here live.
We've spent a lifetime saving for retirement. Now it's time
to make that money work for you. Here's the secret
most people miss. You have to create your own retirement
(38:34):
income plant. Social Security is not enough, pensions are rare.
You need a strategy that turns savings into monthly income
that will last a lifetime. At the Retirement Planning Group,
we build customized income distributions so you can retire with confidence,
retire smart, live well. Call eight eight eight five eight
zero nine for your complementary consultation. All right, so everybody
(39:11):
knows life has changed in the radio industry as far
as the type of music that we can play is
what we call bumpers. So it's got to be kind
of like a nothing burger. So I guess there's certain
things going on where artists don't want you playing the
music that they've got copyright too. I don't know enough
(39:32):
about it, but so you're gonna start hearing stuff that
I have no idea what it is. But that's okay.
We have another caller, which I love, Michelle wants to
talk about I raise Hi, Michelle, Hey, Dave.
Speaker 12 (39:43):
I don't like this music either. I think they should
play like Michael Jackson or some discoverersh I'm with you,
rather than Noise or Tony Bennett.
Speaker 2 (39:53):
Maybe absolutely, I'm just thinking. I was just thinking the
other day. I just came back from the domn in
Republic for a wedding, a wedding, and we we we
cut the rug up. I'll tell you on Wednesday night dancing,
so in fact, I was I was doing my disco. Well,
my son's rolling his I's right now, like Dad, Oh
my god, are you kidding me?
Speaker 12 (40:14):
Yeah, it's okay. You know what though, everything was freer
back then. It didn't matter if you knew how to dance.
You could just feel the music and get on the
floor and everybody had a good time.
Speaker 2 (40:23):
I did my thing. I did my thing. I got
it out of my system for a couple months.
Speaker 12 (40:30):
I have the question about I have a small rough ira,
and I know I don't have to take the money out.
If I want to get rid of that, take it
out and just keep it for me to use, like
maybe on house repairs or something. Are there any other
than I'd have to pay income tax on it?
Speaker 4 (40:49):
Right?
Speaker 2 (40:50):
No, there's no income tax on wrong? Zero?
Speaker 10 (40:53):
Oh cool?
Speaker 12 (40:54):
If you had it five years or longer, oh way longer.
Speaker 4 (40:57):
Yeah, No, you.
Speaker 2 (40:58):
Don't have to pay any tax on that's the why
would you get rid of it? You can take money
out of it. You take money out, it's tax free.
You're never gonna have requirementimum distributions. I wouldn't get rid
of it, I would tell you, and don't get rid.
Speaker 12 (41:09):
Of it, all right? So I can take part.
Speaker 7 (41:11):
Of it out, amen, absolutely, And you know you can.
Speaker 2 (41:15):
You can. You can buy me lunch at the Brooklyn Pickle.
Speaker 12 (41:19):
I have to get a loan for that. You probably
want a sandwich with meat it too.
Speaker 2 (41:26):
Did you see that my son eats a sub? It
looks like it can walk and talk.
Speaker 12 (41:30):
The damn thing is so big, I'll bet. Unfortunately, a
lot of stubs are a lot of bread.
Speaker 2 (41:37):
Yeah, that's all right, though he loves bread. He's Irish,
he's got a little Irish in him.
Speaker 4 (41:42):
All right.
Speaker 12 (41:42):
Well, I'm glad I called. I was gonna call last
week and I got busy doing so. I have the
radio on, but I couldn't get to the phone. I
have another question. I have a four to oh one
K and it's split into two different funds. One is
a Deer fund, which does really well, and the other
one is just I can't even explain it. I only
(42:03):
get interest on it. It's useless, and Deer is restrictive
about how much money. I tried to buy some of
the other fund that's in the fund, and they won't
let you do it, only a certain amount of money,
and then they won't let you continue to do it.
And so I'd like to take part of that out.
Fidelity says THEE I can take part of it out
(42:23):
if I roll that into my rollover IRA. Is there
any tax consequence if it's rolled directly over, because Fidelity
would do the rollover.
Speaker 2 (42:34):
No, that's what we do business with. You should come
in and talk to us because we're fantastic. I can't
tell you out. Oh yeah, absolutely great. For three years.
Speaker 12 (42:45):
I heard you telling the other guy where you are
in your carrier circle.
Speaker 2 (42:49):
Pioneer Business Park, Millioneer, Pioneer Business Park.
Speaker 12 (42:55):
What's the address?
Speaker 2 (42:57):
I don't know you got it. I don't know. I
got five locations. Chris knows my son. If you call
the office and you say, hey, listen, I talked to
Dave and want to come in and just have a chat,
they'll give you the address. I know where it is,
but we've got five locations. I don't even know what
my address is at home. Sometimes.
Speaker 12 (43:13):
Oh jeez, I'm not like the other guy that carled in.
I actually have a pen and paper for the eight
hundred number.
Speaker 2 (43:20):
Okay, it's eighty Yeah, it's eighty eight five eat zero
eight eight eight five eat zero. And just you'll either
talk to Jared or Jimmy and they'll put you on
the schedule. I think we're out there.
Speaker 12 (43:35):
This all right, all right. And the other thing I
was listening to was when you were talking about making
sure you have beneficiaries. I had a friend who had
a couple of relatives. The father died, and the father
never changed addresses on anything, and he didn't keep the
beneficiary stuff up to date, and they stole almost everything
(43:58):
in probate. So the probate court's not really our friend, no,
But it taught me something about not leaving money in
probate like that will have to go into probate.
Speaker 2 (44:09):
Well, let me ask you a question. You know, there's
the old saying. I don't know if you're old enough
probably to remember this. I am I basically I give
away the razor because they're going to come back for
what razor blades?
Speaker 12 (44:21):
The blades?
Speaker 2 (44:22):
Right, So if I am an attorney, I basically I
give away the will for basically nothing because I know
that once I settle the estate, that's when I'm going
to do all my razor blades. Now, you don't have
to go through probate simply by titling assets correctly, not
one red scent should go through probate. And that's why
(44:46):
I keep on banging the drum. Wake up, listen, don't
put your family and your loved ones through that. All
it is is simply just titling assets.
Speaker 12 (44:55):
Do you have to have a trust for that?
Speaker 2 (44:57):
No, TOD pod benefit sherry forms. There's a lot of
different ways that you can do it. Do you have
a trust? Now?
Speaker 12 (45:05):
No, I don't, but I have I have some stock
and the TOD so I know that that will go
to my beneficiary, update my beneficiaries. But there I know
that they change the laws about I heard you talking
about it last week, and I've heard of it before.
Now it's you have to take all the money out
of it inherited. I think I RA and a ten
(45:27):
year period, which really stinks.
Speaker 2 (45:29):
I think, well, that's that's the new laws. But the
bottom line gets down to do you have assets in
multiple locations, different different financial institutions?
Speaker 12 (45:40):
Three? Yeah, three, you should can sell a large chunks
with Fidelity, A large chunk is with a credit union,
and that's all CDs and then my regular bank.
Speaker 2 (45:51):
Well, come in and talk to me and I'll straighten
you out. How does that sound?
Speaker 12 (45:55):
Okay?
Speaker 7 (45:56):
Are you gonna I'm gonna put you in the headline.
Speaker 12 (46:02):
I gotta bring a sandwich doon and I.
Speaker 2 (46:05):
We got donuts the other day. What was the name
of the place? Geezy's or Gizzies some greekak It's Greek bakeries.
Is Guzzi's Geezy's? Is that the name of it.
Speaker 12 (46:15):
I've never heard of it.
Speaker 2 (46:17):
Oh my god, it's unbelievable.
Speaker 12 (46:19):
All donuts are good.
Speaker 2 (46:20):
Oh all right, I'll see you soon. Give us give
us a question.
Speaker 12 (46:24):
Thank you, Dave. I appreciate it. Have a good weekend
YouTube man.
Speaker 2 (46:30):
Thanks, all right, we don't have a lot. We probably
have time for one more. Come on, let's slip in
one more phone call, right, three, one, five ninety seven.
I gotta be talking about something that's stimulating you in
regards to our conversation. All right, I guess we have
one where I think we have. Bill wants to talk
(46:50):
about beneficiary and mutual funds.
Speaker 8 (46:53):
Bill, just a quick one yep on a traditional IRA
benifiture my spouses. I'm assuming that she I'll deliver. There's
four gods now, the current beneficiaries, and they're all mutual funds,
in the stock funds. And if they each get twenty
five percent, the number one child goes right away and
(47:16):
gets his, and the other people trickle down. How does
that even out? So they're gonna get all they're going
to get basically the same amount.
Speaker 2 (47:26):
Well, are you talking about what you're saying? What that
one of the beneficiaries has died? Is that what you're saying?
Speaker 4 (47:32):
No?
Speaker 8 (47:32):
No, no, no no. The poor beneficiaries don't say okay,
let's go cash out. One decides to do it ahead
of everybody else. Okayah, And they're in stock mutual funds.
So it's pretty easy. At that point you gets twenty
five percent. So the next people come down a month later,
how are they going to get their twenty five percent
(47:54):
of their original amount?
Speaker 2 (47:55):
Well, if they want, if they want the if they
want the money, they're going to have to cash out
day to day is usually what we say. And then
whatever the value is, if it's twenty five thousand dollars
a piece, it's twenty five twenty five, twenty five twenty five,
and then they can do with whatever they want. It
can stay there, it can go somewhere else.
Speaker 8 (48:12):
But in other words, they have to work together then
on the on that specific gate to get their money.
Speaker 2 (48:21):
No, what you're.
Speaker 3 (48:22):
Saying, I think what you're thinking of is that they're
all just going to be it's all the money is
going to stay in the same account, and they're gonna
have to work together and pull from it what they're owed.
Speaker 2 (48:33):
At death.
Speaker 3 (48:34):
It's going to be distributed into However, many inherited IRA
accounts based on the percentages of each beneficiary, So they're
all going to have their own account.
Speaker 2 (48:43):
So if one of them wants to look at the.
Speaker 8 (48:44):
Account, okay, so the mutual fund company will automatically set
up for IRA beneficiary accounts for them bulls are and
then they can pull from them. Okay, I was just
concerned about if one does it and then the other
to do it two months later, it doesn't work out
on the you know, on the same dollar amounts.
Speaker 2 (49:06):
That's all they And also you need to understand that's
a non taxable event because it's it's it's a non
spouse beneficiary, so they'll be in good shape. But you know,
the bottom line gets down to is that, uh, anytime
you commingle commingle, if you inherit multiple e arrays from
(49:27):
the same odor. Yeah, that's where it's a pain in
the ass, excuse my language, but you know the thing
is what you want to do is what That's why
I just told the woman that just called in consolidate, simplify,
because the last thing you might going on is your
heirs and your loved ones running all over town to
get the money.
Speaker 8 (49:45):
That's right, Well, it's not that right. I mean, they
don't want it, you know what I mean? You do
pick up the phone and say where's the form I need? Correct?
Speaker 2 (49:56):
Well, yes and no, A lot sometimes it's a form,
but also a lot of times you have to get
the signature.
Speaker 8 (50:03):
What do they call guarantee?
Speaker 3 (50:04):
Well, you need a lot of you.
Speaker 4 (50:09):
Don't want to do it.
Speaker 8 (50:09):
Don't do it.
Speaker 4 (50:10):
There's no problem. Don't do it.
Speaker 8 (50:13):
I tell them, you know what I mean, it's too
much trouble to hell them. Man, what you do?
Speaker 2 (50:17):
What'd you do in your lifetime? What kind of work
did you do?
Speaker 8 (50:22):
I've done various things. I worked at a brewery and
I worked at a casino. I've done a number of things,
and they all.
Speaker 2 (50:27):
Have one nice. My my father was a brewmaster, Anne
Heiser Bush and Williamsburg, Virginia.
Speaker 8 (50:36):
Oh good, that's good.
Speaker 2 (50:38):
What a job huh? Walking around slipping beer, sipping beer?
Speaker 8 (50:41):
Oh yeah, a little more than that. There's a lot
of pressure and make it perfect, you know, you know?
Speaker 2 (50:48):
All right, listen, if we if we, if we can
help you, give us a call.
Speaker 8 (50:54):
Okay, well I'll tell them to call you.
Speaker 7 (50:56):
I'm not around, okay, okay, bye, we'll see now.
Speaker 2 (51:03):
Yeah, if it's inherited, irase, my good man, you're not
going to be around all right. I don't think we
have time for another Maybe we do, Maybe we don't
a lot of great phone calls. We had a phone
call about crypto trust alternatives putting property in a trust,
the State Planning Irase Michelle, she's gonna come in with
(51:26):
a bake. She's going to bake us a cake and
then bill on mutual funds. This is a great show today.
This was the Retirement Planning Show. I'm Dave Coppec, president
of the Retirement Planning Group. If we can be of assistance,
give us a call eighty eight five eight zero one
nine nine and have a face to face meeting with us.
We'll see you next week for another show.
The information or services discussed on this show is for
informational purposes only, and it is not intended to be personal
financial advice. The investments and services offered by us may
not be suitable for all investors. If you have any
doubts as to the merits of an investment, you should
seek advice from an independent financial advisor.
Speaker 2 (00:25):
All right, Syracuse, good afternoon. It's Saturday. Believe it or not.
It's the twenty sixth of July already, which is hard
to believe. It's gonna be in August. We're gonna blink
our eyes and the snow will be flying. But I'm
Dave Kopek. This is the retirement Planning Show. We're here
(00:46):
on the weekends so hopefully educate you on the opportunities
and the obstacles that you'll be faced in your pre
and post retirement years. I've got my son with me today,
Christopher William who's a graduate of Siena College with a
degree in financial planning. I've been doing it now for
forty three years, even though I don't look at forty
(01:07):
three years, and uh, bottom, mine gets down to We're
gonna be talking about a topic today that I wanted
to talk about, because I think it's going to bring
a lot to the table, some of the things for
you to think about. Because we're all great at what procrastination.
We love to procrastinate. But I'm gonna give out the
telephone number. We love phone calls because phone calls makes
(01:30):
this show much more interesting. So if you have a question,
excuse me, I just swallowed and went down the wrong pipe.
It's three one five four seven ninety seven three one
five four to two one wsyr any question at all?
(01:53):
Today we're talking about a state planning and why are
we talking about it.
Speaker 3 (01:58):
Because it's a part of what we do and what
we recommend to a lot of clients. It's part of
the holistic financial planning approach that we bring to each
of our clients. As far as you know, not just
making sure that your investments are sound and that you're
you know, allocated in the right investment model, or you
(02:18):
know your your assets are titled properly. It's it's making
sure that when you do pass away that you're the
next generation whoever your beneficiaries are are taken care of
as well, and making sure that we do that in
the most efficient way that we possibly can good, very good.
Speaker 2 (02:37):
I like that. You know, this week, we've seen some
horrific stuff where I live in Lake George, New York.
There was a girl that was drowned by her father,
killed by her father, a nine year old girl. We
saw Malcolm Jamal Warner who was on Cosby when swimming
(03:00):
with his eight year old daughter. She has survived. He drowned.
Ozzy Osbourne passed away. These are all names and people
that you're going to recognize. Hulk Hogan died. I believe
Hulk Hogan has been married for about eighteen months with
his new wife was estrange from his daughter, so I'm
(03:23):
very concerned about that situation. Had a very sizeable estate,
estimated to be somewhere between forty five and fifty million dollars.
So we're going to talk about what you should be
doing and the things that you should be talking about
with your family and loved ones. So today's show is
about six estate planning must haves. These are things that
(03:49):
you need to start talking about because here's the number, folks.
Eighty five trillion dollars of wealth will transfer over the
next twenty years between my generation, going to our children
(04:09):
and our grandchildren. Eighty five trillion dollars. So it's critical
that you understand exactly what you've created, how that money
and wealth is going to go to the next generation
and it doesn't go to the evil son in law,
daughter in law, or the child gets a corvette and
heads to California. But we got a phone call, which
(04:30):
is great. We love phone calls. Let's go to Ron.
Good afternoon, Ron.
Speaker 4 (04:40):
Hello, how are you? I swallowed something wrong too? Crypto currency?
How do I get INVO?
Speaker 2 (04:53):
I think the I think the Fidelity. We clear all
of our business Fidelity. Fidelity has etf which you can
purchase crypto currency.
Speaker 3 (05:04):
You can actually purchase it directly through Fidelity now as well,
there's a way we can set it up through our
accounts to buy.
Speaker 4 (05:13):
You suggested or no?
Speaker 3 (05:16):
It I mean, it depends. It's it's we It's a
risk on investment, so depending on your risk profile, and
you know how much money we're looking. You know, we're
never going to recommend well, you know, take all your
money and throw it into bitcoin.
Speaker 4 (05:28):
But suppose you want to say, if you want to
say one thousand dollars or ten thousand dollars, can you
buy anything worth getting for that.
Speaker 3 (05:36):
Yeah, yeah, I mean a bitcoin right now or Ethereum
are the two big name players in the game, it seems.
But Bitcoin is is about one hundred and twenty thousand
the last I looked at it, you.
Speaker 2 (05:48):
Know, per per coin.
Speaker 3 (05:50):
Yeah, and uh, you know, making an investment in that,
you know, there's obviously if you're putting a thousand, you know,
ten thousand dollars into this, it's it's not something that
is gonna break the bank, hopefully. But yeah, as far
as like an investment, I I feel more strongly about
it than you know, my father would over here.
Speaker 2 (06:09):
But I think that.
Speaker 4 (06:12):
Here's the question, do you have that.
Speaker 2 (06:15):
Any say that again, he do you have any crypto currently?
Speaker 3 (06:23):
I have invested in crypto in the past and have
gotten out. You know, I kind of just did it
as like a quick thing because I didn't fully understand it.
But you know, the way I look at it now
is it's like a secondary market. So it's something that's
not really associated with like your traditional market that you
know opens at nine and closes at four o'clock. But
you're it's twenty four hours a day, twenty four hours
(06:46):
a day, so yeah, you're you're gonna have to to me,
it's it's it's an investment that is ultra risky, but
at the same time has uh we've seen it obviously
grow tremendously over the last five.
Speaker 4 (06:57):
Years, but isn't Trump banking it up with the dollar.
Speaker 3 (07:01):
There is a lot going on as far as conversations
where they're trying to get some type of stable coin
currency out there that you know, people can utilize on
a digital aspect. So that's why I think you're seeing
a lot of these crypto currencies, you know, take off
because a lot of investors are feeling more comfortable getting
(07:21):
into that space. And the reason why Bitcoin and ethereum
seem to be a little bit more attractive than these
others that are in the space is that institutional financial
institutions like Fidelity, Vanguard, Black, Croc you can now they're
trying to get into the space where you can purchase
directly on their platform, so we can. So it makes sense,
(07:44):
you know, once the institutions kind of see that it's
vetted and they're getting into the space, and they and
now it's you know, something that they're thinking is attractive.
Speaker 2 (07:53):
You know, to me, it just looks more more and more.
Speaker 4 (07:55):
Attractive should I buy gold and silver instead?
Speaker 2 (07:59):
Then well, we can't give you that answer until we
meet with you because it's it's it's it's a compliance thing.
We can't give recommendations over the rate.
Speaker 4 (08:10):
Do you have gold and silver your portfolio.
Speaker 2 (08:13):
Yes, I'm a big believer in having commodities, actively managed commodities.
As a small I got it as a very small
percentage of my portfolio.
Speaker 4 (08:22):
But p that I have, I'm eighty years old. What
percent should I have?
Speaker 2 (08:27):
Well, it depends on do you have pension and socials?
I mean, do you rely on your portfolio for income?
Speaker 4 (08:34):
Not at all? Zero, I have pension, I have social security.
I won't touch it at all.
Speaker 2 (08:41):
Well, modern portfolio theory says alternative investments should be somewhere
between five to five to ten percent. So you got
a million dollar portfolio, it should be somewhere between fifty
to one hundred thousand dollars. As far as alternative.
Speaker 4 (08:54):
Investments in gold and silver.
Speaker 2 (08:59):
All of it aggregated when you aggregate it. When you
aggregate it together, you know you're not betting on You're
not betting on one You're not betting on one horse.
You're betting on a multitude of horses, Ron, and I think.
Speaker 4 (09:16):
You have mutual funds, don't they invest in gold and
silver and the mutual funds themselves.
Speaker 2 (09:22):
Yeah, some of them don't. It depends on which ones
that you select. I like ets because of the cost.
We like low costs. Low cost is good. So we
like low cost a multitude of positions that are basically
held in an ETF. But if you want to we
have an office in Syracuse. If you want to come
(09:42):
in and have a chat chat with us, we'll be
more than happy. Might I'll be very honest with you.
Ron my Son knows more a hell of a lot
more about this than I do. Because I'm the old dog.
You know, I'm the dinosaur in the office. You know.
I I haven't embraced it, but I do believe that
it's here to stay.
Speaker 4 (10:03):
The crypto you're talking about are the.
Speaker 2 (10:06):
Crypto I think.
Speaker 4 (10:09):
Because I'm old. I'm eighty years old, so I should
be being more conservative. Probably right.
Speaker 2 (10:14):
Well, you basically said you don't care for that. You know,
you got a pension, social Security. Uh, you know, there's
nothing wrong with what we call a sandbox account, right.
The sandbox account is that you go out and speculate
and you have some fun. So just as long as
you just as long as you're going to be able
to pay the bills and put food in the refrigerator,
(10:35):
you know, knock yourself out the.
Speaker 4 (10:38):
Its fidelity and company that deals with a certain like
one percent of what you earned that year, and they
get a share of one percent of it. Is that
how it works, so they.
Speaker 2 (10:46):
Have it depends, it depends. I mean, our management fee
is never one percent. It goes as low as fifty
basis points a half a percentage point. You know, we
actively managed portfolios. We do a lot of wealth management.
If you listen today's show. We work with a lot
of attorneys. We run hundreds of millions of dollars of assets.
So ultimate, ultimately you have to you know, you have
(11:11):
a wife.
Speaker 4 (11:12):
Yeah, I already had my money and a trust for
my daughter, and so this will be in a trust
for her.
Speaker 2 (11:18):
Yeah, it doesn't make it money? Yeah, who who is?
Where's the money? Now?
Speaker 4 (11:25):
It's a trust? On I've got to actually split up
in three things. Key bank kids some of them yeah,
Edleman has a big chunk of them.
Speaker 2 (11:34):
All right, Well there, we got to take a heard break.
Give us a call. We'll love to sit down and
have a chat with you. We'll be right back. This
is retirement planning show. We are living through the greatest
wealth transfer in the history of mankind. Trillions of dollars
(11:55):
of wealth will change hands from one generation to the next.
Your money for a beloved children and grandchildren. Are you ready?
Your future is written by chance, it's written by action.
Now's the time to build your plan, protect your assets,
and position yourself for the opportunity. Don't wait, take action.
If future favors those that are prepared, call eighty eight
(12:16):
five eight zero one nine one nine. That's eight eight
eight five eight zero one nine one nine. Retirement is
in a Sunday thing. It's a now thing. Whether you're
just starting out or nearing the finish line. The best
time to build your retirement plan is today. Don't wait
for the right moment. Let's create a plan that works
for you. Secure your future and the freedom that comes
(12:39):
with it. Call my office today and take action. Eighty
eight eight five eat zero one nine one nine. That's
eighty eight five eight zero one nine one nine, and
your future will thank you. Are you ready for retirement
or just hoping it works out? Don't leave your future
to chance. At the Retirement Planning Group, we hope you
create a personalized retirement plan so you can relax knowing
(13:02):
you are prepared. Take action today. Call eight eight eight
five eight zero one nine one nine. That's eight eight
eight five eight zero one nine one nine, or visit
us at our website rpgretire dot com to schedule your
complementary consultation. Your future will say thank you. You've spent
a lifetime saving for retirement. Now it's time to make
(13:23):
that money work for you. Here's the secret most people miss.
You have to create your own retirement income plan. Social
security is not enough, pensions are rare. You need a
strategy that turns savings into monthly income that will last
a lifetime. At the Retirement Planning Group, we build customized
income distribution plans so you can retire with confidence, retire smart,
live well. Call eight eight eight five eight zero nine
(13:47):
one nine for your complementary consultation. We are living through
the greatest wealth transfer in the history of mankind. Trillions
of dollars of wealth will change hands from one generation
to the next. Your money to our beloved children, and
are you ready? Your future is written by chance. It's
written by action. Now's the time to build your plan,
protect your assets, and position yourself for the opportunity. Don't wait,
(14:10):
take action. If future favors those that are prepared, call
eighty eight five eight zero one nine one nine. That's
eighty eight five eight zero one nine one nine. All right,
(14:32):
we are back. I'm Dave Kopak, the president of the
Retirement Planning Group. I'm here with my son Christopher, who
is a financial advisor. We do pre and post retirement planning.
We've got five locations in the state of New York,
now Syracuse being one of them. Right out there off
exit thirty five. Carrier Carrier, Circle Love Cues. Look forward
(14:55):
to basically being out there much more in the fall
in the winter months for some football and some basketball.
So you'll see me rootining for the Orange Go Crush.
So we got another phone caller. We love phone call
so if you've got any questions, don't hesitate to give
us a buzz. Go to Tom. Hi.
Speaker 5 (15:14):
Tom, Yes, I'm Tom Him.
Speaker 6 (15:18):
I was working radio from ten o'clock to eleven o'clock finances,
I guess yep. And at the very end of his
show you talked about trust and there was another thing.
He said, all you need is a TL and I
don't know the last letter title something. Do you know
(15:39):
anything about that?
Speaker 2 (15:41):
Well, it's you can title assets a lot of different ways.
You can do it inside of trust are revocable, which
is no different than a check go ahead.
Speaker 6 (15:51):
He said, you don't need one of those. All you
need is something you know.
Speaker 7 (15:54):
In today's age, I think he probably said TOD trans
friend deathd transfer and death.
Speaker 6 (16:06):
Yeah, that gets through to your house, to your kids.
Speaker 2 (16:09):
Yep, you can title everything over. Uh, they don't get
access to it until you go through the pearly gates.
You know, TOD POD. It depends on the asset. But
you know what I always say is that I'm a
big fan of a revocable trust and an irrevocable Let
(16:31):
me ask you a question. You're worried about passing money
on to your kids. Do you have long term care insurance?
Speaker 6 (16:37):
I don't have a lot of money.
Speaker 2 (16:38):
I have a house, all right, So you want that
house to go to your kids? Yes? How old are you?
Speaker 6 (16:46):
Seventy two?
Speaker 2 (16:47):
So what happens if you got to go answer?
Speaker 6 (16:51):
How many people got processaying cancer of seventy two?
Speaker 5 (16:55):
Quite a few I know everybody.
Speaker 2 (16:59):
Yeah, you know. The thing is is that it's probably
all the crap that we eat. You know, look at
the box, Look at the box that we eat, all
these foods. You know, it's like six inches deep. As
far as all of these chemicals, I couldn't even tell
you what they are. But this is what I'll say
to you.
Speaker 5 (17:13):
Do you have a wife, Yes, and she's got brain cancer.
Oh Jesus, I know, but she's clear of it. She
went through the whole process.
Speaker 2 (17:23):
Yeah. Well, you know, you know I would say this
to you if the community spouse is allowed to keep
the home, right, it's when one of the spouses passed away.
Speaker 6 (17:39):
But we're divorced, so I own my house, she owns
her house.
Speaker 2 (17:43):
Oh okay, so you're divorced. So something happens to you,
there's a pretty good chance that that house won't go
to you your kids. If you need to go into
the nursing home, they'll lean that house. Then they'll basically
they'll go after it once you pass away.
Speaker 6 (17:58):
Medicaid, so I have Medicare and Medicaid.
Speaker 2 (18:03):
Well, I'm not talking about Medicare. I'm talking about if
you want to bed in a nursing home and you
don't have you can't pay for it. Medicaid is going
to step up, but they're going to basically go after
your assets, your money.
Speaker 5 (18:15):
So yeah, I don't want that to happen.
Speaker 2 (18:17):
Well, you need to come in and have a chat
with me then, because I can tell you what to do.
Speaker 6 (18:21):
Whereabouts are you located? I'm I live in Almara, but
I'm up here taking care of her. I'm in Syracuse.
Speaker 2 (18:29):
Pioneer Business Park right there off of thirty.
Speaker 5 (18:32):
Five, thirty five.
Speaker 6 (18:35):
I've never heard of it.
Speaker 2 (18:36):
Exit thirty five of the way.
Speaker 5 (18:40):
Come all right, Yeah, that's.
Speaker 6 (18:43):
That's thirty three. I know the casino.
Speaker 2 (18:47):
No, no casino for me. I'm not a gambler. Thirty five.
We're right there, a carrier circle right on the other. Okay,
carrier circle. So you want to come in. We can
sit down with you and have a chat and see
if we can help you.
Speaker 6 (19:00):
How's that sound That sounds like a good idea.
Speaker 2 (19:03):
I need to do that. Okay, Well, I give out
my telephone number. Get you get your pencil. I give
up my telephone number quite a bit during the show.
Speaker 6 (19:12):
I got a short memory and I don't have a
pen all right.
Speaker 2 (19:16):
Eighty eight five eight zero, one, nine.
Speaker 6 (19:18):
Nine, give me the last four?
Speaker 2 (19:24):
All right?
Speaker 6 (19:25):
What a eight eight?
Speaker 4 (19:27):
What?
Speaker 2 (19:28):
Five? Eight zero.
Speaker 8 (19:30):
Five?
Speaker 2 (19:32):
Yep? Five eighty nineteen nineteen.
Speaker 5 (19:36):
Nineteen nineteen, yep, all right.
Speaker 6 (19:39):
I try to remember that until tomorrow or Monday.
Speaker 2 (19:42):
Right, I'll give it out a few more times during
citayhow I've heard of this?
Speaker 4 (19:47):
Then?
Speaker 2 (19:49):
Okay, brother, only a pleasure.
Speaker 6 (19:51):
I listened to radio from seven eight am to one unless.
Speaker 2 (19:55):
You after one?
Speaker 6 (19:56):
Al right, yeah, I gues I listen to you too.
Speaker 2 (20:00):
How do you like a show?
Speaker 6 (20:02):
I love this radio. There's more intelligence on this radio
than there is on my TV. I'll tell you that.
Speaker 2 (20:09):
Yeah, I agree. I like s Y are good people? Yeah,
stay tuned? Right, okay, Well, get out there and exercise too.
I didn't say it's just about the diet. It's about
the exercise. Yes.
Speaker 6 (20:23):
And I have a bike. I ride my bike every day.
Speaker 2 (20:26):
Beautiful. Yeah, all right, all right, that's okay. We'll see
you soon. Thank you.
Speaker 5 (20:34):
What's your name?
Speaker 2 (20:35):
David?
Speaker 5 (20:37):
David?
Speaker 6 (20:37):
All right?
Speaker 2 (20:37):
I'm Tom, Okay, Tom. I look forward to meeting him.
God bless we're coming back. Now. That's a good conversation.
This is why we like phone calls. If you have
a question, don't be bashful. We don't bite anything that's
specific about your own personal situation. You know, we had
(21:01):
Ron and Tom. The telephone number at the studio is
three one five four two one ninety seven ninety seven
three one five four to two one W S y R.
We're talking about a state planning. You want to talk
about crypto, you want to talk about trust alternatives. It
doesn't make any difference. But I know that there's been
some deaths over the last week, week and a half,
(21:25):
Hulk Hogan, Jamal from Cosby and then of course Ozzy Osbourne.
Question becomes did they dot the rise and cross their
t's and make sure that everything is fine. There's always
horror stories, there's always people that basically, I'm not too sure.
I know I mentioned this earlier today. If the the
state has been selld to yet from Prince the Singer,
(21:49):
I think it's still I think it's still going through
trials and tribulations, and he's been dead for quite some time.
Aretha Franklin, you know, you you get out of it
when you put into it. If you want to have
a fight cat fight, that's not what I want. Basically,
my family in a position that they know exactly what
my wishes are and my wife, and so we're gonna
(22:12):
talk a little bit more. The most powerful document that
you have, besides most likely your trust that you basically
set up, is your beneficiary forms, your beneficiary forms. What
I say that the beneficiary form trumps any other document
(22:36):
that you have. So if you say that my will says,
that's Sammy, Julie and Billy all receive a third of
your assets and one inside your IRA. You have one
child named as the beneficiary. What's going to happen? One
(23:00):
child's getting it, all of it. So you should have
a primary beneficiary. You should have contingent beneficiaries. And if
you have three children, three children, you should have the
If you want equal distribution a third third to third
to third, name them, name the children, and there's a
(23:22):
way for it to follow the blood if you don't
want it to go to the evil son in law
and daughter in law if the child should die before you.
All right, so let's go to Greg. We got another
phone call from Greg. Hey, Greg, Hey, good more, good afternoon,
Good afternoon.
Speaker 9 (23:41):
Hey, the reasons for my college.
Speaker 10 (23:43):
I've got a quick question.
Speaker 9 (23:45):
My wife and I we have two homes here in
New York and we have a we just purchased a
place down in Florida. Our plans are eventually to change
our primary residence to Florida. However, we want to put
everything into a trust, and our attorney in New York
(24:06):
wouldn't do it for us. She kind of said that
if we're going to move to Florida, if we did
a trust here in New York, even it was even
for all three properties, that when we went to Florida,
we have to redo the trust and the look back
period would start over.
Speaker 2 (24:19):
So that's not true. That's not true. Okay, So we
could I mean, we should get it the trust done yesterday.
Speaker 9 (24:32):
I'm sorry I lost you there.
Speaker 2 (24:33):
What you say you should get the trust done yesterday?
I don't know.
Speaker 11 (24:37):
Yeah, I mean we're both we're both sixty one, in
relatively good health now, but my wife's got, you know,
a history of Alzheimer's and her family.
Speaker 9 (24:48):
And you know, so we just want to get ahead
of this. And I know there's a five year lookback period.
So so we could have we could have the trust
done here in New York. And even though we changed
our residency in turn.
Speaker 2 (25:00):
Yours, in fact, you're breaking up on me. But I'll
tell you that the answer is an emphatic yes, and
you should come in and have a chat with me
because I've been in the business for forty three years
and then we've done hundreds of these.
Speaker 9 (25:16):
Okay, all right, I will look you guys up next week.
Thank you very much.
Speaker 2 (25:21):
Hey, brother, God Bless. What part of Florida? Are you
going to.
Speaker 9 (25:29):
A place in Daytona?
Speaker 2 (25:31):
Okay, good, I'm in Boca. I'll meet you in between.
Speaker 9 (25:38):
All right, thank you very much. All right, thank you
very much. Enjoy yourself.
Speaker 2 (25:42):
All right, yep, God Bless, I don't understand that at all.
That doesn't make any sense to me at all. You
have a home here in New York and a horm
and then you got a probated in two different states.
I don't know. You know, attorneys, they all have different positions,
and I know my position is and the you know,
get it in a trust. Simplify everything. This is the
(26:07):
Retirement Planning Show. We've had great questions today. Let's get
some more. We've got to take a break. When we
come back, hopefully we'll have a bunch of phone callers.
We'll see on the other side of the news. Retirement
is in a Sunday thing. It's a now thing. Whether
(26:27):
you're just starting out or nearing the finish line. The
best time to build your retirement plan is today. Don't
wait for the right moment. Let's create a plan that
works for you. Secure your future and the freedom that
comes with it. Call my office today and take action
eighty eight eight five eight zero one nine nine. That's
eight eight eight five eight zero one nine nine, and
(26:50):
your future will thank you. Are you ready for retirement
or just hoping it works out. Don't leave your future
to chance. At the Retirement Planning Group, we hope you
create a personalized retirement plan so you can relax knowing
you are prepared. Take action today. Call eight eight eight
five eight zero one nine one nine. That's eight eight
eight five eight zero one nine one nine, or visit
(27:13):
us at our website rpgretire dot com to schedule your
complementary consultation. Your future will say thank you. You've spent
a lifetime saving for retirement. Now it's time to make
that money work for you. Here's the secret most people miss.
You have to create your own retirement income plan. Social
security is not enough, pensions are rare. You need a
(27:34):
strategy that turns savings into monthly income that will last
a lifetime. At the Retirement Planning Group, we build customized
income distribution plans so you can retire with confidence, retire smart,
live well. Call eight eight eight five eight zero nine
one nine for your complementary consultation. We are living through
the greatest wealth transfer in the history of mankind. Trillions
(27:56):
of dollars of wealth will change hands from one generation
to the next, to our beloved children and grandchildren. Are
you ready? Your future isn't written by chance, it's written
by action. Now's the time to build your plan, protect
your assets, and position yourself for the opportunity. Don't wait,
take action if future favors those that are prepared. Call
(28:16):
eighty eight five eat zero one nine one nine. That's
eight eight eight five eat zero one nine one nine.
All right, we are back. This is the Retirement Planning Show.
I'm Dave Kopek, your host. Been doing a long time
forty three years, been on radio for twenty five years.
(28:38):
We're new to syr We started at the beginning of
the year. Hopefully you find it educational and informative. We
have a office right off exit thirty five Carre Circle.
If you want to come in and have a chat
with us, we'll be honored. Eight eight eight five eat
zero one nine one nine is our telephone number, and
I think we have another phone caller, Ray on a
state planning Are you there, Ray?
Speaker 10 (28:59):
Yes? Can you hear me Dave? Can you hear me
Dave or not?
Speaker 4 (29:04):
Okay?
Speaker 10 (29:06):
Here's the situation. I do have a revocable trust, okay.
And I do have a long term care policy okay.
And with respect to the long term care policy, it's
a total asset protection with a partnership program with New
York State.
Speaker 2 (29:24):
Okay.
Speaker 10 (29:25):
So I want to zero in on the partnership program okay.
In other words, when my long term care insurance, because
I have a situation where it's basically home care, assisted living,
and nursing home. I don't mind home care and assisted living,
but I prefer not to go to nursing home. But
I can't control that. So long story short, what I
(29:48):
want to do is protect my assets basically, and that's
why I have the partnership program with New York State.
So if I run out of money with the long
term care hypothetically, okay, let's say nursing home and the
partnership program kicks in. What's the process in terms of
them tapping into the income and income and my I
(30:12):
think the income would be uh, you know, my require
minimum distributions and social security that they would tap into. Okay,
and it might correct uh in assuming that part. That's
the part I want you to walk me through. Once
the that part kicks in the partnership program.
Speaker 2 (30:28):
All right, are you driving in a car? Yes? All right,
well pull over and listen because this is going to
take a little while. Okay, Well, first of all, I
applaud that you had the wherewithal to you get a
long term care policy. You've got the best policy that
you could possibly get. The total asset protection. It was
(30:52):
total asset, not dollar for dollar.
Speaker 10 (30:54):
Correct, correct, correct, it was total acid protection.
Speaker 2 (30:57):
Okay, So if your care, if your benefit right now,
let's just say it's five hundred dollars a day and
the cost of your care is seven hundred and fifty
or one thousand dollars a day. And I'm just using
these numbers, you're still out of pocket with that policy,
just so you understand, Okay, from day your day one
(31:17):
dollar one now once. Now, statistically, this is not going
to happen, but it's happened to us at the retirement
planning group where the individual it just happened to a
woman who was a client of ours still is a client. No,
she just passed. She just passed. She had Alzheimer's. She
was in a long term care facility for five years.
(31:41):
The policy paid four hundred and semi thousand dollars of care. Uh,
and they thought it was the greatest thing since sliced bread.
What happened though, after that, was she no longer had
any benefit in that policy. New York State is supposed
to put you on what call extended care through Medicaid
(32:03):
ninety days before the policy is exhausted. Right, the insurance
company gives notice to New York State. Here she comes.
New York State will go after income income. So if
you have a lot of money in IRA four oh
one k, you got these large distributions, they're going to
go after it.
Speaker 10 (32:27):
Yeah, that's the part that that was talking about. They
would tap into Social Security, which I'm collecting. They would
tap into the required minimum distributions in any interest that
any interest that I have on CDs correct days.
Speaker 2 (32:42):
Well, this is the kick in the butt, Okay, depending
on the county. Right, the counties throughout New York State,
none of them are consistent. But a lot of the
counties now are doing distributions based on life expectancy. So
let's keep it simple. You're eighty five, your rm D
says you got to take twenty thousand dollars a year off. Well, no,
(33:06):
they no longer recognize RMD. Now they mandate that you
take distributions based on life expectancy. So instead of twenty
thousand dollars, you might have to take a distribution for
seventy five or eighty thousand dollars. So you keep your
fingers crossed that you're going to either die or there's
gonna be enough money left in the pot, especially if
(33:26):
it's important for wealth replacement for a surviving spouse.
Speaker 10 (33:32):
When did that parts start day with respect to now
zeroing in on the particular county, Okay, because you're going
deep into their weeds now, but when did that start
where the county could determine now a little further to
take more money as income, you know, out of your.
Speaker 2 (33:51):
Situation as they started going broke. Okay, you do realize
that ninety percent of some of these counties that are expended.
Sure is medicaid, So all the other stuff is ten
percent of all the revenue that comes in. Ninety percent
is medicaid. So it's a huge it's a huge burden. Now,
(34:16):
I will say this, if you need the benefit, you've
done fantastic. Do you know what your daily benefit is? Yeah?
Speaker 10 (34:23):
Yeah, my daily benefit be with me. Uh it was
with home care and assisted living. Basically that comes out
to like four hundred and fifty dollars a day you
follow out with respect with respect to the nursing home. Okay,
(34:45):
that's currently around four Yeah, I daily benefit daily.
Speaker 2 (34:50):
Now, have you made any have you made any modifications
to that policy because a lot of times they've sent
you letters that basically say that if you don't want
this thing to skyrock through the roof, you can make
adjustments to the policy. Have you made any adjustments to
the policy?
Speaker 4 (35:07):
Yes, I have.
Speaker 10 (35:08):
It's with John Worth's life and they've come through with yeah,
changes over the last because I got this back in
twenty and eleven, and they'll come back with reduction and
the inflation factor, which I did take from five percent
to three and a half percent.
Speaker 4 (35:25):
Okay, but because of the.
Speaker 10 (35:26):
Partnership program, that can only go down to a certain level.
So I did some adjustments with that, and then one
time they wanted to buy you off, okay and give
you some cash and get rid of you, and I
chose not to and I stayed with them because I'm
getting older here. I'm seventy four years old right now.
Speaker 2 (35:45):
So anyway, Yeah, well, what I would say to you
is that overall you're in pretty good shape, but it's
not the apple that you originally thought it was. Now
be aware of this. You got to read the fine print.
These policies have said that if you would just the
original policy and you modify it, you are no longer
(36:09):
covered for total asset protection under the partnership. Do you know?
Speaker 4 (36:16):
Wow?
Speaker 10 (36:17):
Yeah, Okay, I didn't realize that, dude.
Speaker 2 (36:20):
Just you know what, I'm not saying that I did.
I did a lot of work in this arena. Because
the name on the door of Retirement Planning Group, I
know it inside and out. The partnership still exists in
New York State, but nobody sells it anymore because the
policy if skyrocketed through the roof. You should call me
and come into the Syracuse office and just have a
face to face with me, bring your policy, bring your
(36:41):
policy with you in any forms and documents that you signed,
to adjust it, and I'll tell you exactly what you got.
Speaker 10 (36:51):
Okay, sounds good, Daves. I appreciate the input.
Speaker 2 (36:54):
All right, God blessed, Thank you, have a good day. Yeah,
buyer beware agree. Yeah yeah.
Speaker 3 (37:03):
A lot of those policies, like you were saying, the
fine print is yeah, needs to be overemphasized.
Speaker 2 (37:09):
You gotta know what you own. And the thing is
is that you know. I think statistically statistically, you're in
pretty good shape statistically, but that means nothing. The thing
that's great about it, Ray is that you've got home
care and assisted living where everybody wants to be right.
I mean, the new policies today are so different. How
(37:31):
long is your elimination period if you do need care,
start the clock running like asap. Some of them are
ninety days, some over one hundred and twenty. But I
can help you with that. But we're going to have
to take a break here. But this is why I
like phone calls, because it always makes it much more
interesting for you, and it also makes it much more
(37:51):
interesting for me. I think my son learned a few
things here today in regard to long term care planning
critical critical.
Speaker 3 (38:02):
Yeah, I saw too, the life expectancy tables. Those got
utilized after two thousand and five, the Fiction Reduction Act
of two thousand and five.
Speaker 2 (38:12):
Yep, we'll be right back. Give us a call. Three
one five Ford two one ninety seven. We're here live.
We've spent a lifetime saving for retirement. Now it's time
to make that money work for you. Here's the secret
most people miss. You have to create your own retirement
(38:34):
income plant. Social Security is not enough, pensions are rare.
You need a strategy that turns savings into monthly income
that will last a lifetime. At the Retirement Planning Group,
we build customized income distributions so you can retire with confidence,
retire smart, live well. Call eight eight eight five eight
zero nine for your complementary consultation. All right, so everybody
(39:11):
knows life has changed in the radio industry as far
as the type of music that we can play is
what we call bumpers. So it's got to be kind
of like a nothing burger. So I guess there's certain
things going on where artists don't want you playing the
music that they've got copyright too. I don't know enough
(39:32):
about it, but so you're gonna start hearing stuff that
I have no idea what it is. But that's okay.
We have another caller, which I love, Michelle wants to
talk about I raise Hi, Michelle, Hey, Dave.
Speaker 12 (39:43):
I don't like this music either. I think they should
play like Michael Jackson or some discoverersh I'm with you,
rather than Noise or Tony Bennett.
Speaker 2 (39:53):
Maybe absolutely, I'm just thinking. I was just thinking the
other day. I just came back from the domn in
Republic for a wedding, a wedding, and we we we
cut the rug up. I'll tell you on Wednesday night dancing,
so in fact, I was I was doing my disco. Well,
my son's rolling his I's right now, like Dad, Oh
my god, are you kidding me?
Speaker 12 (40:14):
Yeah, it's okay. You know what though, everything was freer
back then. It didn't matter if you knew how to dance.
You could just feel the music and get on the
floor and everybody had a good time.
Speaker 2 (40:23):
I did my thing. I did my thing. I got
it out of my system for a couple months.
Speaker 12 (40:30):
I have the question about I have a small rough ira,
and I know I don't have to take the money out.
If I want to get rid of that, take it
out and just keep it for me to use, like
maybe on house repairs or something. Are there any other
than I'd have to pay income tax on it?
Speaker 4 (40:49):
Right?
Speaker 2 (40:50):
No, there's no income tax on wrong? Zero?
Speaker 10 (40:53):
Oh cool?
Speaker 12 (40:54):
If you had it five years or longer, oh way longer.
Speaker 4 (40:57):
Yeah, No, you.
Speaker 2 (40:58):
Don't have to pay any tax on that's the why
would you get rid of it? You can take money
out of it. You take money out, it's tax free.
You're never gonna have requirementimum distributions. I wouldn't get rid
of it, I would tell you, and don't get rid.
Speaker 12 (41:09):
Of it, all right? So I can take part.
Speaker 7 (41:11):
Of it out, amen, absolutely, And you know you can.
Speaker 2 (41:15):
You can. You can buy me lunch at the Brooklyn Pickle.
Speaker 12 (41:19):
I have to get a loan for that. You probably
want a sandwich with meat it too.
Speaker 2 (41:26):
Did you see that my son eats a sub? It
looks like it can walk and talk.
Speaker 12 (41:30):
The damn thing is so big, I'll bet. Unfortunately, a
lot of stubs are a lot of bread.
Speaker 2 (41:37):
Yeah, that's all right, though he loves bread. He's Irish,
he's got a little Irish in him.
Speaker 4 (41:42):
All right.
Speaker 12 (41:42):
Well, I'm glad I called. I was gonna call last
week and I got busy doing so. I have the
radio on, but I couldn't get to the phone. I
have another question. I have a four to oh one
K and it's split into two different funds. One is
a Deer fund, which does really well, and the other
one is just I can't even explain it. I only
(42:03):
get interest on it. It's useless, and Deer is restrictive
about how much money. I tried to buy some of
the other fund that's in the fund, and they won't
let you do it, only a certain amount of money,
and then they won't let you continue to do it.
And so I'd like to take part of that out.
Fidelity says THEE I can take part of it out
(42:23):
if I roll that into my rollover IRA. Is there
any tax consequence if it's rolled directly over, because Fidelity
would do the rollover.
Speaker 2 (42:34):
No, that's what we do business with. You should come
in and talk to us because we're fantastic. I can't
tell you out. Oh yeah, absolutely great. For three years.
Speaker 12 (42:45):
I heard you telling the other guy where you are
in your carrier circle.
Speaker 2 (42:49):
Pioneer Business Park, Millioneer, Pioneer Business Park.
Speaker 12 (42:55):
What's the address?
Speaker 2 (42:57):
I don't know you got it. I don't know. I
got five locations. Chris knows my son. If you call
the office and you say, hey, listen, I talked to
Dave and want to come in and just have a chat,
they'll give you the address. I know where it is,
but we've got five locations. I don't even know what
my address is at home. Sometimes.
Speaker 12 (43:13):
Oh jeez, I'm not like the other guy that carled in.
I actually have a pen and paper for the eight
hundred number.
Speaker 2 (43:20):
Okay, it's eighty Yeah, it's eighty eight five eat zero
eight eight eight five eat zero. And just you'll either
talk to Jared or Jimmy and they'll put you on
the schedule. I think we're out there.
Speaker 12 (43:35):
This all right, all right. And the other thing I
was listening to was when you were talking about making
sure you have beneficiaries. I had a friend who had
a couple of relatives. The father died, and the father
never changed addresses on anything, and he didn't keep the
beneficiary stuff up to date, and they stole almost everything
(43:58):
in probate. So the probate court's not really our friend, no,
But it taught me something about not leaving money in
probate like that will have to go into probate.
Speaker 2 (44:09):
Well, let me ask you a question. You know, there's
the old saying. I don't know if you're old enough
probably to remember this. I am I basically I give
away the razor because they're going to come back for
what razor blades?
Speaker 12 (44:21):
The blades?
Speaker 2 (44:22):
Right, So if I am an attorney, I basically I
give away the will for basically nothing because I know
that once I settle the estate, that's when I'm going
to do all my razor blades. Now, you don't have
to go through probate simply by titling assets correctly, not
one red scent should go through probate. And that's why
(44:46):
I keep on banging the drum. Wake up, listen, don't
put your family and your loved ones through that. All
it is is simply just titling assets.
Speaker 12 (44:55):
Do you have to have a trust for that?
Speaker 2 (44:57):
No, TOD pod benefit sherry forms. There's a lot of
different ways that you can do it. Do you have
a trust? Now?
Speaker 12 (45:05):
No, I don't, but I have I have some stock
and the TOD so I know that that will go
to my beneficiary, update my beneficiaries. But there I know
that they change the laws about I heard you talking
about it last week, and I've heard of it before.
Now it's you have to take all the money out
of it inherited. I think I RA and a ten
(45:27):
year period, which really stinks.
Speaker 2 (45:29):
I think, well, that's that's the new laws. But the
bottom line gets down to do you have assets in
multiple locations, different different financial institutions?
Speaker 12 (45:40):
Three? Yeah, three, you should can sell a large chunks
with Fidelity, A large chunk is with a credit union,
and that's all CDs and then my regular bank.
Speaker 2 (45:51):
Well, come in and talk to me and I'll straighten
you out. How does that sound?
Speaker 12 (45:55):
Okay?
Speaker 7 (45:56):
Are you gonna I'm gonna put you in the headline.
Speaker 12 (46:02):
I gotta bring a sandwich doon and I.
Speaker 2 (46:05):
We got donuts the other day. What was the name
of the place? Geezy's or Gizzies some greekak It's Greek bakeries.
Is Guzzi's Geezy's? Is that the name of it.
Speaker 12 (46:15):
I've never heard of it.
Speaker 2 (46:17):
Oh my god, it's unbelievable.
Speaker 12 (46:19):
All donuts are good.
Speaker 2 (46:20):
Oh all right, I'll see you soon. Give us give
us a question.
Speaker 12 (46:24):
Thank you, Dave. I appreciate it. Have a good weekend
YouTube man.
Speaker 2 (46:30):
Thanks, all right, we don't have a lot. We probably
have time for one more. Come on, let's slip in
one more phone call, right, three, one, five ninety seven.
I gotta be talking about something that's stimulating you in
regards to our conversation. All right, I guess we have
one where I think we have. Bill wants to talk
(46:50):
about beneficiary and mutual funds.
Speaker 8 (46:53):
Bill, just a quick one yep on a traditional IRA
benifiture my spouses. I'm assuming that she I'll deliver. There's
four gods now, the current beneficiaries, and they're all mutual funds,
in the stock funds. And if they each get twenty
five percent, the number one child goes right away and
(47:16):
gets his, and the other people trickle down. How does
that even out? So they're gonna get all they're going
to get basically the same amount.
Speaker 2 (47:26):
Well, are you talking about what you're saying? What that
one of the beneficiaries has died? Is that what you're saying?
Speaker 4 (47:32):
No?
Speaker 8 (47:32):
No, no, no no. The poor beneficiaries don't say okay,
let's go cash out. One decides to do it ahead
of everybody else. Okayah, And they're in stock mutual funds.
So it's pretty easy. At that point you gets twenty
five percent. So the next people come down a month later,
how are they going to get their twenty five percent
(47:54):
of their original amount?
Speaker 2 (47:55):
Well, if they want, if they want the if they
want the money, they're going to have to cash out
day to day is usually what we say. And then
whatever the value is, if it's twenty five thousand dollars
a piece, it's twenty five twenty five, twenty five twenty five,
and then they can do with whatever they want. It
can stay there, it can go somewhere else.
Speaker 8 (48:12):
But in other words, they have to work together then
on the on that specific gate to get their money.
Speaker 2 (48:21):
No, what you're.
Speaker 3 (48:22):
Saying, I think what you're thinking of is that they're
all just going to be it's all the money is
going to stay in the same account, and they're gonna
have to work together and pull from it what they're owed.
Speaker 2 (48:33):
At death.
Speaker 3 (48:34):
It's going to be distributed into However, many inherited IRA
accounts based on the percentages of each beneficiary, So they're
all going to have their own account.
Speaker 2 (48:43):
So if one of them wants to look at the.
Speaker 8 (48:44):
Account, okay, so the mutual fund company will automatically set
up for IRA beneficiary accounts for them bulls are and
then they can pull from them. Okay, I was just
concerned about if one does it and then the other
to do it two months later, it doesn't work out
on the you know, on the same dollar amounts.
Speaker 2 (49:06):
That's all they And also you need to understand that's
a non taxable event because it's it's it's a non
spouse beneficiary, so they'll be in good shape. But you know,
the bottom line gets down to is that, uh, anytime
you commingle commingle, if you inherit multiple e arrays from
(49:27):
the same odor. Yeah, that's where it's a pain in
the ass, excuse my language, but you know the thing
is what you want to do is what That's why
I just told the woman that just called in consolidate, simplify,
because the last thing you might going on is your
heirs and your loved ones running all over town to
get the money.
Speaker 8 (49:45):
That's right, Well, it's not that right. I mean, they
don't want it, you know what I mean? You do
pick up the phone and say where's the form I need? Correct?
Speaker 2 (49:56):
Well, yes and no, A lot sometimes it's a form,
but also a lot of times you have to get
the signature.
Speaker 8 (50:03):
What do they call guarantee?
Speaker 3 (50:04):
Well, you need a lot of you.
Speaker 4 (50:09):
Don't want to do it.
Speaker 8 (50:09):
Don't do it.
Speaker 4 (50:10):
There's no problem. Don't do it.
Speaker 8 (50:13):
I tell them, you know what I mean, it's too
much trouble to hell them. Man, what you do?
Speaker 2 (50:17):
What'd you do in your lifetime? What kind of work
did you do?
Speaker 8 (50:22):
I've done various things. I worked at a brewery and
I worked at a casino. I've done a number of things,
and they all.
Speaker 2 (50:27):
Have one nice. My my father was a brewmaster, Anne
Heiser Bush and Williamsburg, Virginia.
Speaker 8 (50:36):
Oh good, that's good.
Speaker 2 (50:38):
What a job huh? Walking around slipping beer, sipping beer?
Speaker 8 (50:41):
Oh yeah, a little more than that. There's a lot
of pressure and make it perfect, you know, you know?
Speaker 2 (50:48):
All right, listen, if we if we, if we can
help you, give us a call.
Speaker 8 (50:54):
Okay, well I'll tell them to call you.
Speaker 7 (50:56):
I'm not around, okay, okay, bye, we'll see now.
Speaker 2 (51:03):
Yeah, if it's inherited, irase, my good man, you're not
going to be around all right. I don't think we
have time for another Maybe we do, Maybe we don't
a lot of great phone calls. We had a phone
call about crypto trust alternatives putting property in a trust,
the State Planning Irase Michelle, she's gonna come in with
(51:26):
a bake. She's going to bake us a cake and
then bill on mutual funds. This is a great show today.
This was the Retirement Planning Show. I'm Dave Coppec, president
of the Retirement Planning Group. If we can be of assistance,
give us a call eighty eight five eight zero one
nine nine and have a face to face meeting with us.
We'll see you next week for another show.
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