Episode Transcript
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Speaker 1 (00:09):
All right, that's the way to open a show. I'll
tell you what.
Speaker 2 (00:15):
Yes, I'm live.
Speaker 1 (00:16):
Can you believe it.
Speaker 2 (00:18):
I'm in the studio one o'clock on a Saturday afternoon, sunny, beautiful.
I should be floating on my boat, but we gotta do.
There's certain things you gotta do and qs. This is
Dave Kopek. I'm your host. This is a retirement planning show.
And September one, we're moving into our new offices. We're excited.
(00:41):
Everything is being built out as we speak. So this
is a show that focuses in on pre and post
retirement planning. We always open the lines for your phone
calls because it always, always, always, always makes it more
interesting for you. I'm in my twenty fifth year of radio,
which is hard to be leave. If you want to
(01:01):
call today and discuss anything, even if it's off topic,
that's okay. You want to talk about the races at Saratoga, boting,
Skinny Atlas, going out and getting some wine in wine country,
that's all right too. But our telephone number here at
the studio three one five four to two, one ninety
(01:22):
seven ninety seven. My good man Michael will basically take
your question and forward it on to me, but it's
always good to be here. Spent some time with some
good friends of mine from Syracuse yesterday at the Saratoga
Racetrack and we had a great time. And we're all
(01:42):
looking forward to what some q's football should be an
unbelievable season.
Speaker 1 (01:49):
We're very optimistic.
Speaker 2 (01:50):
So but again, we try to focus in on topics
that are top of mind. And as I said, if
anything that I'm discussing today is of interest or you
have my own personal question, three one five four to
two one ninety seven ninety seven, that's three one five
four to two one WSYR. But today we're going to
(02:14):
talk about this wealth transfer because we're starting to see it, folks.
And when I say we're starting to see it, it's
kind of an understatement. Okay, So when we talk about
retirement planning, we're talking about retirement planning in the age
of the eighty five trillion dollar wealth transfer eighty five
(02:36):
trillion dollars of wealth transfer over the next two to
three decades, my generation, my generation will witness one of
the greatest inner generational wealth transfers in the history of mankind.
It's estimated eighty five trillion dollars is expected to pass
(02:59):
from the Baby boomers to Gen X and millennial errors
in the United States alone, unprecedented on precedented financial wealth transfer.
And this will not only facilitate how you the Gen
(03:22):
X and millennials will approach retirement planning, inheritance, tax strategies,
financial legacy. It will have a huge, huge, remember Billy
Fiscillo huge, It's going to have a huge impact. And
(03:44):
as people are living longer and as families are becoming
much more financially interconnected, preparing for this massive wealth transition.
Speaker 1 (04:00):
Is essential. Is essential.
Speaker 2 (04:05):
Not only for my generation that's passing these assets on,
but also for those who will inherit them. Effective retirement
planning now means more than just insurance you don't outlive
your savings. Okay, got a lot of state employees that
(04:29):
are clients of ours. We have a lot of people
that have pension benefits, and they have hundreds of thousands
of dollars, if not millions of dollars in qualified assets
that they don't need. They don't need it. What am
I gonna do with the stave? Well, you created the bomb,
(04:50):
as Zed Slott says, lots of money out there that
are in qualified trillions and trillions of dollar that are
held in I ray's four row one k's, four oh
three b's and guess what, it's a time bomb. Why
do I say that because most of you don't have
(05:13):
that magical word called a plan. That was some people
the other day out in Syracuse had a chat. What
do we say, over and over again? Bah blah blah
blah blah blah, bah, you don't have a plan. Blah
blah blah blah blah blah blah blah, you don't have
(05:33):
a plan. Blah blah blah blah blah blah blah, you
don't have a plan. Well we've heard you say that
over and over again. Well here I'm gonna say it again.
You don't have a plan. Have you ever seen anybody
build a house without a blueprint? Have you ever seen
a business run of business without having a business plan?
(05:56):
You ever seen anybody have a basketball game, or a
football game, or a lacrosse game or a soccer game
without kind of a plan. It's no different, folks, than
with your own finances. But most of you won't do it.
Why is that because it's easier to procrastinate, to motivate
(06:17):
it's easier for you to do nothing than something. It's
easier for you to sit and do nothing and hit
the clicker and go, yeah, I'll get to it.
Speaker 1 (06:27):
What's on TV tonight?
Speaker 2 (06:33):
Positioning your wealth in a way that aligns with your values,
maximizing wealth transfer, minimizing tax liabilities to ensure a soothe, smooth,
smooth succession. That's what you want. You want a smooth succession,
(06:58):
not one that's volatile. Your hair's on fire because you
don't know what to do. Who wins in that situation.
The attorneys. The attorneys win in that situation. And most
of my friends are attorneys. Best man of my wedding,
(07:20):
an attorney. A lot of my good friends attorneys because
we give them a whole hell of a lot of
business and estate planning.
Speaker 1 (07:27):
They love me.
Speaker 2 (07:31):
So what we're going to talk about today is this
wealth transfer and the assets that you want to spend.
Can't save this enough, the money that you want to
spend in your lifetime, and the money that you want
to pass on to the next generation. Why do you
want to send money to the next generation that is
burdened by taxation. You look at that four oh and
(07:55):
K that Ira and what do you got. You got
a big pot of gold, it's not yours. It's not yours.
You get a mortgage on it. How much federal state?
And depending on the size of it, this state tax
is gonna be levied on that pool of money. You
(08:19):
have a mortgage on your IRA four oh one k,
New York State deferred compensation four oh three B, whatever
it is, and most of you just sit there and
play tittlelywinks.
Speaker 1 (08:29):
You don't do anything about it.
Speaker 2 (08:35):
Right, So baby boomers that were born between nineteen forty
six and nineteen sixty four, nineteen forty six to nineteen
sixty four, you fall into any of that.
Speaker 1 (08:52):
All your listeners out there.
Speaker 2 (08:55):
Playing golf, floating on your boat, driving in the car,
whatever you might be doing. On what's most you're wealth
tied up in real estate and qualified assets. For most
of us, real estate and qualified assets. How liquid is
(09:20):
your house? It's not liquid? How liquid is that IRA
four oh one k. Well, it's liquid, but ding ding
ding ding ding. Every time you pop in that little
hole and say send me more and it comes out
the whole, there's going to be a little deduction there.
It's called state federal income tax.
Speaker 1 (09:41):
Liability.
Speaker 2 (09:46):
So have this eighty four to eighty five trillion dollars
of wealth transfer. I don't know where they get these figures, folks,
but that's CYRILLI in associates. Trillions of dollars are in
qualified assets. Trillions money that will never have a step
up and basis. Money that's always taxes, ordinary income, money
(10:13):
that's ird income and respect to a decedent, Money that
has to be paid out over a ten year period
of time. Money that will always be burdened by what
min you can say, say aloud, I can hear you.
You can hear Syracuse rumbling, taxes, taxes. Who likes taxes.
(10:44):
So not only do you have to have a COMPREHENSI
the state plan, you have to have a comprehensive IRA
qualified plan, which we'll discuss in greater detail.
Speaker 1 (10:56):
But this is Dave Kopek.
Speaker 2 (10:59):
I'm the president of the Retirement Planning Group, and this
is the Retirement Planning Show. We'll be right back after
this quick message. 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
(11:19):
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 for your complementary consultation.
(11:43):
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 with it. Call out my office today and
take action eight eight eight five eight zero one nine
(12:06):
one nine. That's eight eight 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 you are prepared. Take action today called
(12:26):
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.
Speaker 1 (12:39):
Your future will.
Speaker 2 (12:40):
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 strategy that turns savings
into monthly income that will last a lifetime. At the
Retirement Planning Group, we build customed income distribution plans so
(13:02):
you can retire with confidence, retire smart, live well. Call
eight eight eight five eight zero one nine 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 grandchildren. Are you ready?
(13:23):
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.
Speaker 1 (13:31):
Don't wait, take action.
Speaker 2 (13:33):
If future favors those that are prepared, call eighty eight
five eight zero one nine one nine. That's eight eight
eight five eight zero one nine one nine all right,
we are back of Dave Kopek, the president of the
Retirement Planning Group. We have five locations in New York.
(13:58):
We are in Syracuse, Oneana, Albany, Saratoga, Glen's Falls, and
we're all over the country with the Regius Corporation r EGUS,
which is executive suites. So if you're listening to me
on the iHeart app, we travel. We have clients in
twenty eight states.
Speaker 1 (14:18):
Love to travel.
Speaker 2 (14:20):
We do a kind of a screen and scrub ahead
of time, and if I got to get in a plane, train, boat,
whatever it is, I'll get to you. I've gone to
some great, great cities. Love traveling, love meeting with new people.
All we do is pre and post retirement planning. We
do a lot of work in a state planning. It's
(14:42):
kind of an area that I enjoy working in. And
if you listen to us, not one penny, not one
red scent should go through probate. So again today, anything
that I'm discussing today, if you want to have a
complementary consultation, we do have an office in Syracu. You
can call eighty eight five eight zero one nine one
(15:03):
nine eight eight eight five EID zero one nine, one
nine and say, hey, I listened to the old guy,
mister Kopek, and I want to come in and have
a chat with him, and we would love to have
that opportunity and hopefully we can put you in a
much better position, not only financially, but also as far
as your estate. But as we are talking about today,
(15:27):
this huge eighty five trillion dollar wealth transfer, it's happening, folks.
We're starting to see individuals that are passing away. There
there's a significant amount of money that's going to kids
and grandkids. You know, a lot of people will sit
down and they'll talk about, you know, how much of
(15:48):
this should go into a trust, how much should go
directly to children, how much should be retained by the
surviving spouse. Should you do ira disclaimer, it is a
complicated landscape, and whether you are one hundred thousand dollars
(16:14):
of wealth or ten or fifteen or twenty million dollars
of wealth, it all takes time, and you need to
understand exactly what you've created and how, ultimately how this
money will get passed on to the next generation. You know,
for some of us, receiving a significant inheritance can be
(16:36):
both a blessing and a challenge. You know, you lose
a loved one, you lose a parent, not an easy thing,
but sometimes receiving assets can be complicated because your own
personal situation. You know, we live in a society today
(17:02):
where it's not uncommon. We're probably over fifty percent of
the people that we meet with or blended families priorities
with that becomes complicated conversations.
Speaker 1 (17:19):
But also.
Speaker 2 (17:21):
You want to make sure that the child or loved
one or whoever is receiving the assets is in a
healthy relationship and the money's not going to go where
you don't want it to go. That's why we're major
advocates of trust. There are also major advocates understand exactly
(17:45):
what needs to get done in order to make sure
the money falls the blood, you know, not the evil
son in law or daughter in law, the pool boy,
wherever it may be. So it's important you understand not
only as far as the guidelines, but understanding what's crucial
(18:06):
for you on how to establish title and transfer wealth
to the next generation. As I said, four oh one
k's iras four h three b's are monies that are
very complicated for a lot of reasons. Because of force liquidation,
(18:28):
and also because no one's paid the income tax yet,
no one has paid the income tax on that money.
It's been grown for decades and now ultimately now it's
out the door, and now somebody's going to have to
basically pay the ordinary income tax on it. So it's
(18:52):
important for future retirees to have discussions with their kids
and loved ones to clarify, clarify and black and white
their values and what they want to achieve. As far
as this wealth transfer legacy planning is not only for
(19:15):
transferring money. It's also about passing on the stories, the lessons,
the goals, what it took in order to basically accomplish this,
To solidify the legacy, to make sure that the money
doesn't go away quicker than you want it to go away.
You can basically put guardrails underneath the legacy. You know,
(19:40):
we live in a society today where there's kids that
have had all sorts of problems with drug addiction, alcoholism, laziness,
you go through the whole laundriness. So you got to
have a coordinated approach. Maybe Bobby's really good at managing
money and Billy and Susie or not, maybe that wealth
(20:03):
transfer has to be designed differently as far as ultimately
how the money gets to the kids. My brother's a
professional actor. That's a class of individuals for a lot
(20:24):
of them, they didn't make a lot of money throughout
their lifetime. They basically followed their passion, their love. The
starving artists child, A lot of people want to make
sure that if there is a child that is an actor,
an actress, a social worker, whatever it may be, that
they're protected, that they have some type of a buffer,
(20:48):
some kind of a protected income stream that will last
a lifetime.
Speaker 1 (20:54):
There's ways to set that up.
Speaker 2 (20:59):
So how can the retirement planning group financial advisors help retirees?
The first and foremost, what have you created in your estate?
What are the apples that you have on the tree?
What's the estate tax or the tax liability of these assets? Secondly,
(21:26):
what have you done on the legal side? Have you
established trust, legal documents, beneficiary designations? How are the assets
going to be left? Is there going to be some
kind of a fiduciary responsibility by an organization in order
to make sure that the assets are managed for a
(21:47):
certain period of time, if maybe for a lifetime. Do
you have charitable intent. You know, I've got some new
clients that are Donna, Florida, very successful couple, no children,
(22:13):
have charitable intent How do you structure it? How do
you set that up in order to facilitate your charitable intentions?
You know, one of the things that we consistently or
hear over and over again from existing clients and new clients.
(22:35):
Can you educate my family on financial and asset management. Well,
the answer to that is course is yes. But they
have to be motivated, they have to be receptive. Sometimes
they're not and it's very awkward, but we can do
(22:58):
that with our custodian fidelity. There's all sorts of resources
in order to educate airrors on financial management. And then finally,
for what we call the parents that are worried about
children that might have autism, special needs, whatever it may be,
(23:20):
we can adjust portfolios for longevity and legacy management. Very
big part of our business now, longevity and legacy management.
You know, we live in a society today where there's
(23:41):
a lot of children that have had events in their
lives or have had some health events that they need
some kind of a fiduciary in order to manage their assets.
For an extended period of time. Do you know where
to go for that? What's the options that are available
to you? We have trust services through Fidelity. And here's
(24:06):
the final one. You got this big golden egg that
you've created, this big, large total amount of assets that
you've accumulated in your lifetime. How do you integrate it
(24:30):
into an inheritance, into a wealth management legacy that not
only maximize the transfer of the wealth, but also so
the children and the grandchildren understand that they're now going
to have to create their own plan not only for retirement,
but possibly for legacy also. So it is a very
(24:55):
different landscape, much more so that I've ever seen in
my lifetime. And I've been doing this now for forty
three years, and I can tell you right now there
is a huge amount of money that is being transfer
It's not uncommon that we see individuals that have multimillion
dollar estates that are trying to figure out how do
(25:16):
I slice and dice and transfer this wealth the most
tax efficient way and make sure it follows the blood
and our kids and our grandkids are going to receive
these assets. We're gonna talk more about this when we
come back. I'm Dave Kolpak, President of the Retirement Planning Group. Today,
we're talking about the greatest wealth transfer in the history
of mankind. If you have any questions, give us a call.
(25:38):
We're live in the studio three one five four ninety seven,
ninety seven.
Speaker 1 (25:43):
We'll be right back. Retirement is in a Sunday thing.
It's a now thing.
Speaker 2 (25:55):
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 with it. Call my office today and take
action eight eight eight five eight zero one nine one nine.
That's eight eight eight five eight zero one nine nine,
(26:18):
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 you are prepared. Take action today. Called eight eight
eight five eight zero one nine one nine. That's eight
eight eight five eight zero one nine one nine. Or
(26:41):
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 that money work for you. Here's the secret most
people miss. You have to create your own retirement income.
Plant security is not enough. Pensions are rare. You need
(27:02):
a strategy that turns savings into monthly income that will
last a lifetime. At the Retirement Planning Group, we build
customized income distribution events 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.
(27:23):
Trillions of dollars of wealth will change hands from one
generation to the next. Your money to our 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
(27:44):
eighty eight five eight zero one nine one nine. That's
eight eight eight five eight zero one nine one nine.
Speaker 1 (27:57):
All right, we are back.
Speaker 2 (28:01):
I'm Dave Kopek, your host's president of the Retirement Planning Group.
Been in business for forty three years on radio. This
is my twenty fifty year on radio, which is hard
to believe. Time goes by quick. But we do have
someone I believe that is on the phone that wants
to have a chat.
Speaker 3 (28:20):
John, Hi, Dave, how are you.
Speaker 1 (28:24):
I'm very good. How are you, sir?
Speaker 3 (28:26):
I'm well. Quick story. My wife says sixty five, been
retired about five years. I'm sixty two, still working so well.
She's had a five little four one K that's sitting
in a Vanguard find right now. And I'm just curious
of the first question is if I put our house
in a trust, does it have to be mortgage free
(28:48):
or can I if it has a mortgage, can it
still go into trust? And the second question is.
Speaker 2 (28:54):
Go ahead no, no, I'm sorry, go ahead, go I
thought you were finished, but go ahead, no.
Speaker 1 (28:59):
Yeah.
Speaker 3 (28:59):
And then the second one is, you know the the
R and D starts at seventy three for her, But
should I be even though we don't need the money?
Should should I be taking some distributions now and moving
it over to like Fidelity just because I said if
I wait till seventy three, it's gonna be a lot
of money that just gonna be texted on and you know,
(29:21):
waiting to invest it. Then I guess take R and
D early for her, and then and then reinvest it
even though that you know, twenty percent of taxes. And
then can I put a trust the house and the
trust where it still has a mortgage.
Speaker 2 (29:36):
Now, here's my questions for you, because if you listen
to my show, you know exactly what I'm gonna say
to you.
Speaker 1 (29:41):
Do you have a plan?
Speaker 4 (29:45):
Not?
Speaker 3 (29:45):
Really?
Speaker 1 (29:47):
There you go. How'd you build your house? Did you
have blueprints? Yes? We did, that's the answer. You don't
have a plan.
Speaker 2 (29:55):
I mean, I don't think you're unique, because nine out
of ten people that come to us do not have
a plan. And that's that's how we solve all of
these questions that you're asking me right now.
Speaker 1 (30:05):
You need to have a.
Speaker 2 (30:09):
Plan, and it's pretty simple to do. It's just to
find a financial team that you feel comfortable with. You
call them, you set up an appointment and say, hey, listen, right,
I need to basically button this up, because what everything
that you're talking about right now, one can be solved. Yes,
a house that has a mortgage going to go into
(30:30):
a trust. Yes, I RA a distribution, qualified plan distribution.
Do you need to plan? Yeah, everybody's different. Everybody's need
for income is different. Uh, do you have pension benefits?
Is social security enough?
Speaker 1 (30:43):
You know? It's just to be honest with you, my
good man.
Speaker 2 (30:47):
All it is is basically John building out your own
specific retirement plan. Nothing more complicated than that.
Speaker 3 (30:58):
Okay, perfect, yep. I'm like everybody else. I go, well,
I should be today.
Speaker 1 (31:04):
Well, we got a brand new office.
Speaker 2 (31:06):
We've got a brand new office that we're open in
September first, and Syracuse right off of exit thirty five,
they're building it out right now. We love Syracuse. Syracuse.
We've getten an unbelievable amount of business out there, and
it's I think. You know, I grew up in farming.
Both my parents were farming, and it's like anything else.
You know, we work hard, but we also try to
(31:27):
keep it simple. Kiss you know what that means, keep
it super simple. You know this, this does not have
to be complicated. And for certain people, I think sometimes
they get lost in all of the numbers and the
figures and the graphs and the statistics. We don't do that.
We just keep it real basic. This is what you
need to do, and this is how you implement it.
(31:51):
But give me a call, give me a call.
Speaker 3 (31:54):
We can help you.
Speaker 1 (31:55):
Thank you, Dave.
Speaker 2 (31:56):
Okay, brother god bliss and I you know, I don't
mean to say that go off the cuff, because John
sounds like an absolutely fantastic person, but I mean that
from the bottom of my heart. You know, nine out
of ten people that come to us do not have
a plan. You get busy. Life is busy. You know,
(32:18):
life is busy. I'm still busy. And you know, my daughter,
God bless her, my angel, twenty years old. She's going
back Wednesday. She's flying back to Florida Atlantic University. My
wife is nine years younger than me, and we had
a surprise child and I was forty nine and my
(32:39):
wife was forty and our beautiful daughter's going back. And
we can't believe it that she's going back already because
it seems like she just came home. But time has
a way to kind of just kind of pass by
way too quickly, and you need to, you know, you know,
you know how you need to make time for your
wife and your kids and all the things that are
(33:01):
important to you. It's no different with your financial plan.
You got to do the same thing. You need to
make time. And like I said, one of the things
that we consistently do with the Retirement Planning Group, we
have a software package called e Money and it's a dashboard,
and that dashboard will tell you exactly exactly where you
(33:23):
are and where you need to be, and it runs
some hypothetical illustrations based off of very simple numbers six
percent in that return and three percent as far as inflation.
And it sounds kind of simplistic, but it basically is
pretty accurate of where you will be once you walk
out the door in retirement social Security? Are you fortunate
(33:50):
enough to have a pension? Have you been a good savior?
Are you going to receive some of this unbelievable wealth transfer?
I mean some of the US wealth transfer, folks, is
going to be life changing for people. And I had
a doctor and his wife in my office this past week,
(34:12):
and I don't think he had any idea what his
net worth was. But as we went through and put
all the data into our system and we looked at it,
I said to him, I said, will your children do
they have any idea how much wealth you have? And
(34:33):
he goes no, and I said, excuse me, do you
think it's a good idea for you to have.
Speaker 1 (34:41):
A chat.
Speaker 2 (34:44):
And have some kind of diallog So when something does
happen to you and your wife, you know, when these
millions of dollars are going to lay it on their lap,
you think they're going to be able to walk through
this by themselves or are they going to need some
assistance and help? And it was like a light bulb
(35:05):
went on. You know, because our generation, the Baby Boom generation,
sometimes we've had a hesitancy in order for us to
be open and have, you know, a transparent dialogue with
our family members as far as our own personal wealth.
Speaker 1 (35:24):
Why is that?
Speaker 2 (35:26):
Well, for most of us, if you grew up in
the sixties and the seventies like I did, you know,
we were happy to have bologney last for a couple
of days during the week and then it was back to
peanut butter and jelly. So most of us did not
(35:46):
grow up, you know, with the silver spoon. We grew
up with a paper spoon. So bottom line gets down
to is that I think, after all these years of
being in the business, you're doing a disservice to your family.
I mean that from the bottom of my heart. You're
(36:07):
doing a huge disservice to your family, your family, your
loved ones, your grandkids, whatever, whoever's gonna inherit your assets,
not to give them. You don't have to get to
the exact penny, but you should aim to provide a
clear understanding of what's gonna happen and the type of
(36:32):
assets they're gonna inherit. Why do I say that because
a lot of us are what we call tilted overweighted.
What do you mean by that, Dave? You got too
much damn money pretax, way too much? Four oh one
k is Iras. It's not uncommon for people to come
in they have seventy five to eighty to ninety percent
(36:55):
of their wealth and the equity in their home, and
therefore chaos that's at work.
Speaker 1 (37:01):
I R.
Speaker 2 (37:06):
That is a huge problem, folks. You might not understand it,
but the government has a plan for you called R
and D. And when you least want the money is
when the distributions become the greatest. And now when you
pass away, what are you sending down the road? A
tax liability I R D. Income and respect to a
(37:28):
deceit wake up, folks. There's better ways. We got the answers.
Eight eight eight five eight zero one nine one nine
is our telephone number to set up your consultation. All
it does is take a little bit of time on
your part eight eight eight five eight zero one nine
(37:49):
one nine to check us out face to face at
our office in Syracuse.
Speaker 1 (37:54):
We'll be right back.
Speaker 2 (38:01):
Are you ready for retirement or just hoping it works out?
Don't leave your future to chance. At the Retirement Planning Group,
we help you create a personalized retirement plan so you
can relax knowing you are prepared. Take action today called
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
(38:23):
schedule your complementary consultation. Your future will say thank.
Speaker 4 (38:28):
You an FM.
Speaker 2 (38:39):
Alright, this is our last segment. I'll give out our
telephone number one more time now else the time you're
ready get set three one five four to two one
ninety seven ninety seven three one five four to two
one ninety seven ninety seven. Believe me, folks, we don't bite.
(39:00):
We got a question anything that concerns you about pre
or post retirement planning three one five four two one WSYR.
We're live. I'm actually in the studio. Love what I do. Love,
I just wish. Uh I was a few years younger.
(39:20):
I could do this for many more decades. But the
Lord I know is gonna probably not allow me to
do it too much longer. And when I say too
much longer, I got probably another twenty years in me.
So again, Uh, it's always a great honor to help
people and facilitate what they're trying to accomplish. You know,
we don't try to be Pinocchio's and tell people you
(39:42):
know how great we are and how wonderful we are
managing money. And you know, I just get so sick
and tired of people when they I hear you know,
just how the bravado, how wonderful we are. We're just
like you. We make mistakes, we don't do everything one
percent of the time. You know, we're we're positive on
(40:03):
the balance sheet. Markets are dynamic, they're fluctuating on a
daily basis. But I do know one thing, after doing
this for forty three years, what is that Time is
your friend? Time is your friend? So if you got
a question three one five four two nine seven ninety seven.
That's three one five four to two one ws yr. Again,
(40:27):
we offer a complementary consultation at our office in Syracuse
if you'd like to take advantage of that. Eighty eight
five eight zero one nine one nine. You'll hear out
telephone number again probably when we close out the show.
So today we're talking about the greatest wealth transfer. We're
talking about all the money that's sitting out there and
complicated assets, the money that will never receive a step
(40:50):
up in basis.
Speaker 1 (40:52):
What is it?
Speaker 2 (40:53):
Of course, it's IRA assets, it's four oh one K assets.
It's New York State deferred compensation four oh three be.
There's a lot of misinformation out there about these assets too.
Here's the biggest one. You hear attorneys say that the
IRA is protected from a Medicaid spend down, that they'll
take the income but they won't take the asset. That's
(41:15):
not true, folks, that's not true. What is true is
that in New York State now, a lot of counties
are making you spend the IRA based off of life expectancy.
So if you're eighty and you got a five hundred
thousand dollars IRA, and your life expectancy is five years
(41:40):
based off of the table that the county's using, they're
gonna make you spend that five hundred thousand dollars down
over the next five years. So instead of taking let's
say twenty thousand dollars a year off of your IRA,
they're gonna make you take one hundred thousand dollars and
guess where it's gonna go. And if you got alzheimer
(42:00):
This is happening to us right now as financial advisors
at the Retirement Planning Group. We just had a woman
in the Capitol District region that just went through her
entire IRA and a substantial amount of money because she
was in a nursing home and the nursing home made
her pay it down based on life expectancy, and she
was in there for Alzheimer's. Do you really know what
(42:23):
you own? Do you really know how you've got it
buttoned up? Do you really understand the dynamics if there
is a health event For a lot of us, as
we age, it's not necessarily money. Do we have enough money?
It's have we set our state up properly in order
to basically not have our money go away before we
(42:47):
go away. Failure to understand the rules and regulations. This
is what I always say to people when they come
into the retirement planning group.
Speaker 1 (42:59):
We'll start the.
Speaker 2 (43:02):
All the pleasantries, shake hands. First question, where will you
live in retirement? What will your zip code be? That's critical, folks.
Not only is it critical for tax liability, it's also
(43:23):
critical as far as protecting the house in your IRA
assets from a medicaid spender. You know, I got guys,
you know my background is at Pain Weber, Morgan Stanley,
Dean Witter, that I started my own firm. I got
guys that used to chuckle, that I worked with in
the investment banking industry. Well, he's Dave, you're selling insurance.
(43:46):
Now the hell's going on with you? I worked with
a guy for years that was a insurance specialist, used
to listen to me on radio, used to listen to
me on my presentations I used to do. And he
approached me one time and he says, you know what
you're missing the boat? So what do you mean by that?
(44:09):
He goes, you have no idea how important insurance products
are in retirement. All you talk about is ROI. But
what good is ROI if the money's going to vanish
and it's going to go away?
Speaker 1 (44:20):
And you know what.
Speaker 2 (44:21):
This guy's name was Dan Bouchard. He was an executive
for years at Amika, left Amiica and ended up getting
into this business, the financial services business, as a consultant.
And he probably had one of the most major impacts
on my career because I understood why insurance products were
(44:42):
so critical for people as.
Speaker 1 (44:44):
They entered into retirement.
Speaker 2 (44:48):
No one wants to buy long term care insurance, no one, Right,
it's never going to happen to me. I don't want
to pay for I'm pay all those years and I
don't use it.
Speaker 1 (44:56):
I lose it.
Speaker 2 (44:58):
You know what, all those negatives that you just talked about,
or I just mentioned, throw of one, throw them out
the window. Products have been designed now for the boomers
that basically take all that takes away all the negatives.
If you ever have a health event, right, you ever
have a health event and you start writing checks for
(45:20):
seventeen or eighteen thousand dollars a month for a long
term care facility, it doesn't take too long before you
realize you made a big mistake. So you need to
involve legal financial to navigate this very complicated world that
(45:45):
we live in now. As far as retirement plan, there's
a trust sufficient enough. Maybe do you understand why you
should disclaim assets?
Speaker 4 (46:00):
Maybe?
Speaker 2 (46:01):
Do you understand why it's important to have a plan.
Do you understand why it's important for you to find
a team of financial advisors? When I say a team,
this business is almost impossible for one person to do
it today by themselves. It's too complicated and there's too
many things that come back and bite you. So if
(46:27):
it's important to you, if it's important to you, as
I said, we live in a society tonight that you're
going to have eighty five trillion dollars of wealth over.
Speaker 1 (46:37):
The next twenty to thirty years.
Speaker 2 (46:40):
Over the next two to three decades, you will witness
the largest wealth transfer in the history of mankind. The Boomers,
the the gen X, and the millennials. It is an
unprecedented financial shift. Is it's going to reshape how individuals
(47:02):
will approach pre and post retirement planning. All you hear
now is what in the news and all the ads,
all your investment banking firms are going after what females?
Speaker 1 (47:18):
Why is that? Because women live longer than the male.
Speaker 2 (47:24):
And it's estimated by year two thousand and thirty sixty
percent of the investable assets will be controlled by women.
You're going to get bombarded with advertisements and marketing pieces.
Speaker 1 (47:38):
If they want your money, they want to keep it
and manage it, in charge your fee.
Speaker 2 (47:47):
So if you want clarity and understanding and transparency, that
is what we offer at the Retirement Planning Group. If
you're trying to prepare for this massive wealth transition, it
is essential that you have what say aloud, a plan.
(48:12):
No more complicated than that. You have to have a plan.
When I say an effective retirement plan. There's a lot
of things that people are concerned about. First and foremost
is what they don't want to outlive their savings. Second
(48:32):
is what how to control this unbelievable expense for healthcare? Now,
what else is it positioning their wealth that it transfers
tax efficiently, maximizing the wealth transfer, minimizing the tax liability
for a smooth succession to who our kids and our grandkids.
(48:55):
So if any of this is resonating with you, if
you're saying, boy, this guy really knows what the hell
he's talking about, then you should pick up the phone
and call us because we do offer a complementary consultation
at either any of our offices. Syracuse will come to you,
(49:15):
We'll call on the telephone. We have a lot of
zoom meetings now, whatever it is, we're more than happy
to facilitate it. And again, how do you get a
hold of us? It's eight eight eight five eight zero
one nine nine eight eight eight five eight zero one
nine one nine. We're going to start doing dog and
(49:36):
ponies in Syracuse. We do a lot of them throughout
the state. We're going to start doing them in Syracuse
in the fall. And basically it is a presentation that
we do in conjunction with an attorney and we go
over all the things that you should consider for your
pre and post retirement years. And again, as quite well aware,
(50:01):
receiving a significant inherence, as I said earlier, can be
a blessing and it also can be a challenge. But
I know that as a father, and it's someone that
has children and grandchildren, you know, I want to maximize
my wealth transfer, I want to minimize any tax liability,
and I want to put my kids in a position
(50:21):
that they're receiving the money on a step up and basis,
and I'm not sending complicated assets to them.
Speaker 1 (50:28):
That's going to be a tax burden when they least
want it.
Speaker 2 (50:35):
And of course, one of the most overlooked elements of
retirement inheritance planning is communication.
Speaker 1 (50:43):
Talking.
Speaker 2 (50:45):
Many families avoid it, right, we want to talk about
the money, don't want to talk about death, right, don't
want to have any you know, discussions about that at all.
So I can tell you one thing, if you do
have them, you're gonna have a much happier and content family. Listen,
(51:05):
this has been fun. I'm Dave Kopek. This is a
retirement planning show. I'll be back next week for another show.
If we can be of assistance, it would be an honor.
Eight five, eight to zero, one, nine, nine. Enjoy the weekend.
I'll see you next week for another retirement playing the show.
All right, that's the way to open a show. I'll
tell you what.
Speaker 2 (00:15):
Yes, I'm live.
Speaker 1 (00:16):
Can you believe it.
Speaker 2 (00:18):
I'm in the studio one o'clock on a Saturday afternoon, sunny, beautiful.
I should be floating on my boat, but we gotta do.
There's certain things you gotta do and qs. This is
Dave Kopek. I'm your host. This is a retirement planning show.
And September one, we're moving into our new offices. We're excited.
(00:41):
Everything is being built out as we speak. So this
is a show that focuses in on pre and post
retirement planning. We always open the lines for your phone
calls because it always, always, always, always makes it more
interesting for you. I'm in my twenty fifth year of radio,
which is hard to be leave. If you want to
(01:01):
call today and discuss anything, even if it's off topic,
that's okay. You want to talk about the races at Saratoga, boting,
Skinny Atlas, going out and getting some wine in wine country,
that's all right too. But our telephone number here at
the studio three one five four to two, one ninety
(01:22):
seven ninety seven. My good man Michael will basically take
your question and forward it on to me, but it's
always good to be here. Spent some time with some
good friends of mine from Syracuse yesterday at the Saratoga
Racetrack and we had a great time. And we're all
(01:42):
looking forward to what some q's football should be an
unbelievable season.
Speaker 1 (01:49):
We're very optimistic.
Speaker 2 (01:50):
So but again, we try to focus in on topics
that are top of mind. And as I said, if
anything that I'm discussing today is of interest or you
have my own personal question, three one five four to
two one ninety seven ninety seven, that's three one five
four to two one WSYR. But today we're going to
(02:14):
talk about this wealth transfer because we're starting to see it, folks.
And when I say we're starting to see it, it's
kind of an understatement. Okay, So when we talk about
retirement planning, we're talking about retirement planning in the age
of the eighty five trillion dollar wealth transfer eighty five
(02:36):
trillion dollars of wealth transfer over the next two to
three decades, my generation, my generation will witness one of
the greatest inner generational wealth transfers in the history of mankind.
It's estimated eighty five trillion dollars is expected to pass
(02:59):
from the Baby boomers to Gen X and millennial errors
in the United States alone, unprecedented on precedented financial wealth transfer.
And this will not only facilitate how you the Gen
(03:22):
X and millennials will approach retirement planning, inheritance, tax strategies,
financial legacy. It will have a huge, huge, remember Billy
Fiscillo huge, It's going to have a huge impact. And
(03:44):
as people are living longer and as families are becoming
much more financially interconnected, preparing for this massive wealth transition.
Speaker 1 (04:00):
Is essential. Is essential.
Speaker 2 (04:05):
Not only for my generation that's passing these assets on,
but also for those who will inherit them. Effective retirement
planning now means more than just insurance you don't outlive
your savings. Okay, got a lot of state employees that
(04:29):
are clients of ours. We have a lot of people
that have pension benefits, and they have hundreds of thousands
of dollars, if not millions of dollars in qualified assets
that they don't need. They don't need it. What am
I gonna do with the stave? Well, you created the bomb,
(04:50):
as Zed Slott says, lots of money out there that
are in qualified trillions and trillions of dollar that are
held in I ray's four row one k's, four oh
three b's and guess what, it's a time bomb. Why
do I say that because most of you don't have
(05:13):
that magical word called a plan. That was some people
the other day out in Syracuse had a chat. What
do we say, over and over again? Bah blah blah
blah blah blah, bah, you don't have a plan. Blah
blah blah blah blah blah blah blah, you don't have
(05:33):
a plan. Blah blah blah blah blah blah blah, you
don't have a plan. Well we've heard you say that
over and over again. Well here I'm gonna say it again.
You don't have a plan. Have you ever seen anybody
build a house without a blueprint? Have you ever seen
a business run of business without having a business plan?
(05:56):
You ever seen anybody have a basketball game, or a
football game, or a lacrosse game or a soccer game
without kind of a plan. It's no different, folks, than
with your own finances. But most of you won't do it.
Why is that because it's easier to procrastinate, to motivate
(06:17):
it's easier for you to do nothing than something. It's
easier for you to sit and do nothing and hit
the clicker and go, yeah, I'll get to it.
Speaker 1 (06:27):
What's on TV tonight?
Speaker 2 (06:33):
Positioning your wealth in a way that aligns with your values,
maximizing wealth transfer, minimizing tax liabilities to ensure a soothe, smooth,
smooth succession. That's what you want. You want a smooth succession,
(06:58):
not one that's volatile. Your hair's on fire because you
don't know what to do. Who wins in that situation.
The attorneys. The attorneys win in that situation. And most
of my friends are attorneys. Best man of my wedding,
(07:20):
an attorney. A lot of my good friends attorneys because
we give them a whole hell of a lot of
business and estate planning.
Speaker 1 (07:27):
They love me.
Speaker 2 (07:31):
So what we're going to talk about today is this
wealth transfer and the assets that you want to spend.
Can't save this enough, the money that you want to
spend in your lifetime, and the money that you want
to pass on to the next generation. Why do you
want to send money to the next generation that is
burdened by taxation. You look at that four oh and
(07:55):
K that Ira and what do you got. You got
a big pot of gold, it's not yours. It's not yours.
You get a mortgage on it. How much federal state?
And depending on the size of it, this state tax
is gonna be levied on that pool of money. You
(08:19):
have a mortgage on your IRA four oh one k,
New York State deferred compensation four oh three B, whatever
it is, and most of you just sit there and
play tittlelywinks.
Speaker 1 (08:29):
You don't do anything about it.
Speaker 2 (08:35):
Right, So baby boomers that were born between nineteen forty
six and nineteen sixty four, nineteen forty six to nineteen
sixty four, you fall into any of that.
Speaker 1 (08:52):
All your listeners out there.
Speaker 2 (08:55):
Playing golf, floating on your boat, driving in the car,
whatever you might be doing. On what's most you're wealth
tied up in real estate and qualified assets. For most
of us, real estate and qualified assets. How liquid is
(09:20):
your house? It's not liquid? How liquid is that IRA
four oh one k. Well, it's liquid, but ding ding
ding ding ding. Every time you pop in that little
hole and say send me more and it comes out
the whole, there's going to be a little deduction there.
It's called state federal income tax.
Speaker 1 (09:41):
Liability.
Speaker 2 (09:46):
So have this eighty four to eighty five trillion dollars
of wealth transfer. I don't know where they get these figures, folks,
but that's CYRILLI in associates. Trillions of dollars are in
qualified assets. Trillions money that will never have a step
up and basis. Money that's always taxes, ordinary income, money
(10:13):
that's ird income and respect to a decedent, Money that
has to be paid out over a ten year period
of time. Money that will always be burdened by what
min you can say, say aloud, I can hear you.
You can hear Syracuse rumbling, taxes, taxes. Who likes taxes.
(10:44):
So not only do you have to have a COMPREHENSI
the state plan, you have to have a comprehensive IRA
qualified plan, which we'll discuss in greater detail.
Speaker 1 (10:56):
But this is Dave Kopek.
Speaker 2 (10:59):
I'm the president of the Retirement Planning Group, and this
is the Retirement Planning Show. We'll be right back after
this quick message. 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
(11:19):
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 for your complementary consultation.
(11:43):
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 with it. Call out my office today and
take action eight eight eight five eight zero one nine
(12:06):
one nine. That's eight eight 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 you are prepared. Take action today called
(12:26):
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.
Speaker 1 (12:39):
Your future will.
Speaker 2 (12:40):
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 strategy that turns savings
into monthly income that will last a lifetime. At the
Retirement Planning Group, we build customed income distribution plans so
(13:02):
you can retire with confidence, retire smart, live well. Call
eight eight eight five eight zero one nine 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 grandchildren. Are you ready?
(13:23):
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.
Speaker 1 (13:31):
Don't wait, take action.
Speaker 2 (13:33):
If future favors those that are prepared, call eighty eight
five eight zero one nine one nine. That's eight eight
eight five eight zero one nine one nine all right,
we are back of Dave Kopek, the president of the
Retirement Planning Group. We have five locations in New York.
(13:58):
We are in Syracuse, Oneana, Albany, Saratoga, Glen's Falls, and
we're all over the country with the Regius Corporation r EGUS,
which is executive suites. So if you're listening to me
on the iHeart app, we travel. We have clients in
twenty eight states.
Speaker 1 (14:18):
Love to travel.
Speaker 2 (14:20):
We do a kind of a screen and scrub ahead
of time, and if I got to get in a plane, train, boat,
whatever it is, I'll get to you. I've gone to
some great, great cities. Love traveling, love meeting with new people.
All we do is pre and post retirement planning. We
do a lot of work in a state planning. It's
(14:42):
kind of an area that I enjoy working in. And
if you listen to us, not one penny, not one
red scent should go through probate. So again today, anything
that I'm discussing today, if you want to have a
complementary consultation, we do have an office in Syracu. You
can call eighty eight five eight zero one nine one
(15:03):
nine eight eight eight five EID zero one nine, one
nine and say, hey, I listened to the old guy,
mister Kopek, and I want to come in and have
a chat with him, and we would love to have
that opportunity and hopefully we can put you in a
much better position, not only financially, but also as far
as your estate. But as we are talking about today,
(15:27):
this huge eighty five trillion dollar wealth transfer, it's happening, folks.
We're starting to see individuals that are passing away. There
there's a significant amount of money that's going to kids
and grandkids. You know, a lot of people will sit
down and they'll talk about, you know, how much of
(15:48):
this should go into a trust, how much should go
directly to children, how much should be retained by the
surviving spouse. Should you do ira disclaimer, it is a
complicated landscape, and whether you are one hundred thousand dollars
(16:14):
of wealth or ten or fifteen or twenty million dollars
of wealth, it all takes time, and you need to
understand exactly what you've created and how, ultimately how this
money will get passed on to the next generation. You know,
for some of us, receiving a significant inheritance can be
(16:36):
both a blessing and a challenge. You know, you lose
a loved one, you lose a parent, not an easy thing,
but sometimes receiving assets can be complicated because your own
personal situation. You know, we live in a society today
(17:02):
where it's not uncommon. We're probably over fifty percent of
the people that we meet with or blended families priorities
with that becomes complicated conversations.
Speaker 1 (17:19):
But also.
Speaker 2 (17:21):
You want to make sure that the child or loved
one or whoever is receiving the assets is in a
healthy relationship and the money's not going to go where
you don't want it to go. That's why we're major
advocates of trust. There are also major advocates understand exactly
(17:45):
what needs to get done in order to make sure
the money falls the blood, you know, not the evil
son in law or daughter in law, the pool boy,
wherever it may be. So it's important you understand not
only as far as the guidelines, but understanding what's crucial
(18:06):
for you on how to establish title and transfer wealth
to the next generation. As I said, four oh one
k's iras four h three b's are monies that are
very complicated for a lot of reasons. Because of force liquidation,
(18:28):
and also because no one's paid the income tax yet,
no one has paid the income tax on that money.
It's been grown for decades and now ultimately now it's
out the door, and now somebody's going to have to
basically pay the ordinary income tax on it. So it's
(18:52):
important for future retirees to have discussions with their kids
and loved ones to clarify, clarify and black and white
their values and what they want to achieve. As far
as this wealth transfer legacy planning is not only for
(19:15):
transferring money. It's also about passing on the stories, the lessons,
the goals, what it took in order to basically accomplish this,
To solidify the legacy, to make sure that the money
doesn't go away quicker than you want it to go away.
You can basically put guardrails underneath the legacy. You know,
(19:40):
we live in a society today where there's kids that
have had all sorts of problems with drug addiction, alcoholism, laziness,
you go through the whole laundriness. So you got to
have a coordinated approach. Maybe Bobby's really good at managing
money and Billy and Susie or not, maybe that wealth
(20:03):
transfer has to be designed differently as far as ultimately
how the money gets to the kids. My brother's a
professional actor. That's a class of individuals for a lot
(20:24):
of them, they didn't make a lot of money throughout
their lifetime. They basically followed their passion, their love. The
starving artists child, A lot of people want to make
sure that if there is a child that is an actor,
an actress, a social worker, whatever it may be, that
they're protected, that they have some type of a buffer,
(20:48):
some kind of a protected income stream that will last
a lifetime.
Speaker 1 (20:54):
There's ways to set that up.
Speaker 2 (20:59):
So how can the retirement planning group financial advisors help retirees?
The first and foremost, what have you created in your estate?
What are the apples that you have on the tree?
What's the estate tax or the tax liability of these assets? Secondly,
(21:26):
what have you done on the legal side? Have you
established trust, legal documents, beneficiary designations? How are the assets
going to be left? Is there going to be some
kind of a fiduciary responsibility by an organization in order
to make sure that the assets are managed for a
(21:47):
certain period of time, if maybe for a lifetime. Do
you have charitable intent. You know, I've got some new
clients that are Donna, Florida, very successful couple, no children,
(22:13):
have charitable intent How do you structure it? How do
you set that up in order to facilitate your charitable intentions?
You know, one of the things that we consistently or
hear over and over again from existing clients and new clients.
(22:35):
Can you educate my family on financial and asset management. Well,
the answer to that is course is yes. But they
have to be motivated, they have to be receptive. Sometimes
they're not and it's very awkward, but we can do
(22:58):
that with our custodian fidelity. There's all sorts of resources
in order to educate airrors on financial management. And then finally,
for what we call the parents that are worried about
children that might have autism, special needs, whatever it may be,
(23:20):
we can adjust portfolios for longevity and legacy management. Very
big part of our business now, longevity and legacy management.
You know, we live in a society today where there's
(23:41):
a lot of children that have had events in their
lives or have had some health events that they need
some kind of a fiduciary in order to manage their assets.
For an extended period of time. Do you know where
to go for that? What's the options that are available
to you? We have trust services through Fidelity. And here's
(24:06):
the final one. You got this big golden egg that
you've created, this big, large total amount of assets that
you've accumulated in your lifetime. How do you integrate it
(24:30):
into an inheritance, into a wealth management legacy that not
only maximize the transfer of the wealth, but also so
the children and the grandchildren understand that they're now going
to have to create their own plan not only for retirement,
but possibly for legacy also. So it is a very
(24:55):
different landscape, much more so that I've ever seen in
my lifetime. And I've been doing this now for forty
three years, and I can tell you right now there
is a huge amount of money that is being transfer
It's not uncommon that we see individuals that have multimillion
dollar estates that are trying to figure out how do
(25:16):
I slice and dice and transfer this wealth the most
tax efficient way and make sure it follows the blood
and our kids and our grandkids are going to receive
these assets. We're gonna talk more about this when we
come back. I'm Dave Kolpak, President of the Retirement Planning Group. Today,
we're talking about the greatest wealth transfer in the history
of mankind. If you have any questions, give us a call.
(25:38):
We're live in the studio three one five four ninety seven,
ninety seven.
Speaker 1 (25:43):
We'll be right back. Retirement is in a Sunday thing.
It's a now thing.
Speaker 2 (25:55):
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 with it. Call my office today and take
action eight eight eight five eight zero one nine one nine.
That's eight eight eight five eight zero one nine nine,
(26:18):
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 you are prepared. Take action today. Called eight eight
eight five eight zero one nine one nine. That's eight
eight eight five eight zero one nine one nine. Or
(26:41):
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 that money work for you. Here's the secret most
people miss. You have to create your own retirement income.
Plant security is not enough. Pensions are rare. You need
(27:02):
a strategy that turns savings into monthly income that will
last a lifetime. At the Retirement Planning Group, we build
customized income distribution events 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.
(27:23):
Trillions of dollars of wealth will change hands from one
generation to the next. Your money to our 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
(27:44):
eighty eight five eight zero one nine one nine. That's
eight eight eight five eight zero one nine one nine.
Speaker 1 (27:57):
All right, we are back.
Speaker 2 (28:01):
I'm Dave Kopek, your host's president of the Retirement Planning Group.
Been in business for forty three years on radio. This
is my twenty fifty year on radio, which is hard
to believe. Time goes by quick. But we do have
someone I believe that is on the phone that wants
to have a chat.
Speaker 3 (28:20):
John, Hi, Dave, how are you.
Speaker 1 (28:24):
I'm very good. How are you, sir?
Speaker 3 (28:26):
I'm well. Quick story. My wife says sixty five, been
retired about five years. I'm sixty two, still working so well.
She's had a five little four one K that's sitting
in a Vanguard find right now. And I'm just curious
of the first question is if I put our house
in a trust, does it have to be mortgage free
(28:48):
or can I if it has a mortgage, can it
still go into trust? And the second question is.
Speaker 2 (28:54):
Go ahead no, no, I'm sorry, go ahead, go I
thought you were finished, but go ahead, no.
Speaker 1 (28:59):
Yeah.
Speaker 3 (28:59):
And then the second one is, you know the the
R and D starts at seventy three for her, But
should I be even though we don't need the money?
Should should I be taking some distributions now and moving
it over to like Fidelity just because I said if
I wait till seventy three, it's gonna be a lot
of money that just gonna be texted on and you know,
(29:21):
waiting to invest it. Then I guess take R and
D early for her, and then and then reinvest it
even though that you know, twenty percent of taxes. And
then can I put a trust the house and the
trust where it still has a mortgage.
Speaker 2 (29:36):
Now, here's my questions for you, because if you listen
to my show, you know exactly what I'm gonna say
to you.
Speaker 1 (29:41):
Do you have a plan?
Speaker 4 (29:45):
Not?
Speaker 3 (29:45):
Really?
Speaker 1 (29:47):
There you go. How'd you build your house? Did you
have blueprints? Yes? We did, that's the answer. You don't
have a plan.
Speaker 2 (29:55):
I mean, I don't think you're unique, because nine out
of ten people that come to us do not have
a plan. And that's that's how we solve all of
these questions that you're asking me right now.
Speaker 1 (30:05):
You need to have a.
Speaker 2 (30:09):
Plan, and it's pretty simple to do. It's just to
find a financial team that you feel comfortable with. You
call them, you set up an appointment and say, hey, listen, right,
I need to basically button this up, because what everything
that you're talking about right now, one can be solved. Yes,
a house that has a mortgage going to go into
(30:30):
a trust. Yes, I RA a distribution, qualified plan distribution.
Do you need to plan? Yeah, everybody's different. Everybody's need
for income is different. Uh, do you have pension benefits?
Is social security enough?
Speaker 1 (30:43):
You know? It's just to be honest with you, my
good man.
Speaker 2 (30:47):
All it is is basically John building out your own
specific retirement plan. Nothing more complicated than that.
Speaker 3 (30:58):
Okay, perfect, yep. I'm like everybody else. I go, well,
I should be today.
Speaker 1 (31:04):
Well, we got a brand new office.
Speaker 2 (31:06):
We've got a brand new office that we're open in
September first, and Syracuse right off of exit thirty five,
they're building it out right now. We love Syracuse. Syracuse.
We've getten an unbelievable amount of business out there, and
it's I think. You know, I grew up in farming.
Both my parents were farming, and it's like anything else.
You know, we work hard, but we also try to
(31:27):
keep it simple. Kiss you know what that means, keep
it super simple. You know this, this does not have
to be complicated. And for certain people, I think sometimes
they get lost in all of the numbers and the
figures and the graphs and the statistics. We don't do that.
We just keep it real basic. This is what you
need to do, and this is how you implement it.
(31:51):
But give me a call, give me a call.
Speaker 3 (31:54):
We can help you.
Speaker 1 (31:55):
Thank you, Dave.
Speaker 2 (31:56):
Okay, brother god bliss and I you know, I don't
mean to say that go off the cuff, because John
sounds like an absolutely fantastic person, but I mean that
from the bottom of my heart. You know, nine out
of ten people that come to us do not have
a plan. You get busy. Life is busy. You know,
(32:18):
life is busy. I'm still busy. And you know, my daughter,
God bless her, my angel, twenty years old. She's going
back Wednesday. She's flying back to Florida Atlantic University. My
wife is nine years younger than me, and we had
a surprise child and I was forty nine and my
(32:39):
wife was forty and our beautiful daughter's going back. And
we can't believe it that she's going back already because
it seems like she just came home. But time has
a way to kind of just kind of pass by
way too quickly, and you need to, you know, you know,
you know how you need to make time for your
wife and your kids and all the things that are
(33:01):
important to you. It's no different with your financial plan.
You got to do the same thing. You need to
make time. And like I said, one of the things
that we consistently do with the Retirement Planning Group, we
have a software package called e Money and it's a dashboard,
and that dashboard will tell you exactly exactly where you
(33:23):
are and where you need to be, and it runs
some hypothetical illustrations based off of very simple numbers six
percent in that return and three percent as far as inflation.
And it sounds kind of simplistic, but it basically is
pretty accurate of where you will be once you walk
out the door in retirement social Security? Are you fortunate
(33:50):
enough to have a pension? Have you been a good savior?
Are you going to receive some of this unbelievable wealth transfer?
I mean some of the US wealth transfer, folks, is
going to be life changing for people. And I had
a doctor and his wife in my office this past week,
(34:12):
and I don't think he had any idea what his
net worth was. But as we went through and put
all the data into our system and we looked at it,
I said to him, I said, will your children do
they have any idea how much wealth you have? And
(34:33):
he goes no, and I said, excuse me, do you
think it's a good idea for you to have.
Speaker 1 (34:41):
A chat.
Speaker 2 (34:44):
And have some kind of diallog So when something does
happen to you and your wife, you know, when these
millions of dollars are going to lay it on their lap,
you think they're going to be able to walk through
this by themselves or are they going to need some
assistance and help? And it was like a light bulb
(35:05):
went on. You know, because our generation, the Baby Boom generation,
sometimes we've had a hesitancy in order for us to
be open and have, you know, a transparent dialogue with
our family members as far as our own personal wealth.
Speaker 1 (35:24):
Why is that?
Speaker 2 (35:26):
Well, for most of us, if you grew up in
the sixties and the seventies like I did, you know,
we were happy to have bologney last for a couple
of days during the week and then it was back to
peanut butter and jelly. So most of us did not
(35:46):
grow up, you know, with the silver spoon. We grew
up with a paper spoon. So bottom line gets down
to is that I think, after all these years of
being in the business, you're doing a disservice to your family.
I mean that from the bottom of my heart. You're
(36:07):
doing a huge disservice to your family, your family, your
loved ones, your grandkids, whatever, whoever's gonna inherit your assets,
not to give them. You don't have to get to
the exact penny, but you should aim to provide a
clear understanding of what's gonna happen and the type of
(36:32):
assets they're gonna inherit. Why do I say that because
a lot of us are what we call tilted overweighted.
What do you mean by that, Dave? You got too
much damn money pretax, way too much? Four oh one
k is Iras. It's not uncommon for people to come
in they have seventy five to eighty to ninety percent
(36:55):
of their wealth and the equity in their home, and
therefore chaos that's at work.
Speaker 1 (37:01):
I R.
Speaker 2 (37:06):
That is a huge problem, folks. You might not understand it,
but the government has a plan for you called R
and D. And when you least want the money is
when the distributions become the greatest. And now when you
pass away, what are you sending down the road? A
tax liability I R D. Income and respect to a
(37:28):
deceit wake up, folks. There's better ways. We got the answers.
Eight eight eight five eight zero one nine one nine
is our telephone number to set up your consultation. All
it does is take a little bit of time on
your part eight eight eight five eight zero one nine
(37:49):
one nine to check us out face to face at
our office in Syracuse.
Speaker 1 (37:54):
We'll be right back.
Speaker 2 (38:01):
Are you ready for retirement or just hoping it works out?
Don't leave your future to chance. At the Retirement Planning Group,
we help you create a personalized retirement plan so you
can relax knowing you are prepared. Take action today called
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
(38:23):
schedule your complementary consultation. Your future will say thank.
Speaker 4 (38:28):
You an FM.
Speaker 2 (38:39):
Alright, this is our last segment. I'll give out our
telephone number one more time now else the time you're
ready get set three one five four to two one
ninety seven ninety seven three one five four to two
one ninety seven ninety seven. Believe me, folks, we don't bite.
(39:00):
We got a question anything that concerns you about pre
or post retirement planning three one five four two one WSYR.
We're live. I'm actually in the studio. Love what I do. Love,
I just wish. Uh I was a few years younger.
(39:20):
I could do this for many more decades. But the
Lord I know is gonna probably not allow me to
do it too much longer. And when I say too
much longer, I got probably another twenty years in me.
So again, Uh, it's always a great honor to help
people and facilitate what they're trying to accomplish. You know,
we don't try to be Pinocchio's and tell people you
(39:42):
know how great we are and how wonderful we are
managing money. And you know, I just get so sick
and tired of people when they I hear you know,
just how the bravado, how wonderful we are. We're just
like you. We make mistakes, we don't do everything one
percent of the time. You know, we're we're positive on
(40:03):
the balance sheet. Markets are dynamic, they're fluctuating on a
daily basis. But I do know one thing, after doing
this for forty three years, what is that Time is
your friend? Time is your friend? So if you got
a question three one five four two nine seven ninety seven.
That's three one five four to two one ws yr. Again,
(40:27):
we offer a complementary consultation at our office in Syracuse
if you'd like to take advantage of that. Eighty eight
five eight zero one nine one nine. You'll hear out
telephone number again probably when we close out the show.
So today we're talking about the greatest wealth transfer. We're
talking about all the money that's sitting out there and
complicated assets, the money that will never receive a step
(40:50):
up in basis.
Speaker 1 (40:52):
What is it?
Speaker 2 (40:53):
Of course, it's IRA assets, it's four oh one K assets.
It's New York State deferred compensation four oh three be.
There's a lot of misinformation out there about these assets too.
Here's the biggest one. You hear attorneys say that the
IRA is protected from a Medicaid spend down, that they'll
take the income but they won't take the asset. That's
(41:15):
not true, folks, that's not true. What is true is
that in New York State now, a lot of counties
are making you spend the IRA based off of life expectancy.
So if you're eighty and you got a five hundred
thousand dollars IRA, and your life expectancy is five years
(41:40):
based off of the table that the county's using, they're
gonna make you spend that five hundred thousand dollars down
over the next five years. So instead of taking let's
say twenty thousand dollars a year off of your IRA,
they're gonna make you take one hundred thousand dollars and
guess where it's gonna go. And if you got alzheimer
(42:00):
This is happening to us right now as financial advisors
at the Retirement Planning Group. We just had a woman
in the Capitol District region that just went through her
entire IRA and a substantial amount of money because she
was in a nursing home and the nursing home made
her pay it down based on life expectancy, and she
was in there for Alzheimer's. Do you really know what
(42:23):
you own? Do you really know how you've got it
buttoned up? Do you really understand the dynamics if there
is a health event For a lot of us, as
we age, it's not necessarily money. Do we have enough money?
It's have we set our state up properly in order
to basically not have our money go away before we
(42:47):
go away. Failure to understand the rules and regulations. This
is what I always say to people when they come
into the retirement planning group.
Speaker 1 (42:59):
We'll start the.
Speaker 2 (43:02):
All the pleasantries, shake hands. First question, where will you
live in retirement? What will your zip code be? That's critical, folks.
Not only is it critical for tax liability, it's also
(43:23):
critical as far as protecting the house in your IRA
assets from a medicaid spender. You know, I got guys,
you know my background is at Pain Weber, Morgan Stanley,
Dean Witter, that I started my own firm. I got
guys that used to chuckle, that I worked with in
the investment banking industry. Well, he's Dave, you're selling insurance.
(43:46):
Now the hell's going on with you? I worked with
a guy for years that was a insurance specialist, used
to listen to me on radio, used to listen to
me on my presentations I used to do. And he
approached me one time and he says, you know what
you're missing the boat? So what do you mean by that?
(44:09):
He goes, you have no idea how important insurance products
are in retirement. All you talk about is ROI. But
what good is ROI if the money's going to vanish
and it's going to go away?
Speaker 1 (44:20):
And you know what.
Speaker 2 (44:21):
This guy's name was Dan Bouchard. He was an executive
for years at Amika, left Amiica and ended up getting
into this business, the financial services business, as a consultant.
And he probably had one of the most major impacts
on my career because I understood why insurance products were
(44:42):
so critical for people as.
Speaker 1 (44:44):
They entered into retirement.
Speaker 2 (44:48):
No one wants to buy long term care insurance, no one, Right,
it's never going to happen to me. I don't want
to pay for I'm pay all those years and I
don't use it.
Speaker 1 (44:56):
I lose it.
Speaker 2 (44:58):
You know what, all those negatives that you just talked about,
or I just mentioned, throw of one, throw them out
the window. Products have been designed now for the boomers
that basically take all that takes away all the negatives.
If you ever have a health event, right, you ever
have a health event and you start writing checks for
(45:20):
seventeen or eighteen thousand dollars a month for a long
term care facility, it doesn't take too long before you
realize you made a big mistake. So you need to
involve legal financial to navigate this very complicated world that
(45:45):
we live in now. As far as retirement plan, there's
a trust sufficient enough. Maybe do you understand why you
should disclaim assets?
Speaker 4 (46:00):
Maybe?
Speaker 2 (46:01):
Do you understand why it's important to have a plan.
Do you understand why it's important for you to find
a team of financial advisors? When I say a team,
this business is almost impossible for one person to do
it today by themselves. It's too complicated and there's too
many things that come back and bite you. So if
(46:27):
it's important to you, if it's important to you, as
I said, we live in a society tonight that you're
going to have eighty five trillion dollars of wealth over.
Speaker 1 (46:37):
The next twenty to thirty years.
Speaker 2 (46:40):
Over the next two to three decades, you will witness
the largest wealth transfer in the history of mankind. The Boomers,
the the gen X, and the millennials. It is an
unprecedented financial shift. Is it's going to reshape how individuals
(47:02):
will approach pre and post retirement planning. All you hear
now is what in the news and all the ads,
all your investment banking firms are going after what females?
Speaker 1 (47:18):
Why is that? Because women live longer than the male.
Speaker 2 (47:24):
And it's estimated by year two thousand and thirty sixty
percent of the investable assets will be controlled by women.
You're going to get bombarded with advertisements and marketing pieces.
Speaker 1 (47:38):
If they want your money, they want to keep it
and manage it, in charge your fee.
Speaker 2 (47:47):
So if you want clarity and understanding and transparency, that
is what we offer at the Retirement Planning Group. If
you're trying to prepare for this massive wealth transition, it
is essential that you have what say aloud, a plan.
(48:12):
No more complicated than that. You have to have a plan.
When I say an effective retirement plan. There's a lot
of things that people are concerned about. First and foremost
is what they don't want to outlive their savings. Second
(48:32):
is what how to control this unbelievable expense for healthcare? Now,
what else is it positioning their wealth that it transfers
tax efficiently, maximizing the wealth transfer, minimizing the tax liability
for a smooth succession to who our kids and our grandkids.
(48:55):
So if any of this is resonating with you, if
you're saying, boy, this guy really knows what the hell
he's talking about, then you should pick up the phone
and call us because we do offer a complementary consultation
at either any of our offices. Syracuse will come to you,
(49:15):
We'll call on the telephone. We have a lot of
zoom meetings now, whatever it is, we're more than happy
to facilitate it. And again, how do you get a
hold of us? It's eight eight eight five eight zero
one nine nine eight eight eight five eight zero one
nine one nine. We're going to start doing dog and
(49:36):
ponies in Syracuse. We do a lot of them throughout
the state. We're going to start doing them in Syracuse
in the fall. And basically it is a presentation that
we do in conjunction with an attorney and we go
over all the things that you should consider for your
pre and post retirement years. And again, as quite well aware,
(50:01):
receiving a significant inherence, as I said earlier, can be
a blessing and it also can be a challenge. But
I know that as a father, and it's someone that
has children and grandchildren, you know, I want to maximize
my wealth transfer, I want to minimize any tax liability,
and I want to put my kids in a position
(50:21):
that they're receiving the money on a step up and basis,
and I'm not sending complicated assets to them.
Speaker 1 (50:28):
That's going to be a tax burden when they least
want it.
Speaker 2 (50:35):
And of course, one of the most overlooked elements of
retirement inheritance planning is communication.
Speaker 1 (50:43):
Talking.
Speaker 2 (50:45):
Many families avoid it, right, we want to talk about
the money, don't want to talk about death, right, don't
want to have any you know, discussions about that at all.
So I can tell you one thing, if you do
have them, you're gonna have a much happier and content family. Listen,
(51:05):
this has been fun. I'm Dave Kopek. This is a
retirement planning show. I'll be back next week for another show.
If we can be of assistance, it would be an honor.
Eight five, eight to zero, one, nine, nine. Enjoy the weekend.
I'll see you next week for another retirement playing the show.
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