Retirement Planning Show

September 16th, 2023

Episode Transcript

(00:01):
Welcome to the Retirement Planning Show withhost Dave Kopak. In the financial services
business for over thirty five years.Their Retirement Planning Group LLLC is a registered
investment advisor. David M. Kopakis also a registered representative of persh kaplan
Sterling Investments Incorporated PKS in their separatecapacities. A registered representative of PKS,

(00:22):
David M. Copack may recommend theimplementation of securities through PKS instead of Retirement
Planning Group LLC. Pers kaplan SterlingInvestments and Retirement Planning Group LC are not
affiliated companies. Now it's time forthe Retirement Planning Show on WGY. Look

(01:15):
around everywhere you done it, honey, It's everywhere that you go. You
try everything you can do escape thepain weather. You know, know say
you love sattle and you want today. I know the place where you

(01:41):
can get awake. You know thedad and you liked right your body the
treadmills or moment that one woman said, Amil, listen you every weekend on
my treadmill. I think it's spinningright now. Good morning, everybody,

(02:07):
tis the weekend. I'm Dave KopekRetirement Planning Show it's great to be here,
love to be here. My brotherZach CBA one again last night.
They get a hell of a team. I think, did the Giants win?

(02:28):
Talked about me being Eagles fan,so I got it here, did
the Giants win? I cried,Man, I'll tell you what, just
ugly? Only one game? No, that's that was ugly. It was
on a one to ten, thatwas a twenty and ugly. I get.
I don't get it. I justdon't get it. You and I
talked before the show. I said, if they had scored that touchdown on

(02:51):
the original drive instead of the boy, I think that just took the air
out of the stadium. Called quicksaying one thing goes wrong and then a
million two. Yeah, you know, I say this all the time.
I played sports high school, college, and I also coached, and I
always say this that sometimes people losetheir voice. Somewhere within that organization.

(03:15):
Somebody's lost their voice. The messagingis not it's not talent. Do you
tell me there's that much of adisparity between that quarterback and Zach and the
Dallas I mean, I don't thinkso. How boys team as a whole
has a lot more talent than thegiant. I think so right now,

(03:37):
dude, absolutely leave it at that. I don't want to talk about it
because it hurts too much. Isthere a song out there? I have
to look up if there's a song. It hurts too much. Oh,
we had a great week. Greatweek. Busy. We're busy is you

(03:58):
can't believe. But that's good.Being busy is good because he keeps us
out of trouble. Got a lotof great prospects moving forward, coming into
the retirement planning group to work withus, and that's always fun and interesting
find out what people are looking for. I mean when I say that I've

(04:19):
had unbelievable appointments, it's kind ofan understatement. And the reason why I
say that is that people don't realizesometimes financial advisors learn as much sometimes as
clients to. And I had thisone gentleman that came in. He spends

(04:39):
a lot of time in the DominicanRepublic, and we were discussing his own
personal situation and then he got talkingabout this specific area where he is buying
or building a home and he's goingto go back and forth between Saratoga and
there in his retirement years. Sojust pretty cool. Then we had another

(05:00):
couple that came in from Massachusetts thatreally had a very interesting conversation about overall
a state planning, and we're goingto talk about that a little bit in
the second half hour, because I'veasked my good friend and strategic partner,
Frank Lang, to come in fromseven thirty to eight o'clock. To be

(05:23):
specific, I'm going to talk alittle bit in general terms about how we
can solve their problem that probably mostof you are not aware of. It's
called an irrevocable trust. But there'ssome dynamics to this that's a little bit
unique and different, and we'll gothrough that as far as why some people

(05:45):
that live outside of New York State, that around the boundaries of New York
State want to possibly utilize some ofthe benefits that New York State gives them
as far as state and medicaid planning. But let's get into a little bit
of nuts and bolts. Some thingsI need to talk about. September twenty

(06:08):
eight, of course again as ourswing for a cure, our golf outing
for Cancer, the American Cancer Society. We still need prayers for John and
Kelly. Please get a chance saya special prayer for John and Kelly,
my cousin, and also our maidof honor and our wedding. They're going

(06:31):
through a hell of a time rightnow in this horrific disease and if anybody's
going through cancer, you know.I talked to my best friend Brian McCann.
It's one of the smartest guys thatI've ever met. Attorney, just
a wonderful guy from sarah Tuga Springs, New York. And it was going
to be a doctor and he endedup being an attorney. Should have been

(06:53):
a doctor because he's so smart,and I'm We're scratching our heads, where's
all this money going? Know?How come there hasn't been more of a
breakthrough. So I think where youend up in the facility that you're going
to has an impact as far asthe care that you're going to receive in
your chances for survival. So Septembertwenty eight, I think we have two

(07:14):
more spots for a foursome. Twomore foursomes. Please if you golf,
come on over September twenty eighth,that's a third Thursday. It's a great
day. There's a lot of giftsand prizes. Nobody lists leaves without receiving
something and all of the money ofthe money goes to the American Cancer Society.

(07:36):
I'd like to shoot for twenty fivethousand dollars this year if we can.
And like I said, if you'dgive some prayers to John and Kelly,
that would help also. And ifyou don't want to attend, but
you want a gift called Jim andyou make the check right payable to the
American Cancer Society, we bring itin and be more than happy to do

(07:58):
that. Also, you can giveJim a buzz at five pint eight five
eight, zero one nine one nine. So, and next weekend, I
won't be here, folks. I'mgonna be at Lamoine College for parents weekend
with my little girl, Michaela getto meet some of her new friends and
the people in the community that shelives in now on the Syracuse region.
So Nico will be here with somespecial guests, and I know that he'll

(08:22):
do a fantastic job. But thismorning we're gonna be talking about zip codes
and how it impacts on your retirement. I talked to Jamie yesterday on ninety
eight point three w t R.Y. If you don't listen, to
that. If you're a boomer,you should be listening to it because she
does a great job. Again wt R Y ninety eight point three.

(08:45):
If you're on high Igheart Radio,you just punch it in and it'll come
up great music. Get a lotof people calling in talking to us from
outside the five one eight, Alot of people outside states that are talking
to the retirement planning group. iHeartRadio is really resonating a lot of people
listen to the show that are notin our capital district region. And some

(09:09):
of the topics that I discussed,believe it or not, are as effective
and prudent as if you had livedin New York State. A lot of
it. We talk about the estateplanning, medicaid protection, how do you
basically position your assets in the laterstages of life, and for some of
us that is a daunting task.We live in a society today where a

(09:33):
lot of people are top heavy.That means you have way too much money
pre tax versus after tax. It'svery complicated money, especially once you pass
away. We're gonna talk a littlebit about disclaiming assets today, why it's
important to have a disclaimer, andthen we're also going to talk about how
to structure your estate as far astitling it in order to protect your assets

(09:56):
from medicaid and also from evil suna law and daught on laws and creditors
and predators. But always it's talkradio. If you want to call in,
love to hear from you. Iknow it's early, but that's okay.
Love to have a chat with you. It's one eight hundred talk WGY
one eight hundred eighty two, fivefifty nine forty nine. I'm Dave Kopek.
This is a retirement planning show.I'll be back today Live twelve to

(10:20):
one to do retirement Ready. That'sa topic specific show, and I'll tell
you a little bit about what we'regoing to discuss when we come back from
break. But let's take break andwe'll see on the other side. The
eighty six percenter is do you knowthat eighty six percent of the population has
no defined benefit pension plan? Formost of us, we have to take
our life savings and create a paycheckfor the rest of our lives in retirement.

(10:41):
What is your plan for retirement incomedistribution? How will you manage your
assets during the most critical years ofyour lifetime? Nobel prize winning economists William
Sharp has called retirement income distribution thenastiest, hardest problem in finance. He
points out that investment, uncertainty,and mortality can derail the most careful laid
out retirement income plan. Call ouroffices today to start the process of building

(11:05):
your retirement income distribution plan. Afterforty one years of being in the financial
services business, you need to starttaking action to start building your own personal
retirement income distribution plan. How doyou do that? To take action?
Five one eight five eight zero onenine one nine. That's five one eight
five eight zero one nine one nineor RPG retire on the web. Don't

(11:26):
procrastinate, motivate to start building yourretirement income distribution plan five one eight five
eight zero one nine one nine.If you have any questions, please call
in now at one eight hundred eighttwo five fifty nine forty nine. That's
one eight hundred talk w g Y, one eight hundred talk w G Y.
We are live in studio to answeryour questions and you can take Come

(11:58):
on, okay, get up,get up, get moving. It is

(12:43):
the weekend. I'll be moving inmy yard today. I got a mow,
No mowing next year. This isit my last year of mowing.
Somebody's gonna commend a mow for me. If you're mowing your yard, you
know that it's horrible. Effect.We played at Equal Crest, what you
know, driving the carts. It'shorrible out there, the amount of moisture.

(13:07):
So it's been a challenging year keepingyour yard looking gorgeous. So all
day today and they're fixing my poolthis week, so I have to empty
my pool. My liner is screwedup, a lot to do. The
barn is done. That a lotof people call me, talk to me,

(13:28):
ask for pictures. But my barnis done. My grandfather's barn is
now on my property. It's done, it's complete. We're gonna have a
some kind of a Halloween party therethis year. So we got about a
month to go to do all thelandscaping and the touch up and blah blah

(13:48):
blah, all that fun fun stuff. But this is the Retirement Planning Show
again. Our telephone number is oneeight eight five fifty ninety nine. If
you would like to participate, wewould love to have a chat with you,
even if it's off topic, that'sfine. Pretty much flat market this

(14:13):
week rally and energy prices. Youknow, look at the sticker out there,
four uh four here in Latham thismorning, four h four up in
Clifton Park. I saw three seventythree this morning at Valeria right there on
room nine. So when you firstglance in inflation, it seems to be

(14:35):
going on the wrong way. Tickedup today. Worried about that a little
bit with the FED meeting that's comingup this week. So FED is meeting
on the nineteenth and the twentieth.Consumption remains resilient. I don't know.
We just keep on chugging. Butwe're like pac Man. You think of
pac Man, It just keeps onchewing and eating things up. We keep

(14:56):
on spending and spending and spending andhopefully and we're not spending, and we're
putting it on the credit card becauseit's over one trillion dollars on credit card.
We're losing a little bit momentum.As far as growth. I'm worried
about two thousand and twenty four becauseit's an election year. As I've told
our clients and I've also told prospectiveclients, I think that we're in for

(15:20):
a mud show. I think it'sgoing to get ugly. I think Trump
being in court, the messaging.I just think that two and twenty four
folks be careful, be careful.And as we're all quite well aware,
I said this last week. Youthe consumer, you're extremely sensitive to energy

(15:43):
prices. When oil is being restrictedas it is right now, the demand
and there's really nothing on our sideof the fence to add more production to
offset it, oil will increase.Our prices will increase for goods and services
because you look at those trucks outthere that deliver everything, and the trains

(16:04):
and the planes and everything else.Believe it or not, they don't run
on electric. Most of them arerunning on diesel or some kind of jet
fuel, etc. So you knowthey've given us an indication that they want
to slow down the pace of ratehikes. I think they will at this
meeting. I think they're going totry to look through the higher energy costs.

(16:30):
I don't know. I've been doingit for forty one years, So
don't hold me to this, becauseI know sometimes the FED will give you
a kick in the teeth. Sowhile we're seeing a moderate, moderate slow
down of growth below what we callthe trend, the path to a soft
landing. I think it's still there. It's still there. But we'll see

(16:51):
what our good friends do in Washingtonregards to this energy, because, as
we're all quite well aware, energyenergy, energy can have a huge impact
on our economy. So FED meetson the nineteenth and twentieth, and as

(17:11):
we sit here right now on Saturdaymorning, September, the labor market is
softening. The stock market is flat, dolls up about four percent on the

(17:32):
year, SMP five hundred, aboutsixteen percent of Nazak, of course,
is up thirty one percent. Inbonds, pretty much flat, about eighty
basis points. Some of your bondportfolios are actually up maybe three four percent
total return. As I said lastweek, we are very bullish on bonds.

(17:55):
We are very bullish on bonds,and we think that we're going to
see some total return here over thenext twelve, eighteen to twenty four months.
And that's one of the things thatwe're going to discuss right now is
the interest rates scenario. We hadsome clients that we're looking for fixed guaranteed
rates. They don't like what theysee coming down the path for two twenty

(18:21):
four either, and we built themout a triple A piece of paper last
week that basically got them almost sixpercent guaranteed over the next twelve to eighteen
months. And they're happy as larksbecause they really don't need anything more than
that. They're looking for preservation thenygas that are outside of New York State.

(18:41):
Right now, that multi year guaranteednuities, which we talked quite a
bit about, it's no different thana CD or any type of guaranteed rate.
Right now, they're at a fivesixty five. Now, don't hold
me to that because they're going tochange on Monday morning. But last week
they were at a five sixty five. So it's a hell of a ray
to return right now. So theport and Economic DAB being released this coming

(19:04):
week, the FOMC meeting, whichI just talked to you about the FED,
and that is going to be thedriver in my opinion as far as
the final quarter of two thousand andtwenty three, so so far, pretty
good year. Most of our clientsand balance portfolios. You know, I

(19:27):
always like the analogy where you know, people talk about the markets and they
talk as if everybody's one hundred percentin the stock market. Well, if
you're in your twenties and thirties andforties, or maybe early fifties. Most
of you are probably allocated the stockmarket because that's where you're going to get
the bank for your buck. Youmight have a little bit of cash or

(19:48):
some alternative products, you know,whether it's hedge funds or whatever it may
be. Whatever it may be,But what you have to understand is that
most of us, most of usthat have to work in this business.
And I applaud all the financial advisorsout there, all of you work in
a fiduciary capacity. That's just themarketing pitch, which I keep on saying

(20:11):
over and over again. We allknow what it takes today in order to
work in this business as far ascompliance. We're actually going through an annuity
situation right now. We had aclient that came in with a very high
cost annuity product, high charges,high fees, there's no riders on it.
They're over and above what they originallyput in it. And I said,

(20:33):
listen, this thing doesn't even makesense for you guys, and we're
going to have to do an exchangehere. Because you can do what they
call a ten thirty five exchange.It allows you to take that product and
move it into something else that's morecost effective for you. We have literally
no lie I talked to Lisa aboutthis probably every Monday and every Friday.
Where do we stand with these individuals. It's taken us at least four or

(20:56):
five weeks already for the compliance departmentright in order for us to give the
green light go this makes financial sensefor the client to do it? Now,
if you understand our model. Ourmodel is I have my own RA,
a registered investment advisor, but Ialso go through PKS and Lobbany that's
our BD, and we use themalmost exclusively for annuity products because I am

(21:21):
a believer in annuity products. Andone of the things that you have to
do when you're doing these exchanges,you have to fill out paperwork that's the
size of the Bible, as faras the thickness of it, it's huge.
And there's a lot of questions asfar as the cost and what's the

(21:42):
expenses on the old contract, what'sthe expenses on the new contract? Why
does this make economic sense for theclient to do this? Have you looked
at all the alternative ways for themto man? I mean, it's just
it's a laundry list from here toTim buck two. So when you hear
people on the radio say the onlyreason why a financial advisor is selling an

(22:04):
annuity, they're full of you knowwhat, it's all nonsense, because I'm
in it. I do it,I fill out this paperwork. We act
in a fiduciary capacity. So areall of my comrades that are out there
that are in this business. Iknow that you're doing the right thing.

(22:25):
I know that one of you,maybe a fraction a fraction, are always
working out in the client's best interest. And it makes me sick when I
hear other people talk about you ina negative, negative way. So that's
my story and I'm sticking to it. So we've got my good buddy,
Frank Lange coming in at the bottomof the hour. I have a lot

(22:48):
of respect for Frank. Frank's elderlaw, medicaid and a state plan attorney.
We're going to talk topic specific abouta couple of issues that I discussed
with him this week that I thinkyou'll find extremely interesting. As the listener
of the show, if you haveany questions at all, you can give
us a call at one eight hundredtalk WGY. That's one eight hundred eight

(23:10):
two five fifty ninety nine, willbe more than happy to either put you
on the line with Frank or Ican act as a conduit. I can
ask the question for you. Andfinally, as always, we have four
locations. We have Oneana, wehave Albany, New York. We have

(23:30):
Malton, New York. We haveGlen's Falls. We are doing a lot
over the internet with Zoom with peoplethat are calling in from other states.
If you would like to do thatto see if the Retirement Planning Group can
facilitate what you're looking for in yourretirement years. Give us a call.
Jim or Brenda will pick up thetelephone. Schedule an opportunity for us to

(23:52):
do a Zoom meeting. It's prettysimple. It's pretty easy. One eight
hundred talk g Y one eight twofive fifty nine forty nine. If you
want to call in this morning.I'm Dave Kopek, and this is the
Retirement Planning Show. Hopefully when weget back, you're gonna get your feet
moving again and get you all invigoratedfor Frank Lang. How about you g

(24:18):
Y All right, we are back. I'm Dave Kopeck. This is the

(24:44):
Retirement Planning Show. If you haven'tlistened, to us before. We've got
a lot of internet listeners now throughoutthe country. We are located here in
the Capitol District region in New York. We have offices throughout New York,
but we do travel. We dohave the ability to do zoom. So
if anything that we're discussing is ofinterest to you, give us a call

(25:06):
at five point eight five eight zeroone nine one nine. Five point eight
five eight zero one nine one nineand my good friends on a line.
Frank, good morning, good morning, days are you buddy? I'm glad.
How are you today? That's bad? I thank you for taking some
time out of your weekend. Hey, I'm glad to be always. All

(25:26):
right, let's talk a little bitabout you know, you and I talked
about a topic yesterday that really kindof interested me because I didn't realize that
it exists. Frank, And whatI found out is that we had some
people that came over from Massachusetts thathave significant amount of assets and iras,
and they also have most of theirmoney joint tenants was right a survivorship.

(25:51):
There was a discussion with them thatyou know, why don't you have a
trust, whether it's a revocable ora irrevocable trust. The messaging that they
gave me was that the attorney thatthey were working with didn't think that it
would be suitable for them to kindof set me back in my chair because
I know that Massachusetts they aggressively goafter irs IRA assets when you're in a

(26:15):
medicaid situation trying to qualify for medicaid. And I asked you, you know,
can someone from another state open upa New York trust? And I'm
going to let you answer that.Yeah, And the answer is yes,
and it happens quite often. NewYork State actually has a term for New

(26:40):
York irremicable trust where the creator ofthe trust is not a New York State
resident. So it's it's actually referredto in the tax code as a as
a non resident trust. But theshort answer is, yeah, you can
have you can have state specific documents. And so for instance, if I

(27:03):
have clients who are New York Stateresidents and we do you know, New
York state power of a New YorkState healthcare proxery for them, but they
travel a lot. Let's say theyhave us, you know, a retirement
home in Florida. I always tellthem, look, when you're in Florida,
get state specific documents because that's whatthe banks and doctors are going to

(27:23):
be used to seeing. So ratherthan have to send out my New York
state power of attorney form to theirlegal department, and have it be reviewed
for three weeks, get a localone. And the same thing applies in
the other direction. If you wantto take advantage of the fact that New
York state trust laws are better whenit comes to Medicaid planning than some other

(27:45):
states are, you can absolutely havea New York state trust done for you.
So if I'm in Vermont, Massachusetts, it doesn't you know, I'm
just using them as because their borderstate, sure, and I'm really not
that far from you know, theborder of New York State. And I'm
working with professionals in the Capital Districtregion, not in Springfield or you know,

(28:08):
one of the other you know,cities that are close to us,
or Burlington or Bennington, whatever itmay be. And I'm working with Frank
Lang in the Retirement Planning group,and we sit down with them, and
you know, I think one ofthe things that you know, I try
to over emphasize this because I tryto be kind of a conduit, is
some of the information that you tellme, and I try to, you

(28:30):
know, be specific, but Ialways tell people that I'm not an attorney.
Can you just highlight one more time? Because there's listeners today they probably
have never heard the show before ornew to the show. Why is a
New York irrevocable trust so much morebeneficial than the other forty nine states?

(28:51):
Okay, so this will take aminute, So there with it. Not
take your time, go slow.Okay. So if and when somebody wants
to apply for Medicaid because they've they'vegotten sick, they're they're about to go
into a nursing home and they're facedwith paying for the nursing home. One

(29:12):
of the ways that you can payfor the nursing home is to qualify for
Medicaid and have Medicaid pay for thatnursing home service. And in order to
do that, you have to bebelow a certain threshold level. So in
New York State right now, it'syou have to have less than thirty thousand
dollars in countable assets. And they'renot going to count everything that you have.

(29:36):
They're going to they're not going tocount any tax deferred plans that you
have. So iras four one ksare going to be exempt from that initial
calculation of eligibility. But so wewant to try to position your accountable resources
so that the non qualified plans andso forth in a way that that they're

(29:56):
not going to get counted either.And the way that you're typically to do
that is by setting up an irrevocabletrust and transferring those assets into the irrevocable
trust and then getting through a fiveyear waiting period or look back period.
And if you successfully do that,then all the assets that are in the
trust are off the table. They'reconsidered to no longer be countable assets for

(30:22):
purposes of determining your meditate eligibility.So in most states, and irrevocable trust
is irrevocable, which makes a lotof sense in New York State. I
was very shocked after I'd been practicinglaw for six years in Chicago and moved
back to New York State. Iwas very shocked to discover that a New

(30:45):
York State irrevocable trust can be revokedwhenever you feel like it. And I
was so shocked by that I didn'tbelieve it. I had to go look
it up. But in fact,it's in the State's Powers and Trust Law
Section seven days one point now,and it says any trust, even an
irrevocable trust, can be revoked aslong as all your beneficiaries consent to it.

(31:08):
And so one of the things thatI've come to discover in my twenty
nine years of practice here in NewYork State is that you can engineer who
your beneficiaries are. So in ourirrevocable trusts, we reserve to the creators
of the trust the right to changethe remainder of beneficiaries whatever whatever they want.

(31:32):
So if I, let's say Ihave six beneficiaries in my trust and
I want to revoke it, Ihand consent forms to all six of them,
and all six of them are goingto sign the consent form and hand
it back to the trustee, who'sthen going to revoke my trust and pull
out the agreed upon amount. Becauseif any of those beneficiaries don't sign the
consent form, I just with mysignature, I'm going to amend my trust

(31:53):
to remove them as a beneficiary.Now I don't need their consent. And
in fact, I've had situations wherewe've had a lot of different beneficiaries and
we amended the trust to make theperson who is closest by the soul of
beneficiary. We let that person signthe consent for him, and then we
amended it right back. So butthe short answer is we can always guarantee

(32:17):
that you will be able to revokeyour trust and take assets back out of
the trust. So it's impossible tooverfund your trust. So is if I
have the problem that I see witha lot of people, Frank, is
one that you see consistently. Alsois that you know there is a lot

(32:40):
there's I don't know what the numberis, but it's almost forty trillion dollars
now an IRA assets qualified assets.It's it's it's a staggering amount of money.
Staggering. And I always talk withindividuals as far as you know,
what's your plan for money that you'llnever need, and you know, is

(33:00):
your spouse going to be the beneficiaryof these assets? And almost every single
person says, yes, I'm givingit to my wife or I'm giving it
to my husband. And I alwayssay that's probably not a good idea,
because when you're in your eighties,you're not going to need a three million
dollars I ra right, You're notgoing to need it exactly, and the

(33:22):
chances are that money is probably goingto go to a nursing home. It's
not going to go to the lovedones. And with the cost of care
today, it can be staggering becausewhen you take a dollar out, it's
not a dollar that's needed, it'sa dollar forty or a dollar fifty.
Because we have our friends with thefederal and the state government, so right,

(33:43):
and so yeah, that's to takeit. Right. So if I'm
in a situation where I use misterand missus Zebra as an example, right,
Okay, one hundred percent of theirmoney that I can see is I
love you planning, I love you, I leave it to you. A

(34:04):
small amount is I think going toone of the children or both of the
kids, as far as one ofthe IRA assets. But that still does
not exempt them from a situation thatif the wheels start coming off the bus,
you know, the amount of care. They don't have long term care
insurance, which you know nine outof ten people don't have long term care,

(34:27):
especially now with what's going on withthe premiums. So the question I
had a wonderful couple that came inlast week was like their second or third
a deployment. She's a school administratorand her husband, I think, retired
this week, and we were lookingat quotes for long term care and it
just did not make economic sense dollarsthat they were paying into these things for

(34:51):
the velocity they can get on themoney. Now. That used to be
entirely different when you and I wereyounger, and they had the New York
State partnership and there was many moreoptions available to you. Is a long
term care is a long term carepolicy in your opinion? After decades of
doing this still a viable option forpeople? I don't think so. And

(35:15):
the reason is, as you've madeallusion to back when you know, back
twenty years ago, I actually wentto night school to get license to sell
long term care insurance, not thatI ever intended to do it, but
just so I wanted to be ableto speak intelligently about the topic. And
I remember that they swore up anddown to us that once you get locked

(35:37):
in on your race, the racewill never go up. And they said,
you know, we would have togo back to the New York State
Department of Insurance, and they areso tough they would never let us raise
the rates on existing customers, sowe would just jack up the rates on
new customers while lo and behold.You know, fifteen twenty years later,
we're finding you know, we bothhave clients who are coming in and complaining

(36:00):
that their race got jacked up,you know, ten percent, twenty percent.
Yeah, and now they're locked in. They've been paying for twenty years,
so they can't walk away from it. But but I think that,
yeah, I think I no longertrust the law in terms pre insurance companies.
And so again in my experience,uh, doing doing New York State

(36:23):
irrevocable trust is much much cheaper,but but much more reliable way of protecting
those assets. Okay, well,hold on tight, because we've got to
take a break here, and whenwe come back, I want to talk
about disclaiming IRA assets. You talkto people and they look like deer in
the headlights. They don't even knowthat that's an option. It's available to

(36:44):
them, Franks. So when wecome back from break, we're going to
talk a little bit about how theyhave to set it up their iras in
order. If mom and dad arein a situation that Dad's got a lot
of money, but he knows thatMom's going to go into a nursing home
when he passes away. She hasthe ability to disclaim some, if not
all, of that money. AndI think our listeners need to know the

(37:07):
mechanics of that. But when wecome back, we'll discuss that again.
I got Frank Lang on the line. If you have a specific question,
you can call us at one eighthundred talk to WGY. That's one eight
hundred eight two five fifty nine oneeight hundred talk WGY. If you want
to ask a question to Frank Lang, elder law, medicaid planning specialists,

(37:29):
we will be right back the eightysix per centers. Do you know that
eighty six percent of the population hasno defined benefit pension plan? For most
of us, we have to takeour life savings and create a paycheck for
the rest of our lives in retirement. What is your plan for retirement income
distribution? How will you manage yourassets during the most critical years of your
lifetime. Nobel Prize winning economists WilliamSharp has called retirement income distribution the nastiest,

(37:53):
hardest problem in finance. He pointsout that investment, uncertainty and mortality
can dell the most careful laid outretirement income plan. Call our offices today
to start the process of building yourretirement income distribution plan. After forty one
years of being in the financial servicesbusiness, you need to start taking action
to start building your own personal retirementincome distribution plan. How do you do

(38:16):
that? To take action? Fiveone eight five eight zero one nine one
nine. That's five one eight fiveeight zero one nine one nine or RPG
retire on the web. Don't procrastinate, motivate to start building your retirement income
distribution plan five one eight five eightzero one nine one nine. If you
have any questions, please call innow at one eight hundred eight two five

(38:37):
fifty nine forty nine. That's oneeight hundred talk WGY, one eight hundred
talk WGY. We are live instudio to answer your questions. All right,

(39:09):
we're back a little Madonna there.Get your feet moving, get your
head buzzing. All right, gotFrank laying elder Wall Medicaid planning specialists.
We're going to talk now in thissegment disclaiming inherited IRA assets. It's done
a lot of time to avoid taxes, get the money outside the estate.
Blah blah blah. What has tobe done, Frank, in order to

(39:30):
do this and make sure that there'sno bumps in the road or you know,
you blow something up and now you'vegot a huge tax liabuilding. Okay,
are we still talking about disclaiming theIRA? Yep, yep, Yeah,
So you have to. You haveto if you are named as the

(39:53):
beneficiary of an IRA and you decidethat you don't want to take it,
there are a number of steps thatyou have to do. And first of
all, there has to be acontingent beneficiary named on the IRA. So
if you're if you're the sole beneficiarynamed, you can't do it yet on
that absolutely so so. But butassuming that there is a contingent beneficiary named,

(40:17):
then you can sign a disclaimer andthere the i r S has a
bunch of rules, so it hasto be an unconditional waiver and you can't
have accepted any of the property.So if if if, if you if
the money got sent to you andyou touched it, if you took anything

(40:40):
at all out of it, youcan't do the disclaimer afterwards, So you
have to make that decision, youknow, right off the go. But
but you can you can file thatthis this disclaimer and then it says if
you weren't even named at all,it just skips over you and goes to
the next person in line. Andthe thing that's great about it, Frank,

(41:02):
the primary beneficiary can still retain someof the assets for quality of life.
It doesn't have to be all ornone. It could be a partial
disclaimer. So that if if missusor mister is in you know, bad
health, and they want one hundredand fifty two hundred thousand dollars of a
large IRA at state it's a milliondollars IRA, they can get four hundred

(41:27):
and fifty thousand each to the twokids, Bobby and Susie, and they
still retain some of the assets.But the other money gets sent down as
if, like you just said,as if you know, they didn't even
exist exist it was goes directly tothe contingent beneficiaries. But they have to
be listed right exactly. And theother thing is is that you know a

(41:51):
state planning is changing as far asthe Secure Act. You know there's been
changes with the most recent legislation asfar as some of the things with the
stretch IRA. When when this moneyhas to come out, do you want
to come out over your life expectancy. I mean, there's a lot of
benefits to have it go to thechildren anyway, simply because mom and dad

(42:13):
keep it. The money is goingto be paid out much more aggressively than
the kids based on life expectancy.So the method to this is something that
not only does well as far asprotection of the asset in preserving the estate,
but it also for tax purposes.It could be much more beneficial for
the money to go to the kidsanyway in order for them to have more

(42:36):
in the pot. And it isn'tit amazing that, you know, the
federal government wanted us to save ourmoney to create these you know, iras
and four one days so that wewouldn't be a burden on society as we
got older. And we all didsuch a we all did such a good
job complying that. Now there's changedthe tax code to say that now you

(43:00):
saved too much, and we wantyou to spend it during your lifetime so
we can tax it. You know, it's just amazing they can't figure out
what they want. We don't talkpolitics on this radio show. Frank Well,
I think I don't think that's political. Well, I think you can
you can go from anybody from anarts conservative to a blieving how a liberal.

(43:22):
Yea, and they'll tell you ifI work this hard to save my
money, I really don't appreciate thegovernments trying to make me spend it just
so they can tax it again.All right, So we got we got
two questions here. I'm gonna getthem on the line because I got to
say, good body in about sixor seven minutes. Let's go to Jean
Hygiene. Hello, how are youdear good? How are you? You're

(43:45):
on the air great? My questionis simple. I think my father is
ninety two and he has gen Worthlong term care, and his premiums are
going skyrocketing, and he says hewants to take the buy out because he
doesn't think he's actually going to endup using the long term care. He
thinks he's going to just pass awaybefore he even needs it. I was

(44:09):
wondering what you guys thought about that. I'll let Frank answer at first,
and then I'll give you my opinion. Okay, that's a tough question because
you know, statistically, statistically,you know, my crystal ball is in
the shop. I can't tell youif he's going to take a turn for

(44:32):
the worse in the in the shortrun and end up needing that care,
and then he's going to wish thathe's still had the policy. There are
a couple of up there. It'snot an long enough thing thing. By
the way, One of the optionshe has is he can say, Okay,
fine, I'll lower the coverage levelsa little bit and it's just keep

(44:52):
my premiums flat and I'll get alittle bit less in terms of the benefit.
You know, because because at ninetytwo, statistically it's much much,
much more likely than in the nextfew years he's going to need some care,
whether it's home care or nursing homecare. I would thinking was that

(45:13):
he could use the payout amount todo to take care of that. I
think it's gone up to fifty thousand. What I would say to you this
Gene, this is David. Wesit down with individuals, We get in
contact with the insurance companies, andwe have a very frank discussion with you

(45:34):
and your father. Your father shouldbe part of this. I can tell
you if you ever need the policyto be the best money you've ever spent
in your lifetime. If you don'tuse it, you know, it's all
gone. At vaporizes because there's nothingleft for you the airs. But it's
a very, very difficult. Igot half of my clients that are saying
to me, I'm keeping them,and I got the other half saying,

(45:55):
you know, I'm taking the notWhat you're talking about is what they call
the non forfeiture option. The nonforfeiture option allows you to have some benefit,
some benefit, but it doesn't giveyou all the protection that you would
have had if you kept the policyenforced. You know, is it a
does he have a partnership or anon partnership policy? He has a partnership

(46:16):
policy. Yeah, you see,that's he's got the best you could possibly
get. Yeah. Yeah, AndI would be really okay, Okay,
I will let him know that I'dlike to take advantage of it for home
care type of things. But sofar his memory is so good, he's
not passing the qualifications for using thepolicy. Well, I would stay.

(46:43):
I would stay on top of thatgene because what I've seen is that people
delay too long before they would qualify. I mean, there's like I think
six or seven ADLs baiting, dressing, transferring cognizant. Uh. You know,
if there's a few other ones.I'm not too sure which ones they
are. But the thing is isthat transferring I think ones that's transferring when
he gets close enough that he wouldqualify in order to get that policy to

(47:07):
fire out some benefit. You shoulddo it immediately because the problem is that
I found this out just recently,and I think Frank knows this. I
thought, once you turn the policyon, the payments stopped. That's not
true. What happens is that withthose policies, the premium stop being paid

(47:28):
once you go into a long termcare facility, not home care or assistant
living, which I which was shocking. Yeah, I swear to no,
I swear to God. I swearto God. But if you're getting paid
that policy, if he's been aroundfor a while, that's probably paying him,
would pay him like four maybe almostfive hundred dollars a day if it's
an older partnership policy. Yes,I think it is about four hundred and

(47:52):
fifty something like that. Do mea favor, give me a quality,
go off it so I'll be morethan happy to help you out. Okay,
okay, wonderful, Thank you somuch. Okay, Gene, Yeah,
that's that's a catch. Twenty twoFrank. Yeah, and and and
that's that's actually more of a amore in your category than mine. Well,

(48:15):
here and take a look at alltheir assets. Here's the last question
they'd want to go on. There, mid sixty year old about to retire,
it's going to go through a divorce. How would I do my estate
planning if I'm contemplating a divorce?That's always a fun one. Wow wow
Yeah, Well and and again still, you know, we'd have to sit

(48:37):
down and take a look at whatkind of assets they have, how they're
configured, what what we'd anticipate isgoing to be to fallout after the divorce,
and and then we can you know, talk about how we're going to
how we're going to protect things,you know, I mean, I've I've
seen this from a lot of differentperspectives. I had I've had clients where

(48:58):
we the was in good shape atthe time we did the planning, and
then things fell apart and we endedup doing, uh doing a new medicaid
trust for one of the spouses andtransferring half of the assets over to that
one. Because it was a fairlyuh you know, a friendly parting of

(49:19):
the ways. But you know,that's it's just one more factor to taking
to consideration that you know, nowyou're going to have basically half of the
assets that you started with to doyour planning. And yeah, so it's
no fun, but it's it's youknow, it's it's something that we can
work our way around. All right, I got a highlight because we got
to say goodbye here in another minuteor so. So for people that live

(49:43):
outside of New York State that areon borders, people that are close to
us in Vermont, Massachusetts, uh, you know, Connecticut, et cetera,
if they wish they could do aNew York State trust, which gives
them much more flexibility and all thebenefits of having a New York your revocable
trust. And the second is isthat for people to have large I RaSE
Frank that don't need all the money, they need to be aware of disclaiming

(50:06):
these assets. It's a legal optionthat's available to them. But you said,
don't touch it until you know whatyou're gonna do with it. Correct,
Okay, anything else you want todiscuss today, Well, just just
you know, for anybody who's interestedin talking about doing a New York State
irrevocable trust, it's kind of acomplicated scenario, so we always give a

(50:31):
free consultation. You'll come in,we'll sit down for an hour. We'll
talk about the nuts and bolts ofit, see if it makes sense for
you. And you know, ifit does, terrific and if it doesn't,
that's okay because that's the only waywe're going to find out about it
is to come in and talk tous. And you know, we're happy
to share our information. All right, I gotta wrap up, Thanks buddy.
I'm gonna give out the telephone numbershere on how to contact us,

(50:52):
and God bless and I'll see youthis week. Okay, sounds good.
Thanks Frank. Okay, it wasFrank Lange from the Lange Wall for a
gentleman that I have a lot ofrespect for his capabilities of drafting an estate
plan. Disclaimer, he's my personalattorney from my estate planning, so let
people know. But if you wouldlike to meet with Frank or sit down

(51:15):
with us, our telephone number atour office is five eight five eight zero
one nine one nine. That's fivepint eight five eight zero one nine one
nine. We'll be more than thehappy to facilitate it. Sit down and
see if we can get you ona path that's going to make your lives
a little bit easier. And againwe're gonna come back. Nico's going to
be here and we're gonna discuss acouple of warth eggs. This is the

(51:35):
retirement Planning Show. We'll see onthe other side. Yeah, welcome to
the Retirement Planning Show with host DaveKopak. In the financial services business for
over thirty five years. Their RetirementPlanning Group LLLC is a registered investment advisor.
David M. Kopak is also aregistered representative of perish Kaplan Sterling Investments
Incorporated p KS in their separate capacities. A registered representation if a PKS,

(52:00):
David M. Copek may recommend theimplementation of securities through pks instead of Retirement
Planning Group LC. First Capital andSterling Investments and Retirement Planning Group LC are
not affiliated companies. Now it's timefor the Retirement Planning Show on w g
Y. I would climb in amountain sail across the stormy see if that's

(52:52):
what it takes me, baby,to show how much you mean to meet
the woman in you, the brainsof the man in me. I myself

(53:13):
in the world all right, ButI thank Frank for coming in great information.

(53:37):
Hopefully that resonated with some people atall. Procrastinations not your friend.
Folks in retirement, you can doa lot of things when you're younger.
When I say younger, I meanwhen you're in your fifties. Sometimes you
hit your sixties, you know,rubber starts coming off the tires, you
start having events issues, and believeit or not, there are certain things

(54:02):
that can be done that health inyour overall well being could be extremely beneficial
for you, as far as wealthtransfer or protecting assets your estate. You
know, this woman called in Ithink your name was Jean, talked about
her father going through a situation withthe premiums on long term care. I

(54:29):
want to over emphasize this. Iwant to say it loud and clear.
We are never, ever, ever, ever, ever, ever major advocates
of canceling insurance contracts. Unless everybodyis on the same page, I want
to say that we are never bigbelievers. If you can afford it and
you need it, that partnership policywill be worth its weight in gold.

(54:53):
But if you can't be done andit isn't affordable, then then that's it's
not good, then that's not good. And you know there's different ways.
That's why a lot of times wetell people do a double band aid,
do a double band aid. What'sa double band aid? Well, the
double band aid is that you doa long term care policy of some type

(55:15):
that gives you a home care assistantliving and then you do the trust that
your revocable trust. So at leastyou're going to protect some of the assets
that you've accumulated in your lifetime,and you have choice and independence, choice
and independence. I have clients,got a lot of clients, over a

(55:37):
thousand clients, and some have electedto buy long term care, some have
elected to do elder law planning withthe trust and estates planning, and then
some have elected to do both.I am an advocate for the double the
double band aid. So if you'rethinking about long term care and you want

(56:00):
to have a chat discussion about it, we have no acts to grind,
we don't have an agenda, wedon't work for X Y Z insurance company.
And that is probably I think advantageousfor you that we do not have
that acts to grind because then youcan make the decision as far as what's

(56:21):
in your best interests and ultimately thetype of care that you want during your
retirement. Yours. Good morning,Nico, Good morning. I worry buddy
doing well? Yeah, behaving?Yeah, Oakwood was closed. Yeah,
so I had to go through Lansingburg. Is a construction. I have no
idea. They had the road passdown. They had to be construction.

(56:42):
There's cos yeah, yeah, butI'm here. Did you listen to Frank?
I listened to probably the last fifteentwenty minutes when you're talking about disclaimers.
Yeah. I thought it was good, good information to call in and
that was a good, good question. We see that a lot long term
care premium is increasing, people wonderingwhether or not they should purchase it or

(57:02):
continue to pay the premium, andthen it is a daunting task. It's
tough. I mean, you neverknow, Like I like what Frank said,
as far as the crystal ball beingin the shop, Yep, you
don't know when somebody's gonna need it, So continuing to pay the premium or
not. I think in that situation, the father was ninety two and it
was a partnership, so it probablydoesn't make sense to continue. But again,

(57:24):
I mean it it's based on theirassets, what they have going on
as far as their full financial pictures. So you can't just make a decision
based off one conversation. What wasshocking to me is that we did a
couple of those WED ran some quotesfor that fairly young couple in their fifties,
and we ran long term care quotesfor him last week and Jim brought

(57:46):
him in and I'm looking at it. I'm just saying to myself, I
think if you remember, they werelife insurance with the long term care writers,
Yep, it just didn't make sense. I didn't go there were fifty
nine fifty seven and long term care. I was two hundred and fifty thousand
dollars a death benefit guaranteed and youcan access the death benefit to pay for
long term care, right. Ithink they were coming in at like five

(58:07):
six thousand bucks for twenty years.Yeah, so there's something like that,
But ye add it up. It'slike, you know, you do that
and you compound it statistically when youknow you never know when you're gonna need
it. But if you run thatcontribution out and getting it into a diversified
portfolio, might they might have thesame amount of money in fifteen twenty years.

(58:29):
The velocity wasn't there. And Imean in their situation, a lot
of pension dollars coming in, alot of guaranteed income, and we were
we were looking at more legacy ratherthan protection of each other because they'll have
the income for life. So asfar as a legacy play the second to
die policy, he's gonna give youa lot more velocity than long term care

(58:51):
with a death benefit. It's funnybecause I was thinking this warning when I
was driving down here, and Iwas saying to myself, you know,
I kind of review the week andthink about the people that we talked to,
the prospective clients, existing clients.I think that if I'm a New
York State retiree, somebody that's goingto receive a pension from the State of

(59:16):
New York where a municipality, aslong as it's within the New York State
pension retirement system, you really areplaying dodgeball or Russian Roulette to get to
that final destination. Yeah. Imean, it's your biggest liability receiving that

(59:36):
pension. Huge. I mean,for people that have substantial pension benefits the
State of New York, teachers retirementsystem, whatever it may be. Just
realize is that if you die beforeyou come to the final destination, you
cross the finish line and you saysee you later, alligator, I'm out
of here. You only get adeath benefit at three times your salary,

(59:57):
which is not going to solve forfifty sixty thousand dollars pension. Yeah,
it's just I mean, it's it'spretty daunting. So the thing is is
that you know when when you're whenyou're starting. I didn't think about this
until, you know, a fewyears ago when we started looking at exactly
what the ramifications were for people thatdidn't make it to the final destination,

(01:00:20):
but for people that are doing theircontributions to their four or three B through
their school districts. Yeah, Iwish those guys that are sitting across the
kitchen table or whatever they're sitting withtalk to them and say, hey,
listen, you know where the big, big missing link is. You should
be buying term insurance right now.Take some of that premium that you're doing
pre tax that you're putting it inthe four or three B and protect your

(01:00:44):
family and your loved ones and makesure that there's adequate life insurance because you're
gonna have a whole hell of alot of money in the next fifteen or
twenty years when you retire, right, it's just getting you there, yeah,
and making sure that nothing happens.I mean you went through that situation
before with a client. Yeah,and they purchased at the term insurance and
thank god, yeah, I thankgod they've purchased that because passing away,

(01:01:05):
I had one guy look at melike I had six heads. Feel like
you get a lot of people that, yeah, Zach. First thing Zach
says to me, he goes,what about your giants hurt? That's like
getting beat. I mean, that'sjust like getting whipped in front of people.
Get Zach laughing. You guys aren'tfiring at all. It cylinders your

(01:01:30):
eagles, you know, So don'tbe sitting there and you know, giggling.
Hey, I'd rather have lessons tolearn at two and oh than oh
and one and down by forty.You know, they got no layup this
week either. They're playing the Cardinals, and Cardinals got beat last week,
so they're gonna be ready to kicksome butt. Is Kyler back? Kyler
Murray not too sure because if theydon't win that game. They should just

(01:01:52):
fire everybody for the Giants. Doyou think so? Absolutely? They should
win that game hands down. Youknow who beat the Cardinals? Who the
Commanders? Yeah, that's right,I'm a Washington fan. Julie. Julie
picked them last week, the Bride. Yeah, we're in that pool.
I've got I've got who Who didI pick this week? I can't remember

(01:02:15):
who I picked this week. We'vegot this thing that it just keeps on
growing. Survivor pool. Yeah,right, christ and David are out the
first week. The first week.Who did they take the chiefs or something?
I think they take the chiefs orsomething like that. They got,
they got, they got blown outthe first week. So you know,

(01:02:36):
I'm still in it. I'm stillin it to win it. So we'll
come back. We're talking a littlebit about longevity, planning, assessing,
assessing where you are. We're startingto see more and more people are saying,
you know what, it's time forme to go. Nico talked a
little bit about, you know,some of the things that should be contemplated
before you come in and talk toyour financial team. But the other thing

(01:03:00):
is is that I want to talka little bit about Zip code. We
talked to Frank about that. Whyyour zip code matters probably a little bit
more with your overall estate plan andretirement plan if you're going to change zip
codes. Understand that some of thestates, of course, have different rules
in regards to medicaid planning, taxation, the state planning, as far as

(01:03:22):
the dollar amount, the thresholds fora state planning. And sometimes people just
say, I'm just getting out ofhere, I'm getting a key and I'm
going somewhere else. Maybe not agood idea, and to to figure out
how it impacts your financial situation.So we'll be right back. Dave Kopek
Nico Doomis after this quick break theeighty six percenters. Do you know that

(01:03:45):
eighty six percent of the population hasno defined benefit pension plan. For most
of us, we have to takeour life savings and create a paycheck for
the rest of our lives in retirement. What is your plan for retirement income
distribution? How you manage your assetsduring the most critical years of your lifetime.
Nobel Prize winning economist William Sharp hascalled retirement income distribution the nastiest,

(01:04:06):
hardest problem in finance. He pointsout that investment uncertainty and mortality can derail
the most careful laid out retirement incomeplan. Call our offices today to start
the process of building your retirement incomedistribution plan. After forty one years of
being in the financial services business,you need to start taking action to start
building your own personal retirement income distributionplan. How do you do that?

(01:04:30):
To take action? Five one eightfive eight zero one nine one nine.
That's five one eight five eight zeroone nine one nine or RPG retire on
the web. Don't procrastinate, motivateto start building your retirement income distribution plan
five one eight five eight zero onenine one nine. If you have any
questions, please call in now atone eight hundred eight two five fifty nine

(01:04:51):
forty nine. That's one eight hundredtalk WGY one eight hundred talk WGY.
We are live in studio to answeryour questions. Standing in the rain with

(01:05:12):
his head hung on, couldn't geta ticket. It was a school shot.
Heard the roar of the crowd.He could rencha other thing put its
head to the wall. Then likea death find screen, he heard one
get art ever way start at thenight and the man that day to be

(01:05:42):
a fifth street in a second handstore. Didn't know how to play it,
but didn't know for sure that oneget belt doe at his hand,
that rag long one guitar was thereminding up quick quick quick guitars. Yeah.

(01:06:06):
No, I'm gonna say, rickthis house. Oh ck yeah,
he's playing music for us. Verytalented man, extremely talented man. Gotta
get a hold of him. Youknow, he's got a digital CD with
him and h he's an acoustical singer. A woman that sings with him.

(01:06:26):
I want to get it. Youshould. I think they're on YouTube?
Are they? You could just youcould watch him on YouTube. You think
I could play the guitar. No, it's difficult. Although I forget My
people know me. They know thatI played sports my whole life. My
my brother is a professional actor andextremely talented in music. And uh,

(01:06:50):
you know, he was always thecenter of attention during the holidays because he
would play the piano. We'd allbe singing Christmas songs and all that stuff.
My mother said to Miko, shegoes up, I'm gonna have you
take piano lessons. I don't wantto take pianos. You know, I
was like seventy eight nine years oldbecause Frank was I think, what seven

(01:07:11):
or eight years older than me.So I sat down and I you know,
she came in. The woman camein to give me piano lessons lasted
one time. I cried. That'sall I did was cry. I sat,
I said, if the piano,I cried. My mother said,
mad. You know I'm paying moneyfor this, you know, because we
didn't have a lot of money backthen. I know what the hell it
was. You know, maybe fivedollars for the woman to come in.

(01:07:33):
But I took on the iverage.That was it. You know, I
could play the piano, Kenny really, Kennan, Yeah, I was gonna
play it that rix, but no, you wanted to play the drums.
I know it's been in a drumsix right. Yeah. What cool.
He's got a really cool basement.He's got it set up like a studio.
He's got like thirty guitars, alldifferent types, some for thousands and

(01:07:54):
thousands of dollars these guitars or wereit a good guitar shopped? We got
some really cool clients. Yeah,you know that's some that are very passive
and quiet and other ones that arejust crazy maniacs. Some of you wouldn't
expect like Mike, I say,Mike, Yeah, I haven't talked to
him recently. He's away. He'salways right next to us, he's always

(01:08:16):
at the speedway. Well, Idon't think he's gonna be there that much
because I think Kenny's retiring. Ohis he so? Yeah, I don't
know. We'll see. Okay,all right, let's talk a little bit
about zip codes. Why it's importantfor you to think it out because you
know a lot of us. Idon't have to tell you the numbers.
Everybody knows what it is. Youcan see the for sale signs and people

(01:08:40):
leave New York State and they,you know, start thinking about where I'm
going to live, and uh,it's not We have a lot of believe
it or not, we do havea lot of clients in the Massachusetts area.
The Massachusetts they're estate planning is alot different than New York State.
So you've got to put that intothe planning process. Are not attorneys,

(01:09:00):
we don't profess to be attorneys.But you better have a team of attorneys
that understand exactly the ramifications of thezip code and why it matters during not
only as far as during your retirementyears. But also, but for your
genetic code, do you have therisk of having a health event and believe
it or not, you know,Alzheimer's and some of these diseases, cancer,

(01:09:21):
et cetera have a tendency to popup based off of DNA. Yeah,
I mean genetics. I mean you'regiven what you're given. But yeah,
I think you're right with the zipcodes. Different counties have different laws
or regulations surrounding long term care.I know Frank's talking spoken about it a

(01:09:42):
few times, but you need tobe careful. I need to make sure
that the care that you want inyour retirement is covered. So some different
long term care policies can provide differentbenefits. You need to make sure you
look at your current long term carepolicy if you have one. I know
a lot of people have been lookingat it recently because premiums has been increasing
so much. But you need tomake sure that it's there to benefit your

(01:10:03):
wishes if something did happen. Iwas shocked that. You know, there's
many more options available outside the boundariesof New York State as far as types
of policies that are available to youfor long term care protection. It's the
question of do I self ensure,or do I go out and basically have

(01:10:24):
some additional protection. You know,how big of a bumper I always call
it the bumper and my financial assets. How big of a bumper do you
want before money comes out of yourpocket versus the insurance company. I think
you should have some form, whetherit's a bucket approach where one bucket we
love, which I forced Nico todo it. I held them down,

(01:10:46):
I had them sign the paper.I love HSA accounts. Yeah, Health
savings accounts make all the sense inthe world if you're in a high deductible
plan and you have the ability tofund them, because all that money is
tax growth, tax free distributions.As long as you're using it for qualified
medical expenses, it's a triple taxbenefit. You get the tax deductions and

(01:11:06):
the contributions, and then you getthe tax free growth. It's tax sheltered
and then tax free distributions on theback end, which is great. As
long as it's used for qualified medicalexpenses, you can also use it for
long term care premiums or health insurance. If you go on the health exchange
you retire early, you could useit for those premiums as well. So

(01:11:27):
very powerful vehicles. You didn't haveto hold me down completely, but you
kind of had to push me throughthe door. And yeah, I started
contributing to one. So and who'sthat through Fidelity Fidelity. Fidelity has HSA
accounts that we can Yeah, peoplecan fund, so I don't believe we
can manage them, right, Butyou can open up your own savings account

(01:11:50):
and your employer can contribute to itas well. Yep. So that's what
we're doing with one client. He'scontributing, the employers contributing. He's maxing
it out each year. He's youngand it's funny, so it should should
grow to a nice size by thetime he's fifty. I saw four h
four today this morning driving in forgasolene right here in Latham. Four dollars

(01:12:10):
and four cents for gasoline. Andmy gut tells me we're going to start
seeing inflation raise the tugly head againas long as these energy prices. The
FETE is meeting this week, what'syour belly tell you? I was talking
to Eddie at at golf yep,and he was talking about season construction business,

(01:12:34):
just the price of fuel, notfuel, different materials that he's using
and how they used to be fortyfifty cents a foot. Now they're a
dollars seven dollars ten, almost doubledover the past five six years. It's
insane. I mean, I mean, my gut is telling me they are

(01:12:56):
probably gonna raise a little bit.I would think they would. I know
a lot of folks think the Julyraise was the last one. But there's
a lot of hidden factors out there. I think one of our strategic partners,
they do a daily or weekly reporton Mondays, and they were saying,
there's a lot of background information thatisn't really being released to the public

(01:13:17):
when it comes to inflation, andthat's what you need to take into account
as well, because the government's lookingat that at those figures too. So
you need to you need to treadlightly, I would say right now,
because yeah, prices are high,and so where do you think you know,
we're not market timers. But I'vebeen saying now for the last couple

(01:13:39):
of months as we go into thiselection, yere, I'm concerned not only
as far as the dynamics what's happeningwith the economy. It is slowing down,
and we do know that oil justdo a Google search all the products
that are involved in patrolling products.It's astronomical, even food if you can

(01:14:03):
believe that there's food that use petroleumproducts. But the bottom MinC gets down
to is that you know, ifwe get into a situation, you better
make sure that you understand. Youknow, some of these stocks. The
Magnificent seven has made up I thinkwhat ninety percent of the return of the

(01:14:24):
SPI. Yeah, the big fangstocks. It's your Facebook, Amazon,
Netflix, Google, Yeah, itwas big seven. They made up a
lot of the market returns. Textbeen hit the last couple of weeks,
but for the year, if ifyou were in tech, it came back
pretty strong. A lot of folksare still overweight in tech, and I

(01:14:46):
don't think that's an awful thing.Yes, there's should There's probably gonna be
some volatility over the next year eventuallyhere when rates start coming back down.
If they ever heard is right here? I just I just punched it up
because I wanted to see what theactual return was because it has sold off
a little bit. The Magnificent sevenmakes up twenty percent of the sp five

(01:15:09):
five hundred index. It's made upsixty five percent of the total return seven
stocks at the S and P fivehundred have given you sixty five percent of
the SMP five hundred. And youknow that's one of the things that you
here consistently on Wall Street is thatyou know, this has not been a
broad based rally. It's been specific. You look, just look at the

(01:15:30):
Doubt, use the dollsand example theDoll thirty stocks. You know that's up
four percent of the year. Butthe thing is is that tech stocks have
basically screened. They've just you know, continued to go and some of them
are trading at you know, astronomicalpe ratios. Yeah. I mean it
was the Dow trade at thirty fourand a half somewhere around there. Yeah,

(01:15:53):
it's thirty six the beginning of twentytwenty two. I mean, we
were on a very bowl run therefor twenty twenty one. But I mean
getting back there. I mean themarket you just gotta stay invested. I
wouldn't say timing is your friend.I think you need to hold your portfolio.
Long term returns are going to bethere. You just need to be

(01:16:13):
patient. A lot of folks outthere they see red and they want to
sell out of everything. That's theworst time to do it. Maybe restructure
a little bit. Maybe if you'rein your two concentrated in one sector,
maybe diversify a little bit. Butuh, but no, I think long
term, personally, i'm bullish.I think late next year we'll probably start
to see some rally. But oncethe elections over with or once we use

(01:16:36):
sense, I think it's going toalign with rates coming back down and the
election being over with, Yeah,and then we'll see some some real hopefully
some real returns at that point.But well, the Dallas at thirty four
to six SMPTY four fifty and thenan Aztec is at thirteen seventy eighty.
But if you look at the numbersyear to date, you're you know,

(01:16:59):
thirty one percent positive on the NASDACand then you're fifteen almost sixteen percent of
the SMP five hundred, and asI said, the dolls only up about
four percent. So you know,there's I think there's some really attractive stocks
right now as long as you havea long term time horizon. But our
clients are looking for what divin endand yield yield income income, so which

(01:17:23):
is nice for this rising rate environment. We've got high interest rates right now.
Some of these corporates are kicking offseven eight percent corporate bond funds.
You can also look at some ofthese yield enhancers that we've been doing some
work with and they were well overten percent at this point. Yeah,
it's amazing some of them. Butwe got to take a break. We
got to say goodbye. We're gonnaget back after the news. Nico Domas

(01:17:45):
certified fantage of Playner. Dave Kulpick, the president of the Retirement Planning Group.
You have any questions, give usa call. W Y. I
don't don't lost in a dream.I don't know which way till though.

(01:18:23):
Let me stop if you are alljust see the manby I'm moving the way
to snow can move for? Wouldlike to give me fucking slag? And
do I have no idea? Whothat? Who's the contours? I just

(01:18:45):
told you it's Paul kil How's thather? Uh? Is it? I
didn't realize that you stay up?Not Jake cold, Jake cold, Jake
hold that every bank all right?Like it? Those treadmills are moving.
I'll tell you what the sworning?I think I lost weight last night.

(01:19:11):
You don't you want to go there? All right? Were you eating no,
I've actually behaved. No drinking,no eating goofy stuff. And we
got a challenge until October thirty.First we got on the scales this week.
I won't even tell you what Istarted at. I was doing that's

(01:19:31):
it. I was doing the virtualreality Did you do did you go out
and do it? Yeah? Igot it. So there was somebody doing
the boxing. No, I wasdoing. There's like a shooter game.
We got a dodge bullets and itwas well the Kid's Bowl and they do
all sorts of crap with that.If you don't know what we're talking about,
this is what Xbox. No,it's just it's meta. So it's

(01:19:56):
a meta quest too. It's theOculus. Pretty cool. Yeah yeah,
it was pretty neat, very real. Yeah yeah. I felt like you
get your own little house that you'reset up in. So I put the
headset on in my house and Icould pick quick games I want to play.
So I was on a ski mountain. I had a huge lodge.

(01:20:16):
It's my it's my house. Butthey said that, you know, when
you do that stuff, you canyou know, I want to be in
the Himalayas or I want to bein uh, you know, the top
of the world, you know,as far as the mountains and stuff,
and you can visualize it and seeit and walk through it and it's just
amazing to me. With technology today, I'm always blown away by technology.

(01:20:38):
Yeah, it looks super real too. So all right again, we're here
live. If you have any questionsor comments, you can give us a
quall whether it's on investment management,asset protection, the legacy, wish you
lived, wish to leave your lovedones. We are the retirement Planning Group.
We have offices in Oneana, downtownAlbany, Malta's our headquarters and Glens

(01:21:00):
Falls. If you'd like to committo have a chat, we do offer
a complimentary consultation. You can simplycall Jim Corkran at five eight five eight
zero one nine one nine, eitherhim or Brenda or my son Christopher or
Lisa, one of us. We'llput you in the schedule and you can
sit down with Nico or myself whenwe can have a chat about what you're

(01:21:23):
trying to accomplish during your retirement years. We've been busy, yeah, we
had a lot of great appointments lastweek. I do want to say one
thing before I forget I had anappointment with Batman. He didn't on I
think Wednesday. Did he fly in? Yeah, he was just on his
way from Gotham? Oh? Really? Yeah? And how did he do?

(01:21:45):
Is he gonna work with us?He is? We have Batman as
as a client? Beautiful? Whatdo you mean? I was calling him
Batman and the appoint Do I knowwho this person is? You do?
Yeah? I don't know, buthis name is Batman? Yeah, yeah,
I guess I didn't tell him thatI was going to give him a
shout out, so it was Batman. Is he an existing client or is

(01:22:08):
he now becoming a new client?Yep, So they just became clients a
few months ago. So we've beenthat's not for him. That's not the
golfer. Is it the guy thatplays scratch golf? No, our buddy,
I don't think so. Okay,nope, nope, okay. But
I had to set Batman. Butwe have been having a lot of great
appointments. I've been doing a lotof work for folks, a lot of

(01:22:29):
Excel work recently. Just looking atfolks out there. They might have outstanding
loans. What's the benefit of payingone off versus the other? Based on
their interest rates. One gentleman,he had a variable rate through his bank,
so every two years it was gonnait is potentially going to increase by
two percent. So rather than payingoff the vehicle he just purchased, which

(01:22:49):
I think it's five five and ahalf percent, I looked at potentially paying
off the home equity first, andit showed him paying that down over the
next two three years. We're kickingon his inherited Jackson annuity to get provide
him with more income. He canknow who it is. Oh, that's
not Batman. No, this isanother one. That's Uh, that's Superman.

(01:23:14):
Superman. We got them all.Uh. I handle the females,
I handle he handles all the guys. I handle all the girls. So
I got wonder Woman coming in nextweek. She'll be into client. All
right, let's go over a coupleof things that I want to discuss.

(01:23:36):
Uh, there's there's uh, youknow, believe it or not. We
blink our eyes. Next week.We're almost through September. It's hard to
even believe that we're going this quicklythrough the year. And the last quarter
is typically the time that you wantto be allocated. Historically, the last
quarter of the year has always beengood on the equity side, if you

(01:23:57):
look at it statistically and you wantto make sure that you're allocated properly.
There's been a fairly major run intriple queues, which is one of our
positions, much more so than theother part of our portfolios. We are
bullish on bonds. I think thatit's an opportunity. I want to ask
you a little bit about the yieldenhancers, okay, because I know that

(01:24:21):
we have one in particular, whichwe won't mention, that's paying almost fifteen
percent, which I did a littleresearch on and I called our internal wholesaler,
and I also did some research throughFidelity on that position that's trading you
know, almost at it's historic low. Yeah, and I think that thing

(01:24:41):
has There was one research report thatcame out that basically said that you know,
that thing could be doing a totalreturn of thirty to forty percent when
the market stabilizes and interest rates,you know, are either going down or
interest rates are going to just basicallypause. Yeah, I mean that that
specific fund. It's more private equity, private debt, and you also look

(01:25:04):
at non agency bonds are within thatportfolio, which is providing the higher yield
because the private market isn't it accessibleto the everyday investor. As far as
the total return of that bond,I mean I had a conversation with a
client about it gets the average tenpercent on Friday. I mean, the

(01:25:25):
capitol's gone down over the life ofit because it's kicking off the fifteen percent.
So the actual principal response to thosedividends that are going out, So
every time a dividend gets kicked outtwenty two So I think it's like twenty
five cents or share that's getting kickedout. The stock prices dropping by that
much, right, So it's gonnabe hard to get the capital appreciate.
But it is low. Yeah,so I do think potentially, I just

(01:25:48):
I hope it stays flat and thenwe just collect the fifteen off of it
and yield enhancers for us is away for us to get a little bit
of what we call fluff, someadditional money off of portfolio, as long
as clients understand that it's going tobe a little bit more volatile and more
fluctuation than our core positions. Butthat's okay. You know, there's an

(01:26:10):
old story that we're all renters right. What I mean by that is that
we don't take anything with us,so the go go years, we want
to maximize go go, and thenslow goo, no go. You're not
going to need as much distribution offthe portfolios so that people that want to
take the trips and the cruises andall the fun stuff that you do during
your retirement years. The yield enhancersbasis basically gives us a little extra frosting

(01:26:32):
on the cake. Yeah. Ithink it's a great way to collect income
off your portfolio without how having tosell out of positions. Those yield enhancers
are nice, and I mean ratesright now beginning at twenty two if you
can get anywhere near where you're gettingtoday, like you said, there would

(01:26:53):
be a line to New York City. Yeah, I mean, you know,
it's the conversation that we had lastweek the go you know, why
do I not have as much moneyallocated into equity this year? You know,
you had a client that came inand she was up nine percent in
her portfolio right the year previous.She was like screaming, you know,

(01:27:15):
get me safe, Get me safe, Get me safe. Now she wants
more equity, more equity, moreequity, So sometimes we're in a catch
twenty two. You know, youknow you have to stay in your lane,
you know, because no one hasa crystal ball. Nobody understands,
nobody understands when a black swan eventis going to happen. What do I
mean by that? You know,you can be a buller a bear,

(01:27:35):
but don't be a pig. That'sa I think that's a that's a that's
a good analogy, it really is. I mean it sounds kind of Kurt
a pig. Yeah, you'd bea buller bear, but don't be a
pig. Don't don't try to reachgoals that are unattainable. Yeah, you
know, what do we say topeople? If we get six to eight
percent on an annual basis with retirementassets, we're happy, as you know,

(01:27:58):
little dogs in a right. Wecouldn't be happier. But I don't
want to try to shoot for twentypercent returns because I don't want to go
down thirty or forty. Yeah no, because then you got to come back
forty or fifty to make that twentyor thirty up. So you do need
to be careful with your portfolio andthe equity exposure, especially for those folks
that are in the red zone orgetting closer to retirement and you're gonna start,

(01:28:19):
you're gonna flip that switch. You'regonna go from accumulation to distribution.
At that point, you need morepreservation type of positions, more income,
So you want to preserve and collectoff the portfolio at that point. So
rather than contributing and growing at thispoint, we want stability and income off

(01:28:40):
the account. So there's a completelydifferent mindset, and it's tough. I
mean, people have been saving uptheir whole lives and actually going and accessing
that retirement account that you've been contributingto. It's it's a very different mindset
to have. So but it's importantto know what you own, make sure
you know your portfolio. Fixed incomesgetting great rates right now and it can

(01:29:00):
solve a lot of people's income needswith with not a lot of risk.
I mean, we try to makemore efficient portfolios, especially this year.
Yeah, especially this year, especiallythis year, and we have the option
to use fixed income this year,but more efficient portfolios meaning you lower the
risk and increase yield, so you'reproviding better returns with lower risk. So

(01:29:25):
that's what we try to do forfolks, especially if you're you're getting closer
to those retirement years, know whatyou own, make sure you understand the
landscape. You know. The thingis is that one of the things that
we try to do over and overagain is to make sure you understand exactly
how the money is allocated, whywe're trying to reach certain levels for income

(01:29:47):
distribution and get guarantees. Right nowoutside of New York, I just told
you that this U there's five pointsix percent guaranteed. I couldn't believe that
right now, five years for fiveyears. We asked Jim about that the
other day. Depending on where youlive and the amount of assets that you're
looking to allocate, that's a greatrate to return on a historical basis.

(01:30:12):
I mean, when you think aboutit, I mean, I'd like like
to see the numbers, but Iknow that I think the numbers somewhere below
four percent. On a historical basis. The net return for most investors has
been low four percent in a bondportfolio. That's the case. How do
you how do you blink your eyesand walk away past that? You know?
So, all right, we're gonnatake our final break. This is

(01:30:32):
a retirement planning show, Nicholas Thomasand myself David Kopeck. If you have
any questions or comments, we're hereuntil the top of the hour one eight
hundred talk WGY one eight hundred eighttwo five fifty nine forty nine if you
want to sit down with us andhave a chat and see if we can
facilitate what you're trying to accomplish inyour pre impost retirement years. Our telephone

(01:30:54):
number at the office is five oneeight five eight zero one nine one nine.
Our website is RPG retire dot rpgretire dot com five eight five eight
zero one nine one nine. Andbelieve it or not, the people are
standing outside applause because Joe Gallagher justarrived in the studio. It's unbelievable.

(01:31:14):
He'll be right on. Folks,be patient the eighty six per centers.
Do you know that eighty six percentof the population has no defined benefit pension
plan? For most of us,we have to take our life savings and
create a paycheck for the rest ofour lives in retirement. What is your
plan for retirement income distribution? Howwill you manage your assets during the most

(01:31:35):
critical years of your lifetime. NobelPrize winning economist William Sharp has called retirement
income distribution the nastiest, hardest problemin finance. He points out that investment
uncertainty and mortality can derail the mostcareful laid out retirement income plan. Call
our offices today to start the processof building a retirement income distribution plan.

(01:31:57):
After forty one years of being inthe financial services business, you need to
start taking action to start building yourown personal retirement income distribution plan. How
do you do that? To takeaction? Five one eight five eight zero
one nine one nine. That's fiveone eight, five eight zero one nine
one nine or RPG retire on theweb. Don't procrastinate, motivate to start

(01:32:18):
building your retirement income distribution plan fiveone eight five eight zero one nine one
nine. If you have any questions, please call in now at one eight
hundred eight two five fifty nine fortynine. That's one eight hundred talk w
g Y, one eight hundred talkw G Y. We are live in
studio to answer your questions. I'vegotta take a little time, a little

(01:32:56):
time to find things over. Thisis a great so really better read between
the lines. It's kind of slow, just like you come on sack it
over live. It's killing he's acommander's friend. Come on right. Good

(01:33:26):
morning, good morning, good morning, good morning. It was chilly this
morning. It's fifty five. WhenI was driving in Chili, the frost
was on the pumpkin. That meansthat our good friend, mister winter summer
ends. I think the twenty first, and we're officially in fall. I

(01:33:49):
think the twenty second. If I'mnot mistaken, you are correct, right.
The twenty first is the last thing. Kaposh kapus. That means the
boat gets shrunk up out of thewater. But the tune tune, yeah
you shrink crap it. I thinkthat's what they do. I drop it

(01:34:10):
off at a far smith up anduh, you don't do it yourself?
No, no, I don't.I don't even have a trailer for the
boat. It goes from my dockto them, and then they do whatever
they do with it, winnies it, and they get it ready for the
water, and they drop it inthe water and they drop it off at
my dock. Wow, there's agreat organization. That's no fun. No,
there's a great organization. They've beenI've been with them for years up

(01:34:33):
at Lake George. So but thisis a beautiful time here. Maybe we'll
keep it in a little bit longer. Julie and I years ago for our
anniversary. October eighteenth's our anniversary.So if you guys want to write that
down, Zachie got that. Octobereighteenth, that's my anniversary. Okay.
So any kind of gift you'd liketo give me, you're gonna have to

(01:34:58):
give a gift to Julie because youknow, twenty six, twenty seven years
of me, So you ought tohave Like, what are you getting here?
I don't know. One way ticket. I think you should take her
out to a nice dinner. AndI'm going to be the one that's listed
on the tickets. I'm heading outat Dodge. Are you're taking off?
No? I don't know. Shoot, we've been very fortunate. We're blessed.

(01:35:20):
We got good health, we gotfriends that are going through a horrific
time right now. You got yourhealth, you got everything. Like I
said at the beginning of the show, we're all renters. We take nothing
with us. And I have suchaffection and respect for people that share their
wealth and give it away and domonumental things as far as changing people's lives,

(01:35:41):
which you can so, and there'sa lot of people that do that
on the QT. You have noidea who it's and don't forget September twenty
eight. If you want to givesome of your money away, help us
participate on the swing for a curatesfrom the American Cancer Society. We'd love
to have you, and they doa fantastic job. Jim coordinates it and

(01:36:01):
call us our office at five eight, five eats or a one nine one
night. I think we have roomfor what two more fosomes? Yeah,
Jim was saying two or three?Yeah, I think he's got one.
He got one more last week.I think we have two more foursomes that
we can fit in. So allright. We had a situation this week
that Nico wants to talk about thatresonates with us because it's not uncommon that

(01:36:23):
we see this type of an eventand it can be horrific for people that
are going through it. Yeah,So we sat down with a woman.
It was it was nice because itwas me, you, Jim, and
Frank, We're all sitting down withher and her daughter and we were reviewing
an insurance contract that she purchased aboutten years ago. So it was a

(01:36:46):
life insurance on her life and there'salso some for some form of long term
care. Yeah, and it wasa phenomenal policy. Yeah, it was
a great policy I think when shepurchased it. But after a few years
she was making the premium payments.I think they're maybe twenty thousand dollars a
year, so we're on there.Yeah. So she was making these payments

(01:37:09):
and then she spoke to the otheragent or advisor and he said, at
this point, I think you're fine. The contract will pay for itself.
If if you stopped making premium payments, the dividends will will help pay for
the policy and you'll be fine.You could take this loan out against it
and nothing will happen. And westarted looking at the policy with her,

(01:37:30):
and Jim did a great job ofrunning some some different illustrations, and it
showed that the policy was going tolapse in about two years. Her cash
value was down to about thirty thousanddollars in the contract, and she had
a loan against it too. Shehad a loan out against it for about
thirteen thousand bucks. So the insurancecompany pretty much came back and said this

(01:37:51):
contract is gonna be no good intwo years and the million dollars death benefit
that was associated with it for hererrors would have been gone. So we
had to look at different options andwhat would make sense and should she pay
this increased premium to keep the contractin force, she's gonna have to pay
off the loan. And should wedecrease the death benefit and run it out

(01:38:13):
to ninety five see what the premiumwould be then. So there's just so
much work that we started to dofor the woman, and a lot of
folks out there don't I wouldn't havesaw that coming over the horizon. They
would have got to notice that theirtheir policy lapsed. And what it's called
is called an in service distribution.We do that for all the individuals that
come in in order to see ifthe policy is going to make the final

(01:38:36):
destination, which is of course death. It's a hypothetical illustration, right,
And the thing is is that wefind out the current crediting method, what
it's been historically, what the illustrationwas shown during the process of the sale.
And for a lot of these policies, you want to look at the
game. The word that I alwayslook at guaranteed. The guaranteed crediting method

(01:39:00):
because that's the one that's going tobasically say, is this thing going to
be around when Bobby, you're Billyor Susie or whoever pass away, and
is there going to be a deathbenefit for the Because you don't want to
pay all these years on a policythat's going to blow up and for some
of us we've seen it because thepolicies are not structured properly. Anytime you
buy an insurance policy, if you'reborrowing against it or if you stop premiums,

(01:39:21):
that's usually not a good sign,and that usually means that you're putting
yourself in jeopardy. Yeah, Imean you're signing a contract when you purchase
that life insurance policy. That contractis I'm going to continue to pay this
premium every year, and then inreturn, when I pass away, you're
gonna your errors are going to receivea death benefit. So there's a contract

(01:39:43):
between you and the insurance company andyou need to abide by that or else
things can arise, policy values candecrease. What are you doing there?
I gotta disconnect. Is Joe Gallagher'scoming in here? You know Joe gets
very upset. Have you ever seenJoe mad? Joe gallaghery mad is not
pretty. Probably a hurricane. Ohit's very very, very very ugly,

(01:40:08):
very but I guess matches his faceis temperament, Uh easy, Joe.
Uh So for this woman, thesituation she was in as well, it
was a variable. So it's avariable universal life. And there's a sub
account when it comes to variable universallife policies and the cash value. That's

(01:40:32):
why we don't buy them exactly.We buy policies that have universal life with
guaranteed death benefit writers. That's whatwe utilize. We're not worried about cash
value. We're worried about death benefitguarantees. Guarantee run that out to Yeah,
yeah, you want to run itout, make sure it's going to

(01:40:54):
be there for your benefits. Hereis because that's what you're putting your money
into and you want to make sureit's guaranteed. So but yeah, it
was a tough situation. It wasa tough conversation, but we're going to
try to figure it out and doits best for the client. Yeah.
We got Bob Vienny from Advisors,insurance broker working on it with us right
now to try to facilitate what's goingto be able to be in her best
interests. With insurance policies, youcan always go down, you can't go

(01:41:16):
up. That means that she canreduce the death benefit if that's in her
best interests. So there's something thererather than nothing. The other thing is
is that there's options available where peoplewill actually come in and purchase those insurance
contracts, write her a check.The policy will stay in force, but
the benefit, believe it or not, goes to an investment company. And

(01:41:36):
you know there's different names from him, You've seen them advertised on TV.
So the thing is is that whenwe're in a situation like that, we
don't try to do it because we'renot experts in that arena. Bob Vanny
is and his expertise we're going toutilize in order to hopefully put this woman
at least in a situation at aminimum. At a minimum, she can

(01:41:57):
get her premium back the dollars thatshe put into the contract or if possible,
keep it in force, and shecan put a few extra bucks in
her pocket. Right yep. Sowe'll evaluate everything, make sure we come
back with the right answer. We'renot going to tell what to do just
based off the initial conversation, butAgain, if you're someone that's out there
that you have a life insurance policythat you've been in since the eighties,

(01:42:19):
nineties or early two thousands, thatyou purchased a while ago. You don't
know what it's doing, or whereit's at right now, or what the
values mean. Give us a call. Numbers five one eight, five eight
zero one nine one nine. Againthat's five one eight, five eight zero
one nine one nine. You alsopeople that have like buy cell agreements,

(01:42:40):
people that buy bought insurance through corporations. There's high cash value those policies.
You know, just don't cash themout. You might be surprised what you
can do with them for your retirementyears. Those or are opportunities. Once
you cash out the policy, youlose the opportunity to keep insurance in force.
And I've seen you've seen it.You've seen it with clients of ours,

(01:43:02):
where we've taken older policies dramatically increaseddeath benefit that people don't have to
pay on them anymore, and theyget long term care coverage too. Yeah,
so you can do ten thirty five. You don't have to pay a
tax on the cost basis of thecontract. Some other things I mean as
far as entering retirement, some insurancepolicies through your work you can continue on

(01:43:26):
into retirement. I think Dave wasstarting to touch on there. And you
don't have to qualify again, soyou wouldn't have to go through a medical
examination to continue that coverage, whichis very beneficial for some folks that might
have gone through some conditions. Soagain, everyone, thanks for tuning in
this morning. I think we're runningon our last thirty seconds here. If
you want to call our office.See these are out of last place,

(01:43:49):
Yeah they are. I have beenwatching Did the picture get hit with a
ball last night? I don't know. I didn't see any of the highlights.
Was telling me that possibly picture.Well, you're a sports guy.
Does somebody get hit with a balllast night? What do you know?
You don't know anything. He's anEagle, he sleeps, he's in here
sleeping. He's an Eagles fan.Yeah, Joe Gallagher will let you know.

(01:44:11):
We'll see you at twelve noon.God bless. The information provided is
for educational informational purposes only. Itdoes not constitute investment advice, and it
should not be relied on. Assuch, it should not be considered a
solicitation. To buyer or to offera seal security. It does not take
into account any investors particular investment objectives, strategies, tax status, or investment
horizon. You should consult your attorneyor tax advisor. Thank you for listening

(01:44:34):
to the Retirement Planning Show hosted byDavid Kopeck. If you would like to
talk with Dave or someone at theRetirement Planning Group called five one eight five
eight zero one nine one nine.That's five one eight five eight zero one
nine one nine during business hours,or visit us at RPNG retire dot com.
The Retirement Planning Group has three convenientoffices located in Albany, Malta and

(01:44:55):
Glen's Falls. Retirement Planning Group LLCis a registered investment advisor. David Copek
is also a registered representative of PERSHChaplin's Sterling Investments Inc. PKS in their
separate capacities. A registered representative ofPKS, David M. Copeck may recommend
the implementation of securities through PKS insteadof Retirement Planning Group LLC. PERSH Kaplan's
Sterling Investments in Retirement Planning Group LLCare not affiliated companies. Tune in again

(01:45:19):
next week for retirement planning strategies withDavid Kopeck on the Retirement Planning Ship