Episode Transcript
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Speaker 1 (00:00):
The opinions, viewpoints, and promises made during the following program
are not those of wgy it's staff, management, or parent company. iHeartMedia.
Speaker 2 (00:19):
We are here. Good morning, good morning, good morning, good morning.
It's hard to believe. Isn't that Labor Day weekend?
Speaker 3 (00:30):
It's September. It's almost September, not September Monday.
Speaker 2 (00:36):
It's August thirty.
Speaker 3 (00:39):
Football season?
Speaker 2 (00:41):
Do you don't care anymore? With the nil?
Speaker 3 (00:45):
Oh? For college? Yeah, I still watch college. I think
Syracuse plays Tennessee today, Yeah, I think so.
Speaker 2 (00:55):
I don't know.
Speaker 3 (00:56):
Dahlia has got the Syracuse sweatshirt on.
Speaker 2 (00:58):
Get out of here? Are they? Are they playing today? Yeah?
Big game is Texas Ohio State to start the season.
Speaker 3 (01:16):
Yeah.
Speaker 2 (01:16):
But you know, with money, money is just crazy. There
was a guy that I told, I said I have
last week. Watched this on YouTube, Lou Saban being interviewed
and he talks about why he left college football, and
it's pretty.
Speaker 3 (01:37):
Oh, Nick Saban, What did I say, say, Lou?
Speaker 2 (01:43):
I love Lou his brother? Nick?
Speaker 3 (01:47):
Yeah, I know, I know, I knew what you were
talking about.
Speaker 2 (01:52):
Yeah, but the watch it on YouTube and it talks
about they had this, they had this event at their
house all the time for the recruits. They go to
Alabama and his wife. To make a long story short,
the wife, after everybody was gone, sat down with her
husband and said, why are we doing this? And he said,
(02:14):
what are you talking about? She goes all the kids
talked about was the money. They didn't say how happy
they were, how they look forward to their education. They
look forward to, you know, multiple years being here at Alabama.
And that's when he said it's time to go. Yeah,
(02:34):
it's time to go.
Speaker 3 (02:35):
So maybe paying the players change the mindset of the players.
Speaker 2 (02:39):
Well, I mean if a kid, which I didn't realize
until the other day, if I go to say Syracuse
and they give me eight million dollars, they go play
football there as a freshman the next year, I could say,
thank you so much. This has been fun.
Speaker 3 (02:57):
I'm going to retire.
Speaker 2 (03:01):
I'm gonna read there. I'm going to Alabama, yeah, or
I'm going to Maryland, or I'm going to Notre Dame,
whatever it may be. It's all bs, it really is.
And this world is so screwed up right now. It's
just amazing. Money dictates everything. Money is the evil in
(03:23):
my opinion, And who was the receiver you and my sons.
My son, I guess is coming in at eight o'clock
and I'm leaving.
Speaker 3 (03:34):
You're leaving.
Speaker 2 (03:36):
You guys are gonna dance by yourself. I'm gonna listen
to the radio dancing.
Speaker 3 (03:40):
We can do whatever you want. I don't think you're
leaving though.
Speaker 2 (03:45):
Uh. The wide receiver for the Dallas Cowboys lamb. No,
the one that just left. They got rid of it.
Speaker 3 (03:54):
No, no, he's starts with them. No, they had a
linebacker that.
Speaker 2 (04:00):
No, no, no, they got rid of them. They send
them to green back.
Speaker 3 (04:03):
It was the linebacker. No, that was was it. Yeah,
it's the linebacker.
Speaker 2 (04:08):
Come on, come on, baby, get it.
Speaker 3 (04:10):
It's too early.
Speaker 2 (04:11):
It starts with an.
Speaker 3 (04:14):
It's gonna hit me in like five minutes. Let me
take a sip of coffee. I swear it was a linebacker.
Let me just look it up, bro Grading Meca Meka Parsons. Yeah, linebacker,
he's a linebacker.
Speaker 2 (04:30):
He's fall asleep last week on the bench where they
do the pet they take care of the guys when
they come out of the game and stuff. You know,
they got a sprain or they got a trolley horse.
He's laying down taking a nap. He just got one
hundred and eighty eight million dollars.
Speaker 3 (04:52):
Contract, was it? Terry McLaurin just signed three year, ninety
six million at all the commanders he was holding out.
Speaker 2 (05:05):
I've lust, I've lust. I could care I was a
huge sports fan. I could care less. Now I'm going
up into the Adirondecks and I'm a birdwatcher.
Speaker 3 (05:15):
Now we should go to more NFL games. You should
be uh NFL advisors as well.
Speaker 2 (05:23):
WAITI deally you think about birdwatcher.
Speaker 3 (05:26):
Let me tell you about a nudies Terry McLaurin.
Speaker 2 (05:32):
Well, I'll tell you what, folks, it's been a first
of all, in all seriousness, this has been a horrific
week for the United States. When you have a kid
that's locking the doors, putting bars between the doors of
a church, and shooting at young kids, it's despicable. And
(05:55):
the word that I want to use I can't say
on public radio, but they should take I don't know.
The mother won't talk to anybody now, but there's got
to be a some kind of indication that this kid
was screwed up that you just don't turn. And the
thing is, I was just reading the paper this morning
where he transitioned from a guy to a girl. And
(06:17):
then when he did it, he wished he didn't do it.
Mother signed off the papers when he was seventeen to
make him a heat of a sheet.
Speaker 3 (06:25):
Yeah, you don't know what's going on. You know, in
their head, they're screwed up. Yeah, they're screwed up. They're
a child.
Speaker 2 (06:33):
You know.
Speaker 3 (06:33):
That's why the parent, the guardian had to sign off
on that.
Speaker 2 (06:36):
Well, you hear about the mother. Where's the father?
Speaker 3 (06:40):
Probably m I A yeah, probably.
Speaker 2 (06:44):
Well, you know, you know, I coached basketball for years
AAU basketball and I used to always be very attentive
to the kids that didn't have parents there watching them play,
because when I was a kid growing up, my mother
(07:05):
worked morning, noon and night. My dad died when I
was young, but I didn't have anybody in the stands
cheering me on, and it was always a missing link
in my life, you know what I mean. And for
these kids today that are in these I would say,
very very demanding neighborhoods as far as what happens on
(07:31):
a daily basis. I'm trying to be political here. You know,
if you don't have a father and a mother, I
think it really has a huge impact on a kid.
Speaker 3 (07:41):
I was very fortunate. You know, my parents came to
every single game that I had. No. I just want
to make your parents proud, even when you sat the bench.
So even when I didn't sit the bench, you know,
you always looked in the stands. You know, did they
see that?
Speaker 2 (07:57):
You know?
Speaker 3 (07:57):
Three porn are just buried.
Speaker 2 (07:59):
Every every kid I used to win a CBACA was
a kid. There was a lot of kids at CBA
that were from Albany, the city, and I used to
always make sure I gave him a hug and told
them that I thought they did a great job. And
the bottom mine gets down to is that I don't know.
There's when when I saw that on TV the other
(08:19):
day where this kid shooting through the window of a
church killing young kids. Kid kidd the guy I think
he was only twenty two.
Speaker 3 (08:29):
Yeah, and there are two children that passed away. It's
just terrible. The most innocent individuals in the world.
Speaker 2 (08:35):
Yeah.
Speaker 3 (08:35):
Children.
Speaker 2 (08:37):
So I'll tell you what, folks. You know, it's Liberty weekend.
You got a long weekend. Make sure you're enjoying your
life and your family and loved ones, and you're doing
something special. I gotta go to the track today. Did
you just say that to you?
Speaker 3 (08:53):
You did? I you know, I don't envy there, have
a good time. I'm gonna go to.
Speaker 2 (09:00):
I'm gonna go up there and you know everything's gonna
I'm gonna get upset because everything's so expensive up there.
Speaker 3 (09:05):
You're going up to Lake George after.
Speaker 2 (09:07):
Yes, I'm going to Lake George after the track and
I will float on my boat Sunday and Monday because
it's a long weekend, which is hard to believe. We're
going to be back. That's what we bsked a lot.
That was cool.
Speaker 3 (09:24):
We'll get into numbers next segment.
Speaker 2 (09:26):
Yeah, when we come back, we're going to be back.
I'm Dave Callback. I'm here with Nicholas doom As Certified
Financial Planner. We'll see it right after this break. If
you want to call in, give us a call. We
are living through the greatest wealth transfer in the history
(09:48):
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You have to create your own retirement income plan. Social
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Eight eight eight five eight zero one nine one nine.
(11:39):
That's eighty eight five eight zero one nine nine, and
your future will thank you. All Right, we are back.
That's good, that's not bad. And I will let our
(12:02):
listeners know there's been all sorts of stuff going on
in our business. When I say our business, radio business,
that you can't play music anymore, like because the artists
want they're vig so we were told that we can't have.
Speaker 3 (12:21):
So we're gonna start recording our own music.
Speaker 2 (12:24):
I think, So, I think should I try singing?
Speaker 3 (12:28):
Yeah, we've got the studio at the office. We don't
do anything in the day, so it's not like we're
busy or anything. Oh no, you're mimicking somebody. That's copyright.
Speaker 2 (12:45):
Okay, let's do this.
Speaker 3 (12:49):
It's today's world.
Speaker 2 (12:51):
Today's world is that it's all screwed up. As far
as I'm concerned, I think that there is. Uh. This
is a great country, and it's always I don't watch
the news anymore. I used to watch the news every day.
Don't watch the news all anymore. I don't.
Speaker 3 (13:09):
Will you watch the Bloomberg?
Speaker 2 (13:11):
Well, I listen to financial markets. I listened to Larry
Cudlow Bloomberg CE NBC a little bit.
Speaker 3 (13:20):
I do a lot of my research just online too.
I like FRED the Economic Data Fred Fred. It's a website.
Speaker 2 (13:32):
I think it's the I listened. I listened to Jethrow.
Speaker 3 (13:35):
It's an acronym, but it's something something.
Speaker 2 (13:38):
I'll tell me what the hell it is.
Speaker 3 (13:40):
Well, they go through and they evaluate the different Uh,
there's a bunch of plot graphs, and they show you how,
you know, how's the markets doing, or interest rates are
comparative to you know, thirty four years ago. So they
show you different trends, you know, in the marketplace.
Speaker 2 (13:55):
But well, we know this, there's a growing anticipation of
interest rate cuts. So let's get down to some business here.
The Fed Reserve has sparked the interest and the rotation
to the downside. So September and October have historically brought
increased market fluctuations, which were all quite well aware. However,
(14:17):
with decrease and interest rates, a lot of people are
very bullish on the stock market. Are you getting that sentiment?
Speaker 3 (14:25):
Yeah, the Fed's getting more dubvish. You know, they're changing
their tune that they've been singing. So you're going to
see what we already saw more mid to lower duration
T bills have been decreasing a little bit, longer durations,
kind of staying where it was at the four percent
on the ten year. But now you're starting to see
(14:48):
the Fed get more responsive to decreasing rates. And now
they're getting you know, Trump trying to take people off
the Federal Reserve Board as well with some mortgage fraud allegation,
and you know, we'll see what goes on there.
Speaker 2 (15:03):
Well, if she, if she did do that, she needs
to go. I mean, it's like the Pope, you know, sinning.
I mean, you know she's in a position where, you know,
if she's feeling filling out false documents in order to
get lower rates on mortgages and she sits on the Fed,
her her butt needs to go.
Speaker 3 (15:22):
She be held accountable.
Speaker 2 (15:24):
Absolutely No, it's just you know, it's you know, it's
not even you know, anybody that's in the investment banking
industry would say the same thing. You know, if she
did what is supposedly you know, put out there, then
she needs to go and the sooner. She hasn't said
(15:45):
yet that she did not do it. Yeah, she hasn't
come out with a statement it said I did not
fill out these documents.
Speaker 3 (15:52):
Well, she's blamed on negligence.
Speaker 2 (15:55):
But every everybody, you know, oh jeez, you know it
mist it was a mistake. Do you know that? In
the video right now makes up eight percent of the
market capitalization of the S and P five hundred, Yeah,
four point two trillion. Eight percent of the S and
P five hundred five hundred is made up by one
stock and they're growing. AI is on fire.
Speaker 3 (16:19):
Profit margins are huge, yep, you know, low costs with
these AI companies.
Speaker 2 (16:24):
The revenue rows fifty six percent year over year.
Speaker 3 (16:27):
The major expenses of research and development r and D.
You know, once you create the chip and you just
mass produce it. But you're getting a lot of these
AI companies. You're also getting the Palenteers of the world.
And uh, who likes palanteer your son, as Uh has been.
Speaker 2 (16:47):
He likes to that end to you a little bit,
doesn't he When.
Speaker 3 (16:51):
I was there with him, but I was more of
an Nvidia guy. I like the blue chip already well
known company. Yeah, but no, you still have your you know,
your mag seven, right, your magnificent seven that are pulling
the market.
Speaker 2 (17:08):
Well, the ones that they're focusing in there. I was
watching the thing the other day, Amazon, Google, Microsoft, at Meta.
They've doubled their annual infrastructure spending on AI and AI
will change the world. Here, here's the thing that's scary
to me. I don't know if our listeners. Two things
have happened this week about AI. The first of kid
(17:29):
committed suicide. He had a conversation with AI where he
was going back and forth with chat GPT, where chat
GPT was basically I guess acting as a cohort a therapist,
like yeah, but really, you know, if this is really
something that you want to do, it's all over the
(17:51):
news this week. And the second thing what's going on
with is that there's a lot of people out there
right now that are really concerned that it's gonna take
a lot of jobs away. You know, AI is gonna
You know, you you call businesses now and you're not
talking to humans. You're talking to AI.
Speaker 3 (18:13):
And their programmed to be able to respond to you
and you know, voice recognition and understand what you're saying.
Speaker 2 (18:21):
Well, when we go out to Syracuse or not Syracuse,
Boston for the Fidelity conference, I know that there's one
specifically presentation that's being done on AI. Did you see
the bullet points?
Speaker 3 (18:35):
Yeah, I'm signed up for it, all right, Yeah, I
think there's three different seminars that we get to watch.
So we've got AI at the office too, Jarrett, No,
I'm just kidding. Dar's a great kid. Though, You're always
going to get a human when you call our office,
so you don't have to worry about AI taking over
the retirement planning group.
Speaker 2 (18:56):
The problem is is that it's not a problem. It's
the scary part of this is AI. It's just at
the early innings. I mean, if you look at a
baseball game, we're probably in the bottom of the first
You know, this is just a tip of the iceberg.
You know, I saw a thing on Google not too
long agough where and I think I mentioned this to
(19:17):
you last time we did radio together. Where the robots
were dancing and jumping and doing jumping jacks and flips
and all that stuff. That's kind of have an impact.
Speaker 3 (19:25):
Yeah, I think you're going to see him in the
household eventually. You know, Tesla Elon Musk is working on robots.
Speaker 2 (19:32):
Can you imagine me sitting in the back of my
car and the robots driving me around.
Speaker 3 (19:36):
I wouldn't no, don't do that. I wouldn't trust that thing.
Speaker 2 (19:42):
Hey, take it right up here, you're wrong, We're going straight.
Speaker 3 (19:46):
I was listening to uh, I was listening to something else.
They were saying that AI is going to help small
business startups lower barriers to entry because of the advertisement
on social media, because of the next generation who are
always on their phones. You know, it's easier for these
smaller companies to sell their products, whereas in the past
(20:08):
it's been more monopolized by these big businesses. So, you know,
that's something else that we might see a shift, a
little more market segmentation. So but I don't hate it,
you know, because the small dog, you know, a chance
in the fight.
Speaker 2 (20:22):
Yeah. So if you look at the markets, uh, you know,
corporate earnings are coming in better than expected. You know,
the fed, it's probably going to accommodate lower interest rates.
So short term, personally, myself and I, you know, a
lot of the data that we read, the outlook for
stocks remained probably pretty good. We're in the next twelve
(20:44):
to eighteen months, and not only with stocks fixed income.
We've already seen some moves in fixed income that's been
very positive.
Speaker 3 (20:53):
Yeah, the bond index was the only index that was
up over the last five days. You know, I think
right now, coupon are great. You know, you can get
a seven percent eight monthly coupon on some of these
corporate bond mutual funds. And also if we start seeing
a decrease in rates here, hopefully we get some pop.
You know, we've been talking about it for a while,
but I think it's finally getting to that point where
(21:14):
you're going to start getting rewarded. And even when we
weren't getting rewarded, we're collecting cash flow coupon on a
monthly basis for our investors. So the bond market is
you know, it's a great opportunity right now. I think.
Speaker 2 (21:28):
Yeah. The thing is is that you're starting to see
a broader participation in the markets, which is good. That's
what you want to see. And you know, large cap
stocks have done extremely well in conjunction with tech, but
any pullback, most of your investment banking firms are saying,
you know, this is the opportunity to take some of
(21:50):
that dry powder that you got on the sidelines and
add into your positions. And then, of course I'm not
a big fan of international. I never have. Any time
I got into International always kicked me in the teeth.
My feeling is is that if you're buying Coca Cola,
if you're buying you know, Google or any of these
other stocks, they participate overseas, what's your position?
Speaker 3 (22:12):
I have the same position. We do use overseas income funds.
Some income funds are good for international.
Speaker 2 (22:19):
With with our with our alts are our yielding cancers.
Speaker 3 (22:23):
Yeah, yeah, there's a one fun I'm thinking about specifically
that has about seven and a half eight percent yield
right now, and it's actually appreciated quite a bit of
value too. But but no, I forgot to rub it
a I mean you you've always been rubbing in stocks
to me. But did you see what Buffett bought recently?
Speaker 2 (22:39):
Stop?
Speaker 3 (22:40):
Did you see?
Speaker 2 (22:41):
Yeah? Brok sure halfway?
Speaker 3 (22:43):
What did they buy. They bought you and H United
Health Group.
Speaker 2 (22:47):
That's right, you and H.
Speaker 3 (22:48):
Didn't I tell you? I was?
Speaker 2 (22:49):
Yeah, that's dot pretty well in the last few weeks.
Speaker 3 (22:52):
You and your GE.
Speaker 2 (22:54):
Yeah, I love G. I love Larry Colt. What can
I say? He is my guy. If he does for GE,
which you already has, what he did for Danaher, We're
all going to be dancing. I'm dancing in the street.
It's it's been a great investment for the Kopek household
and some of our clients that participated.
Speaker 3 (23:09):
But did you trim any yet or are you still holding?
Not trimming anything?
Speaker 2 (23:14):
Going along? Baby? Going the distance with Larry. When I
hear that Larry's leaving, that's when I start selling. But
I just I love the guy. I think he's extremely
When you got one of the top ten executives CEOs
in the world, sit tight?
Speaker 3 (23:33):
Where was he before Ge?
Speaker 2 (23:34):
Was it Danaher Corporation? So as we shift the seasons,
as we go from the warm to the cold, you know,
it's a good time for you to pause, sit back
a lot of your stocks, to digest a little bit
some of the gains that you're seeing. Look to your
financial advisor to see if there's some investment opportunities out
(23:57):
there as far as diversification, and as we say over
and over and over again, that's the Retirement Planning Group.
A well diversified portfolio is what your friend. Diversification is
always a positive, not a negative. And you and I
are seeing some unbelievable opportunities out there, yeah, with alternative investments.
(24:18):
So we'll go back talk a little bit more about
the markets. But this is open lines w g Y.
That's one eight hundred eight five nine. We'll be right
back after this break for the news. All right, we
(25:04):
are back. Good morning, Good morning, good morning. It's the weekend.
It's time for the Retirement Planning Show. We're here every
weekend from seven to nine, the Retirement Planning Show. Hopefully
educate you on it. Educate yous. We'll educate you on
the opportunities and some of the bumps in the road
that you might face. We offer a complimentary consultation and
(25:27):
our offices and we're gonna have a Hudson office pretty soon.
So caller number five eight five eight zero one nine
one nine or eighty eight five zero one nine one nine,
and that will get you to the office and you
can set up a complementary consultation and love the opportunity
(25:49):
to sit down with you.
Speaker 3 (25:50):
You gotta stop procrastinating. But what not you the listeners,
Oh yeah, motivate, motivate. You've had a nice summer either
starting to turn probably not traveling now. A lot of
vacations are over. Sit down and start reviewing what you have.
And I see nightmares walk into the office each week,
and you know, we do our best to point folks
(26:13):
in the right direction, but it's you here ultimately has
to make that.
Speaker 2 (26:15):
There's a situation I don't understand. We had. We have
new clients sizeable estate. I have a farm, They have
residence in not only New York but also Massachusetts. Went
to the attorney attorney. They want to do some protection
(26:36):
of their estate, and the attorney told them to do
a revocable trust rather than irrevocable. And I don't understand why.
Speaker 3 (26:44):
I have too many assets, they too much income.
Speaker 2 (26:47):
I don't think so. But either but either way, because
no one knows how bad a long term care event
could be. My mother in law when she was in
the trid bed, it was one thousand dollars a day.
Speaker 3 (26:59):
That'll go through any estate.
Speaker 2 (27:01):
Thousand dollars a day down at the Whittier for a
trick bed.
Speaker 3 (27:06):
How long ago was that?
Speaker 2 (27:08):
Not that long ago? Ten maybe ten years.
Speaker 3 (27:12):
So it's probably doubled.
Speaker 2 (27:15):
Who knows, you're by yourself. It's a trick bed. You've
got twenty four to seven care?
Speaker 3 (27:20):
Is that like an ICU bed?
Speaker 2 (27:22):
I think? So it has to be a bed. She
couldn't breathe, she had COPD, she smoked, you know, like
a chimney for years and came back the biter in
the tail. But the bottom I gets down to is
that I don't understand. You know, I always talk about economists.
(27:42):
If you put ten economists in the room, you're going
to get ten different answers as far as what's going
to happen, and nine out of ten of them are
going to be wrong.
Speaker 3 (27:50):
What's the con of an irrevocable trust?
Speaker 2 (27:53):
There's none.
Speaker 3 (27:54):
There's none.
Speaker 2 (27:55):
I can't think of one thing that an irrevocable trust
doesn't give you that would be beneficial. Matter of fact,
people always say, if you're going to do an irrevocable trust,
do it in New York State, because New York State
allows you to do partial revocation. And it doesn't affect
the other assets that are in the trust. So why
(28:17):
the hell would you do a revocable trust if you're
trying to protect in the state and you're doing legal
documents and you're doing a revocable trust and it does
nothing except hopefully technically simplify settling the estate once you
drop dead.
Speaker 3 (28:37):
It avoids probate and no one can contest a trust
and it's out of the public knowledge.
Speaker 2 (28:44):
What's your perception And I know I'm going to catch
helf for this, well, I know we're going to catch
hell for this. What's your perception of attorneys that do
this work.
Speaker 3 (28:55):
That do trust work?
Speaker 2 (28:59):
They'll be a.
Speaker 3 (29:01):
I think half of them don't know what they're talking about,
you know. I mean, I'm not an attorney, but I've
done the CFP. There's a lot of a state work
in that. And there's anywhere from gritz grats, you know,
gen revocable else. There's millions of different well not millions,
but you know, hundreds of different types of trusts. But
(29:24):
but no majority of you know, people that walk in
they say, yeah, I've gotten irrevocable trust. I always ask
to see the trust because typically it's irrevocable. You know
it's not irrevocable, and I go, oh, it's actually revocable.
And you're the trustee on it. You know, your child's
not the trustee.
Speaker 2 (29:43):
What good is it if you don't fund it too?
Speaker 3 (29:45):
Yeah, And a lot of attorneys don't fund it. They
drop the trust document and say here you go, go
do what you gotta do. You know, they don't even
ask for the deed of the house to process that.
Speaker 2 (29:53):
We've probably processed more with Lisa in operations. As far
as titling assets inside a trust. I understand that they
can't do it because it's securities. But we don't get
any dialogue. We get very little correspondence back and forth
from the attorneys unless it's our recommendation.
Speaker 3 (30:09):
Now, how about your life insurance policy? You know, your
whole life policy? What are you doing with that? I'm
just gonna leave it in my name, you know, so
the long term care facility can come access the cash
value and blow up the policy before I die.
Speaker 2 (30:21):
First two things they asked for.
Speaker 3 (30:23):
Cash value life insurance and non.
Speaker 2 (30:25):
Qualified And so we continue. You know, I don't know.
I'm not sitting here because I've got a lot of
good friends that are attorneys that work in this industry.
But the bottom I gets down to is that somebody's
gonna have to give me. I gotta get Louan or
one of his guys from a pure law firm and
let them have a discussion with us as far as
(30:46):
what their position is. The other thing is is that
everybody says, you know, an IRA is protected from a
medicaid spend out. Well, we know that's not true because
we've had clients that the counties now make them spend
it down based off of life expectancy, not based of
r rm D or periodic payments.
Speaker 3 (31:04):
Yeah, and if your life expectancy drops to four years,
you know, that's the hell lot of money. It's going
to affect your rm D quite a bit. Yeah, you know,
so it's going to go from five percent to twenty
five percent of your value.
Speaker 2 (31:19):
So we're gonna talk a little bit about tax efficient
estates and you know, creating a tax efficient estate in
your lifetime. You know, one of the things that we
consistently see at the Retirement Planning Group is that there's
too many people out there that have so much money
or their wealth in two assets, the equity in their
home and pre tax dollars four oh one k sept
(31:39):
you know what four oh three b whatever it may be,
we're you know, could be as high as what seventy
five eighty percent?
Speaker 3 (31:46):
Yeah, I've seen that in many cases, you know, very low,
a very low amount of money at the bank, mostly
in your four oh and k maybe living paycheck to
paycheck off that four oh and k, and then just
the equity in your home. You know, there's a way
to protect that equity in your home, like we discussed,
you know, your a vocable trust. And then there's also
(32:06):
ways to start shifting pre tax assets over to something
that's more tax efficient for the children or you know,
brother or sister, whoever you're leaving your money to.
Speaker 2 (32:16):
Well, the thing is is that I talked about last week.
You know, in twenty and twenty five, you can gift
nineteen thousand dollars per recipient. That means you can do
it as many individuals as you want. It doesn't affect
your lifetime exemption as far as you know your gift
tax don't have to report it. Do I have to
report it? In a married couple, you know, husband and wife,
(32:37):
you can do thirty eight thousand dollars per child, and
you know, I'm in the camp. I'd rather see my
kids enjoy it, and I can watch it and see it,
and you know, you multiply that out over the next
ten fifteen years. You've got three or four kids. You
can basically diminish the estate pretty good and make sure
that you've got the assets on the other side of
(32:59):
the fence without any complication.
Speaker 3 (33:02):
Well, you got to make it into the nursing home.
You gotta wait, right because they're going to look back
see what you did with your money. How does that work?
Have you ever had that? Yeah, that's more of an attorney.
Speaker 2 (33:15):
Yeah, No, I've had that. I've had I've been a
lot of those situations. The uh, I hate to say this.
The more you can make it vanish and vaporize, the
better off you are. Early on, early on, you know,
it's the old story.
Speaker 3 (33:29):
Especially if you have adequate amounts of resources for yourself.
Speaker 2 (33:33):
Yeah, you know, And a lot of the clients have
taken cash, put it into you know, safety deposit boxes
and safes et cetera. And then you know, when Christmas comes,
they open up the box and they basically start handing
out you know, Santa Claus gifts so I'm a believer
in that. But you know, you have to intentionally think
(33:55):
about when you get sick or ill, what's your plan.
And the thing is is that nobody wants to think
about it because you know, they're always ROI and you know,
I'm getting such a great return of my money and God,
we're doing fantastic. It's his share. What good is it
if it's all exposed to either a long term care
facility or tax lebilities.
Speaker 3 (34:17):
I think our most successful clients on the estate planning
side of things are clients who have been through it.
You know, they've been through it with their parents, and
they know how much it costs, and you know what
it takes away from the estate, you know, and they
don't want that to happen there to their own estate.
Speaker 2 (34:34):
You know.
Speaker 3 (34:34):
It's the ones that don't know, or they haven't gone
through that with their parents that are very hesitant to
start working on estate planning because it's never going to
happen to me, right, right, That's what they always say.
But it's the ones that have been through it that
have seen the devastation that it causes, not only to
the financial assets, but also within the family. If there's
no plan if we had.
Speaker 2 (34:55):
Much traction with FIDELI. With the donor advice funds.
Speaker 3 (34:58):
Yeah, I've done the I want to advise fund quite
a few times. You get tax benefit the year you
throw it in, you leave it there, you don't have
to grant. It can grow.
Speaker 2 (35:08):
But who controls the money once I mean once you
set the donor advised funds up, the client, the client
still in there. Well, what the client dies, what happens
to the money?
Speaker 3 (35:19):
The beneficiaries on the account to the family, they would
take over ownership of the account. There's no direct grant
until you file the grant. You know, when you contribute
to that donor DAP, the donor advised fund, it sits
there and you invest it and then each year or
however you want to do it.
Speaker 4 (35:39):
Yeah, I don't know that much about them, to be
honest with you. Yeah, I haven't done a lot of
work in that arena. As far as donor advice funds,
I mean we've done you know, at the end of
the year, we've got all sorts of people that are
doing donations, charitable donations to you know, churches and colleges
and you know organizations. You know, as far as their
(36:03):
charitable intent, But I haven't done that much on donor
advise funds and I really don't know the mechanics of them.
Speaker 3 (36:09):
They're great for appreciated stock too. You've transferred highly appreciated
stock into the donor advised funds. You don't have to
sell it, right, so you could transfer the market value
of that stock and get the full tax benefit without
recognizing a capital gain. So we've done that in the past.
You can do that with Fidelity. It just sets up
a separate account within your Fidelity log and you're able
(36:31):
to see it right there.
Speaker 2 (36:32):
But yeah, I think are the assets managed by us
or is it a platform?
Speaker 3 (36:39):
They're managed by us, so they are. We can see
the account so we can manage them for clients.
Speaker 2 (36:43):
We can yep. Well, all right, we're going to get back.
Time is flying by here. If you have a question,
give us a call one eight w G I. I'm
Dave Kopek. I'm here with Nicholas dumasifed financial planner. We'll
be right back. Are you ready for retirement or just
(37:09):
hoping it works out? Don't leave your future to chance.
At the Retirement Planning Group, we help you create a
personalized retirement plan so you can relax knowing you are prepared.
Take action today. Called eight eight eight five eight zero
one nine one nine. That's eight eight eight five eight
zero one nine one nine, or visit us at our
website rpgretire dot com to schedule your complementary consultation. Your
(37:33):
future will say thank you. You've spent a lifetime saving
for retirement. Now it's time to make that money work
for you. Here's the secret most people miss. You have
to create your own retirement income plan. Social security is
not enough, pensions are rare. You need a strategy that
turns savings into monthly income that will last a lifetime.
At the Retirement Planning Group, we build customized income distribution
(37:55):
plans so you can retire with confidence, retire smart, live well.
Call well eight eight eight five eight zero nine one
nine for your complementary consultation. We are living through the
greatest wealth transfer in the history of mankind. Trillions of
dollars of wealth will change hands from one generation to
the next, your money to our beloved children and grandchildren.
(38:16):
Are you ready? Your future is written by chance, it's
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take action. The future favors those that are prepared. Call
eighty eight five eight zero one nine one nine. That's
eight eight eight five eight zero one nine one nine.
(38:36):
Retirement is in a Sunday thing. It's a now thing.
Whether you're just starting out or nearing the finish line.
The best time to build your retirement plan is today.
Don't wait for the right moment. Let's create a plan
that works for you. Secure your future and the freedom
that comes with it. Call my office today and take action.
(38:57):
Eighty eight eight five eight zero one nine one nine.
That's eighty eight five eight zero one nine one nine,
and your future will thank you. All right, we are back.
Good morning. It's the weekend, holiday weekend. Please be careful
(39:23):
out there. It's actually this morning. I know we're sitting
in the studio in Latham, New York, and I know
that we got listeners all over the country that listens
to the show. But it is absolutely beautiful out this morning.
We just said to Nico, we're gonna go to the
Saratoga to the track, my wife and I and you
probably couldn't get a better day. Crystal Blue Sky seventy five. Yeah,
(39:47):
watch out, baby, I'm going to ring the bell.
Speaker 3 (39:49):
Ding ding ding ding ding. Are you gonna go to
that spot at me? You and Chris One too? Yes,
that's a great spot. Yep, all right, I'll meet you there. Okay,
come on up, not come on up? Last weekend at
the track. It's going to be buzzing up there, I think.
So I'm going to be on the golf course, I
(40:10):
know you.
Speaker 2 (40:10):
Are you going to play out on the links? How
many are going out?
Speaker 3 (40:14):
There's four of us. I'm gonna get all nice and
in shape for Swing for a Cure coming up.
Speaker 2 (40:19):
Yeah. As a matter of fact, I just want to
mention about that. September twenty fifth, folks, we have a
Swing for a Cure this year. It's a little bit
different than the last couple of years. First and foremost,
we're going to Tunnel to Towers has approved us in
order to do we golf outing and raise money for
(40:39):
Tunnel to Towers And also seventy percent of the revenue
this year go T two T thirty we'll go to
the American Cancer Society. So, if you're a vet, if
you're somebody that has a soft spot in your heart,
for these guys that have made the sacrifice for our country.
We would love to have you participate. It's a great day.
(41:01):
There's lots of gifts. One hundred percent of the money
goes to these charities. We pick up the rest with
our strategic partners as far as the cost. So if
you'd like to come, you can probably call the office
and say, listen, I heard Dave on the radio. It's
twenty fifth, isn't it September twenty fifth?
Speaker 3 (41:19):
Nop, It's a Thursday, September twenty fifth. Even if you
don't golf, you know, come come for the after luncheon
luncheon that we do and there's always a bunch of
raffle prizes. And you know, is that how we met Eddie.
Speaker 2 (41:32):
It's a good time, you know, Eddie and Mike. Is
that how we met ed ed Kane to the No.
Speaker 3 (41:39):
No, we met Eddie way before we did. Yeah.
Speaker 2 (41:42):
For some reason, I thought, I know he listens every week,
the old devil.
Speaker 3 (41:47):
He's a good guy. I got Eddie's back. We've got
the same birthday, me and Eddie for birthday brothers.
Speaker 2 (41:54):
Yeah, when you think of Eddie, it's not cousin Eddie.
It's Eddie. I know, cousin Edie's different then Eddie.
Speaker 3 (42:01):
Very different, very two very different folks.
Speaker 2 (42:04):
So before we finished this first hour of the two
hour program today, we'll talk a little bit. You did
a you know, we talked about efficient estates and wealth transfer.
You know, we have a lot of people that are
very upset that they have to take these large distributions
off of qualified plans. Years ago, and how many years
ago it was three, four or five years ago. I
(42:25):
asked you to do a spreadsheet for a particular client
as far as why it would be more beneficial for
them to spend some of the money down in the
IRA and get it into life insurance. And then that
result was astronomical.
Speaker 3 (42:40):
Yeah, it was the do nothing versus do something plan
is what I like to call it. But it was
a spreadsheet that showed, you know, these clients they had
very strong pensions, very strong social security coming in, and
they had this IRA asset. You know, let's say it
was a deferred top account and there's a million bucks
in So if we leave that there, it's going to
(43:02):
continue to grow on a pre tax basis for their beneficiaries, right,
and also those beneficiaries are going to have to extinguish
that account within ten years. So they're gonna have to
draw down that account once you pass away in the
course of ten years. So I looked at that. So
they do nothing based on six percent growth, you know,
if they make it another twenty twenty five years, and
(43:23):
maybe that's that what two point four two point four million,
two point five yeah, all right, we'll just say somewhere
around there. And then to do something would be to
trim off, you know, a certain percentage every year and
buy a life insurance policy with it, a tax free
life insurance policy. In this case, I think it was
(43:44):
about two two and a half million.
Speaker 2 (43:47):
They've started I think at two and ended up being
two and a half.
Speaker 3 (43:50):
Yeah, So let's say a two point five million dollar
tax free death benefit for the children, and then every
year you trim off a certain amount from the IRA
or from that deferred comp to pay that premium for
the two two and a half million dollar policy. I
think it was maybe thirty forty thousand dollars a year.
Was that a we did a condensed pay twenty year,
(44:11):
twenty year, right, and then you're paid up and that
pays out the death benefit for your children. Day one
dollar one. As soon as you write that first premium
as well, something happens to you. Not only do they
get that million dollars in the IRA deferred comp they
also get two and a half or two million, whatever
the case may be, tax free.
Speaker 2 (44:29):
Right.
Speaker 3 (44:29):
You could also design that to where, hey, instead of
a ten year draw down, I'm gonna have that life
insurance policy pay out into a trust, and I'm gonna
give my children a lifetime income for the rest of
their life. You know, maybe you do some sort of
variable annuity purchase after that life insurance policy pays out,
or you do a speA that guarantees them a monthly
income off the trust. You know, you can get really
(44:50):
customizable with the estate when you start doing that. But
but again it was you know rm d's are going
to kick and eventually also so that Excel spreadsheet showed
rm d's kicking in right at seventy seventy and a
half back then.
Speaker 2 (45:03):
Back then, that's exactly what it was.
Speaker 3 (45:05):
But now it's seventy three. Eventually it'll kick back to
seventy five and twenty thirty three. But again it showed
those rm ds coming into play, and then it showed
all the tax liability throughout the years, so I was
able to calculate, you know, you're probably looking at x
amount of dollars in tax here versus maybe three four
hundred thousand dollars less over here, and to do something
(45:27):
illustration so we can really you know.
Speaker 2 (45:32):
Well, there's two things that impede this age in health,
age and health. So the thing is is that if
you're you know, one of the things that we try
to overemphasize in the first couple of meetings how important
is it to you leave wealth to the next generation,
and if it is important, how tax efficient. I mean,
(45:54):
that's really our topic for the first hour here, tax
efficient wealth transfer. Everybody knows that benefits of a wrath.
Everybody knows the benefits of a wroth war. Okay, everybody
knows the benefits of an HSA account. He'll save his account.
But a lot of people don't understand what happens as
you age and you've got these large iras kicking off
these major distributions, not because you want it, but because
(46:17):
you're forced to liquidate it. I mean, it's it's amazing
the amount of people that we've had in the office
in the last couple of months that this seems to
be resonating as far as they understand that they're they're
on track for major tax liabilities and now they're trying
to figure out how do we minimize the tax liabilities
(46:39):
and get these assets to the next genet. You know,
one of the I think one of the biggest things
that people need to understand is the disclaimer, the IRA disclaimer.
That's a huge part of a state planning, and most
people that's kind of scratched your head and say, what
do you mean by that?
Speaker 3 (46:55):
As far as you know, if husband and wife or
husband and husband, I don't know it's twenty twenty five now,
but if one of the spouses isn't doing too well
right and you're both late seventies or late eighties or nineties,
you know, maybe it's time to start thinking about the
estate plan. If something happens to you, where do you
(47:16):
want your IRA dollars going? Where do you want your
pre tax assets going? Does the surviving spouse need that
account for quality of life? You know, maybe they don't,
or maybe you create two iras, one goes to the kids,
one goes to your spouse. But again, you can put
a disclaimer on there to where once your spouse passed away,
you can not claim those assets and it can go
(47:39):
directly to those contingent beneficiaries on the account, which would
be your children in that case potentially. Right, so you
can transfer the wealth from you know, your generation down
to that next one without recognizing you know, those dollars,
just in case you went into a facility as well.
Speaker 2 (47:56):
IRI disclaimer is probably the most significant impact that you
can and have a tax liability as far as your
overall estate planning. And most people don't even understand what
it is. You know, what is the document? You know, Uh,
it's it's for me, the disclaimer for qualified technically qualified
(48:17):
assets when we meet iras four one case defer compensation,
et cetera. To me, it's a no brainer. It should
be a standard document with every estate plan.
Speaker 3 (48:26):
Yeah, I agree with you. It doesn't doesn't hurt to
put it on there, right, you get the option, So
so yeah, I think a disclaimer, you know, that's something
that makes sense. Or we're just set up two separate
IRA accounts, have the children as primary beneficiaries on one
and then the spouse has primary beneficiary on the other.
You know that that could avoid a receiving all those
(48:48):
IRA assets as well.
Speaker 2 (48:50):
So bottom by gets down to we offer a complementary consultation.
We've had a lot of great people. I mean, we're
just very blessed. It's obvious that our messaging and the
content that we're talking about here is resonating with you.
And to say that we're busy as kind of an understatement.
But the bottom line gets down to is that we
try to inform you and educate you the reasons why
(49:13):
we basically talk about some of these topics. And you
know the IRA disclaimer when we're talking about tax efficient
wealth transfer to me, it's it should be a requirement.
It should be number one on your list as far
as your IRA documents. And as we're quite well aware,
you know, the IRA does not have to go to
(49:35):
your spouse. You can have non spouse beneficiaries. You know,
the stretch IRA benefits are gone. You know it's a
ten year now, it's no longer you know, decades. But
bottom line gets down to you need advice in regard
to these very very you know, high net worth assets
(49:56):
that you have in your estate, which is a major
tax comp implication because of the complexity and some of
the deadlines, and also some of the considerations that you
have to do as far as how much money is
necessary for wealth replacement for the surviving spouse.
Speaker 3 (50:12):
I think it's a terrible time to do wroth conversions
right now. Also, a lot of people think, hey, I
want to do roth conversions. I want to get my
pre tax money over to wroth. The market's been up,
you know, two and a half almost three years consistently.
Now you're it's it's at highs. You know, typically it
makes more sense to do roth conversions at lows. You know,
(50:33):
maybe you would look at that in twenty two or
when the market's down fifteen to twenty percent, But right
now you're getting you know, less shares over for higher
tax liability because the market's so high.
Speaker 2 (50:44):
So and then you can't convert r and ds where
a lot of people are really thinking about it. Required
venom distributions are not allowed to do. You've got to
take that out and anything over an excess. That's why
it doesn't make a lot of sense for the seniors.
If you're going to do it, makes a lot of
sense probably in your fifties and sixties, your.
Speaker 3 (51:02):
Seventies exactly, so you can't do the Wroth conversion. It
doesn't count towards your required minimum distribution if you got
to take that RMD on top of that Roth conversion
if you were to do it. So yeah, So.
Speaker 2 (51:15):
If you're a beneficiar, you need to understand why you
need to understand disclaiming an inheritance from a four oh
one k or an ira or any kind of pre
tax money is extremely beneficial and if you want to
come in and have a chat with us about that,
we'd be more than happy. So again, our telephone number
is five one eight five eight zero one nine one nine.
(51:39):
Our office, our corporate headquarters is in Malta. Five one
eight five eight zero one nine one nine. Dave Kopek
here with Nicholas Dumas. We'll be back after the news
and hopefully you're enjoying this absolutely gorgeous debt.
Speaker 1 (52:01):
The opinion's viewpoints and promises made during the following program
are not those of w g y it's staff, management
or parent company.
Speaker 3 (52:09):
iHeartMedia and good morning for those of you just tuning in.
This is a retirement planning show. My name is Nicholas Tummas,
certified financial planner with the Retirement Planning Group along with
(52:30):
l PRESIDENTE David Kopek Chartered Retirement Planned Specialist Counselor I
always had. I was closed ch CrPC CrPC Chartered Retirement
Planning Counselor.
Speaker 2 (52:50):
Same program, a little bit more focused on pre.
Speaker 3 (52:53):
Impost you're going to take the CFP.
Speaker 2 (52:56):
I started with the CFP and then the CrPC was
a little bit more concentrated on what I wanted to
do is just pre and post retirement planning. So there
was a lot of information in the CFP program more
on accumulation than there was about people getting out the door.
(53:18):
So I switched over to the CrPC and the rest
is history.
Speaker 3 (53:26):
Well, that's great, and we're here every week right here
on WGI if you want to tune in. We're also
a twelve to one PM show, The Retirement Ready Show,
But we're expanding. We have multiple locations. We are in
Malta is our main headquarters, but we're also out in Oneana.
We're in Syracuse. We can meet you up in Glen's
(53:47):
Falls down in Albany.
Speaker 2 (53:50):
Eighty State Street.
Speaker 3 (53:51):
Eighty State Street, right there next to the old Times
Union Center. What's it called now? The MVP be the PEPSI.
Speaker 2 (54:00):
I'm just so disgusted with downtown Albany. I just so
disappointed that that's the end result after all these years,
that that's the best that the Capitol of New York
can do. I know that they're putting money into Albney,
and I'm kind of flyobergasted, like what are they going
to do with it? Where are they going to put it?
They better have a game plan because what they have
(54:20):
right now is just to me, it's it's disgusting. You
go to downtown. I was just in downtown Albany. I
was just down on eighty State Street, and yep, I
had to go down to PKS and make a long
story short. I was very disappointed with what I saw.
(54:40):
A lot of empty buildings, all the restaurants and places
that I used to go to Laser, you know, Jacks,
all these restaurants, the chambers, places that you know, just
great businesses, a lot of energy. There's no energy people
can't get out of you know. The thing is is
that you know, I don't know, you know, I'm beating
(55:02):
a dead horse here, but the bottom line gets down
to is that people can't get out of here quick enough.
Speaker 3 (55:10):
How do those tax credits work back in the day, Well,
that was.
Speaker 2 (55:13):
What saved Albany. And I've said this over and over again.
People might disagree with me. When I was in Albany
in the eighties and nineties, there was investment tax credits.
ITC's for historic rehab and it meant that investors, high
network people could go in and they can invest their
money and they would get dollar for dollar tax reduction federal.
(55:35):
And the thing is is that it stimulated downtown because
the government didn't have to put the capitol in individually,
the Kenworth Hotel, all those buildings basically on South and
North Pearl, A lot of those buildings were redone because
of itc investment tax credits a lot of your cities,
and I think that they should resurrect those and they
(55:57):
should basically put them in place again. I mean, like
a city like Cohos used. Cohosa is an example. I mean,
you get on that main drag or the host I
mean those some of those buildings are absolutely they're older,
they're beautiful, they're gorgeous. If you gave people incentives to
go in there and basically put their capital in there,
they would do it. They would do it. Just like
they did in downtown Albany. But as soon as they
(56:18):
got rid of them, what happened they went corporate Woods Latham.
I mean, what's going on with Saratoga Springs?
Speaker 3 (56:24):
Yeah, people Sarah moving.
Speaker 2 (56:26):
Yeah, busting at the seams. I mean, they just don't
want to deal with the nonsense, the parking. You can't park,
you know. You know, there was a thing that came
on the news the other day that I found staggering.
You know, in the city. Now they have a twenty
five mile per hour speed limit.
Speaker 3 (56:42):
Oh in Saratoga, No, in Aubany.
Speaker 2 (56:44):
In Aubany, twenty five mile hour speed limit in certain areas,
and it's generated like like one hundred and eighty thousand tickets,
one hundred and eighty thousand tickets, and it's generated like
seven or eight or nine million dollars ballpark make it.
But the thing that I found flabbergasting, sixty percent of
that revenue goes to the guy that's got the cameras
(57:05):
out there, the company that's doing the cameras, and only
forty percent stays with the city. So I guess they're
still happy with it, but they're in my opinion, they're
not welcoming. You know, money, There is no reason for
me to go to downtown Albany. Zero. Is there any
reason for you to go to downtown Albany unless we're
(57:27):
using the office down at the eighty State Street.
Speaker 3 (57:30):
Just the MVP Arena. You know, maybe I'll go to
a concert. Yeah, it's about it. Maybe Proctors. I went
to Proctors.
Speaker 2 (57:38):
And I hate to say it because I'm a major
advocate of rehab and bringing downtown's back and making them
vibrant apartments and everything like that. But I can't imagine saying, Wow,
I'm excited to go live in downtown Albany.
Speaker 3 (57:55):
And the Albany Empire bringing people in. Maybe that's didn't
they go undefeated?
Speaker 2 (58:00):
Yeah? Yeah, pull lacrosse team or whatever it was.
Speaker 3 (58:04):
The fire they just left, Well they left, that's not kid.
They should have an Albany Municipal bond.
Speaker 2 (58:12):
No. What they ought to do is they ought to
need They need some competent people that build out. You know,
I say when people come into us, they need to
build a plan. You know, we emphasize a plan. You know,
you're flying by the seat of your pants. You know,
what Albany needs is a plan. I don't know what
the hell their plan is because I haven't seen it,
and what I've seen so far, it's definitely not working out.
(58:33):
So you would think that they're going to do something
as far as trying to make it a better environment
for people to live in, But I don't know. Uh.
You know, you went to Siena College. Did you spend
much time in downtown Albany when you went to the Siena.
Speaker 3 (58:52):
Yeah, a few times we went down to Albany because
convenience closed. You know, there were some nice restaurants on
there and some nice places with those four legged stools.
But but no, I really didn't. You know, we stayed
on campus most of the time studying. Yeah, we're Louville.
Speaker 2 (59:13):
What was that bar down at the bottom of the
hill going.
Speaker 3 (59:16):
To water Lake, going to Watervale.
Speaker 2 (59:18):
Yeah, down the hill. I can't think of the name
of it right now. That's where we used to always go.
Speaker 3 (59:23):
Oh, I don't know. That was a little before my time.
Speaker 2 (59:25):
But you know, I can't think of the name of
the place now, but the used to go in there.
You can with your fake IDs. All right. We're talking
about efficient wealth, tax efficient wealth, and one of the
things that you're getting to the point now here where
you're gonna have to start thinking about taxes, believe it
(59:46):
or not, folks. So I want to talk a little
bit about why, you know, tax planning and estate planning
is important not only in your lifetime, but also understanding
some of the things that are happening right now. The
federal estate tax exemption is thirteen point sixty one million,
So if your a state is worth more than that,
then you're going to have federal estate tax. Most of
(01:00:07):
you that are listening, of course, are not going to
be in that. But you know what Nico and I
talked a little bit about is why it's important for
you to think about gifting gifting assets outside you're a state.
You know, currently it's nineteen thousand dollars per person. You
know that adds up if you got three or four kids,
and mom and dad do thirty eight thousand dollars times three,
(01:00:27):
that's a good chunk of money.
Speaker 3 (01:00:30):
Yeah, that would be one hundred and eight thousand dollars,
one hundred and sixteen, one hundred and fourteen thousand dollars.
But it's too early.
Speaker 2 (01:00:38):
What do you do? What's your business?
Speaker 3 (01:00:41):
One hundred and fourteen thousand dollars. But no, you're right,
you know, start gifting that money, start getting into accounts
for the children or whoever your beneficiaries are. Tax efficient
estates are important, right, you want your money going to
the kids, not the state, not the Fed. There's ways
to do that, ways to navigate that. You know, even
your iras I found over the last few months here,
(01:01:03):
use those for your own you know, well being your
own retirement, and spend those down in your lifetime and
transfer that to uh, transfer some of that money to
something that's more tax efficient for the children, if that's
what you want. You know, a lot of people I
talk to say, you know, whatever is left is left,
and if that's your plan, that's completely fine, and we
can set that up as well. But if you want
(01:01:24):
to call our office the numbers five one eight five
eight zero one nine nine again that's five one eight
five eight zero one nine one nine, or check us
out on the web at www dot rpg retire dot com.
Give us a call. It's a call and show folks
one eight hundred talk WGY. We'll be right back.
Speaker 2 (01:01:48):
Retirement is in a Sunday thing. It's a now thing,
whether you're just starting out or nearing the finish line.
The best time to build your retirement plan is today.
Don't wait for the right moment. Let's create a plan
that works for you. Secure your future and the freedom
that comes with it. Call my office today and take action.
(01:02:08):
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have to create your own retirement income plant. Social security
is not enough, pensions are rare. You need a strategy
(01:02:30):
that turns savings into monthly income that will last a lifetime.
At the Retirement Planning Group, we build customized income distribution
plans so you can retire with confidence, retire smart, live well.
Call eight eight eight five eight zero nine one nine
for your complementary consultation. We are living through the greatest
wealth transfer in the history of mankind. Trillions of dollars
(01:02:51):
of wealth will change hands from one generation to the next.
Your money to our beloved children and grandchildren. Are you ready?
Your future is written by chants, It's written by action.
Now's the time to build your plan, protect your assets,
and position yourself for the opportunity. Don't wait, take action.
The future favors those that are prepared. Call eighty eight
(01:03:12):
five eight zero one nine one nine. That's eight eight
eight five eight zero one nine one nine. Are you
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leave your future to chance. At the Retirement Planning Group,
we hope you create a personalized retirement plan so you
can relax knowing you are prepared. Take action today called
eight eight eight five eight zero one nine one nine.
(01:03:34):
That's eight eight eight five eight zero one nine one nine.
Or visit us at our website rpgretire dot com to
schedule your complementary consultation. Your future will say thank you.
(01:04:01):
All right, we are fack. Good morning. It's hard to
say Happy Labor Day week and already. God. The summer
goes by quick, doesn't it?
Speaker 3 (01:04:13):
It does? It flies by?
Speaker 2 (01:04:16):
You got the rain the beginning of the summer.
Speaker 3 (01:04:19):
We try to squeeze everything in. It just goes too fast.
Speaker 2 (01:04:23):
You like the fall?
Speaker 3 (01:04:25):
I think fall is one of my favorite seasons.
Speaker 2 (01:04:27):
Yeah, I just don't like what comes after fall? Winter? Yeah, yeah,
I think that's what they call it winter we uh.
I told her a couple of years ago. I fell
on the front step and I said, that's it. I'm
(01:04:47):
not doing this anymore. All right. We're talking about ways
that you can reduce some of your tax liability, tax efficient.
We're gonna get into a little bit now as far
as the products that you can use. And again, if
you have any questions or com mens, it's twenty eight
hundred talk to WGY. That's twenty eight hundred eight two
five fifty nine. You want to call in and ask
a question. I want to say, Hi, give us a
(01:05:09):
tip for the track today. I love to talk to you,
especially the tip. I don't know anything. I don't know anything.
Speaker 3 (01:05:17):
I got to get your sheets.
Speaker 2 (01:05:19):
I get my sheets.
Speaker 3 (01:05:20):
You sheets.
Speaker 2 (01:05:21):
Last time I got my sheets. You saw what happened.
Speaker 3 (01:05:23):
Yeah, that wasn't a pretty day.
Speaker 2 (01:05:24):
I was crying by the third race. Give me another drink.
Speaker 3 (01:05:31):
Yeah, you're I just lost the red buddy. Yeah, we're
gonna have to move lost the house. No gonna be careful.
Gambling is a losing sport, folks.
Speaker 2 (01:05:47):
All right, So we're talking about some ways that you
can get some tax preference. One of the things that
you consistently hear over and over again is tax re
municipal bonds, And for a lot of it, they don't
take advantage of them, and I think it's you're foolish
not to, especially if you have cash on the sidelines
that you basically have to have it sit there in
(01:06:09):
case of a nine to one one. And there's a
lot of reasons why tax free are better than tax deferred.
Pretty simple, right, tax free, tax deferred, tax deferred. Ultimately
you're going to have to pay the gains on the deferral.
So tax free, you pay taxes on the money up front,
but it grows tax free, and when you withdraw it,
(01:06:31):
it's tax free. And there's a thing called roth which
everybody's well aware of, and there's a thing called tax
free municipal bonds.
Speaker 3 (01:06:40):
Yeah, ROTH accounts are great for younger folks. And also,
you know you're getting close to retirement, you don't have
any after tax dollars, maybe it's time to start creating
some tax diversification as well. You might have your investments diversified,
but now it's also time to give yourself an option
in retirement to pull from a pre tax versus an
after tax bucket each year. You know, depending on what
(01:07:00):
you're going through, you know, different years, you might have
different tax liabilities, so you want the option.
Speaker 2 (01:07:06):
Uh.
Speaker 3 (01:07:06):
But yeah, roth iras are very powerful, you know, grows
tax free and then tax free distributions if you do
change your contributions and your work plan your pace.
Speaker 2 (01:07:15):
Five years though, remember that five five five five five brothers.
Speaker 3 (01:07:18):
To access the earnings. But you can always access your contributions.
So if you ever want to pull money out of there,
you can.
Speaker 2 (01:07:24):
Wow, that's good. Tax free municipals, tax free municipals, I'll
tell you what. You can take them out at any time.
Just be careful, you know, the longer the duration, the
more volatility that you're going to have. Uh. If you're
in a situation right now, even the short duration has
given you a pretty competitive rate of return.
Speaker 3 (01:07:43):
For four and a half five percent tax free yield
on some municipal bond funds, Be careful if you do
buy and sell. There might be short term trading fees
on some of those. So again, but federal tax you're
not gonna Oh, depending on the qualification of the fund
or the state, you know, the different states that the
(01:08:04):
fund holds, you might owe a little bit of state tax,
but again not much.
Speaker 2 (01:08:09):
A lot of people think understand that too, is that
sometimes even though they are institutional shares, you have to
hold them with fidelity. A lot of the institutional shares
you have to hold them for what sixty days to
make sure that there isn't some kind of a charge.
Speaker 3 (01:08:22):
Back, avoid your thirty dollars fee, sixty dollars fee.
Speaker 2 (01:08:25):
Whatever it is. Yeah, so there's a lot of reasons
why people should start thinking about tax free, tax preference items,
tax deferred items. You know, if you're a CD buyer,
I'm in the camp that there's better options available to
you than a certificate a deposit to me. You can
do myga's multi year guaranteed annuities, you can do tax
(01:08:47):
free municipal bonds. It's just a question how liquid do
you need to be in order to get the bang
for your buck and get the advantage of them. You
should look at them, probably a little bit more long
term the short term. But there are tax free money
market accounts, you know, which you give you liquidity on
a daily basis, so you know the state that you
(01:09:09):
live in. New York State, of course, is pretty high taxed,
especially in the city. So if you're looking for some
tax preference money, might be a good idea for you
to look at tax re municipal bonds. Nygas are at
What are they at right now?
Speaker 3 (01:09:22):
That's a great question. They change every week. The five
year is still close to five, I believe, and then
the three years about four or seven. They might have dropped.
They should, They should be dropping a little bit here
because of the FEDS announcement about a week ago. But yeah,
they're still they're still pretty high. You know, if you're
(01:09:44):
someone that has had a good couple of years in
the market, you kept your money in after twenty twenty
two and you've experienced that rebound and you have some
gains in the portfolio. If you want something that's more guaranteed,
the nygas tend to provide the best payout for you know,
I have five year duration in New York State.
Speaker 2 (01:10:02):
Anyways, Well, you'll hear guys say why would you do
that because it's a tax deferred account and you're putting
it inside of IRA. As far as the guarantee. The
reason why you're doing is you're buying the product. You're
not buying the deferral. You're buying the interest rate, you're
buying the guarantee that's associated with it, so it doesn't
make any difference who it's you know, provided by the
(01:10:25):
insurance company because the product automatically has a deferral on it.
But you know, we've gotten a lot of interests and
guaranteed rates over the last couple of years, especially after
we went through twenty twenty two.
Speaker 3 (01:10:41):
Yeah, we did a lot of work with mygas and
twenty twenty four. You know, last year specifically we were
getting five point one. We got five point five for
some folks, and they're very happy with that return. You know,
we have one in a five year that's maturing in
twenty twenty nine. You know, at that point these are
IRA dollars. You could take money, put it back into
(01:11:01):
his IRA account, no tax liability. You got your five
point one percent for five years, you know, or you
leave it there and you turn it into some sort
of income for the rest of your life. Right, So
you have options at the end of that five year
period to either annuitize take the income, roll it into
another five year product, or get it back into your
IRA and provide some more liquidity for yourself.
Speaker 2 (01:11:22):
Yeah. So the thing is is that you know, tax
free means a lot of things to a lot of people.
They think that tax fread is tax free, municipal bonds,
you know, anything that's not subject to a tax. There's
other assets that you can purchase that give you exclusion ratios,
like an annuity. If you buy an annuity and you
(01:11:42):
turn it on as income and you get a certain
guaranteed rate with it over a period of time, when
you turn that on as an income stream, there's an
exclusion ratio so that you get a certain amount that
is excluded from taxes. This is important for people that
trying to get under the threshold for taxation of Social
Security benefits. I know that for a lot of you
(01:12:04):
that are listening that's almost impossible because of the amount
of income. But there are certain people that actually makes
more sense for them to be in an NYGA and
then annuitize than it is for them to buy a CD.
You you just latter them, Yeah, you just latter them.
Speaker 3 (01:12:20):
Yep. And speaking of Social Security, I've had quite a
few conversations with people surrounding the new changes to Social
Security and the taxation of it. There is now a
six thousand dollars deductible.
Speaker 2 (01:12:34):
Is that what they're doing, they're doing it as a deduction.
Speaker 3 (01:12:37):
For three years is five to eight?
Speaker 2 (01:12:40):
Is it dollar for dollar or is it just a
standard deduction.
Speaker 3 (01:12:43):
I'm I think it's a standard. It's just a standard
of six dollars just to help them mount to Social
Security taxation. So that is something that I came into
effect here. So again, your Social Security benefit, you've never
paid one hundred sent tax on what you've been receiving, right,
You've only paid fifty to eighty percent or even zero
(01:13:05):
depending on your income. But but again, now they're giving
you a six thousand dollars deduction against that as well.
Speaker 2 (01:13:11):
Yeah, which is great, Which is great. The thing that
I want to try to find out is that you
know the tips, you know no longer going to be taxable.
Is there income bands on that as far as you know,
how much you can make without having your tips as
(01:13:32):
the person that is receiving the tips not taxable. So
there's a lot of tax benefits that are being implemented.
There's just not a lot of nuts and bolts. I'm
not getting a lot of details on it.
Speaker 3 (01:13:44):
Yeah, me either. Yeah, but we do have some CPAs
that we work with that will know the ins and
outs of all these tax planning strategies. So again, if
you want to reach out and discuss your own situation,
numbers five one eight, five eight zero one nine, there's
a call and show folks you can reach us. Twenty
one hundred eight two five fifty nine forty nine and
(01:14:06):
that twenty one hundred eight five fifty nine forty nine.
Speaker 2 (01:14:10):
All right, before we have to take a break care
at the bottom of the hour, a little more housekeeping here. Again.
I always want to try to bang the drum on
this because last year we raised about sixteen thousand dollars.
Our goal is twenty five thousand. This year, we're having
another golf event, Swing for a Cure. It's got a
(01:14:30):
little bit of a caveat with it this year. T
t TE Tunnel to Towers is one of the beneficiaries
of our golf tournament. This year, seventy percent of what
we what we raised will go to Tunnel to Towers.
Thirty percent will go to the American Cancers Society. So
if you'd like to participate, if you're a VET, if
you're someone that has a soft spot in your heart
(01:14:52):
for these guys that have really given a lot to
our country and have had some issues. We you would
love to have you participate. Even if you don't participate
in the golf, you can still come to the banquet.
There's lots of gifts and prizes that we give away.
You can win a car. I don't know Jimmy got
the hot tub again this year.
Speaker 3 (01:15:12):
I'm sure he's got that sitting right out front.
Speaker 2 (01:15:16):
Yeah.
Speaker 3 (01:15:16):
T two TU Tunnel to Tower is great foundation to
five on one C three company as well. You know
you can deduct those charitable contributions from your taxes. The
the cause is great too. It even says here you
can donate your car for a veteran. So donate your
car to T two T. Nope, let's get the Chevelle. No,
(01:15:40):
you're going to say at the truck.
Speaker 2 (01:15:41):
No, let's get the Chevelle. Nico just got a new
truck that everybody loves. What's the name of that thing.
Speaker 3 (01:15:47):
It's a Tremor. It's souped up off road package.
Speaker 2 (01:15:54):
Is that what it is.
Speaker 3 (01:15:54):
I'm gonna go through the cornfields. But but no, I
needed one. I had the two thousand and thirty team.
That thing had no ways. See, window wasn't going down.
Speaker 2 (01:16:02):
That's what mine was.
Speaker 3 (01:16:03):
It was a long hot.
Speaker 2 (01:16:04):
When I got rid of my Ford Explorer. It was
the thirteen. I hated to see that thing go because
I loved it.
Speaker 3 (01:16:08):
I felt bad the green machine dropping my truck off
at a dealership. Yeah, there's no worse feeling than driving
away from the thing.
Speaker 2 (01:16:15):
Your cheek.
Speaker 3 (01:16:16):
Yeah, I was with that thing for eight years.
Speaker 2 (01:16:18):
All right, we got to take our break. This is
the last half hour coming up. You guys have any
questions or comments. We're here live one talk to e
GY five fifty nine. I'm Dave Copec. I'm here with
Nicholas Duma. Sir if I financial planner, I'll see it
right after this quick like.
Speaker 3 (01:16:58):
And we are back. It's the Retirement Planning Show. It
is eight thirty three am. It just turned thirty three
here in the Capital District, Albany. We were talking about
Albany a little earlier. We have clients from all over
the place up here. We also have clients that leave state,
(01:17:21):
going to Tennessee, going to Florida. It's moving around in Florida.
Have you seen the market down there recently? In Florida?
A lot of houses up for sale, especially the condos.
A lot of supply. I think prices are dropping a
little bit. Sarasota people don't want to pay the hoa's.
Speaker 2 (01:17:40):
Sarasota was also an area that was overbuilt. I got
a good friend of mine who his father in law
is involved in construction there as a builder, and they're
going through some stress right now. You know, too many
houses not in people. Interest rates are you know, interest
(01:18:02):
rates are a big deal right now as far as
affordability for homes. You you know, I was just thinking
about you this morning. You do that a lot, uh,
not a lot, but this morning six and a half percent,
I'd say something, we're in the air. Oh yeah, But
(01:18:23):
I know that you're out looking for homes and all
that stuff and you're trying to figure it out. But
the price of homestead of are crazy.
Speaker 3 (01:18:29):
It's insane, you know, you can't really stomach it. And
they go in two days in this area anyways, But
six and a half percent interest rate, you know, you
got people in the eighties who had what fourteen fifteen
percent mortgages, So you know, yes, it hurts, but there's
been worse times. And I think when rates do start
(01:18:51):
coming down, those prices will continue to increase. On a
lot of properties people are gonna be able to afford more,
right because they look at your monthly income. So again
it's just a difficult housing market. So we'll see what happens.
But in Florida specifically, I know there's a lot of
folks moving around down there, And we've got a client
(01:19:13):
that I spoke to a couple of weeks ago. They're
thinking about moving to the eastern part. But they're kind
of in a double edged sword situation to where they're
not going to get as good of a price on
their home right because rates are starting to come down,
but also the house they're purchasing, the prices have come
down as well, so they can get a benefit on
(01:19:33):
that side too, you know. So it's kind of a
give take type of situation going on down there for
people trying to relocate.
Speaker 2 (01:19:41):
I think, you know, the bottom might gets down to
is that Julie and I have had this discussion over
and over again as far as Florida versus New York,
and you know where you want to be, you know,
as we age, I know I'm not a warm or
a cold cold weather per at all anymore. I need warmth,
(01:20:02):
you know, I just I can't do the cold anymore.
I don't want to slip and fall and blah blah
blah all that nonsense. And you know, the more you
look at, you know, the different options that are available
to you. As far as the states, you know, the
focus is really primarily for people that we work with
has been what Tennessee, the Carolinas, Florida, and probably maybe
(01:20:28):
some individuals Delaware. We've had quite a few clients that
have moved to Delaware. You know, it's not that far away,
but it's far enough away. In Alabama they get the benefits.
It's a much Alabama, that's right. We get clients in Alabama.
So they're good people.
Speaker 3 (01:20:45):
I just spoke to them. Which one.
Speaker 2 (01:20:51):
Golden Arches or the pilot the Arches Golden Arches. How's
he doing?
Speaker 3 (01:20:56):
He's good, he's good. We caught up a little bit. Yeah,
he's looking at a track. What's the biottractor for his farm?
But he's but a gentleman farm down there. I think
he probably hit a home run because there's so much
growth down there. As far as you know, people that
are looking for land.
Speaker 2 (01:21:12):
But you know, I think what you have to do,
you know, after doing this for so long, for forty
three years going into you know I'm going in my
forty fourth year.
Speaker 3 (01:21:19):
Yeah, that was a different I don't think he's getting attractor.
Speaker 2 (01:21:22):
He's getting attracted.
Speaker 3 (01:21:23):
I don't think he's going to try it for something else.
Speaker 2 (01:21:24):
I was on my John Darre all day most of
yesterday yesterday afternoon doing circles. I know you're knocking, knocking,
to knocking it down, but.
Speaker 3 (01:21:35):
Credible doesn't come over there and do that for no
give me break.
Speaker 2 (01:21:41):
What about Nick the social butterfly. You know I'm gonna
get Nick. I'm gonna get him do it. But if
you're if you're thinking about leaving, I think what you
should do is rather than leave and just go and
sell everything, not adverse for you to sell rent before
you actually pull the trigger, because this pantacea that you
(01:22:03):
think it is might not necessarily be a panacea. And
you know, we've had situations. We had a husband and
wife that were here in the Capitol District region that
went out to the Boston area to be closer to
both of their daughters. And I think they're glad that
they did it, but it hasn't been what they expected
it to be. You know, kids have lives, they have families,
they have children, you know, and you know, I think
(01:22:27):
one of the things you got to think about is that,
you know, really how much time are you going to
be spending with your kids? Yeah?
Speaker 3 (01:22:32):
The focus on yourself also, Yeah, you know, you're uprooding,
kind of changing your friend group, kind of find new
people to hang out with, especially if your kids don't
like you.
Speaker 2 (01:22:41):
So but all right, we're talking a little bit too
about tax preference money here today and things that you
need to do in order to more of a tax efficient.
You know. One of the things that we haven't talked about,
which is a I think probably one of the greatest
investments that you can do, but you have to have
a high deductible plan as an HSA health savings account,
(01:23:04):
and the health savings accounts, you know, are extremely beneficial,
especially if you're thinking about, you know, how am I
going to handle my health care costs during my retirement years. Now.
I got clients right now, they're in they're like fifty
eight to fifty nine that want to retire, and their
biggest obstacles.
Speaker 3 (01:23:22):
What health insurance? Health retiring before Medicare at sixty five,
breaking that gap.
Speaker 2 (01:23:28):
And we were talking about it this past week, and
they're saying, you know, we don't know what we're going
to do about healthcare and how we're going to handle it.
And a lot of times I use my wife as
an example. My wife was a teacher at shen for
twelve years. She had health insurance when she retired. She
just recently retired in September of last year, but her
health insurance didn't carry forward for any of us, either
(01:23:50):
myself or my daughter or Christopher at the time. So
you know, we started going out looking at options that
were available to us as far as what the cost
was going to be. And right now we're paying nineteen
hundred dollars a month.
Speaker 3 (01:24:05):
Yeah, it's a mortgage for health care.
Speaker 2 (01:24:07):
So you end up getting rid of a mortgage. But
he ended up starting another one for healthcare. So I think,
you know, one of the things that we consistently hear
over and over again is what are my options now.
I just we had a doctor and his wife that
came in new clients of ours, and we're setting up
a conference call a meeting with them face to face
the next time they come into the office. I mean,
this is one of the things. They have plenty of
(01:24:28):
assets in order to get them through for the retirement years.
But what's their greatest concern?
Speaker 3 (01:24:33):
Health? Health, health costs, health costs, long term care, facility,
nursing home. You know, we talk about it all the time.
Speaker 2 (01:24:41):
Well that's the thing that nobody wants to talk about.
Speaker 3 (01:24:43):
It's the first thing we talk about generally. It's right
on that first page. You have a will, health care proxy,
power of attorney trust. Do you have any long term
care insurance? You know a majority of folks do not.
When I see someone come in with a long term
care policy, I give them a high five. You know,
we do a belly bump, chest bump, and then I
and then we sit back down and we talk about it.
(01:25:05):
But but again, long term care insurance is something that
not a lot of folks have. They don't have that
plan for if something happens to either one of them,
you know, and they go into a nursing home, what
are we going to do. So that's where we discuss,
you know, the estate and the documents they have in place,
how much they want to leave their children or if
they want to leave their children, any assets, and start
(01:25:25):
mapping out a game plan for income and where we're
going to draw assets off of what makes the most sense.
Speaker 2 (01:25:31):
Well, as I've said over and over again, and we
started doing some numbers for some people the other day.
You know, in twenty and twenty five, an individual, as
long as you've got a high deductible plan, you could
put four three hundred dollars in your HSSA if you're single,
eight thousand, five hundred and fifty dollars if you have
a family, and you never lose the money, the money
(01:25:55):
stays with you. You start adding that up over the
next you know, five, eight, ten, fifteen years before you
actually retire. You can really build yourself a hell of
an est each in regards to healthcare costs during your
retirement years. Fidelity has an HSA program which people can
contribute to. Have you done any of those yet? Yeah?
Speaker 3 (01:26:15):
I have a health savings account, they shift.
Speaker 2 (01:26:17):
You have one yourself, right, Yeah?
Speaker 3 (01:26:19):
Yeah, I'm in an extremely high deductible plan and I
kind of I use the health health Savings Account to
account for that, right, So, to account for the high
deductible If I do need money, I've got the Health
Savings Account, which is tax deductible, tax free, growth, tax redistribution.
(01:26:40):
I've made a little bit of money on. It was
some individual socks I purchased. So we're in good shape.
Speaker 2 (01:26:45):
Well, I talked to a guy the other day. We
were talking about this, and we were talking about the HSA,
and I didn't know what the numbers were, but I
just punched up. In twenty twenty five, you can contribute
eighty five to fifty. Next year, in twenty twenty six,
the forty three hundred goes to forty four hundred and
eighty seven to fifty, and then if your age fifty
five and over you can add into additional that's a
(01:27:07):
lot of money. Yeah, ninety seven to fifty.
Speaker 3 (01:27:11):
You can invest it too, folks. And it's not used
to to lose it every year, right. It sits there
in the health same As account. It can grow over
time if you don't use it, Mention it to your children.
Speaker 2 (01:27:21):
You know.
Speaker 3 (01:27:21):
It's great for young younger individuals. You can use it
down the line for qualified medical expenses. So again, it's
a great account to have. It's just like it's the
wroth of the health insurance field. The wroth IRA of
the health insurance field is your health save as account,
especially if they're in a high deductible plan. That's the
only way they can contribute. So you know, I'm targeting
(01:27:41):
my deductible. That's how much I want to get into it, right,
you know, I just opened it maybe a year or
two ago. So again, you get it up to the deductible,
then you're covered if anything happens, and you're paying that
lower health insurance premium for that high deductible each month.
Speaker 2 (01:27:55):
And it's just like almost like an high rate contribution.
Have until April fifteen or basically until you file your
federal tax forms. So if you look at it as
an additional contribution for qualified what I would consider to
be qualified assets for your retirement years, but you can
(01:28:16):
use it at any time during your accumulation years too.
To me, there's no there's no negative. There's no negative
on an HSA account. And I know that people kind of,
you know, squill a little bit that you know it's
a high deductible plan, but most of the high deductible
plans now in order to qualify it's like what eighteen dollars.
Speaker 3 (01:28:33):
Yeah, I don't think it's that much. I think it's yeah,
it's somewhere around two two thousand, little less. I think, yeah,
you're right, all.
Speaker 2 (01:28:40):
Right, we'll be back. This is Dave Kopek. This is
a retirement planning show. Hopefully you're enjoying this absolutely beautiful
day in Upstate, you know surrounding areas. We'll be back
after this quick message. We are living through the greatest
(01:29:09):
wealth transfer in the history of mankind. Trillions of dollars
of wealth will change hands from one generation to the next,
your money to our beloved children and grandchildren. Are you ready?
Your future isn't written by chance, it's written by action.
Now's the time to build your plan, protect your assets,
and position yourself for the opportunity. Don't wait, take action.
(01:29:29):
If future favors those that are prepared, call eighty eight
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eight five eight zero one nine one nine. You've spent
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that money work for you. Here's the secret most people miss.
You have to create your own retirement income plant. Social
Security is not enough. Pensions are rare. You need a
(01:29:50):
strategy that turns savings into monthly income that will last
a lifetime. At the Retirement Planning Group, we build customized
income distribution plans so you can retire with confidence, smart,
live well. Call eight eight eight five eight zero one
nine one nine for your complementary consultation. Retirement is in
a Sunday thing. It's a now thing. Whether you're just
(01:30:11):
starting out or nearing the finish line, the best time
to build your retirement plan is today. Don't wait for
the right moment. Let's create a plan that works for you.
Secure your future and the freedom that comes with it.
Call my office today and take action eight eight eight
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(01:30:34):
future will thank you. Are you ready for retirement or
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Take action today. Called eight eight eight five eight zero
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(01:30:55):
zero one nine one nine. Or visit us at our
website rpgretire dot com to schedule your complimentary consultation. Your
future will say thank you. We are back here on
(01:31:25):
this holiday weekend. Hopefully you've got family and friends in
I'm gonna do something fun enjoy the weekend. A lot
of people are off on Monday, so you got a
long weekend. Friday, we got out of the office. Did
you guys leave early?
Speaker 3 (01:31:43):
Yeah? I talked to Billy.
Speaker 2 (01:31:46):
I left one one. So we try to this is
it the last hurrah, last rodeo, be back in the
saddle come Tuesday. Another what one hundred and twenty days
we got. It's just to me, it's amazing you get September, October, November,
(01:32:08):
December we finished. We were on the tail.
Speaker 3 (01:32:10):
End into holiday season almost We got to do a
secret Santa in the office this year, I just did.
Speaker 2 (01:32:18):
Where the hell was I? I was either at Low's
or Home Depot No or Sam's. And it not even
Christmas trees are Halloween decorations. There's Christmas stuff out.
Speaker 3 (01:32:35):
There's Christmas stuff. Yeah. Uh bah humbug by HomeBuy you're
talking about You're not gonna dress up like Santa this year.
Speaker 2 (01:32:46):
I got off the exit the other day going home.
I went down the north Way instead of Route nine,
and I got off at Clifton Park and there's a
trektor trailer with all these big boxes filled with stuff,
and I couldn't make it out. When I got buy
it like next to it, side by side of all
these I mean huge huge boxes, a big long trector trailer,
(01:33:08):
you know open. The bed was open, filled with pumpkins,
probably going to lows.
Speaker 3 (01:33:16):
Yeah, get into that time of year, almost pumpkin picking season.
Trying to get your You.
Speaker 2 (01:33:23):
Guys, got any you've got any animals on your property
on your farm?
Speaker 3 (01:33:29):
Got chickens?
Speaker 2 (01:33:30):
You do have chickens.
Speaker 3 (01:33:32):
My sister in law has chickens. Yeah, there's one. It's hilarious.
It doesn't it's crow or it's cocka doodle do?
Speaker 2 (01:33:41):
What does?
Speaker 3 (01:33:42):
It sounds like the wrestler John Cena. He's got that.
And I swear if anyone ever heard that, you hear
this chicken, it sounds just like it. It's funny, but
it wakes me up every morning.
Speaker 2 (01:33:58):
I think you're smoking some of the Hey.
Speaker 3 (01:34:00):
No, we've got two. We've got three cats. There's a
dog on the farm. There's some animals.
Speaker 2 (01:34:09):
All right, we were talking. This whole program has been
about tax preferenced money. Niko just told me in order
to contribute, you have to have a high deductible plan.
And what are those deductibles right now?
Speaker 3 (01:34:24):
Yep? For the individual it's one six and fifty dollars
to be considered a high deductible plan, and for a
family it's three thousand, three hundred dollars, which.
Speaker 2 (01:34:32):
Makes all the sense of the world, folks, because you know,
fssays are similar to hsays, but you can't take the
money with you and if you don't use it during
the year, you lose it. Hsas are entirely different. I
don't even know why they have fssays flexible savings accounts
compared to hsas. I mean, you'd be foolish to do
(01:34:57):
an FSA.
Speaker 3 (01:34:58):
Yeah, if you have the option or a health savings account.
You know, a lot of employers might only offer fssays,
so they have to use that. But that's why I
see a lot of people booking appointments in December, right
they have to spend that money in the FSA or
they lose it, Whereas the health savings account keeps compiling
on top of itself if you don't if you don't
use it.
Speaker 2 (01:35:19):
So we do have the ability to facilitate health savings
account through the mothership Fidelity. We're actually looking forward in October,
we're going out for our conference which we attend each year.
October sixth, seventh, and eighth will be in Boston. Nico
likes to take rides on trains out there. You're going
(01:35:44):
to have the subway out there, right.
Speaker 3 (01:35:46):
Yeah, yeah, it was. It was a good time the
U Science. Yeah, she went to the train station over. Yeah,
I'm actually I'm going to Fenway.
Speaker 1 (01:36:00):
Are up?
Speaker 2 (01:36:00):
Get out?
Speaker 3 (01:36:01):
Yeah, We're going to a Red Sox game with Kendra
and Tyler, So it should be a good time.
Speaker 2 (01:36:06):
Good for you.
Speaker 3 (01:36:08):
But yeah, we're going where they plan the Pirates.
Speaker 2 (01:36:10):
You got to go to Boston. This tame Yep.
Speaker 3 (01:36:13):
I don't think Skens is pitching. I think he pitched Yesterdue. No, no,
I'm not a huge baseball guy. Keunter just likes going
to defend. But yeah, no, Faflity conference should be good.
Speaker 2 (01:36:27):
You know.
Speaker 3 (01:36:27):
Usually we go over what's the newest, the latest and
greatest in the industry, and uh, it's a good opportunity
for us to see what Fidelity's new offerings are.
Speaker 2 (01:36:37):
Well, what what I like about it is that you
can you can intend a lot of these workshops through
uh Zoom or ring Central. But one of the things
that I find advantageous when we go to these conference
with Fidelity in Boston is that we have the ability
to have dinners and sit down and have conversations rob
(01:36:58):
elbows with individuals that are doing the same thing that
we're doing. It gets some ideas and concepts as far
as what they're doing and how they're allocating money and
how they're facilitating what the clients are looking for. You know,
our business is changing a lot of folks. Our business
is no longer managing money. It's managing basically all the
wealth of clients. So it's not only the tax planning,
(01:37:21):
the investment planning, the legacy planning, and working with attorneys.
We don't try to profess that we're attorneys, but we
do a lot of work in that arena as far
as having conversations on a daily basis what people are
trying to achieve with their overall the state plan, protecting it,
transferring it, and getting it tax efficiently, and then you
(01:37:42):
know it's complicated. Yeah, I think it's complicated.
Speaker 3 (01:37:46):
I think that's something we pride ourselves on, as the
estate plan and making sure everything's in order because we've
seen so many horror stories, so getting everything wrapped up,
having proper beneficiaries, doing that disclaimer form that we talked
about earlier in the show trust irrevocable versus revocable. You know,
we're in the camp irrevocable makes a lot more sense,
(01:38:09):
especially in New York State. And then again, you know
returns as well. You know, we are heavy on the
investment management side of it. We utilize Fidelity their research
teams and all the tools that they have available to
us to create these portfolios that are efficient and well
suited for our clients. You know. But again, I think
(01:38:29):
we really focus on the overall plan and the overall
estate and we're more of a holistic financial planner. We're
not gonna, you know, just go over numbers the whole
meeting and tell you how great we are. We're going
to try to fix your problems or put holes in
your ship and and patch those holes.
Speaker 2 (01:38:48):
So all right, we're gonna have to say goodbye here
in a very short period of time anything that we're discussing.
Of course, we offer a complementary consultation that there are
corporate headquarters in Malta, Albany eighty State Street, Syracuse, Oneanna.
Of course, Glenn's Falls soon to be Hudson have a
(01:39:11):
satellite office in Hudson in a very near future, hopefully
by October first. So if anything that we're talking about
is of interest to you to have a face to
face meeting, we welcome that opportunity. So if you're trying
to figure out your family planning, you're trying to figure
out your investment planning. We do a lot of work
in retirement income distribution. We have strategic partners that we
(01:39:35):
are very confident in that have the ability to facilitate
what you're looking for. And it's like anything else, if
you don't have a plan, any destination will do. I
overemphasize that to individuals. You know, everybody looks at me
sometimes like I'm a three headed monster. And I say
it over and over again. When we meet with people,
they say what should we do? Or you know, what
(01:39:56):
are we doing wrong? And it's pretty consistent.
Speaker 3 (01:39:58):
What do they need a state planning work? Is that
what you were getting at I was thinking about something
else in my head.
Speaker 2 (01:40:06):
What are you thinking about? Stop looking at me like that.
Speaker 3 (01:40:13):
No plan is a plan and it's a bad plan.
Speaker 2 (01:40:16):
Right.
Speaker 3 (01:40:17):
And I had another client they came in with this slogan.
I thought it was a really good.
Speaker 2 (01:40:21):
Saying you're trying to get some brownie points.
Speaker 3 (01:40:23):
Now I'm getting brownie points listening. She's probably listening. Oh god,
I forgot I lost it. Alright wait wait, no, okay,
So here is don't don't be don't be surprised. No,
I gotta look at my notepad again.
Speaker 2 (01:40:41):
Feelings.
Speaker 3 (01:40:44):
If you don't want a surprise, prepare for your demise. Yeah,
I think that's a good one.
Speaker 2 (01:40:52):
Bottom mine is is that you know we'd like to
have fun with like to laugh. This is serious business,
and you know that a lot of people are questioning
where they are at. I'm going to say it again.
We have numerous offices. If you can't meet with us
face to face because of handicaps or disabilities, we'll come
(01:41:13):
to you. We do a lot of meetings now through
Zoom and Ring Central, So if that's more convenient for you,
give us a call at our office at five one
eight five eat zero one nine one nine or toll
free eight eight eight five eat zero one nine one nine.
And whether you're here in the Capitol District region or
(01:41:35):
outside the Capitol District region, give us a call and
see if we can help you out. We're pretty straightforward.
We tell you either yay or nay, and either be myself,
Chris McCarthy, Nicholas Numas or my son Christopher William There's
a guy. There's a guy that's a hit. I tell
(01:41:55):
you showed up Macarthy. Now Macarthy, he's probably.
Speaker 3 (01:41:59):
He's here for the last two minutes of the show.
Speaker 2 (01:42:02):
He loves to be on radio. He thinks he's the
start everybody at the coffee shop that he has.
Speaker 3 (01:42:08):
He gets a lot of compliments on his radio because
he's kind.
Speaker 2 (01:42:12):
He is kind.
Speaker 3 (01:42:14):
He is a very kind He's a very.
Speaker 2 (01:42:15):
Kind, good person and that's always good for the team.
So what you're you're going golfing today? I'm gonna go
float on my boat somewhere in Lake George after the track,
which I'm not overly excited about, but I'm gonna go.
So make a long story short. Please folks, be safe,
don't drink and drive, go out there and have an
absolutely fantastic weekend. And uh, you know, Tuesday morning, we're
(01:42:41):
back in the saddle. My boy my daughter's boyfriend flew
down a visitor Florida Atlantic Get boyfriend. Yeah, she's got
a boy toy.
Speaker 3 (01:42:50):
They're titles boyfriend girlfriend.
Speaker 2 (01:42:53):
Yeh yeah. He asked her, can you be my girlfriend?
You know so?
Speaker 3 (01:42:57):
Did he ask you first?
Speaker 2 (01:42:58):
Yeah? We gotta go. Bye. Up.
Speaker 3 (01:43:02):
The information or services discussed on this show is for
informational purposes only and is not intended to be personal
financial advice. The investments and services offered by US may
not be suitable for all investors. If you have any
doubts as to the merits of an investment, you should
seek advice from an independent
The opinions, viewpoints, and promises made during the following program
are not those of wgy it's staff, management, or parent company. iHeartMedia.
Speaker 2 (00:19):
We are here. Good morning, good morning, good morning, good morning.
It's hard to believe. Isn't that Labor Day weekend?
Speaker 3 (00:30):
It's September. It's almost September, not September Monday.
Speaker 2 (00:36):
It's August thirty.
Speaker 3 (00:39):
Football season?
Speaker 2 (00:41):
Do you don't care anymore? With the nil?
Speaker 3 (00:45):
Oh? For college? Yeah, I still watch college. I think
Syracuse plays Tennessee today, Yeah, I think so.
Speaker 2 (00:55):
I don't know.
Speaker 3 (00:56):
Dahlia has got the Syracuse sweatshirt on.
Speaker 2 (00:58):
Get out of here? Are they? Are they playing today? Yeah?
Big game is Texas Ohio State to start the season.
Speaker 3 (01:16):
Yeah.
Speaker 2 (01:16):
But you know, with money, money is just crazy. There
was a guy that I told, I said I have
last week. Watched this on YouTube, Lou Saban being interviewed
and he talks about why he left college football, and
it's pretty.
Speaker 3 (01:37):
Oh, Nick Saban, What did I say, say, Lou?
Speaker 2 (01:43):
I love Lou his brother? Nick?
Speaker 3 (01:47):
Yeah, I know, I know, I knew what you were
talking about.
Speaker 2 (01:52):
Yeah, but the watch it on YouTube and it talks
about they had this, they had this event at their
house all the time for the recruits. They go to
Alabama and his wife. To make a long story short,
the wife, after everybody was gone, sat down with her
husband and said, why are we doing this? And he said,
(02:14):
what are you talking about? She goes all the kids
talked about was the money. They didn't say how happy
they were, how they look forward to their education. They
look forward to, you know, multiple years being here at Alabama.
And that's when he said it's time to go. Yeah,
(02:34):
it's time to go.
Speaker 3 (02:35):
So maybe paying the players change the mindset of the players.
Speaker 2 (02:39):
Well, I mean if a kid, which I didn't realize
until the other day, if I go to say Syracuse
and they give me eight million dollars, they go play
football there as a freshman the next year, I could say,
thank you so much. This has been fun.
Speaker 3 (02:57):
I'm going to retire.
Speaker 2 (03:01):
I'm gonna read there. I'm going to Alabama, yeah, or
I'm going to Maryland, or I'm going to Notre Dame,
whatever it may be. It's all bs, it really is.
And this world is so screwed up right now. It's
just amazing. Money dictates everything. Money is the evil in
(03:23):
my opinion, And who was the receiver you and my sons.
My son, I guess is coming in at eight o'clock
and I'm leaving.
Speaker 3 (03:34):
You're leaving.
Speaker 2 (03:36):
You guys are gonna dance by yourself. I'm gonna listen
to the radio dancing.
Speaker 3 (03:40):
We can do whatever you want. I don't think you're
leaving though.
Speaker 2 (03:45):
Uh. The wide receiver for the Dallas Cowboys lamb. No,
the one that just left. They got rid of it.
Speaker 3 (03:54):
No, no, he's starts with them. No, they had a
linebacker that.
Speaker 2 (04:00):
No, no, no, they got rid of them. They send
them to green back.
Speaker 3 (04:03):
It was the linebacker. No, that was was it. Yeah,
it's the linebacker.
Speaker 2 (04:08):
Come on, come on, baby, get it.
Speaker 3 (04:10):
It's too early.
Speaker 2 (04:11):
It starts with an.
Speaker 3 (04:14):
It's gonna hit me in like five minutes. Let me
take a sip of coffee. I swear it was a linebacker.
Let me just look it up, bro Grading Meca Meka Parsons. Yeah, linebacker,
he's a linebacker.
Speaker 2 (04:30):
He's fall asleep last week on the bench where they
do the pet they take care of the guys when
they come out of the game and stuff. You know,
they got a sprain or they got a trolley horse.
He's laying down taking a nap. He just got one
hundred and eighty eight million dollars.
Speaker 3 (04:52):
Contract, was it? Terry McLaurin just signed three year, ninety
six million at all the commanders he was holding out.
Speaker 2 (05:05):
I've lust, I've lust. I could care I was a
huge sports fan. I could care less. Now I'm going
up into the Adirondecks and I'm a birdwatcher.
Speaker 3 (05:15):
Now we should go to more NFL games. You should
be uh NFL advisors as well.
Speaker 2 (05:23):
WAITI deally you think about birdwatcher.
Speaker 3 (05:26):
Let me tell you about a nudies Terry McLaurin.
Speaker 2 (05:32):
Well, I'll tell you what, folks, it's been a first
of all, in all seriousness, this has been a horrific
week for the United States. When you have a kid
that's locking the doors, putting bars between the doors of
a church, and shooting at young kids, it's despicable. And
(05:55):
the word that I want to use I can't say
on public radio, but they should take I don't know.
The mother won't talk to anybody now, but there's got
to be a some kind of indication that this kid
was screwed up that you just don't turn. And the
thing is, I was just reading the paper this morning
where he transitioned from a guy to a girl. And
(06:17):
then when he did it, he wished he didn't do it.
Mother signed off the papers when he was seventeen to
make him a heat of a sheet.
Speaker 3 (06:25):
Yeah, you don't know what's going on. You know, in
their head, they're screwed up. Yeah, they're screwed up. They're
a child.
Speaker 2 (06:33):
You know.
Speaker 3 (06:33):
That's why the parent, the guardian had to sign off
on that.
Speaker 2 (06:36):
Well, you hear about the mother. Where's the father?
Speaker 3 (06:40):
Probably m I A yeah, probably.
Speaker 2 (06:44):
Well, you know, you know, I coached basketball for years
AAU basketball and I used to always be very attentive
to the kids that didn't have parents there watching them play,
because when I was a kid growing up, my mother
(07:05):
worked morning, noon and night. My dad died when I
was young, but I didn't have anybody in the stands
cheering me on, and it was always a missing link
in my life, you know what I mean. And for
these kids today that are in these I would say,
very very demanding neighborhoods as far as what happens on
(07:31):
a daily basis. I'm trying to be political here. You know,
if you don't have a father and a mother, I
think it really has a huge impact on a kid.
Speaker 3 (07:41):
I was very fortunate. You know, my parents came to
every single game that I had. No. I just want
to make your parents proud, even when you sat the bench.
So even when I didn't sit the bench, you know,
you always looked in the stands. You know, did they
see that?
Speaker 2 (07:57):
You know?
Speaker 3 (07:57):
Three porn are just buried.
Speaker 2 (07:59):
Every every kid I used to win a CBACA was
a kid. There was a lot of kids at CBA
that were from Albany, the city, and I used to
always make sure I gave him a hug and told
them that I thought they did a great job. And
the bottom mine gets down to is that I don't know.
There's when when I saw that on TV the other
(08:19):
day where this kid shooting through the window of a
church killing young kids. Kid kidd the guy I think
he was only twenty two.
Speaker 3 (08:29):
Yeah, and there are two children that passed away. It's
just terrible. The most innocent individuals in the world.
Speaker 2 (08:35):
Yeah.
Speaker 3 (08:35):
Children.
Speaker 2 (08:37):
So I'll tell you what, folks. You know, it's Liberty weekend.
You got a long weekend. Make sure you're enjoying your
life and your family and loved ones, and you're doing
something special. I gotta go to the track today. Did
you just say that to you?
Speaker 3 (08:53):
You did? I you know, I don't envy there, have
a good time. I'm gonna go to.
Speaker 2 (09:00):
I'm gonna go up there and you know everything's gonna
I'm gonna get upset because everything's so expensive up there.
Speaker 3 (09:05):
You're going up to Lake George after.
Speaker 2 (09:07):
Yes, I'm going to Lake George after the track and
I will float on my boat Sunday and Monday because
it's a long weekend, which is hard to believe. We're
going to be back. That's what we bsked a lot.
That was cool.
Speaker 3 (09:24):
We'll get into numbers next segment.
Speaker 2 (09:26):
Yeah, when we come back, we're going to be back.
I'm Dave Callback. I'm here with Nicholas doom As Certified
Financial Planner. We'll see it right after this break. If
you want to call in, give us a call. We
are living through the greatest wealth transfer in the history
(09:48):
of mankind. Trillions of dollars of wealth will change hands
from one generation to the next, your money to our
beloved children and grandchildren. Are you ready? Your future is
written by chance, it's written by action. Now's the time
to build your plan, protect your assets, and position yourself
for the opportunity. Don't wake take action if future favors
(10:08):
those that are prepared. Call eighty eight five eight zero
one nine to one nine. That's eight eight eight five
eight zero one nine one nine. You have spent a
lifetime saving for retirement. Now it's time to make that
money work for you. Here's the secret most people miss.
You have to create your own retirement income plan. Social
security is not enough, pensions are rare. You need a
strategy that turns savings into monthly income that will last
(10:31):
a lifetime. At the Retirement Planning Group, we build customized
income distribution plans so you can retire with confidence, retire smart,
live well. Call eight eight eight five eight zero nine
one nine for your complementary consultation. Are you ready for
retirement or just hoping it works out? Don't leave your
future to chance. At the Retirement Planning Group, we help
(10:54):
you create a personalized retirement plan so you can relax
knowing you are prepared. Take action today. Call eight eight
eight five eight zero one nine one nine. That's eight
eight eight five eight zero one nine one nine, or
visit us at our website rpgretire dot com to schedule
your complementary consultation. Your future will say thank you. Retirement
(11:17):
is in a Sunday thing. It's a now thing. Whether
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Eight eight eight five eight zero one nine one nine.
(11:39):
That's eighty eight five eight zero one nine nine, and
your future will thank you. All Right, we are back.
That's good, that's not bad. And I will let our
(12:02):
listeners know there's been all sorts of stuff going on
in our business. When I say our business, radio business,
that you can't play music anymore, like because the artists
want they're vig so we were told that we can't have.
Speaker 3 (12:21):
So we're gonna start recording our own music.
Speaker 2 (12:24):
I think, So, I think should I try singing?
Speaker 3 (12:28):
Yeah, we've got the studio at the office. We don't
do anything in the day, so it's not like we're
busy or anything. Oh no, you're mimicking somebody. That's copyright.
Speaker 2 (12:45):
Okay, let's do this.
Speaker 3 (12:49):
It's today's world.
Speaker 2 (12:51):
Today's world is that it's all screwed up. As far
as I'm concerned, I think that there is. Uh. This
is a great country, and it's always I don't watch
the news anymore. I used to watch the news every day.
Don't watch the news all anymore. I don't.
Speaker 3 (13:09):
Will you watch the Bloomberg?
Speaker 2 (13:11):
Well, I listen to financial markets. I listened to Larry
Cudlow Bloomberg CE NBC a little bit.
Speaker 3 (13:20):
I do a lot of my research just online too.
I like FRED the Economic Data Fred Fred. It's a website.
Speaker 2 (13:32):
I think it's the I listened. I listened to Jethrow.
Speaker 3 (13:35):
It's an acronym, but it's something something.
Speaker 2 (13:38):
I'll tell me what the hell it is.
Speaker 3 (13:40):
Well, they go through and they evaluate the different Uh,
there's a bunch of plot graphs, and they show you how,
you know, how's the markets doing, or interest rates are
comparative to you know, thirty four years ago. So they
show you different trends, you know, in the marketplace.
Speaker 2 (13:55):
But well, we know this, there's a growing anticipation of
interest rate cuts. So let's get down to some business here.
The Fed Reserve has sparked the interest and the rotation
to the downside. So September and October have historically brought
increased market fluctuations, which were all quite well aware. However,
(14:17):
with decrease and interest rates, a lot of people are
very bullish on the stock market. Are you getting that sentiment?
Speaker 3 (14:25):
Yeah, the Fed's getting more dubvish. You know, they're changing
their tune that they've been singing. So you're going to
see what we already saw more mid to lower duration
T bills have been decreasing a little bit, longer durations,
kind of staying where it was at the four percent
on the ten year. But now you're starting to see
(14:48):
the Fed get more responsive to decreasing rates. And now
they're getting you know, Trump trying to take people off
the Federal Reserve Board as well with some mortgage fraud allegation,
and you know, we'll see what goes on there.
Speaker 2 (15:03):
Well, if she, if she did do that, she needs
to go. I mean, it's like the Pope, you know, sinning.
I mean, you know she's in a position where, you know,
if she's feeling filling out false documents in order to
get lower rates on mortgages and she sits on the Fed,
her her butt needs to go.
Speaker 3 (15:22):
She be held accountable.
Speaker 2 (15:24):
Absolutely No, it's just you know, it's you know, it's
not even you know, anybody that's in the investment banking
industry would say the same thing. You know, if she
did what is supposedly you know, put out there, then
she needs to go and the sooner. She hasn't said
(15:45):
yet that she did not do it. Yeah, she hasn't
come out with a statement it said I did not
fill out these documents.
Speaker 3 (15:52):
Well, she's blamed on negligence.
Speaker 2 (15:55):
But every everybody, you know, oh jeez, you know it
mist it was a mistake. Do you know that? In
the video right now makes up eight percent of the
market capitalization of the S and P five hundred, Yeah,
four point two trillion. Eight percent of the S and
P five hundred five hundred is made up by one
stock and they're growing. AI is on fire.
Speaker 3 (16:19):
Profit margins are huge, yep, you know, low costs with
these AI companies.
Speaker 2 (16:24):
The revenue rows fifty six percent year over year.
Speaker 3 (16:27):
The major expenses of research and development r and D.
You know, once you create the chip and you just
mass produce it. But you're getting a lot of these
AI companies. You're also getting the Palenteers of the world.
And uh, who likes palanteer your son, as Uh has been.
Speaker 2 (16:47):
He likes to that end to you a little bit,
doesn't he When.
Speaker 3 (16:51):
I was there with him, but I was more of
an Nvidia guy. I like the blue chip already well
known company. Yeah, but no, you still have your you know,
your mag seven, right, your magnificent seven that are pulling
the market.
Speaker 2 (17:08):
Well, the ones that they're focusing in there. I was
watching the thing the other day, Amazon, Google, Microsoft, at Meta.
They've doubled their annual infrastructure spending on AI and AI
will change the world. Here, here's the thing that's scary
to me. I don't know if our listeners. Two things
have happened this week about AI. The first of kid
(17:29):
committed suicide. He had a conversation with AI where he
was going back and forth with chat GPT, where chat
GPT was basically I guess acting as a cohort a therapist,
like yeah, but really, you know, if this is really
something that you want to do, it's all over the
(17:51):
news this week. And the second thing what's going on
with is that there's a lot of people out there
right now that are really concerned that it's gonna take
a lot of jobs away. You know, AI is gonna
You know, you you call businesses now and you're not
talking to humans. You're talking to AI.
Speaker 3 (18:13):
And their programmed to be able to respond to you
and you know, voice recognition and understand what you're saying.
Speaker 2 (18:21):
Well, when we go out to Syracuse or not Syracuse,
Boston for the Fidelity conference, I know that there's one
specifically presentation that's being done on AI. Did you see
the bullet points?
Speaker 3 (18:35):
Yeah, I'm signed up for it, all right, Yeah, I
think there's three different seminars that we get to watch.
So we've got AI at the office too, Jarrett, No,
I'm just kidding. Dar's a great kid. Though, You're always
going to get a human when you call our office,
so you don't have to worry about AI taking over
the retirement planning group.
Speaker 2 (18:56):
The problem is is that it's not a problem. It's
the scary part of this is AI. It's just at
the early innings. I mean, if you look at a
baseball game, we're probably in the bottom of the first
You know, this is just a tip of the iceberg.
You know, I saw a thing on Google not too
long agough where and I think I mentioned this to
(19:17):
you last time we did radio together. Where the robots
were dancing and jumping and doing jumping jacks and flips
and all that stuff. That's kind of have an impact.
Speaker 3 (19:25):
Yeah, I think you're going to see him in the
household eventually. You know, Tesla Elon Musk is working on robots.
Speaker 2 (19:32):
Can you imagine me sitting in the back of my
car and the robots driving me around.
Speaker 3 (19:36):
I wouldn't no, don't do that. I wouldn't trust that thing.
Speaker 2 (19:42):
Hey, take it right up here, you're wrong, We're going straight.
Speaker 3 (19:46):
I was listening to uh, I was listening to something else.
They were saying that AI is going to help small
business startups lower barriers to entry because of the advertisement
on social media, because of the next generation who are
always on their phones. You know, it's easier for these
smaller companies to sell their products, whereas in the past
(20:08):
it's been more monopolized by these big businesses. So, you know,
that's something else that we might see a shift, a
little more market segmentation. So but I don't hate it,
you know, because the small dog, you know, a chance
in the fight.
Speaker 2 (20:22):
Yeah. So if you look at the markets, uh, you know,
corporate earnings are coming in better than expected. You know,
the fed, it's probably going to accommodate lower interest rates.
So short term, personally, myself and I, you know, a
lot of the data that we read, the outlook for
stocks remained probably pretty good. We're in the next twelve
(20:44):
to eighteen months, and not only with stocks fixed income.
We've already seen some moves in fixed income that's been
very positive.
Speaker 3 (20:53):
Yeah, the bond index was the only index that was
up over the last five days. You know, I think
right now, coupon are great. You know, you can get
a seven percent eight monthly coupon on some of these
corporate bond mutual funds. And also if we start seeing
a decrease in rates here, hopefully we get some pop.
You know, we've been talking about it for a while,
but I think it's finally getting to that point where
(21:14):
you're going to start getting rewarded. And even when we
weren't getting rewarded, we're collecting cash flow coupon on a
monthly basis for our investors. So the bond market is
you know, it's a great opportunity right now. I think.
Speaker 2 (21:28):
Yeah. The thing is is that you're starting to see
a broader participation in the markets, which is good. That's
what you want to see. And you know, large cap
stocks have done extremely well in conjunction with tech, but
any pullback, most of your investment banking firms are saying,
you know, this is the opportunity to take some of
(21:50):
that dry powder that you got on the sidelines and
add into your positions. And then, of course I'm not
a big fan of international. I never have. Any time
I got into International always kicked me in the teeth.
My feeling is is that if you're buying Coca Cola,
if you're buying you know, Google or any of these
other stocks, they participate overseas, what's your position?
Speaker 3 (22:12):
I have the same position. We do use overseas income funds.
Some income funds are good for international.
Speaker 2 (22:19):
With with our with our alts are our yielding cancers.
Speaker 3 (22:23):
Yeah, yeah, there's a one fun I'm thinking about specifically
that has about seven and a half eight percent yield
right now, and it's actually appreciated quite a bit of
value too. But but no, I forgot to rub it
a I mean you you've always been rubbing in stocks
to me. But did you see what Buffett bought recently?
Speaker 2 (22:39):
Stop?
Speaker 3 (22:40):
Did you see?
Speaker 2 (22:41):
Yeah? Brok sure halfway?
Speaker 3 (22:43):
What did they buy. They bought you and H United
Health Group.
Speaker 2 (22:47):
That's right, you and H.
Speaker 3 (22:48):
Didn't I tell you? I was?
Speaker 2 (22:49):
Yeah, that's dot pretty well in the last few weeks.
Speaker 3 (22:52):
You and your GE.
Speaker 2 (22:54):
Yeah, I love G. I love Larry Colt. What can
I say? He is my guy. If he does for GE,
which you already has, what he did for Danaher, We're
all going to be dancing. I'm dancing in the street.
It's it's been a great investment for the Kopek household
and some of our clients that participated.
Speaker 3 (23:09):
But did you trim any yet or are you still holding?
Not trimming anything?
Speaker 2 (23:14):
Going along? Baby? Going the distance with Larry. When I
hear that Larry's leaving, that's when I start selling. But
I just I love the guy. I think he's extremely
When you got one of the top ten executives CEOs
in the world, sit tight?
Speaker 3 (23:33):
Where was he before Ge?
Speaker 2 (23:34):
Was it Danaher Corporation? So as we shift the seasons,
as we go from the warm to the cold, you know,
it's a good time for you to pause, sit back
a lot of your stocks, to digest a little bit
some of the gains that you're seeing. Look to your
financial advisor to see if there's some investment opportunities out
(23:57):
there as far as diversification, and as we say over
and over and over again, that's the Retirement Planning Group.
A well diversified portfolio is what your friend. Diversification is
always a positive, not a negative. And you and I
are seeing some unbelievable opportunities out there, yeah, with alternative investments.
(24:18):
So we'll go back talk a little bit more about
the markets. But this is open lines w g Y.
That's one eight hundred eight five nine. We'll be right
back after this break for the news. All right, we
(25:04):
are back. Good morning, Good morning, good morning. It's the weekend.
It's time for the Retirement Planning Show. We're here every
weekend from seven to nine, the Retirement Planning Show. Hopefully
educate you on it. Educate yous. We'll educate you on
the opportunities and some of the bumps in the road
that you might face. We offer a complimentary consultation and
(25:27):
our offices and we're gonna have a Hudson office pretty soon.
So caller number five eight five eight zero one nine
one nine or eighty eight five zero one nine one nine,
and that will get you to the office and you
can set up a complementary consultation and love the opportunity
(25:49):
to sit down with you.
Speaker 3 (25:50):
You gotta stop procrastinating. But what not you the listeners,
Oh yeah, motivate, motivate. You've had a nice summer either
starting to turn probably not traveling now. A lot of
vacations are over. Sit down and start reviewing what you have.
And I see nightmares walk into the office each week,
and you know, we do our best to point folks
(26:13):
in the right direction, but it's you here ultimately has
to make that.
Speaker 2 (26:15):
There's a situation I don't understand. We had. We have
new clients sizeable estate. I have a farm, They have
residence in not only New York but also Massachusetts. Went
to the attorney attorney. They want to do some protection
(26:36):
of their estate, and the attorney told them to do
a revocable trust rather than irrevocable. And I don't understand why.
Speaker 3 (26:44):
I have too many assets, they too much income.
Speaker 2 (26:47):
I don't think so. But either but either way, because
no one knows how bad a long term care event
could be. My mother in law when she was in
the trid bed, it was one thousand dollars a day.
Speaker 3 (26:59):
That'll go through any estate.
Speaker 2 (27:01):
Thousand dollars a day down at the Whittier for a
trick bed.
Speaker 3 (27:06):
How long ago was that?
Speaker 2 (27:08):
Not that long ago? Ten maybe ten years.
Speaker 3 (27:12):
So it's probably doubled.
Speaker 2 (27:15):
Who knows, you're by yourself. It's a trick bed. You've
got twenty four to seven care?
Speaker 3 (27:20):
Is that like an ICU bed?
Speaker 2 (27:22):
I think? So it has to be a bed. She
couldn't breathe, she had COPD, she smoked, you know, like
a chimney for years and came back the biter in
the tail. But the bottom I gets down to is
that I don't understand. You know, I always talk about economists.
(27:42):
If you put ten economists in the room, you're going
to get ten different answers as far as what's going
to happen, and nine out of ten of them are
going to be wrong.
Speaker 3 (27:50):
What's the con of an irrevocable trust?
Speaker 2 (27:53):
There's none.
Speaker 3 (27:54):
There's none.
Speaker 2 (27:55):
I can't think of one thing that an irrevocable trust
doesn't give you that would be beneficial. Matter of fact,
people always say, if you're going to do an irrevocable trust,
do it in New York State, because New York State
allows you to do partial revocation. And it doesn't affect
the other assets that are in the trust. So why
(28:17):
the hell would you do a revocable trust if you're
trying to protect in the state and you're doing legal
documents and you're doing a revocable trust and it does
nothing except hopefully technically simplify settling the estate once you
drop dead.
Speaker 3 (28:37):
It avoids probate and no one can contest a trust
and it's out of the public knowledge.
Speaker 2 (28:44):
What's your perception And I know I'm going to catch
helf for this, well, I know we're going to catch
hell for this. What's your perception of attorneys that do
this work.
Speaker 3 (28:55):
That do trust work?
Speaker 2 (28:59):
They'll be a.
Speaker 3 (29:01):
I think half of them don't know what they're talking about,
you know. I mean, I'm not an attorney, but I've
done the CFP. There's a lot of a state work
in that. And there's anywhere from gritz grats, you know,
gen revocable else. There's millions of different well not millions,
but you know, hundreds of different types of trusts. But
(29:24):
but no majority of you know, people that walk in
they say, yeah, I've gotten irrevocable trust. I always ask
to see the trust because typically it's irrevocable. You know
it's not irrevocable, and I go, oh, it's actually revocable.
And you're the trustee on it. You know, your child's
not the trustee.
Speaker 2 (29:43):
What good is it if you don't fund it too?
Speaker 3 (29:45):
Yeah, And a lot of attorneys don't fund it. They
drop the trust document and say here you go, go
do what you gotta do. You know, they don't even
ask for the deed of the house to process that.
Speaker 2 (29:53):
We've probably processed more with Lisa in operations. As far
as titling assets inside a trust. I understand that they
can't do it because it's securities. But we don't get
any dialogue. We get very little correspondence back and forth
from the attorneys unless it's our recommendation.
Speaker 3 (30:09):
Now, how about your life insurance policy? You know, your
whole life policy? What are you doing with that? I'm
just gonna leave it in my name, you know, so
the long term care facility can come access the cash
value and blow up the policy before I die.
Speaker 2 (30:21):
First two things they asked for.
Speaker 3 (30:23):
Cash value life insurance and non.
Speaker 2 (30:25):
Qualified And so we continue. You know, I don't know.
I'm not sitting here because I've got a lot of
good friends that are attorneys that work in this industry.
But the bottom I gets down to is that somebody's
gonna have to give me. I gotta get Louan or
one of his guys from a pure law firm and
let them have a discussion with us as far as
(30:46):
what their position is. The other thing is is that
everybody says, you know, an IRA is protected from a
medicaid spend out. Well, we know that's not true because
we've had clients that the counties now make them spend
it down based off of life expectancy, not based of
r rm D or periodic payments.
Speaker 3 (31:04):
Yeah, and if your life expectancy drops to four years,
you know, that's the hell lot of money. It's going
to affect your rm D quite a bit. Yeah, you know,
so it's going to go from five percent to twenty
five percent of your value.
Speaker 2 (31:19):
So we're gonna talk a little bit about tax efficient
estates and you know, creating a tax efficient estate in
your lifetime. You know, one of the things that we
consistently see at the Retirement Planning Group is that there's
too many people out there that have so much money
or their wealth in two assets, the equity in their
home and pre tax dollars four oh one k sept
(31:39):
you know what four oh three b whatever it may be,
we're you know, could be as high as what seventy
five eighty percent?
Speaker 3 (31:46):
Yeah, I've seen that in many cases, you know, very low,
a very low amount of money at the bank, mostly
in your four oh and k maybe living paycheck to
paycheck off that four oh and k, and then just
the equity in your home. You know, there's a way
to protect that equity in your home, like we discussed,
you know, your a vocable trust. And then there's also
(32:06):
ways to start shifting pre tax assets over to something
that's more tax efficient for the children or you know,
brother or sister, whoever you're leaving your money to.
Speaker 2 (32:16):
Well, the thing is is that I talked about last week.
You know, in twenty and twenty five, you can gift
nineteen thousand dollars per recipient. That means you can do
it as many individuals as you want. It doesn't affect
your lifetime exemption as far as you know your gift
tax don't have to report it. Do I have to
report it? In a married couple, you know, husband and wife,
(32:37):
you can do thirty eight thousand dollars per child, and
you know, I'm in the camp. I'd rather see my
kids enjoy it, and I can watch it and see it,
and you know, you multiply that out over the next
ten fifteen years. You've got three or four kids. You
can basically diminish the estate pretty good and make sure
that you've got the assets on the other side of
(32:59):
the fence without any complication.
Speaker 3 (33:02):
Well, you got to make it into the nursing home.
You gotta wait, right because they're going to look back
see what you did with your money. How does that work?
Have you ever had that? Yeah, that's more of an attorney.
Speaker 2 (33:15):
Yeah, No, I've had that. I've had I've been a
lot of those situations. The uh, I hate to say this.
The more you can make it vanish and vaporize, the
better off you are. Early on, early on, you know,
it's the old story.
Speaker 3 (33:29):
Especially if you have adequate amounts of resources for yourself.
Speaker 2 (33:33):
Yeah, you know, And a lot of the clients have
taken cash, put it into you know, safety deposit boxes
and safes et cetera. And then you know, when Christmas comes,
they open up the box and they basically start handing
out you know, Santa Claus gifts so I'm a believer
in that. But you know, you have to intentionally think
(33:55):
about when you get sick or ill, what's your plan.
And the thing is is that nobody wants to think
about it because you know, they're always ROI and you know,
I'm getting such a great return of my money and God,
we're doing fantastic. It's his share. What good is it
if it's all exposed to either a long term care
facility or tax lebilities.
Speaker 3 (34:17):
I think our most successful clients on the estate planning
side of things are clients who have been through it.
You know, they've been through it with their parents, and
they know how much it costs, and you know what
it takes away from the estate, you know, and they
don't want that to happen there to their own estate.
Speaker 2 (34:34):
You know.
Speaker 3 (34:34):
It's the ones that don't know, or they haven't gone
through that with their parents that are very hesitant to
start working on estate planning because it's never going to
happen to me, right, right, That's what they always say.
But it's the ones that have been through it that
have seen the devastation that it causes, not only to
the financial assets, but also within the family. If there's
no plan if we had.
Speaker 2 (34:55):
Much traction with FIDELI. With the donor advice funds.
Speaker 3 (34:58):
Yeah, I've done the I want to advise fund quite
a few times. You get tax benefit the year you
throw it in, you leave it there, you don't have
to grant. It can grow.
Speaker 2 (35:08):
But who controls the money once I mean once you
set the donor advised funds up, the client, the client
still in there. Well, what the client dies, what happens
to the money?
Speaker 3 (35:19):
The beneficiaries on the account to the family, they would
take over ownership of the account. There's no direct grant
until you file the grant. You know, when you contribute
to that donor DAP, the donor advised fund, it sits
there and you invest it and then each year or
however you want to do it.
Speaker 4 (35:39):
Yeah, I don't know that much about them, to be
honest with you. Yeah, I haven't done a lot of
work in that arena. As far as donor advice funds,
I mean we've done you know, at the end of
the year, we've got all sorts of people that are
doing donations, charitable donations to you know, churches and colleges
and you know organizations. You know, as far as their
(36:03):
charitable intent, But I haven't done that much on donor
advise funds and I really don't know the mechanics of them.
Speaker 3 (36:09):
They're great for appreciated stock too. You've transferred highly appreciated
stock into the donor advised funds. You don't have to
sell it, right, so you could transfer the market value
of that stock and get the full tax benefit without
recognizing a capital gain. So we've done that in the past.
You can do that with Fidelity. It just sets up
a separate account within your Fidelity log and you're able
(36:31):
to see it right there.
Speaker 2 (36:32):
But yeah, I think are the assets managed by us
or is it a platform?
Speaker 3 (36:39):
They're managed by us, so they are. We can see
the account so we can manage them for clients.
Speaker 2 (36:43):
We can yep. Well, all right, we're going to get back.
Time is flying by here. If you have a question,
give us a call one eight w G I. I'm
Dave Kopek. I'm here with Nicholas dumasifed financial planner. We'll
be right back. Are you ready for retirement or just
(37:09):
hoping it works out? Don't leave your future to chance.
At the Retirement Planning Group, we help you create a
personalized retirement plan so you can relax knowing you are prepared.
Take action today. Called eight eight eight five eight zero
one nine one nine. That's eight eight eight five eight
zero one nine one nine, or visit us at our
website rpgretire dot com to schedule your complementary consultation. Your
(37:33):
future will say thank you. You've spent a lifetime saving
for retirement. Now it's time to make that money work
for you. Here's the secret most people miss. You have
to create your own retirement income plan. Social security is
not enough, pensions are rare. You need a strategy that
turns savings into monthly income that will last a lifetime.
At the Retirement Planning Group, we build customized income distribution
(37:55):
plans so you can retire with confidence, retire smart, live well.
Call well eight eight eight five eight zero nine one
nine for your complementary consultation. We are living through the
greatest wealth transfer in the history of mankind. Trillions of
dollars of wealth will change hands from one generation to
the next, your money to our beloved children and grandchildren.
(38:16):
Are you ready? Your future is written by chance, it's
written by action. Now's the time to build your plan,
protect your assets and position yourself for the opportunity. Don't wait,
take action. The future favors those that are prepared. Call
eighty eight five eight zero one nine one nine. That's
eight eight eight five eight zero one nine one nine.
(38:36):
Retirement is in a Sunday thing. It's a now thing.
Whether you're just starting out or nearing the finish line.
The best time to build your retirement plan is today.
Don't wait for the right moment. Let's create a plan
that works for you. Secure your future and the freedom
that comes with it. Call my office today and take action.
(38:57):
Eighty eight eight five eight zero one nine one nine.
That's eighty eight five eight zero one nine one nine,
and your future will thank you. All right, we are back.
Good morning. It's the weekend, holiday weekend. Please be careful
(39:23):
out there. It's actually this morning. I know we're sitting
in the studio in Latham, New York, and I know
that we got listeners all over the country that listens
to the show. But it is absolutely beautiful out this morning.
We just said to Nico, we're gonna go to the
Saratoga to the track, my wife and I and you
probably couldn't get a better day. Crystal Blue Sky seventy five. Yeah,
(39:47):
watch out, baby, I'm going to ring the bell.
Speaker 3 (39:49):
Ding ding ding ding ding. Are you gonna go to
that spot at me? You and Chris One too? Yes,
that's a great spot. Yep, all right, I'll meet you there. Okay,
come on up, not come on up? Last weekend at
the track. It's going to be buzzing up there, I think.
So I'm going to be on the golf course, I
(40:10):
know you.
Speaker 2 (40:10):
Are you going to play out on the links? How
many are going out?
Speaker 3 (40:14):
There's four of us. I'm gonna get all nice and
in shape for Swing for a Cure coming up.
Speaker 2 (40:19):
Yeah. As a matter of fact, I just want to
mention about that. September twenty fifth, folks, we have a
Swing for a Cure this year. It's a little bit
different than the last couple of years. First and foremost,
we're going to Tunnel to Towers has approved us in
order to do we golf outing and raise money for
(40:39):
Tunnel to Towers And also seventy percent of the revenue
this year go T two T thirty we'll go to
the American Cancer Society. So, if you're a vet, if
you're somebody that has a soft spot in your heart,
for these guys that have made the sacrifice for our country.
We would love to have you participate. It's a great day.
(41:01):
There's lots of gifts. One hundred percent of the money
goes to these charities. We pick up the rest with
our strategic partners as far as the cost. So if
you'd like to come, you can probably call the office
and say, listen, I heard Dave on the radio. It's
twenty fifth, isn't it September twenty fifth?
Speaker 3 (41:19):
Nop, It's a Thursday, September twenty fifth. Even if you
don't golf, you know, come come for the after luncheon
luncheon that we do and there's always a bunch of
raffle prizes. And you know, is that how we met Eddie.
Speaker 2 (41:32):
It's a good time, you know, Eddie and Mike. Is
that how we met ed ed Kane to the No.
Speaker 3 (41:39):
No, we met Eddie way before we did. Yeah.
Speaker 2 (41:42):
For some reason, I thought, I know he listens every week,
the old devil.
Speaker 3 (41:47):
He's a good guy. I got Eddie's back. We've got
the same birthday, me and Eddie for birthday brothers.
Speaker 2 (41:54):
Yeah, when you think of Eddie, it's not cousin Eddie.
It's Eddie. I know, cousin Edie's different then Eddie.
Speaker 3 (42:01):
Very different, very two very different folks.
Speaker 2 (42:04):
So before we finished this first hour of the two
hour program today, we'll talk a little bit. You did
a you know, we talked about efficient estates and wealth transfer.
You know, we have a lot of people that are
very upset that they have to take these large distributions
off of qualified plans. Years ago, and how many years
ago it was three, four or five years ago. I
(42:25):
asked you to do a spreadsheet for a particular client
as far as why it would be more beneficial for
them to spend some of the money down in the
IRA and get it into life insurance. And then that
result was astronomical.
Speaker 3 (42:40):
Yeah, it was the do nothing versus do something plan
is what I like to call it. But it was
a spreadsheet that showed, you know, these clients they had
very strong pensions, very strong social security coming in, and
they had this IRA asset. You know, let's say it
was a deferred top account and there's a million bucks
in So if we leave that there, it's going to
(43:02):
continue to grow on a pre tax basis for their beneficiaries, right,
and also those beneficiaries are going to have to extinguish
that account within ten years. So they're gonna have to
draw down that account once you pass away in the
course of ten years. So I looked at that. So
they do nothing based on six percent growth, you know,
if they make it another twenty twenty five years, and
(43:23):
maybe that's that what two point four two point four million,
two point five yeah, all right, we'll just say somewhere
around there. And then to do something would be to
trim off, you know, a certain percentage every year and
buy a life insurance policy with it, a tax free
life insurance policy. In this case, I think it was
(43:44):
about two two and a half million.
Speaker 2 (43:47):
They've started I think at two and ended up being
two and a half.
Speaker 3 (43:50):
Yeah, So let's say a two point five million dollar
tax free death benefit for the children, and then every
year you trim off a certain amount from the IRA
or from that deferred comp to pay that premium for
the two two and a half million dollar policy. I
think it was maybe thirty forty thousand dollars a year.
Was that a we did a condensed pay twenty year,
(44:11):
twenty year, right, and then you're paid up and that
pays out the death benefit for your children. Day one
dollar one. As soon as you write that first premium
as well, something happens to you. Not only do they
get that million dollars in the IRA deferred comp they
also get two and a half or two million, whatever
the case may be, tax free.
Speaker 2 (44:29):
Right.
Speaker 3 (44:29):
You could also design that to where, hey, instead of
a ten year draw down, I'm gonna have that life
insurance policy pay out into a trust, and I'm gonna
give my children a lifetime income for the rest of
their life. You know, maybe you do some sort of
variable annuity purchase after that life insurance policy pays out,
or you do a speA that guarantees them a monthly
income off the trust. You know, you can get really
(44:50):
customizable with the estate when you start doing that. But
but again it was you know rm d's are going
to kick and eventually also so that Excel spreadsheet showed
rm d's kicking in right at seventy seventy and a
half back then.
Speaker 2 (45:03):
Back then, that's exactly what it was.
Speaker 3 (45:05):
But now it's seventy three. Eventually it'll kick back to
seventy five and twenty thirty three. But again it showed
those rm ds coming into play, and then it showed
all the tax liability throughout the years, so I was
able to calculate, you know, you're probably looking at x
amount of dollars in tax here versus maybe three four
hundred thousand dollars less over here, and to do something
(45:27):
illustration so we can really you know.
Speaker 2 (45:32):
Well, there's two things that impede this age in health,
age and health. So the thing is is that if
you're you know, one of the things that we try
to overemphasize in the first couple of meetings how important
is it to you leave wealth to the next generation,
and if it is important, how tax efficient. I mean,
(45:54):
that's really our topic for the first hour here, tax
efficient wealth transfer. Everybody knows that benefits of a wrath.
Everybody knows the benefits of a wroth war. Okay, everybody
knows the benefits of an HSA account. He'll save his account.
But a lot of people don't understand what happens as
you age and you've got these large iras kicking off
these major distributions, not because you want it, but because
(46:17):
you're forced to liquidate it. I mean, it's it's amazing
the amount of people that we've had in the office
in the last couple of months that this seems to
be resonating as far as they understand that they're they're
on track for major tax liabilities and now they're trying
to figure out how do we minimize the tax liabilities
(46:39):
and get these assets to the next genet. You know,
one of the I think one of the biggest things
that people need to understand is the disclaimer, the IRA disclaimer.
That's a huge part of a state planning, and most
people that's kind of scratched your head and say, what
do you mean by that?
Speaker 3 (46:55):
As far as you know, if husband and wife or
husband and husband, I don't know it's twenty twenty five now,
but if one of the spouses isn't doing too well
right and you're both late seventies or late eighties or nineties,
you know, maybe it's time to start thinking about the
estate plan. If something happens to you, where do you
(47:16):
want your IRA dollars going? Where do you want your
pre tax assets going? Does the surviving spouse need that
account for quality of life? You know, maybe they don't,
or maybe you create two iras, one goes to the kids,
one goes to your spouse. But again, you can put
a disclaimer on there to where once your spouse passed away,
you can not claim those assets and it can go
(47:39):
directly to those contingent beneficiaries on the account, which would
be your children in that case potentially. Right, so you
can transfer the wealth from you know, your generation down
to that next one without recognizing you know, those dollars,
just in case you went into a facility as well.
Speaker 2 (47:56):
IRI disclaimer is probably the most significant impact that you
can and have a tax liability as far as your
overall estate planning. And most people don't even understand what
it is. You know, what is the document? You know, Uh,
it's it's for me, the disclaimer for qualified technically qualified
(48:17):
assets when we meet iras four one case defer compensation,
et cetera. To me, it's a no brainer. It should
be a standard document with every estate plan.
Speaker 3 (48:26):
Yeah, I agree with you. It doesn't doesn't hurt to
put it on there, right, you get the option, So
so yeah, I think a disclaimer, you know, that's something
that makes sense. Or we're just set up two separate
IRA accounts, have the children as primary beneficiaries on one
and then the spouse has primary beneficiary on the other.
You know that that could avoid a receiving all those
(48:48):
IRA assets as well.
Speaker 2 (48:50):
So bottom by gets down to we offer a complementary consultation.
We've had a lot of great people. I mean, we're
just very blessed. It's obvious that our messaging and the
content that we're talking about here is resonating with you.
And to say that we're busy as kind of an understatement.
But the bottom line gets down to is that we
try to inform you and educate you the reasons why
(49:13):
we basically talk about some of these topics. And you
know the IRA disclaimer when we're talking about tax efficient
wealth transfer to me, it's it should be a requirement.
It should be number one on your list as far
as your IRA documents. And as we're quite well aware,
you know, the IRA does not have to go to
(49:35):
your spouse. You can have non spouse beneficiaries. You know,
the stretch IRA benefits are gone. You know it's a
ten year now, it's no longer you know, decades. But
bottom line gets down to you need advice in regard
to these very very you know, high net worth assets
(49:56):
that you have in your estate, which is a major
tax comp implication because of the complexity and some of
the deadlines, and also some of the considerations that you
have to do as far as how much money is
necessary for wealth replacement for the surviving spouse.
Speaker 3 (50:12):
I think it's a terrible time to do wroth conversions
right now. Also, a lot of people think, hey, I
want to do roth conversions. I want to get my
pre tax money over to wroth. The market's been up,
you know, two and a half almost three years consistently.
Now you're it's it's at highs. You know, typically it
makes more sense to do roth conversions at lows. You know,
(50:33):
maybe you would look at that in twenty two or
when the market's down fifteen to twenty percent, But right
now you're getting you know, less shares over for higher
tax liability because the market's so high.
Speaker 2 (50:44):
So and then you can't convert r and ds where
a lot of people are really thinking about it. Required
venom distributions are not allowed to do. You've got to
take that out and anything over an excess. That's why
it doesn't make a lot of sense for the seniors.
If you're going to do it, makes a lot of
sense probably in your fifties and sixties, your.
Speaker 3 (51:02):
Seventies exactly, so you can't do the Wroth conversion. It
doesn't count towards your required minimum distribution if you got
to take that RMD on top of that Roth conversion
if you were to do it. So yeah, So.
Speaker 2 (51:15):
If you're a beneficiar, you need to understand why you
need to understand disclaiming an inheritance from a four oh
one k or an ira or any kind of pre
tax money is extremely beneficial and if you want to
come in and have a chat with us about that,
we'd be more than happy. So again, our telephone number
is five one eight five eight zero one nine one nine.
(51:39):
Our office, our corporate headquarters is in Malta. Five one
eight five eight zero one nine one nine. Dave Kopek
here with Nicholas Dumas. We'll be back after the news
and hopefully you're enjoying this absolutely gorgeous debt.
Speaker 1 (52:01):
The opinion's viewpoints and promises made during the following program
are not those of w g y it's staff, management
or parent company.
Speaker 3 (52:09):
iHeartMedia and good morning for those of you just tuning in.
This is a retirement planning show. My name is Nicholas Tummas,
certified financial planner with the Retirement Planning Group along with
(52:30):
l PRESIDENTE David Kopek Chartered Retirement Planned Specialist Counselor I
always had. I was closed ch CrPC CrPC Chartered Retirement
Planning Counselor.
Speaker 2 (52:50):
Same program, a little bit more focused on pre.
Speaker 3 (52:53):
Impost you're going to take the CFP.
Speaker 2 (52:56):
I started with the CFP and then the CrPC was
a little bit more concentrated on what I wanted to
do is just pre and post retirement planning. So there
was a lot of information in the CFP program more
on accumulation than there was about people getting out the door.
(53:18):
So I switched over to the CrPC and the rest
is history.
Speaker 3 (53:26):
Well, that's great, and we're here every week right here
on WGI if you want to tune in. We're also
a twelve to one PM show, The Retirement Ready Show,
But we're expanding. We have multiple locations. We are in
Malta is our main headquarters, but we're also out in Oneana.
We're in Syracuse. We can meet you up in Glen's
(53:47):
Falls down in Albany.
Speaker 2 (53:50):
Eighty State Street.
Speaker 3 (53:51):
Eighty State Street, right there next to the old Times
Union Center. What's it called now? The MVP be the PEPSI.
Speaker 2 (54:00):
I'm just so disgusted with downtown Albany. I just so
disappointed that that's the end result after all these years,
that that's the best that the Capitol of New York
can do. I know that they're putting money into Albney,
and I'm kind of flyobergasted, like what are they going
to do with it? Where are they going to put it?
They better have a game plan because what they have
(54:20):
right now is just to me, it's it's disgusting. You
go to downtown. I was just in downtown Albany. I
was just down on eighty State Street, and yep, I
had to go down to PKS and make a long
story short. I was very disappointed with what I saw.
(54:40):
A lot of empty buildings, all the restaurants and places
that I used to go to Laser, you know, Jacks,
all these restaurants, the chambers, places that you know, just
great businesses, a lot of energy. There's no energy people
can't get out of you know. The thing is is
that you know, I don't know, you know, I'm beating
(55:02):
a dead horse here, but the bottom line gets down
to is that people can't get out of here quick enough.
Speaker 3 (55:10):
How do those tax credits work back in the day, Well,
that was.
Speaker 2 (55:13):
What saved Albany. And I've said this over and over again.
People might disagree with me. When I was in Albany
in the eighties and nineties, there was investment tax credits.
ITC's for historic rehab and it meant that investors, high
network people could go in and they can invest their
money and they would get dollar for dollar tax reduction federal.
(55:35):
And the thing is is that it stimulated downtown because
the government didn't have to put the capitol in individually,
the Kenworth Hotel, all those buildings basically on South and
North Pearl, A lot of those buildings were redone because
of itc investment tax credits a lot of your cities,
and I think that they should resurrect those and they
(55:57):
should basically put them in place again. I mean, like
a city like Cohos used. Cohosa is an example. I mean,
you get on that main drag or the host I
mean those some of those buildings are absolutely they're older,
they're beautiful, they're gorgeous. If you gave people incentives to
go in there and basically put their capital in there,
they would do it. They would do it. Just like
they did in downtown Albany. But as soon as they
(56:18):
got rid of them, what happened they went corporate Woods Latham.
I mean, what's going on with Saratoga Springs?
Speaker 3 (56:24):
Yeah, people Sarah moving.
Speaker 2 (56:26):
Yeah, busting at the seams. I mean, they just don't
want to deal with the nonsense, the parking. You can't park,
you know. You know, there was a thing that came
on the news the other day that I found staggering.
You know, in the city. Now they have a twenty
five mile per hour speed limit.
Speaker 3 (56:42):
Oh in Saratoga, No, in Aubany.
Speaker 2 (56:44):
In Aubany, twenty five mile hour speed limit in certain areas,
and it's generated like like one hundred and eighty thousand tickets,
one hundred and eighty thousand tickets, and it's generated like
seven or eight or nine million dollars ballpark make it.
But the thing that I found flabbergasting, sixty percent of
that revenue goes to the guy that's got the cameras
(57:05):
out there, the company that's doing the cameras, and only
forty percent stays with the city. So I guess they're
still happy with it, but they're in my opinion, they're
not welcoming. You know, money, There is no reason for
me to go to downtown Albany. Zero. Is there any
reason for you to go to downtown Albany unless we're
(57:27):
using the office down at the eighty State Street.
Speaker 3 (57:30):
Just the MVP Arena. You know, maybe I'll go to
a concert. Yeah, it's about it. Maybe Proctors. I went
to Proctors.
Speaker 2 (57:38):
And I hate to say it because I'm a major
advocate of rehab and bringing downtown's back and making them
vibrant apartments and everything like that. But I can't imagine saying, Wow,
I'm excited to go live in downtown Albany.
Speaker 3 (57:55):
And the Albany Empire bringing people in. Maybe that's didn't
they go undefeated?
Speaker 2 (58:00):
Yeah? Yeah, pull lacrosse team or whatever it was.
Speaker 3 (58:04):
The fire they just left, Well they left, that's not kid.
They should have an Albany Municipal bond.
Speaker 2 (58:12):
No. What they ought to do is they ought to
need They need some competent people that build out. You know,
I say when people come into us, they need to
build a plan. You know, we emphasize a plan. You know,
you're flying by the seat of your pants. You know,
what Albany needs is a plan. I don't know what
the hell their plan is because I haven't seen it,
and what I've seen so far, it's definitely not working out.
(58:33):
So you would think that they're going to do something
as far as trying to make it a better environment
for people to live in, But I don't know. Uh.
You know, you went to Siena College. Did you spend
much time in downtown Albany when you went to the Siena.
Speaker 3 (58:52):
Yeah, a few times we went down to Albany because
convenience closed. You know, there were some nice restaurants on
there and some nice places with those four legged stools.
But but no, I really didn't. You know, we stayed
on campus most of the time studying. Yeah, we're Louville.
Speaker 2 (59:13):
What was that bar down at the bottom of the
hill going.
Speaker 3 (59:16):
To water Lake, going to Watervale.
Speaker 2 (59:18):
Yeah, down the hill. I can't think of the name
of it right now. That's where we used to always go.
Speaker 3 (59:23):
Oh, I don't know. That was a little before my time.
Speaker 2 (59:25):
But you know, I can't think of the name of
the place now, but the used to go in there.
You can with your fake IDs. All right. We're talking
about efficient wealth, tax efficient wealth, and one of the
things that you're getting to the point now here where
you're gonna have to start thinking about taxes, believe it
(59:46):
or not, folks. So I want to talk a little
bit about why, you know, tax planning and estate planning
is important not only in your lifetime, but also understanding
some of the things that are happening right now. The
federal estate tax exemption is thirteen point sixty one million,
So if your a state is worth more than that,
then you're going to have federal estate tax. Most of
(01:00:07):
you that are listening, of course, are not going to
be in that. But you know what Nico and I
talked a little bit about is why it's important for
you to think about gifting gifting assets outside you're a state.
You know, currently it's nineteen thousand dollars per person. You
know that adds up if you got three or four kids,
and mom and dad do thirty eight thousand dollars times three,
(01:00:27):
that's a good chunk of money.
Speaker 3 (01:00:30):
Yeah, that would be one hundred and eight thousand dollars,
one hundred and sixteen, one hundred and fourteen thousand dollars.
But it's too early.
Speaker 2 (01:00:38):
What do you do? What's your business?
Speaker 3 (01:00:41):
One hundred and fourteen thousand dollars. But no, you're right,
you know, start gifting that money, start getting into accounts
for the children or whoever your beneficiaries are. Tax efficient
estates are important, right, you want your money going to
the kids, not the state, not the Fed. There's ways
to do that, ways to navigate that. You know, even
your iras I found over the last few months here,
(01:01:03):
use those for your own you know, well being your
own retirement, and spend those down in your lifetime and
transfer that to uh, transfer some of that money to
something that's more tax efficient for the children, if that's
what you want. You know, a lot of people I
talk to say, you know, whatever is left is left,
and if that's your plan, that's completely fine, and we
can set that up as well. But if you want
(01:01:24):
to call our office the numbers five one eight five
eight zero one nine nine again that's five one eight
five eight zero one nine one nine, or check us
out on the web at www dot rpg retire dot com.
Give us a call. It's a call and show folks
one eight hundred talk WGY. We'll be right back.
Speaker 2 (01:01:48):
Retirement is in a Sunday thing. It's a now thing,
whether you're just starting out or nearing the finish line.
The best time to build your retirement plan is today.
Don't wait for the right moment. Let's create a plan
that works for you. Secure your future and the freedom
that comes with it. Call my office today and take action.
(01:02:08):
Eighty eight eight five eight zero one nine one nine.
That's eight eight eight five eight zero one nine one nine,
and your future will thank you. You've spent a lifetime
saving for retirement. Now it's time to make that money
work for you. Here's the secret most people miss. You
have to create your own retirement income plant. Social security
is not enough, pensions are rare. You need a strategy
(01:02:30):
that turns savings into monthly income that will last a lifetime.
At the Retirement Planning Group, we build customized income distribution
plans so you can retire with confidence, retire smart, live well.
Call eight eight eight five eight zero nine one nine
for your complementary consultation. We are living through the greatest
wealth transfer in the history of mankind. Trillions of dollars
(01:02:51):
of wealth will change hands from one generation to the next.
Your money to our beloved children and grandchildren. Are you ready?
Your future is written by chants, It's written by action.
Now's the time to build your plan, protect your assets,
and position yourself for the opportunity. Don't wait, take action.
The future favors those that are prepared. Call eighty eight
(01:03:12):
five eight zero one nine one nine. That's eight eight
eight five eight zero one nine one nine. Are you
ready for retirement or just hoping it works out? Don't
leave your future to chance. At the Retirement Planning Group,
we hope you create a personalized retirement plan so you
can relax knowing you are prepared. Take action today called
eight eight eight five eight zero one nine one nine.
(01:03:34):
That's eight eight eight five eight zero one nine one nine.
Or visit us at our website rpgretire dot com to
schedule your complementary consultation. Your future will say thank you.
(01:04:01):
All right, we are fack. Good morning. It's hard to
say Happy Labor Day week and already. God. The summer
goes by quick, doesn't it?
Speaker 3 (01:04:13):
It does? It flies by?
Speaker 2 (01:04:16):
You got the rain the beginning of the summer.
Speaker 3 (01:04:19):
We try to squeeze everything in. It just goes too fast.
Speaker 2 (01:04:23):
You like the fall?
Speaker 3 (01:04:25):
I think fall is one of my favorite seasons.
Speaker 2 (01:04:27):
Yeah, I just don't like what comes after fall? Winter? Yeah, yeah,
I think that's what they call it winter we uh.
I told her a couple of years ago. I fell
on the front step and I said, that's it. I'm
(01:04:47):
not doing this anymore. All right. We're talking about ways
that you can reduce some of your tax liability, tax efficient.
We're gonna get into a little bit now as far
as the products that you can use. And again, if
you have any questions or com mens, it's twenty eight
hundred talk to WGY. That's twenty eight hundred eight two
five fifty nine. You want to call in and ask
a question. I want to say, Hi, give us a
(01:05:09):
tip for the track today. I love to talk to you,
especially the tip. I don't know anything. I don't know anything.
Speaker 3 (01:05:17):
I got to get your sheets.
Speaker 2 (01:05:19):
I get my sheets.
Speaker 3 (01:05:20):
You sheets.
Speaker 2 (01:05:21):
Last time I got my sheets. You saw what happened.
Speaker 3 (01:05:23):
Yeah, that wasn't a pretty day.
Speaker 2 (01:05:24):
I was crying by the third race. Give me another drink.
Speaker 3 (01:05:31):
Yeah, you're I just lost the red buddy. Yeah, we're
gonna have to move lost the house. No gonna be careful.
Gambling is a losing sport, folks.
Speaker 2 (01:05:47):
All right, So we're talking about some ways that you
can get some tax preference. One of the things that
you consistently hear over and over again is tax re
municipal bonds, And for a lot of it, they don't
take advantage of them, and I think it's you're foolish
not to, especially if you have cash on the sidelines
that you basically have to have it sit there in
(01:06:09):
case of a nine to one one. And there's a
lot of reasons why tax free are better than tax deferred.
Pretty simple, right, tax free, tax deferred, tax deferred. Ultimately
you're going to have to pay the gains on the deferral.
So tax free, you pay taxes on the money up front,
but it grows tax free, and when you withdraw it,
(01:06:31):
it's tax free. And there's a thing called roth which
everybody's well aware of, and there's a thing called tax
free municipal bonds.
Speaker 3 (01:06:40):
Yeah, ROTH accounts are great for younger folks. And also,
you know you're getting close to retirement, you don't have
any after tax dollars, maybe it's time to start creating
some tax diversification as well. You might have your investments diversified,
but now it's also time to give yourself an option
in retirement to pull from a pre tax versus an
after tax bucket each year. You know, depending on what
(01:07:00):
you're going through, you know, different years, you might have
different tax liabilities, so you want the option.
Speaker 2 (01:07:06):
Uh.
Speaker 3 (01:07:06):
But yeah, roth iras are very powerful, you know, grows
tax free and then tax free distributions if you do
change your contributions and your work plan your pace.
Speaker 2 (01:07:15):
Five years though, remember that five five five five five brothers.
Speaker 3 (01:07:18):
To access the earnings. But you can always access your contributions.
So if you ever want to pull money out of there,
you can.
Speaker 2 (01:07:24):
Wow, that's good. Tax free municipals, tax free municipals, I'll
tell you what. You can take them out at any time.
Just be careful, you know, the longer the duration, the
more volatility that you're going to have. Uh. If you're
in a situation right now, even the short duration has
given you a pretty competitive rate of return.
Speaker 3 (01:07:43):
For four and a half five percent tax free yield
on some municipal bond funds, Be careful if you do
buy and sell. There might be short term trading fees
on some of those. So again, but federal tax you're
not gonna Oh, depending on the qualification of the fund
or the state, you know, the different states that the
(01:08:04):
fund holds, you might owe a little bit of state tax,
but again not much.
Speaker 2 (01:08:09):
A lot of people think understand that too, is that
sometimes even though they are institutional shares, you have to
hold them with fidelity. A lot of the institutional shares
you have to hold them for what sixty days to
make sure that there isn't some kind of a charge.
Speaker 3 (01:08:22):
Back, avoid your thirty dollars fee, sixty dollars fee.
Speaker 2 (01:08:25):
Whatever it is. Yeah, so there's a lot of reasons
why people should start thinking about tax free, tax preference items,
tax deferred items. You know, if you're a CD buyer,
I'm in the camp that there's better options available to
you than a certificate a deposit to me. You can
do myga's multi year guaranteed annuities, you can do tax
(01:08:47):
free municipal bonds. It's just a question how liquid do
you need to be in order to get the bang
for your buck and get the advantage of them. You
should look at them, probably a little bit more long
term the short term. But there are tax free money
market accounts, you know, which you give you liquidity on
a daily basis, so you know the state that you
(01:09:09):
live in. New York State, of course, is pretty high taxed,
especially in the city. So if you're looking for some
tax preference money, might be a good idea for you
to look at tax re municipal bonds. Nygas are at
What are they at right now?
Speaker 3 (01:09:22):
That's a great question. They change every week. The five
year is still close to five, I believe, and then
the three years about four or seven. They might have dropped.
They should, They should be dropping a little bit here
because of the FEDS announcement about a week ago. But yeah,
they're still they're still pretty high. You know, if you're
(01:09:44):
someone that has had a good couple of years in
the market, you kept your money in after twenty twenty
two and you've experienced that rebound and you have some
gains in the portfolio. If you want something that's more guaranteed,
the nygas tend to provide the best payout for you know,
I have five year duration in New York State.
Speaker 2 (01:10:02):
Anyways, Well, you'll hear guys say why would you do
that because it's a tax deferred account and you're putting
it inside of IRA. As far as the guarantee. The
reason why you're doing is you're buying the product. You're
not buying the deferral. You're buying the interest rate, you're
buying the guarantee that's associated with it, so it doesn't
make any difference who it's you know, provided by the
(01:10:25):
insurance company because the product automatically has a deferral on it.
But you know, we've gotten a lot of interests and
guaranteed rates over the last couple of years, especially after
we went through twenty twenty two.
Speaker 3 (01:10:41):
Yeah, we did a lot of work with mygas and
twenty twenty four. You know, last year specifically we were
getting five point one. We got five point five for
some folks, and they're very happy with that return. You know,
we have one in a five year that's maturing in
twenty twenty nine. You know, at that point these are
IRA dollars. You could take money, put it back into
(01:11:01):
his IRA account, no tax liability. You got your five
point one percent for five years, you know, or you
leave it there and you turn it into some sort
of income for the rest of your life. Right, So
you have options at the end of that five year
period to either annuitize take the income, roll it into
another five year product, or get it back into your
IRA and provide some more liquidity for yourself.
Speaker 2 (01:11:22):
Yeah. So the thing is is that you know, tax
free means a lot of things to a lot of people.
They think that tax fread is tax free, municipal bonds,
you know, anything that's not subject to a tax. There's
other assets that you can purchase that give you exclusion ratios,
like an annuity. If you buy an annuity and you
(01:11:42):
turn it on as income and you get a certain
guaranteed rate with it over a period of time, when
you turn that on as an income stream, there's an
exclusion ratio so that you get a certain amount that
is excluded from taxes. This is important for people that
trying to get under the threshold for taxation of Social
Security benefits. I know that for a lot of you
(01:12:04):
that are listening that's almost impossible because of the amount
of income. But there are certain people that actually makes
more sense for them to be in an NYGA and
then annuitize than it is for them to buy a CD.
You you just latter them, Yeah, you just latter them.
Speaker 3 (01:12:20):
Yep. And speaking of Social Security, I've had quite a
few conversations with people surrounding the new changes to Social
Security and the taxation of it. There is now a
six thousand dollars deductible.
Speaker 2 (01:12:34):
Is that what they're doing, they're doing it as a deduction.
Speaker 3 (01:12:37):
For three years is five to eight?
Speaker 2 (01:12:40):
Is it dollar for dollar or is it just a
standard deduction.
Speaker 3 (01:12:43):
I'm I think it's a standard. It's just a standard
of six dollars just to help them mount to Social
Security taxation. So that is something that I came into
effect here. So again, your Social Security benefit, you've never
paid one hundred sent tax on what you've been receiving, right,
You've only paid fifty to eighty percent or even zero
(01:13:05):
depending on your income. But but again, now they're giving
you a six thousand dollars deduction against that as well.
Speaker 2 (01:13:11):
Yeah, which is great, Which is great. The thing that
I want to try to find out is that you
know the tips, you know no longer going to be taxable.
Is there income bands on that as far as you know,
how much you can make without having your tips as
(01:13:32):
the person that is receiving the tips not taxable. So
there's a lot of tax benefits that are being implemented.
There's just not a lot of nuts and bolts. I'm
not getting a lot of details on it.
Speaker 3 (01:13:44):
Yeah, me either. Yeah, but we do have some CPAs
that we work with that will know the ins and
outs of all these tax planning strategies. So again, if
you want to reach out and discuss your own situation,
numbers five one eight, five eight zero one nine, there's
a call and show folks you can reach us. Twenty
one hundred eight two five fifty nine forty nine and
(01:14:06):
that twenty one hundred eight five fifty nine forty nine.
Speaker 2 (01:14:10):
All right, before we have to take a break care
at the bottom of the hour, a little more housekeeping here. Again.
I always want to try to bang the drum on
this because last year we raised about sixteen thousand dollars.
Our goal is twenty five thousand. This year, we're having
another golf event, Swing for a Cure. It's got a
(01:14:30):
little bit of a caveat with it this year. T
t TE Tunnel to Towers is one of the beneficiaries
of our golf tournament. This year, seventy percent of what
we what we raised will go to Tunnel to Towers.
Thirty percent will go to the American Cancers Society. So
if you'd like to participate, if you're a VET, if
you're someone that has a soft spot in your heart
(01:14:52):
for these guys that have really given a lot to
our country and have had some issues. We you would
love to have you participate. Even if you don't participate
in the golf, you can still come to the banquet.
There's lots of gifts and prizes that we give away.
You can win a car. I don't know Jimmy got
the hot tub again this year.
Speaker 3 (01:15:12):
I'm sure he's got that sitting right out front.
Speaker 2 (01:15:16):
Yeah.
Speaker 3 (01:15:16):
T two TU Tunnel to Tower is great foundation to
five on one C three company as well. You know
you can deduct those charitable contributions from your taxes. The
the cause is great too. It even says here you
can donate your car for a veteran. So donate your
car to T two T. Nope, let's get the Chevelle. No,
(01:15:40):
you're going to say at the truck.
Speaker 2 (01:15:41):
No, let's get the Chevelle. Nico just got a new
truck that everybody loves. What's the name of that thing.
Speaker 3 (01:15:47):
It's a Tremor. It's souped up off road package.
Speaker 2 (01:15:54):
Is that what it is.
Speaker 3 (01:15:54):
I'm gonna go through the cornfields. But but no, I
needed one. I had the two thousand and thirty team.
That thing had no ways. See, window wasn't going down.
Speaker 2 (01:16:02):
That's what mine was.
Speaker 3 (01:16:03):
It was a long hot.
Speaker 2 (01:16:04):
When I got rid of my Ford Explorer. It was
the thirteen. I hated to see that thing go because
I loved it.
Speaker 3 (01:16:08):
I felt bad the green machine dropping my truck off
at a dealership. Yeah, there's no worse feeling than driving
away from the thing.
Speaker 2 (01:16:15):
Your cheek.
Speaker 3 (01:16:16):
Yeah, I was with that thing for eight years.
Speaker 2 (01:16:18):
All right, we got to take our break. This is
the last half hour coming up. You guys have any
questions or comments. We're here live one talk to e
GY five fifty nine. I'm Dave Copec. I'm here with
Nicholas Duma. Sir if I financial planner, I'll see it
right after this quick like.
Speaker 3 (01:16:58):
And we are back. It's the Retirement Planning Show. It
is eight thirty three am. It just turned thirty three
here in the Capital District, Albany. We were talking about
Albany a little earlier. We have clients from all over
the place up here. We also have clients that leave state,
(01:17:21):
going to Tennessee, going to Florida. It's moving around in Florida.
Have you seen the market down there recently? In Florida?
A lot of houses up for sale, especially the condos.
A lot of supply. I think prices are dropping a
little bit. Sarasota people don't want to pay the hoa's.
Speaker 2 (01:17:40):
Sarasota was also an area that was overbuilt. I got
a good friend of mine who his father in law
is involved in construction there as a builder, and they're
going through some stress right now. You know, too many
houses not in people. Interest rates are you know, interest
(01:18:02):
rates are a big deal right now as far as
affordability for homes. You you know, I was just thinking
about you this morning. You do that a lot, uh,
not a lot, but this morning six and a half percent,
I'd say something, we're in the air. Oh yeah, But
(01:18:23):
I know that you're out looking for homes and all
that stuff and you're trying to figure it out. But
the price of homestead of are crazy.
Speaker 3 (01:18:29):
It's insane, you know, you can't really stomach it. And
they go in two days in this area anyways, But
six and a half percent interest rate, you know, you
got people in the eighties who had what fourteen fifteen
percent mortgages, So you know, yes, it hurts, but there's
been worse times. And I think when rates do start
(01:18:51):
coming down, those prices will continue to increase. On a
lot of properties people are gonna be able to afford more,
right because they look at your monthly income. So again
it's just a difficult housing market. So we'll see what happens.
But in Florida specifically, I know there's a lot of
folks moving around down there, And we've got a client
(01:19:13):
that I spoke to a couple of weeks ago. They're
thinking about moving to the eastern part. But they're kind
of in a double edged sword situation to where they're
not going to get as good of a price on
their home right because rates are starting to come down,
but also the house they're purchasing, the prices have come
down as well, so they can get a benefit on
(01:19:33):
that side too, you know. So it's kind of a
give take type of situation going on down there for
people trying to relocate.
Speaker 2 (01:19:41):
I think, you know, the bottom might gets down to
is that Julie and I have had this discussion over
and over again as far as Florida versus New York,
and you know where you want to be, you know,
as we age, I know I'm not a warm or
a cold cold weather per at all anymore. I need warmth,
(01:20:02):
you know, I just I can't do the cold anymore.
I don't want to slip and fall and blah blah
blah all that nonsense. And you know, the more you
look at, you know, the different options that are available
to you. As far as the states, you know, the
focus is really primarily for people that we work with
has been what Tennessee, the Carolinas, Florida, and probably maybe
(01:20:28):
some individuals Delaware. We've had quite a few clients that
have moved to Delaware. You know, it's not that far away,
but it's far enough away. In Alabama they get the benefits.
It's a much Alabama, that's right. We get clients in Alabama.
So they're good people.
Speaker 3 (01:20:45):
I just spoke to them. Which one.
Speaker 2 (01:20:51):
Golden Arches or the pilot the Arches Golden Arches. How's
he doing?
Speaker 3 (01:20:56):
He's good, he's good. We caught up a little bit. Yeah,
he's looking at a track. What's the biottractor for his farm?
But he's but a gentleman farm down there. I think
he probably hit a home run because there's so much
growth down there. As far as you know, people that
are looking for land.
Speaker 2 (01:21:12):
But you know, I think what you have to do,
you know, after doing this for so long, for forty
three years going into you know I'm going in my
forty fourth year.
Speaker 3 (01:21:19):
Yeah, that was a different I don't think he's getting attractor.
Speaker 2 (01:21:22):
He's getting attracted.
Speaker 3 (01:21:23):
I don't think he's going to try it for something else.
Speaker 2 (01:21:24):
I was on my John Darre all day most of
yesterday yesterday afternoon doing circles. I know you're knocking, knocking,
to knocking it down, but.
Speaker 3 (01:21:35):
Credible doesn't come over there and do that for no
give me break.
Speaker 2 (01:21:41):
What about Nick the social butterfly. You know I'm gonna
get Nick. I'm gonna get him do it. But if
you're if you're thinking about leaving, I think what you
should do is rather than leave and just go and
sell everything, not adverse for you to sell rent before
you actually pull the trigger, because this pantacea that you
(01:22:03):
think it is might not necessarily be a panacea. And
you know, we've had situations. We had a husband and
wife that were here in the Capitol District region that
went out to the Boston area to be closer to
both of their daughters. And I think they're glad that
they did it, but it hasn't been what they expected
it to be. You know, kids have lives, they have families,
they have children, you know, and you know, I think
(01:22:27):
one of the things you got to think about is that,
you know, really how much time are you going to
be spending with your kids? Yeah?
Speaker 3 (01:22:32):
The focus on yourself also, Yeah, you know, you're uprooding,
kind of changing your friend group, kind of find new
people to hang out with, especially if your kids don't
like you.
Speaker 2 (01:22:41):
So but all right, we're talking a little bit too
about tax preference money here today and things that you
need to do in order to more of a tax efficient.
You know. One of the things that we haven't talked about,
which is a I think probably one of the greatest
investments that you can do, but you have to have
a high deductible plan as an HSA health savings account,
(01:23:04):
and the health savings accounts, you know, are extremely beneficial,
especially if you're thinking about, you know, how am I
going to handle my health care costs during my retirement years. Now.
I got clients right now, they're in they're like fifty
eight to fifty nine that want to retire, and their
biggest obstacles.
Speaker 3 (01:23:22):
What health insurance? Health retiring before Medicare at sixty five,
breaking that gap.
Speaker 2 (01:23:28):
And we were talking about it this past week, and
they're saying, you know, we don't know what we're going
to do about healthcare and how we're going to handle it.
And a lot of times I use my wife as
an example. My wife was a teacher at shen for
twelve years. She had health insurance when she retired. She
just recently retired in September of last year, but her
health insurance didn't carry forward for any of us, either
(01:23:50):
myself or my daughter or Christopher at the time. So
you know, we started going out looking at options that
were available to us as far as what the cost
was going to be. And right now we're paying nineteen
hundred dollars a month.
Speaker 3 (01:24:05):
Yeah, it's a mortgage for health care.
Speaker 2 (01:24:07):
So you end up getting rid of a mortgage. But
he ended up starting another one for healthcare. So I think,
you know, one of the things that we consistently hear
over and over again is what are my options now.
I just we had a doctor and his wife that
came in new clients of ours, and we're setting up
a conference call a meeting with them face to face
the next time they come into the office. I mean,
this is one of the things. They have plenty of
(01:24:28):
assets in order to get them through for the retirement years.
But what's their greatest concern?
Speaker 3 (01:24:33):
Health? Health, health costs, health costs, long term care, facility,
nursing home. You know, we talk about it all the time.
Speaker 2 (01:24:41):
Well that's the thing that nobody wants to talk about.
Speaker 3 (01:24:43):
It's the first thing we talk about generally. It's right
on that first page. You have a will, health care proxy,
power of attorney trust. Do you have any long term
care insurance? You know a majority of folks do not.
When I see someone come in with a long term
care policy, I give them a high five. You know,
we do a belly bump, chest bump, and then I
and then we sit back down and we talk about it.
(01:25:05):
But but again, long term care insurance is something that
not a lot of folks have. They don't have that
plan for if something happens to either one of them,
you know, and they go into a nursing home, what
are we going to do. So that's where we discuss,
you know, the estate and the documents they have in place,
how much they want to leave their children or if
they want to leave their children, any assets, and start
(01:25:25):
mapping out a game plan for income and where we're
going to draw assets off of what makes the most sense.
Speaker 2 (01:25:31):
Well, as I've said over and over again, and we
started doing some numbers for some people the other day.
You know, in twenty and twenty five, an individual, as
long as you've got a high deductible plan, you could
put four three hundred dollars in your HSSA if you're single,
eight thousand, five hundred and fifty dollars if you have
a family, and you never lose the money, the money
(01:25:55):
stays with you. You start adding that up over the
next you know, five, eight, ten, fifteen years before you
actually retire. You can really build yourself a hell of
an est each in regards to healthcare costs during your
retirement years. Fidelity has an HSA program which people can
contribute to. Have you done any of those yet? Yeah?
Speaker 3 (01:26:15):
I have a health savings account, they shift.
Speaker 2 (01:26:17):
You have one yourself, right, Yeah?
Speaker 3 (01:26:19):
Yeah, I'm in an extremely high deductible plan and I
kind of I use the health health Savings Account to
account for that, right, So, to account for the high
deductible If I do need money, I've got the Health
Savings Account, which is tax deductible, tax free, growth, tax redistribution.
(01:26:40):
I've made a little bit of money on. It was
some individual socks I purchased. So we're in good shape.
Speaker 2 (01:26:45):
Well, I talked to a guy the other day. We
were talking about this, and we were talking about the HSA,
and I didn't know what the numbers were, but I
just punched up. In twenty twenty five, you can contribute
eighty five to fifty. Next year, in twenty twenty six,
the forty three hundred goes to forty four hundred and
eighty seven to fifty, and then if your age fifty
five and over you can add into additional that's a
(01:27:07):
lot of money. Yeah, ninety seven to fifty.
Speaker 3 (01:27:11):
You can invest it too, folks. And it's not used
to to lose it every year, right. It sits there
in the health same As account. It can grow over
time if you don't use it, Mention it to your children.
Speaker 2 (01:27:21):
You know.
Speaker 3 (01:27:21):
It's great for young younger individuals. You can use it
down the line for qualified medical expenses. So again, it's
a great account to have. It's just like it's the
wroth of the health insurance field. The wroth IRA of
the health insurance field is your health save as account,
especially if they're in a high deductible plan. That's the
only way they can contribute. So you know, I'm targeting
(01:27:41):
my deductible. That's how much I want to get into it, right,
you know, I just opened it maybe a year or
two ago. So again, you get it up to the deductible,
then you're covered if anything happens, and you're paying that
lower health insurance premium for that high deductible each month.
Speaker 2 (01:27:55):
And it's just like almost like an high rate contribution.
Have until April fifteen or basically until you file your
federal tax forms. So if you look at it as
an additional contribution for qualified what I would consider to
be qualified assets for your retirement years, but you can
(01:28:16):
use it at any time during your accumulation years too.
To me, there's no there's no negative. There's no negative
on an HSA account. And I know that people kind of,
you know, squill a little bit that you know it's
a high deductible plan, but most of the high deductible
plans now in order to qualify it's like what eighteen dollars.
Speaker 3 (01:28:33):
Yeah, I don't think it's that much. I think it's yeah,
it's somewhere around two two thousand, little less. I think, yeah,
you're right, all.
Speaker 2 (01:28:40):
Right, we'll be back. This is Dave Kopek. This is
a retirement planning show. Hopefully you're enjoying this absolutely beautiful
day in Upstate, you know surrounding areas. We'll be back
after this quick message. We are living through the greatest
(01:29:09):
wealth transfer in the history of mankind. Trillions of dollars
of wealth will change hands from one generation to the next,
your money to our beloved children and grandchildren. Are you ready?
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Now's the time to build your plan, protect your assets,
and position yourself for the opportunity. Don't wait, take action.
(01:29:29):
If future favors those that are prepared, call eighty eight
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nine one nine for your complementary consultation. Retirement is in
a Sunday thing. It's a now thing. Whether you're just
(01:30:11):
starting out or nearing the finish line, the best time
to build your retirement plan is today. Don't wait for
the right moment. Let's create a plan that works for you.
Secure your future and the freedom that comes with it.
Call my office today and take action eight eight eight
five eight zero one nine one nine. That's eight eight
eight five eight zero one nine one nine, and your
(01:30:34):
future will thank you. Are you ready for retirement or
just hoping it works out? Don't leave your future to chance.
At the Retirement Planning Group, we help you create a
personalized retirement plan so you can relax knowing you are prepared.
Take action today. Called eight eight eight five eight zero
one nine one nine. That's eight eight eight five eight
(01:30:55):
zero one nine one nine. Or visit us at our
website rpgretire dot com to schedule your complimentary consultation. Your
future will say thank you. We are back here on
(01:31:25):
this holiday weekend. Hopefully you've got family and friends in
I'm gonna do something fun enjoy the weekend. A lot
of people are off on Monday, so you got a
long weekend. Friday, we got out of the office. Did
you guys leave early?
Speaker 3 (01:31:43):
Yeah? I talked to Billy.
Speaker 2 (01:31:46):
I left one one. So we try to this is
it the last hurrah, last rodeo, be back in the
saddle come Tuesday. Another what one hundred and twenty days
we got. It's just to me, it's amazing you get September, October, November,
(01:32:08):
December we finished. We were on the tail.
Speaker 3 (01:32:10):
End into holiday season almost We got to do a
secret Santa in the office this year, I just did.
Speaker 2 (01:32:18):
Where the hell was I? I was either at Low's
or Home Depot No or Sam's. And it not even
Christmas trees are Halloween decorations. There's Christmas stuff out.
Speaker 3 (01:32:35):
There's Christmas stuff. Yeah. Uh bah humbug by HomeBuy you're
talking about You're not gonna dress up like Santa this year.
Speaker 2 (01:32:46):
I got off the exit the other day going home.
I went down the north Way instead of Route nine,
and I got off at Clifton Park and there's a
trektor trailer with all these big boxes filled with stuff,
and I couldn't make it out. When I got buy
it like next to it, side by side of all
these I mean huge huge boxes, a big long trector trailer,
(01:33:08):
you know open. The bed was open, filled with pumpkins,
probably going to lows.
Speaker 3 (01:33:16):
Yeah, get into that time of year, almost pumpkin picking season.
Trying to get your You.
Speaker 2 (01:33:23):
Guys, got any you've got any animals on your property
on your farm?
Speaker 3 (01:33:29):
Got chickens?
Speaker 2 (01:33:30):
You do have chickens.
Speaker 3 (01:33:32):
My sister in law has chickens. Yeah, there's one. It's hilarious.
It doesn't it's crow or it's cocka doodle do?
Speaker 2 (01:33:41):
What does?
Speaker 3 (01:33:42):
It sounds like the wrestler John Cena. He's got that.
And I swear if anyone ever heard that, you hear
this chicken, it sounds just like it. It's funny, but
it wakes me up every morning.
Speaker 2 (01:33:58):
I think you're smoking some of the Hey.
Speaker 3 (01:34:00):
No, we've got two. We've got three cats. There's a
dog on the farm. There's some animals.
Speaker 2 (01:34:09):
All right, we were talking. This whole program has been
about tax preferenced money. Niko just told me in order
to contribute, you have to have a high deductible plan.
And what are those deductibles right now?
Speaker 3 (01:34:24):
Yep? For the individual it's one six and fifty dollars
to be considered a high deductible plan, and for a
family it's three thousand, three hundred dollars, which.
Speaker 2 (01:34:32):
Makes all the sense of the world, folks, because you know,
fssays are similar to hsays, but you can't take the
money with you and if you don't use it during
the year, you lose it. Hsas are entirely different. I
don't even know why they have fssays flexible savings accounts
compared to hsas. I mean, you'd be foolish to do
(01:34:57):
an FSA.
Speaker 3 (01:34:58):
Yeah, if you have the option or a health savings account.
You know, a lot of employers might only offer fssays,
so they have to use that. But that's why I
see a lot of people booking appointments in December, right
they have to spend that money in the FSA or
they lose it, Whereas the health savings account keeps compiling
on top of itself if you don't if you don't
use it.
Speaker 2 (01:35:19):
So we do have the ability to facilitate health savings
account through the mothership Fidelity. We're actually looking forward in October,
we're going out for our conference which we attend each year.
October sixth, seventh, and eighth will be in Boston. Nico
likes to take rides on trains out there. You're going
(01:35:44):
to have the subway out there, right.
Speaker 3 (01:35:46):
Yeah, yeah, it was. It was a good time the
U Science. Yeah, she went to the train station over. Yeah,
I'm actually I'm going to Fenway.
Speaker 1 (01:36:00):
Are up?
Speaker 2 (01:36:00):
Get out?
Speaker 3 (01:36:01):
Yeah, We're going to a Red Sox game with Kendra
and Tyler, So it should be a good time.
Speaker 2 (01:36:06):
Good for you.
Speaker 3 (01:36:08):
But yeah, we're going where they plan the Pirates.
Speaker 2 (01:36:10):
You got to go to Boston. This tame Yep.
Speaker 3 (01:36:13):
I don't think Skens is pitching. I think he pitched Yesterdue. No, no,
I'm not a huge baseball guy. Keunter just likes going
to defend. But yeah, no, Faflity conference should be good.
Speaker 2 (01:36:27):
You know.
Speaker 3 (01:36:27):
Usually we go over what's the newest, the latest and
greatest in the industry, and uh, it's a good opportunity
for us to see what Fidelity's new offerings are.
Speaker 2 (01:36:37):
Well, what what I like about it is that you
can you can intend a lot of these workshops through
uh Zoom or ring Central. But one of the things
that I find advantageous when we go to these conference
with Fidelity in Boston is that we have the ability
to have dinners and sit down and have conversations rob
(01:36:58):
elbows with individuals that are doing the same thing that
we're doing. It gets some ideas and concepts as far
as what they're doing and how they're allocating money and
how they're facilitating what the clients are looking for. You know,
our business is changing a lot of folks. Our business
is no longer managing money. It's managing basically all the
wealth of clients. So it's not only the tax planning,
(01:37:21):
the investment planning, the legacy planning, and working with attorneys.
We don't try to profess that we're attorneys, but we
do a lot of work in that arena as far
as having conversations on a daily basis what people are
trying to achieve with their overall the state plan, protecting it,
transferring it, and getting it tax efficiently, and then you
(01:37:42):
know it's complicated. Yeah, I think it's complicated.
Speaker 3 (01:37:46):
I think that's something we pride ourselves on, as the
estate plan and making sure everything's in order because we've
seen so many horror stories, so getting everything wrapped up,
having proper beneficiaries, doing that disclaimer form that we talked
about earlier in the show trust irrevocable versus revocable. You know,
we're in the camp irrevocable makes a lot more sense,
(01:38:09):
especially in New York State. And then again, you know
returns as well. You know, we are heavy on the
investment management side of it. We utilize Fidelity their research
teams and all the tools that they have available to
us to create these portfolios that are efficient and well
suited for our clients. You know. But again, I think
(01:38:29):
we really focus on the overall plan and the overall
estate and we're more of a holistic financial planner. We're
not gonna, you know, just go over numbers the whole
meeting and tell you how great we are. We're going
to try to fix your problems or put holes in
your ship and and patch those holes.
Speaker 2 (01:38:48):
So all right, we're gonna have to say goodbye here
in a very short period of time anything that we're discussing.
Of course, we offer a complementary consultation that there are
corporate headquarters in Malta, Albany eighty State Street, Syracuse, Oneanna.
Of course, Glenn's Falls soon to be Hudson have a
(01:39:11):
satellite office in Hudson in a very near future, hopefully
by October first. So if anything that we're talking about
is of interest to you to have a face to
face meeting, we welcome that opportunity. So if you're trying
to figure out your family planning, you're trying to figure
out your investment planning. We do a lot of work
in retirement income distribution. We have strategic partners that we
(01:39:35):
are very confident in that have the ability to facilitate
what you're looking for. And it's like anything else, if
you don't have a plan, any destination will do. I
overemphasize that to individuals. You know, everybody looks at me
sometimes like I'm a three headed monster. And I say
it over and over again. When we meet with people,
they say what should we do? Or you know, what
(01:39:56):
are we doing wrong? And it's pretty consistent.
Speaker 3 (01:39:58):
What do they need a state planning work? Is that
what you were getting at I was thinking about something
else in my head.
Speaker 2 (01:40:06):
What are you thinking about? Stop looking at me like that.
Speaker 3 (01:40:13):
No plan is a plan and it's a bad plan.
Speaker 2 (01:40:16):
Right.
Speaker 3 (01:40:17):
And I had another client they came in with this slogan.
I thought it was a really good.
Speaker 2 (01:40:21):
Saying you're trying to get some brownie points.
Speaker 3 (01:40:23):
Now I'm getting brownie points listening. She's probably listening. Oh god,
I forgot I lost it. Alright wait wait, no, okay,
So here is don't don't be don't be surprised. No,
I gotta look at my notepad again.
Speaker 2 (01:40:41):
Feelings.
Speaker 3 (01:40:44):
If you don't want a surprise, prepare for your demise. Yeah,
I think that's a good one.
Speaker 2 (01:40:52):
Bottom mine is is that you know we'd like to
have fun with like to laugh. This is serious business,
and you know that a lot of people are questioning
where they are at. I'm going to say it again.
We have numerous offices. If you can't meet with us
face to face because of handicaps or disabilities, we'll come
(01:41:13):
to you. We do a lot of meetings now through
Zoom and Ring Central, So if that's more convenient for you,
give us a call at our office at five one
eight five eat zero one nine one nine or toll
free eight eight eight five eat zero one nine one nine.
And whether you're here in the Capitol District region or
(01:41:35):
outside the Capitol District region, give us a call and
see if we can help you out. We're pretty straightforward.
We tell you either yay or nay, and either be myself,
Chris McCarthy, Nicholas Numas or my son Christopher William There's
a guy. There's a guy that's a hit. I tell
(01:41:55):
you showed up Macarthy. Now Macarthy, he's probably.
Speaker 3 (01:41:59):
He's here for the last two minutes of the show.
Speaker 2 (01:42:02):
He loves to be on radio. He thinks he's the
start everybody at the coffee shop that he has.
Speaker 3 (01:42:08):
He gets a lot of compliments on his radio because
he's kind.
Speaker 2 (01:42:12):
He is kind.
Speaker 3 (01:42:14):
He is a very kind He's a very.
Speaker 2 (01:42:15):
Kind, good person and that's always good for the team.
So what you're you're going golfing today? I'm gonna go
float on my boat somewhere in Lake George after the track,
which I'm not overly excited about, but I'm gonna go.
So make a long story short. Please folks, be safe,
don't drink and drive, go out there and have an
absolutely fantastic weekend. And uh, you know, Tuesday morning, we're
(01:42:41):
back in the saddle. My boy my daughter's boyfriend flew
down a visitor Florida Atlantic Get boyfriend. Yeah, she's got
a boy toy.
Speaker 3 (01:42:50):
They're titles boyfriend girlfriend.
Speaker 2 (01:42:53):
Yeh yeah. He asked her, can you be my girlfriend?
You know so?
Speaker 3 (01:42:57):
Did he ask you first?
Speaker 2 (01:42:58):
Yeah? We gotta go. Bye. Up.
Speaker 3 (01:43:02):
The information or services discussed on this show is for
informational purposes only and is not intended to be personal
financial advice. The investments and services offered by US may
not be suitable for all investors. If you have any
doubts as to the merits of an investment, you should
seek advice from an independent
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