Episode Transcript
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Speaker 1 (00:00):
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 financial advisor.
Speaker 2 (00:24):
All right, good afternoon, on this wonderful, beautiful Saturday in
upstate New York. I'm Dave Kopik, your host. This is
the Retirement Planning Show. We're here every Saturday to hopefully
educate you on the options that are available to you
for your pre and post retirement years. Anything that I'm
(00:44):
talking about today, you can call. This is not babble radio.
This is talk radio, and we have a lot of
phone calls last week, which always makes it much more interesting,
I think for you instead to listen to me babble
about all this content that I have for you. So
if you want to participate, you want to be a
(01:06):
rock star, you want to be on live radio. It's
three one five four to two one ninety seven ninety seven.
That's three one five four to two one ninety seven
ninety seven, three one five four to two one wsy
R and my very competent engineer Kyla will put you
(01:29):
on the line or she'll take the question and send
it to me, whatever you want to do. So hopefully
had a great week. It's been kind of a bumpy
ride folks in this world. But the I never talked
about the financi financial markets on a week to week
basis because I just think it's, you know, it's not
(01:52):
worth it. Okay, if you're not a long term investors,
you shouldn't be in the stocker bond market. Okay, if
you're not willing to stay five to ten years, you've
picked the wrong option for you. So we don't try
to talk about it. But the good news of this
past week is what the Fed cut rates. We had
(02:12):
the baby. The baby was born and it was twenty
five basis point point twenty five. Somebody wanted a bigger baby.
One of the Fed governors wanted a fifty baby, a
fifty basis point baby, but we got twenty five. So
we'll take that. Okay, We're happy with that. The trend
is in our favor. In Wall Street, there's an old saying,
(02:33):
the trend is your friend. We're heading the lower interest rates,
which I believe will be extremely explosive to the economy.
So hold on tight. Here we go. The last couple
of weeks, I've had some major issues with individuals that
(03:02):
are now facing healthcare cost in retirement, and to say
that they have sticker shock is an understatement of what
it's going to cost for them to have healthcare, especially
if they want to retire before that magical age is
sixty five when you're going to qualify for Medicare assistance.
(03:26):
But if you're employer, if you're not fortunate enough to
have worked for the state or the school district or
mussipality and you've got healthcare for the rest of your life,
you're going to fall down when you look at the cost.
You're going to fall down because healthcare right now in
(03:47):
the year two thy and twenty five for most of us,
will be the most expensive item that we pay for
on a monthly basis. And there's a lot of factors, folks.
I'm not going to get into them because I don't
want to bore you, right, but what we're going to
(04:09):
talk about is some of the things that you should
do pre and post to help you deal with healthcare
on a monthly, annual, five, ten, fifteen, twenty years. I mean,
if you're retiring at eight sixty sixty five today, you
(04:29):
could have three decades, three decades of out of pocket expenses.
Right now, Fidelity, the mothership who we custodian all of
our assets with, they're basically saying you're going to have
to have hundreds of thousands of dollars on the sideline,
(04:51):
not only for out of pocket medical expenses, but if
you're unfortunate that you're going to need home care assistant,
living or along from care facility. Right, that's when they
really start ringing the bill. Ding ding ding ding ding. Now,
I had a guy that called last week, one of
our callers, that said, I'm going to call my attorney
(05:16):
because I told him that his IRA is not protected
from a Medicaid event if you put it into periodic payment. Right,
if the periodic payment is enough to satisfy what the
county's looking for, the County's going to send you a
chart that basically says, mister Apple is now going to
(05:39):
have to spend instead of six thousand dollars a month,
which is his R and D, now he's going to
have to start spending eleven or twelve thousand dollars a
month in order for him or her missus Apple to
stay in that Medicaid bed. In a long chat yesterday
with an attorney with a doctor and his wife. They
(06:00):
came into our office. That are new clients of ours,
and we had a long chat with the attorney and
the doctors thought that he didn't need long term care
insurance because he did the irrevocable trust and his IRA
was protected from a Medicaid spend down as long as
you put into periodic payments. Not working that way anymore, folks.
(06:23):
Not in New York. The counties are aggressively going after iras,
even even if you have long term care insurance. I
had a client that a long term care policy through
the New York State Partnership exhausted the benefits of the policy.
(06:44):
Now ninety days before you exhaust the benefits of the policy,
they sent a letter to the county to basically say,
this person is now eligible for Medicaid assistance. The county said, great,
how much is in the IRA? The IRA the woman
was in her eighties, significant amount of money in the IRA.
(07:06):
Now she's going to have to spend it down based
on in their chart, not periodic payments or R and D.
It's a huge, huge decision for a lot of them.
All is money that you've worked for years, for decades,
(07:28):
hard working savers, the people that we work with at
the retirement planning group. You're going to have to make
a decision. How do I protect this nest day and
how do I get if it's important to some people?
Could care less? My kids are doing fine. If I
got to spend the money, I spend the money. The
question is do you spend it and impoverish your wife
(07:50):
or your spouse Because the cost of healthcare laun term
care is through the roof. I had a woman on
today that's a healthcare specialist that works in the capital
region of New York State, and she told me today
that healthcare cost they just got the numbers, are going
(08:12):
to go up anywhere from twenty to thirty percent next year.
As far as the premiums, how does that make you feel?
Twenty to thirty percent? So if you think you got
sticker shocked, now just wait, just wait. So healthcare, as
(08:34):
I said, is important, and we're going to go through that.
But the big thing that nobody wants to talk about
I've almost gotten fistfights in my conference room because I
brought up long term care? How are you going to
pay for long term care? If you need assistance in
(08:54):
your home, assisted living or in a long term care facility,
And I'm not going to talk about that all right,
then you're not going to be a client of ours
because if you're not willing to talk about it and
have a conversation so your spouse or your loved ones
(09:14):
know what the path we're going to take, we don't
want to work with you. That tells me that you
don't care about your family or your loved ones. You
want to put them in a nine to one one
position and they're going to pull their hair out trying
to figure out how they're going to take care of
Dad or how they're going to take care of mont.
(09:36):
This is, in my opinion, the majority of Americans right now.
It's the biggest Achilles heel. It's the one thing that
you're not talking enough about. Is when I get sick,
what happens? Who's going to take care of me? My son?
I said the other day to my son, I suddenly
(09:58):
my son Christopher that works for me, I said, we're
in the car driving with his mob, and I said,
you're going to take care of dad? Right, I get
sicker ill, you'll come in, bade me, take care of me,
do all the things that you don't necessarily want to
do when I get sicker ill? Right, he goes, Hell, no,
I'm not doing that. So look around your family right now,
(10:23):
you can stick her ill. Who's going to take care
of you? Your wife? Your husband? Guy that I worked
with for years, that was an insurance special if she
worked for Amika. He was an executive for Amika for years.
And then Dan he was a seale U ChFC at
all all the initials after his name, as far as
AIG with his insurance licenses and knew it inside and out.
(10:49):
And he always had a great line. You'd always say,
she's going to take care of you, and you're going
to take care of her. Yeah, what happened if you
don't even recognize one another because of the today we're
talking about healthcare retirement. Yeah, I had any questions, Please
give us a call. Three one, five, four ninety seven
(11:11):
were alive? All right, we are back. Hopefully you're enjoying
(11:35):
this absolutely spectacular day. We're doing a clam bake today
with our good friends at National Grid in Syracuse. So
my son's out there with Nicholas Dumas and couldn't make it.
I could make it because I have an obligation this
(11:56):
afternoon that I have to go to. But last year
I was there. I can't think of the name of
the facility. That's all they do is like clam bakes
and stuff like that. It's phenomenal. A little disappointed because
I love good old steamers. So we're talking today about
the explosion and healthcare cost, not only as far as
your pre years, but your post years of retirement and
(12:19):
what are you going to do about it. There's a
lot of factors. I think one of the biggest one
is because us, the boomers, are going through the stress
that it's putting on the whole system. Eleven two hundred
boomers turned the age of sixty five every day eleven
two hundred. About two hundred and forty to two hundred
(12:42):
and fifty thousand boomers retire every month, which also skews
the unemployment numbers that you see. So we have an
aging population. We have a population that adults aged sixty
(13:04):
five and older, probably because the way we live and
what we do to ourselves have multiple chronic conditions, and
it's basically breaking the back of medicare in the private
insurance companies. So what are you going to do about it?
(13:25):
How do you talk about it? So this program is
really weird for people that are fifty five and older,
even though we do have younger people listen to it
the Retirement Planning Show. I'm going to give you a
high recommendation for anybody that's currently in their thirties or
forties or fifties. If you have the ability to do
(13:46):
a high deductible plan and fund an HSA account, go
do it Monday. Go do it Monday. There's many reasons
why you want to do an HSA account. Go on
the internet and punch in health savings accounts and do
(14:08):
a little research on why an HSA is extremely beneficial
during your pre and post retirement years. When it grows
tax free, right comes out tax free, you don't lose it,
You don't lose it. The money stays with you, and
it can also go to your spouse. It can pay
(14:32):
for a lot of these expenses that are out of pocket.
And the bottom line gets down to if we already
know that we're going to have an astronomical amount of
money that's going to be needed during our retirement years.
It probably makes sense to sacrifice a little bit during
your career as far as going out and spending it
(14:52):
on whatever that you've got a solution. You have money
in the bank that's all tax free, going tax free,
and the numbers that you can put in now on
an annual basis are pretty strong the dollar amounts, so
it's not uncommon that you could basically be sitting there
and you can have yourself with significant, well over six
(15:14):
figures in the HSA account. But when I say that
planning for healthcare and retirement is critical, it's an understatement.
But here's the thing that you need to understand that's
probably the most critical. Where will your zip code be?
(15:38):
Because every state is different in regard to the assets
that are protected. If you're trying to qualify for Medicaid assistance,
you got that every state is different. Massachusetts is different
than New York. New York is different than Florida, Florida
is different than the Carolinas. And a long chat with
(16:01):
an attorney about this the other day, So you should
know where you're going to be at the end of
the rainbow when you go into your retirement years and
what do you have to do in order to design
a plan that's going to protect your assets from Probably
the most detrimental thing that could possibly happen to you
(16:26):
is a health event that would push you into some
type of a long term care facility. It impacts. When
I say it impacts individuals on your retirement, it's an understatement.
I had a gentleman on not that long ago. His
mother and father ran a very successful business known throughout
(16:47):
the Capital District region. The family doesn't talk to one
another anymore. He became an advocate for long term care
planning because what happened to them is that the father
my mother got sick. In hell, they didn't have any protection,
they'd have any type of assets that were held in trust,
They had no long term care insurance, and all the money,
(17:09):
all the money that they had accumulated in their lifetime
basically got spent for what long term care twenty four
hour care inside the home, and long term care costs.
Folks hit women, especially hard. They're commonly what the caregiver.
(17:31):
You'll say to the guy, here you go, who's gonna
take care of you? Get sick or ill, well, she'll
take care of me really well. When you go home today,
get a one hundred pound bag of potatoes and have
her walk around the house with it for a couple
of days and then tell me call me back, call
me back on Wednesday, Call me back on Wednesday, and
let me know how she did on Monday Tuesday carrying
(17:51):
that one hundred pound bag of potato. Take it from
the toilet, put it into the bathtub, take it out
of the bathtub, have her carry it over to the toilet.
Women typically become the caregivers from their husband until they
either emotionally or gone, they need respite or they get
their own health situation that basically puts them in a
(18:14):
bad spot. And who ends up being the caregiver a
lot of times for mom and dad. Let's think that
going out right, the daughter that lives the closest to momadad.
Typically that's what happens. So there's a lot of reasons
(18:38):
why you want to have a plan in place, because
the cost what a cost to do this during your retirement,
and also you want to basically provide a safety net.
You want to have some kind of a plan in
place to absorb probably the biggest expense that you're going
to have during your retirement years, besides the premiums that
you're paying on a monthly basis for healthcare. No easy answer, folks,
(19:06):
this is a ship that doesn't have a runner right now.
It's going all over the place. I can't tell you
what's gonna happen with healthcare costs because what I'm starting
to see is basically starting to shock me. I've got
people coming in that want to retire that say I
can't do that, can't do it. There's no way, there's
(19:28):
no I'm gonna have to work part time in order
to pay for health care or I'm gonna stay working
part time that will they'll provide me with some type
of healthcare coverage because I can't absorb that type of
distribution out of my savings in order for us to
have health care. So, as I said, HSA accounts during
(19:53):
your pre retirement years provides a buffer in order to
absorb some of these out of pocket expenses. But there's
not a lot of us folks out there here in
New York State that can absorb a two hundred thousand
(20:15):
dollars a month bill for a long term care bid.
So when we talk about how do you handle this
and what are the options that are available to we'll
go through it a little bit, but the big one
is this, okay, benefits for long term care coverage to
(20:37):
medicate very across the country. It's state to state specific.
Sometimes the states are a little screwy too, because certain
counties will do things different than other counties. But what
we're starting to see in New York State, as I said,
with iras, the rule of thumb used to be, you know,
(20:58):
as long as you put it into period payment and
you started satisfying your R and D, they wouldn't go
after your IRA. That's not the case anymore. Medicaid is
going after recovery programs because the cost of long term
care is breaking the bank. To these counties, look at
(21:22):
your county, call them up, or go to their website
and see what their long term care costs are as
a percentage of their overall budget. Renstler County and the
Capital disagree. In the New York State, ninety cents of
every dollar goes to Medicaid. Ninety ninety cents of every
dollar goes to Medicaid. So you need to sit down
(21:42):
with someone that has knowledge you that's knowledgeable like me,
I'll pat myself on the back, but I have all
the answers, but I know where to go and find
out their rady answers. But I also I don't understand
some of these attorneys that will tell individuals, you know,
(22:03):
you don't need it, you don't need a trust, or
you don't need to do any kind of planning for
long term care, because what they're basically saying is that
we don't know all the options. That's what my personal
feeling is. So there's state benefits. Basically, in order to
get state benefit, you got to impolish yourself, the state,
(22:26):
the zip code. There's certain assets like Florida home ira protected.
There's certain limits, but for most of us you'll probably
get underneathos in order to have protection. While a lot
of people make Florida their permanent resonance rather than New
York because of the asset protection that it provides. So
(22:50):
don't wait until the crisis hits. There are options that
are available to you. This is a very very emotional
topic that can really have a toll on your family planning.
Be proactive, know your choices, and have a sense of
(23:11):
control of what you created. That's my advice for you today.
I'll be back for the second half. I'm Dave Kopec.
This is the Retirement Planning Show. Give me a call
three one five four to one ninety seven ninety seven.
Don't be bashful. We don't bite, all right, I am back.
(23:39):
I'm Dave Kopeck, the president of the Retirement Planning Group.
It's good to be here. We're here on the weekends
on Saturday from one until two. This is the Retirement
Planning Show. All we do is pre and post retirement planning,
whether you're twenty five or eighty five. I'm starting my
forty fourth year the financial services business. I'm starting my
(24:02):
twenty six year on radio. So hopefully you find an
informative and educational We open it up if you have
a question. Our telephone number here today is three one
five four to two one ninety seven ninety seven. That's
three one five four to two one ninety seven ninety seven.
Even if it's off topic, that's okay, no big deal.
I'm talking about healthcare today. Why it's important for you
(24:25):
to have a plan. We're going to talk a little
bit more in regards to some of the things you
might want to do in order to protect your assets,
protect your family, and there's different ways. There's a solution,
believe me, folks, for everything that you're looking for. It's
just a question are you working with an open architecture platform?
(24:48):
What do we mean by that? We don't have an
AX to grind. All of our assets are held at Fidelity.
We don't have to use Fidelity for anything. They're the
custodian of all our assets. And bottom Minke gets down
to open architecture means that we can go to JP Morgan,
we can go to wherever blackgroc, we can go to
(25:08):
any of the firms that we work with in order
to get the types of products, whether it's investments, insurance,
long term care products, et cetera. That's another story to
itself too because we work through what we call MGA
Master General Agency that allows us to have a diversified
portfolio of different types of insurance products. So one of
(25:34):
the things that I love talking about is this wealth
transfer because our job at the Retirement Planning Group, of
course is to try to maximize wealth transfer. And again,
if you have any questions, I'll give out our telephone
number three one five four ninety seven ninety seven three
one five four to two one WSYR. We're alive. When
(25:57):
asked us a question about your own specific situation, hopefully
I can lead you in the right direction. If dad's
not doing well, then mom's got one foot on a
banana peel and she's about ready to go back into
a long term care facility, And Dad's got a lot
(26:17):
of money inside of IRA accounts, and mom's the primary beneficiary,
and then three kids are the contingent beneficiaries. There is
a legal option that's available to you that allows you
to get the money outside your estate and get it
to your kids. Then there's no asset recovery on it.
It's called an IRA disclaimer. It's a writing. It's a
(26:43):
legal binding document where a beneficiary formerly refuses part or
all of the inherited IRA, treating them as if they
had predeceased the account owner. Okay, why would you do this?
Why would you do this? Well, I'll use this as
(27:03):
an example, all right, Mister Saratoga is sickadyl. He's in
a long term care facility currently as we speak. His
wife is at home, she's not doing much better, and
the kids are looking at what are they going to
do for Mom? But as far as she wants to
stay at home as long as she can, so she's
(27:26):
getting assistance in the home not needed at that of
this time in order for to transfer into a long
term care facility, but probably coming. She doesn't want to
go to assist a living. She wants to do what
stay in her home. Dad probably is not going to
make it. He's not doing well at all. So IRI
(27:52):
disclaimer is set up. Mom is the primary, there are
three kids are the contingent beneficiary. When dad dies, what's
the ability for mom? The ability for Mom is to
disclaim some of this large IRA and get it to
the three kids and only retain what is necessary for
(28:13):
quality of life. Only retain what is necessary for quality
of life. So this allows the assets to pass to
the contingent beneficiaries right and allows the money to avoid
being captured as far as the state recovery for medicaid
because it acts as if Mom had already predeceased the husband.
(28:38):
It's a great way to protect assets and only retain
what is necessary for quality of life. So we'll talk
about it in greater detail. We have a phone call.
Pault broke the ice yay, Hello, how are you. I'm
going to you, I'm doing great. What can I help
(29:00):
you with?
Speaker 1 (29:02):
I am sixty five years old and that time to retire.
Speaker 2 (29:06):
I suppose I have my house, it's all paid for, yep,
and I have some mind saved. I'm in New York State.
I'd really like to go where they're friendly to retirerees
as far as your savings and such. My house needs
a new roof, which will cost eighty five thousand dollars,
(29:27):
so I'm thinking of signing out. What would be the
best state for retirees? Well, do you have children? No children?
Not married? Okay, Well, I think that the state that
would probably give you the most warm and fuzzy and
comfort in your retirement years. I'm assuming that you don't
(29:49):
want to be shovel and snow when you age. I'm
pretty taled to that. Yep. Well, what I would say
to you is that there's a lot of options available
to it. Is legacy a concern fore you transfer of
wealth to the next generation. I really don't have a
next generation. Okay. So you want to maximize you want
(30:10):
to maximize the dollars that you've accumulated in your lifetime
and have quality of life correct. Yeah, Okay, Well, what
I would say to you, we just opened up a
brand new office. That's sixty seven sixty seven hundred Kirkville Road.
What you might want to do is to call my
office and say that you talk to me on the radio,
(30:31):
you want to come in and have a chat because
there's a lot of there's a lot of particulars, there's
a lot of questions. You know, I don't have time
on the radio to ask you these questions, but I
think it really where your desire, you know, where you
would like to be is not like a five minute
conversation over the radio. There's a lot of stuff that
we can get into as far as what what do
you like to do? What do you do for entertainment?
(30:55):
Is to heat too much for you? It would floor
to be too much in the summertime because a lot
of people, well of Florida, you know, from like October
to May, but they really don't jump up and down
for the other months. So there's a lot of things
that we can discuss. Okay, I'll call make an appointment.
Thank you very much. Okay, thank you man, have a
good day. Uh and again I'll give out that number
(31:16):
our new office will open on October first. They're finishing
all the work. Came out beautiful. We're at six seven
zero zero Kirkfield Road. The Olivia Group is the company
that we're going through. They own the building and I
couldn't be happier with them. They've done a phenomenal job,
and uh, we really look forward. I think people are
(31:38):
going to be surprised when they come in. They did
a beautiful, beautiful job on our new offices. So again,
if you want to come in for our consultation, we
are located there. And again if you have a specific
question three one five four two one ninety seven ninety
seven three one five four to one ninety seven ninety seven.
If you have a question, hopefully we can give you
(32:01):
the answer or lead you in the right direction. But
I was just talking about IRA disclaimers. Why they're important.
You need to understand why you do them. You have
to have it in writing. It's unconditional, it's irrevocable. Once
you do it, you can't get the money back. You
have a nine month deadline to make the decision right.
(32:24):
And as I said, the money passes to another person,
not the primary beneficiary. The key is that you have
to have contingent beneficiaries. They have to be on the
form the contingent beneficiaries. But why do you do this?
There's a lot of reasons to do it. I can
go through them in general terms. Tax avoidance, right, beneficiary
(32:47):
is that disclaim and IRA avoid the potential of income
tax liabilities being pushed into a higher tax bracket from
the distributions. Financial security. You want to provide more security
a certain time for your children or loved ones who
may need the assets more than you. The state planning, right,
(33:09):
it's in the state planning strategy. So that's a quick segment.
When we come back, we'll finish this up. We're talking
today about some of the options that are available to you.
I'm Dave Copek. This is a retirement planning show again.
If you have any questions. Three one five, Fortune one
ninety seven, ninety seven. We'll be right back. All right,
(33:43):
we are back. It's good to be here, good to
be anywhere on a beautiful day like today. Hopefully you're
gonna get out and enjoy the day. Two of my
team members, my son and Nicholas, are at the clam
Bake today with National Grid and I know that they're
having a great time Robin Elbow seeing some of our friends.
(34:05):
If you want to come in, we offer a complimentary
consultation at our office in Syracuse. Be an honor to
sit down with you have a chat. We don't have
a chat about investments. We can talk about Syracuse sports.
I'm a big sports fan. I love sports, played high
school and college. I coached basketball for a few years,
so you know, as I said, love love sports. So again,
(34:31):
we would love to have the opportunity to sit down
with you. See if our services could be of assistance
to you. All of our assets are held at Fidelity.
We don't have proprietary products. I've been doing it. I'm
going in my forty fourth year, which I can't believe.
This is my twenty sixth year on radio, and I
love what I do. People always say to me, Dave,
when you're going to retire. I'm not going to retire.
(34:52):
I'll retire when the Lord either takes me or I
can mentally or physically do this. My wife and I
spend a lot of time traveling, so I basically get
my respite. But I love what I do. I stink.
I stink at golf. I just can't get into it
like some guys get into it where they can just
do it all the time. I can't, and I can't
bake on the beach for an extended period of time.
(35:14):
So I do a little bit of both and I
stay active in work. I got a great team, and
you know, one of the things that we like to
do is to meet new people and see how we
can help them make their retirement. You know, this yellow
brick road something that will basically make you smile and
(35:35):
you're not going to have to worry and have stress.
That's not a retirement. Having stress and being word is
not a good retirement. So we try to keep it simplistic.
You know, we talk about it all the time. What
are the things that we do. We do investment management,
asset protection, legacy planning, and retirement income distribution. Those are
really the four things that we focus in on and
(35:55):
for a lot of people now we're doing a lot
of tax planning too. A lot of people want us
to do that taxes now, so we now have the
ability to do that for you too. So again, as
I said, we have a new property that we're going
to be moving into and that property is in Syracuse,
it's with the Olivia a libity of properties and if
(36:18):
you'd like to come in and have a chat with
us again, call my office at eighty eight five eight
zero nine, that's eight eight eight five eight zero one
nine nine, or check us out on the web rpg
retire dot com. So we talked a little bit about
this rising healthcare costs. Not only as far as healthcare,
(36:40):
we also talked about being prepared if you need excuse me,
just took a sip of my water and went down
the wrong pipe if you need care of assistance in
long term assistant living, long term care, or home care.
Most people want home care, but you know, you get
to a point sometimes where you have to be transitioned.
We talked about large amounts of money in IOLA, how
(37:01):
they're not protected in certain states or counties, that you're
going to have to spend them down aggressively in order
to qualify for a Medicaid bed. Some states do protect them,
such as Florida. In other states, you need to know
which ones do protect the IRA and also the home
if you're going to stay here in New York State.
(37:21):
We have a lot of competent attorneys that we work
with in the Syracuse area and be more than happy
to sit down with you. We bring them into the
office and we sit down and we have a chat.
Or we actually have attorneys that we have out of
our office. Our corporate headquarters is in Saratoga slash Malta,
which is Malta is like a little suburb of Saratoga.
(37:42):
So again, if we can be of assistance, it would
be a pleasure. We're out there a lot now. Syracuse
has become a very busy location for us, and I
think a lot of it has to do is with
our transparency. We don't have an ax to grind, folks.
We do not have an axe to grind. We basically
facilitate what is necessary in order for you to get
(38:03):
the types of investment products and programs in place in
order for you to have a care free retirement. So
today I want to kind of highlight a couple of
other things that you need to start thinking about. Of course,
when we talk about iras, there's about seventeen trillion, seventeen
(38:25):
trillion dollars in iras right now, whether it's traditional or wroth.
Now here's my other gidea up certain counties, depending on
how much you have in wroth. Iras are aggressively going
after the wroth as far as medicaid eligibility. So all
they're saying is that there's no R and D on that.
(38:47):
So that's an asset that we can go after immediately.
You don't have to spend it down on periodic payments
in order to be financially secure. Okay, you've got to
choose someone that really understands this landscape, especially if you're
trying to preserve assets. It is critical. It is critical
that if you want financial security, you want to protect
(39:09):
your spouse, and you want to leave assets, the estate planning,
elder law planning is probably number one on the list
to start thinking about as you start building out your plan.
So we work with a lot of strategic partners Fidelity.
Because we're part of Fidelity Institutional Wealth Advisors. We have
(39:31):
a whole broad platform that we bring to your attention.
But we also like to keep the professionals that you're
currently working with. If you're very happy with your CPA
and your attorney and your content, and we're content we
all think that we're on the same page. We would
never ever try to break up that situation. It's not
(39:53):
good for you. It's not good for us. So the
thing is is that we try to keep the continuity,
but you want to make sure that you're understanding the
reason why we're making decisions. And a lot of times
we have to have conversations with the attorney's ends, the
CP that you might be working with in order for
us to maximize not only the benefit that you're receiving,
(40:13):
but also reduce any tax liability that you might be
subject to. So so today, as I said, we talked
about iras, how you can disclaim them, get them to
the next generation, right, you can retain a portion of them.
You need to understand also that with wroth iras HSA accounts,
(40:36):
that is the bucket of money that I think is
probably the golden bucket of money in your retirement years.
Iras that are WROTH and also WROTH similar to WROTH
the HSA accounts, you get all those tax free withdrawals
during your retirement years and you're never subject to required
minimum distribution. So for a lot of people, for a
(40:58):
lot of individuals, right that receive an inheritance from an ira,
a traditional ira, they got a ten year window to
get that money out the door. Right, They've got to
have distributions. There's no more stretch ira. Stretch ira is gone.
Now what you have to do is you have to
have it spent down over ten years. Same thing with
(41:21):
roth roth is the same thing. When you inherit a
roth ira from a non spouse beneficiaries, you have to
have that money spent within ten years. But who cares
it's all tax rate. Some people say, hey, listen, Dave,
I'm gonna take it all out because it's all tax free.
I got a different way that I want to manage
that assets. That's fine, But just remember the Secure Act
(41:43):
changed a lot of these rules, and the rules right
that changed apply to non spouse beneficiaries more than spouses.
So understanding these new IRS laws, how you inherit ira assets,
whether it's wroth or traditional rays can be extremely important,
(42:05):
extremely important not only for you, but also for the
individual that's passing the assets on, especially if they're looking
to preserve those assets to the next generation. So non
spouse beneficiary of inherent diarray, right, who are those people?
Typically child, grandchild, sibling, friend. But what we're seeing more
(42:30):
and more people because there's spent so much wealth accumulated
over the last five ten fifteen twenty years. Folks, there's
eighty five trillion dollars that's going to pass on over
the next twenty to thirty years. Eighty five trillion dollars
(42:51):
of wealth. A lot of that money is equity in
real estate. It also qualified assets four one k ira
kio deferred con TSP. That is your achilles heel. It's
important to understand how you can tactically set that up
(43:12):
in order to make it a much more beneficial inheritance
for your loved ones. So again we go through all
of that, we go through your beneficiary forms. We want
to make sure that they match up with your wishes.
We basically not only match up your beneficiaryforms and your
qualified assets, but also your insurance, your annuities, non qualified annuities,
(43:34):
whatever they may be. You have to make sure that
those basically mirror one another because it's easy for you
to make some changes. You forget about it, and then
you pass away, and then you've got three kids, but
you're only basically given the assets to two because you
forgot to put the one down or the kid was
born after you filled out the form. To kind of
(43:56):
summarize here a little bit, you know, there's a lot
of considerations for non spouse beneficiaries of high ra assets.
You got to have discussions, right, You've got to have
basically an understanding of who's going to get what and
how it's going to go there. Don't think that the
(44:18):
IRA is basically dictated by the will, because it isn't.
It isn't. The beneficiary form trumps the will. So don't
think that you're going to be in a situation where
the will is basically going to take care of your
qualified assets, because that's not what happens. So there are
certain states also that protect inherited iras we go through
(44:41):
that with you, also depending on where your zip go
will be. But like anything else, we offer you the
opportunity to come in and have a chat with us.
As they said, we have a brand new office now
or not serotogin it's Syracuse. We just opened up another office.
We have six office is now in New York State.
We just open an office in the Poughkeepsie area, Poughkeepsie, Hudson.
(45:07):
Because we're on a radio station down there and sometimes
I get goofed up as far as where I'm actually
talking to. So again, as I said, we have a
new office in Syracuse. We would love to have the
opportunity to sit down with you. The worst thing that
can happen is that you have a horrible cup of
coffee with us and we have a chat and we
(45:27):
basically go over where we are and how we can
how we can help you out, and then it's up
to you either grab the bull by the horn and
take action or sit on the sidelines. So there's a
lot of questions out there right now with what's happening
regards to the new legislation taxes. I raise this unbelievable
wealth transfer, and it's just to me, it's staggering. It's
(45:51):
staggering when I start seeing some individuals when they come in,
the type of assets they've accumulated in their lifetime, it's
really unbelievable. And sometimes they just shape. But it's estimated,
as I said, eighty five trillion dollars in assets will
move over the next two to three decades. If we
can be of assistance, give us a call eight eight
(46:12):
eight five eight zero one nine one nine eight eighty
five eight zero one nine one nine, and we'll see
you next week. If the creek don't rise,
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 financial advisor.
Speaker 2 (00:24):
All right, good afternoon, on this wonderful, beautiful Saturday in
upstate New York. I'm Dave Kopik, your host. This is
the Retirement Planning Show. We're here every Saturday to hopefully
educate you on the options that are available to you
for your pre and post retirement years. Anything that I'm
(00:44):
talking about today, you can call. This is not babble radio.
This is talk radio, and we have a lot of
phone calls last week, which always makes it much more interesting,
I think for you instead to listen to me babble
about all this content that I have for you. So
if you want to participate, you want to be a
(01:06):
rock star, you want to be on live radio. It's
three one five four to two one ninety seven ninety seven.
That's three one five four to two one ninety seven
ninety seven, three one five four to two one wsy
R and my very competent engineer Kyla will put you
(01:29):
on the line or she'll take the question and send
it to me, whatever you want to do. So hopefully
had a great week. It's been kind of a bumpy
ride folks in this world. But the I never talked
about the financi financial markets on a week to week
basis because I just think it's, you know, it's not
(01:52):
worth it. Okay, if you're not a long term investors,
you shouldn't be in the stocker bond market. Okay, if
you're not willing to stay five to ten years, you've
picked the wrong option for you. So we don't try
to talk about it. But the good news of this
past week is what the Fed cut rates. We had
(02:12):
the baby. The baby was born and it was twenty
five basis point point twenty five. Somebody wanted a bigger baby.
One of the Fed governors wanted a fifty baby, a
fifty basis point baby, but we got twenty five. So
we'll take that. Okay, We're happy with that. The trend
is in our favor. In Wall Street, there's an old saying,
(02:33):
the trend is your friend. We're heading the lower interest rates,
which I believe will be extremely explosive to the economy.
So hold on tight. Here we go. The last couple
of weeks, I've had some major issues with individuals that
(03:02):
are now facing healthcare cost in retirement, and to say
that they have sticker shock is an understatement of what
it's going to cost for them to have healthcare, especially
if they want to retire before that magical age is
sixty five when you're going to qualify for Medicare assistance.
(03:26):
But if you're employer, if you're not fortunate enough to
have worked for the state or the school district or
mussipality and you've got healthcare for the rest of your life,
you're going to fall down when you look at the cost.
You're going to fall down because healthcare right now in
(03:47):
the year two thy and twenty five for most of us,
will be the most expensive item that we pay for
on a monthly basis. And there's a lot of factors, folks.
I'm not going to get into them because I don't
want to bore you, right, but what we're going to
(04:09):
talk about is some of the things that you should
do pre and post to help you deal with healthcare
on a monthly, annual, five, ten, fifteen, twenty years. I mean,
if you're retiring at eight sixty sixty five today, you
(04:29):
could have three decades, three decades of out of pocket expenses.
Right now, Fidelity, the mothership who we custodian all of
our assets with, they're basically saying you're going to have
to have hundreds of thousands of dollars on the sideline,
(04:51):
not only for out of pocket medical expenses, but if
you're unfortunate that you're going to need home care assistant,
living or along from care facility. Right, that's when they
really start ringing the bill. Ding ding ding ding ding. Now,
I had a guy that called last week, one of
our callers, that said, I'm going to call my attorney
(05:16):
because I told him that his IRA is not protected
from a Medicaid event if you put it into periodic payment. Right,
if the periodic payment is enough to satisfy what the
county's looking for, the County's going to send you a
chart that basically says, mister Apple is now going to
(05:39):
have to spend instead of six thousand dollars a month,
which is his R and D, now he's going to
have to start spending eleven or twelve thousand dollars a
month in order for him or her missus Apple to
stay in that Medicaid bed. In a long chat yesterday
with an attorney with a doctor and his wife. They
(06:00):
came into our office. That are new clients of ours,
and we had a long chat with the attorney and
the doctors thought that he didn't need long term care
insurance because he did the irrevocable trust and his IRA
was protected from a Medicaid spend down as long as
you put into periodic payments. Not working that way anymore, folks.
(06:23):
Not in New York. The counties are aggressively going after iras,
even even if you have long term care insurance. I
had a client that a long term care policy through
the New York State Partnership exhausted the benefits of the policy.
(06:44):
Now ninety days before you exhaust the benefits of the policy,
they sent a letter to the county to basically say,
this person is now eligible for Medicaid assistance. The county said, great,
how much is in the IRA? The IRA the woman
was in her eighties, significant amount of money in the IRA.
(07:06):
Now she's going to have to spend it down based
on in their chart, not periodic payments or R and D.
It's a huge, huge decision for a lot of them.
All is money that you've worked for years, for decades,
(07:28):
hard working savers, the people that we work with at
the retirement planning group. You're going to have to make
a decision. How do I protect this nest day and
how do I get if it's important to some people?
Could care less? My kids are doing fine. If I
got to spend the money, I spend the money. The
question is do you spend it and impoverish your wife
(07:50):
or your spouse Because the cost of healthcare laun term
care is through the roof. I had a woman on
today that's a healthcare specialist that works in the capital
region of New York State, and she told me today
that healthcare cost they just got the numbers, are going
(08:12):
to go up anywhere from twenty to thirty percent next year.
As far as the premiums, how does that make you feel?
Twenty to thirty percent? So if you think you got
sticker shocked, now just wait, just wait. So healthcare, as
(08:34):
I said, is important, and we're going to go through that.
But the big thing that nobody wants to talk about
I've almost gotten fistfights in my conference room because I
brought up long term care? How are you going to
pay for long term care? If you need assistance in
(08:54):
your home, assisted living or in a long term care facility,
And I'm not going to talk about that all right,
then you're not going to be a client of ours
because if you're not willing to talk about it and
have a conversation so your spouse or your loved ones
(09:14):
know what the path we're going to take, we don't
want to work with you. That tells me that you
don't care about your family or your loved ones. You
want to put them in a nine to one one
position and they're going to pull their hair out trying
to figure out how they're going to take care of
Dad or how they're going to take care of mont.
(09:36):
This is, in my opinion, the majority of Americans right now.
It's the biggest Achilles heel. It's the one thing that
you're not talking enough about. Is when I get sick,
what happens? Who's going to take care of me? My son?
I said the other day to my son, I suddenly
(09:58):
my son Christopher that works for me, I said, we're
in the car driving with his mob, and I said,
you're going to take care of dad? Right, I get
sicker ill, you'll come in, bade me, take care of me,
do all the things that you don't necessarily want to
do when I get sicker ill? Right, he goes, Hell, no,
I'm not doing that. So look around your family right now,
(10:23):
you can stick her ill. Who's going to take care
of you? Your wife? Your husband? Guy that I worked
with for years, that was an insurance special if she
worked for Amika. He was an executive for Amika for years.
And then Dan he was a seale U ChFC at
all all the initials after his name, as far as
AIG with his insurance licenses and knew it inside and out.
(10:49):
And he always had a great line. You'd always say,
she's going to take care of you, and you're going
to take care of her. Yeah, what happened if you
don't even recognize one another because of the today we're
talking about healthcare retirement. Yeah, I had any questions, Please
give us a call. Three one, five, four ninety seven
(11:11):
were alive? All right, we are back. Hopefully you're enjoying
(11:35):
this absolutely spectacular day. We're doing a clam bake today
with our good friends at National Grid in Syracuse. So
my son's out there with Nicholas Dumas and couldn't make it.
I could make it because I have an obligation this
(11:56):
afternoon that I have to go to. But last year
I was there. I can't think of the name of
the facility. That's all they do is like clam bakes
and stuff like that. It's phenomenal. A little disappointed because
I love good old steamers. So we're talking today about
the explosion and healthcare cost, not only as far as
your pre years, but your post years of retirement and
(12:19):
what are you going to do about it. There's a
lot of factors. I think one of the biggest one
is because us, the boomers, are going through the stress
that it's putting on the whole system. Eleven two hundred
boomers turned the age of sixty five every day eleven
two hundred. About two hundred and forty to two hundred
(12:42):
and fifty thousand boomers retire every month, which also skews
the unemployment numbers that you see. So we have an
aging population. We have a population that adults aged sixty
(13:04):
five and older, probably because the way we live and
what we do to ourselves have multiple chronic conditions, and
it's basically breaking the back of medicare in the private
insurance companies. So what are you going to do about it?
(13:25):
How do you talk about it? So this program is
really weird for people that are fifty five and older,
even though we do have younger people listen to it
the Retirement Planning Show. I'm going to give you a
high recommendation for anybody that's currently in their thirties or
forties or fifties. If you have the ability to do
(13:46):
a high deductible plan and fund an HSA account, go
do it Monday. Go do it Monday. There's many reasons
why you want to do an HSA account. Go on
the internet and punch in health savings accounts and do
(14:08):
a little research on why an HSA is extremely beneficial
during your pre and post retirement years. When it grows
tax free, right comes out tax free, you don't lose it,
You don't lose it. The money stays with you, and
it can also go to your spouse. It can pay
(14:32):
for a lot of these expenses that are out of pocket.
And the bottom line gets down to if we already
know that we're going to have an astronomical amount of
money that's going to be needed during our retirement years.
It probably makes sense to sacrifice a little bit during
your career as far as going out and spending it
(14:52):
on whatever that you've got a solution. You have money
in the bank that's all tax free, going tax free,
and the numbers that you can put in now on
an annual basis are pretty strong the dollar amounts, so
it's not uncommon that you could basically be sitting there
and you can have yourself with significant, well over six
(15:14):
figures in the HSA account. But when I say that
planning for healthcare and retirement is critical, it's an understatement.
But here's the thing that you need to understand that's
probably the most critical. Where will your zip code be?
(15:38):
Because every state is different in regard to the assets
that are protected. If you're trying to qualify for Medicaid assistance,
you got that every state is different. Massachusetts is different
than New York. New York is different than Florida, Florida
is different than the Carolinas. And a long chat with
(16:01):
an attorney about this the other day, So you should
know where you're going to be at the end of
the rainbow when you go into your retirement years and
what do you have to do in order to design
a plan that's going to protect your assets from Probably
the most detrimental thing that could possibly happen to you
(16:26):
is a health event that would push you into some
type of a long term care facility. It impacts. When
I say it impacts individuals on your retirement, it's an understatement.
I had a gentleman on not that long ago. His
mother and father ran a very successful business known throughout
(16:47):
the Capital District region. The family doesn't talk to one
another anymore. He became an advocate for long term care
planning because what happened to them is that the father
my mother got sick. In hell, they didn't have any protection,
they'd have any type of assets that were held in trust,
They had no long term care insurance, and all the money,
(17:09):
all the money that they had accumulated in their lifetime
basically got spent for what long term care twenty four
hour care inside the home, and long term care costs.
Folks hit women, especially hard. They're commonly what the caregiver.
(17:31):
You'll say to the guy, here you go, who's gonna
take care of you? Get sick or ill, well, she'll
take care of me really well. When you go home today,
get a one hundred pound bag of potatoes and have
her walk around the house with it for a couple
of days and then tell me call me back, call
me back on Wednesday, Call me back on Wednesday, and
let me know how she did on Monday Tuesday carrying
(17:51):
that one hundred pound bag of potato. Take it from
the toilet, put it into the bathtub, take it out
of the bathtub, have her carry it over to the toilet.
Women typically become the caregivers from their husband until they
either emotionally or gone, they need respite or they get
their own health situation that basically puts them in a
(18:14):
bad spot. And who ends up being the caregiver a
lot of times for mom and dad. Let's think that
going out right, the daughter that lives the closest to momadad.
Typically that's what happens. So there's a lot of reasons
(18:38):
why you want to have a plan in place, because
the cost what a cost to do this during your retirement,
and also you want to basically provide a safety net.
You want to have some kind of a plan in
place to absorb probably the biggest expense that you're going
to have during your retirement years, besides the premiums that
you're paying on a monthly basis for healthcare. No easy answer, folks,
(19:06):
this is a ship that doesn't have a runner right now.
It's going all over the place. I can't tell you
what's gonna happen with healthcare costs because what I'm starting
to see is basically starting to shock me. I've got
people coming in that want to retire that say I
can't do that, can't do it. There's no way, there's
(19:28):
no I'm gonna have to work part time in order
to pay for health care or I'm gonna stay working
part time that will they'll provide me with some type
of healthcare coverage because I can't absorb that type of
distribution out of my savings in order for us to
have health care. So, as I said, HSA accounts during
(19:53):
your pre retirement years provides a buffer in order to
absorb some of these out of pocket expenses. But there's
not a lot of us folks out there here in
New York State that can absorb a two hundred thousand
(20:15):
dollars a month bill for a long term care bid.
So when we talk about how do you handle this
and what are the options that are available to we'll
go through it a little bit, but the big one
is this, okay, benefits for long term care coverage to
(20:37):
medicate very across the country. It's state to state specific.
Sometimes the states are a little screwy too, because certain
counties will do things different than other counties. But what
we're starting to see in New York State, as I said,
with iras, the rule of thumb used to be, you know,
(20:58):
as long as you put it into period payment and
you started satisfying your R and D, they wouldn't go
after your IRA. That's not the case anymore. Medicaid is
going after recovery programs because the cost of long term
care is breaking the bank. To these counties, look at
(21:22):
your county, call them up, or go to their website
and see what their long term care costs are as
a percentage of their overall budget. Renstler County and the
Capital disagree. In the New York State, ninety cents of
every dollar goes to Medicaid. Ninety ninety cents of every
dollar goes to Medicaid. So you need to sit down
(21:42):
with someone that has knowledge you that's knowledgeable like me,
I'll pat myself on the back, but I have all
the answers, but I know where to go and find
out their rady answers. But I also I don't understand
some of these attorneys that will tell individuals, you know,
(22:03):
you don't need it, you don't need a trust, or
you don't need to do any kind of planning for
long term care, because what they're basically saying is that
we don't know all the options. That's what my personal
feeling is. So there's state benefits. Basically, in order to
get state benefit, you got to impolish yourself, the state,
(22:26):
the zip code. There's certain assets like Florida home ira protected.
There's certain limits, but for most of us you'll probably
get underneathos in order to have protection. While a lot
of people make Florida their permanent resonance rather than New
York because of the asset protection that it provides. So
(22:50):
don't wait until the crisis hits. There are options that
are available to you. This is a very very emotional
topic that can really have a toll on your family planning.
Be proactive, know your choices, and have a sense of
(23:11):
control of what you created. That's my advice for you today.
I'll be back for the second half. I'm Dave Kopec.
This is the Retirement Planning Show. Give me a call
three one five four to one ninety seven ninety seven.
Don't be bashful. We don't bite, all right, I am back.
(23:39):
I'm Dave Kopeck, the president of the Retirement Planning Group.
It's good to be here. We're here on the weekends
on Saturday from one until two. This is the Retirement
Planning Show. All we do is pre and post retirement planning,
whether you're twenty five or eighty five. I'm starting my
forty fourth year the financial services business. I'm starting my
(24:02):
twenty six year on radio. So hopefully you find an
informative and educational We open it up if you have
a question. Our telephone number here today is three one
five four to two one ninety seven ninety seven. That's
three one five four to two one ninety seven ninety seven.
Even if it's off topic, that's okay, no big deal.
I'm talking about healthcare today. Why it's important for you
(24:25):
to have a plan. We're going to talk a little
bit more in regards to some of the things you
might want to do in order to protect your assets,
protect your family, and there's different ways. There's a solution,
believe me, folks, for everything that you're looking for. It's
just a question are you working with an open architecture platform?
(24:48):
What do we mean by that? We don't have an
AX to grind. All of our assets are held at Fidelity.
We don't have to use Fidelity for anything. They're the
custodian of all our assets. And bottom Minke gets down
to open architecture means that we can go to JP Morgan,
we can go to wherever blackgroc, we can go to
(25:08):
any of the firms that we work with in order
to get the types of products, whether it's investments, insurance,
long term care products, et cetera. That's another story to
itself too because we work through what we call MGA
Master General Agency that allows us to have a diversified
portfolio of different types of insurance products. So one of
(25:34):
the things that I love talking about is this wealth
transfer because our job at the Retirement Planning Group, of
course is to try to maximize wealth transfer. And again,
if you have any questions, I'll give out our telephone
number three one five four ninety seven ninety seven three
one five four to two one WSYR. We're alive. When
(25:57):
asked us a question about your own specific situation, hopefully
I can lead you in the right direction. If dad's
not doing well, then mom's got one foot on a
banana peel and she's about ready to go back into
a long term care facility, And Dad's got a lot
(26:17):
of money inside of IRA accounts, and mom's the primary beneficiary,
and then three kids are the contingent beneficiaries. There is
a legal option that's available to you that allows you
to get the money outside your estate and get it
to your kids. Then there's no asset recovery on it.
It's called an IRA disclaimer. It's a writing. It's a
(26:43):
legal binding document where a beneficiary formerly refuses part or
all of the inherited IRA, treating them as if they
had predeceased the account owner. Okay, why would you do this?
Why would you do this? Well, I'll use this as
(27:03):
an example, all right, Mister Saratoga is sickadyl. He's in
a long term care facility currently as we speak. His
wife is at home, she's not doing much better, and
the kids are looking at what are they going to
do for Mom? But as far as she wants to
stay at home as long as she can, so she's
(27:26):
getting assistance in the home not needed at that of
this time in order for to transfer into a long
term care facility, but probably coming. She doesn't want to
go to assist a living. She wants to do what
stay in her home. Dad probably is not going to
make it. He's not doing well at all. So IRI
(27:52):
disclaimer is set up. Mom is the primary, there are
three kids are the contingent beneficiary. When dad dies, what's
the ability for mom? The ability for Mom is to
disclaim some of this large IRA and get it to
the three kids and only retain what is necessary for
(28:13):
quality of life. Only retain what is necessary for quality
of life. So this allows the assets to pass to
the contingent beneficiaries right and allows the money to avoid
being captured as far as the state recovery for medicaid
because it acts as if Mom had already predeceased the husband.
(28:38):
It's a great way to protect assets and only retain
what is necessary for quality of life. So we'll talk
about it in greater detail. We have a phone call.
Pault broke the ice yay, Hello, how are you. I'm
going to you, I'm doing great. What can I help
(29:00):
you with?
Speaker 1 (29:02):
I am sixty five years old and that time to retire.
Speaker 2 (29:06):
I suppose I have my house, it's all paid for, yep,
and I have some mind saved. I'm in New York State.
I'd really like to go where they're friendly to retirerees
as far as your savings and such. My house needs
a new roof, which will cost eighty five thousand dollars,
(29:27):
so I'm thinking of signing out. What would be the
best state for retirees? Well, do you have children? No children?
Not married? Okay, Well, I think that the state that
would probably give you the most warm and fuzzy and
comfort in your retirement years. I'm assuming that you don't
(29:49):
want to be shovel and snow when you age. I'm
pretty taled to that. Yep. Well, what I would say
to you is that there's a lot of options available
to it. Is legacy a concern fore you transfer of
wealth to the next generation. I really don't have a
next generation. Okay. So you want to maximize you want
(30:10):
to maximize the dollars that you've accumulated in your lifetime
and have quality of life correct. Yeah, Okay, Well, what
I would say to you, we just opened up a
brand new office. That's sixty seven sixty seven hundred Kirkville Road.
What you might want to do is to call my
office and say that you talk to me on the radio,
(30:31):
you want to come in and have a chat because
there's a lot of there's a lot of particulars, there's
a lot of questions. You know, I don't have time
on the radio to ask you these questions, but I
think it really where your desire, you know, where you
would like to be is not like a five minute
conversation over the radio. There's a lot of stuff that
we can get into as far as what what do
you like to do? What do you do for entertainment?
(30:55):
Is to heat too much for you? It would floor
to be too much in the summertime because a lot
of people, well of Florida, you know, from like October
to May, but they really don't jump up and down
for the other months. So there's a lot of things
that we can discuss. Okay, I'll call make an appointment.
Thank you very much. Okay, thank you man, have a
good day. Uh and again I'll give out that number
(31:16):
our new office will open on October first. They're finishing
all the work. Came out beautiful. We're at six seven
zero zero Kirkfield Road. The Olivia Group is the company
that we're going through. They own the building and I
couldn't be happier with them. They've done a phenomenal job,
and uh, we really look forward. I think people are
(31:38):
going to be surprised when they come in. They did
a beautiful, beautiful job on our new offices. So again,
if you want to come in for our consultation, we
are located there. And again if you have a specific
question three one five four two one ninety seven ninety
seven three one five four to one ninety seven ninety seven.
If you have a question, hopefully we can give you
(32:01):
the answer or lead you in the right direction. But
I was just talking about IRA disclaimers. Why they're important.
You need to understand why you do them. You have
to have it in writing. It's unconditional, it's irrevocable. Once
you do it, you can't get the money back. You
have a nine month deadline to make the decision right.
(32:24):
And as I said, the money passes to another person,
not the primary beneficiary. The key is that you have
to have contingent beneficiaries. They have to be on the
form the contingent beneficiaries. But why do you do this?
There's a lot of reasons to do it. I can
go through them in general terms. Tax avoidance, right, beneficiary
(32:47):
is that disclaim and IRA avoid the potential of income
tax liabilities being pushed into a higher tax bracket from
the distributions. Financial security. You want to provide more security
a certain time for your children or loved ones who
may need the assets more than you. The state planning, right,
(33:09):
it's in the state planning strategy. So that's a quick segment.
When we come back, we'll finish this up. We're talking
today about some of the options that are available to you.
I'm Dave Copek. This is a retirement planning show again.
If you have any questions. Three one five, Fortune one
ninety seven, ninety seven. We'll be right back. All right,
(33:43):
we are back. It's good to be here, good to
be anywhere on a beautiful day like today. Hopefully you're
gonna get out and enjoy the day. Two of my
team members, my son and Nicholas, are at the clam
Bake today with National Grid and I know that they're
having a great time Robin Elbow seeing some of our friends.
(34:05):
If you want to come in, we offer a complimentary
consultation at our office in Syracuse. Be an honor to
sit down with you have a chat. We don't have
a chat about investments. We can talk about Syracuse sports.
I'm a big sports fan. I love sports, played high
school and college. I coached basketball for a few years,
so you know, as I said, love love sports. So again,
(34:31):
we would love to have the opportunity to sit down
with you. See if our services could be of assistance
to you. All of our assets are held at Fidelity.
We don't have proprietary products. I've been doing it. I'm
going in my forty fourth year, which I can't believe.
This is my twenty sixth year on radio, and I
love what I do. People always say to me, Dave,
when you're going to retire. I'm not going to retire.
(34:52):
I'll retire when the Lord either takes me or I
can mentally or physically do this. My wife and I
spend a lot of time traveling, so I basically get
my respite. But I love what I do. I stink.
I stink at golf. I just can't get into it
like some guys get into it where they can just
do it all the time. I can't, and I can't
bake on the beach for an extended period of time.
(35:14):
So I do a little bit of both and I
stay active in work. I got a great team, and
you know, one of the things that we like to
do is to meet new people and see how we
can help them make their retirement. You know, this yellow
brick road something that will basically make you smile and
(35:35):
you're not going to have to worry and have stress.
That's not a retirement. Having stress and being word is
not a good retirement. So we try to keep it simplistic.
You know, we talk about it all the time. What
are the things that we do. We do investment management,
asset protection, legacy planning, and retirement income distribution. Those are
really the four things that we focus in on and
(35:55):
for a lot of people now we're doing a lot
of tax planning too. A lot of people want us
to do that taxes now, so we now have the
ability to do that for you too. So again, as
I said, we have a new property that we're going
to be moving into and that property is in Syracuse,
it's with the Olivia a libity of properties and if
(36:18):
you'd like to come in and have a chat with
us again, call my office at eighty eight five eight
zero nine, that's eight eight eight five eight zero one
nine nine, or check us out on the web rpg
retire dot com. So we talked a little bit about
this rising healthcare costs. Not only as far as healthcare,
(36:40):
we also talked about being prepared if you need excuse me,
just took a sip of my water and went down
the wrong pipe if you need care of assistance in
long term assistant living, long term care, or home care.
Most people want home care, but you know, you get
to a point sometimes where you have to be transitioned.
We talked about large amounts of money in IOLA, how
(37:01):
they're not protected in certain states or counties, that you're
going to have to spend them down aggressively in order
to qualify for a Medicaid bed. Some states do protect them,
such as Florida. In other states, you need to know
which ones do protect the IRA and also the home
if you're going to stay here in New York State.
(37:21):
We have a lot of competent attorneys that we work
with in the Syracuse area and be more than happy
to sit down with you. We bring them into the
office and we sit down and we have a chat.
Or we actually have attorneys that we have out of
our office. Our corporate headquarters is in Saratoga slash Malta,
which is Malta is like a little suburb of Saratoga.
(37:42):
So again, if we can be of assistance, it would
be a pleasure. We're out there a lot now. Syracuse
has become a very busy location for us, and I
think a lot of it has to do is with
our transparency. We don't have an ax to grind, folks.
We do not have an axe to grind. We basically
facilitate what is necessary in order for you to get
(38:03):
the types of investment products and programs in place in
order for you to have a care free retirement. So
today I want to kind of highlight a couple of
other things that you need to start thinking about. Of course,
when we talk about iras, there's about seventeen trillion, seventeen
(38:25):
trillion dollars in iras right now, whether it's traditional or wroth.
Now here's my other gidea up certain counties, depending on
how much you have in wroth. Iras are aggressively going
after the wroth as far as medicaid eligibility. So all
they're saying is that there's no R and D on that.
(38:47):
So that's an asset that we can go after immediately.
You don't have to spend it down on periodic payments
in order to be financially secure. Okay, you've got to
choose someone that really understands this landscape, especially if you're
trying to preserve assets. It is critical. It is critical
that if you want financial security, you want to protect
(39:09):
your spouse, and you want to leave assets, the estate planning,
elder law planning is probably number one on the list
to start thinking about as you start building out your plan.
So we work with a lot of strategic partners Fidelity.
Because we're part of Fidelity Institutional Wealth Advisors. We have
(39:31):
a whole broad platform that we bring to your attention.
But we also like to keep the professionals that you're
currently working with. If you're very happy with your CPA
and your attorney and your content, and we're content we
all think that we're on the same page. We would
never ever try to break up that situation. It's not
(39:53):
good for you. It's not good for us. So the
thing is is that we try to keep the continuity,
but you want to make sure that you're understanding the
reason why we're making decisions. And a lot of times
we have to have conversations with the attorney's ends, the
CP that you might be working with in order for
us to maximize not only the benefit that you're receiving,
(40:13):
but also reduce any tax liability that you might be
subject to. So so today, as I said, we talked
about iras, how you can disclaim them, get them to
the next generation, right, you can retain a portion of them.
You need to understand also that with wroth iras HSA accounts,
(40:36):
that is the bucket of money that I think is
probably the golden bucket of money in your retirement years.
Iras that are WROTH and also WROTH similar to WROTH
the HSA accounts, you get all those tax free withdrawals
during your retirement years and you're never subject to required
minimum distribution. So for a lot of people, for a
(40:58):
lot of individuals, right that receive an inheritance from an ira,
a traditional ira, they got a ten year window to
get that money out the door. Right, They've got to
have distributions. There's no more stretch ira. Stretch ira is gone.
Now what you have to do is you have to
have it spent down over ten years. Same thing with
(41:21):
roth roth is the same thing. When you inherit a
roth ira from a non spouse beneficiaries, you have to
have that money spent within ten years. But who cares
it's all tax rate. Some people say, hey, listen, Dave,
I'm gonna take it all out because it's all tax free.
I got a different way that I want to manage
that assets. That's fine, But just remember the Secure Act
(41:43):
changed a lot of these rules, and the rules right
that changed apply to non spouse beneficiaries more than spouses.
So understanding these new IRS laws, how you inherit ira assets,
whether it's wroth or traditional rays can be extremely important,
(42:05):
extremely important not only for you, but also for the
individual that's passing the assets on, especially if they're looking
to preserve those assets to the next generation. So non
spouse beneficiary of inherent diarray, right, who are those people?
Typically child, grandchild, sibling, friend. But what we're seeing more
(42:30):
and more people because there's spent so much wealth accumulated
over the last five ten fifteen twenty years. Folks, there's
eighty five trillion dollars that's going to pass on over
the next twenty to thirty years. Eighty five trillion dollars
(42:51):
of wealth. A lot of that money is equity in
real estate. It also qualified assets four one k ira
kio deferred con TSP. That is your achilles heel. It's
important to understand how you can tactically set that up
(43:12):
in order to make it a much more beneficial inheritance
for your loved ones. So again we go through all
of that, we go through your beneficiary forms. We want
to make sure that they match up with your wishes.
We basically not only match up your beneficiaryforms and your
qualified assets, but also your insurance, your annuities, non qualified annuities,
(43:34):
whatever they may be. You have to make sure that
those basically mirror one another because it's easy for you
to make some changes. You forget about it, and then
you pass away, and then you've got three kids, but
you're only basically given the assets to two because you
forgot to put the one down or the kid was
born after you filled out the form. To kind of
(43:56):
summarize here a little bit, you know, there's a lot
of considerations for non spouse beneficiaries of high ra assets.
You got to have discussions, right, You've got to have
basically an understanding of who's going to get what and
how it's going to go there. Don't think that the
(44:18):
IRA is basically dictated by the will, because it isn't.
It isn't. The beneficiary form trumps the will. So don't
think that you're going to be in a situation where
the will is basically going to take care of your
qualified assets, because that's not what happens. So there are
certain states also that protect inherited iras we go through
(44:41):
that with you, also depending on where your zip go
will be. But like anything else, we offer you the
opportunity to come in and have a chat with us.
As they said, we have a brand new office now
or not serotogin it's Syracuse. We just opened up another office.
We have six office is now in New York State.
We just open an office in the Poughkeepsie area, Poughkeepsie, Hudson.
(45:07):
Because we're on a radio station down there and sometimes
I get goofed up as far as where I'm actually
talking to. So again, as I said, we have a
new office in Syracuse. We would love to have the
opportunity to sit down with you. The worst thing that
can happen is that you have a horrible cup of
coffee with us and we have a chat and we
(45:27):
basically go over where we are and how we can
how we can help you out, and then it's up
to you either grab the bull by the horn and
take action or sit on the sidelines. So there's a
lot of questions out there right now with what's happening
regards to the new legislation taxes. I raise this unbelievable
wealth transfer, and it's just to me, it's staggering. It's
(45:51):
staggering when I start seeing some individuals when they come in,
the type of assets they've accumulated in their lifetime, it's
really unbelievable. And sometimes they just shape. But it's estimated,
as I said, eighty five trillion dollars in assets will
move over the next two to three decades. If we
can be of assistance, give us a call eight eight
(46:12):
eight five eight zero one nine one nine eight eighty
five eight zero one nine one nine, and we'll see
you next week. If the creek don't rise,
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