Retirement Planning Show

May 18th, 2024

Episode Transcript

(00:00):
Live from the wgy iHeart Studios.Welcome to the Retirement Planning Show with your
host Dave Kopek from the Retirement PlanningGroup. Every week, Dave and his
team discussed the ways they can helppeople make informed decisions about a wide array
of retirement planning information that can supportyou and developing a more certain financial future

(00:20):
for you and your family. Nowit's time for Dave Kopec, WGY's retirement
Planning Specialist. We loaded up mystation wagon with a tent, a coleman
and sleeping bags, some mission poles, a cooler of cokes. Three days

(00:46):
before we had to be back.When you're seven, you in seven of
Heaven. When you go in campinin the good morning The Retirement Planning Show.
Klis Tumas, certified financial planner withthe Retirement Planning Group. We're here
every week seven to nine am.Start your weekend, talk about pre and

(01:11):
post retirement planning for all those folksgetting closer to the red zone during those
last few years of work, oreven if you're ten years out, come
in, sit down, make sureyou have an income plan that's suitable for
you and your risk tolerance as aninvestor. We're here to help you know,
you can call our office it's fiveone eight five eight zero one nine

(01:33):
one nine and it's five one eightfive eight zero one nine one nine.
Or you can read us on theweb rpgretire dot com. We've been getting
some emails through the website, sowhatever works for you. This is also
a live show. It's myself andDave Kopek today, president of the Retirement
Planning Group. If you want tocall in, that's one eight hundred talk

(01:53):
WGY one eight hundred and eight twofive fifty nine forty nine. If you
want to call in today, moren'thappy to field your questions. Like Derek
Jeter, Yankees in first place.Yeah, they're doing well, doing well.
No, that makes you happy,Zach, Right, it's a Mets
fan. Listen, I'm crying fromlast night, so leave me alone.

(02:16):
I don't know if they're gonna beable to do it. Their bank,
the Nicks are banked up. Iturned it off. They were down twenty.
Yeah. Yeah, it's it's sadto see because you know what,
they've got a great team, butyou know, they don't have the horses
and they're not going to be ableto come to the finish line. But
I'm apprehensive because who went out atthe end of the game last night with

(02:38):
an injury. Josh Hart went out. Yeah, yeah, they're down to
like what seven guys on the team. They can play When Alec Burks is
getting minutes, it's tough. Soit was Jalen Bronson. I had a
major event this morning. What happened. I bought a trickle charger. Trickle

(03:00):
charger. You know what trickle chargeris? No, sounds like something we
shouldn't talk on the radio about.Yeah, I didn't say a tickle charger.
I said a trickle charger. It'sa It's a charger that you keep
on your battery so your battery doesn'tgo dead. So like if you have

(03:23):
a jet ski or a tract orsomething that you don't use a lot,
you hook it up to the tricklecharger and it keeps the battery active.
So I went over to Lowe's thismorning and Jimmy was there, My buddy
jim in the half Moon, olderguy, great guy, And I said,
listen, I need something, Soyou pointed me to the one.

(03:44):
So I'm gonna hook it up whenI get home. It's a jet ski.
The batteries are you know, Chriscame over yesterday afternoon to try to
get it all cleaned up and readyto go. Battery is dead as a
door nail, So you have toplug it in to the wall or Yeah,
you plug it into the wall andyou hook up the cables and it
just gradually gradually charges the battery.And it also has a gauge on it

(04:06):
that will tell you if the batteryis no good. Yeah, if you're
just wasting your time. So I'mgoing to home depot. Yeah, you
know, the thing is, I'mI'm I think home Depot offers you more
assistance, more assistance. I agreewith you if you're looking for people to

(04:27):
help you out. I mean I'vewalked up and down sometimes the aisles and
lows and you know, kind ofgetting because what do I I mean,
I have a hard time deciphering whatis a screwdriver and what's you know.
I'm just not mechanically inclined. I'mgood at destruction, but I'm not good
at, you know, fixing things. But you know those stores, I'm

(04:53):
always flabbergasted everything from A to Zinside those stores. You're fortunate because you're
very handy Nico, I don't knowI'm talking about handy. You guys started
off the golf this week RPG.I wasn't unable to attend on Thursday.
I was at a funeral. Butyou how did that go? It was

(05:16):
good? Yeah, my golf gamewasn't there, but yeah, I think
everyone else at a pretty good night, good time. Yeah, Aiden,
Aiden put one close to the pin. Jim was talking about that. I
think he put on like twenty oneinches, but Dave put one about seventeen
inches. But then Aiden wrote hisname under Daves. I gotta bust his

(05:39):
jobs jobs because I think seventeen inchesis closer than twenty one inches. Yeah,
I think so too. I don'tknow why you put his below Daves
when it was already on there.Bottom Mike gets down to is that it's
always a fun night and I lookforward next week be able to get out
and see some friends and clients goout on the course. But we got

(06:02):
a lot of stuff to talk abouttoday. You know. I got sad
news for you folks, and I'vebeen asking for prayers for Kelly, and
Kelly didn't make it. She passedaway. I actually knew about it last
week, but I didn't say anythingon the air because she passed away on
Friday night. You know, cancertakes another wonderful person from us. And

(06:26):
this year, this year, Ibelieve it's September twenty fourth, is our
golf event. We're going to haveit the same place we always have it
at, let's the name of it, in Clifton Park or half Moon,
so Hank, it's over my fairwaysFays or half Most and we're going to
dedicate it this year to Kelly.And you know, just a horrible,

(06:50):
horrible situation. And that's one ofthe things that I want to talk about
today because death has been at mydoor too frequently in the last six to
eight months. You know, I'vehad a lot of loved ones that have
passed away, clients, et cetera. So I want to talk about some
bullet points here today, some thingsthat you really need to start thinking about,

(07:10):
because, as we're quite well awareof the unthinkable is thinkable, things
happen that you don't want to happen. And sometimes you just got to have
discussions that you don't want to have. And there's certain things that need to
be discussed. And there's there's twobullet points that I really want to get
I want to overemphasize if you havekind of a dysfunctional family, and I

(07:33):
don't mean it in a negative way, but you have either drug addictions,
you have children that are minors.You know, the most important thing for
you to do is to look atthose beneficiary forms before you pass away.
I have a chat with your spouse, your power of attorney or the person
that really is the go to,the go to person, and you know

(07:58):
it's going to alleviate a lot ofcomplications or problems in the future if you
kind of button it up before youpass away. So no one wants to
think about this. Believe me,no one wants to think about it.
But the bottom line is is thatyou have to think about it because the
reality is none of us walk outof here. You know, we all

(08:18):
go out in the box and somecapacity. But we've had a lot of
death. And Nico's here, He'lltell you he's seen a lot of horrible
situations in the last few months.What what's what's what's your? What's your?
What's your? What do you getout of this when stuff like this
happens. A lot of people don'tput that in the forefront. You know,

(08:41):
they put there all right, wheream I going to get my income?
Where am I? What am Igonna leave for my kids? They
don't think about the actual transfer andwhen they do expire. I guess you
could say so even this past week, you know, we had a few
situations where individuals passed away. Thespouse came in and she just had a

(09:07):
binder, you know, it's justkind of the binder that the husband kept,
and we started going through it.You know, the husband, he
kept good records of where everything was, but she really had no idea how
many different companies there were. SoI started going through it. You know,
she had some here at Vanguard,she had some here at B and
Y, she had some Fidelity.There was a stock certificate. So a

(09:33):
lot of these companies, they needdeath certificates, they need paperwork done,
They need to retitle the assets becausethere was an iray in his name.
Now it's got to transfer to hername. So all of this could could
be avoided for the most part ifyou just start working on simplifying the estate

(09:54):
once you get into your older yearsin retirement, even early on in and
I don't think it makes much senseto have everything spread out like that.
Yeah, you know, consolidation.You think we're out to get you.
You know that's not the case.We're We're doing it for your loved ones.
We're doing it to simplify the estate. You know, I told her
this would take seven or not notthis situation, but another client came in.

(10:16):
I told that person, the waythey had it structured, it would
take seven or eight months to settlethat estate. You know, try to
simplify it. I want it tobe one or two weeks. You know,
there's enough going on when there's adeath in the family. You don't
need to be dealing with all theirfinancial accounts and trying to get death certificates
and being on the phone for how'strying to trying to navigate the estate transfer

(10:41):
process. So, yeah, youwant to simplify it. You want to
you know, we talk about itall the time, and I agree one
hundred percent. Eco, Well,what you I mean, the last thing
that you want to think about isthe financial decisions that are going to have
to be made because you're already stillgrieving by losing a loved one. And
bottom line gets down to it's nevera fun situation, but it's one that

(11:03):
we have to deal with at theretirement planning group. I've been doing it
now. This is the beginning ofmy forty third year, which is hard
to believe. I've seen a lotof death. I've seen a lot of
our clients that have been clients fordecades that have gone through the gates.
And you just want to make surethat you know you're financially prepared and you

(11:26):
can rest easy knowing that your familywill be secure and be provided for.
I mean, that's really what youwant to do, secure and provided for
in no stress and anxiety. Yeah. I had an eighty year old come
in and she was saying, Nico, you know, is that one of
Chris McCarthy's girlfriends. It might besoon. But she came in and she
said, Nico, what should dowith this investment? What should I do

(11:50):
with this account? What should Ido with that? What do you think
about this stock? And I go, this isn't your problem. You know,
the problem is the estate. Yeah, you know, money's not your
issue at this point. I don'tsee it spending what you have. You
know, why are we trying towhy are we trying to get crazy on
the investment side. Let's simplify whatyou got going on. Her daughter came
in with her, and she hadthree siblings as well, So there's four

(12:13):
kids. I say, you don'tand the four kids are kind of spread
out throughout the country, you know, so, which is not uncommon in
today's world. I mean, lookat my daughter is going to go to
Florida next year to school. She'snot going to stay out in Syracuse.
She's going to transfer to Florida.My son's in Tampa. Christopher William is

(12:33):
here locally, but you know,I'll soon have two of my three children
outside the capitol district greet Yeah,you know, so it's important. It's
important to have those discussions. I'malways flabbergasts. You know, it's hard
to change the stripes of a tiger. If you're aggressive with your investing and
you like to play around, evenif you're eighty years old, sometimes it's

(12:56):
hard to change, even though youshould. Yeah, which is fine.
You know, hold your stocks ifthey've got a bunch of gains and you
got them in a non qualified justtod account, the children will go a
step up in basis on those stocks. So maybe we do keep them.
But at the end of the day, it's it's getting the estate in a

(13:16):
transferable way, you know, easilytransferable. Yeah, So we're going to
talk a little bit some things foryou to think about in order to button
up your estate. One of thekey things is is that I've said this
one hundred million times on the radio. You know, if you die quickly,

(13:37):
if you have a massive heart attack, or if you're in an accident
and you know you pass away quickly, then there's not a lot of ability
for you to plan. But Ialways say this over and over again.
If you are eligible for a pensionbenefit, eligible for a pension benefit,
and you haven't taken that benefit,but you know that the window for your

(13:58):
opportunity is getting smaller and smaller andsmaller based on your health, you know,
it might be a good idea toget over there and sign the papers
and stuff, you know, inorder to facilitate that pension benefit for your
surviving spouse, because a lot oftimes the pension will allow you to do
what they call a spousal benefit inorder to protect the cash flow of the

(14:22):
income stream that's going to be needed. Because you know, if you think
about it, if you don't dothat, not only do they lose the
pension benefit, but they also losethe solid security. Yeah, and the
pension benefit could be huge. Youknow, if you're quite a ways out
from retirement, you're planning on afifty thousand dollars pension, so fifty thousand
a year, you're probably need somewherearound a million bucks. Sure, so

(14:43):
look at some sort of term insuranceor term coverage just to get you to
that retirement date, because if youdon't start collecting, like they've said that,
that pension's poof NOP gone vaporizes.All right, we're going to take
our first break. We are livein the studio. If you would like
to participate again, September twenty fourth, we will have a golf outing and

(15:05):
it will be an honor of Kellyand anyone that wants to participate, you
can call our office. We've donea lot for the American Cancer Society over
the last few years. They gotto be we got to be getting close
to I'm going to say, almostone hundred thousand dollars with all the contributions

(15:26):
that we've had to the American CancerSociety. But I would love to see,
you know, great participation. We'veall been touch I believe or we've
brushed into individuals that are battling this. I read some statistics this morning.
Over two million people this year willdie of cancer. And it's a horrible

(15:48):
disease. It does horrible things topeople. You know. I've dealt with
it in our own personal faily withfriends and loved ones. It's just a
horrific disease. And you think yougot a bad got a tough, you
know, take a walk through acancer center or go to the children's oncology
department at a many men and you'llyou'll bounce out of there and be thankful

(16:08):
for your health. So you're goingto hear me talk a lot about it
from now until September. I'm goingto try to motivate people if you can
attend to make a contribution. Onehundred percent of the money we'll go to
the American Cancer Society. I pickup the expenses of the GalF outing with

(16:29):
our sponsors, and we've got phenomenalsponsors and we'll mention them throughout the next
few months who will be participating.But I look forward to it. I
know Nico does too, and we'llbe right back the eighty six percenters.
Do you know that eighty six percentof the population has no defined benefit pension
plan. For most of us,we have to take our life savings and
create a paycheck for the rest ofour lives in retirement. What is your

(16:52):
plan for retirement income distribution? Howyou manage your assets during the most critical
years of your lifetime. Nobel Pricewinning economist William Sharp has called retirement income
distribution the nastiest, hardest problem infinance. He points out that investment uncertainty
and mortality can derail the most carefullaid out retirement income plan. Call our

(17:12):
offices today to start the process ofbuilding a retirement income distribution plan. After
forty one years of being in thefinancial services business, you need to start
taking action to start building your ownpersonal retirement income distribution plan. How do
you do that? To take action? Five one eight five eight zero one
nine one nine. That's five oneeight, five eight zero one nine one

(17:33):
nine or RPG retire on the web. Don't procrastinate, motivate to start building
your retirement income distribution plan. Fivewin eight five eight zero one nine one
nine. Will you run out ofmoney in retirement? Will your investments provide
income for possibly decades? How doyou navigate the two greatest risk in retirement,
sequence of returns in longevity at theRetirement Planning Group. Our Bucket of

(17:55):
Money approach addresses these concerns and weoffer a complementary consultation to us this with
you. Call our office today fora free complimentary consultation to develop your own
personal retirement income distribution plan at fiveeight five eat zero one nine one nine.
That's five eight five eat zero,one nine one nine. If you
have any questions, colin now atone eight hundred talk WGY. That's one

(18:18):
eight hundred eight two five five ninefour nine one eight hundred eight two five
five nine four nine. We arehere live in studio, ready to answer
your questions. Why did you tellme how she was when you want to
knew her? How she played hergames with many and man and man?

(18:42):
Had you tell me that you don'tthink I'd be with her if I could
just have known her way back?Then? Laun't you ask me? Why
don't back up and believe her?Now that I know the matter, we
get away. Well on hand,we are back. Understand the thing love

(19:07):
country all this that's country. That'scountry boy. Listen to the new the
newer stuff. Chris is going toa concert today, Morgan down on New
Jersey MetLife Stadium. There's like fiveor six different bands that are playing.
He doesn't playing until like I don'tknow, like seven, eight, eight
o'clock at night. Back has somegood concerts coming, do they. Yeah.

(19:32):
Yeah, I don't like concerts.I just don't. I don't like
the crowds and you never get closeenough that you can see. I don't.
I mean I was gonna go toI was gonna go to the one
one concert. They wanted like fourhundred dollars for the ticket. I said,
no, Yeah, I'm not payingthat kind of money. The lawn
is awful. I'm not. I'mnot a fan of the lawn. Especially.

(19:55):
You got to keep your fingers crossed. It doesn't rain, you know,
you got to do a damn.It's around all the people smoking,
you know, Marria Jouanna the marijuanacigarette. I can't stand the smell of
that stuff. I just it makesme gag. It's just it's one of
the few things I can smell sinceI had COVID in twenty twenty. Seriously,
yeah, you smell weed and skunk, you know, get I could

(20:18):
smell those two so it's coming backslowly. I think it's long long COVID
they call it. Yeah, soI'm starting to get some sense back.
But I've always I've been able tosmell that. God. It can't stand
it no matter where you go.Today, it's all talking about that.
It's all over. Well. Itold you the story about the track last
year. Julie and I. Youknow, we're there with the family and
this beautiful couple. Beautiful couple.You know, they had the kids all

(20:44):
dressed up, and they were alldressed in the nine and hid a nice
outfits on. You got these idiotssitting right next to them, smoking pot
and drinking beer and acting like clouds. Come yeah, it's just come on
in the face. Come on,you know. I said to the security
guy at the track, is said, you know, what the hell's going
on here? You know that's fineif they want to do that, but
why don't you put him in anothersection? You get this? The family
actually got up and moved away.Were you you were a Karen? You

(21:06):
were a Karen to them? Iwasn't Karen. I was. I'll tell
you what. I want to goover and slap them around. But Julie
said, shout out. I don'tsay nothing, and you know what,
but I don't know. It's awhole different world out there. You weren't
over there. Hey, I'm badenough having a cocktail. You imagine me

(21:27):
smoking that crack, you know thatthat wacky stuff. So all right,
we're going to talk a little bitabout the things that you don't want to
talk about. I'm going to goover some bullet points here that I think
are critical for individuals. The firstand foremost is know where the documents are.
Know where the documents are. Youknow, we have people that came
in all the time. Let's say, you know, she'll she'll figure it

(21:49):
out, or he'll figure it out, or you know, I got a
book with you know, all thestuff that they need to do. It
doesn't work, folks, let metell you. So. The big thing
is is that have some kind ofa document or some kind of a a
binder, a binder that gives youat least some of the user names,

(22:11):
passwords, all that where the accountsare. Now I was able to pretty
much see what this guy had goingon last week when they brought that binder
in. But have something like that, the money is phenomenal. E money's
great. You've got a vault inthere. You can put all your legal
documents, of all your accounts link. I say this to people all the
time, no one. I wasa kid. I lost my father at

(22:36):
age thirteen, went away, playedgolf, came back in a casket the
next year. Next year, whenI was fourteen, our house burned down,
the house that we were living inOkay. So all the stuff that
you think, all the stuff thatyou think that you're prepared for, all
vanishes. It all goes away.So you know, the thing is is

(22:59):
that you know the unthinkable is thinkable, and stuff that you never expect that
can happen will happen. Bill,Good morning, Bill, Hello, how
are you, Buddy? Good good? I have a question. I have
three grown children, and I wantto set up something. I I'm okay

(23:21):
financially. I want to set upsomething that when I've passed, I want
to give them, like, say, a hundred thousand apiece. What's the
best way to do that? Andyou know, so they don't have to
pay a lot of taxes and whatever. How old are you, Bill,
I'm seventy one, Okay. Soa trust, you know, if you

(23:45):
just get some sort of trust whetherrevocable or irrevocable. Generally we do more
work with irrevocable because the assets areprotected from a medicaid spend. Down within
that trust, you can dictate,hey, each child get one hundred thousand
dollars in my estate, and thenthe remaining assets can stay in the trust
for a certain period of time forspecific purposes. But the trust will generally

(24:08):
dictate that that will happen at yourdemise, and it's protected from Evil's son
and laws and daughter in laws andcreditors and predators. So the thing is
is that if you wanted yeah,yeah, that's I'm that's serious because usually,
yeah, usually what people say isthat I don't want that son of
a gun to get anything if somethinghappens to my daughter. All right,

(24:30):
So yeah, you ought to commendto have a chat. You ought to
commend Bill, have a chat withus. We can help you out with
that brother. Very good, Allright, all right, Bell, Okay,
Yeah you know that Dave Kopek,Jeez, he's no good. I
don't want no money going to him. I've been telling people they're lucky that

(24:52):
you haven't been in the employments.That's right, because you'd be slamming the
table. You should have got totrust three years ago, me speaking the
truth. All right, we gottatake our first break. God bless everybody.
Hopefully you're having a wonderful weekend.Labor Day is going to be here
before you know it. But Memorialwill be here next weekend. We'll be

(25:15):
right back. See why all myexes live in Texas. And Texas is

(25:42):
a place I really loved to be. But all my exes live in Texas,
and that's why hang my head intennis, and we're back. Good

(26:04):
selection, my kind of music,seven thirty three here in the Capitol District.
Here's your country in Western radio show. Ah yew cowboy Dave. I
think, oh boy, jeez,it's a good thing I didn't see for

(26:29):
the last four days. I knowI got all this energy. Oh my
god, I know you don't haveto deal, you know, dodging me
all day long. The door hasbeen open all week getting some fresh air.
Oh my god, we're here.I think we're here. I think
I think we're here. I don'tknow. I told my wife yesterday I
can't do the yard anymore. It'sgetting to be too much. It really

(26:52):
is. It's just between the weedwhacking and pulling the weeds and mulling the
yard and doing the ditch and time. I mean, it's well, I
hired, here's here's the story,and I'm going to stick to it.
Oh boy, here we go.I hired two people. Don't don't beat
him up. No, I won'tmention their names. I hired two people,

(27:17):
two lawn companies. The one guyI used to have to chase after
him. You're coming this week.Hey, the yard needs to be motor
You come and you know the guy. And then the second guy was referred
to me. Now, this guy'sgood, this guy's great. Three quarters
of the yard was mode one dayand he just gets in the truck and
blows up all this stuff and heleaves. Maybe he was wet, he

(27:41):
didn't want to leave, right,What the hell's going on? He never
came back. You never came back. You should use one of our clients.
No, I'm not getting know.No, there's a company, no
landscaping. Well how about that kid? Should I use the kid? I
don't think he does it anymore?He does. He's involved in real estate.
Was he he's a police officer.Yeah, but he's doing real estate

(28:03):
too, isn't he Yeah, Ishould have told him, so, don't
do it. What do you thinkabout this golf Scheffler? Yeah, he
got arrested. Yeah, that waskind of weird. Imagine being that cop
not knowing that was Scotti Scheffler.You know what happened there? Do you
even know the details there, mistersports, I don't know the details of

(28:27):
it. He assaulted a cop,but then he went out and bawled out
yesterday. I didn't. I don'tthink that's true. What do you good?
I don't know if he's sixty six? Did he really? I don't
know if he assaulted a cop,I don't. I don't think that's true.
Believe there's something like that. Ithink I think somebody died. My
understanding is somebody died. There waskind of a block. Yeah, it

(28:48):
was kind of like a very highenergy and he's driving through like you know,
hey, and he's waving. He'sgoing right through the gate. They
don't know if he was, youknow, Charles Manson on the car.
There was an accident and someone died, and then only the golfers were allowed
through. But maybe the cop didn'trecognize him, or he looks like an
average guy, you know Scottie,you'd recognize Ricky Fowler, all those guys.

(29:11):
Yeah, you would say like,you know, hey, I'm you
know, where are you going?Well, I'm gonna get teed up here,
I'm golfing whatever. It's a horriblesituation. Guy got handcuffed, they
threw him in the pokey his mudshots all over the internet. Yeah,
it's a sad it's a sad situation. So okay, I want to get
back to this because I think it'simportant. Guy called about protecting your daughters.

(29:36):
We are major advocates of the irrevocabletrust because it does exactly what you're
looking for, protects assets from creditors, predators, evil son in laws,
daughter in laws, lawsuits. Soif you're in a situation that you want
to leave assets, I'm in thecamp and I always will be in the
camp. Let's talk about life insurance. Life insurance proceeds. Where should they

(29:56):
be payable to the trust? Whyis that they should be owned by the
trust. Also if it's whole life, because then the trust can dictate how
they're paid out right. You know, on a typical life insurance policy,
you just have beneficiaries, so you'dhave your your bride or or your your
husband, and then your kids,and it's paid and it's paid into your

(30:18):
estate. Yeah, and it's paidout immediately. Whereas within the trust,
if you have some sort of drugproblem with a child, or if you
want very prevalent in today's world,where if you want payments made out in
a specific way, you can dictatethat. So the trust is definitely your
your animal that you want as thebeneficiary on the on the life insurance,

(30:45):
the tiger in the tank, that'sthe one that you want. An irrevocable
trust. You talked about online accountsand passwords. That is probably the biggest
obstacle for an instantaneous something happens quickly. You can't remember, you have no
idea what Some of the companies willnot even talk to you. In order
to get in, you've got togo through all sorts of legal hurdles,

(31:07):
jump through all these options. Soif you have online accounts and passwords,
you know you need to find I'mgoing to say this again, Okay,
you guys take this for whatever it'sworth. You know, I pay for
it. It's nothing out of yourpocket. E money selves everything that we're
talking about, the money selves allof this because you can put it in

(31:27):
the vault. As long as peoplehave access to the vault or know how
to get into the vault, allthese sacred documents or passwords or online accounts,
it's all right there. You canshare it with your advisor also,
so we can see into your vaultif you allow us to. So if
you share that with us, thenwe'll have copies of all your legal documents

(31:48):
and any other personal information that you'dwant us to have at your passing.
So it's a great way to kindof form a relationship and make sure that
you trust the people you're working withand make sure that they're going to do
the best thing for you, youknow. I use the money quite a
bit. We're in there usually everysecond appointment when people come in, just

(32:10):
showing them income projections. But likeDave said, there's a bunch of other
features on that website also also givesyou a complete screenshot of what you have
with your own I've got someone that'sselling a business right now and he wanted
me to update the e money sohe could go through it with his accountant
next week, So we did thatfor him. There's a bunch of different
uses for this e money software program, and we're big believers in it.

(32:37):
So well, not only that,but the thing is is that, as
I said, you know, youcan be as aggressive with it or passive
it you want it to be.I'm a big believer that you should really
take full advantage of it. Sothe next one I want to talk about
is which we see all the timeat the retirement planning group. What kind

(32:58):
of a power of attorney do youhave? Because do you have a general
or do you have a durable powerattorney? You know the difference between the
two. Durable you're that person,right you know, you could do anything
that they can do, whereas thegeneral power attorney there needs to be certain
circumstances that need to be met andfor only certain types of assets. So
the durable gives you full control,and you want that because you want to

(33:22):
make sure that someone has your bestinterests, not only for your health but
also your financial affairs, especially ifyou are a d n R type of
person. You know, you don'twant you know, all the tubes and
the pipes, and you want someoneto be able to go in there and
make the decision and not have tojump through a lot of hoops, and
you know, these are conversations thatyou want to have with that person.

(33:45):
There has to be one person thatis the point, the person that's going
to make these difficult decisions when theyhave to be made. And you know,
no one likes to be in thatposition, but as long as you're
parent and people, and I've toldmy wife, do not put me on
any kind of device, nothing,nothing, along I'll tell you, after

(34:08):
dealing with all this cancer over thelast few years, if I ever found
out I had cancer, I don'tknow if I'd go through the hell of
doing radiation and chemotherapy. My grandfatherdidn't. I don't think I will unless
they can assure me that it's goingto be quick and easy. And I'm
out the door because what I've seenis that the cure is worse than the

(34:30):
disease. You know, what theydo to these people as far as chemotherapy
and radiation, it's it's hard toeven comprehend what these poor people have to
go through. So, but youknow, this is not Debbie Downer day.
You know, this is reality dayhere at the Retirement Planning Show.

(34:52):
You've got to start thinking about thisstuff because who's got your I mean,
that's really who's got your back?You know, we we do. We
make a lot of decisions for people, You and I, uh, and
I think they appreciate that because theyknow that we got their back, you
know. Yeah. So all right. The final one, of course is

(35:15):
that you know a lot of peopledo funeral planning, pre pre planning.
But this is the one that Ithat I think is really the giddy up,
the one that you know, welive in a society today that people
have a lot of personal items foryou, the cars maybe that your father
has, you know, the thingsmine. I told it, you can

(35:44):
have the Corvette whatever. I justwant that Chevelle did. No, There
is a lot of people have personalitems, you know. But you got
jewelry. You gotta. Yeah,that's the big thing. Art, art,
jewelry. You don't want to bein a situation where you haven't.
I mean there's a situation right nownot too far from where Julie and I
live. The parents have been deadfor years. The house that's vacant.

(36:08):
They're fighting over money. They've beenfighting over money for I guarantee it's been
four or five years at least.The house is rottening. It's basically going
to hell, and it's all hasto do that. There wasn't any specific
messages as far as what happens tothis estate when mom and dad passed away,

(36:30):
and now it's like the Hatfields Hatfieldsand the mcoys I saw. I
don't know if there's anyone out therethat watches better call Saul. It's a
breaking bad spin off. But therewas an episode where he was meeting with
an old lady and they were goingthrough all her little personal items and he
was saying, all right, who'sjust going to all right, your nephew,

(36:50):
Jimmy, and you want to getin front of it and make sure
that people are gonna know what todo with your assets. He can't put
into a trust or and some wayto settle that junk that you might have
in the basement. You know,I hear too many stories about you.
I we've been working on mom's houseand getting everything out for the last three
four months. You know, thenwe're gonna get on the market. Now.

(37:12):
It's a long process and every timethey kind of find something, they
revisit the the memory of their mom, which I mean it's a good thing,
but also it can kind of prolongthe Oh, absolutely, you can
prolong the distress and the anxiety andthe anxiety. All right, we're going
to take a break here. Weare here live in the studio, myself,

(37:36):
Nico, George Jones, Randy Travis, we're all here today doing a
little country. Zach is here veryhappy that we're playing country in Western today.
Look at the smile on his face. So if you have any questions
or comments, we'd love to hearfrom you. And again, September twenty

(37:57):
fourth, a swing for Cure,and you're gonna hear me talk a lot
about that. We want a lotof participation. If you can't attend,
you can make a donation. Onehundred percent of that money will go to
the American Cancer Society this year,so hopefully you can help us out.
I know I want it to bebig, biggest, biggest one that we've
ever had. I wanted to happenthis year in memory of Kelly. So

(38:22):
we'll be right back after this quickmessage. The eighty six percenters. Do
you know that eighty six percent ofthe population has no defined benefit pension plan.
For most of us, we haveto take our life savings and create
a paycheck for the rest of ourlives in retirement. What is your plan
for retirement income distribution? How youmanage your assets during the most critical years
of your lifetime. Nobel Prize winningeconomist William Sharp has called retirement income distribution

(38:46):
the nastiest, hardest problem in finance. He points out that investment, uncertainty,
and mortality can derail the most carefullaid out retirement income plan. Call
our offices today to start the processof building a retirement income distribution plan.
After forty one years of being inthe financial services business, you need to
start taking action to start building yourown personal retirement income distribution plan. How

(39:09):
do you do that? To takeaction five one eight, five eight zero
one nine nine. That's five oneeight, five eight zero one nine one
nine or RPG retire on the web. Don't procrastinate, motivate to start building
your retirement income distribution plan five wineight five eight zero one nine one nine.
The greatest risk in retirement. Mostof us have no plan for or

(39:30):
insurance to cover the expense. Along term care event can impoverish a spouse,
drain your life savings, and coststress and anxiety on your family.
What is your plan and how willyou pay for a long term care event.
Call the Retirement Planning Group today.Discuss options you should consider to protect
your estate and have choices and independence. Take action. QULL today five one

(39:51):
eight, five eight zero one nineone nine or RPG retire on the web
if you would like to hear moreinformation on navigating your way to re retirement
from Dave Kopek. Remember you canlisten to this show and past shows anytime
in anywhere on the free iHeartRadio app, or go to iHeart dot com and
search for a retirement planning show.I used to spend my nightside in a

(40:17):
ball rickerwal love, I know,but you rescue me from reaching for the
bott and you brought me back fromg to Fcome your ress, Tennessee whiskey,

(40:57):
and we're back your wrass, sweetdrop in morning, the weather is
the weather gonna be nice today?Did you check? Hi? This is
Dave Kopek w g Wyse weather Manwith an update. How's your knee feeling?
How's your trick knee feelings gonna rain? Glad you said my trick knee,

(41:22):
not my trick elbow or my trickmy ankle tells me if it's gonna
rain Uh. The weather I thinkwill be a little bit cloudy today with
the possibility of some sun and tomorrowis supposed to be eighty sunshine. I
have to go to Colton and Mason'sbirthday party today, and if anybody wants
to know, Colton is the childthat battled cancer for over a year and

(41:45):
he's doing fantastic, So thank youfor the prayers for Colton. They both
have the same birthday. No,they're about a week apart, but they're
doing it today this afternoon over atKate's and Ryan's Ryan's, So we'll be
over there, be over by yourneck of the woods, Melrose. Live
in Melrose, right off forty acrossfrom the tractor place Fame, No,

(42:13):
the other place Earls. Oh,oh, I know what you're talking about
where they sell the tractors. Usedto be Calhoun's. Yeah, I don't
know what that road is. Ihave no idea. Isn't that by the
town hall? The town hall?Yeah, read at that intersection you take
a left if you're headed north.Yep. So I'll be over there.
So if anybody wants an autograph,I'll be in the neighborhood. Where to

(42:35):
find it, You're gonna get anew tractor while you're out there. No,
you've had some issues with them.Oh my god, I said the
Julie yesterday, I'm gonna go outand buy another lawnmower, and she goes,
You're not buying any more lawnmowers.We're getting somebody at the moat yard.
Gotta get a big sixty inch deckseventy two zero turn seventy two.
Yeah, and the John dere Youcan mow that thing in ten minutes.

(42:58):
Yeah, yeah, I know right, I got ten acres ten It's not
all Yeah, though there's a lotof bushwack bush, it's still bushwacken.
So all right, there are trillionsof dollars out there, folks that are
being distributed in the next twenty tothirty years. Trillions, not a little

(43:22):
bit of money, estimated to bealmost forty trillion dollars by one document.
And here is the document, beneficiaryforms. That's exactly right. So your
election for your beneficiaries, make sureyou update those. You should look at
them every single year when you comein and talk to your financial advisor.

(43:46):
You should be looking at your beneficiaryreforms. For a couple of reasons.
Health, family relationships, marriages,whatever it may be, and make sure
that that destination is where you wantit to go. Because when you die,
that beneficiary form that's the law.I don't care what your will says,

(44:09):
what your trust says, anything else, your beneficiary form will dictate where
that money goes. Yeah, Ihad to tell the office, da've put
himself as the beneficiary and all ourfour one K account I did without us
noticing the did No, I'm justkidding, but the Yeah, the beneficial
didn't. I haven't checked practice whatyou preach. But no, those the

(44:32):
beneficiary designations, they take presidents overeverything else. You know, if that
name is on the it's on theaccount. We have to send it out
to that individual or open up youknow, if it's an IRA, we're
gonna have to open up an inheritedIRA for you. And then we transferred
into that. Well, we justhad a conversation this past week. I

(44:52):
talked with a client of mine who'sninety years old and she inherited her sister's
IRA. You'll know, you'll youknow who I'm tal talking about. And
we had a long chat with herson. And there's only about forty some
thousand dollars left in the IRA becausethe distributions are pretty aggressive right now.
So I had mentioned to her thatyou know, listen, you know,

(45:13):
you can sit here and you canprolong this another two or three years,
but let's just get the money out, right. I talked to the son.
The son doesn't want the money,you know, when she passes away,
he wants the money, but hedoesn't want to go through the hoops
because non spouse beneficiaries, you know, it's complicated. It is complicated,
especially when it goes on to thesecond person as far as non spouse beneficiaries.

(45:37):
So she is going to liquidate thataccount. I think we liquidated it
this week, pretty sure, becauseI did it over the telephone. Lisa
and I had the conversation. Ithink Christopher ended up liquidating the account.
We're going to send the entire distributionout. Why are we doing that?
Because she's in such a low taxbracket right now, and both of her

(45:58):
sons are in higher tax brackets.So it's better for her to cash it
and take the money, pay thetax, and now she can put it
in the trust or she can youknow, gift gift the money to her
kids and her grandkids. What doyou I want to ask you a question,
what do you think about non qualifiedannuities? If you see that in
like an eighty eighty five year old'sportfolio, they have a non qualified annuity

(46:22):
like an NYGA both you're guaranteed it'sa variable non qualified annuity. Well,
I've always been in the camp withannuities that they are to be used in
your lifetime. Yeah, in yourlifetime, because a non qualified annuity,
it's a bad inheritance. It's abad inheritance. There's no step up and

(46:43):
basis. It's income. It's incomeird income and respect to a deceit,
and it's money that you should utilizein your lifetime if you're not going to
use it. That's what I toldthe one. I was saying to annuitize
it absolutely, you know, turnit on, start taking in come.
There's no account value at that point. You're just receiving the monthly payments or

(47:04):
however you set it up. Andif she's worried about, you know,
a certain legacy or a certain dollar, moude put it certain on it ten
years, certain with ten year periods. Certain. If it's annuitized, which
that would be, she's going toget tax preference, meaning some of the
money is going to be exclusive excludedfrom their taxes because of the exclusion exclusion
ratio. So it just makes allthe sense. Or like what we've done

(47:28):
in the past, Well used acouple down in Florida. They had non
qualified money. Was it sitting insideof a tia Craft annuity? Three hundred
thousand dollars. We created over amillion dollars, over a million dollars of
long term care benefit and life insurance. Well go as high I think as
one point four to one point fivemillion dollars simply by just doing some paperwork.

(47:52):
Yeah, if you're so, ifyou're younger, that might work.
So Christmas, it's nice to haveMcCarthy in the too. Kind of gives
you a different perspective. And he'sbeen around annuities a long time. He
was saying that he understands them.Yeah, he was saying that the non
qualified stretch is still an option.It is for annuity companies. It is

(48:14):
so still. I mean, Idon't think that's the most optimal legacy.
It's just a question what do youtry to accomplish a lot of people out
there have children, starving artists,kids that are not capable of managing assets.
Non qualified annuities, as long asthey're set up properly, can be
a pension benefit for you know,if the woman's eighty years old, she

(48:36):
might have a kid that's sixty.Yeah. Using that as an example,
you know, she might want tomake sure that there's adequate amounts of resources
for the child once she passes away. You know, it's just it's the
toolbox. I mean, I'm goingto go back to the toolbox. Every
investment has pros and cons. It'sjust a question is it the right tool
Yeah? Is it the right investment. Annuities To me, annuities are one

(48:59):
of the greatest thing on earth.Guaranteed income. It's guaranteed income for life
for people that don't have pensions.Have you seen one person call the office
ever and say I wish I nevergot an annuity. No, I've never
heard one person. I don't thinkwe've gotten a complaint. But the reason
why is that if it's if theinvestment is set up properly, if the

(49:25):
acid allocation is set up properly.You know, that doesn't mean that you
put all your money into any oneparticular type of investment. We can't do
it. They won't allow us todo it through compliance and the regulations.
Now with even the insurance, ifwe wanted to take one hundred percent of
somebody's money and put it in anannuity, they wouldn't allow us to it.
No, it's you know, it'sit's the uh suitability suitability now.

(49:50):
So if you want to call ouroffice, I think we're running up on
our eight o'clock a break, Yeahwe are. You can call us some
Zach's make into some bacon and eggs, and he's got some home fries in
there. He's got a Country andWestern hat that bolth and I are going
to put on some boots. He'snot even listening to it. He's on
the phone with somebody with his girlfriend'stext. I was playing a Candy crush

(50:15):
Z that ex playing Candy crush.You can call our office numbers five one
eight, five eight zero one nineone n see if this guy has got
How much time do we have anyway? Do we have time for our phone
call? Two minutes Mike, Goodmorning, Good morning. I'll make this
really quick. If I were toestablished residency in Florida, I currently live

(50:38):
in New York. Have all mylife is the tax benefit worth it as
far as like, because I havea pension. I have about seven hundred
thousand in UH four fifty seven andI did a little Google and they say

(51:00):
it'll tax that down in Florida.Is that's true. Well, there's no
secured knowledge base, there's no stateincome tax, so they're not going to
there's no state income tax, every'sno federal so you're it's no different because
here, if you're a state retirement, your pens is not taxed and you
get the money out of the twentythousand a year out of the four to
fifty seven without any tax liability.I think it's a flip of the coin.

(51:23):
I think it's a flip. Theonly thing that would be more advantageous
possibly is the uh whatever, thecost to live down there versus living up
here. But that's getting much higher. There's a lot of people. Florida's
expensive now depending on the zip code. Mike, I know, it's kind
of off track a little bit.My buddy wants to he's building a man

(51:45):
cave in his basement. He wentto buy a piece of an eight foot
piece of walnut, a one bysix yep one piece of one one hundred
dollars. Yeah, I know,Oh my god, I know by a

(52:05):
walnut for thirty bucks. Thirty bucksa sheet for plywood. You don't have
to tell me, brother. Listen, Mike, we got to take it's
the top of the hour. Wegotta but hope hopefully we help you.
Got brother, Okay, I wantto go over unbelievable. Yeah, tell
you what if you're going to goout and steal stuff, go steal would

(52:30):
All right, we're going to beback top of the Hour of Dave Kopek
with Nicholas Dumas. We'll see youon the other side of the news line.
From the w g Y iHeart Studios. Welcome to the Retirement Planning Show
with your host Dave Kopek from theRetirement Planning Group. Every week, Dave
and his team discussed the ways theycan help people make informed decisions about a

(52:52):
wide array of retirement planning information thatcan support you and developing a more certain
financial future for you and your family. Now it's time for Dave Copec,
w g y's retirement Planning Specialist.Someday, some wait, you reutize that

(53:30):
you and live. Yes, darling, you're gonna need me again. It's
just a matter of time until youreached the in you as my way.

(54:10):
It's just all right. We areback a little country for you there,
my boy. The guy can singyou like country. You don't like him,

(54:37):
all right. We're talking about thingsthat can happen even with the best
laid plans. After forty three yearsof doing this, one thing, I
know for sure the unthinkable is thinkable, and everything that you put into place

(55:00):
today might not necessarily be adequate oraccurate over the next five, eight,
ten, fifteen, twenty years.So what happens, Zach? I see
that you like your ears perked upand you're shaking your head. You are
right? Did you just see somethingthat just made your hair stand up on

(55:22):
your head? I was trying notto sneeze. Allows enough for you guys
to hear. Oh, okay,is that what it was? Okay?
I saw your head booming around andyou hit the ceiling, and I'm a
bibblehead. There's something else I wouldcall you, but it's not a bubblehead.
Now, you're a good guy.I love you, especially on Saturdays.

(55:44):
But believe it or not, thereare times when you do not want
to receive money, and as unlikelyas it may seem some beneficiaries should not
received IRA assets or life insurance assets. And there's a form out there that

(56:05):
you can take advantage of, andit's called disclaiming assets the disclaimer. And
why would you do this, Nico? What would be the reason of a
disclaiming money that's specific to you?Yeah, so if you have your husband
or wife as the beneficiary on anIRA, you guys are both getting older,

(56:30):
health starting to decline, and theincome replacement really, the income replacement
really isn't needed at that point.You know, you don't want to inherit
four hundred five hundred thousand dollars IRAfrom your spouse when you might be going
into a nursing home as well.So you look at disclaiming a portion of

(56:52):
the assets or all of them tothe next generation, so it passes through
you as the beneficiary and goes straightthrough to the children. If that's how
you have it structured, you know, so then it's not out there and
available for Medicaid spend down potentially.And the other thing is is that we

(57:14):
all know because I've been talking aboutit for the last few weeks and our
phones have been ringing off the hook. The rules are changing with iras as
far as what's protected, what isn'tprotected, how they're protected. And I've
been saying this for months, ifnot years, that the county, the

(57:35):
county that you reside in, willbasically dictate how that IRA money is going
to be paid out. So whenyou hear about payout status and periodic payments,
throw that out the window, okay, because those days are gone.
Basically what they're doing most of thecounties now is that they're doing the payout
on life expectancy, whether you havea partnership or a non partnership or long

(57:59):
term care policy. We've dealt withit, We're living in it on a
day to day basis. So whywould you want to disclaim IRA assets.
That's one of the biggest reasons.But one of the key things is in
order to disclaim IRA assets, therehas to be what a disclaimer on file
and what else and contingent contingent beneficiaryexactly right. It doesn't hurt having an

(58:23):
ear vocable trust now, even ifyou don't know where your zip code's going
to be, But if your zipcode is going to be outside of New
York State, might make sense tolook at long term care insurance there's new
products available out there that have dualbenefits, so you can buy one policy
for two people, so both husbandand wife would be covered. There's cash

(58:44):
indemnity, so cash payouts for coverage, and there's a death benefit associated with
them, so it's not user orlose it. So if you are planning
on moving outside of the state ofNew York, potentially we could start looking
at long term care options. I'mstill one of the in the camp where
in New York, you know alot of the long term characterants who look

(59:04):
at is a little too pricey,too expensive, especially if you're later on
in life. Well, the otherthe link be the thing is that in
order to make it affordable. Youknow, I've talked to you for years
now about the benefits of an HSAaccount hell savings account. As you get
older, they allowed to allocate moreof that money to long term care.

(59:24):
It's a great way for you tohave some form of long term care coverage,
and it basically allows you to havechoice and independence that allows you to
you know, have some you know, it's I say this all the time,
and I think it's an analogy thatpeople can absorb and understand how big
of a bumper. Do you wanton your assets. Yeah, longevity is

(59:47):
a huge concern. You know,people are living longer, people are having
extended stays at nursing homes, longterm care facilities. If you can make
it, you know, a fewyears in there, it's going to be
expensive in the first one hundred dayscovered by Medicare when you go into a
nursing home. But then depending ifyou have insurance or just assets, you

(01:00:08):
know, you're gonna have to startspending down the estate for all those assets
outside of the trust. So it'ssomething to it's something to really think about,
folks. You know, do youwant your assets that you saved into
your whole life going to the stateor do you want it going to your
errors and your beneficiaries? And areyou someone that cares? You know,

(01:00:30):
are you someone that cares about leavinga legacy? Some people say no,
you know, I've done enough formy children. You know, I want
to spend my retirement assets in mylifetime and they're all financially free. You
know, my kids make more moneythan me. And if that's the case,
then it's a different conversation. Thenit's easy to spend spend it.
Yeah, spend it, Load upand spend spend the money, and don't

(01:00:52):
worry about it because your legacy isyou know, a lot of times.
Had a guy told me the lasttime he was in the office. I
won't mention his name, but hesays, you know what, my wife
and I made a promise to ourchildren that once they got out of college,
we would take care for four yearsof college. They did graduate work,

(01:01:13):
or they wanted to doctorate, orthey wanted to move on. That
was their responsibility. But our responsibilitywas is that by the time they graduated
from college, we had put inour life savings in order to facilitate a
better future for them. After that, they're on their own, and whatever
is left in the pot, that'sour money. That's our money we're going

(01:01:36):
to do. We're gonna spend thatmoney down. Even if we have to
spend it down that it's zero whenwe both pass away, we've done our
job. You know, We've giventhem the education, we gave them a
great base. Now he's never goingto be able to do that, spend
it all down. But the bottomlike it's down to, is that,
you know, there's different ways inorder to facilitate the legacy that you wish
to leave your loved ones and howyou apply it. You know, it's

(01:02:00):
totally up to you. That's whyI say this to an equo all the
time. If you want to ensurethat certain things are going to happen,
you have to motivate. You haveto start working with a team of financial
advisors, whether it's the attorney,the CPA, the financial advisor, a
combination of all of them together inorder for you to basically have that sauce,

(01:02:24):
the secret sauce that you want.Now, if you're someone out there
that just says, you know,the stock market's great and I'm just gonna
keep my money target date fund,then I'm gonna retire and start pulling from
it. What happens if there's atwenty twenty two, you know, the
year you want to retire, plandown retiring at sixty five, You're going
to go into medicare. They're gonnago off in the pastures and it's gonna

(01:02:45):
be great retirement. You know,the market also is a factor, and
as you get closer to retirement,you want to make sure you protect those
assets that you've accumulated. This hasbeen a huge conversation I've had with people,
you know, everything's been great.Well, we've had such a long
bowl market and I account are great. I'm just gonna leave it in the
SMP five hundred. No, startstart looking right now. Interest rates are
high. You can get fixed incomerelatively, yes, six seven percent yield,

(01:03:10):
lower risk, it's going to bemore dependent on interest rates. Which
interest rates I'm I mean, I'mthinking it's close to the peak at this
point with where interest rates are going, the Fed's pause. Inflation is still
hot, so who knows what's comingaround the corner, you know, but
I still think a six seven percentcoupon we would three years ago, we'd
be we'd be dancing in the streetsright now. We could retire in a

(01:03:31):
week. Yeah, we'd be linedfrom here to Manhattan for people who would
be standing up to sign the form. So it's all relative, you know.
The thing is is that people haveshort memories. People seem to forget
that, you know, we weren'twasn't that long ago that the banks were
paying a negative rate of return justto have the safety of the money at
the bank. Nothing you're getting anegative return after they charged the fee.

(01:03:54):
And now we're in a situation whereyou know, five isn't enough, Six
isn't enough, seven is not enough. You know, I want a little
bit higher rate to return. Ihad people locking in three years for two
they were so excited. Yeah,back in twenty twenty twenty one. Yeah,
well now we're at five and fiveand a quarter on the five here?
Is that? What it is rightnow? From all time is that

(01:04:14):
the NYG. I just talked toJimmy on Friday. Those change, but
but yeah, five and a quarterfor five years. All right, we're
gonna take a break. We're live. If you'd like to participate, you
have any questions. You had acouple of good questions this morning. One
eight hundred talk to b G yone five fifty nine forty nine. This
is Retirement Planning Show. I'm DaveKopek here with Nicholas Dumas, certified financial

(01:04:36):
Planner. We're you know, throughoutNew York State. We've got a lot
of locations Syracuse, Albany, Malta, Glens Falls, and of course Oneana.
If you'd like to sit down withus, have a chat, be
a privilege. Give us a callat the office five win eight five eight
zero one nine nine and the worstthing that happened is that we become friends

(01:04:58):
and uh, we basically have anotheracquaintance. A lot of times people come
in, we tell them, youknow, things are fine. Other times
we say, hey, listen,we think we need to make some adjustments
here. I want to get intoone thing. You know, I've been
out of the office most of theweek. I haven't had a chance of
follow up and some of my someof my letters and phone calls, which

(01:05:20):
I'm going to do next week.But there's a lot of misinformation out there,
and I want to talk a littlebit about that, as far as
misinformation people that are hearing messaging orhearing content that's not necessarily true, as
far as how to protect their estateand their assets. So I want to
talk a little bit about that whenwe come back. But again, open

(01:05:41):
lines one eight hundred, Talk WGYone eight hundred, Talk WGY. Any
question you may have, give usa call, We'll be right back.
The eighty six percenters. Do youknow that eighty six percent of the population
has no defined benefit pension plan?For most of us, we have to
take our life savings and create apaycheck for the rest of our lives in
retirement. What is your plan forretirement income distribution? How you manage your

(01:06:02):
assets during the most critical years ofyour lifetime. Nobel Prize winning economist William
Sharp has called retirement income distribution thenastiest, hardest problem in finance. He
points out that investment uncertainty and mortalitycan derail the most careful laid out retirement
income plan. Call our offices todayto start the process of building your retirement

(01:06:23):
income distribution plan. After forty oneyears of being in the financial services business,
you need to start taking action tostart building your own personal retirement income
distribution plan. How do you dothat? To take action five one eight,
five eight zero one nine one nine. That's five one eight, five
eight zero one nine one nine orRPG retire on the web. Don't procrastinate,

(01:06:45):
motivate to start building your retirement incomedistribution plan five win eight five eight
zero one nine one nine. Willyou run out of money in retirement?
Will your investments provide income for possiblydecades? How do you navigate the two
greatest risk in retirement? Sequence ofreturns? In loggevity at the Retirement Planning
Group. Our Bucket of Money approachaddresses these concerns and We offer a complimentary

(01:07:05):
consultation to discuss this with you.Call our office today for a free complimentary
consultation to develop your own personal retirementincome distribution plan at five WIN eight five
EAD zero one nine one nine.That's five win eight five EAT zero one
nine one nine. If you haveany questions, call in now at one
eight hundred talk WGY. That's oneeight hundred eight two five five nine four

(01:07:28):
nine one eight hundred eight two fivefive nine four nine. We are here
live in studio, ready to answeryour questions. I ever saw the end

(01:07:51):
inside. Who's a caniplan? Everythingwas going went all right, but I
was running out of time. Youhad one good outdoor and we're back.
I didn't see Good morning, Goodmorning, does a retirement planning show those

(01:08:15):
of you just tuning in. Myname is Nicholas Thomas, certified Financial Planner,
Professional Planets all with the Retirement PlanningGroup. Here with mister David Kopek,
the old man, the old man, Twister Dust. With mister Dust,
we've been talking a lot. Youknow, there's folks out there that

(01:08:40):
really haven't looked into their estate.I don't know if it's a kind of
an internal issue you know, youdon't want to come to the realization that
one day we're not going to behere, you know, but it's important
that you do some of I loveyou planning, you know, pillow planning.
Oh you want to be able tosleep at night knowing something happened to
you. Everything's set up, youknow, per year wishes. You have

(01:09:03):
everything structured properly so that there's nota huge tax liability being passed on to
your errors. You want efficient transferof wealth. There's huge tax liabilities coming.
Yeah, everything's four one K.Everything's pre tax. You know,
people defer their income into the fouroh one K and then eventually someone's got

(01:09:25):
to recognize that that tax. Sowe're had. You got forty trillion dollars
non non spouse beneficiaries, nonspouse beneficiaries. What's to say the rules don't change,
Well, historically, what they've doneis that they've shortened they've shortened it.
Where the stretch I ray is nowten years. Now they want to

(01:09:47):
make it five. Who knows whereit's going to end up. But non
spouse beneficiaries are going to receive alot of money over the next twenty to
thirty years. Your generation, myson's generation from us from the boomers,
and then ultimately that wealth transfer,there's a mortgage on it, and the
mortgages the tax is going to haveto be paid state or federal, and

(01:10:10):
depending on your zip code, mightbe a state tax. Okay, because
the state tax is gonna wind downin twenty twenty five. Un Lets say
screw around with it before and then. But you know, the thing is
that there just doesn't seem to beenough money coming into Washington in order to
satisfy their appetite to spend. AndI'm in the camp that this election,

(01:10:31):
depending on how you select the buttonswhen you walk in, if the Democrats
get their way, you better holdonto your pants because they're going to be
trying to get into your pockets muchmore aggressively than they're doing right now.
That's my personal feeling. Yeah,I mean, I don't disagree with you.
I think the market started pricing ina certain someone to come in in

(01:10:54):
November. But we'll see. Whoknows what's going to happen over the next
six months. It's gonna come outof people's mouths. You know. These
politicians have an effect on the marketwhen they do speak. I think the
big thing, Nico is that peoplecannot sit on the fence. Okay,
you got to make a decision,you know, if it's important for you
to leave wealth, transfer wealth tothe next generation. Ultimately you're gonna have

(01:11:16):
to make a decision as far ashow much are you going to spend in
your lifetime and how much of thetax liability are you going to pass on
to the kids and the grandkids.I get upset now, Dave, don't
get don't get to it when inthe past you don't have the guns in
the I would. I would,so I would meet with people, you

(01:11:43):
know, I tell them, hey, you should probably do this, this,
this. They wouldn't do this,you know, and I'd be all
right, I told them. Butnow I take it personally. It's not
I don't know if it's a goodthing or a bad thing, you know,
But now I'm like, come on, the thing is made all the
sense in the world for you todo that. They don't sit in our
seat, and they don't see thetax ramifications, and they don't see,
you know, Joe Blow is onthe radio, or Missus Blow or mister

(01:12:08):
Apple or missus Apple, and allthey think about is the net return.
ROI return on my investment, returnon my investment. Okay, that's only
part of the What good is ROIwent half of it or three quarters of
it's going to go away? Right? Yeah? You know. The thing
is is that you need to setyour state up where there's certain assets that
are going to have tax preference.And the best time to do that is

(01:12:29):
when you're healthy, you have yourmind, and you can add velocity to
the dollars, whether it's insurance wroth. I mean, you can go through
the whole different ways that you canleave tax free or tax preference money.
You know, you got pensions comingin, social Security, you got deferred
Compt one and a half million dollars. You're not gonna You're not gonna spend
this in your lifetime, no way. Let's utilize that we just had a

(01:12:53):
situation with a good friends of minethat became clients. Significant amount of money
and qualified assets, significant amount ofmoney coming in and social security and pension
benefits. They'll never never spend themoney that they've accumulated, and they truly
are they're a candidate for a spenddown until life insurance and the question becomes

(01:13:14):
how much do they want to leavethe kids. I think they're both coming
to an understanding is that this isprobably something that we should do. What
we call it carve off, justcarve off some dollars. You have the
taxes withheld, use the net proceedsto buy a survivorship second to die life
insurance policy that's inside of trust.And then when mom and dad go through

(01:13:38):
the pearly gates, then you endup what tax free dollars inside of trust
they go to the kids and thegrandkids, and there's no what no tax,
No tax. That's a beautiful thing. No tax. We've had a
lot of unique situations the last month. Yeah, you know, Yeah,
We've been meeting with some high networkindividuals and they have specific goals. You

(01:14:00):
know, everyone's got their own goals, and you got to try to come
up with a plan, different strategiesto meet those goals based on what they're
doing right now, you know.And there's one individual I won't say her
name, but she wants to shewants to do charity, she wants to
do charitable contributions. She wants todonate to her old high school, you

(01:14:24):
know, and I think it's agreat thing. And she's also going to
get a tax benefit from it.So we're going to use some appreciated stock
to make these transactions. As longas the high school has an account somewhere,
then you can ship these stocks overto that account. You don't have
to recognize the gain, but youcan get the full tax deduction for for

(01:14:45):
tax purposes. So we're doing thisfor the individual, and we're having a
conference call in a couple of weeks. We're gonna try to get her name
on a building over there. Reallyisn't that cool? Yeah? For her
family, you know, the familystill, I think they all go to
the high school and stuff nice.So I thought that was pretty interesting.
Yeah. Well, you know,you can accomplish a lot of things by

(01:15:08):
sitting down, having conversations and tryingto figure out exactly, you know,
what's the best use of the money. You know. I always said that
if I hit you know, thebig one, and I was able to
get those lottery proceedings, I wouldtry to set up some kind of an
endowment that because I am such thefuneral that I went to the other day,
the honor guard was there from CBAChristian Brothers Academy. I am such

(01:15:30):
an advocate of CBA and I talkabout it and such high esteem because both
of my boys went to CBA,and to me, it was the greatest
thing that Julie and I did forour kids because we gave them an education
that I thought was phenomenal. Butthey learned how to be gentlemen over there.
They learned how to get up andaddress a woman would walk into the

(01:15:53):
classroom. They were automatically you standup when a woman walks into the classroom,
when you shake somebody's hand, lookingright square in the eyes, you
know what I mean. And they'repolite and they have respect, and that's
something that I think there's a bigtime missing in today's world. So I,
like I said, one of thethings that I would do is I
would be I would set up inan endowment. I might still do it

(01:16:15):
someday, Julie and I where Ican have at least one kid, one
kid the ability to go to thatschool. To go to CBA, mcannille
taught us to pull the chair,the chairs out from from from under women
and give knuckles. Yeah, I'mjust mechanical. Mechanic. Was a good

(01:16:38):
school day straight. I enjoyed mytime there as they took you away in
the paddy wagon. But but Ican have a kate for Chris. You
know, he's he's very respectful youngman. Every time he meets a client.
You know, he's got this energy, he's a he's a great well,
he's turning into a professional. It'snice seeing that. Yeah, he's

(01:17:00):
young and he's learning the trade justlike you did. And he's been doing
it now for what two and ahalf years, two and a half almost
three years, I guess. Soit's important for him to understand exactly what
we do. And the big thingthat we do is we use our ears
instead of our mouth. I mean, it's important to listen and hear what
people want to accomplish with their money. It's not about you know, finding

(01:17:26):
the alpha and the stock and assetallocation. I mean, come on,
let's let's get real with one another. You know, I pulled, we
got we took some money away fromwhen a financial advisor locally here and I
just wanted to see how their moneywas allocated the other day. All right,
take a look at I took alook at it, you know,
And I'm always saying to myself,you know, you listen to all of

(01:17:47):
this hype and how great they areand what they're doing. Over the last
three years they made one point fourto four percent one point four to four
percent. So but whatever, allright, we got one minute left before
we're going to have to break again. We're here live. If you have
any questions or comments, we'd loveto be able to talk to you.

(01:18:09):
We are the Retirement Planning Group.We have five locations in New York State.
If you'd like to sit down withus, give us a call at
five one eight five eight to zeronine nine. You'll either probably speak to
Brenda or Jim Quirkran. So who'sdoing all our appointments now? Jimmy or
Brenda combination Jim Rejontons schedule. Brendawill take the phone call. Yeah,

(01:18:30):
if you call in, she'll talkto you, all right, But if
you want to get ahold of ustoday, we'd love to hear from you.
One eight hundred talk to w GI. That's one eight hundred eighty
two five fifty ninety nine. I'mDave Kopek. I'm here with Nicholas Dumas
and of course the main dog.He's in the booth. Zach will be
right back after this break. Seewhy a farmer around a teacher, a

(01:19:05):
hooker, around a preacher. Ridingon a midnight bus bound from Mexico.
One was headed for vacation, onefor higher education. And to them,
we're searching for all souls. Thatdriver never ever saw the stop signed.

(01:19:30):
All right, eighteen winners kiss?All right? Oh that's what you do?
There are I believe? All right, we're back, good morning,
all right, all right, allright. I gotta get me some boots
and some chew when I get outof here. I got boots. You
got boots. I got some.I got some cowboy boots, but I

(01:19:53):
don't know where they are the bootbarn. I don't know where they are.
You go to the boot barn?Yet, No where is that.
It's right down the road over here. I'm leath them. I'd be afraid
if I got boots, somebody elsewill be wearing them, kicking me in
the can. Oh boy, I'mgonna have to. I don't like boots.

(01:20:14):
Some guys like, Yeah, Ihad a pair of cowboy boots.
You gotta get the fat ones.I don't. I don't like them.
I got wide feet. I don'tlike you know, a matter of fact,
I wear flip flops most of thetime during the summer, I just
don't like Julie says, I don'tlike clothes because most of the time I
like, all I have is onmy bade suit and flip flops, because
I just you know, it's summer. It's so infrequent warm weather. It's

(01:20:38):
like, come on. That's whyI can't wait to get up there this
afternoon and tomorrow because it's supposed tobe eighty eighty tomorrow, which sounds pretty
good when you live here in theNortheast. I thought you were coming to
help me paint today, Absolutely positivelynot. I hate pain I hate painting.
I'd rather get a drill out andyou know, do something mechanical.

(01:21:01):
But I hate, absolutely hate painting. A matter of fact, we got
a bunch of painting that needs toget done at the lake or yeah,
at the lake, I've got wegot some new devil doors that we had
installed and uh, they need tobe stained. And there's some painting in
the hallway to replace a door inthe hallway. So I got I got

(01:21:24):
a full tub of stain if youwant some. I just did some kitchen
cabinets. The dole color is adark walnut looks nice. Came out good.
Yeah, all right, we're talkingabout how to title assets, the
transfer of wealth. We're talking aboutthe beneficiary forms that you have that are

(01:21:45):
so important as far as you know, trillions of dollars of money will be
dictated by that document called the beneficiaryform. A lot of times people put
it away and they don't look atit. You should look at it,
at least look, Nico said,at least on an annual basis. And
we're big believers that if you havea lot of money and qualified assets,

(01:22:06):
pre tax, pre tax money,it's better for you to spend it and
reposition those assets so the wealth cantransfer tax free, tax efficient. You
know, you want a tax efficientestate. I've been meeting with a lot
of people. They just have theseirays that are growing, growing, they're
not taking. Eventually, they're goingto have to start pulling once they hit

(01:22:28):
seventy three for some folks who mightbe seventy five depending on when you get
there. But rmds are going tokick in. You know, they're gonna
make you start taking one us togo to seventy five. Is that what
it is? Two thirty two ortwo thousand and thirty one. Yeah,
goes back to seventy five. Butagain, if you have a top heavy
estate, as Dave likes to callit, so a lot of pre tax

(01:22:49):
assets, start thinking ways to strategicallyshift your portfolio to start accounting for taxes.
You know, our goal is togive the government the least amount of
your portfolio as possible, and that'swhat we try to accomplish on a daily
basis when we meet with folks.Yeah, you know. The thing is
is that you know, there's athere's a couple of people that I talked

(01:23:12):
to in the last couple of weeksand they were talking about, you know,
these mygas, why would we doa market you know, MYGA multi
year guarantee, multi year guaranteed annuity. I was having a brain drain there.
Why would I do that rather thanjust leave it in a CD or
money market account. Well, thebig thing is that you control the tax

(01:23:35):
defer it. You defer it,I mean, you don't eliminate it,
you defer it. And then thereare certain times, I mean if you
look at that contract and you compareit to a taxable investment and you do
it on a you know, five, ten, fifteen to twenty year basis,
It's pretty amazing the difference that you'regoing to have as far as the

(01:23:57):
accumulation the amount of money, becauseyou've got the taxes that are not being
paid and it just keeps on compounding. I really like these buffered products that
have been brought to our attention.Yeah, I don't know anything about them.
I know that you guys have hada couple of meetings. I had
one that I was on a conferencecall, and it sounded too good to
be true. They're relatively new inNew York State. There's a few companies

(01:24:19):
that I've been doing them for awhile, but a couple of the bigger
companies finally brought them, and nowtheir products are really good. Well.
I think they're great for people thatare in the red zone, people that
want to stay in the market andget a competitive way to return, but
they want limited downside. I thinkit makes all the sense in the world.
And the thing is is that onething that I heard about it,

(01:24:41):
which I you know, I'm nota big believer in this because somebody has
to make money. There's no cost. Remember they were saying that on the
conference call. There's no cost,you know, But you can't get to
the money for like three or fiveyears, six six years mostly most of
them are six six So you tiethe money up for six years. Yeah.
Again, don't do this with yourfull portfolio, but for your equity

(01:25:01):
piece, I think it makes sense. You know, you take your your
stock market exposure, you put itinto one of these buffered products. Gives
you a six year gives you marketexposure. So if you want to do
the S and P five hundred,you link it to an index, and
then however that index performs, that'show your account reacts over those six years.
It's a point to point. Youknow, after those six years,

(01:25:24):
if the market's down twenty percent,which only happened very small amount of times
over the last fifty sixty years.If market's down twenty percent, you can
get your money back, you know, you get your original deposit. So
but if the market's up, youactually get one hundred and five percent participation
rate, so you get a littlebit more than what the market makes really,

(01:25:44):
which is nice. Wow, there'sa cap at four hundred percent.
But I think if I quadruple yourmoney over six years, I don't think
you're gonna be yelling at me becausethe market's up four hundred and ten percent.
Yeah, it's a great way.It's you know, the way that
they explained. It was one thatdid we shared used to sale all the
time, basically putting suspenders in abelt on your portfolio. And what what's
the biggest thing that you hear aboutall the time? Hedge? Hedge in

(01:26:05):
your portfolio. You want to limitthe downside and capture the upside. If
that's being done for you by thesetypes of products, then it's to me,
you're not you're not taking advantage ofthem because you don't understand them.
That's why I have a real rubwhen I hear people say that annuities are
products that no one should ever use. I mean to me, that doesn't

(01:26:28):
it's stupidity, you know, doesn'tmake sense. I think these products are
great. You know, they giveyou downside protection. So twenty percent protection
on the downside, if it's downthirty over those six years, you're gonna
be down ten. You know,you get that first point. Hell a
lot better than down thirty exactly.But if the market's up and then you're
up a little bit better. Nowthe company does make money off these products.

(01:26:50):
I want people to understand that it'svery complex. They do derivatives trading,
so they write options, they getcalls and puts, and they know
they're going to make make a certainpercentage. That's how they get compensated.
The annuity company they're going in andthey have these traders that specialize in options
and there's different plays that you canmake to guarantee that you're going to make

(01:27:12):
some money over the next five sixyears, and that's what they're doing.
So that's the only downside. Youknow, you got to leave it in
there six years. You can accessup to ten percent year over year if
you had to, so there issome access to the funds. But again
I think these products are too goodto be true, but they are there.
You know, they're out there.So and the thing, like anything
else, educate yourself, understand exactlyall the pros and the cons. Understand

(01:27:40):
exactly. Accessibility. That's the bigthing, except you know, being able
to access the money in order toutilize it for your retirement years. But
for people, you know, alot of times we do a lot of
work with major corporations locally, ifnot nationally, and a lot of times
at fifty nine and a half,we're moving assets into a self directed IRA

(01:28:02):
in order for people to be allocatingmoney and what we call the red zone.
You know that five to six yearsbefore they're going into the retirement years,
you want to make sure that theyhave protection that they don't have a
twenty and twenty two or a youknow, financial crisis that we've gone through
in the past, forty fifty percentof your equity portfolio has gone I can't

(01:28:25):
tell you how many times I've heardpeople say that to me, that I
just I can't go through that againabout the stage of my life. We
just had a gentleman in the otherday that you were in the meeting.
He came in and just said,you know, I've got this is my
life savings. It can't go down, it can only go up. He
got involved in the NYGA. He'sprobably a candidate for this the buffer product
too. Yeah, with some ofhis money with a certain percentage. Now,

(01:28:50):
it's all about your suitability as aninvestor. What you can take as
far as market risk. That's goingto tie act to what we create for
you and the type of portfolio thatwe recommend and what we go through in
the appointment. You know, uh, that first appointment. I'm gauging you.

(01:29:10):
You know, it's it's like Igot you. I get the first
appointment, Like eyeball right, it'slike an interrogation. I got you.
It's like you're Scottie Scheffler, laidout, lay it out. This is
going to take a little while.Oh god, it's not gonna hurt,
I promise the Yeah, that firstappointment again. I'm asking you a million

(01:29:33):
questions. Dave's asking you a millionquestions. We want to know who you
are, what you're trying to accomplish, what you have, what your current
situation is, and then from therewe try to figure out the best game
plan to get you where you wantto be. And that's the thing.
Every situation is different. Everybody wantsto accomplish certain particular things in their lifetime.

(01:29:55):
You know, the complicated assets inyour estate will always be RAS,
Series E bonds and non qualified annuities, ird income or respect with the seedent.
You're passing on a tax liability.You're not passing on a legacy.
How can you change or modify that? Well, you have to do it.

(01:30:16):
You have to do it in yourlifetime. If not, you know,
sel a vis a good portion thatmoney is going to go to state
local tax. And if that's whatyou want, that's fine. Some people
say they should be happy that they'regetting something. That's your game plan.
That's your game plan. Other peoplesay, I want to maximize it.
They want to minimize tax. Wecan facilitate that. We have ideas and

(01:30:38):
concepts. You know. I startedgiving out ed Slot's book to a few
people recently about the retirement time bomb, the books that I ordered, And
if you read that book, yourealize, I mean, this guy's a
CPA. He's not a financial advisory, has nothing to do in the financial
services industry. And he talks abouthis experience of dealing with complication assets.

(01:31:00):
And it's right there, it's inblack and white what you should do.
It's not us. It's a certifiedpublic accountant that's giving you these kinds of
ideas and concepts. I gave youa copy of that, didn't I?
Yeah, you read it. Putyou right by your bed tonight. Yeah,
I Kendrew's reading her book. I'mreading my book. There you go,
all right, we're going to takeour last break. This is a
retirement planning shown questions or comments we'dlove to hear from you. Open lines,

(01:31:26):
one eight hundred talk WGY. That'sone eight hundred eight two five fifty
ninety nine. Whether it's on investments, iras, legacy planning, long term
care, whatever it is, we'rehere. Hopefully we can help you and
direct you in the right asset allocationor position or idea. One eight hundred

(01:31:48):
talk WGY. I can't talk thismorning, and tongue's getting tied. Or
you can call us at the officefive five eight zero one nine five eight
five eight zero nine. If youwant to get ahold of us in one
of those weeks and you're too chickento talk on the air, feel free
to call you. You can talkabout chicken money too. We can talk

(01:32:09):
about chicken money, chicken safe money, safe money, chicken money. I
just closed the kitchen the chicken cooplast night, did you My brother and
sister in law, we're gone,really went over there. They're all peckingham,
grabbed an egg. We gotta takea break, all right, we'll
be back right after this. Theeighty six percenters, do you know that
eighty six percent of the population hasno defined benefit pension plan. For most

(01:32:31):
of us, we have to takeour life savings and create a paycheck for
the rest of our lives in retirement? What is your plan for retirement income
distribution? How you manage your assetsduring the most critical years of your lifetime.
Nobel Prize winning economist William Sharp hascalled retirement income distribution the nastiest,
hardest problem in finance. He pointsout that investment, uncertainty, and mortality

(01:32:55):
can derail the most careful laid outretirement income plan. Call our offices today
to start the process of building yourretirement income distribution plan. After forty one
years of being in the financial servicesbusiness, you need to start taking action
to start building your own personal retirementincome distribution plan. How do you do
that? To take action five oneeight five eight zero one nine nine.

(01:33:15):
That's five one eight five eight zeroone nine one nine or RPG retire on
the web. Don't procrastinate, motivateto start building your retirement income distribution plan
five win eight five eight zero onenine one nine. The greatest risk in
retirement most of us have no planfor We're insurance to cover the expense a
long term care event can impoverish aspouse, drain your life savings, and

(01:33:38):
cost stress and anxiety on your family. What is your plan and how will
you pay for a long term careevent? Call the Retirement Planning Group today
discuss options you should consider to protectyour estate and have choices and independence.
Take action. Call today five oneeight five eight zero one nine one nine
or RPG retire on the web.You may think that I'm talking foolish.

(01:34:09):
You've heard that I'm wild and I'mfree. You may wonder how I can
promise you now this love that Ifeel for you always will be for You're
not just time out. I'm kiddingand we are back the last segment of

(01:34:32):
today's show. You're running out oftime. If you want to call in,
it's twenty hundred talk WGY. Feelfree to call in. It's live,
we're in studios. How do theyget ahold of us? If they
want to check us out or makean appointment, you can call our office
five one eight five eight zero onefive eight zero one nine nine, or

(01:34:56):
go to our website www dot RPG. You retire at dot com. Uh
there's a little question box you justsubmit your question. Say hey, I
want to come in and meet withDave and talk about chickens. We're just
talking about chickens and we'll get backto you. But yeah, Jim Corkoran
generally schedules that first meeting, sohe'll talk to you, kind of get

(01:35:18):
some initial information from you. Thenyour chicken and the chicken cop I was.
I'm nervous with chickens. I'm notgood with those. Like I said,
I think I have some childhood traumagrowing up. And there's a rooster
that his name is Jimmy used tochase me around. But it's probably there
was a there was a the thingthere with Corkoran's name being Jim and a

(01:35:43):
chickens name being Jim. Jimmy pokeshis head in my office a little chicken
noise. He still gets me right. But you know, we've been talking
a lot about the estate today.So do you want to just summarize?
Yeah, I kind of want tosummarize a little bit because the bottom mine
gets to the plan that you ultimatelyhave, is the one that you motivate

(01:36:05):
yourself to sit down and build itout. I can't overemphasize enough. I've
seen too many situations in the lastcouple of years, specifically the last few
months that ended up being not whatpeople anticipated to happen. There's a lot
of kids out there with drug addiction. There's a lot of people out there

(01:36:26):
that have children that have special needs. If you don't get proactive, no
one has a crystal ball. Whenyou're going to leave this earth, you
need to start thinking about this alittle bit sooner than later. And the
reason for that is that bad thingshappen to good people. Let's take our
last phone call, Bill in Schenectady. I, Bill, good morning,

(01:36:48):
Good morning, Dave. You hadmentioned that irrevocable trusts earlier, and I
have a couple of houses are inan irrevocable trust. You mentioned insurance policies,
and so you can transfer insurance policies. Can you transfer insurance policies and
the irrevocable trust as well? Ofcourse you can. You could change the

(01:37:12):
owner. So you want to changethe owner of the insurance policies to the
trust. Are they whole life policies, Bill? Or are they term or
what type of life insurance? Doyou have their whole life? Yeah?
So of course, and you'd wantto as well because then that'll protect the
cash value you have in there.Absolutely. And then also too, I

(01:37:33):
think you mentioned that you could transferif you had too much money, you
could transfer some of your traditional IRAmoney into the irrevocable trusts to make it
non taxable. Well, you're goingto have to pay the tax when it
comes out of the IRA, Butwhat you do is that you're transferring that

(01:37:53):
asset into the trust, which wouldreceive a step up in basis at death,
meaning that the child or the lovedone or certain nephew, whatever it
may be, receives those assets.The date of death would be their cost
basis. So if it's one hundreddollars, you know, December thirty first,
when you pass away in January,first they sell the asset and it's

(01:38:14):
still one hundred dollars. There's zerotax life. So I think bill with
transferring IRA dollars to the trust,we were talking more taking those IRA dollars
doing a SPIA So you do asingle premium immediate annuity and then you purchase
a life insurance contract with that thatgets paid out to the trust. So
you could take a portion of yourIRA assets. You know, if you

(01:38:34):
have a million two, you taketwo hundred of that or three hundred,
you put it into a single premiumand then it makes payments each year.
Those payments by the life insurance whichthen gets paid out to the trust that
you're passing. So that's how youkind of start shifting some assets to the
after tax tax preference or the taxpreference a portion of your estate with regard

(01:38:56):
to the disclaiming asset for them,I'll call it Dave. Would you do
it with your wife at the sametime, Yes, once we actually have
we actually I don't know who youhave your assets with. We have a
form at Fidelity. In that formwe have people fill out that gives them,

(01:39:16):
doesn't mandate, but it gives themthe option at death. As an
example, if I've got a milliondollar IRA and my wife doesn't need it,
and I've got my three kids namedas contingent beneficiaries, she has she
has the option as if she hadpredeceased me to pass that money on to
the kids. It's outside the estate, and now the money goes to the

(01:39:38):
kids, and she's not sitting therewith a huge tax liability and the possibility
that the money is going to goto a nursing home and not the kids.
So it's to me, to me, it's to me, it's a
it's it's mandatory. You should dothat immediately, especially if you have a
lot of money in IRA accounts becausestatistically, what I've seen in forty three

(01:40:00):
years, I've seen too many peoplehold on to assets that they don't need
and they become problematic. They becomevery problematic as you age exactly exactly,
and then it kind of comes upand that it surprises you, and unfortunately
it's too late at that point versusalready out of the bar. You can
do a lot of good planning whenyou got two spouses, when one spout,

(01:40:24):
when one spouse passes away, you'velosed a lot of opportunities. So
we always tell people, you know, what things are sunny, there's no
clouds, no rain, no thunderright now, but ultimately it will come.
The weather will change and it willbecoming cloudy and miserable. And that's
when you don't want to be doingyour planning. You want to be doing

(01:40:44):
your planning when the sun's out exactly. All your information is extremely helpful.
Today. You do a wonderful job. I listen to you every week.
I went to that other brother school, so you know where I went,
and I was from the burg theother about their across the river. Yeah,
at that nasty little place. Itstarts with an l I know know
all about it. Wait a minute, I'll tell you what. I've got

(01:41:12):
a lot of friends that are fromLansingburg, believe me, a lot of
friends, God bless God. Matterof fact, I'm gonna see them all
in a couple of weeks. Weget together. It's the fortieth anniversary of
the camping trip. Fortieth camping tripevery year, every year for the last
forty years, these guys have allgotten together yep in uh Lake George.

(01:41:35):
Wonderful, wonderful people. Some callthem from all over the country now and
live outside, but they're all fromLansingburg, Lancingberg, spiegel Town. See
that was the big city because Igrew up in the metropolis a scatty Coke,
So you know, Scatty Coke wasthis little, you know, blip.
These guys are from the big city. The burg was the rustic barn

(01:41:58):
out there when you were on it. Yeah, absolutely remember that, the
rustic barn. Yeah it's still there, is it? All right? I
drive by it all the time.Yeah. See, it's very unusual that
I go up forty. Usually whenI go, like when I go over
to the to Melrose today, I'llgo the back way I'll go buy your
house. I won't get to yourhouse before I take the left because I

(01:42:20):
have to take the left. Rightby Dyers, you go to go up
over the hill. You go upover the bridge Mechanicsville. Yeah, before
the golf course. I take aright, yep, right river road,
go down river Road until I goto Dyers the horse farm. Yeah.
And then you take that left,take the left, and I go up
the hill and I'm right there.Do you go under the underpass or now

(01:42:41):
you go up? Uh? Yeah? Sometimes I underneath the underpass. Just
keep shooting up sixty seven? Doyou why do you take the right?
I like the ride. I likethe ride. You start it sound like,
Julie, why are you doing this? Stand the main road. I
like to get around the dirt roadsand the back roads. You know,
show her, uh the falls,buttermilk falls, butter milk beautiful. It's

(01:43:04):
you know, people take for grantedhow beautiful it is around here. We
have beautiful country around here, absolutelybeautiful country, and we take it for
granted. My favorite ride bar noneis Cambridge to Arlington, Vermont three thirteen,
where it follows the bat and Kill. Yeah, you say that,
I love it. One of myfavorite rider. I used to take my

(01:43:25):
German shepherds there. You know,have you ever gone down the bat and
Gill tube? No, I'd liketo do that one of these days.
I'm kind of chicken. I'm achicken. We used to do it.
They have a rope swing, They'vegot a little bridge. Yeah, you
can jump off of. I'm afraidof waiting for those guys sitting up in
the bushes with like pelicans. They'rejust gonna take out the tube. Sit

(01:43:46):
there and they're gonna deflate your tube. Joe gallaghers in the in the house.
He'll be on coming up in afew minutes, so I know everybody's
excited to hear Joe. He'll he'shere from not until ten, entertaining everyone
with his wit and his sidekick.Don't forget one and only Zach will be

(01:44:09):
with him today. What are yougonna be talking? What are you going
to do? What are you gonnabe talking about today with mister Gallagher?
A bunch of nonsense? There yougo, All right, let's summarize.
We talked about a lot of stufftoday. Now it's time for you to
motivate and pick up your telephone andsay listen. I heard Dave and I
heard Nico. I like to comein and have a chat. You know,

(01:44:31):
not too sure if I'm going towork with him or not, but
maybe be worth my while. Wehave a lot of people that come in
that we say, you know what, you're in great shape. Or We've
also had a lot of people comein and say, I'm not going to
change my financial advisor, and that'sfine too, that's fine too. A
lot of times it's good to havea chat and we go over things and
hopefully we can assist you. Now. We're not going to put you in

(01:44:54):
a head lock, not today.You know, we might if you really
need to get something done, butwe're not here to wrestle you. We're
just here to give you ideas.Thoughts are our thoughts on what you have
going on and what you're trying toaccomplish. So if you're someone that's out
there struggling with figuring out a retirementgame plan or struggling with the markets and

(01:45:15):
what to do next, you know, it's complicated. It's very complicated the
next stage and it's just getting morecomplicated. So it's complicated, and what
you want to do is to beable to be confident that you have the
right plan at this stage of yourlife. And we'll be back next week
for another retirement planning show. Godbless everybody, and we'll see you next

(01:45:36):
week. Thank you for listening tothe retirement Planning Show hosted Buying Dave Kopek,
w g WISE retirement planning Specialist.If you would like to talk with
Dane or someone at the Retirement PlanningGroup, call five one e five eight
zero one nine one nine. That'sfive eight five eight zero one nine one

(01:45:56):
nine during business hours or visit RPGreti dot com. The Retirement Planning Group
has five convenient offices located in Albany, Malsa, Glens Walls, Syracuse,
and Oneana. Tune in again nextweek for retirement planning strategies with Dave Kopek
right here on w g wi's RetirementPlanning Show. The information or services discussed

(01:46:20):
on this show is for informational purposesonly and is not intended to be personal
financial advice. The investments in servicesoffered by us may not be suitable for
all investors. If you have anydoubts as to the merits of an investment,
you should seek advice from an independentfinancial advisor,