Retirement Planning Show

June 8th, 2024

Episode Transcript

(00:00):
Live from the w g y iHeartStudios. 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
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 Kopec,

(00:24):
WGY's retirement Planning Specialist. Because Godand then spelling, confusion, deaths and

(01:03):
all right, how you talk toyour woman? Come on, gir No,
Well, if you're going to picka day to go to the track,
today's the day. It's gonna bein a low seventies, partly cloudy,

(01:26):
no rain forecast. So Nira gota gem for the Bellmont. The
weather didn't look good a week Iwas looking at it. No, people
pay thousands of dollars to come uphere. Yesterday wasn't too bad. I
mean, I know, it sprinkleda little bit later in the afternoon.

(01:46):
The wind was bad. The windwas bad yesterday afternoon. It was when
I was getting my haircut. Yeah, you see my haircut looks nice.
Man. Uh. A lot ofspeed that one. It was. It
was windy. They see the treesin the parking lot kind of sideways.
It was wendy. We didn't getthat bad of a storm though. Yeah,
no, we lucked out. Idon't know. I guess certain parts

(02:07):
of southern Saratoga County lost power,but it was wendy and it got dark,
so I said, ooh, ooh, here it comes, but went
by pretty quick. So hopefully they'remaking out good in Saratoga. I know
it's important for a lot of businessesup there. There's been a lot of
money spent to get ready for thismajor event. But you know, it

(02:28):
looks like today's the day. Mydaughter's got a bunch of friends that came
in from college. Christopher william Isgoing to be up there with his girlfriend
and her family. I have nodesire to go to the track. Well,
you no, I'm just not mycup of tea. I'll go once

(02:49):
a year, probably when it's nota crazy day like it's going to be
today. Yeah, and then Idon't know where they're going to park.
They're saying they're expecting fifty something likethat. Fifty thousand. Yeah, that's
why I figured out you have toget dropped off every en of the track
today. It's gonna be tough.We're gonna pay a hundred bucks to park
in someone's driveway, So hopefully you'regoing to be enjoying yourself. You know,

(03:14):
I can't believe that we're looking atJune eighth already, twenty twenty four.
We're gonna blink our eyes and Julyis gonna be here and blink our
eyes again. The track is here. When the track is here, the
summer really goes by quick and boom, we're back in school. The kids
are back in school for September.So hopefully everyone is going to enjoy their

(03:36):
weekend. We're gonna have a littlepicnic. My son surprised me. He
came home from Florida. I hada knock at the front door, and
I'm saying, Hey, who thehell's knocking on my door? You know
what's going on here? Ding dingding ding ding back knacknac and I said,
leave that package on the I openedthe door and there was my son

(03:58):
laughing, my wife coording it.But it's good to have him home.
David Michael is home. He leaveson Monday. I just told you we
were going to have a little bitof a picnic tomorrow with some family and
friends, and I'll look forward toit. So enjoy your weekend. If
you're traveling, go slow, takeit easy, no need to rush.

(04:25):
The other thing is is that therewas a gentleman that called in last week.
His name was Bill. Bill calledin. He wanted an answer in
regards to the step on and basisand an irrevocable trust. This has been
all over the internet. Nico myself. We contacted all the attorneys. I

(04:46):
talked to Lupiro, we talked tothe other two attorneys that we do a
lot of business with. And what'sthe answer is this better? Can you
hear me? I can hear younow. I don't want to say anything
to you before because you know,I didn't want to disrupt you. So
everyone sounded like you were a Westbourntouss. Yeah, am I is it?
Louder? Am I good? You'regood? Baby? Hey, call

(05:09):
in if you can't hear me.I don't think I don't think they'd be
able to call in right because theywould, they wouldn't hear me. It
doesn't make sense, it doesn't atall. Yeah. Yeah, And with
the mechanic, Bill there we go. So step up, step up in
basis. Yeah, Dave, stepup, step up. So for step

(05:33):
up in basis, we were talkingabout this with a client a few weeks
ago and then uh, we messageda strategic partner of ours, Matt Dorsey.
Uh. He's an attorney with O'Connelland Aronowitz, and he was able
to give us a pretty detailed answerhere for irrevocable trusts, So for an

(05:55):
asset to qualify for a step upin basis, it has to qualify on
or IRC ten to fourteen. Sodoes that mean? This means that the
assets includable in the grantor or decedentstaxable estate. So with the irrevocable trusts,
they include the income right to thegrant ers and also a limited power

(06:17):
of appointment to grants to change theremainder beneficiaries of the trust. So these
powers that are drawn up within thetrust result in the assets being included in
the grantors, decedents taxable estate.So therefore it qualifies for a step up
and basis at that point. Soso again there's nothing to worry about with

(06:40):
the irvocable trusts. You know,make sure your attorney knows what you're trying
to accomplish with these irrevocable trusts,and then you also know that the tax
consequences if you don't have it drawnup correctly. So including the granted as
an income recipient and then having thatright to change the beneficiaries of the trust

(07:02):
result in it being includable in theestate, and that gets a step up
in basis. So so we arefine. So the the easy answer to
this is get a hold of yourattorney. We're not attorneys. But the
answer build your question. And hopefullyyou're happy or ecstatic because I said I
was going to reach out and tellyou about it this week. The answer

(07:27):
is is that it is available.You do get it, but you've got
to make sure that your document isset up properly. Would you say that
that's the right answer to that.Yeah, yeah, I think I gave
the answer, but your summation ofit, I just want to correct.
I just want to I wanted tosay something I said to what I pulled

(07:48):
in. You know, I said, man, I'm dragging a little bit.
Fell asleep on the couch last nightand I woke up and uh,
I got three dogs on me.The two little dogs were laying on me,
and the other one my little labscrawled up next to me. What's
going on there? You get thiswhole house and you got to land me,

(08:09):
So get it off of me.So all right, we're gonna be
talking about some topics today that hopefullywill resonate with you. We're going to
talk a little bit about We're startingto get some conversations about the estate tax
and it's starting to show up allover you know, the internet and financial

(08:31):
magazines. Is what's going to happen. The election, of course, will
have a huge impact in the directionof the estate tax. But in twenty
twenty five, all the Trump taxbenefits will go away. And depending on
your zip code, your zip code, it's important for you to understand exactly

(08:56):
what the estate tax is, notonly federally but also statewide. You know,
you had a good we had Wemet with some great people. We
met with a an engineer, he'san engineer for Amtrak this week and uh,
real nice couple and we got talkingabout, you know, a state
tax. And they had met withan attorney and they had gone over with

(09:20):
the attorney their legal situation and hesaid he didn't think that they were a
candidate yet for a trust, AndI questioned that. I started scratching my
head until we went into the conversationa little deeper because they said, as
soon as he retires, they're bolting, They're getting out of New York.

(09:43):
His wife doesn't like the cold.She wants to go to a warmer climate.
And that makes a lot of sensebecause, as we've said, I
use Florida as an example, becauseFlorida protects I raise in it all,
so protect your home. So doesit make sense to even have an irrevocable

(10:05):
trust. Maybe you're better off justdoing a tod or revocable trust, which
is a hell of a lot lessmoney. But the thing is, is
that knowing your zip code and whereyou're going to reside in your final years
of your life or it's extremely important. That's one of the main questions I
asked while I'm sitting down with folks. You know, I had a couple
who I asked them. You know, I go through the property, the

(10:28):
residents that they have values, mortgages, and then I always ask you to
keep it or are you thinking aboutmoving? You know? And they come
back, I don't know, youknow, it's retirements in three four years.
You know, it's it's something youdo want to put some time in
and think about. A lot ofpeople follow their kids, you know,
if their kids are moving south orwest, they'll pack up and head out

(10:50):
there too to spend time with theirkids and potentially grandchildren. I had a
couple that's potentially going to Delaware,you know, moving down to Delaware,
and we were talking about in hervocable trusts and I said, well,
we should probably figure that out,you know, before we settle and do
this here, vocable trust because there'sdifferent laws and different regulations for different states

(11:11):
and different zip codes. So it'san important conversation to have, you know,
plans of picking up your roots andheading to a different state. And
also it affects your retirement income.You know, you're planning to downsize,
you're planning to get a bigger house. You know, it's usually not the
case. Most folks will down sizeor adjust their current home to account for

(11:33):
them aging, you know, tomake it more accessible. But again,
the property and where your physical locationis, it's going to affect your retirement
years, you know. But fora lot of folks that tell them not
to let that dictate where you wantto live. You know, if you
have the financial ability to head toa different state because of the climate or

(11:54):
because you want to live there,we could try to figure it out.
You know, it might affect thepension a little bet, might affect social
security. No, it wouldn't reallyaffect soci security too much. Well,
it would affect it depending on thestate income tax. State income tax,
not the federal income tax. Butevery state is different what they do as
far as pension benefits and social security. And so you need to know the

(12:18):
zip code and the state that you'regoing to be living in because it's going
to be very important. So thismorning we're talking a little bit about a
state planning some of the things thatyou should be thinking about during this flux.
You know, the worst thing youcan do is have no estate plan.
Something is better than nothing. Youknow, you don't want to.
I mean, I can't tell youhow many times we've had people come in

(12:39):
and they have no documents. Zero. All the no's are checked. You
know, do you have will no? Do you have a durable power no?
Do you have this? Do youhave that? No? You know
that that is a recipe for disasters. Something should ever happen to you,
because then the state steps in andthey start dispersing your assets based off of
the plan, not your plan.So we're gonna take a break. When

(13:01):
we come back, we're talking alittle bit about a state planning. We're
gonna talk a little bit about lifeinsurance, why it's so important in today's
world with your estate planning, anda lot of people are looking at We've
probably had more individuals talk about lifeinsurance in the last year or so than
in a long time. And we'llgo through some of those benefits of why

(13:24):
life insurance is so popular right now. But bottom line gets down to we're
here, live, we love questions. Last week we had a lot of
questions, and questions are good.I've got a lot of great emails this
week from friends that are calling in, and I know that we reached out
to a couple of them. Mygood buddy over in Connecticut. Come to

(13:46):
find out he actually grew up withJimmy Corcoran. Really that poor guy.
All right, we're gonna take aquick you mean, Jimmy, you're the
guy that called in again it calledin. We'll be right back. The
eighty six percenters. Do you knowthat eighty six percent of the population has

(14:07):
no defined benefit pension plan. Formost of us, we have to take
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(14:28):
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(15:31):
That's five eight five eight zero onenine one nine. How do you men?

(15:58):
And we are back. We areback back and uh just tuning in.
Welcome to the Retirement Planning Show.We're here each week, so make
sure you tune in seven to nineam. Talk about financial planning all those

(16:18):
pre and post retirees. You know, a lot of times we spend the
majority of our time, you know, talking about the estate. You know,
that's kind of what Dave and myselfwere talking about this morning, getting
the estate buttoned up, you know, cross your t's, dot your eyes.
We had quite a few instances wherefolks didn't do that, you know,
and then they come to us whenit's too late, where the children

(16:41):
come to us with a cardboard box. Well, here's here's the situation right
now. You know, I've gotsome wonderful clients in Loudonville, and I
went down to have a chat withhim. He's the gentleman that they sold
the property, put the money inthe trust. And you got talking and
I said, you know what otherdocuments do you have? What other investments

(17:04):
that you have? But they hadtwo non qualified annuities and it's not in
the trust. The nuities are notin the trust. And I know this
by experience. One of the firsttwo questions if you're going for medicaid assistance
is do you have cash value lifeinsurance? And do you have non qualified

(17:27):
annuities? Because if you do,guess where they go to? The state?
Going to the state or the county. Right, that's exactly right.
So the thing is is that Igot the paperwork yesterday and I have Lisa
do the processing to retitle them andget them inside the trust, inside the
trust so they'll be protected because asof right now, they're fully exposed,

(17:49):
fully fully exposed to a Medicaid spenddown. So you know, we have
a lot of people I'd like tohave their stash. They like to have
that little bit of portfolio or moneyset off to the side, all right,
and that's fine. You know,that's fine. You want to you

(18:11):
don't want to have all your eggsin one basket. But the thing is
is that it can hurt you bigtime if you don't dot your eyes and
cross your t's and make sure youunderstand exactly what you're doing in regards to
either having the money exposed to eitherstate taxes and Medicaid spend down or not
planning. The beneficiary forms properly andthen gets paid into the estate and now

(18:34):
it goes through probate. You know, we just had a client, a
client passed away a couple of weeksago. They just came in right yesterday.
Yeah, they came in yesterday.The surviving spouse and her daughter in
law came in and sat down withChris McCarthy and myself, and you know,

(18:56):
they were they were lucky. Asfar as the life insurance. He
had a pretty large policy with apretty large cash value in there, you
know, and it was just ownedby him individually. That's something that should
have went and do an irrevocable trust. You know, these were policies they

(19:18):
bought a while ago. She justbrought in some statements, you know,
and I said, all right,you've got a life insurance policy here that
we didn't know about. She's namedas the primary she's the primary beneficiary on
that one. But there's another twowhere one was purchased in nineteen fifty eight.
Yeah. Sure, when he wasabout fourteen years old. Sure.
You know, my parents did thesame thing. The met Life guy used

(19:41):
to come. He used to takethe money out of their You'd put a
little box on your porch and you'dcome and take the money out of the
box. There was an envelope metLife guy. They used to walk the
streets. They just come pick itup. Yeah, they come pick it
up. There'd be like a littlebox or something where you would put the
cash. Joe, I can't thinkof Joe's last name. You could still
see him. Yeah, but you'dleave a gallon of milk too, No,

(20:07):
like the milkman. But it's justcrazy. I mean, it's just
the world has changed so much inregards to you know. You know there's
a MetLife office. I mean youyou probably don't remember this because you're not
old enough yet, But in thesixties and seventies there was MetLife office like
all over the place. There washundreds of them. You know, they've

(20:32):
closed them all and they consolidated themall. Now it's Bright House. They
don't evenmber retail force anymore. Yeah, it's all done through financial advisors.
And they were bought up by MassMutual. So a lot of the guys
that stayed in the business with MassMutual. But you get talking about that.

(20:52):
But you know, the thing isis that that policy that they paid
when he was fourteen years of age, it probably had as much cash value
and it is death. Yeah,you're completely right. It wasn't a large
policy. I think you might havebeen four or five grand. Yeah,
but that's something where they haven't evenmet yet, you know, the husband
and wife. So I'm assuming unlessthey changed it, that it's his mom

(21:14):
or dad, you know, asthe beneficiary and the policy and the company
won't give us any information until wefill out the death claims paperwork and everything.
So we can't figure that out untilmaybe a few weeks from now.
So but no, we're going throughthe process trying to button up the estate.
Now. You know, when someonedoes pass away, you got to
combine the IRA accounts, so thespouse, the IRA goes directly to the

(21:38):
spouse and to their personal IRA,no form, no sort of inherited IRA
for a spouse. Had they doneany estate planning ahead of time? Did
they do a trust? No trust. She does have a couple of non
qualified annuities that I've got McCarthy lookingat now. So again it's just working
on the estate. At this point, she wants to go back to work.

(22:00):
So she really that's what she wassaying. That's all right, hey,
listen, you know, I'll tellyou what. Not all the money
either, she just wants to stayactive. I mean, we met with
a woman from the Amsterdam area andshe's been with the company. She's in
her seventies. Her husband's got asuccessful business. And I said, when
you're gonna retire, She goes,hey, I want to put my twenty
I think she's got twenty one ortwenty two years in. She wants to
go twenty five. It's good foryou. She shows I love what I

(22:23):
do, I like to go towork, and blah blah blah. So
she's going to continue to work,and I think that's great. I think
that's great because it keeps you busy, and it keeps you keeps you mentally.
So but going through your estate planit's really important to really identify all
your assets with your financial team.That's fine if you want to keep some
of the assets either at local banksor you know, a specific account that

(22:45):
you've had for years, but itcan get ugly as far as not titling
assets properly or having them positioned inthe right type of asset, meaning either
trusts or a brokerage account or youknow, a t D account. So

(23:07):
make sure you do that. That'sone of the things that I like the
best. Nico about the money,it's all right there. Everything's it's a
P and L once. One spot, you know, shows the state planning.
Also if the husband passed away,this is what the wife's going to
have. It shows social Security beingeliminated for one of the spouses. It

(23:30):
kind of lays everything out, showshow everything's set up, you know,
so what beneficiaries you have on theaccount goes through bank accounts also which we
can't see. You know, youcan link your banks on there. We
advise putting a POD or TOD onyour bank accounts as well. If you
don't, you know, just speedup the a state settlement on the back

(23:53):
end. Now, that's a hugeconversation that I've been having with people.
A lot of people coming in havehad a there high net worth individuals at
this point, and it's not theinvestments. Spent very small amount of time
talking about the markets and the investmentof the accounts. It's more about you
need to simplify. You know,I've seen it too many times now where

(24:15):
there's computer share statements that shareholder that'sa that's a disaster. You need to
get those out of that's a disasterout of computer share copy. Get those
to some sort of non qualified doO D account so it transfers through the
estate in a simple way. Youknow, you're going to receive your step

(24:36):
up in basis as a beneficiary onthose assets unless they're in iras. You
know, so it's a good ideato to clean up your estate. You
know, you might think you haveeverything, well, we've all we've all
heard horror stories. We have theminternally, we've seen it. But we
also know family members or other individualsthat you know that are friends, n

(24:57):
samples, whatever. There's there's alwaysdisasters out there that you hear about.
We gotta take a break for thenews. When we come back, we're
gonna be talking about estate. Planningand how life insurance still plays a major
component in that, especially if youare possibly in the estate tax situation.
We'll be right back, all right, we are back four tops. Okay.

(25:56):
I'm a dancing man. I'm adancing man. And we got to
get some of the guys in ouroffice married because we need we need to
have a party. We got tohave a marriage hold down. So get
going. We can't just party,we need to. I gotta be a
wedding, something to celebrate. Gottahave something to celebrate. Gotta get you

(26:17):
and I gotta get you and Chrisdown the aisle. Who else Marissa was
in the office? Oh? Wasshe yesterday? Was she? Yeah?
She came when I was when Iwas leaving. Have you had you met
Marissa? Yes? Chris's girlfriend theChristmas parties and then we went out one
time to get well, not together, but we met him out. She's
a sweetheart. I love her.Great kid, great kid. They're going

(26:41):
to the track today with her family. She's got a wonderful father. Father
is a great guy, and motherbut the dad's are just a great guy.
He's another cancer survivor. He's hadsome cancer issues and he's clear and
ready to rock and roll. Sothat's fantastic, fantastic, you know,
yeah, let's let's go through thisbecause you know, I'm gonna tell you

(27:07):
when I when I heard about estateplanning news and life insurance, I thought
it was just smoking mirrors. Ithought it was just a way for people
to make a lot of money sellingcommissionable products. And you know, I
was not an advocate for life insuranceat all. And then I started working
with Dan Bouchard, and I thinkwhen you first probably came with us,

(27:27):
your situation was probably scratching your head, like you guys do life insurance.
I didn't know what an annuity was, right, yeah, yeah, yeah,
So you know, there's some featuresof a life insurance policy that are
extremely powerful. And in the worldthat we live in, we seem to
live in a society today that theycan't tax this enough, right, and

(27:51):
we're worried about step up and bases. We're worried about I raise four owe
k's. In my opinion, theworst investment you can make after the match,
after the match is to continue toput money in an irray or a
four one k pre tax pre tax. Yeah, you could do wroth within
the four to one k if that'san option within your plan. You know,

(28:11):
we've also got clients who have aftertax available in the four to one
K. That's something you should lookat each year. You know, if
you're doing that after tax, youthink you're doing the right thing, you
might not get the growth, youknow, the tax free growth on that.
Typically it goes to the pre taxportion any growth on those dollars.
So I've been working with a woman. We're rolling that money over each year
when she's contributing to the after taxinto a self directed IRA, into self

(28:34):
directed I, so that she getsthe tax free growth while she's still working.
You know. But but yeah,what we were talking about the estate,
Yeah, I mean, you know, the thing is is that we
live in a society today where wehave moving targets, and the moving targets
is, you know, where arewe going to be with the state tax?

(28:57):
What state are we going to livein? You know, restates different
as far as what their thresholds are. But the bottom line is that you
want your assets to go to yourloved ones at least I do, and
you want to protect it and youneed to understand in order to do that.
To accomplish that you got to havea plan. You got to sit
down with competent legal people and alsoyour financial advisor that facilitates the type of

(29:19):
products. But you know, there'sthis one couple that golfs with us.
You know, I don't know.They must have had an unbelievable experience as
far as understanding the bottom line,as far as how life insurance can be

(29:40):
a wealth transfer for their family becausethey're loading up with life insurance. They
don't need it because they both hadpension benefits. All this money that they
haven't qualified plans and they're going toleave a substantial amount of money to their
kids tax free. They're covering everysingle base right now. I'll tell you

(30:00):
what I wish. I could putthem on TV and say this is all
the things that you should do.We should have them on the radio.
A lot of people don't want to. You know, you might your launder
you out in the public. That'sa good point, right especially you.
Yeah, I gotta keep mine inthe basket up the barn in my laundry,
help the barn in the barn.But no, I mean as far

(30:23):
as transfer of wealth, but alsoprotection of wealth. You know, they're
looking at long term care coverage rightnow, so they're looking at a dual
benefit policy. And because they're nevergonna qualify for Medicaid with their pensions and
social securities coming in, they're attoo high of an income level, so
some supplemental coverage or potentially by thetime they go in if they do go

(30:48):
into a nursing home. You know, there's gonna be an inflation adjustment on
these policies that we're issuing now,so it should cover a good majority of
that of that stay. The keyis that anytime you're doing a state planning
ird income and respect to a decedingird uh iras, Series E bonds,

(31:15):
non qualified annudies, TSPs, NewYork State Deferred cop I go through the
whole laundry list. Okay, thoseare all moneies that will never receive a
step up in basis. And whatyou're leaving is a tax liability. You're
not leaving a legacy. Like thepeople that I just met with down aloud
to know. We had a chatand I think one of the last things

(31:37):
that she said before I got upand left, God, she's got good
looking grandson. Her grandson came inwith her son in law. He's just
a handsome kid. Handsome, gotthat nice haircut. You know, it's
got that like a buzz cut.When did they come in, David come
in? I went down to theirhouse. Oh, I went down to

(31:57):
their house. You know what I'mtalking about. But the uh, there's
their grandson is just a beautiful lookingkid. I said to him, some
boy, he's a good looking kid. He says, well, you can
thank me for that. But thething is is that, you know,
you want to make sure that whenyou button up your estate. You know,

(32:17):
the key to a holy I thinkholistic retirement plan is that you're getting
equalization. The money's going where youwant it to go. And the thing
is is that when the kids reachin to get the assets, they're getting
monies that they're going to not besubject to taxation and Series E bonds.
That was what I was driving to. She was saying, is that,

(32:39):
you know, we still have someSeries ease, but they've been phasing them
out over the last few years.Yeah, which is which is great,
the smart thing to do. Alot of people got eye bonds while they're
up near nine point six, whatare they He asked me that what are
I bonds at right now? Aboutfour or yeah, yeah, I looked
at that actually the other day bullpartI think gets around four. But they're

(33:00):
they're complicated, they're not easy.The liquid e there you can only do
what a certain dollar amount every year. You're only allowed You're allowed to do
ten thousand. Yeah, it's fourpoint two eight right now is the eye
bond? Right? You get atreasury for over five Yeah, So the
eyebonds, I mean, they madesense back then when we were talking about

(33:22):
them, but now a lot offolks have these eyebonds on treasurydirect dot gov.
Make sure you have a beneficiary onthose. You know, those could
be problematic. Your beneficiaries might noteven know you you have them, So
make sure you have either e moneywith us or some sort of document that
illustrates where everything is, you know. But again that that's critical, that

(33:46):
last bullet point that you just said, make sure everybody knows where everything is
with the with the eye bonds though, I mean if you do purchase one
of those on the investment side ofthings, not the estate. You know,
on the investment side, you typicallywant to hold them three to five
years or else you lose I believethey take away some of the engines,

(34:07):
previous three months of interest are takenaway from you. So but still even
at a nine point six if youdo end up liquidating it, I mean,
you might get a good yield fromwhen you purchase those a couple of
years ago. And the thing isis that I know that the one thing
that we hear consistently, you know, I want to leave my assets,
and I did divide them equally formy children. Sometimes that's tough if there's

(34:34):
specific assets that are going like yourChevelle. Right, you always told your
brother you keep your keep your mitsoff of it. The Chevelle is mine.
I never said that, you saidit that rate. I think it's
assumed. Yeah. But the thingis is that what I'm trying to get
to and I'm teaching about it,is that the what's it worth, it's

(34:58):
worth more to you sentimental that itis as far as value. Yeah,
that thing's total already. Yeah.Yeah. So the bottom line gets down
to is that there will be assetswhen you transfer wealth to the next generation.
You know, we're we're in themidst right now, folks of the
largest wealth transfer in the history ofmankind, estimated to be somewhere around seventy
five to eighty five trillion dollars witha T. It's my generation passing assets

(35:22):
on to our kids and our grandkids. And the bottom line it gets down
to is that you know deciding wherethat money will go and how you want
it to go, uh your overallestate plan. It's urgent. It's urgent
for you to do it because noone's got a crystal ball when we're gonna,
you know, exit stage right.You know, I'd make retirement planning

(35:44):
a whole lot easier if you didknow when you were going to exit stage
right. But you don't. Youknow, and you got a plan for
that. You got to expect thewords do you want to know? No,
I wouldn't want to know. Iwouldn't I would not want to know.
But today at three o'clock, I'mdead for the for the social steak,
security planning, pension election. Youknow, life insurance. If you
knew, it would make it prettyeasy. But but no, I would

(36:07):
not want to know. Our jobis so easy when it comes to individuals
that have pension benefits. We gottwo individuals with two pensions, two social
securities. We had a lot ofthem this past week. They had a
lot of state employees, state railroadretirement. Railroad retirement people that have substantial

(36:30):
benefits that are going to be comingto them, not only as far as
pension assets, but also healthcare.I can't believe the railroad retirement for the
spouse too, that's great. Youknow, if their social security is lower
than half the railroad retirement, theyget half railroad retirement. It's phenomenal,
which is really nice. And Ithink there's some tax preference on that too,

(36:53):
isn't there. I can see youwalking around the car with that hat
on tickets going to work the traintickets the Polar Express roll in the back
here. We're selling popcorn and sodatoo, chocolate chocolate. All right,
we're gonna take a break. Whenwe come back, we're gonna be talking
about life insurance, how it fitsinto the estate plan. We're here.

(37:15):
Live happy Belmont Day. For allthose people that are going to the track,
you're gonna have a spectacular day.I'm happy for my family. My
kids are going to be up there. Some of my kids are going to
be up there and their friends,and I think they're going to have just
a wonderful, wonderful day. Andjust be careful driving because there's gonna be
a lot of traffic. Probably alot of people are going to get up

(37:36):
there early. Some of your kids. Sounds like you have a litter.
I do, I do? IsJulie going up? No? No,
Julie, My bride has been workingher tail off on all that stuff.
We're gonna kind of putts in theyard today. We're staying. We're not
going to Lake George. We're stayingin Clifton Park. And I've got some

(37:57):
things that I need. I toldyou that I got some things. Uh,
my deers got worked on this thisweek. My deers, My John
Deers. The boys came down.Did they fix them? The tire right
then? The tire fall off?Tire felt I fixed that. Brian Hicks
Park Automotive helped me with that.So I ended up. I couldn't get

(38:19):
the damn nut off. I hadto get one of those power wrenches to
get the damn thing off. Wasit stripped? No, But I if
I kept on yanking on it,I was going to strip it. So
I called Brian and says, listen, stop, stop, just stop yanking
at it. I'll give you awrench. I got the wrench, you
know, and like three times andjust broke. It was the impact,

(38:42):
the impact sweet, and so Ifixed that. But no, they came
down and they did both my tractors, the one I mole with all the
time, and then the other onethat's got the uh, you know,
the bucket and everything on it,and but one I got a belly more
on that one, And I don'tknow what happened. The bracket underneath that

(39:02):
hooks into it. Yeah, gotbent, probably hit something, probably most
likely. You got rocks over there, not a lot, No, No,
we got a lot of hard clayand rocks. Well, I've got
clay. I don't have hard clay. When it gets wet, it becomes
like soupy. Yeah, it's crazy. Half Moon Cluston Park is weird.

(39:24):
You're either clay or your sand.Yeah, it's just like know in between.
So but when we come back,we're gonna be talking about a state
planning the track. My kids.Nico is Chevelle. If you want to
talk to us, it's a callin show is it twenty one hundred talk

(39:45):
w G I one hundred talk wG Y hundred eight eight two five eight
five to two. Which one isit? You tell me? W G
fifty nine for ninety nine. Wellyou're right back. We're going to be
right back. Yes, the eightysix percenters. Do you know that eighty

(40:07):
six percent of the population defined benefitpension plan? For most of us,
we have to take our life savingsand create a paycheck for the rest of
our lives in retirement. What isyour plan for retirement income distribution? How
you manage your assets during the mostcritical years of your lifetime. Nobel Prize
winning economist William Sharp has called retirementincome distribution the nastiest, hardest problem in

(40:29):
finance. He points out that investment, uncertainty, and mortality can derail the
most careful laid out retirement income plan. Call our offices today to start the
process of building a retirement income distributionplan. After forty one years of being
in the financial services business, youneed to start taking action to start building
your own personal retirement income distribution plan. How do you do that? To

(40:51):
take action? Five one eight fiveeight zero one nine nine. That's five
one eight five eight zero one nineone nine or RPG retire the web.
Don't procrastinate, motivate to start buildingyour retirement income distribution plan five eight five
eight zero one nine one nine.The greatest risk in retirement. Most of
us have no plan for or insuranceto cover the expense. A long term

(41:14):
care event can impoverish a spouse,drain your life savings, and cost stress
and anxiety on your family. Whatis your plan and how will you pay
for a long term care event?Call the Retirement Planning Group today. Discuss
options you should consider to protect yourestate and have choices and independence. Take
action call today five when eight five, eight, zero, one nine nine

(41:34):
or RPG retire on the web.We shall across the skin and money and

(42:20):
we are back the Retirement Planning Show. No, that is I just got
back. I was getting Oh that'safter name. I got it. I
just got back, Jackie. Lookat that what I found in the kitchen.
Oh that's beautiful. You got three. It looks like you get three
subs for seventeen dollars eighteen bucks.That's a good deal. Three foot longs.

(42:44):
Beautiful, Zach, this is openfor the public. I just took
it from the kitchen. Coupons.Absolutely, who was it? Subway?
Take it? Take it? Comeon. That wasn't the name of the
song either, and that wasn't thegroup. That's the name of the band
and is named after a pizza Supremes. Yeah, love it, love it.

(43:05):
What came first, the band orthe pizza? I would think the
pizza. All right, let's talkabout life insurance because I have a lot
of great examples of older policies.You know, people buy life insurance during

(43:27):
their accumulation years. I think mostpeople today are buying term, which makes
all the sense in the world becauseyou get a lot of velocity, a
lot of bang for your bucket.Do you buy term insurance? Hut?
Have you bought term insurance? Hut? Now go buy term insurance, especially
now because you're you're young, you'rehealthy. Put it into your plan because

(43:51):
you're gonna get married and gonna havekids and all that stuff. I gotta
get in good shape first, soI get a lower premium. That's why
I'm putting it off. I'll undera few more a few more monthset Planet
fitness. There you go, andlet me get over there. But the
thing is is that with life insurance, you want to provide of course for
your family, your loved ones.But there's there's just so many different variables.

(44:12):
Now, how life insurance fits intoyour overall estate plan and I'll touch
I'll touch on a few that willresonate with Nico, and we'll start with
the first one because we started offwith the state planning. But here's the
one that we typically will do.For people that have complicated assets, like
all the ones that I just talkedabout pre tax money, we can do

(44:36):
carve outs and carve outs. I'lllet you describe them, Nico, as
far as how beneficial they are andwhy you want to do them in the
early parts of your retirement. Yeah. I like the carve out because you
get two velocities. You know,you have two vehicles to create a death

(44:57):
benefit from taxable dollars to to nontaxable dollars. So with a carve out,
typically, let's say someone walks inmillion dollars pre tax, take two
three hundred thousand dollars of that,you know, and look at doing a
single premium immediate annuity. So youtake two three hundred thousand, you roll
it into a single premium immediate annuitylike to like transfer. There's no tax

(45:22):
liability there. It's still a pretax account at the annuity company and then
they guarantee a payout. Typically wedo it for a certain amount of years,
either ten years or twenty years,and it's going to pay out a
number. You know, if youput three hundred grand in there for ten
years, maybe it's going to paythirty three thousand or thirty four thousand.
So you get three hundred and thirtyor three hundred and forty thousand of income

(45:43):
off of the contract. Then it'sgone. But what is that thirty three
thousand or thirty four thirty five,what's that going towards. It's going towards
an insurance premium. So then youpurchase some sort of either gu also guaranteed
universal life for a second to diepolicy, either a single life coverage or
a double life coverage, you know, and then day one, first premium

(46:07):
paid, you have that death benefitguaranteed tax free to the next generation,
next generation or your spouse. Alot of people do this with their pensions
too. They look at the pensionmaximization option. So you take your single
life benefit and then you take thedifference between the single life and what the
joint life would have been, andyou purchased some sort of death benefit for

(46:30):
your spouse. You know, thatalso creates some sort of inheritance potentially down
the line, as well, youknow, so we look at this a
lot. There's a bunch of differentways to lock in some sort of tax
free inheritance to your kids. Generallywe look at putting it into an islet,
an insurance trust, your vocable lifeinsurance trust, and then you can

(46:50):
dictate how those assets are paid outbecause these will probably purchase a good amount
of death benefit. You know,well, if they do it early enough,
you're going to get at least amillion bucks. You know, young
couple, early sixties, you're goingto you know, to take three hundred
thousand. You're going to spend itout over to say, over a ten
year period of time, you're goingto get you know, ballpark, you

(47:15):
know, don't hold me to it, but you're going to get about a
million bucks. But the thing isabout that million bucks, it's all tax
free. Yeah, and you're alsospreading the tax it out over those years,
you know, if you do acarve out, So if you do
a ten year or twenty year payoutfrom that three hundred, you're only recognizing
maybe thirty three thirty four thousand ayear of income to pay for that life
insurance. I had this conversation withBrian my buddy, Brian will mention his

(47:39):
last name or his wife's or hiskids, cause you'll recognize it. And
I said to him, I said, you're a candidate. You're a candidate
for a survivorship policy. And hegoes, why would I do that?
I said, because you want todo all the things in your life that
you know you've always wanted to do. You want to travel all that stuff.
Your kids, all three of yourkids are successful, but you want
to leave them something. Why wouldyou burden them? Because they are going

(48:01):
to be successful, They're going tohave great careers. They're probably gonna make,
you know, good money. Youdon't want to leave a tax liability.
Wyn't you leave a legacy and youcan afford to do it because you
and your wife have more than adequatepension benefits and also assets that you've accumulated.
And I said, when you getback. Right now, he's over
in Asia traveling. I said,when you get back from Asia, we're

(48:23):
gonna sit down, we're gonna runsome quotes, and we're going to submit
an application. Because you know,if I can if I can allocate,
if I can allocate X number ofdollars in order for him to get the
dollar amount, I said, threemillion dollars, because he has more than
enough assets in order to generate likea three million dollar policy. And she

(48:44):
shook her head and said, no, there's no way I'm leaving my kids
that kind of money. And Isaid, that's fine, you tell me
what the figure is. But whatdoes it do. It allows them to
take the rest of the money rightand do all the things that they've always
wanted to do on their lifetime,and there'll be money leftover. But between
the guaranteed life insurance that's inside thetrust, plus ask the other assets,

(49:07):
real estate, peace of mind,peace of mind, it's all has been
down your assets, it's all guaranteed. Yeah. You know what's one of
the highest inflated things out there?College? You know. So I see
this making a lot of sense forfamilies. Tell me about it. I
don't need to tell you about it. I sit down it it hurts you

(49:30):
said, she's transferring going to Florida. She's had it with Upstate New York.
Yeah, not that she doesn't likethe college she has. Is that
going to be more expensive for you? We'll talk about that off there.
I like busting bust, they said. When I sit down and it hurts.
But college, you know, ifyou're a grandparent and you want to

(49:53):
make sure that your grandkids, youknow, they're not going to be hit
with a large amount of student loans. You know, you can set aside
money, you know, with thislife insurance contract, have it pay out
to a trust and then specifically sayingthere this will be used for college.
I honestly think that sometimes people havehard time seeing the numbers that we can

(50:22):
create as far as tax free legacy, because they can be substantial, yeah,
well over a million dollars, youknow, depending on the pool of
money. But you know the thingis I sometimes that people I think they
hold back on doing it, notbecause it doesn't make economic sense. It's
just they feel like it's too muchmoney. Would you agree, too much

(50:45):
of an inheritance, too much moneyfor their kids? You know, But
so many times it makes sense.You know, you did that spreadsheet which
came out phenomenal where you basically showeddoing nothing and doing the spend down.

(51:05):
That was that was so powerful becausethere it is, it's in black and
white. There's the numbers that showsyou exactly what probably cut three hundred grand
off from going to the government.Yeah, you know, and tax is
saved and then guarantees a higher legacy. And if they if they died prematurely,
you know, rm ds are goingto happen no matter what. That's

(51:27):
exactly right. So get in frontof them, lower your arm DS by
taking some of that money and purchasingsome sort of permanent life. So we'll
talk a little bit more about thiswhen we come back. We're live.
We're in the studio. It's BelmontDey hopeful. Everybody's enjoying themselves, getting
ready for the spectacular day. Iknow the restaurants and all the vendors will
be booming. Drive careful up thenorth Way before you get to the exit.

(51:52):
I know that probably a lot ofpeople are getting up there early today
because it is going to be sucha beautiful day. So enjoy I'll be
mowing and weed whacking. So Iwas weed whacking last week. You're not
getting any sympathy for me, allright, We're live. This is a
retirement planning show. I'm Dave Kopek. I'm here with Nicholas Dumas. We'll

(52:15):
be back after this quick break righthere at wgy Live from the wgy iHeart
Studios. Welcome to the Retirement PlanningShow with your host Dave Kopek from the
Retirement Planning Group. Every week,Dave and his team discuss the ways they
can help people make informed decisions abouta wide array of retirement planning information that

(52:39):
can support you and developing a morecertain financial future for you and your family.
Now it's time for Dave Kopec,WGY's retirement Planning Specialist. All right,

(53:20):
we are back the Tempts. Temptations, bring it back in time.
I hear music like that. Ithink a Summit like sixties. The casino
used to have a dance every Saturdaynight at the casino. My cousins would

(53:43):
come up from Waterford to go tothe casino with thes and where we met
the Schlegels they came in. Idid not. They lived in Spieltown,
Yeah, but they had a placeup in uh Summit Lake when I was
a kid. Casino. Yeah,it was. It was like a in

(54:06):
Saratoga Browns. Do you remember Brown'sBeach? Yeah, on Saratoga Lake.
Remember Brown's Beach. What do youmean remember? Well, there used to
be a big like building. Theycalled them casinos. But the thing is
is that Summit Lake had a bigone too, where it was you know,
it was just huge inside and youknow, there would be pinball,

(54:30):
all sorts of games, a restaurant, pool tables, pool tables. There
was a big Buck Hunter. It'sa video game. I don't know,
they didn't have them back then,probably not. But the thing is is
that, yeah, it's good times, good times back then we used to

(54:52):
walk the lake. Have you beento Doc Brown's over there. They've got
a bunch of stuff going on.There's a rest, the ice cream spot
which is Ugly Rooster. It's theUgly ice Cream or something. And then
they have a little tent for aband. I saw Marty there, oh
yeah, last Friday and his wife. Yeah. Yeah, he's like,

(55:14):
he's like the mayor. It's allover the place, Martin. They're selling
their house, you know, inFlorida. Yeah, yeah, I know
she doesn't like it, so butwhatever. All right, we're talking about
life insurance, how it can beused. We'll go through some other ideas
and concepts, but you know,believe it or not, folks, this
is a good way for you tomaximize your wealth and passing on to the

(55:37):
people that you love and you careabout that are important to you. With
unbelievable tax efficiency. That's the keyright there, tax preference, tax efficiency.
Uh, here's the one that wesee consistently that life insurance is a
great solution for too blended families.Yeah, husband and wife. Spouse comes

(56:00):
into the marriage with a lot lessmoney than the other one. The spouse
wants to protect that individual, butalso wants to leave a legacy for their
children and loved ones. So,you know, life insurance can be a
solution there for either either one,meaning that she or he could leave life

(56:22):
insurance for their kids and the remainingassets will stay with the spouse if they
should predecease as long as income replacementis going to be met. Ye,
you know, for the surviving spouse. I think it's a great way to
even out in a state as well. Life insurance. If you're going to
leave one kid the house, youknow, maybe leave the other life insurance

(56:44):
policy for the approximate home value sothat there's no issues or hiccups when it
comes to settling the estate. Acertain kid doesn't have to buy out the
other kid out of their pocket,you know. So life insurance is a
good way to solve that need.So we've done that a few times.
Child that works within the family businessfarm a restaurant. You know, the

(57:10):
other two kids have not stayed inthe business. They've gone on to their
own career paths. Or if twoof them stay in the business and one,
you know, how do you getequalization right? Life insurance life insurance,
you have a problem child or specialneeds, you know, you set

(57:34):
up some sort of trust to dictatedictate payments off the life insurance payout.
So it's not all at once.You know, there's different ways to solve
if you have problems or issues inyour life and after you you've passed away,
you really can't you're not there tomake the decisions anymore. There could
be a document setup that makes thosedecisions for you. And you said,

(57:55):
you said something in the very frontend of today's discuss shouldn't have state planning
that these policies that we use,there's a key word guaranteed that as long
as you make the premium payments,the death benefit will be there. Whether
we pay for it five years,ten years, or life. The money

(58:17):
is guaranteed. And the thing isis that we're not worry about cash value
build up we're not We're not tryingto build up cash value. What we're
trying to build out is death benefit, the maximum death benefit in order to
facilitate the greatest velocity. I likethat, the greatest that came out of

(58:37):
me, the greatest velocity of assets. I know I've stolen that for years
now. Have you stolen that fromme? The word of velocity. I
don't know if you've created that,but I have been using it. Yes,
I did create that word many manyyears ago. Above. Let you
see speeds, people of velocity.I like that word. You look up

(58:59):
velocity. Picture of Dave on histractor flying down the road. Oh my
god, my tractor. I lovemy tractor, John Deere. There is
every tell you the story. Wentover to the Snoco gas station to fill
up the John Dere. I gota guy behind me, he's bowling the
horn beeplashed the when the Sinoco usedto be over there, the port dealership.

(59:21):
Yeah right exactly. I went downthe hill. I was filling it
up, and the guys, hey, I had just gotten the tractor.
Because that's a really good looking tractor. He says, Can I take a
picture of you that? Listen,knock yourself out knock yourself in a picture.
Yeah, he says, can Itake a picture of you on that
tractor? Said, I guess weneed to find What the hell am I
going to say this guy? Know, you know, don't take my picture

(59:43):
on my new tractor. But Ijust got it delivered to me, so
I went down to fill her up, fill her up. That kind of
upset me about this tractor. Youwould think they would have filled it up.
I had like an eighth of thetank in it, you know,
when they dropped it off to me. So whatever. So but you know,
life insurance in a trust. We'lltalk a little bit about that,

(01:00:04):
how an irrevocable trust in an isletis set up, the reason why you
want to do that. But theother part of insurance, which I think
is critical is the starving artist childor the child that has addictions. Uh.
We live in a society today wheredrugs are prevalent, much more so
than they've ever been, especially withthe legalization now, which I can't stand.

(01:00:28):
Really bugs me to go anywhere andjust smell that stuff. You know,
there should be a spot that's separate. You know, you want to
blow your brains out, Go aheadand just go over there and do them,
okay, and get goofy. ButI can't stand I can't stand the
smell of pot No. Yeah,me, I hate That's one of the
few things that could smell since COVID. Yeah. So we'll be driving down

(01:00:52):
the road and Kendra, you smellit, well, drive by its skunk,
you know, I'll be like,is it it's conquer you know,
that's one of the few things thatthat my nose still picks up does well,
this eventually mature will go away.I'm starting to think maybe I think
some sense are finally starting to comeback a little bit. But it's just

(01:01:13):
I mean, I kind of likeit, honestly. You know, some
areas are really I remember, itsbe really smelly, you know. Now
I don't smell it. You know, maybe someone goes to the you know,
I go to the man's room atwork, and I don't smell anything.
You know, it's just like myoffice. We'll take a break on

(01:01:36):
that. Looking back, we're talkingabout the state planning. We'll talk a
little bit about the exclusion that youcan utilize as far as the gifting per
individual. Why that's important, especiallyon a state planning. If you're trying
to use life insurance. We'll talkabout some charitable entities. Right, your
spouse. We just talked a littlebit about your spouse. If it's a

(01:01:59):
blended family for either your children,your biological children, or the spouse that
you're now married to. I toldyou, and I'll say I've said it
to the listening audience. The biggestmistake that I made was term asurance.
And Dan Dan Insurance or Dan Bouchardtold me you're not buying enough, and
he was one hundred percent right.I bought five hundred thousand. I should

(01:02:21):
have had like three million. Well, you saved saved money. I saved
money. You outlived the term policies. There's a lot of people are upset
about that. All right, we'llbe right back the eighty six percenters.
Do you know that eighty six percentof the population has no defined benefit pension

(01:02:42):
plan? For most of us,we have to take our life savings and
create a paycheck for the rest ofour lives in retirement. What is your
plan for retirement income distribution? Howyou manage your assets during the most critical
years of your lifetime. Nobel Prizewinning economist William Sharp has called retirement income
distribution then nastiest, hardest problem infinance. He points out that investment uncertainty

(01:03:05):
and mortality can derail the most carefullaid out retirement income plan. Call our
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 actionfive one eight, five eight zero one

(01:03:25):
nine one 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?
Will run out of money in retirement? Will your investments provide income for
possibly decades? How do you navigatethe two greatest risk in retirement sequence of

(01:03:46):
returns in longevity at the Retirement PlanningGroup. Our Bucket of Money approach addresses
these concerns and we offer a complementaryconsultation to discuss this with you. Call
our office today for a free complimentaryconsultation to develop your own personal retirement income
distribution plan at five win eight fiveeight zero one nine one nine. That's
five W eight five eight zero onenine one nine sent when it's come they

(01:04:44):
feel this way talking about all rightfive girls. It goes out to my
beautiful ride Julie. You want tosend a little I want to send a
little love to your girl. There, my girl. I played that song

(01:05:06):
for for my beautiful girlfriend Kendra.There you go. See Julie's not he's
lying to you. I asked.I asked Zach to play that. I
did. We're going to the Troyfarmers Market. Yeah, I heard you
say that if it's not thunderstorming.The weather's looking a little weird right now.

(01:05:27):
Yeah, but I just liked,we're okay. I just looked on
ac this is just gonna blow through. So we're happy about that. Did
you ever go to that the farmer'smarket. I didn't go to the one
in Troy. I used to goto the one in Saratoga, and there's
one in Glenn's Falls. Yeah,but I love them. You know,
they're especially during when there's nothing likeyou know, I love vegetables, fresh

(01:05:50):
vegetables. I'd make a lot ofratitude. We had corn last night,
corn and the grill. Yeah,but there's nothing like getting fresh vegetables.
Yeah, locally. I like theThey got the spicy pickles. Yeah,
they had a pickles stand. Andthen we get jam. So there's a
lady selling jam. Oh yeah yeah, I got a little farmer's market bag.

(01:06:11):
Now. Yeah, so I godown there with that and then Kender
just throw stuff in there. Wegot rubarb, so I get some rubarb
to Lisa. She does her rubarbcake. Yeah, I wish I told
her, don't do this anymore tome. We please. I took one
home to the uh. She Lisamakes an unbelievably delicious rum cake. Yeah,

(01:06:36):
round Christmas. That thing sings tome. They have rum cake down
there too, the little rum cakestand. Well, I might have to
follow you over there. They haveall these free sample Are we going right
after the radio? You could youcould get a full meal from these free
samples they pass around. Just gostand a stand, come in, load
up the pick up. We're going. I was telling Kendra, I was

(01:06:56):
like, take one of these samplesand just spit it out and see see
what the people say. Right yourgunshots, just remember where you are the
worst thing I ever tasted talking aboutTroy. Have you eaten at Dinosaur Barbecue.
Yeah, because they just came innumber one. We went there right

(01:07:19):
after the Farmer's market last week.You did, How is it? It's
good? I had a little salad, had some wings. Yeah, it's
nice. I like I like thebrisket. Well, that's I'm a brisket
guy, because you know, whenI go down to Brooks, we see
our friends down the only clients clientsof ours. Yeah. I mean it's
hard for the car not to goto Brooks. Yeah, that's why I

(01:07:40):
was disappointed at Brooks the last time. I don't like the idea that you
can only sit inside if you getthe buffet bufface too much for lunch.
It was way too much food,too much for lunch. Oh my buddy,
Hey, Bobby, how you doing. I understand that you've had some
medical issues. I'm glad you called. Uh yeah, what's going on?

(01:08:02):
You? Okay? There? CanI hear me? I can hear you
loud and clear? Can you hearus? Hello? Can you hear me?
Bob? Let's see if Hey,Bob, can you hear me?
You must have it? You?I'm sorry, are you there? Yeah,
we're here now, Bob? Canyou hear us? Oh yeah,
I forgot about my bluetooth. I'msorry. Oh man, I'll tell you

(01:08:25):
what. Yeah, pay bill,Hey, Bob, just remember, Okay,
you gotta pay a bill. Yougotta pay the bill, Bob for
that bluetooth to work, Billy,Bob, make sure to turn it off
when I call you. That's theproblem. I understand that you had a
stint put in. I'm going towhat's going on, I'm going to,
Uh, well, it's just Ihad this neuropathy in my legs. So

(01:08:48):
I've been chasing around from doctor todoctor. They've been X raying this.
Uh am I writing that. AndI finally got to a find or who
did surgery on my wife because fiveyears before we came down here, her
and my daughter were in a hitand run accident and issues pain issues in

(01:09:11):
her neck turned up way later.So he repaired her discs in her neck.
And she said, he's the onlyguy I'm going to let you go
to. And I sat down withhim and he looked at my pictures and
he said, did you know youhave an aortic dissection? I said,
I have no idea what that evenis, and it's it's a terror in

(01:09:32):
the artery. Wall, and yourboy starts flowing places where it's not supposed
to flow. So he ordered anotherpicture and scheduled me to see another vascular
doctor. And I haven't even metthat guy. As soon as he saw
the pictures, he says, I'msending you the University of Florida in Gainesville

(01:09:53):
because they have all the expertise there. So so that is that what you're
doing this week? Or going overto Gainesville Tuesday. Evidently they got a
team of people. They're gonna talkwith me, look at me, and
hopefully they'll keep me there and doit. If everything goes well, they

(01:10:13):
should be able to go through mygroin area and it'll be, uh,
you know, a piece of cake. Otherwise they got to crack my chest
again, and that's a that's somethingI've been to. You know, if
you can avoid it. I knowlife insurances have the question for me.
I've already talked to dim about it, and nobody wants to talk to me.

(01:10:35):
You've got some death benefits, butI went to go you got.
I went to a uh a seminaron state planning here locally, so uh,
it seems like a pretty good groupof guys. They're recommending a revocable
living trust. They say, everywill in Florida go to probate, no

(01:10:56):
exceptions. So so the so they'rethey're recommending a revocable trust rather than an
irrevocab because the house and the IRAare protected, are protected from medicaid in
Florida. Correct, Yes, theyare. There's a lot of good laws
in Florida. So but as youstart, as you start to mention,

(01:11:21):
at the end of twenty twenty five, right now, there's like a thirteen
million dollar federal exemption an inheritance taxand if it doesn't get renewed, and
come twenty twenty six is down toseven million dollars. So yeah, Soment
loves their money. Yeah, solet me ask you a question. So

(01:11:42):
they're suggesting, they're suggesting to yousay that again, So like aet clarification.
They said to you that every everywill in Florida goes through probate,
no matter what is that correct?Exactly? Yes, there's no way to
avoid it. Okay, So there'sno yer. So the way to avoid

(01:12:03):
it is to do the revocable trust. Yes, okay, you had no
contest. There's no contest you know, with the trust with the will,
you're going to right, exactly righttest it. So that's another yeah,
And they described here, I gotthe book in front of me, what
happens in probate, And basically it'slike they got a hold. It opened

(01:12:24):
for a couple of years for anypossible creditors to make a claim against you.
Right, and in the meantime onceyou once it goes to probate,
it's public record for everybody. Yep. In fact, at the beginning of
the seminar, they little slideshow upand they were showing famous people like Rock

(01:12:45):
Hudson, Nelson, Rockefeller, blahblah blah, and they had all their
the results up there. Rock Hudsonpaid like forty nine percent of his income
in the state Texas when he died. Sure, even the rich and famous
do not planning well. I thinkthe reason Aretha Franklin died, I don't

(01:13:05):
know, a few years ago andthey're still trying to settle her estate.
She didn't even have a will.She had like pieces of paper that pieces
I guess she had like two orthree different pieces of paper that she had
had drafted. But yeah, yeah, that makes all the sense in the
world. You got a healthcare proxy, durable power turning and all that stuff.

(01:13:27):
Bobby, Yeah, I believe Ihave all that. I had a
will written before I came down here. But yeah, that's just a band
aid that's not going to That's whyI got to get things into a trust.
And I had scheduled this before Ifound out I had to clear surgery,
and I said to my wife,was just I'm going to go to
this thing. I don't want toput it off any longer. Yeah.

(01:13:48):
So, and their fee, Iguess it's reasonable. Their their fee.
They give you a little credit fortending the suminar. It's about fifty five
hundred dollars to do a revolt.They got a chart. Yeah uh.
And they got to fee schedule whatprobate costs. And probate can take half

(01:14:08):
of everything you own. We allsaid and done. Because they are lawyers,
that's all they do, and theybelong there's an organization of probate attorneys
that they belonged to so that theycan discuss with each other and share information,
and they take training sessions, mandatorytraining sessions. But the they've they

(01:14:30):
even mentioned the lawyer's fees. Well, they're unfair no matter what state you're
in and you want to avoid thembecause there's almost no limit to what they
can hit you at. So well, I know that we had a gentleman.
We uh, we had a gentlemanin our office this week. My
good friend Nicholas remembers this, andI said, I was having a meeting

(01:14:56):
at the attorney's office with this particularattorney. What he said, what do
you say, stay away from thosebombs? Yeah, he might have been
with McCarthy in that one. No, no, no, you were.
I would have remembered if he saidbombs. Yeah, no, no,
Well he didn't say bombs, buthe said he said a dirty word.

(01:15:16):
So the thing is is that I'lltalk to you Afair who it is,
Hey, Bobby, I'll tell youwhat you you make sure you take care
of yourself, brother, and keepkeep us in the loop. I know
that you could call the office thelater part of the week, but let
us let us know ultimately if youare staying, if you're having the surgery.
Okay, okay, my wife willlet you know. I know,

(01:15:40):
God bless her and God bless you, and you know that we're with you,
and if you need anything, youjust call us pal sure enough,
Thank you, okay, God blessBob just goes to show you just never
know. Yeah, I went downthere. I saw them in February,
was at their house in February.All it takes is one doctor's visit,

(01:16:02):
one doctor's visit, one phone call, one event will change your life forever.
You just never know when stuff's gonnahappen, So you got to make
sure that you're doting your eyes andcrossing your t's. Kind of like that
woman who got attacked by a bearin California. What was that recently two
days ago? Yeah, she allright, or she get killed. She

(01:16:24):
it was the first black bear,it killed her first death by a black
bear in a while. I thinkit was in California. Yeah, just
seet. Think of the news wherethis kid, two year old was in
the back of a pickup truck anda draft picked it up in the tailgate.
Yeah, reached over and grabbed itlike by the seat of its pants

(01:16:45):
and took the kid up up.I guess ultimately it ended up in a
good situation where she, you know, didn't take it, shake it and
throw it. Yeah, you know, but it ended the kid ended up
being safe. And I'm saying,hey, I'm always like flabbergasting. You
know what what you never know whatthe animals? What you got? You

(01:17:06):
got people running up to bears andyou know one guy got you know,
kicked to death with the moose lastyear up in Maine. Really yeah,
I didn't hear he went up toyou know, you know, look,
go bet the moose, right,not a good idea and no, no

(01:17:29):
no, no no, no,no no no, don't bet the moose.
Not friendly creatures. But to Bobby, wonderful family. They they moved
to Florida about five years ago.Great clients, been clients for Christ over
twenty years. It's hard to believe. The last time I sat with him
down in Florida, I said,it's hard to believe that we're here.
You know, it's it's already matured. You're here, you've been here for

(01:17:51):
five years. It's just time goesby quick. We always say that,
right. Yeah, So we gota half an hour left. If you
have any questions or comments, we'dlove to hear. If you we're talking
about the state tax, we're talkingabout a state planning, how life insurance
comes in. We're gonna talk alittle bit about gift tax. When we
come back, but open lines.Whatever you want to discuss. I'm here

(01:18:14):
with Nicholas Dumas, certified financial planner. I'm Dave Kopek, President Other Retirement
Planning Group. Will see you onthe other side of the news. We
have how much time left before wehave to say goodbye? You're giving your
your B game today. I wantyour A game. I want your A
game. There is that. We'llbe right back. G y Stomi.

(01:19:20):
Al right, we are back.That brings you back. Great, that
brings you back. Yeah, sixties, the sixties, great time. Miss
it. You missed the sixties.It was a whole different times. Be

(01:19:44):
used to be able to do alot of stuff back in the sixties that
you can't do right this world today. Whole simpler life, you know.
I tell you what. I'm gladyou brought that up because I was going
to ask you about that the otherday. How much of a car is
actually stealed today? Is that actuallywhat? Steel? Metal? Yeah?
Oh, very little, if ifany. That truck of mine, there's

(01:20:09):
more plastic in that truck than there'ssteel. Yeah, Julie's car, same
thing. All the bumpers are plastic. I think even the mirrors are plastic,
the rack, the rack up ontop the luggage rack, that's plastic.
Yeah, how everything's all safe?You know, the hell can it

(01:20:31):
be safe? I saw someone hita deer on sixty seven yesterday, did
you Well, I didn't see himhit it, but I saw the deer
laying there, and you look atthe front of their car. I think
was total. Yeah. Yeah,I told you what happened to me in
Glenn's Falls. The guy guy gasstation. Yeah, guy came down with
a truckload of wood. You hadthe plow unit. The plow wasn't on

(01:20:56):
it, but the unit, youknow, the whole hook up that you
have on the front of the truck. Yeah, with the two and he's
sitting there, you know, talking. I'm saying, you know, this
guy is he's gonna stop, He'sgonna stop. And then he didn't stop,
and he at the very end hejust tried to swerve and avoided me,
and he caught me in the leftyour corner. My car was an
accordion. Yeah, it's the littleaccidents destroyed cars nowadays. Because the cap.

(01:21:19):
The first thing the cap said tome, he says, that's goe,
what the hell he mean? It'sgoe goes still total that car.
I said, you're kidney because thefront end. I mean, I mean
he did damage a lot of damagein the back. I'm saying, you
know, they'll just take the piecesoff and putting new pieces on. But
he bent the frame. Yeah,the frame frame was the frames bust that

(01:21:42):
they usually total it. That's yourthat's your foundation of the car. Give
me an older car, Chevelle,Chevelle Riviera. I love the old Rivier.
It's cutlass. You know who thecar? I want? What Frank's
car? Oh? Did go goat? Yeah? I'm going to go over
to his house. Did you lookthrough that slideshow? Yeah, gave us

(01:22:04):
that's one hundred and fifty photos.That's beautiful from a to A to Z.
Yeah, it's gorgeous restoration of thatthing. Beautiful, beautiful car.
Nice orange. I think I shouldown that car. I don't think he's
going apart with it. I don'tthink so either. You talk about his

(01:22:25):
car and he smiles. I lovecars. I love cars, older cars.
You don't even to have an oldercar. Yeah, you haven't seen
it. The Corvette that's like fiveyears old, four years old. It's
old. It's older, all right, let's talk about gifting individuals with sizeable

(01:22:51):
estates that are looking to get someof that money out of their estate,
and they're looking to gift per recipient. I like that. That's another big
word that I made up, recipient. How much can they do in twenty
and twenty four eighteen eighteen thousand dollarsfor as many people as you want?

(01:23:15):
And you can give away to asmany individuals in a single year and not
have to file that magic thing calleda gift tax return. Right, you
can actually do pride seventy two peryou know kid, if they have a
spouse parents husband and wife can doeighteen in eighteen thirty six and then another

(01:23:41):
thirty six to the spouse. Yeah, right, without having to file.
So here's my sixty four thousand dollarsquestion. Can a husband is a husband
and wife to file a joint return? Can they both gift eighteen thousand?
Yes? Be sure? I'm prettysure. So that's so that's per individual,

(01:24:05):
per individual, per kid. Soif you got ten kids, because
if you have one kid, ahusband and wife are both eighteen Yeah,
So if you have a kid andtheir wife, a kid and their spout,
and you can do it as manyas many as you want, Yeah,
but there's no tax. If yougo above that, you just have
to report it and then eventually,Well the reason why I'm talking about this

(01:24:29):
is because years ago, when theestate tax was a hell of a lot
lesson when it is right now,there is a thing called Krumney powers.
It was named after the gentleman thatthe I R s. It was challenged
and they won Crumny c R MI E something like that, and a

(01:24:51):
lot right it allowed you to dois to gift assets to a trust and
then the trust could take those assetsand purchase a life insurance policy on me
or a parent or whoever, andthen there was no incidence of ownership by

(01:25:11):
you me because the trust on theasset and the trustees elected to buy life
insurance based off of my life.So that was a way for you to
go around the back door in orderto get tax free assets to either pay
for the state tax the state taxliquidity, or to get assets to the
kids totally tax free that's held insidean irrevocable life insurance trust. And we

(01:25:40):
did that for years because the estatetax, I believe when I started in
this business was like six hundred andseventy five thousand dollars. Now it's thirteen
point six million, right, whichwill roll back to what Bob said.
I think he said about seven million. And there's still a lot of people
that won't. But you start addingassets up if they're you know, people

(01:26:03):
that have homes. You know thatI have done extremely well in the stock
market. I mean, look atsome of these some of these values of
these stocks. Look at the videot. It's screaming, but you know,
was it? They're twelve thirteen hundredshare. Yeah, it's like tell hundred,
but it's split ten for one.Yeah, ten for one. So

(01:26:29):
the answer is to your questions asfar as facilitating tax preference, it's not
asset allocation. It's not picking theright stock, picking the right bond.
It's picking your team, your strategicpartners, and basically going through the method
to the madness of how can Isatisfy what I'm trying to achieve with my
money that I've accumulated in my lifetimeto get tax preference money over to my

(01:26:51):
kids, my grandkids, my daughter, my son, whatever it may be.
Now, I've seen so many instancesnow where people have lived it.
They they've lived one of their parentsgoing into a home or assisted living.
You know, they've they've lived itat this point, and that's a much
deeper conversation when the topic comes upto their own situation, because they don't

(01:27:13):
want that to happen to them,you know, And that's when we really
get into the weeds. And Ithink this would make sense, maybe some
supplemental life, long term care insurance, some sort of your vocable trust.
You know, this is how we'regoing to get assets to the next generation,
and this is going to also potentiallyprovide care for them. You know.
They talk about the Sandwich Sandwich generation. You know, you had kids

(01:27:36):
and you also have aging parents whoare taking care of two demographics. It's
wearing. You know, you've livedit. You and Julie went through it,
and a lot of these stories.It gets emotional at times, you
know, because not only the physicalaspect of it, you know, going

(01:27:58):
to your parents house, maybe livean hour away and you're going there three
four times a week to take careof your mom, you know, but
also the mental emotional side of itas well. You know, you're watching
your parents go through this. Getin front of that, you know,
don't put that on your kids shoulders. You know, you might have said,

(01:28:18):
you know, I took care ofthem when they were in diapers,
they could take care of me whenI'm in diapers. You know, don't
once a man twice a child.Yeah, I mean you always say that,
you know, don't force their hand, you know, give them the
option to potentially have some sort oflong term care policy that will pay for
someone to come in and help.You're on your A game today, boy,

(01:28:41):
you know that you are on yourA game. Preach. Married couples
can gift thirty six thousands. Ijust went to the irs the annual gift
exemption per gifter, which means marriedcouples can gift up to thirty six thousand
dollars per Why do you doubt me? I don't ever you think I'm here?

(01:29:03):
Never again? Will I ever doubtyou? Never? All right,
I'll see you on Monday. Ican't believe you just did that, of
course. Yeah, I mean thatadds up. I mean, you've got
a sizeable estate and you're trying toget the money out of there, and
you're trying to get some blossy onit. Man, you can make yourself
a whole bunch of money. Yeah, I mean you're not going to see

(01:29:24):
it because you'll be in the pearlygates. But the bottom line gets down
to is that you can add asignificant amount of legacy transfer of wealth if
you adopt some of these concepts andideas. So when people say to you,
don't look at life insurance because theonly reason why the guy is recommending
it to you is because of theBig Fact Commission. They're smoking some of
that wacky tobacci. I mean,what's the point, you know of the

(01:29:47):
eighteen thousand. You just have tofile a form if you're above that,
right, there's no well you youfile a form that you what you erode
some of your to find credit whichis seven million, Well it's going to
be seven whatever unless they drop that. You know, you don't know what's
gonna happen down the line. Soand you can the don't do it if

(01:30:12):
you're going in a nursing home,right, Yeah, you don't want to
get yourself in a position where youhave money distributions coming out of qualified assets.
Uh. And that this is whyyou do it early. You don't
do it later in life because they'regonna live if you slip on a banana
pill and all this distributions coming out. It's it's a complicated landscape, it
really is. So we're going totake our final break. We have open

(01:30:35):
lines if you'd like to participate.Uh, we're gonna be talking a little
bit about how to button up yourestate plan. The people that you should
be talking to. Remember that it'sa it's a complicated world that we live
in today, not only as faras taxes, but zip codes and protecting

(01:30:56):
the wealth that you've created. It'simportant that you keep in mind that you
know you need to seek competent legaland financial advice in order for you to
have some of these benefits that areassociated with working with a team. So
again, if anything that we're discussingtoday is of interest to you, we
would welcome the opportunity to sit downand have a chat with you. Our

(01:31:19):
telephone number is five one eight fiveeight zero one nine one nine. That's
our office in Malta and we'll havea chat and see if we can put
you in a better spot as faras titling assets and if it's important for
you in your lifetime to button thingsup to know that you're going to have
transfer of wealth the most tax efficientway, We'll be right back the eighty

(01:31:44):
six percenters. Do you know thateighty six percent of the population has no
defined benefit pension plan. For mostof us, we have to take our
life savings and create a paycheck forthe rest of our lives in retirement.
What is your plan for retirement incomedistribution? How you manage your assets during
the most critical years of your lifetime. Nobel Prize winning economist William Sharp has
called retirement income distribution the nastiest,hardest problem in finance. He points out

(01:32:09):
that investment, uncertainty, and mortalitycan derail the most careful laid out retirement
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can impoverish your spouse, drain yourlife savings, and cost stress and anxiety
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(01:33:18):
do this and sleepless night. Myhead was talking as all right, we

(01:33:44):
are back. Great music today,Got happy feet, can't stop my feet
moving? Stop feet stop, gothappy feet. Did you ever see that
movie The Penguins? The Penguins?I love it. It's a great movie.
My kids love it. It wasa sad movie, wasn't it.
I think it ended okay, didn'tit? I can't remember that. David,
Chris and MICHAELA used to watch thatall the time. I was I

(01:34:06):
was a big thing. Julie willtext me, Julie. Was it a
sad ending? You know what Myfavorite movie was was Younger the Lion King.
Oh yeah, me too. Iused to watch that NonStop. My
mom said, I love the messagethere. You know you're leaving what you
leave with your son or your daughteror your family, the kingdom, the

(01:34:28):
kingdom. All right, let's goto Peter. Got a phone call from
Peter. Hey, Peter, Hi, I I do, I do have
a quick question. But before Iget to that. Uh, gift is
a noun. It is not averb. You don't gift somebody something.
You give somebody something beautiful. Andwhat I what I just like transition trans

(01:34:51):
ah we transition. Transition is anoun. It's not a verb. So
partner, I sucked in school.I was very stupid. So well,
you know, when one one one. The problem is in the media,
when one person uses it and thenpeople people hear it, then then it
just catches around and people think it'sall right, We're gonna have to get

(01:35:13):
a hold of the I R S. Because I read it off their website.
So I'm not I'm not surprised thatthat you know, you you you
get, you give somebody a gift. And and as I said, the
gift, gift, gift is anoun. Uh that the only the only,
the only person that's gifted is issomebody with superior intelligence. You have,

(01:35:36):
Peter, do you have a question? Yes, the Uh I I
am. I am the trustee anda beneficiary of of of of of a
sole beneficiary and trustee of a trust. And uh uh can you had mentioned
in one of your shows a longtime ago that that you could put you

(01:35:59):
could put your house in the inthe in in in the trust, but
not not file the deed so sothat you could actually you could actually take
it out at at at some pointwithout going through that. Uh. Also
to that that I I think thatyou that I might lose my uh my,

(01:36:21):
my my exemptions that I that Iget if it if it's in the
name of of an entity, that'snot that's not you know me personally well,
I know that Frank Lang addressed thatone time that he was here on
the show. And uh, whatI would say to you is that who
drafted the trust for you? Who'syour legal representation? Because what I would

(01:36:44):
do is to contact them or callFrank directly. Uh. He will answer
your question over the telephone as faras But I know for a fact that
we've done partial revocation with irrevocable trustand it doesn't affect the assets that are
currently inside the trust. Okay,but that's a legal procedure, it's not

(01:37:06):
a financial procedure. And we've usednumerous attorneys that have taken advantage of that.
That is one of the huge benefitsof being a resident of New York
State is that New York State allowsyou to do partial revocation. But thank
you for that phone call. AndI I gotta apologize. I mean my

(01:37:30):
verb and my nouns. You youknow, I just get scrambled eggs here.
You know, English, English Language, English, French, Canadian?
Yeah, we we we How doyou say gift French? Wen a?

(01:37:56):
All right, so you know,actually done done here? You probably had
time for one more critique one wgythat's one eight hundred eight two five fifty
nine. So if you're getting readyto do an estate plan, this is
what I'll say to you. Doyou if you put five attorneys in the

(01:38:21):
in a room, they're like economists, You're going to give five different answers
sometimes for the same question. Okay, And I think a lot of it
has to do personally. I believethis is my own personal opinion. How
to aggressive does your attorney want tobe as far as protecting your assets?
Would you agree with that, yeah, I would say as far as uh

(01:38:42):
yeah, protection, but also astate transfer. I think more some are
more concerned with just the settlement ofthe estate. More specialize in protection,
you know, Medicaid planning, Medicaidtrust. You know, that's probably more
frank. Should an attorney spend alot of time in pro bag court?
They want to. Of course theydo because why because they get paid more.

(01:39:03):
They get paid right. No,I'm not saying that attorneys do that,
but they should not. You know, got of states that are seven
eight months to settle that go throughprobate for that long. With trusts,
beneficiary designations, it should be aweek two weeks. I always say within
seventy two hours, you can haveall the money, you know, because

(01:39:24):
it's t plus three unless life insurance, life insurance companies, you gotta do
the death claims process takes some time. So you know, I'm going to
go back to e money and theability for us to look at assets and
how they're titled in the accounts whereyour money is. If you have non
qualified annuities and they're in your nameand they're not in the trust, not

(01:39:45):
good. If you have assets thatare outside the trust that are just sitting
there. We have people that havedividends that are being paid out. They
have hundreds of thousands of dollars thatare sitting outside their trust, not because
they need that money, but becausethey've just been accumulating and it's been easier
just let us sit at the bankand get zero point one five percent on

(01:40:06):
it. So to kind of summarizeour estate planning show here today and utilizing
different types of investments and also insuranceproducts to facilitate maximizing the wealth transfer,
which is going to be eighty toeighty five trillion dollars over the next twenty

(01:40:29):
to thirty years, you would say, what ego summarize, So be a
summarize. Make sure you have properbeneficiaries on your assets. That's number one.
The easiest thing you can do typicallyjust one form you have to get
done. So proper beneficiaries TODs sotransfer on deaths or pods on your bank

(01:40:54):
accounts, and maybe if you havea brokerage account, get your basics at
least least get your will, healthcare proxy, power of attorney, durable
power of attorney. And then beyondthat, you know, if you have
a lot of non qualified assets ofprimary residents, maybe some rental properties,

(01:41:14):
an irrevocable trust set up for medicaidpurposes, so this would protect the assets.
Look into long term care, lookinto life insurance. Are you someone
that has pensions, strong social securities? You know you might be getting forty
eight thousand dollars a year in socialsecurity alone and then your spouse gets another
twenty four. I'm actually staggered sometimeswhen I see, you know, the
social securities that people are getting.Yeah, with the three point two cost

(01:41:35):
of living adjustment this year too,so it's only increasing, you know.
So again you have strong pensions,strong social securities. Maybe you contributed to
a retirement account you're not going toaccess. We talked about carbon money out
guaranteeing a legacy and some sort oflife insurance policy that'd be tax free to
the next generation. So finally,when should you revisit your estate plan for

(01:42:00):
four years, five years? Iwould say, realistically, when there's fire
in the basement. You know thatthere's going to be either a medical event
where you have beneficiaries that you don'tfeel comfortable with right now. You know,
life changes, marriages changed, kidschange. When when those events happen,
you know, get on the phone. Get on the phone and start

(01:42:23):
talking to your financial team. Andwe've got one quick last phone call that
we're going to be able to fitin. Then we're gonna have to say
goodbye. Chuck. You got tomake a quick brother. Yep. Got
a quick question. Uh, whatportion of a roth I r A can
medicaid take when one spouse goes intoa nursing home. It depends on the

(01:42:45):
state and the zip code. Somesome states protect them, other states don't.
They're protected New York does not,or Massachusetts doesn't. Not protected in
Massachusetts? Where you located, Sir, in New York, New York State?
Yeah, what I would do isget a hold of an attorney and
are you working with an attorney thatYeah, I put our house in a

(01:43:08):
trust. But he said that theroth IRA could only be partially touched,
and I'm just curious as how muchit could be touched. Well, I'll
tell you what. That's a doubleedged sword, because if you talked like
I said, you talk to differentattorneys, you're gonna get different answers.
If you do some research on theweb, you're going to find that some
counties look at it as a resourcethat they can go after immediately. Others

(01:43:30):
don't and payout. I mean,it's a very co There is no consistency
in New York State in regards tomedicaid eligibility in the assets that are protected.
So I would say you really needto sit with the person that drafted
that account, call them up andhave another chat with them, because I'm

(01:43:50):
in the camp that if you wantto make sure you put a double band
aid on it, put it inthe trust because you're not going to have
a tax consequence, right, Sookay, you can take tax free and
take it out and put it inthe trust. Right, how old are
you? Seventy two? So youknow you've made your money. You know

(01:44:13):
you put it inside the trust.You know, put it into a tax
advantage type of investment. If youdon't use it in your lifetime, the
kids are going to get a stepup in basis. They're going to get
a tax free anyway. Okay,thank you, thank you, sir.
Hey, listen, God blessed,have a great day. Whoever's going to
the track today, please drive safe, enjoy yourself. It looks like it's

(01:44:35):
going to be a wonderful day.Nicholas, thank you for coming in my
good Man, Zach, thank you. I know that you know the drums
are rolling. Joel Gallagher's thunder andlightning. He's a coming, He's a
coming. So Joe Gallagher is nextright here at the WGY ship. We'll
see on the other side. Thankyou for listening to the Retirement Planning Show,

(01:44:58):
hosted bind Deep w g wise,retirement planning specialist. If you would
like to talk with Dane or someoneat the Retirement Planning Group, call five
one eight five eight zero nine onenine. That's five one eight five eight
zero one nine one nine during businesshours, or visit RPG retire dot com.
The Retirement Planning Group has five convenientoffices located in Albany, Malta,

(01:45:24):
Glens Falls, Syracuse, and Oneana. Tune in again next week for retirement
planning strategies with Dave Kopek right hereon wg wi's Retirement Planning Show. The
information our services discussed on this showis for informational purposes only and is not
intended to be personal financial advice.The investments and services offered by us may

(01:45:45):
not be suitable for all investors.If you have any doubts as to the
merits of an investment. You shouldseek advice from an independent financial advisor.