January 18, 2026 • 46 mins
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Speaker 1 (00:00):
You worked hard for your money, but do you know
how to make it work hard for you. You need
a team with experience, vigilance, and a strategy to help
you live the retirement you deserve. Find your financial safe
haven with Haven Financial Group. Today, you're listening to the
new and improved Haven Financial Group Radio Show, where we
bring you comprehensive weekly financial wisdom from the professionals. It's
(00:23):
all about helping you solve retirement problems so you can
make your nest egg last. Your tune to the Haven
Financial Group Radio Show with your host Larry Kolvig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The full nines are always
(00:44):
open at six point two, five oh four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.
Speaker 2 (00:55):
Good morning, and welcome to the Haven Financial Group Radio Show.
I'm Larry Kolvig, Founder and CEO of the Haven Financial Group.
Thanks for listening this morning.
Speaker 3 (01:03):
On with us.
Speaker 2 (01:04):
Today we have Lance Lurson, our Haven CPA. We're going
to talk about a lot of different things it's twenty
twenty six, and Kim, good to be with you again.
Speaker 4 (01:12):
It's great to be with you, sir. Thank you very much.
Speaker 5 (01:14):
We're going to talk about pillars of retirement in twenty
twenty six. So good to have Lance with us, like always, Lance,
Happy to you, sir.
Speaker 3 (01:22):
Thank you, same to you, Kim.
Speaker 4 (01:24):
Great to see you.
Speaker 5 (01:25):
Let's take a look at what folks can expect during
the course of this show. We're first going to talk
about strategic gifting and the twenty twenty six tax.
Speaker 4 (01:35):
Cliff that doesn't sound very positive, does.
Speaker 5 (01:38):
It ary not really, no, it does not inherited iras
and the ten year rule. Then we'll talk a little
bit about health benefits and planning beyond investments, and then
finally we'll talk about preparing for twenty twenty six with intention.
Speaker 4 (01:57):
So here we are.
Speaker 5 (01:58):
You know, it's mid month, but it certainly is not
too late to consider what you have planned for the
year twenty twenty six and to take some steps to
make sure that you're moving in the right direction when
it comes to your retirement. If you have any questions
about today, or if you hear anything that resonates with you,
and you'd like to sit down with the folks that
(02:19):
Haven Financial Group. Let me remind you of the telephone number.
It's six one two five zero four eight four zero zero.
Let's jump right in, shall we the strategic gifting and
the tax clift when it comes to twenty twenty six
strategic gifting lance, I'm going to start with you are
CPA here. That's something you really do want to start
(02:41):
to think about really early in the year, like January.
Speaker 3 (02:45):
It is. So what we're kind of talking about is
a lot more as state planning type ideas. On the
federal level, the estate tax kicks in at fifteen million dollars.
That's the new from the big beautiful bill that was
passed there. It's always been fairly high the last few years.
We were just shy of fourteen million last year. But yeah,
(03:07):
now we have hit the fifteen million. At the federal level,
for Minnesota, the estate tax is three million. And so
what again we're talking about is that when you pass away,
if the assets that you own, so it's an IRA,
it's your house, it's the cabin, it's your cars, it's
(03:27):
all the things that you have, if the total value
of that stuff today is worth more than three million, dollars.
Then there's a good chance that you're going to be
cutting a check. Your state is going to be cutting
a check to the state of Minnesota. So we want
to make sure that we are planning correctly. It's one
of the big things that we have is the gift
(03:48):
that we can give to people. And the gift limit
is going to be nineteen thousand dollars this year in
twenty twenty six, and so that is from one individual
to another. So Kim, I could give you nineteen thousand
dollars and we don't have to report that at all
to the irs, and it doesn't count against any of
(04:08):
that lifetime exclusion. I can also turn around and give
Larry nineteen thousand dollars because I am such a nice
person here, and I can keep giving nineteen thousand dollars
to any individual. Now, where this kind of comes in
with a lot of planning is that we can actually
start looking at parents giving too married kids. So mom
(04:30):
could give their child nineteen thousand, Dad can give their
child nineteen thousand. Mom could also give the spouse nineteen thousand,
and then Dad can give the spouse nineteen thousand. So
right there, we have just given away seventy six thousand
dollars out of mom and dad's estate to their kids,
because that's where it was going to go eventually anyway.
Speaker 5 (04:53):
And can I ask you, can you do that even
if mom and dad filed their taxes jointly.
Speaker 3 (05:00):
Yes. And so then when we get to the gifting rules,
we can have one spouse actually right to check out.
But then there's a thing they called gift splitting where
the spouse says, yeah, yeah, my spouse, they gave my
half or my portion of this to these people, and
I'm okay with that. And so that's what gift splitting is.
(05:23):
Right there, is that sure, mom may have wrote the
check out for the full seventy eight thousand dollars to
the child ands spouse, and then the dad comes in
and says, yeah, we'll call that gift splitting. So then
half of it was my gift to them as well.
Speaker 5 (05:37):
Okay, great, So talk about you know, obviously you could
do this over a long period of time if you
show so desire to gift away your state. What are
the ramifications for those who are receiving that gift?
Speaker 3 (05:56):
There's actually none, And so when you're receiving the gift,
there is no tax implication for you at that point.
So especially if you're giving cash, then their cash is cash.
The you don't have to worry about anything. There may
be a little bit of issue when we start talking
about gifting property because at that point the basis, meaning
(06:19):
what mom and dad were into the property for that
basis transfers with the gift as well. So when you
want to look at getting things out of your states,
so you have highly appreciated stock. So back in the day,
Apple was worth maybe less than a dollar a share,
(06:40):
and so somebody might have been lucky and been able
to buy it at that price, and now it is
worth a lot more. So if that individual decides to
sell that stock, they're going to recognize a huge capital gain.
But instead, if we want to give it to our beneficiary,
so if it's a parent giving to the child, then
we do that. Well, now that child inherits that dollar
(07:04):
per share basis, so now the capital gain it will
happen on the child. So this is one of the
things that if you're a charitable person, you would actually
look at probably giving that Apple stock to the charity
to get it out of your state. So again, a
lot of variety of ways of going about doing this,
But at the end, we just want to be careful
(07:25):
of what we're doing and understand the tax tion vocations
on both sides.
Speaker 5 (07:30):
So Lanton Larry, you know, everybody's situation is going to
be different. We've given a few examples of how this
all works, and maybe this resonates with folks who are listening.
Speaker 4 (07:39):
But the most.
Speaker 5 (07:39):
Important thing here is that you know, here we are
mid January of twenty twenty six. If this is the
year that you want to begin that, what kind of
steps do you need to take right now to start
to do that.
Speaker 3 (07:53):
Well, one of the first things that I've always talked
with clients there is just understanding what your assets are at,
and then the second thing is what do you want
to have done with those assets? So it's not really
always a fun conversation to have, but it's one of
those necessary ones of Hey, when we pass away, what's
going to happen to all our stuff? And if you
(08:17):
already know what's going to happen, then we want to
see is this going to make any effect for state
tax purposes? If it does, then how can we go
about doing this and more tax efficient? Man in a
more tax efficient manner. So one of the things that
grandparents these days are helping out a lot more are
(08:39):
five to twenty nine plans. So this is also a
great way that we can get money out of grandma
and grandpa's a state to help out the grandkids with
education expenses. Now, most of the time when we talk
about five twenty nine plans, we're thinking about those going
to college. However, with new laws, they have now opened
(09:02):
that up for kindergarten to twelfth grade, for private school tuition,
some books theres as well. The limit just went up
to twenty thousand dollars per year that a five to
twenty nine plan can use four K through twelve. So again,
a lot of good ways to go out there to
help plan for education. As far as getting money into
(09:23):
the five to twenty nine plan, grandparents can front load
five years worth of gifts, So we just kept talking
about the nineteen thousand dollars without having to do anything
and not paying any type of gift tax or use
it any part of your exemption, you can do five
years worth. So again we're going to be looking at
(09:44):
ninety five thousand dollars in total that you can put
into a five to twenty nine plan and with that
you still wouldn't hit any of your exemption as long
as you outlive that five year life afterward.
Speaker 2 (10:00):
Kim, the key is what you and I talk about
every single week is to have a plan. Are you
having these types of discussions ongoing throughout the course of
the year and every year, not just one year. So
whether it is like Lance will say, education funding, strategic
charitable distributions or donations. If you are charitable, that can
(10:22):
open up some ideas. If you're charitable, it opens up
tax strategies or if anything we you know, things that
we discussed on an ongoing basis, donor advise funds. There's
a variety of ways to do this. It applies differently
to different people, and sometimes it doesn't apply. But do
you have a partner in your corner that's going to
have these decisions. You can already tell just by the conversation.
(10:45):
Lance Left loves to explain things, and again not only
on the radio, but to his clients and to our
Haven clients, so you have an understanding of why they're
doing it, why they're not doing it this way and
avoiding those negative tax supprise. Is we're coming into tax season,
we're going to hear the same ones over and over.
Oh my goodness, say, oh more money this year? Why
(11:07):
do I keep owing money? Why not fix the problem
so it doesn't happen every single year?
Speaker 4 (11:13):
Right?
Speaker 5 (11:14):
So here we are in mid January, folks, And if
this resonates with you, if this strikes a chord each year,
as Larry says, you get those taxes back and you
owe a big, a big check, you get them back
from your preparer, then maybe it's time to sit down
with a tax plan.
Speaker 4 (11:31):
And if you're someone who.
Speaker 5 (11:32):
Has thought, I absolutely have got to get an estate
plan put together, then twenty twenty six is the year
you want to do it. And a great partner to
do it with would be the folks there at Haven
Financial Group. Six one two five zero four eighty four hundred.
That is the telephone number. Give them a call, tell
them you heard us here on the radio and you'd
like to set up an appointment again.
Speaker 4 (11:51):
It's six one two five zero four eight four four
eight four zero zero. Let me get that again, eight
four zero zero.
Speaker 5 (12:01):
When we come back, we want to talk about inherited
iras and the ten year rule associated with them. This
is the Haven Financial Group Radio Show.
Speaker 1 (12:10):
Don't go too far. We're gathering more important insights and
retirement boas Devin the Haven Financial Group Radio Show.
Speaker 3 (12:16):
We'll be right back.
Speaker 1 (12:18):
Stick around, you've got questions, We've got answers. Your tune
to the Haven Financial Group Radio Show with your host
Larry Kulvig and Kim Karragan. Now back to the show.
Speaker 2 (12:32):
Welcome back listeners. My name is Larry Colvig, founder and
CEO of the Haven Financial Group, and if you're just
tuning in, you are listening to the Haven Financial Group
Radio Show where we discuss crucial retirement and financial topics
that can really make the difference between surviving retirement and
thriving through it. If anything resonates with you today on
(12:52):
the show, feel free to give us a call at
six one two five zero four eighty four hundred. Visit
us online at Haven Financial Group dot Comkim, we've started
up the class as full force this year. We just
had two of them this past week. They were at
full capacity. People are eager to learn, and what's better
than to start it out with education. Education can be
(13:15):
the potential to make good decisions rather than bad decisions,
and that's really what the goal is, especially if you're
getting close to retirement or in retirement in any of
these retirement areas. Don't make it complicated. Large job is
to simplify things absolutely.
Speaker 5 (13:31):
Now, Fumbling the ball is certainly not what you want
to do when you get down there in the red
zone pillars of retirement planning in twenty twenty six. That's
what we're talking about. Lance Larson is with us CPA
there at even Financial Group.
Speaker 4 (13:45):
We've just talked a little bit.
Speaker 5 (13:46):
About gifting some of your wealth so that there are
because there could be so many tax ramifications. We want
to talk a little bit more about inherited and the
ten year rule associated with that. I guess Lance, you
(14:06):
never think about people inheriting iras because I guess I think, gosh,
when you get to retirement, you start to spend that money,
and so maybe that doesn't exist anymore. But certainly people
do inherit iras.
Speaker 3 (14:19):
They sure do, Kim, and especially with the next cup
upcoming generation that the four to one k's has been
the primary source of retirement. We look back twenty years,
most everybody was having a pension, so therefore iras four
one k's they didn't really exist, but since like the
mid eighties, now it's become more the retirement vehicle of
(14:43):
choice for most businesses. Pension's kind of gone away. So
at that point, now you can start seeing people that
are putting lots of money into that four oh one K,
which then they roll into an IRA, but then they
don't spend everything because they're always worried about spending their
money before they die. So now you're stuck with a
(15:05):
person who has a decent, sizable IRA and it's going
to their beneficiaries. What is going to happen. Well, a
little bit before the Secure Act, there is a guy
by the name of Ed Slots who cut about a
stretch IRA where the beneficiaries would just keep taking their
little R and D is taking a little sliver out
(15:26):
and taking what they the little amount that they had
to but which is always going to be less than
the rate of return on the IRA. So therefore they're
going to have a net growth on that and that
IRA would just go into a big, big dollar amount. Well,
thanks to the Secure Act and the Scare Act two
point zero, the Congress has kind of closed that down
(15:49):
and says, nope, you can't do that anymore. So they
have put a ten year window for most beneficiaries that
they have to clean out those accounts. So from if
your parent passes away and then you inherit that IRA,
you have ten years to get all that money out
of the account, pay the taxes on it, and then
(16:10):
the IRS doesn't really care what you do with it afterwards.
But that's where we talk to with financial advisors like
Larry and say, hey, what do we do with this money?
Speaker 4 (16:18):
Sure?
Speaker 5 (16:19):
Okay, so that has gone into effect. What else do
people need to know? First off, if you have iras
and setting that up in your state for those who
receive it and then those who receive it, what else
do you need to know?
Speaker 3 (16:34):
So a lot of it. Because the iras are going
to be taxable income, we do need to plan for
that income. So some people say, hey, just let us
sit in there for nine years, eleven months and then
I'm going to pull everything out at the last moment. Okay,
Well that's definitely an idea. Is it the best one?
Most of the time, I would say probably not, because
(16:57):
at that point you're going to have to take out
a huge, huge, large amount and that is probably going
to jump you up to maybe even three tax brackets,
and you're going to give a bunch of money to
Uncle Sam versus if we plan it out that you
take a little bit here, a little bit there, especially
if you inherit this one when you're getting pretty close
(17:17):
to retirement. So let's say that you're at age sixty
five and you could either retire today, next year, anytime
that you want, well, while you're still working, maybe we
just take out a small amount so that we don't
pay a lot of taxes. Then you decide to retire now,
instead of touching your accounts, we actually will take in
(17:38):
the inherited IRA and we'll use that money to fund
your lifestyle and we can get that cleaned out in
a year or two. So that's why there's a lot
of planning that needs to go into this. Otherwise we're
gonna end up giving more to Uncle Sam.
Speaker 5 (17:53):
You bet what happens if you missed that deadline of
ten years.
Speaker 3 (17:57):
Then there's going to be penalties. So we just we
avoid the penalties at all costs there, and we just
don't want to go down that path of trying to
reduce those penalties because typically when you have rm ds,
you miss them. There's a twenty five percent penalty, which
you can then try to get that reduced with this one.
(18:19):
If you'd missed the ten year line, there's no reducing
that one, Kim.
Speaker 2 (18:23):
If I could add and I'll just go back to
some fundamentals you're listening to, go rm ds rm ds.
What's rm ds required minimum distributions where the government says, hey,
you haven't drawn on that IRA yet. We're getting impatient
and we want some of that taxpayer dollar you're forced
to take it out, which a lot of listeners will
(18:43):
probably remember seventy and a half. It was that way
for years, then it went to seventy two, it's currently
seventy three, and I think it's six or seven years
it goes to age seventy five. We want to plan
accordingly for that because, as last mentioned, that's additional income
that's going to come into the household. So if there's
anything we can do from a tax planning strategy in
(19:05):
those earlier years of retirement, ROTH conversions, whatever it might be,
we definitely want to take advantage of that. We have
some clients and again others do as well, where hey, Larry,
we don't need our r and ds. We are charitable.
We'd like to give it to the church or some
sort of nonprofit. Can we do that? Yes, the qualified
charitable distribution can be set up. There can be tax
(19:27):
benefits on both sides. Please don't wait till December thirty first,
which a lot of people do, but we want to
avoid that. We want to plan accordingly. This is all
part of our normal planning process. I don't care how
old you are or what age you are, if you're listening,
retired or not retired, this should be part of the
(19:49):
ongoing discussions every year, because life happens, it happens quickly. Unfortunately,
we're early into this year and I've already unfortunately lost
a coup clients this year, which just this past week
I had the discussion with their loved ones about inherited
iras what they need to take. You want to make
(20:10):
sure you plan accordingly, and also please make sure your
beneficiaries are current.
Speaker 3 (20:18):
Please.
Speaker 2 (20:20):
Would you'd be surprised how many times they're outdated, they
don't have any or what have you. Make sure they're
current at haven, we're looking at that, we're watching it.
And if you if you don't have a partner, sometimes
that that can just go completely wrong.
Speaker 5 (20:35):
Absolutely, let me pose one last question about these inherited
iras to you, lance, Is it beneficial to get that
money out of those iras if they belong to you
before something happens to you? Can that be part of
your estate plan or is it smart to just let
(20:58):
them be and let your loved ones inherit them.
Speaker 3 (21:01):
There's not a really great answer on that one, because
again it depends upon your situation. So if you're inheriting
an ira, you have your ten year clock, we want
to get that done. But if you want to leave
it for all ten years and then you die in
year seven, well then your beneficiaries are going to have
(21:22):
to deal with the ramifications of that. Do you have
beneficiaries that could use it better than you? Do you
have beneficiaries that know what they're doing that they're not
going to have to pay any penalties on that. So
again it goes back to your specific situation.
Speaker 2 (21:42):
I'm going to add to that, Kim, to the degree
that from an estate planning background, if you can get
that money out of the iras while you're still alive
into some sort of other account, it might be very beneficial,
maybe not for you, but for your beneficiary because oftentimes
when people inherit say the kids, they're in their peak
(22:04):
earnings years, they inherit in an ira from mom and dad,
and they better say thank you. But they might be
at the top of their tax brackets now they're going
to get taxed heavily. It is where we want to
get it out there if we can. Or if you
have roth iras, guess what, they go tax free to
the beneficiary. If that you're able to do that, that
might be a good alternative.
Speaker 4 (22:25):
Right.
Speaker 5 (22:26):
See, these are all those alternatives that most people may
not know about, and they need to sit down with
a partner as they're putting together their state plan because
we all want our beneficiary to benefit from that that
we leave behind and not be burdened with taxes. So
if you're someone who does not have a plan, or
(22:46):
if you would like someone to review your plan maybe
things have changed over the years, give the folks there
at Hate and Financial Group a call. The number is
six one two five zero four eight four zero zero.
Again that's six one two five zero four or eight
for zero zero. Everybody needs a partner when it comes
to these kinds of issues, and the folks there at
Haven Financial Group are ready to partner with you. When
(23:10):
we come back, we want to talk about health benefits
and planning beyond investments.
Speaker 4 (23:16):
This is the Haven Financial Group Radio Show.
Speaker 1 (23:19):
Ready to find your financial safe haven. Your dream retirement
is in reach. Don't go away, The Haven Financial Group
Radio Show.
Speaker 3 (23:27):
Will be right back.
Speaker 1 (23:29):
Are you worried that your financial strategy might be missing something, Well,
you're in the right place. Larry Kolvig is back and
ready to help you find your financial safe haven.
Speaker 2 (23:41):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. We appreciate you listening this morning. If
anything resonates with you, please give us a call at
six one two five zero four eighty four hundred. Visit
us online Havenfinancialgroup dot com. All kinds of retirement tools,
calendar of events, and we have love to classes and
our education center and in community education throughout the Twin
(24:05):
Cities as well, so we encourage folks come on out
to those to those events, learn something and certainly if
we can help you in any area of retirement, that's
why we're here. On this part of the show, we
got Glenn Rami, our insurance specialists at Haven, a financier group.
And when I say insurance, specialists. Glenn knows his stuff
(24:26):
from the long term care, life insurance, Medicare, healthcare, all
of those wonderful topics. I'm sure the listeners just love
to talk about.
Speaker 5 (24:36):
Well, listen, I love to talk about it, and I
always love to speak with Glenn. So it's great to
have you with us, Glenn, and we're talking about the
pillars of retirement planning in twenty twenty six. And Glenn,
we've already been talking about the fact that here we are,
you know, mid January, and while we feel like we're
chugging already here in twenty twenty six, there's a lot
of things that people still need to consider for this year,
(24:58):
and one of those, certainly some of their insurance issues.
I thought we would start by talking with you a
little bit about FSA's and some of the deadlines associated
with them and some of the things people need to
know here in January.
Speaker 6 (25:14):
Yeah, So for those that might not know the acronym,
right FSA Flexible spending accounts right, These are those things
that the employers offer that aren't tied to any specific
type of health insurance plan you have at your job.
There are accounts that you get to set aside some
of your paycheck pre tax to be used for healthcare
expenses during the year, right, And these are those ones
(25:35):
that are used or lose it accounts typically meaning that
if I don't spend that money by the end of
the year, that employer gets to keep what's left in
that account. Right now, deadlines for spending the money is
usually December thirty first, right that calendar year it was
contributed in. But do check with your employer to make
sure whether or not there's any grace periods that might
allow you to use those funds all the way to
(25:55):
March fifteenth, or might allow a limited rollover of those
dollars that are still left in then account up to
six hundred and sixty six or six hundred and sixty
dollars in twenty twenty five before forfeiting those dollars in
that precious account that you have.
Speaker 5 (26:08):
Absolutely, now, those dollars can be used in a variety
of ways, correct.
Speaker 6 (26:14):
Absolutely, It's not just for medical bills, right, dental bills,
eyeglass bills. It's a vast variety of costs that you
could use your flexible spending account for.
Speaker 3 (26:24):
Absolutely.
Speaker 5 (26:25):
Absolutely, My daughter had one and she had money left
in it and she was allowed to use it at
the pharmacy.
Speaker 6 (26:31):
Yeah, even over the counter items, certain ones can definitely
be used with those dollars as well. That's important free at.
Speaker 5 (26:36):
That you bet, So it's really important that people check
that out. Don't let that money just go to your employer.
That's certainly not an option that you wanted to exercise.
Let's talk a little bit about hsas.
Speaker 6 (26:49):
Yeah, wonderful, HOWSE savings accounts? Yeah, yeah, so again the
triple benefits of the HSA, right, the money goes in
tax free, the money grows tax free, and the money
is spent. We're huge fans of the hsas and how
they can benefit not just your immediate medical expenses, not
just your immediate tax liabilities, but future liabilities as well.
(27:11):
As those funds have become expanded on what you can
use them for once you transition into medicare as an example.
Speaker 5 (27:17):
Okay, so now how do people learn more about that
and how do they get involved?
Speaker 1 (27:22):
So?
Speaker 6 (27:22):
First off, you have to have a qualified health insurance
policy at that employer, right, high deductible plan typically with
no first dollar style benefit, so it can have co
pays for your doctor appointments and medications. It's a strict
kind of deductible health insurance policy at that and then
you're allowed to contribute if you choose, up to forty
three hundred as a single individual or eight thousand, five
(27:43):
hundred and fifty as a family, and then there's an
extra one thousand makeup contribution per individual that's fifty five
years or older, which could bump that into a little
over ten thousand dollars that could be put into an
HSA for a husband and wife in one calendar year.
Speaker 5 (27:58):
Okay, again, talk to us about the tax ramifications.
Speaker 6 (28:02):
Yeah, so again, you're going to write that off your
tax return at the end of the year, and you
have the ability to make that contribution all the way
up to the tax filing deadline. So don't be afraid
that if you didn't put as much as you wanted
to into the HSA in twenty twenty five and have
extra money you'd like to go into that Health Savans account,
you have the ability to fund the previous year's HSA
(28:23):
all the way up to the April fifteenth text deadline.
Speaker 5 (28:26):
What would be the downfall on the negative part of
this of an HSA or is there at all?
Speaker 3 (28:33):
There's very little negative.
Speaker 6 (28:34):
The negative I would say is that if you try
to access those funds for anything other than a qualified
medical expense as defined by the IRS, you are going
to not just pay income tax on the money you've
taken out, you're going to pay a penalty for having
taken it out prematurely. Now that penalty is going to
go away once you turn sixty five and transition into
Medicare eligibility. But prior to age sixty five, I would
(28:56):
not be using your HSA to buy a TV right
or anything like that, because you're going to lose that
tax savings you put in there in the first place
for and on top of that, pay a financial penalty
for doing so.
Speaker 4 (29:06):
Absolutely. Glenn Ramy is our guest today.
Speaker 5 (29:08):
He is an insurance expert and even financial group. Okay, Glenn,
I'm going to allow you to talk about this because
this is a tough one, but it's an important one
to talk about. And as the year gets started, and
that's long term care. This is something that nobody wants
to talk about because we want to assume that if
I would ever need long term care, my kids would
(29:29):
take care of me, so I don't need to worry
about that and when we think about it, we think
about really high dollar amounts. So it's January twenty twenty six,
and there's some folks out there who maybe have been
thinking about this.
Speaker 4 (29:42):
Where do you start? What do you do?
Speaker 6 (29:44):
Well?
Speaker 3 (29:44):
You start with a conversation. Right.
Speaker 6 (29:46):
This is about planning. It's just part of that whole comprehensive,
full approach of planning for your needs in retirement. And
although none of us want to think that we'll be
ending our lives in a nursing home, right, that will
spend any time I'm there at all. The sad statistics
are fifty percent of us will and not by choice
but by necessity.
Speaker 3 (30:06):
Right.
Speaker 6 (30:07):
And I think if you're not having this as part
of a comprehensive plan for retirement, you're missing a big
opportunity to take advantage of ability to leverage your dollar
today to be more for you later when those healthcare
needs arise, and your health insurance isn't the thing that's
helping you pay those medical bills at that time. It
doesn't necessarily have to be insurance. Although I think there's
(30:28):
some great options in insurance planning now related to long
term care, it's not the only way we can plan
for long term care today. There are insurance options, there's
asset based long term care options out there for people
that might be better savers and don't want the desire
to plan for something and lose if they don't get sick. Right,
don't think that those are the only options anymore that
(30:49):
are out there. There are a lot of ways you'll
be planning for long term care today.
Speaker 5 (30:52):
So Larry, what I hear him saying is you got
to sit down, you got to talk about this with
a partner, and then you've got to come up with
a plan.
Speaker 2 (31:00):
You are one hundred percent accurate. You talked about long
term care. We don't like to talk about it. It's
a major focus at Haven Financial Group for twenty twenty
six to have these conversations. If you're listening and maybe
you were scared off by a Cadillac plan ten years ago,
there's much better, viable options that are out there. It
(31:20):
starts with a conversation and I'll piggyback that off that
and say, Glenn, could you just comment with long term care?
Are focus at Haven this year in twenty twenty six
is also life insurance reviews. Can you tell the listeners why?
Speaker 6 (31:35):
Yeah, of course, So the importance of a life insurance
review is to make sure something you're putting your hard
earned dollars towards that's actually going to be a benefit
to your family upon passing. And the sad truth is
that older policies five, ten, fifteen, even twenty or more
year older policies and life insurance aren't always doing what
you think they are. And if they're not paid attention to,
(31:55):
if they're not monitored, you're going to find yourself with
a very sad notice later life that says that that
protection you thought you had it's gone, and those dollars
that you put towards it are gone. And we're trying
to make sure that the people we help aren't left
in that circumstance. We're monitoring and checking these things now
to make sure we're set up for success later.
Speaker 5 (32:16):
Yeah, Larry, I've heard you say this many many times.
I mean, life insurance policies will eat themselves eventually in
many cases. And the only way you really find out
if you haven't gone back and looked at it, which
this is not something people are doing on a regular basis.
Speaker 4 (32:30):
You find out when you need it and it's too late.
Speaker 2 (32:34):
Yeah, you know, you probably got it five, ten, twenty
years ago. Somebody sold it to you. You haven't even
talked to him since, haven't reviewed it. You assume that
everything's going the way that they sold it to you
was supposed to go. Doesn't always work that way. Life
insurance contracts are certainly not all made equal. We're not
saying you need a whole bunch of more life insurance.
(32:54):
If you do need life insurance, we have access to
all the companies and Glenn can help you find the
most out of the right type life insurance. So if
you're listening to go, oh, I don't know which one
I have? Do I have variable adjusted life? Do I
have permanent insurance? Do I have whole life insurance? Do
I have just have term insurance? Why not have a conversation.
Just this past week I had a couple in and
(33:17):
they had life insurance and long term care. They're both
retired from Lakeville. They've done a great job of saving,
they said, now they wanted that they need a more
of a retirement plan. That their guy has got them
to where they need to go, but they're not confident
he can get get them through retirement the way they
would like. It's not what he specializes in. And they're
(33:37):
number one thing is I'm not going to say the
name of the company. It's a big box name. It's
on TV. Typically they're much more expensive, and they like, yes,
we want this life insurance long term care review. I
can already tell and Glenn and I can already tell
you what we're gonna find. It's a comedynominator. They don't
(33:58):
know the ins and outs of it, they have no idea.
They're paying way too much. And at the end of
the day, ultimately, decision making is based upon the facts,
and I'm quite certain we're going to be able to
help them.
Speaker 4 (34:10):
Yeah.
Speaker 5 (34:10):
Well, and you gave a great example because they's someone
who came forward and said, we'd like to review this.
Speaker 4 (34:17):
We might need some help.
Speaker 5 (34:18):
It's that time and that's something that I think a
lot of people are either afraid to do or don't
realize they need to do.
Speaker 1 (34:26):
So.
Speaker 4 (34:26):
They're at Haven Financial Group. You just heard it.
Speaker 5 (34:28):
They're going to have a real focus this year on
long term care, something that is hard to talk about.
But the folks that Haven are prepared to sit down
with you and talk about it and give you different
options and then also your insurance reviews. That time has colm, folks,
and you need to sit down with someone who can
look it through and tell you if you're on the
right track or maybe you need to deviate that and
(34:51):
so many other topics they can discuss with you. If
you're looking for a partner in twenty twenty six, now
is the time to give them a call at Haven
Financial Group. The number is six one two five zero
four eight four zero zero. You tell them you heard
us here and you'd like to set up a free
consultation and talk a little bit about long term care,
or maybe you'd like to talk about your life insurance
(35:12):
or putting together a retirement plan. Again, it's six one
two five zero four eight four zero zero. When we
come back, we're going to continue our conversation about the
pillars of retirement in twenty twenty six, including preparing for
the twenty twenty six with intention. This is the Haven
Financial Group Radio Show.
Speaker 3 (35:33):
Don't go too far.
Speaker 1 (35:34):
We're gathering more important insights and retirement. Please govin. The
Haven Financial Group Radio Show will.
Speaker 3 (35:40):
Be right back.
Speaker 1 (35:41):
Stick around. You've got questions, We've got answers. Your tune
to the Haven Financial Group Radio Show with your host
Larry Kolvig and Kim Karrigan. No back to the show.
Speaker 2 (35:55):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. Happy Sunday too. Thanks for listening six
one two five zero four eighty four hundred. Give us
a call, visit us online, shoot us an email at
info at Havenfinancialgroup dot com. Our job description is really
to answer questions, specifically anything related to retirement. It doesn't
(36:17):
even have to be retirement. Do you have all the
retirement puzzle pieces? Do they go to the same puzzle?
Have you been delaying certain things over the course of
how many years procrastination have you had that? Have you
had that portfolio reviewed? Retirement is more than a meeting
once or twice a year for forty five minutes to
(36:38):
an hour. Do you have a solid partner in your corner?
Are you getting the attention you deserve or don't you
even know? Or just last week I heard my guy
didn't even call me last year. I didn't even talk
to the one that's representing me all of last year. Unfortunately,
that can be a stigma in the industry, and that's
not going to be this my stigma or even an
(37:00):
answer group. We want to be there, come on in
visit with us. It starts with just communication, that's all.
Speaker 5 (37:06):
It starts with, well, Larry, we've been talking this hour about,
you know, the pillars of retirement planning in twenty twenty six.
Here we are, it's mid January, and if this is
the year that you've said it's time for me to
put together a retirement plan, or maybe this is the
year that you've said I have a plan and I'm
(37:26):
not sure it's working for me, or you know, I
need an estate plan. We're inviting people to come and
sit down with you, guys at Haven Financial and free
consultation to determine if you're a good fit for them,
if they are a good fit for you. We've talked
about some tax ramifications, some insurance issues that you should
(37:49):
be thinking about, but let's just talk about preparation with
intention this year. You've already stated that the experts at
Haven Financial Group are going to really be really kind
of I mean, while you're focusing on everything, you're really
going to be focusing on long term care as well
as insurance review. What else is important and top of
(38:10):
mind for folks there at Haven Financial Group in twenty
twenty six.
Speaker 2 (38:14):
You know, it's really getting your hands around, you know,
managing the reactive mentality, you know, man watching the news,
watching the news. Many people spend all of twenty twenty
five reacting to headlines. Sometimes it even affect their financial
strategy because they got scared. They heard this, they heard this,
there was no merit to it. Fear and anxiety can
do lots of things to making bad decisions. And maybe
(38:37):
this year, maybe the focus should be, as we have
for many years at Haven, a long term strategy, a
not a knee jerk, not a knee jerk reaction strategy
as life happens. And we know life's calendar doesn't always
cooperate with our calendar. Oftentimes it really doesn't. So rather
than simply chasing that yearly rule changes or chasing a
(38:58):
certain percent return, let's get a let's get a strategy. Okay,
let's adhere to it. Have a partner that's in your corner. Yes,
we had Lance Lurs and our CPA. Tax planning leads
to successful tax preparation, avoiding mistakes, avoiding big bills. We
had Glenn Rami on our insurance specialists. Yes, our focus
(39:20):
is that long term care discussion. Most people don't know
all the viable options that are out there, and we'll
explain those to you. Glenn will do a great job.
He's very thorough in all areas. And then when it
comes to Medicare and healthcare, I'll tell you what that's
usually the hidden big expense in retirement that a lot
of people just don't think about. My goodness sakes, it's
(39:42):
a big number, and we want to plan accordingly. You know,
we're just coming off open a rollment in Medicare. Wow,
what a messy season that was. Thankfully Glenn and Isabella,
they truly were able to help. I want to say
a few thousand individuals with Medicare questions, concerns that were
viable concerns because insurance companies at last, at the last minute,
(40:05):
pulled the plug out from people. And you know, that's
scary to navigate when you just don't know. So any
of these retirement areas, you know, let's let's plan for them.
Life events. It just happens, So we want to plan accordingly,
like we always talk about.
Speaker 5 (40:22):
Right, this is the perfect time of year if you
are thinking about retiring to start talking about social security, right,
and when you.
Speaker 4 (40:30):
Want to draw and maybe both of you.
Speaker 5 (40:33):
Maybe you have a spouse who is trying to make
those decisions and you want to be strategic about it.
Speaker 2 (40:40):
Yeah, we just had to maximize Social Security and tax
class at the Farmington Library, extremely well attended. Go to
our website Haanfinancialgroup dot com if you're listening. We have
those classes. We have investment classes. We have a Medicare
made Simple class coming up, all kinds of education classes
or were you and education center? We have numerous different
(41:03):
types of educational events. You mentioned a state plan. Our
good partners Carrie and Keith from Provision Law. Maybe you've
been putting off that will discussion, trust discussion. Maybe your
documents are like a lot of people's. You did them
when the kids were five, ten years old, and those
same kids now we're forty and fifty. Probably need to
(41:24):
update a state plan a little bit. Not because it's
fun and exciting, because guess what, we live in a
very litigious society where be careful. If you think about
doing it yourself, think again when it comes to the
legal ramifications of the legal work. You know a prominent
prominent musician from the Twin Cities here, Prince, you know
(41:47):
you can go online and see anybody's a state that
didn't have an a state plan.
Speaker 3 (41:52):
It's all public record.
Speaker 2 (41:53):
If you've not made it, if you not made it
a public record or a private record, it's all public.
Go see everything about somebody there a state, who they
owe bills to, who they didn't abills to, And a
lot of people don't know that, So a trust discussion
maybe for some people again that discussion, why not quit
putting it off? Now? I know human nature is procrastination.
(42:17):
It's just natural for a lot of people, not some people.
But maybe procrastination is not the solution, and this year
we want to actually get something done.
Speaker 4 (42:27):
I encourage it absolutely.
Speaker 5 (42:29):
And another thing, you know, if you're someone who's listening
to us right now and you maybe are maybe a
year or two away from retirement and you're starting to
make that transition, this may be a time to start
thinking about those investments and where you're invested now and
where you want to be invested. What is more comfortable something. Also,
our friends that Haven Financial Group can help you with
(42:51):
right Larry.
Speaker 2 (42:52):
Yeah, we have an investment team of twelve. We do
wealth management. We're not small. We manage with Charles Schwab
and Fidelity investments. We're able to help a lot of people.
But the observation I've seen for years and what we
see is a lot of people don't know what they're doing,
not because they don't want to. It's not explained to them.
They don't need to be the expert. But where I
(43:13):
see a lot of people get into a mess is
they have now they'd have no idea how much risk
they have in their portfolio.
Speaker 3 (43:20):
Now.
Speaker 2 (43:20):
We're not against risk. Over long periods of time, the
stock market the best place to be, but as we
get older, that element of time becomes that much shorter.
I had a couple in this week from Savage. They
came out to an educational class. They came in and
visited with us, and we took them through our process
and they go, we have no idea how much risk.
We just know that when the market goes down, we
(43:42):
lose lots of money. Well, and they're more conservative, conservative investors,
and they couldn't be further from their core values. They
couldn't have been further from it. So let's address your goals,
let's address for your values, and are you operating within
those guidelines? If you don't know that is worthy of
(44:03):
a discussion for you if you're married, your spouse and
your family right now and for the future that it
has for your family.
Speaker 5 (44:11):
Absolutely, these are all some of the pillars of putting
together a great financial plan for retirement. And you know
these are not easy. These are not easy discussions some
of them to have. They're not easy decisions to make.
And I think all of us are looking for a partner,
an advisor, someone maybe at times to hold our hand
(44:33):
when it comes to making these kinds of decisions, and
the folks that are at Even Financial Group are prepared
to be just that for you. So if we've been
talking about these pillars of retirement planning for twenty twenty
six and this has resonated with you, then we want
to invite you to call the following number and tell
them that you heard us here on the radio and
you'd like to set up an appointment.
Speaker 4 (44:55):
It's six one two.
Speaker 5 (44:56):
Five zero four eight four zero zero that'll get you
to Haven Financial Group. Let me give you the number again,
six one two five zero four eighty four hundred. Give
them a call, free appointment. Going in there, enjoy a
lovely cup of coffee and a cookie and chat about
what's concerning you when it comes to retirement. Before we
(45:19):
go here, Larry, we're just about out of time, but
I just wanted to remind folks and have you tell
them where they can find out about those educational seminars,
because we've talked a lot about that today and obviously
in twenty twenty six, they're already underway.
Speaker 2 (45:33):
Hevenfinancial Group dot com. They're all in the calendar of
events there. Call the office six one two five four
eighty four hundred. We'll get you the information. We're on.
The companies on social media, Facebook, all of those outlets
you would expect. I said, the company is on social media.
If you're looking for Larry calling on social media, you're
not going to find me because I am old school.
(45:56):
I live social media through my wife and four daughter.
Let's leave it at that.
Speaker 4 (46:02):
I understand completely.
Speaker 1 (46:03):
I really do.
Speaker 4 (46:05):
Listen.
Speaker 5 (46:05):
It's been a lot of fun, great show this week.
Speaker 2 (46:08):
I joined, Yes me as well, and we look forward
to next week.
Speaker 5 (46:13):
Investment advisory service is offered through Guardian Well Strategies LLC.
Speaker 1 (46:17):
Haven Financial Group and Guardian Well Strategies LLC are not
affiliated companies, and investments involve risk, and unless otherwise stated,
are not guaranteed.
Speaker 5 (46:25):
Please consult with the qualified financial advisor and or tax
professional before implementing any strategy discussed herein, and comments regarding
it safe and secure investments and guaranteed income streams only
refer to fixed insurance products.
Speaker 1 (46:38):
They do not refer in any way to securities or
investment advisory products.
Speaker 4 (46:41):
Fixed insurance and annuity product guarantees are subject to the
claims paying ability of the issue
You worked hard for your money, but do you know
how to make it work hard for you. You need
a team with experience, vigilance, and a strategy to help
you live the retirement you deserve. Find your financial safe
haven with Haven Financial Group. Today, you're listening to the
new and improved Haven Financial Group Radio Show, where we
bring you comprehensive weekly financial wisdom from the professionals. It's
(00:23):
all about helping you solve retirement problems so you can
make your nest egg last. Your tune to the Haven
Financial Group Radio Show with your host Larry Kolvig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The full nines are always
(00:44):
open at six point two, five oh four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.
Speaker 2 (00:55):
Good morning, and welcome to the Haven Financial Group Radio Show.
I'm Larry Kolvig, Founder and CEO of the Haven Financial Group.
Thanks for listening this morning.
Speaker 3 (01:03):
On with us.
Speaker 2 (01:04):
Today we have Lance Lurson, our Haven CPA. We're going
to talk about a lot of different things it's twenty
twenty six, and Kim, good to be with you again.
Speaker 4 (01:12):
It's great to be with you, sir. Thank you very much.
Speaker 5 (01:14):
We're going to talk about pillars of retirement in twenty
twenty six. So good to have Lance with us, like always, Lance,
Happy to you, sir.
Speaker 3 (01:22):
Thank you, same to you, Kim.
Speaker 4 (01:24):
Great to see you.
Speaker 5 (01:25):
Let's take a look at what folks can expect during
the course of this show. We're first going to talk
about strategic gifting and the twenty twenty six tax.
Speaker 4 (01:35):
Cliff that doesn't sound very positive, does.
Speaker 5 (01:38):
It ary not really, no, it does not inherited iras
and the ten year rule. Then we'll talk a little
bit about health benefits and planning beyond investments, and then
finally we'll talk about preparing for twenty twenty six with intention.
Speaker 4 (01:57):
So here we are.
Speaker 5 (01:58):
You know, it's mid month, but it certainly is not
too late to consider what you have planned for the
year twenty twenty six and to take some steps to
make sure that you're moving in the right direction when
it comes to your retirement. If you have any questions
about today, or if you hear anything that resonates with you,
and you'd like to sit down with the folks that
(02:19):
Haven Financial Group. Let me remind you of the telephone number.
It's six one two five zero four eight four zero zero.
Let's jump right in, shall we the strategic gifting and
the tax clift when it comes to twenty twenty six
strategic gifting lance, I'm going to start with you are
CPA here. That's something you really do want to start
(02:41):
to think about really early in the year, like January.
Speaker 3 (02:45):
It is. So what we're kind of talking about is
a lot more as state planning type ideas. On the
federal level, the estate tax kicks in at fifteen million dollars.
That's the new from the big beautiful bill that was
passed there. It's always been fairly high the last few years.
We were just shy of fourteen million last year. But yeah,
(03:07):
now we have hit the fifteen million. At the federal level,
for Minnesota, the estate tax is three million. And so
what again we're talking about is that when you pass away,
if the assets that you own, so it's an IRA,
it's your house, it's the cabin, it's your cars, it's
(03:27):
all the things that you have, if the total value
of that stuff today is worth more than three million, dollars.
Then there's a good chance that you're going to be
cutting a check. Your state is going to be cutting
a check to the state of Minnesota. So we want
to make sure that we are planning correctly. It's one
of the big things that we have is the gift
(03:48):
that we can give to people. And the gift limit
is going to be nineteen thousand dollars this year in
twenty twenty six, and so that is from one individual
to another. So Kim, I could give you nineteen thousand
dollars and we don't have to report that at all
to the irs, and it doesn't count against any of
(04:08):
that lifetime exclusion. I can also turn around and give
Larry nineteen thousand dollars because I am such a nice
person here, and I can keep giving nineteen thousand dollars
to any individual. Now, where this kind of comes in
with a lot of planning is that we can actually
start looking at parents giving too married kids. So mom
(04:30):
could give their child nineteen thousand, Dad can give their
child nineteen thousand. Mom could also give the spouse nineteen thousand,
and then Dad can give the spouse nineteen thousand. So
right there, we have just given away seventy six thousand
dollars out of mom and dad's estate to their kids,
because that's where it was going to go eventually anyway.
Speaker 5 (04:53):
And can I ask you, can you do that even
if mom and dad filed their taxes jointly.
Speaker 3 (05:00):
Yes. And so then when we get to the gifting rules,
we can have one spouse actually right to check out.
But then there's a thing they called gift splitting where
the spouse says, yeah, yeah, my spouse, they gave my
half or my portion of this to these people, and
I'm okay with that. And so that's what gift splitting is.
(05:23):
Right there, is that sure, mom may have wrote the
check out for the full seventy eight thousand dollars to
the child ands spouse, and then the dad comes in
and says, yeah, we'll call that gift splitting. So then
half of it was my gift to them as well.
Speaker 5 (05:37):
Okay, great, So talk about you know, obviously you could
do this over a long period of time if you
show so desire to gift away your state. What are
the ramifications for those who are receiving that gift?
Speaker 3 (05:56):
There's actually none, And so when you're receiving the gift,
there is no tax implication for you at that point.
So especially if you're giving cash, then their cash is cash.
The you don't have to worry about anything. There may
be a little bit of issue when we start talking
about gifting property because at that point the basis, meaning
(06:19):
what mom and dad were into the property for that
basis transfers with the gift as well. So when you
want to look at getting things out of your states,
so you have highly appreciated stock. So back in the day,
Apple was worth maybe less than a dollar a share,
(06:40):
and so somebody might have been lucky and been able
to buy it at that price, and now it is
worth a lot more. So if that individual decides to
sell that stock, they're going to recognize a huge capital gain.
But instead, if we want to give it to our beneficiary,
so if it's a parent giving to the child, then
we do that. Well, now that child inherits that dollar
(07:04):
per share basis, so now the capital gain it will
happen on the child. So this is one of the
things that if you're a charitable person, you would actually
look at probably giving that Apple stock to the charity
to get it out of your state. So again, a
lot of variety of ways of going about doing this,
But at the end, we just want to be careful
(07:25):
of what we're doing and understand the tax tion vocations
on both sides.
Speaker 5 (07:30):
So Lanton Larry, you know, everybody's situation is going to
be different. We've given a few examples of how this
all works, and maybe this resonates with folks who are listening.
Speaker 4 (07:39):
But the most.
Speaker 5 (07:39):
Important thing here is that you know, here we are
mid January of twenty twenty six. If this is the
year that you want to begin that, what kind of
steps do you need to take right now to start
to do that.
Speaker 3 (07:53):
Well, one of the first things that I've always talked
with clients there is just understanding what your assets are at,
and then the second thing is what do you want
to have done with those assets? So it's not really
always a fun conversation to have, but it's one of
those necessary ones of Hey, when we pass away, what's
going to happen to all our stuff? And if you
(08:17):
already know what's going to happen, then we want to
see is this going to make any effect for state
tax purposes? If it does, then how can we go
about doing this and more tax efficient? Man in a
more tax efficient manner. So one of the things that
grandparents these days are helping out a lot more are
(08:39):
five to twenty nine plans. So this is also a
great way that we can get money out of grandma
and grandpa's a state to help out the grandkids with
education expenses. Now, most of the time when we talk
about five twenty nine plans, we're thinking about those going
to college. However, with new laws, they have now opened
(09:02):
that up for kindergarten to twelfth grade, for private school tuition,
some books theres as well. The limit just went up
to twenty thousand dollars per year that a five to
twenty nine plan can use four K through twelve. So again,
a lot of good ways to go out there to
help plan for education. As far as getting money into
(09:23):
the five to twenty nine plan, grandparents can front load
five years worth of gifts, So we just kept talking
about the nineteen thousand dollars without having to do anything
and not paying any type of gift tax or use
it any part of your exemption, you can do five
years worth. So again we're going to be looking at
(09:44):
ninety five thousand dollars in total that you can put
into a five to twenty nine plan and with that
you still wouldn't hit any of your exemption as long
as you outlive that five year life afterward.
Speaker 2 (10:00):
Kim, the key is what you and I talk about
every single week is to have a plan. Are you
having these types of discussions ongoing throughout the course of
the year and every year, not just one year. So
whether it is like Lance will say, education funding, strategic
charitable distributions or donations. If you are charitable, that can
(10:22):
open up some ideas. If you're charitable, it opens up
tax strategies or if anything we you know, things that
we discussed on an ongoing basis, donor advise funds. There's
a variety of ways to do this. It applies differently
to different people, and sometimes it doesn't apply. But do
you have a partner in your corner that's going to
have these decisions. You can already tell just by the conversation.
(10:45):
Lance Left loves to explain things, and again not only
on the radio, but to his clients and to our
Haven clients, so you have an understanding of why they're
doing it, why they're not doing it this way and
avoiding those negative tax supprise. Is we're coming into tax season,
we're going to hear the same ones over and over.
Oh my goodness, say, oh more money this year? Why
(11:07):
do I keep owing money? Why not fix the problem
so it doesn't happen every single year?
Speaker 4 (11:13):
Right?
Speaker 5 (11:14):
So here we are in mid January, folks, And if
this resonates with you, if this strikes a chord each year,
as Larry says, you get those taxes back and you
owe a big, a big check, you get them back
from your preparer, then maybe it's time to sit down
with a tax plan.
Speaker 4 (11:31):
And if you're someone who.
Speaker 5 (11:32):
Has thought, I absolutely have got to get an estate
plan put together, then twenty twenty six is the year
you want to do it. And a great partner to
do it with would be the folks there at Haven
Financial Group. Six one two five zero four eighty four hundred.
That is the telephone number. Give them a call, tell
them you heard us here on the radio and you'd
like to set up an appointment again.
Speaker 4 (11:51):
It's six one two five zero four eight four four
eight four zero zero. Let me get that again, eight
four zero zero.
Speaker 5 (12:01):
When we come back, we want to talk about inherited
iras and the ten year rule associated with them. This
is the Haven Financial Group Radio Show.
Speaker 1 (12:10):
Don't go too far. We're gathering more important insights and
retirement boas Devin the Haven Financial Group Radio Show.
Speaker 3 (12:16):
We'll be right back.
Speaker 1 (12:18):
Stick around, you've got questions, We've got answers. Your tune
to the Haven Financial Group Radio Show with your host
Larry Kulvig and Kim Karragan. Now back to the show.
Speaker 2 (12:32):
Welcome back listeners. My name is Larry Colvig, founder and
CEO of the Haven Financial Group, and if you're just
tuning in, you are listening to the Haven Financial Group
Radio Show where we discuss crucial retirement and financial topics
that can really make the difference between surviving retirement and
thriving through it. If anything resonates with you today on
(12:52):
the show, feel free to give us a call at
six one two five zero four eighty four hundred. Visit
us online at Haven Financial Group dot Comkim, we've started
up the class as full force this year. We just
had two of them this past week. They were at
full capacity. People are eager to learn, and what's better
than to start it out with education. Education can be
(13:15):
the potential to make good decisions rather than bad decisions,
and that's really what the goal is, especially if you're
getting close to retirement or in retirement in any of
these retirement areas. Don't make it complicated. Large job is
to simplify things absolutely.
Speaker 5 (13:31):
Now, Fumbling the ball is certainly not what you want
to do when you get down there in the red
zone pillars of retirement planning in twenty twenty six. That's
what we're talking about. Lance Larson is with us CPA
there at even Financial Group.
Speaker 4 (13:45):
We've just talked a little bit.
Speaker 5 (13:46):
About gifting some of your wealth so that there are
because there could be so many tax ramifications. We want
to talk a little bit more about inherited and the
ten year rule associated with that. I guess Lance, you
(14:06):
never think about people inheriting iras because I guess I think, gosh,
when you get to retirement, you start to spend that money,
and so maybe that doesn't exist anymore. But certainly people
do inherit iras.
Speaker 3 (14:19):
They sure do, Kim, and especially with the next cup
upcoming generation that the four to one k's has been
the primary source of retirement. We look back twenty years,
most everybody was having a pension, so therefore iras four
one k's they didn't really exist, but since like the
mid eighties, now it's become more the retirement vehicle of
(14:43):
choice for most businesses. Pension's kind of gone away. So
at that point, now you can start seeing people that
are putting lots of money into that four oh one K,
which then they roll into an IRA, but then they
don't spend everything because they're always worried about spending their
money before they die. So now you're stuck with a
(15:05):
person who has a decent, sizable IRA and it's going
to their beneficiaries. What is going to happen. Well, a
little bit before the Secure Act, there is a guy
by the name of Ed Slots who cut about a
stretch IRA where the beneficiaries would just keep taking their
little R and D is taking a little sliver out
(15:26):
and taking what they the little amount that they had
to but which is always going to be less than
the rate of return on the IRA. So therefore they're
going to have a net growth on that and that
IRA would just go into a big, big dollar amount. Well,
thanks to the Secure Act and the Scare Act two
point zero, the Congress has kind of closed that down
(15:49):
and says, nope, you can't do that anymore. So they
have put a ten year window for most beneficiaries that
they have to clean out those accounts. So from if
your parent passes away and then you inherit that IRA,
you have ten years to get all that money out
of the account, pay the taxes on it, and then
(16:10):
the IRS doesn't really care what you do with it afterwards.
But that's where we talk to with financial advisors like
Larry and say, hey, what do we do with this money?
Speaker 4 (16:18):
Sure?
Speaker 5 (16:19):
Okay, so that has gone into effect. What else do
people need to know? First off, if you have iras
and setting that up in your state for those who
receive it and then those who receive it, what else
do you need to know?
Speaker 3 (16:34):
So a lot of it. Because the iras are going
to be taxable income, we do need to plan for
that income. So some people say, hey, just let us
sit in there for nine years, eleven months and then
I'm going to pull everything out at the last moment. Okay,
Well that's definitely an idea. Is it the best one?
Most of the time, I would say probably not, because
(16:57):
at that point you're going to have to take out
a huge, huge, large amount and that is probably going
to jump you up to maybe even three tax brackets,
and you're going to give a bunch of money to
Uncle Sam versus if we plan it out that you
take a little bit here, a little bit there, especially
if you inherit this one when you're getting pretty close
(17:17):
to retirement. So let's say that you're at age sixty
five and you could either retire today, next year, anytime
that you want, well, while you're still working, maybe we
just take out a small amount so that we don't
pay a lot of taxes. Then you decide to retire now,
instead of touching your accounts, we actually will take in
(17:38):
the inherited IRA and we'll use that money to fund
your lifestyle and we can get that cleaned out in
a year or two. So that's why there's a lot
of planning that needs to go into this. Otherwise we're
gonna end up giving more to Uncle Sam.
Speaker 5 (17:53):
You bet what happens if you missed that deadline of
ten years.
Speaker 3 (17:57):
Then there's going to be penalties. So we just we
avoid the penalties at all costs there, and we just
don't want to go down that path of trying to
reduce those penalties because typically when you have rm ds,
you miss them. There's a twenty five percent penalty, which
you can then try to get that reduced with this one.
(18:19):
If you'd missed the ten year line, there's no reducing
that one, Kim.
Speaker 2 (18:23):
If I could add and I'll just go back to
some fundamentals you're listening to, go rm ds rm ds.
What's rm ds required minimum distributions where the government says, hey,
you haven't drawn on that IRA yet. We're getting impatient
and we want some of that taxpayer dollar you're forced
to take it out, which a lot of listeners will
(18:43):
probably remember seventy and a half. It was that way
for years, then it went to seventy two, it's currently
seventy three, and I think it's six or seven years
it goes to age seventy five. We want to plan
accordingly for that because, as last mentioned, that's additional income
that's going to come into the household. So if there's
anything we can do from a tax planning strategy in
(19:05):
those earlier years of retirement, ROTH conversions, whatever it might be,
we definitely want to take advantage of that. We have
some clients and again others do as well, where hey, Larry,
we don't need our r and ds. We are charitable.
We'd like to give it to the church or some
sort of nonprofit. Can we do that? Yes, the qualified
charitable distribution can be set up. There can be tax
(19:27):
benefits on both sides. Please don't wait till December thirty first,
which a lot of people do, but we want to
avoid that. We want to plan accordingly. This is all
part of our normal planning process. I don't care how
old you are or what age you are, if you're listening,
retired or not retired, this should be part of the
(19:49):
ongoing discussions every year, because life happens, it happens quickly. Unfortunately,
we're early into this year and I've already unfortunately lost
a coup clients this year, which just this past week
I had the discussion with their loved ones about inherited
iras what they need to take. You want to make
(20:10):
sure you plan accordingly, and also please make sure your
beneficiaries are current.
Speaker 3 (20:18):
Please.
Speaker 2 (20:20):
Would you'd be surprised how many times they're outdated, they
don't have any or what have you. Make sure they're
current at haven, we're looking at that, we're watching it.
And if you if you don't have a partner, sometimes
that that can just go completely wrong.
Speaker 5 (20:35):
Absolutely, let me pose one last question about these inherited
iras to you, lance, Is it beneficial to get that
money out of those iras if they belong to you
before something happens to you? Can that be part of
your estate plan or is it smart to just let
(20:58):
them be and let your loved ones inherit them.
Speaker 3 (21:01):
There's not a really great answer on that one, because
again it depends upon your situation. So if you're inheriting
an ira, you have your ten year clock, we want
to get that done. But if you want to leave
it for all ten years and then you die in
year seven, well then your beneficiaries are going to have
(21:22):
to deal with the ramifications of that. Do you have
beneficiaries that could use it better than you? Do you
have beneficiaries that know what they're doing that they're not
going to have to pay any penalties on that. So
again it goes back to your specific situation.
Speaker 2 (21:42):
I'm going to add to that, Kim, to the degree
that from an estate planning background, if you can get
that money out of the iras while you're still alive
into some sort of other account, it might be very beneficial,
maybe not for you, but for your beneficiary because oftentimes
when people inherit say the kids, they're in their peak
(22:04):
earnings years, they inherit in an ira from mom and dad,
and they better say thank you. But they might be
at the top of their tax brackets now they're going
to get taxed heavily. It is where we want to
get it out there if we can. Or if you
have roth iras, guess what, they go tax free to
the beneficiary. If that you're able to do that, that
might be a good alternative.
Speaker 4 (22:25):
Right.
Speaker 5 (22:26):
See, these are all those alternatives that most people may
not know about, and they need to sit down with
a partner as they're putting together their state plan because
we all want our beneficiary to benefit from that that
we leave behind and not be burdened with taxes. So
if you're someone who does not have a plan, or
(22:46):
if you would like someone to review your plan maybe
things have changed over the years, give the folks there
at Hate and Financial Group a call. The number is
six one two five zero four eight four zero zero.
Again that's six one two five zero four or eight
for zero zero. Everybody needs a partner when it comes
to these kinds of issues, and the folks there at
Haven Financial Group are ready to partner with you. When
(23:10):
we come back, we want to talk about health benefits
and planning beyond investments.
Speaker 4 (23:16):
This is the Haven Financial Group Radio Show.
Speaker 1 (23:19):
Ready to find your financial safe haven. Your dream retirement
is in reach. Don't go away, The Haven Financial Group
Radio Show.
Speaker 3 (23:27):
Will be right back.
Speaker 1 (23:29):
Are you worried that your financial strategy might be missing something, Well,
you're in the right place. Larry Kolvig is back and
ready to help you find your financial safe haven.
Speaker 2 (23:41):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. We appreciate you listening this morning. If
anything resonates with you, please give us a call at
six one two five zero four eighty four hundred. Visit
us online Havenfinancialgroup dot com. All kinds of retirement tools,
calendar of events, and we have love to classes and
our education center and in community education throughout the Twin
(24:05):
Cities as well, so we encourage folks come on out
to those to those events, learn something and certainly if
we can help you in any area of retirement, that's
why we're here. On this part of the show, we
got Glenn Rami, our insurance specialists at Haven, a financier group.
And when I say insurance, specialists. Glenn knows his stuff
(24:26):
from the long term care, life insurance, Medicare, healthcare, all
of those wonderful topics. I'm sure the listeners just love
to talk about.
Speaker 5 (24:36):
Well, listen, I love to talk about it, and I
always love to speak with Glenn. So it's great to
have you with us, Glenn, and we're talking about the
pillars of retirement planning in twenty twenty six. And Glenn,
we've already been talking about the fact that here we are,
you know, mid January, and while we feel like we're
chugging already here in twenty twenty six, there's a lot
of things that people still need to consider for this year,
(24:58):
and one of those, certainly some of their insurance issues.
I thought we would start by talking with you a
little bit about FSA's and some of the deadlines associated
with them and some of the things people need to
know here in January.
Speaker 6 (25:14):
Yeah, So for those that might not know the acronym,
right FSA Flexible spending accounts right, These are those things
that the employers offer that aren't tied to any specific
type of health insurance plan you have at your job.
There are accounts that you get to set aside some
of your paycheck pre tax to be used for healthcare
expenses during the year, right, And these are those ones
(25:35):
that are used or lose it accounts typically meaning that
if I don't spend that money by the end of
the year, that employer gets to keep what's left in
that account. Right now, deadlines for spending the money is
usually December thirty first, right that calendar year it was
contributed in. But do check with your employer to make
sure whether or not there's any grace periods that might
allow you to use those funds all the way to
(25:55):
March fifteenth, or might allow a limited rollover of those
dollars that are still left in then account up to
six hundred and sixty six or six hundred and sixty
dollars in twenty twenty five before forfeiting those dollars in
that precious account that you have.
Speaker 5 (26:08):
Absolutely, now, those dollars can be used in a variety
of ways, correct.
Speaker 6 (26:14):
Absolutely, It's not just for medical bills, right, dental bills,
eyeglass bills. It's a vast variety of costs that you
could use your flexible spending account for.
Speaker 3 (26:24):
Absolutely.
Speaker 5 (26:25):
Absolutely, My daughter had one and she had money left
in it and she was allowed to use it at
the pharmacy.
Speaker 6 (26:31):
Yeah, even over the counter items, certain ones can definitely
be used with those dollars as well. That's important free at.
Speaker 5 (26:36):
That you bet, So it's really important that people check
that out. Don't let that money just go to your employer.
That's certainly not an option that you wanted to exercise.
Let's talk a little bit about hsas.
Speaker 6 (26:49):
Yeah, wonderful, HOWSE savings accounts? Yeah, yeah, so again the
triple benefits of the HSA, right, the money goes in
tax free, the money grows tax free, and the money
is spent. We're huge fans of the hsas and how
they can benefit not just your immediate medical expenses, not
just your immediate tax liabilities, but future liabilities as well.
(27:11):
As those funds have become expanded on what you can
use them for once you transition into medicare as an example.
Speaker 5 (27:17):
Okay, so now how do people learn more about that
and how do they get involved?
Speaker 1 (27:22):
So?
Speaker 6 (27:22):
First off, you have to have a qualified health insurance
policy at that employer, right, high deductible plan typically with
no first dollar style benefit, so it can have co
pays for your doctor appointments and medications. It's a strict
kind of deductible health insurance policy at that and then
you're allowed to contribute if you choose, up to forty
three hundred as a single individual or eight thousand, five
(27:43):
hundred and fifty as a family, and then there's an
extra one thousand makeup contribution per individual that's fifty five
years or older, which could bump that into a little
over ten thousand dollars that could be put into an
HSA for a husband and wife in one calendar year.
Speaker 5 (27:58):
Okay, again, talk to us about the tax ramifications.
Speaker 6 (28:02):
Yeah, so again, you're going to write that off your
tax return at the end of the year, and you
have the ability to make that contribution all the way
up to the tax filing deadline. So don't be afraid
that if you didn't put as much as you wanted
to into the HSA in twenty twenty five and have
extra money you'd like to go into that Health Savans account,
you have the ability to fund the previous year's HSA
(28:23):
all the way up to the April fifteenth text deadline.
Speaker 5 (28:26):
What would be the downfall on the negative part of
this of an HSA or is there at all?
Speaker 3 (28:33):
There's very little negative.
Speaker 6 (28:34):
The negative I would say is that if you try
to access those funds for anything other than a qualified
medical expense as defined by the IRS, you are going
to not just pay income tax on the money you've
taken out, you're going to pay a penalty for having
taken it out prematurely. Now that penalty is going to
go away once you turn sixty five and transition into
Medicare eligibility. But prior to age sixty five, I would
(28:56):
not be using your HSA to buy a TV right
or anything like that, because you're going to lose that
tax savings you put in there in the first place
for and on top of that, pay a financial penalty
for doing so.
Speaker 4 (29:06):
Absolutely. Glenn Ramy is our guest today.
Speaker 5 (29:08):
He is an insurance expert and even financial group. Okay, Glenn,
I'm going to allow you to talk about this because
this is a tough one, but it's an important one
to talk about. And as the year gets started, and
that's long term care. This is something that nobody wants
to talk about because we want to assume that if
I would ever need long term care, my kids would
(29:29):
take care of me, so I don't need to worry
about that and when we think about it, we think
about really high dollar amounts. So it's January twenty twenty six,
and there's some folks out there who maybe have been
thinking about this.
Speaker 4 (29:42):
Where do you start? What do you do?
Speaker 6 (29:44):
Well?
Speaker 3 (29:44):
You start with a conversation. Right.
Speaker 6 (29:46):
This is about planning. It's just part of that whole comprehensive,
full approach of planning for your needs in retirement. And
although none of us want to think that we'll be
ending our lives in a nursing home, right, that will
spend any time I'm there at all. The sad statistics
are fifty percent of us will and not by choice
but by necessity.
Speaker 3 (30:06):
Right.
Speaker 6 (30:07):
And I think if you're not having this as part
of a comprehensive plan for retirement, you're missing a big
opportunity to take advantage of ability to leverage your dollar
today to be more for you later when those healthcare
needs arise, and your health insurance isn't the thing that's
helping you pay those medical bills at that time. It
doesn't necessarily have to be insurance. Although I think there's
(30:28):
some great options in insurance planning now related to long
term care, it's not the only way we can plan
for long term care today. There are insurance options, there's
asset based long term care options out there for people
that might be better savers and don't want the desire
to plan for something and lose if they don't get sick. Right,
don't think that those are the only options anymore that
(30:49):
are out there. There are a lot of ways you'll
be planning for long term care today.
Speaker 5 (30:52):
So Larry, what I hear him saying is you got
to sit down, you got to talk about this with
a partner, and then you've got to come up with
a plan.
Speaker 2 (31:00):
You are one hundred percent accurate. You talked about long
term care. We don't like to talk about it. It's
a major focus at Haven Financial Group for twenty twenty
six to have these conversations. If you're listening and maybe
you were scared off by a Cadillac plan ten years ago,
there's much better, viable options that are out there. It
(31:20):
starts with a conversation and I'll piggyback that off that
and say, Glenn, could you just comment with long term care?
Are focus at Haven this year in twenty twenty six
is also life insurance reviews. Can you tell the listeners why?
Speaker 6 (31:35):
Yeah, of course, So the importance of a life insurance
review is to make sure something you're putting your hard
earned dollars towards that's actually going to be a benefit
to your family upon passing. And the sad truth is
that older policies five, ten, fifteen, even twenty or more
year older policies and life insurance aren't always doing what
you think they are. And if they're not paid attention to,
(31:55):
if they're not monitored, you're going to find yourself with
a very sad notice later life that says that that
protection you thought you had it's gone, and those dollars
that you put towards it are gone. And we're trying
to make sure that the people we help aren't left
in that circumstance. We're monitoring and checking these things now
to make sure we're set up for success later.
Speaker 5 (32:16):
Yeah, Larry, I've heard you say this many many times.
I mean, life insurance policies will eat themselves eventually in
many cases. And the only way you really find out
if you haven't gone back and looked at it, which
this is not something people are doing on a regular basis.
Speaker 4 (32:30):
You find out when you need it and it's too late.
Speaker 2 (32:34):
Yeah, you know, you probably got it five, ten, twenty
years ago. Somebody sold it to you. You haven't even
talked to him since, haven't reviewed it. You assume that
everything's going the way that they sold it to you
was supposed to go. Doesn't always work that way. Life
insurance contracts are certainly not all made equal. We're not
saying you need a whole bunch of more life insurance.
(32:54):
If you do need life insurance, we have access to
all the companies and Glenn can help you find the
most out of the right type life insurance. So if
you're listening to go, oh, I don't know which one
I have? Do I have variable adjusted life? Do I
have permanent insurance? Do I have whole life insurance? Do
I have just have term insurance? Why not have a conversation.
Just this past week I had a couple in and
(33:17):
they had life insurance and long term care. They're both
retired from Lakeville. They've done a great job of saving,
they said, now they wanted that they need a more
of a retirement plan. That their guy has got them
to where they need to go, but they're not confident
he can get get them through retirement the way they
would like. It's not what he specializes in. And they're
(33:37):
number one thing is I'm not going to say the
name of the company. It's a big box name. It's
on TV. Typically they're much more expensive, and they like, yes,
we want this life insurance long term care review. I
can already tell and Glenn and I can already tell
you what we're gonna find. It's a comedynominator. They don't
(33:58):
know the ins and outs of it, they have no idea.
They're paying way too much. And at the end of
the day, ultimately, decision making is based upon the facts,
and I'm quite certain we're going to be able to
help them.
Speaker 4 (34:10):
Yeah.
Speaker 5 (34:10):
Well, and you gave a great example because they's someone
who came forward and said, we'd like to review this.
Speaker 4 (34:17):
We might need some help.
Speaker 5 (34:18):
It's that time and that's something that I think a
lot of people are either afraid to do or don't
realize they need to do.
Speaker 1 (34:26):
So.
Speaker 4 (34:26):
They're at Haven Financial Group. You just heard it.
Speaker 5 (34:28):
They're going to have a real focus this year on
long term care, something that is hard to talk about.
But the folks that Haven are prepared to sit down
with you and talk about it and give you different
options and then also your insurance reviews. That time has colm, folks,
and you need to sit down with someone who can
look it through and tell you if you're on the
right track or maybe you need to deviate that and
(34:51):
so many other topics they can discuss with you. If
you're looking for a partner in twenty twenty six, now
is the time to give them a call at Haven
Financial Group. The number is six one two five zero
four eight four zero zero. You tell them you heard
us here and you'd like to set up a free
consultation and talk a little bit about long term care,
or maybe you'd like to talk about your life insurance
(35:12):
or putting together a retirement plan. Again, it's six one
two five zero four eight four zero zero. When we
come back, we're going to continue our conversation about the
pillars of retirement in twenty twenty six, including preparing for
the twenty twenty six with intention. This is the Haven
Financial Group Radio Show.
Speaker 3 (35:33):
Don't go too far.
Speaker 1 (35:34):
We're gathering more important insights and retirement. Please govin. The
Haven Financial Group Radio Show will.
Speaker 3 (35:40):
Be right back.
Speaker 1 (35:41):
Stick around. You've got questions, We've got answers. Your tune
to the Haven Financial Group Radio Show with your host
Larry Kolvig and Kim Karrigan. No back to the show.
Speaker 2 (35:55):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. Happy Sunday too. Thanks for listening six
one two five zero four eighty four hundred. Give us
a call, visit us online, shoot us an email at
info at Havenfinancialgroup dot com. Our job description is really
to answer questions, specifically anything related to retirement. It doesn't
(36:17):
even have to be retirement. Do you have all the
retirement puzzle pieces? Do they go to the same puzzle?
Have you been delaying certain things over the course of
how many years procrastination have you had that? Have you
had that portfolio reviewed? Retirement is more than a meeting
once or twice a year for forty five minutes to
(36:38):
an hour. Do you have a solid partner in your corner?
Are you getting the attention you deserve or don't you
even know? Or just last week I heard my guy
didn't even call me last year. I didn't even talk
to the one that's representing me all of last year. Unfortunately,
that can be a stigma in the industry, and that's
not going to be this my stigma or even an
(37:00):
answer group. We want to be there, come on in
visit with us. It starts with just communication, that's all.
Speaker 5 (37:06):
It starts with, well, Larry, we've been talking this hour about,
you know, the pillars of retirement planning in twenty twenty six.
Here we are, it's mid January, and if this is
the year that you've said it's time for me to
put together a retirement plan, or maybe this is the
year that you've said I have a plan and I'm
(37:26):
not sure it's working for me, or you know, I
need an estate plan. We're inviting people to come and
sit down with you, guys at Haven Financial and free
consultation to determine if you're a good fit for them,
if they are a good fit for you. We've talked
about some tax ramifications, some insurance issues that you should
(37:49):
be thinking about, but let's just talk about preparation with
intention this year. You've already stated that the experts at
Haven Financial Group are going to really be really kind
of I mean, while you're focusing on everything, you're really
going to be focusing on long term care as well
as insurance review. What else is important and top of
(38:10):
mind for folks there at Haven Financial Group in twenty
twenty six.
Speaker 2 (38:14):
You know, it's really getting your hands around, you know,
managing the reactive mentality, you know, man watching the news,
watching the news. Many people spend all of twenty twenty
five reacting to headlines. Sometimes it even affect their financial
strategy because they got scared. They heard this, they heard this,
there was no merit to it. Fear and anxiety can
do lots of things to making bad decisions. And maybe
(38:37):
this year, maybe the focus should be, as we have
for many years at Haven, a long term strategy, a
not a knee jerk, not a knee jerk reaction strategy
as life happens. And we know life's calendar doesn't always
cooperate with our calendar. Oftentimes it really doesn't. So rather
than simply chasing that yearly rule changes or chasing a
(38:58):
certain percent return, let's get a let's get a strategy. Okay,
let's adhere to it. Have a partner that's in your corner. Yes,
we had Lance Lurs and our CPA. Tax planning leads
to successful tax preparation, avoiding mistakes, avoiding big bills. We
had Glenn Rami on our insurance specialists. Yes, our focus
(39:20):
is that long term care discussion. Most people don't know
all the viable options that are out there, and we'll
explain those to you. Glenn will do a great job.
He's very thorough in all areas. And then when it
comes to Medicare and healthcare, I'll tell you what that's
usually the hidden big expense in retirement that a lot
of people just don't think about. My goodness sakes, it's
(39:42):
a big number, and we want to plan accordingly. You know,
we're just coming off open a rollment in Medicare. Wow,
what a messy season that was. Thankfully Glenn and Isabella,
they truly were able to help. I want to say
a few thousand individuals with Medicare questions, concerns that were
viable concerns because insurance companies at last, at the last minute,
(40:05):
pulled the plug out from people. And you know, that's
scary to navigate when you just don't know. So any
of these retirement areas, you know, let's let's plan for them.
Life events. It just happens, So we want to plan accordingly,
like we always talk about.
Speaker 5 (40:22):
Right, this is the perfect time of year if you
are thinking about retiring to start talking about social security, right,
and when you.
Speaker 4 (40:30):
Want to draw and maybe both of you.
Speaker 5 (40:33):
Maybe you have a spouse who is trying to make
those decisions and you want to be strategic about it.
Speaker 2 (40:40):
Yeah, we just had to maximize Social Security and tax
class at the Farmington Library, extremely well attended. Go to
our website Haanfinancialgroup dot com if you're listening. We have
those classes. We have investment classes. We have a Medicare
made Simple class coming up, all kinds of education classes
or were you and education center? We have numerous different
(41:03):
types of educational events. You mentioned a state plan. Our
good partners Carrie and Keith from Provision Law. Maybe you've
been putting off that will discussion, trust discussion. Maybe your
documents are like a lot of people's. You did them
when the kids were five, ten years old, and those
same kids now we're forty and fifty. Probably need to
(41:24):
update a state plan a little bit. Not because it's
fun and exciting, because guess what, we live in a
very litigious society where be careful. If you think about
doing it yourself, think again when it comes to the
legal ramifications of the legal work. You know a prominent
prominent musician from the Twin Cities here, Prince, you know
(41:47):
you can go online and see anybody's a state that
didn't have an a state plan.
Speaker 3 (41:52):
It's all public record.
Speaker 2 (41:53):
If you've not made it, if you not made it
a public record or a private record, it's all public.
Go see everything about somebody there a state, who they
owe bills to, who they didn't abills to, And a
lot of people don't know that, So a trust discussion
maybe for some people again that discussion, why not quit
putting it off? Now? I know human nature is procrastination.
(42:17):
It's just natural for a lot of people, not some people.
But maybe procrastination is not the solution, and this year
we want to actually get something done.
Speaker 4 (42:27):
I encourage it absolutely.
Speaker 5 (42:29):
And another thing, you know, if you're someone who's listening
to us right now and you maybe are maybe a
year or two away from retirement and you're starting to
make that transition, this may be a time to start
thinking about those investments and where you're invested now and
where you want to be invested. What is more comfortable something. Also,
our friends that Haven Financial Group can help you with
(42:51):
right Larry.
Speaker 2 (42:52):
Yeah, we have an investment team of twelve. We do
wealth management. We're not small. We manage with Charles Schwab
and Fidelity investments. We're able to help a lot of people.
But the observation I've seen for years and what we
see is a lot of people don't know what they're doing,
not because they don't want to. It's not explained to them.
They don't need to be the expert. But where I
(43:13):
see a lot of people get into a mess is
they have now they'd have no idea how much risk
they have in their portfolio.
Speaker 3 (43:20):
Now.
Speaker 2 (43:20):
We're not against risk. Over long periods of time, the
stock market the best place to be, but as we
get older, that element of time becomes that much shorter.
I had a couple in this week from Savage. They
came out to an educational class. They came in and
visited with us, and we took them through our process
and they go, we have no idea how much risk.
We just know that when the market goes down, we
(43:42):
lose lots of money. Well, and they're more conservative, conservative investors,
and they couldn't be further from their core values. They
couldn't have been further from it. So let's address your goals,
let's address for your values, and are you operating within
those guidelines? If you don't know that is worthy of
(44:03):
a discussion for you if you're married, your spouse and
your family right now and for the future that it
has for your family.
Speaker 5 (44:11):
Absolutely, these are all some of the pillars of putting
together a great financial plan for retirement. And you know
these are not easy. These are not easy discussions some
of them to have. They're not easy decisions to make.
And I think all of us are looking for a partner,
an advisor, someone maybe at times to hold our hand
(44:33):
when it comes to making these kinds of decisions, and
the folks that are at Even Financial Group are prepared
to be just that for you. So if we've been
talking about these pillars of retirement planning for twenty twenty
six and this has resonated with you, then we want
to invite you to call the following number and tell
them that you heard us here on the radio and
you'd like to set up an appointment.
Speaker 4 (44:55):
It's six one two.
Speaker 5 (44:56):
Five zero four eight four zero zero that'll get you
to Haven Financial Group. Let me give you the number again,
six one two five zero four eighty four hundred. Give
them a call, free appointment. Going in there, enjoy a
lovely cup of coffee and a cookie and chat about
what's concerning you when it comes to retirement. Before we
(45:19):
go here, Larry, we're just about out of time, but
I just wanted to remind folks and have you tell
them where they can find out about those educational seminars,
because we've talked a lot about that today and obviously
in twenty twenty six, they're already underway.
Speaker 2 (45:33):
Hevenfinancial Group dot com. They're all in the calendar of
events there. Call the office six one two five four
eighty four hundred. We'll get you the information. We're on.
The companies on social media, Facebook, all of those outlets
you would expect. I said, the company is on social media.
If you're looking for Larry calling on social media, you're
not going to find me because I am old school.
(45:56):
I live social media through my wife and four daughter.
Let's leave it at that.
Speaker 4 (46:02):
I understand completely.
Speaker 1 (46:03):
I really do.
Speaker 4 (46:05):
Listen.
Speaker 5 (46:05):
It's been a lot of fun, great show this week.
Speaker 2 (46:08):
I joined, Yes me as well, and we look forward
to next week.
Speaker 5 (46:13):
Investment advisory service is offered through Guardian Well Strategies LLC.
Speaker 1 (46:17):
Haven Financial Group and Guardian Well Strategies LLC are not
affiliated companies, and investments involve risk, and unless otherwise stated,
are not guaranteed.
Speaker 5 (46:25):
Please consult with the qualified financial advisor and or tax
professional before implementing any strategy discussed herein, and comments regarding
it safe and secure investments and guaranteed income streams only
refer to fixed insurance products.
Speaker 1 (46:38):
They do not refer in any way to securities or
investment advisory products.
Speaker 4 (46:41):
Fixed insurance and annuity product guarantees are subject to the
claims paying ability of the issue
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