March 28, 2026 • 41 mins
The Kowal team help plan your retirement
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Speaker 1 (00:00):
It's time for the retirement Clinic right here in wis
and welcome to the program hosted by Jeff Kowal with
Creative Planning, and I'm Paul kron Forest.
Speaker 2 (00:09):
We say good morning Jeff, Good morning Paul.
Speaker 3 (00:13):
How are you doing?
Speaker 2 (00:15):
Ready and raring to go?
Speaker 1 (00:17):
We got so much to do today joining us Chauncey
Wise and Cell with Creative Planning. As always we should
mention by way background for many, many years the Cowal
Investment Group. Jeff, it's been a very very very I
think smooth transition to Creative Planning, and something's working out
because you were recently recognized by the Wall Street Journal
(00:39):
by side as the best r I A registered what
does that stand for?
Speaker 3 (00:44):
Registered investment advisor, advisor firm.
Speaker 1 (00:47):
Yeah, yep for comprehensive wealth management. I mean, that's a
big honor, Jeff, it really.
Speaker 3 (00:52):
Is, really is so.
Speaker 4 (00:54):
A year and a half ago we joined Creative Planning,
Aaron and I, Eric Coohwaal and I did research on
number of different companies.
Speaker 3 (01:01):
We love our clients.
Speaker 4 (01:03):
We wanted to find a company that treated our clients
the way that we did for thirty seven years. Creative
Planning was just that, and we knew it was when
we went into it, and now the world knows because
Wall Street Journal byside recognized them Wall Street journal as
the best ARIA registered investment advisory firm for comprehensive wealth management,
(01:24):
and that highlights creative plannings, breathless services, comprehensive approach to
financial planning, and high client satisfaction, noting that Creative Planning
offers a more personalized experience compared to other financial advisory firms,
including pairing clients with dedicated fiduciary advisors.
Speaker 3 (01:43):
So there's my disclaimer.
Speaker 4 (01:45):
It's it's a great honor and really to be named
by Wall Street journalists again best RA for comprehensive wealth management,
and that was one of the things.
Speaker 3 (01:55):
We want to have everything under one rough.
Speaker 4 (01:58):
Estate planning, legal, tax's, insurance, UH investments, everything under one rough,
and we've accomplished that with Creative plan It has been
a great merger, great great partnership with them.
Speaker 1 (02:09):
Well done, Jeff and longtime listeners and for that matter,
longtime clients of you guys probably know nothing.
Speaker 2 (02:16):
You know here locally has changed.
Speaker 1 (02:17):
You're on Bluebound Road and Brookfield in Racine and Dellafield
Offices in Port Washington with Creative Planning. We have two
websites to give the Retirement Clinic dot com a lot
of info. Contact info in fact podcast of this very show,
or check out Creative Planning dot com. More importantly, personally,
if you want to speak to somebody, pick up that
(02:39):
phone locally with questions about your retirement plan. Two six
two five two two forty forty. Coming up in the
show today, we hear from Chauncey Wisensell. Right after the
first first break. He's talking about rollovers. Jeff, you've got
topics today on four oh one K plans. Sometimes people,
you know, it's like when do I get in? And
then you told me off the air, But when do
(03:00):
you get out of certain plans as well?
Speaker 3 (03:03):
Certain things?
Speaker 4 (03:04):
Yes, this I found a couple of items I thought
were pretty interesting. One to start retirement planning in your twenties,
and the second one is what if you have a
time share you can't get out of? So it was
an interesting one because involves disclaimers. It involves much more
than just the time share, so we'll get into that too,
(03:25):
but let's start with this. This was an investi Pedia article.
Adam Pelsano wrote this. It says, start retirement planning in
your twenties, easy steps, even if you're feeling lost. It's interesting, Paul,
you and I have been doing this for years. A
lot of our clients have been doing it for years
and years and years, and we think, well, everybody knows
(03:47):
about this, not so much, not necessarily so. The ARCLE says,
if you're a younger worker, retirement planning can feel overwhelming,
especially when you've barely begun your career.
Speaker 3 (04:01):
See, I think that's the important thing.
Speaker 4 (04:03):
You're you're more worried about your job and getting your
job right because it's your first job. Then about four
to one k's or insurance and everything else you have
to make decisions on.
Speaker 1 (04:13):
It's the last thing you're thinking about, Jeff, Really in
your twenties, as your retirement, it's so far off, which
is why you need somebody to remind you you should
really start contributing to that plan.
Speaker 3 (04:23):
Yep, yep.
Speaker 4 (04:24):
Well, he wrote in and said, I'm twenty two, have
zero idea what a four to one k even is,
to be quite honest. Besides as for retirement, but I
contributed five percent and five percent Player match make fifty
eight thousand dollars a year. Do I need to be
putting away more or less? Help and investor Pedius. Questions
(04:44):
like these are common, and the good news is that
the confusion is normal and completely fixable. First of all,
gets started. Four to one k's a tax advantage, define
contribution retirement plan. Let's stop right there. Define contribution old
defined benefit pension plans, the old defined benefit pension plans,
and they're still wrong with Bunispaltis and other government agencies
(05:08):
other places. But define benefit says they'll pay you one
thousand dollars a month, and then you have the fund
for that. A defined contribution plan says you put money
in and whatever you benefit you get out at the end.
It depends on how much money you put in. So
that's what a four to one K is. Once in roll,
you make contributions. Employers may make offering or maybe offer
(05:31):
matching contributions. And if you don't know how much you contribute,
you should at least contribute enough to snag your employer's match.
We've been saying that for a year since it's essentially
free money. For example, if you contribute five percent your
paycheck to your four one K and your employer match
is four percent, you'd see a nine percent overall contributions
(05:52):
for four to one K, the contribution limit this year
is twenty four five hundred dollars more. If you're fifty
or better to to thirty, about thirty two five hundred
is where there is no difference between starting at four
to one kh twenty two versus one you're older. Compound
interest process of earning interest on your interest accelerates dramatically
(06:14):
the longer you stay invested. Next one says, starting at
twenty two means each dollar means more traditional versus four
versus ROTH. Employers typically offer two kinds. Either traditional where
contributions are made pre tax, so reducing your taxable income,
(06:34):
but you do have to pay taxes sometime in the future,
so you have to be aware of that too. The
other time is WROTH. For h one K, contributions are
made with after tax dollars, so there's no tax benefit,
but it grows tax free forever, and that is a
huge benefit if you're a younger employer your income hasn't peaked.
(06:58):
I think for a lot of people, the ROTH makes
a lot of sense because right now we're in the
lowest tax bracket possible. Why not make ROTH contributions, pay
the taxes, now have a grow tax free for ten
twenty forty years and then into retirement. So basically the
article says, get started right away, but at least as
(07:20):
much as the company matches, and then go from there.
And if you have to make a choice between the
traditional four oh one K and the roths, I like
the roths, but everybody's different, So you know, talk to
an advisor, give our office a call. We'd be happy
to help you with making decision on those.
Speaker 1 (07:36):
And understanding the basic difference Jeff of a traditional four
oh one K versus the WROTH. Take thirty seconds and
just explain it in layman's terms, because it's a big difference.
Speaker 4 (07:48):
Sure, the traditional you get. So if you make one
hundred thousand dollars a year, you put ten thousand dollars
into four oh one K, you're only paying taxes on
ninety thousand dollars. That ten thousand goes into the four
OIK along with the company. The key is, at some
time in the future you're gonna have to pay tax
on that. You didn't pay tax on an upfront, you'll
have to pay tax on it later. If in a
(08:09):
wroth for one K. If you make one hundred thousand dollars,
you pay taxes on one hundred thousand dollars of income.
If you put ten thousand dollars into the wroth for
a one K, you don't get a tax benefit on
up front, but you've already paid taxes. Government's already gotten
their money, so it grows tax free forever, and all
the interest is tax.
Speaker 1 (08:27):
When I take out of that wroth, then I am
not taxed on that money.
Speaker 2 (08:30):
Correct when I withdraw.
Speaker 4 (08:33):
Exactly There are some restrictions and time you have to
have it in there and that, but for the most
part that's exactly right, especially if you're over fifty nine
and a half. No penalties, no taxes, it's all Especially
we you know, we like for one case, especially for
our clients that are getting up there in age, because
the people who inherit their money are likely to be
(08:55):
at the peak of their income. If you're eighty five
is an example. Your kid might be sixty, they're at
the peak of their income. If you pass away at
eighty five, it goes tax free to them at the peak.
Speaker 3 (09:07):
Of their income. It's a great benefit.
Speaker 4 (09:09):
Love Roth conversions Love Roth iras. The great benefit having
as much money as you can into your roth iras
and roth four o one case.
Speaker 2 (09:19):
It really makes sense to think that through.
Speaker 1 (09:21):
And if you're in a traditional four to one k
ask right walk into HR or whoever the powers are
being at your employer and see if they can offer
the wroth. You've talked about that before, Jeff, and it's
really good information you have.
Speaker 2 (09:34):
If anybody has a question about this stuff off.
Speaker 1 (09:36):
The air two six two five two two forty forty
to reach out to any advisor at Creative Planning. Jeff
Cowall as a host today for the Retirement Clinic, and
I'm Paula kron Forest and one of the I just
jotted it down.
Speaker 3 (09:49):
Jeff.
Speaker 1 (09:50):
You mentioned compound interesting, the common interest, I'm sorry, the
compounding of interest. And there I quote Seinfeld again because tanzas.
Speaker 2 (09:59):
In No, it's an amazing thing. Jerry. You don't do anything.
You put the money in there.
Speaker 1 (10:04):
It is years later and it made your money, which
is the whole point of saving in your retirement plan.
Speaker 4 (10:10):
So exactly, and you know, coding Seinfeld is just fine
because there's a lot of wisdom in there. Yes, and
so yeah, that's the first one the younger you do it, though,
especially when you're younger, it makes sense for you to
be more growth oriented because you had a long time
to absorb the ups and downs of the markets.
Speaker 3 (10:27):
Yeah.
Speaker 1 (10:28):
And the guy that said that, by the way, Jeff
was Castanz and he was referring to his bonds. He
put savings bonds as a kid and forgot about them.
I think a lot of people do that when they're kids,
and it's just kind of one of those things you forget.
He wasn't even talking about a four to one k
plan because he never had a job right on the show,
so there was.
Speaker 2 (10:46):
Humor in that. Okay, now we get back to retirement talk.
Speaker 4 (10:49):
Yeah, let's think let's talk about market Watch. It this again.
This article is more about disclaimers, or as much about
disclaimers as it is about time shares, but but applicable
many things.
Speaker 3 (11:01):
Market Watch article.
Speaker 4 (11:04):
Quintin Patrell is the author of that selling will be
very difficult process.
Speaker 3 (11:09):
My mom ninety three.
Speaker 4 (11:12):
Owns a time share in Florida. How can I disclaim
this inheritance? If the rite into market Watch and he says,
I want to address this issue proactively. It's really a
great topic because it's not just a timeshare issue. It
says Florida. They have a Florida timeshare they'd like to
(11:33):
be selling it. I will become the executor of the trust.
I want to address this issue proactively before it becomes
urgent upon her death. I'm concerned about whether family members,
none of whom want the time share, will be responsible
for it, or if they can formally disclaim it. Can
we legally reject the inheritance reject the time share? Is
(11:55):
there a specific time frame which a declaimer disclaimer must
be filed for a time share? If all the earth
disclaimed as a trust remain responsible for the property? Just
I think a couple of really good questions, and it
probably applies to more property and just time shares. But
the answer, it says, dear son, because it's the son
of the mom who has the time share.
Speaker 3 (12:16):
Right.
Speaker 4 (12:17):
The sort of timeshare sounds like out of date cheese
with bad odor. Oh yikes, Ye, give it your appetite
for it's very disposive and now rather than leave it
laying around the kitchen for months and even years, assuming
your mother contains to live long and hopefully a healthy life,
but be proactive. Good news is that there's a lot
you can do. For that reason, leaving it in your
(12:39):
family trust is not a good idea. The trustee would
be tasked with paying the maintenance, homeowner fees, property taxes,
HWA fees, and other costs associated with the upkey. The
trustee would also be tasked with trying to sell it.
The global timeshare industry is worth about thirty five billion dollars.
(13:00):
Maintenance fee has doubled since twenty twenty to more than
fifteen hundred dollars a year. The article goes on and say,
first thing you should do is check the contract. Does
the contract terminate with her death? If so, great, not
that she dies, but great that the contract terminates. Even better,
cut out the trust and family members and simply designate
(13:22):
the timeshare company or resort association or developer as the beneficiary.
So put bluntly, make them the beneficiaries.
Speaker 3 (13:32):
They could.
Speaker 4 (13:34):
But if you disclaim inheritance, here's the problem. The trust
still owns it, so you disc disclaim it to somebody
else in the trust that's another family member or somebody else.
So if you disclaim it, it goes to the next deadline,
so you're still stuck with it.
Speaker 2 (13:49):
Yeah, that's that's what they're saying.
Speaker 1 (13:51):
That's the whole point of the trust though, right, I
mean it's yeah.
Speaker 4 (13:56):
It says even disclaiming comes with complications. When disclaiming timeshare
and an inheritance or refusal must be writing some men
within a specific time period, usually nine months after the
deceed's death. The person disclaiming must not have accepted any
benefit from the asset before disclaiming it. You can't say,
(14:17):
all right, we can give it back to them and
they'll give us five hundred dollars for it.
Speaker 3 (14:20):
H It doesn't work that way.
Speaker 4 (14:22):
If if you get anything for it, it's not a
complete disclaimer, you might be on the hook for something.
Timeshares are often criticize it for poor investments, but they
can be cost effective for families who use them regularly
generally want to go back to the same place year
after year and have they trade their time share points.
(14:43):
You can trade them around the world. Others are not
so keen on timeshares. Market for timeshares very limited. Handful
of websites where you can list your timeshare for sale
or attempt to rent it out your weeks and it
just says it's pretty difficult there's not a huge market
for it, and very difficult to even walk away with
your fraction, a small fraction of the original purchase price.
(15:08):
We run into this, Paul, every once in a while.
Disclaimer is more than timeshares. Timeshares once in a while,
but mostly disclaimers where Dad Mom are named as beneficiaries
on grandma, Grandpa's will or a piece of property or something.
We've got enough already. What can we do if we
(15:30):
get that? It complicates our state, it makes our state larger.
We're going to have to pass on to the kids anyway,
who's the next in line? If we pass away or
if we disclaim this, who does it go to? So
if it goes to people that you wanted to go to,
disclaiming can be very valuable. So you just disclaim it
(15:50):
to a kid who you'd want to get it anyway.
So it's just a planning technique that I think makes
a lot of sense called disclaiming. It's not just for
time shares. But yeah, I mean, you hear about type
shares all the time, right.
Speaker 2 (16:08):
I mean, I've thought about there's there's.
Speaker 1 (16:12):
No no The only Seinfeld in with Florida was it
del Buka Vista where they talk about the retirement community,
which would not be the villages if Seinfeld were today.
First off, if Seinfeld were on today, they wouldn't allow it.
Speaker 3 (16:25):
Jeff.
Speaker 2 (16:25):
It's way too politically incorrect for modern day.
Speaker 3 (16:29):
T Yeah, you're right, it is.
Speaker 1 (16:31):
Jerry said that himself. That being said, it's it's very
successful because it runs every day on TV, it's on Netflix.
Speaker 2 (16:38):
I think they did something right. Yeah, it's called humor. Right,
it's funny stuff. Hey, Jeff, well.
Speaker 3 (16:45):
Just back this one last thing in here.
Speaker 4 (16:47):
Trust would be responsible, So don't so dispose of that
cheese now the time share. Don't wait for the trust
to have to do it later on.
Speaker 2 (16:54):
Throw out the cheese before it gets smelly. Yep, stinky cheese,
Jeff co.
Speaker 1 (17:00):
While on WIS and the Retirement Clinic, questions go right
to two six to two five to two forty forty.
That's where creative planning can be found. Two six two
five two two forty forty Jeff. The website the Retirement
Clinic dot com is also a great resource. And your
advisors do not mind at all if listeners call from WIS.
Speaker 4 (17:22):
In No, absolutely not, and you can schedule time We
talked about we're already a third or fourth of the
way through the year, and you know, especially in January February,
you have the best intentions of cleaning things up for
the new year and making sure that you get on
the schedule and do something. This is the time to
do it. We're a third of the way through the
year already. Give our office a call two six two
(17:43):
five two two forty forty go to the Retirement Clinic
dot com. Schedule appointment with one of our fiduciary advisors.
The creative planning process is excellent. We do what's called
a vision builder, which is a cash flow projection. So
if you're not sure that you have enough money less
the rest of your life, it's a great way to
get started and see if in fact you're close to
(18:04):
or if you have enough my last the rest of
your life.
Speaker 3 (18:08):
We also look at the state plan.
Speaker 4 (18:10):
We look at all aspects, taxes, the investments, all aspects
of your retirement planning, investments and your financial life. So
a schedule appointment gets started now, because if you don't
you put it off now'd be later in the year
and you're gonna think, you know it was had I
started in January i'd be done by now.
Speaker 3 (18:28):
Yeah.
Speaker 4 (18:30):
The other thing, Paul, is that I'm sorry, go ahead
that procrastination.
Speaker 1 (18:34):
I was just going to say, don't practice procrastinate because
it's easy to do unless you have a deadline. Taxes
are deadline, so we always put it off as long
as we possibly can.
Speaker 2 (18:43):
You should not do that in this regard.
Speaker 3 (18:46):
That's right.
Speaker 4 (18:46):
The other thing is that we do daily business reports
on WIS and Dan o'donald. Show it three o'clock at
five o'clock News Blocks. You'll hear our phone number, you'll
hear you'll create a planning dot com.
Speaker 3 (18:59):
Use that as a way.
Speaker 4 (19:00):
To jog your memory that you were going to go
ahead and call and do something about it. Three o'clock
at five o'clock News Blocks will give you an idea
what's going on in the market, what's driving the market
up and down that particular day. Does they have something
to do with the war, Does they have something to
do with corporate earnings or interest rates? What's driving the
market up or down that particular day. We'll wrap it
up with the dollar, the S and P five hundred
(19:22):
and Nasdaq. Every day three o'clock at five o'clock News
Blocks dani O'donald's show on the afternoon show.
Speaker 2 (19:29):
And also Saturdays each week at ten o'clock.
Speaker 1 (19:32):
This is the Retirement Clinic, and again kudos to everybody
at Creative Planning, named and recognized by the Wall Street
Journal as the best ria for comprehensive wealth management. Good stuff, Jeff,
after the break, we got Chauncey coming up. Who's going
to do about a six minute little segment that will
respond to But he's going to be talking today about rollovers, I.
Speaker 4 (19:53):
Believe, Yeah, reasons to do rollovers and perhaps if he
has time, he'll get into about requirement of distributions from
those as well. So great segment and when we come
back right to talk about see if your life insurance
is retirement ready.
Speaker 2 (20:09):
That's all ahead of us.
Speaker 1 (20:10):
Chauncey right after the break, and then Jeff colewhill as
the Retirement Clinic continues. I'm Paul cron forst I News
talking eleven thirty. Wisn you get.
Speaker 5 (20:18):
The call what I was hoping to talk about here
today or what I was going to talk about here today?
As an article from ed Slott's ed Slott and his
company largely regarded in our industry as some of the
top experts on IRA's in the country, and what I
found today was an article titled five reasons to roll
over your retirement funds to an IRA. A lot of
(20:39):
times when clients come to us, they've kind of already
probably made that decision to move over from a four
oh one K or a four to H three B
or some type of workplace retirement plan to an IRA,
but it's still certainly something that you want to give
consideration to. And we talk quite frequently with clients about
(20:59):
and so we've got five reasons here on why you
should move over your four oh one K or any
workplace retirement plan to an IRA. And these don't apply
to everybody, right, everybody's situation is a little bit different.
But here's just an article. It's some general stuff to
kind of go through and think about it as you're
trying to make that decision. So number one is you
can continue your retirement savings. Right, So a lot of times,
(21:23):
you know, just because you're rolling over and to an
IRA doesn't mean you have to stop saving. If it's
a situation where you're fifty nine and a half and
so a lot of times that's a milestone. We see
for rolling over to an IRA. From an age perspective,
you can roll it over to an IRA and you
can still continue to contribute to your workplace retirement plan.
(21:47):
Or if you're over fifteen, maybe you're switching jobs or
something like that, right, you can roll over to an IRA,
but then you can continue to contribute to maybe your
your new workplace retirement plan and so, and you don't
need to be fifty nine and a half to roll
over to an IRA from a four to one K.
Typically that's just kind of for an in service if
you're working somewhere and you want to move it over,
(22:09):
but you want to keep adding to your current plan.
And for some people it makes a lot of sense.
And this is actually the fourth thing on my list,
so I'm jumping down a little bit. But to keep
it simple, right, if you're a younger person and you're
switching jobs, or maybe you've switched jobs a few times,
and you've got these four to one ks from when
you work somewhere for just a few years or ten
(22:31):
years ago or whatever it may be, just to try
to consolidate and get everything all one place can be
super helpful, right, especially once you have to take requirementium
distributions when you're seventy three. This is actually the number
five on the list. I kind of keep jumping ahead there,
but it's all kind of intertwined, right. You have to
start those requirement of distributions. If you have it all
(22:52):
in one ira or maybe even multiple or even multiple iras,
you just have to take one R and D because
you can aggregate them all together. If you have a
four to one K and an ira separately, you have
to take from each so you can't aggregate those r
and ds together. So it really just kind of helps
simplify your life in terms of having less accounts and
(23:13):
being able to eventually take those r and ds from
one place. And then another advantage along with the rm
ds is that you can do qcds or qualified charitable distributions,
and for anyone that's not sure, R and ds is
required minimum distributions. Oftentimes we talk about all the acronyms
we have, but requirement distributions begin when your age seventy
(23:35):
three or seventy five, depending on when you were born,
but at age starting at age seventy and a half, you
can do a qualified charitable distribution or a QCD if
you're charitably inclined, you can give money directly from your
IRA to a charity and not pay taxes on it.
A lot of times I do this with a lot
(23:55):
of clients, especially if they assuming they are charitably inclined.
Either you don't need your full arm D or you're
trying to get money out of your IRA and not
pay taxes on it, which is always a great thing
right and maybe you give money to church or a
charity or whatever it may be. It's a great way
to go, and you can only do them out of iras.
You can't do those qualified charitable distributions out of a
(24:18):
four oh one K. Second thing on the list, going
back up here, is you can avoid a tax hit
by doing the rollover. You know, if you're retiring and
you're looking to maybe rollover move your four oh one
K because you're you're done working, right, it can be
tempting to say, hey, you know, just send me to
send me the money, But if you roll it over
(24:38):
to a four to one K, you avoid that big
tax hit. And that's where working with financial professionals like us,
you're a creative planning. We do this all the time,
and so we we know the proper ways to do this,
whether it's a direct rollover or an indirect rollover. Indirect
rollover being where you get a check and then you
deposit it back into an IRA or direct or over
being from you know, your four provider to however the
(25:01):
custodians of your assets that we're managing. But by moving
that from the four one K to the IRA, you
avoid the tax hit of taking it all at once
from your former employer and the last one on here,
which can maybe even argue is the most important. You
can choose the investments that are right for you. You know,
by moving over to IRA, you really open up the
(25:23):
world of investments to yourself.
Speaker 3 (25:25):
Right.
Speaker 5 (25:25):
I've had clients where I look at their four one
ks and they maybe have six funds available, maybe they
have twenty or fifty funds available even but even then
you're you're stuck to whatever that is. Maybe you want
an international fund, but they only have one international fund
and it stinks. Well, if you still want international exposure,
you still have to use that fund. Rolling over to
in IRA, right, you get the professional management and expertise
(25:48):
of a team here created planning that's always watching the
markets and rebalancing for their clients and keeping an eye
on things, and you're opening up the world of ETFs
and mutual funds and stocks and bonds, you know, so
you can really pick just about anything out there from
an investment standpoints. You give yourself a ton of flexibility
and that really allows you to tailor the investments to
(26:09):
you and make sure they're right for you and your
goals that you're trying to achieve. So with that, I'll
throw it back to you, Jeff and Paul.
Speaker 1 (26:18):
Thanks Chauncey. Great to hear from Chauncey Wise and selling
Jeff Cowell on the retirement clinic here in WI. I said,
I'm Paul crown Forest. Your thoughts on rollovers and what
we just heard about.
Speaker 4 (26:28):
Sure, great reminders about Yeah, rollovers sort of interrupt you,
but lots of reasons to do rollovers.
Speaker 3 (26:35):
Pay attention to them. Don't ignore it.
Speaker 4 (26:36):
You can't set it and forget it, so make sure
you pay attention to it. See if doing a rollover
is the right thing for you. Paul, I want to
pivot onto something else too. This was and these are
things that we don't usually cover, but I found it
pretty interesting. This was in Kiplinger's retirement report that said,
be sure your life insurance is retirement ready life insurance?
(27:00):
How does that finit your retirement right? And there are
some points in here that I thought were really good.
As you approach or enter retirement, your financial life changes dramatically. However,
many people keep life insurance policies purchased decades ago without
any changes. There's two parts to that purchase decades ago,
so they already paid the acquisition charges their old policies.
(27:23):
The second part is without any changes. That's where you
need to pay attention. So it says review your old policies. First,
ask yourself, do you still need a life insurance policy
to protect your family, secure your estate, or fund your
charitable intentions.
Speaker 3 (27:38):
I still like.
Speaker 4 (27:39):
Even as people age, if you bought life insurance policy,
especially permanent life insurance policy years and years ago, I
like those.
Speaker 3 (27:47):
I kept all of mine.
Speaker 4 (27:49):
We don't need the life insurance to pay off debt
or anything else, but we may need it for US
state taxes or for some other reason, so we keep
the insurance policies around. Next, has your health deteriorated deteriorated?
If so, you may need to consider other options. If
you need to increase coverage. What's expiration data? Your term policies?
(28:13):
What's the dollar amount? Then analyze policy details. And this
is a key thing. Requests an enforce illustration for your
universal life, variable life, or whole life policies. In force
illustration basically tells you, like we talk about how long
is your money gonna last? How long is this policy
gonna last? Will it lasts the rest of your life?
(28:34):
Old whole life policies have dividend options. Make sure you
review those. Maybe you can reduce your payments with those dividends,
or you can reduce loans, verify if current writers are
still applicable, or adding new ones. Do you still have
kids policies at age sixty when your youngest kid is
(28:56):
thirty five? Now maybe not thirty Well, maybe when the
youngest kid is older than twenty Uh, they still need
the kids writers.
Speaker 3 (29:05):
Other things like that.
Speaker 4 (29:06):
If you if you're pouls, if you know if you're
policy no longer meet your needs, you can lower or
eliminate the premiums. You can do ten thirty five exchanges,
which is exchange from one insurance policy to another interurance policy.
We see that a lot when people are trying to
get long term care benefits, nursing, home, home health care,
assisted living, and using old life insurance policies to help
(29:30):
fund that.
Speaker 3 (29:30):
Great great way to do it.
Speaker 4 (29:32):
So again, be sure your life insurance is retirement ready.
Take a look at those old policies. Make sure you
check beneficiary. Make sure you don't have an expulse or
somebody as the beneficiary on your life insurance policies. That
we see it time and time again. Then that's one
of the things you change at work. You change your
(29:53):
four one K, but did you change your old life insurance?
Speaker 2 (29:56):
Oh that's a big one.
Speaker 1 (29:58):
That's where it's nice to have you that you know,
an advisor to gently remind you of life's big things
like that. Maybe it's a step child too, right, blended families,
there's a lot of things are falling out.
Speaker 2 (30:09):
Occurs or after a divorce. It's is it tragic and sad?
Speaker 1 (30:12):
Of course it is. But life happens. People die, divorce happens.
Life happens. So got to stap on those trusts.
Speaker 4 (30:21):
Yeah, yes, trusts on life insurance policy and beneficiary designations,
all those things. See if the insurance is still appropriate
for you in any end. Consult the financial professional that's
always the most proved way to make it form decisions.
Speaker 2 (30:35):
To do that.
Speaker 1 (30:35):
To reach out to creative planning call two six two
five two is great to hear from Chauncey.
Speaker 2 (30:41):
And then Jeff with your.
Speaker 1 (30:42):
Follow up after the break. We've got a lot coming up.
Any kind of little tease you'd like to give.
Speaker 4 (30:47):
Us, Sure your trust is out of date? How to
fix it? So if you have these old trusts, uh,
they were written for specific purpose years and years ago,
may not to plan.
Speaker 1 (31:00):
Now, that's good stuff. We just kind of alluded to that.
But we'll do a deeper dive as we continue with
Jeff Kowal. I'm Paul kron Force the Retirement Clinic Saturdays
at ten A and we'll be right back.
Speaker 2 (31:13):
The retirement Clinic on WISN.
Speaker 1 (31:15):
What do we talk about retirement of obviously, Jeff, is
the kind of the main theme every show on WISN.
But with creative planning, as we mentioned throughout the last
year or so, many many resources, including estate planning, and
you mentioned before the break you wanted to talk a
little bit about trust and sometimes people forget to change
(31:37):
those things as you alluded to with beneficiaries. Those are
important things you don't want to forget.
Speaker 3 (31:43):
That's right again.
Speaker 4 (31:45):
In our practice we address all areas of planning and
including the estate planning.
Speaker 3 (31:51):
This show is for everybody.
Speaker 4 (31:52):
This particular segment has always been for those with a
million dollars or more and will continue to be. So
what does that mean? Once you've accumulated some wealth? A
million dollars and more is a good starting point. I
want to accumulate some wealth. How do you preserve it?
Grow it, take income from it, and pass it on
to your airs or charities or whatever you want to
(32:14):
do with it. And a lot of times people say, well,
I don't have a million dollars, but if you have
a home, if you have a four to one k,
if you have other investments, you're probably over a million
dollars right away. If you inherit money, if you settle
a lawsuit, if you sell your business, if you retire,
these are all times that you'll have sudden wealth and
(32:34):
it could potentially be five million, ten million, twenty million
dollars or more. This segment is for you. This was
a Baron's article and your trust is out of date?
Speaker 3 (32:47):
How to fix it? Key points?
Speaker 4 (32:49):
And I'm gonna I'm go into more detail, give you
the thirty thousand foot look. At first, the key points
the one big Beautiful all permanently set federal estate tax
exemptions that fifteen million dollars for individuals and thirty million
dollars for couples, making many older trusts obsolete.
Speaker 3 (33:13):
You don't need them anymore.
Speaker 4 (33:15):
Second thing is older trust, such an AB trust, that
might trigger somebody's I have an AB trust, often contained
rigid language that restricts control for surviving spouses. The limitation
no longer justified by tax benefits. Again, things have changed
with the Big Beautiful Bill. I'll go through that, and
then reviewing trust is crucial for tax efficiency, for capital gains,
(33:39):
tax and other things. Let's start with this. If you're
planning 'spring cleaning soon, put trust reviews on your to
do list. Generous state tax exemptions made permanent in a
One Big Beautiful Bill Act last year, shields up to
thirty million dollars a wealth for couples. Once you've hit
thirty million dollars, the states face a forty percent federal
(34:00):
tax rate for anything above that threshold, so we have
some certainty on federal taxes. I think that's what a
lot of people appreciate that. You know, all through last
year people were saying, what do you do? Do we
need to do that? Do we need to make What
happens if they don't if Trump doesn't win, what happens
if all these things?
Speaker 3 (34:19):
Well, now we have certainty is state taxes and it's
made permanent.
Speaker 4 (34:25):
This is something interesting as recently as we talked about
thirty million dollar exemption. As recently as two thousand and nine,
the federalist state tax exemption was three and a half
million for an individual seven million. Now we're up to
thirty million. So these state taxes, I use it or
lose its system too. If you had a three and
a half million dollar exemption and you didn't have three
(34:47):
and a half million at that time, or you couldn't
use the exemption, you couldn't carry it forward. The surviving
spouse couldn't carry it forward. So changed the tax file
at policy eating years allows widows and widowers to access
their spouses unused exemptions. Now the more generous exemptions make
(35:09):
it worth revisiting these old trusts. Okay, Paul, what does
that mean? It means you each have a fifteen million
dollar exemption in the old days. If you didn't use
your fifteen million dollar exemption, you lost it and then
don wouldn't be able to use it. Now, what it
means is that if you use five million of your
(35:29):
fifteen million dollar exemption, your spouse can have the other
ten million that it can with proper documentation transfer, so
you could still have the thirty million dollar exemption.
Speaker 3 (35:41):
The old trusts, the old AB.
Speaker 4 (35:44):
Trust have rigid language limiting how widows and widowers can
control family money, and once the spouse died again, the
trust will be split to two parts. These trusts are outdated.
According to an elder law attorney in Michigan, Patrick Schmascow,
the trusts are outdated. There are so many rules and
(36:05):
regulations that that trust had the ab Trust that may
be worth binding your hands in the future. He said,
at the time the trade off was worth it. Today,
tax justification for creative trusts just doesn't exist.
Speaker 3 (36:21):
There. You just have to review it.
Speaker 4 (36:23):
And I think that's a key part of it, Paul,
that you make sure that. Look with most things, and
I've got a couple more things I want to address
it here, But like with most things, you don't set
it and forget it. State planning is one of those things.
Speaker 1 (36:36):
Well, I never heard of an ab trust, Jeff. I'm
going to be honest with you. As you're talking. I
go to Google, my good friend google for the AI
and it's just what you said. He's designated for married
couples to minimize federal estate taxes. But I've never heard
in all the years doing the show, I've never heard
of an ab trust.
Speaker 5 (36:54):
Yeah.
Speaker 4 (36:55):
But then back in the days, because the state tax
exemption was so low, you want to maximum as the
first spouse's death exemption so that you would load up
the first trust and then the rest we're going to
family trust. So again you don't have use to split,
have to split the to trust. It's just so much better.
Now the exemption amounts are higher, it's a lot better,
(37:17):
and a cost to create and document the annual costs
to maintain them, we're a lot higher. But now taking
assets out of the trust can you can also potentially
minimize capital gains because there's a capital gains tax benefit.
It's called step up and basis it's a little too
I don't want to get into it now. It may
(37:38):
take a little bit too long to do it now,
but basically says that if you paid a million dollars,
or if you paid one hundred thousand for apple stock,
it's worth a million dollars. Now, if you sold it,
you'd have to pay nine hundred thousand dollars in taxes
on nine hundred thousand of gain. If you pass away
the basis steps up to a million dollars wipes out
that tax. But if it's in a trust, you don't
(37:59):
get that benefit. So again, it makes sense to revisit
these old trusts. Makes sense to take a look at
your beneficials on the old trust, make sure everybody is
living and everybody is still on your good terms with you,
that you still want them as beneficiars of your estate.
Speaker 1 (38:16):
I mean, you laugh about it, but in all reality,
it's a pretty serious issue. If you just happen to
forget about, you know, making these changes. If you make them,
all is good, right, well.
Speaker 4 (38:27):
If the changes, but also with beneficiaries, somebody may have
fallen out of favor with you, might have upset you
for one reason or another. You hope it doesn't happen,
but again you mentioned earlier, Paul, life happens. Stuff like
that happens, and you just want to make sure you
review it for the trust provisions. You want to make
sure for beneficiary, make sure it still does what you
(38:47):
want to do. Creative Planning is great with that. Our
state Planning team is fantastic with that, and our clients
have really benefited from that. I love working with our
state planning team. That Creative Planning, that is so well said. Yeah,
we don't know the future.
Speaker 1 (39:01):
Family dynamics change often change when you don't think they will.
So good stuff as always when we come back, how
do you reach out?
Speaker 2 (39:09):
How do you talk to Creative Planning? How do you
get the ball rolling?
Speaker 1 (39:11):
If you have a retirement plan that needs help, or
you don't have any retirement plan. Stay tuned for The
Retirement Clinic with Jeff colewall On WI said wrapping up
today's Retirement Clinic for thanking you for joining us Monday
through Friday and the Creative Planning those market updates.
Speaker 2 (39:27):
Jeff Cowaal is here by the way.
Speaker 1 (39:29):
And I'm Paul crown Force during the Daniel Donald Show
three five pm News Blocks. Then Jeff, We're back next
Saturday at ten for this one hour show, The Retirement Clinic.
Great stuff today, Jeff, thank.
Speaker 4 (39:40):
You, Paul, and again Creative Planning expands our ability to
create wealth management, comprehensive wealth management everything under one roof
and the Wall Street Journal again named as best Ria.
Creative plan has been named the best RIA for comprehensive
wealth management. Give our office call two six five.
Speaker 3 (40:00):
Go to the.
Speaker 4 (40:00):
Retirement Clinic dot com that schedule time to meet with
one of our produciary advisors, always putting your interest first.
Speaker 3 (40:08):
Yeah.
Speaker 2 (40:08):
Congrats on the Wall Street Journal.
Speaker 1 (40:11):
Recognition as well the best RA for comprehensive wealth management.
We're back next Saturday, ten o'clock on the Retirement Clinic
once again with Jeff Cowal. I'm Paul kron Force. Go
to the Retirement Clinic dot com for more information. News
coming up next. This is WIST Milwaukee.
Speaker 6 (40:28):
Creative Planning was ranked by The Wall Street Journal's Buyside
as the best independent IRA for comprehensive wealth management in
February twenty twenty six. This ranking is not based on
any specific time period. The preceding program is furnished by
Creative Planning and SEC registered investment advisory firm. Creative Planning,
along with its affiliate United Capital Financial Advisors, currently manages
(40:49):
or advisors on a combined three hundred and twenty five
billion dollars in assets as of June thirtieth, twenty twenty four.
The host works for Creative Planning, and all opinions expressed
by the host and or their guests are so their
own and do not necessarily represent the opinion of Creative Planning.
The show is designed to be informational in nature and
does not constitute investment, tax, or legal advice. Different types
(41:09):
of investments involve varying degrees of risk, and there can
be no assurance that the future performance of any specific
investment or investment strategy, including those discussed on the show,
will be profitable or equal any historical performance levels. The
information contained herein has been obtained from sources deemed reliable,
but is not guaranteed. If you would like our help,
request to speak to an advisor by going to creative
(41:31):
Planning dot com. Creative Planning, tax and legal are separate
entities that must be engaged independently.
It's time for the retirement Clinic right here in wis
and welcome to the program hosted by Jeff Kowal with
Creative Planning, and I'm Paul kron Forest.
Speaker 2 (00:09):
We say good morning Jeff, Good morning Paul.
Speaker 3 (00:13):
How are you doing?
Speaker 2 (00:15):
Ready and raring to go?
Speaker 1 (00:17):
We got so much to do today joining us Chauncey
Wise and Cell with Creative Planning. As always we should
mention by way background for many, many years the Cowal
Investment Group. Jeff, it's been a very very very I
think smooth transition to Creative Planning, and something's working out
because you were recently recognized by the Wall Street Journal
(00:39):
by side as the best r I A registered what
does that stand for?
Speaker 3 (00:44):
Registered investment advisor, advisor firm.
Speaker 1 (00:47):
Yeah, yep for comprehensive wealth management. I mean, that's a
big honor, Jeff, it really.
Speaker 3 (00:52):
Is, really is so.
Speaker 4 (00:54):
A year and a half ago we joined Creative Planning,
Aaron and I, Eric Coohwaal and I did research on
number of different companies.
Speaker 3 (01:01):
We love our clients.
Speaker 4 (01:03):
We wanted to find a company that treated our clients
the way that we did for thirty seven years. Creative
Planning was just that, and we knew it was when
we went into it, and now the world knows because
Wall Street Journal byside recognized them Wall Street journal as
the best ARIA registered investment advisory firm for comprehensive wealth management,
(01:24):
and that highlights creative plannings, breathless services, comprehensive approach to
financial planning, and high client satisfaction, noting that Creative Planning
offers a more personalized experience compared to other financial advisory firms,
including pairing clients with dedicated fiduciary advisors.
Speaker 3 (01:43):
So there's my disclaimer.
Speaker 4 (01:45):
It's it's a great honor and really to be named
by Wall Street journalists again best RA for comprehensive wealth management,
and that was one of the things.
Speaker 3 (01:55):
We want to have everything under one rough.
Speaker 4 (01:58):
Estate planning, legal, tax's, insurance, UH investments, everything under one rough,
and we've accomplished that with Creative plan It has been
a great merger, great great partnership with them.
Speaker 1 (02:09):
Well done, Jeff and longtime listeners and for that matter,
longtime clients of you guys probably know nothing.
Speaker 2 (02:16):
You know here locally has changed.
Speaker 1 (02:17):
You're on Bluebound Road and Brookfield in Racine and Dellafield
Offices in Port Washington with Creative Planning. We have two
websites to give the Retirement Clinic dot com a lot
of info. Contact info in fact podcast of this very show,
or check out Creative Planning dot com. More importantly, personally,
if you want to speak to somebody, pick up that
(02:39):
phone locally with questions about your retirement plan. Two six
two five two two forty forty. Coming up in the
show today, we hear from Chauncey Wisensell. Right after the
first first break. He's talking about rollovers. Jeff, you've got
topics today on four oh one K plans. Sometimes people,
you know, it's like when do I get in? And
then you told me off the air, But when do
(03:00):
you get out of certain plans as well?
Speaker 3 (03:03):
Certain things?
Speaker 4 (03:04):
Yes, this I found a couple of items I thought
were pretty interesting. One to start retirement planning in your twenties,
and the second one is what if you have a
time share you can't get out of? So it was
an interesting one because involves disclaimers. It involves much more
than just the time share, so we'll get into that too,
(03:25):
but let's start with this. This was an investi Pedia article.
Adam Pelsano wrote this. It says, start retirement planning in
your twenties, easy steps, even if you're feeling lost. It's interesting, Paul,
you and I have been doing this for years. A
lot of our clients have been doing it for years
and years and years, and we think, well, everybody knows
(03:47):
about this, not so much, not necessarily so. The ARCLE says,
if you're a younger worker, retirement planning can feel overwhelming,
especially when you've barely begun your career.
Speaker 3 (04:01):
See, I think that's the important thing.
Speaker 4 (04:03):
You're you're more worried about your job and getting your
job right because it's your first job. Then about four
to one k's or insurance and everything else you have
to make decisions on.
Speaker 1 (04:13):
It's the last thing you're thinking about, Jeff, Really in
your twenties, as your retirement, it's so far off, which
is why you need somebody to remind you you should
really start contributing to that plan.
Speaker 3 (04:23):
Yep, yep.
Speaker 4 (04:24):
Well, he wrote in and said, I'm twenty two, have
zero idea what a four to one k even is,
to be quite honest. Besides as for retirement, but I
contributed five percent and five percent Player match make fifty
eight thousand dollars a year. Do I need to be
putting away more or less? Help and investor Pedius. Questions
(04:44):
like these are common, and the good news is that
the confusion is normal and completely fixable. First of all,
gets started. Four to one k's a tax advantage, define
contribution retirement plan. Let's stop right there. Define contribution old
defined benefit pension plans, the old defined benefit pension plans,
and they're still wrong with Bunispaltis and other government agencies
(05:08):
other places. But define benefit says they'll pay you one
thousand dollars a month, and then you have the fund
for that. A defined contribution plan says you put money
in and whatever you benefit you get out at the end.
It depends on how much money you put in. So
that's what a four to one K is. Once in roll,
you make contributions. Employers may make offering or maybe offer
(05:31):
matching contributions. And if you don't know how much you contribute,
you should at least contribute enough to snag your employer's match.
We've been saying that for a year since it's essentially
free money. For example, if you contribute five percent your
paycheck to your four one K and your employer match
is four percent, you'd see a nine percent overall contributions
(05:52):
for four to one K, the contribution limit this year
is twenty four five hundred dollars more. If you're fifty
or better to to thirty, about thirty two five hundred
is where there is no difference between starting at four
to one kh twenty two versus one you're older. Compound
interest process of earning interest on your interest accelerates dramatically
(06:14):
the longer you stay invested. Next one says, starting at
twenty two means each dollar means more traditional versus four
versus ROTH. Employers typically offer two kinds. Either traditional where
contributions are made pre tax, so reducing your taxable income,
(06:34):
but you do have to pay taxes sometime in the future,
so you have to be aware of that too. The
other time is WROTH. For h one K, contributions are
made with after tax dollars, so there's no tax benefit,
but it grows tax free forever, and that is a
huge benefit if you're a younger employer your income hasn't peaked.
(06:58):
I think for a lot of people, the ROTH makes
a lot of sense because right now we're in the
lowest tax bracket possible. Why not make ROTH contributions, pay
the taxes, now have a grow tax free for ten
twenty forty years and then into retirement. So basically the
article says, get started right away, but at least as
(07:20):
much as the company matches, and then go from there.
And if you have to make a choice between the
traditional four oh one K and the roths, I like
the roths, but everybody's different, So you know, talk to
an advisor, give our office a call. We'd be happy
to help you with making decision on those.
Speaker 1 (07:36):
And understanding the basic difference Jeff of a traditional four
oh one K versus the WROTH. Take thirty seconds and
just explain it in layman's terms, because it's a big difference.
Speaker 4 (07:48):
Sure, the traditional you get. So if you make one
hundred thousand dollars a year, you put ten thousand dollars
into four oh one K, you're only paying taxes on
ninety thousand dollars. That ten thousand goes into the four
OIK along with the company. The key is, at some
time in the future you're gonna have to pay tax
on that. You didn't pay tax on an upfront, you'll
have to pay tax on it later. If in a
(08:09):
wroth for one K. If you make one hundred thousand dollars,
you pay taxes on one hundred thousand dollars of income.
If you put ten thousand dollars into the wroth for
a one K, you don't get a tax benefit on
up front, but you've already paid taxes. Government's already gotten
their money, so it grows tax free forever, and all
the interest is tax.
Speaker 1 (08:27):
When I take out of that wroth, then I am
not taxed on that money.
Speaker 2 (08:30):
Correct when I withdraw.
Speaker 4 (08:33):
Exactly There are some restrictions and time you have to
have it in there and that, but for the most
part that's exactly right, especially if you're over fifty nine
and a half. No penalties, no taxes, it's all Especially
we you know, we like for one case, especially for
our clients that are getting up there in age, because
the people who inherit their money are likely to be
(08:55):
at the peak of their income. If you're eighty five
is an example. Your kid might be sixty, they're at
the peak of their income. If you pass away at
eighty five, it goes tax free to them at the peak.
Speaker 3 (09:07):
Of their income. It's a great benefit.
Speaker 4 (09:09):
Love Roth conversions Love Roth iras. The great benefit having
as much money as you can into your roth iras
and roth four o one case.
Speaker 2 (09:19):
It really makes sense to think that through.
Speaker 1 (09:21):
And if you're in a traditional four to one k
ask right walk into HR or whoever the powers are
being at your employer and see if they can offer
the wroth. You've talked about that before, Jeff, and it's
really good information you have.
Speaker 2 (09:34):
If anybody has a question about this stuff off.
Speaker 1 (09:36):
The air two six two five two two forty forty
to reach out to any advisor at Creative Planning. Jeff
Cowall as a host today for the Retirement Clinic, and
I'm Paula kron Forest and one of the I just
jotted it down.
Speaker 3 (09:49):
Jeff.
Speaker 1 (09:50):
You mentioned compound interesting, the common interest, I'm sorry, the
compounding of interest. And there I quote Seinfeld again because tanzas.
Speaker 2 (09:59):
In No, it's an amazing thing. Jerry. You don't do anything.
You put the money in there.
Speaker 1 (10:04):
It is years later and it made your money, which
is the whole point of saving in your retirement plan.
Speaker 4 (10:10):
So exactly, and you know, coding Seinfeld is just fine
because there's a lot of wisdom in there. Yes, and
so yeah, that's the first one the younger you do it, though,
especially when you're younger, it makes sense for you to
be more growth oriented because you had a long time
to absorb the ups and downs of the markets.
Speaker 3 (10:27):
Yeah.
Speaker 1 (10:28):
And the guy that said that, by the way, Jeff
was Castanz and he was referring to his bonds. He
put savings bonds as a kid and forgot about them.
I think a lot of people do that when they're kids,
and it's just kind of one of those things you forget.
He wasn't even talking about a four to one k
plan because he never had a job right on the show,
so there was.
Speaker 2 (10:46):
Humor in that. Okay, now we get back to retirement talk.
Speaker 4 (10:49):
Yeah, let's think let's talk about market Watch. It this again.
This article is more about disclaimers, or as much about
disclaimers as it is about time shares, but but applicable
many things.
Speaker 3 (11:01):
Market Watch article.
Speaker 4 (11:04):
Quintin Patrell is the author of that selling will be
very difficult process.
Speaker 3 (11:09):
My mom ninety three.
Speaker 4 (11:12):
Owns a time share in Florida. How can I disclaim
this inheritance? If the rite into market Watch and he says,
I want to address this issue proactively. It's really a
great topic because it's not just a timeshare issue. It
says Florida. They have a Florida timeshare they'd like to
(11:33):
be selling it. I will become the executor of the trust.
I want to address this issue proactively before it becomes
urgent upon her death. I'm concerned about whether family members,
none of whom want the time share, will be responsible
for it, or if they can formally disclaim it. Can
we legally reject the inheritance reject the time share? Is
(11:55):
there a specific time frame which a declaimer disclaimer must
be filed for a time share? If all the earth
disclaimed as a trust remain responsible for the property? Just
I think a couple of really good questions, and it
probably applies to more property and just time shares. But
the answer, it says, dear son, because it's the son
of the mom who has the time share.
Speaker 3 (12:16):
Right.
Speaker 4 (12:17):
The sort of timeshare sounds like out of date cheese
with bad odor. Oh yikes, Ye, give it your appetite
for it's very disposive and now rather than leave it
laying around the kitchen for months and even years, assuming
your mother contains to live long and hopefully a healthy life,
but be proactive. Good news is that there's a lot
you can do. For that reason, leaving it in your
(12:39):
family trust is not a good idea. The trustee would
be tasked with paying the maintenance, homeowner fees, property taxes,
HWA fees, and other costs associated with the upkey. The
trustee would also be tasked with trying to sell it.
The global timeshare industry is worth about thirty five billion dollars.
(13:00):
Maintenance fee has doubled since twenty twenty to more than
fifteen hundred dollars a year. The article goes on and say,
first thing you should do is check the contract. Does
the contract terminate with her death? If so, great, not
that she dies, but great that the contract terminates. Even better,
cut out the trust and family members and simply designate
(13:22):
the timeshare company or resort association or developer as the beneficiary.
So put bluntly, make them the beneficiaries.
Speaker 3 (13:32):
They could.
Speaker 4 (13:34):
But if you disclaim inheritance, here's the problem. The trust
still owns it, so you disc disclaim it to somebody
else in the trust that's another family member or somebody else.
So if you disclaim it, it goes to the next deadline,
so you're still stuck with it.
Speaker 2 (13:49):
Yeah, that's that's what they're saying.
Speaker 1 (13:51):
That's the whole point of the trust though, right, I
mean it's yeah.
Speaker 4 (13:56):
It says even disclaiming comes with complications. When disclaiming timeshare
and an inheritance or refusal must be writing some men
within a specific time period, usually nine months after the
deceed's death. The person disclaiming must not have accepted any
benefit from the asset before disclaiming it. You can't say,
(14:17):
all right, we can give it back to them and
they'll give us five hundred dollars for it.
Speaker 3 (14:20):
H It doesn't work that way.
Speaker 4 (14:22):
If if you get anything for it, it's not a
complete disclaimer, you might be on the hook for something.
Timeshares are often criticize it for poor investments, but they
can be cost effective for families who use them regularly
generally want to go back to the same place year
after year and have they trade their time share points.
(14:43):
You can trade them around the world. Others are not
so keen on timeshares. Market for timeshares very limited. Handful
of websites where you can list your timeshare for sale
or attempt to rent it out your weeks and it
just says it's pretty difficult there's not a huge market
for it, and very difficult to even walk away with
your fraction, a small fraction of the original purchase price.
(15:08):
We run into this, Paul, every once in a while.
Disclaimer is more than timeshares. Timeshares once in a while,
but mostly disclaimers where Dad Mom are named as beneficiaries
on grandma, Grandpa's will or a piece of property or something.
We've got enough already. What can we do if we
(15:30):
get that? It complicates our state, it makes our state larger.
We're going to have to pass on to the kids anyway,
who's the next in line? If we pass away or
if we disclaim this, who does it go to? So
if it goes to people that you wanted to go to,
disclaiming can be very valuable. So you just disclaim it
(15:50):
to a kid who you'd want to get it anyway.
So it's just a planning technique that I think makes
a lot of sense called disclaiming. It's not just for
time shares. But yeah, I mean, you hear about type
shares all the time, right.
Speaker 2 (16:08):
I mean, I've thought about there's there's.
Speaker 1 (16:12):
No no The only Seinfeld in with Florida was it
del Buka Vista where they talk about the retirement community,
which would not be the villages if Seinfeld were today.
First off, if Seinfeld were on today, they wouldn't allow it.
Speaker 3 (16:25):
Jeff.
Speaker 2 (16:25):
It's way too politically incorrect for modern day.
Speaker 3 (16:29):
T Yeah, you're right, it is.
Speaker 1 (16:31):
Jerry said that himself. That being said, it's it's very
successful because it runs every day on TV, it's on Netflix.
Speaker 2 (16:38):
I think they did something right. Yeah, it's called humor. Right,
it's funny stuff. Hey, Jeff, well.
Speaker 3 (16:45):
Just back this one last thing in here.
Speaker 4 (16:47):
Trust would be responsible, So don't so dispose of that
cheese now the time share. Don't wait for the trust
to have to do it later on.
Speaker 2 (16:54):
Throw out the cheese before it gets smelly. Yep, stinky cheese,
Jeff co.
Speaker 1 (17:00):
While on WIS and the Retirement Clinic, questions go right
to two six to two five to two forty forty.
That's where creative planning can be found. Two six two
five two two forty forty Jeff. The website the Retirement
Clinic dot com is also a great resource. And your
advisors do not mind at all if listeners call from WIS.
Speaker 4 (17:22):
In No, absolutely not, and you can schedule time We
talked about we're already a third or fourth of the
way through the year, and you know, especially in January February,
you have the best intentions of cleaning things up for
the new year and making sure that you get on
the schedule and do something. This is the time to
do it. We're a third of the way through the
year already. Give our office a call two six two
(17:43):
five two two forty forty go to the Retirement Clinic
dot com. Schedule appointment with one of our fiduciary advisors.
The creative planning process is excellent. We do what's called
a vision builder, which is a cash flow projection. So
if you're not sure that you have enough money less
the rest of your life, it's a great way to
get started and see if in fact you're close to
(18:04):
or if you have enough my last the rest of
your life.
Speaker 3 (18:08):
We also look at the state plan.
Speaker 4 (18:10):
We look at all aspects, taxes, the investments, all aspects
of your retirement planning, investments and your financial life. So
a schedule appointment gets started now, because if you don't
you put it off now'd be later in the year
and you're gonna think, you know it was had I
started in January i'd be done by now.
Speaker 3 (18:28):
Yeah.
Speaker 4 (18:30):
The other thing, Paul, is that I'm sorry, go ahead
that procrastination.
Speaker 1 (18:34):
I was just going to say, don't practice procrastinate because
it's easy to do unless you have a deadline. Taxes
are deadline, so we always put it off as long
as we possibly can.
Speaker 2 (18:43):
You should not do that in this regard.
Speaker 3 (18:46):
That's right.
Speaker 4 (18:46):
The other thing is that we do daily business reports
on WIS and Dan o'donald. Show it three o'clock at
five o'clock News Blocks. You'll hear our phone number, you'll
hear you'll create a planning dot com.
Speaker 3 (18:59):
Use that as a way.
Speaker 4 (19:00):
To jog your memory that you were going to go
ahead and call and do something about it. Three o'clock
at five o'clock News Blocks will give you an idea
what's going on in the market, what's driving the market
up and down that particular day. Does they have something
to do with the war, Does they have something to
do with corporate earnings or interest rates? What's driving the
market up or down that particular day. We'll wrap it
up with the dollar, the S and P five hundred
(19:22):
and Nasdaq. Every day three o'clock at five o'clock News
Blocks dani O'donald's show on the afternoon show.
Speaker 2 (19:29):
And also Saturdays each week at ten o'clock.
Speaker 1 (19:32):
This is the Retirement Clinic, and again kudos to everybody
at Creative Planning, named and recognized by the Wall Street
Journal as the best ria for comprehensive wealth management. Good stuff, Jeff,
after the break, we got Chauncey coming up. Who's going
to do about a six minute little segment that will
respond to But he's going to be talking today about rollovers, I.
Speaker 4 (19:53):
Believe, Yeah, reasons to do rollovers and perhaps if he
has time, he'll get into about requirement of distributions from
those as well. So great segment and when we come
back right to talk about see if your life insurance
is retirement ready.
Speaker 2 (20:09):
That's all ahead of us.
Speaker 1 (20:10):
Chauncey right after the break, and then Jeff colewhill as
the Retirement Clinic continues. I'm Paul cron forst I News
talking eleven thirty. Wisn you get.
Speaker 5 (20:18):
The call what I was hoping to talk about here
today or what I was going to talk about here today?
As an article from ed Slott's ed Slott and his
company largely regarded in our industry as some of the
top experts on IRA's in the country, and what I
found today was an article titled five reasons to roll
over your retirement funds to an IRA. A lot of
(20:39):
times when clients come to us, they've kind of already
probably made that decision to move over from a four
oh one K or a four to H three B
or some type of workplace retirement plan to an IRA,
but it's still certainly something that you want to give
consideration to. And we talk quite frequently with clients about
(20:59):
and so we've got five reasons here on why you
should move over your four oh one K or any
workplace retirement plan to an IRA. And these don't apply
to everybody, right, everybody's situation is a little bit different.
But here's just an article. It's some general stuff to
kind of go through and think about it as you're
trying to make that decision. So number one is you
can continue your retirement savings. Right, So a lot of times,
(21:23):
you know, just because you're rolling over and to an
IRA doesn't mean you have to stop saving. If it's
a situation where you're fifty nine and a half and
so a lot of times that's a milestone. We see
for rolling over to an IRA. From an age perspective,
you can roll it over to an IRA and you
can still continue to contribute to your workplace retirement plan.
(21:47):
Or if you're over fifteen, maybe you're switching jobs or
something like that, right, you can roll over to an IRA,
but then you can continue to contribute to maybe your
your new workplace retirement plan and so, and you don't
need to be fifty nine and a half to roll
over to an IRA from a four to one K.
Typically that's just kind of for an in service if
you're working somewhere and you want to move it over,
(22:09):
but you want to keep adding to your current plan.
And for some people it makes a lot of sense.
And this is actually the fourth thing on my list,
so I'm jumping down a little bit. But to keep
it simple, right, if you're a younger person and you're
switching jobs, or maybe you've switched jobs a few times,
and you've got these four to one ks from when
you work somewhere for just a few years or ten
(22:31):
years ago or whatever it may be, just to try
to consolidate and get everything all one place can be
super helpful, right, especially once you have to take requirementium
distributions when you're seventy three. This is actually the number
five on the list. I kind of keep jumping ahead there,
but it's all kind of intertwined, right. You have to
start those requirement of distributions. If you have it all
(22:52):
in one ira or maybe even multiple or even multiple iras,
you just have to take one R and D because
you can aggregate them all together. If you have a
four to one K and an ira separately, you have
to take from each so you can't aggregate those r
and ds together. So it really just kind of helps
simplify your life in terms of having less accounts and
(23:13):
being able to eventually take those r and ds from
one place. And then another advantage along with the rm
ds is that you can do qcds or qualified charitable distributions,
and for anyone that's not sure, R and ds is
required minimum distributions. Oftentimes we talk about all the acronyms
we have, but requirement distributions begin when your age seventy
(23:35):
three or seventy five, depending on when you were born,
but at age starting at age seventy and a half, you
can do a qualified charitable distribution or a QCD if
you're charitably inclined, you can give money directly from your
IRA to a charity and not pay taxes on it.
A lot of times I do this with a lot
(23:55):
of clients, especially if they assuming they are charitably inclined.
Either you don't need your full arm D or you're
trying to get money out of your IRA and not
pay taxes on it, which is always a great thing
right and maybe you give money to church or a
charity or whatever it may be. It's a great way
to go, and you can only do them out of iras.
You can't do those qualified charitable distributions out of a
(24:18):
four oh one K. Second thing on the list, going
back up here, is you can avoid a tax hit
by doing the rollover. You know, if you're retiring and
you're looking to maybe rollover move your four oh one
K because you're you're done working, right, it can be
tempting to say, hey, you know, just send me to
send me the money, But if you roll it over
(24:38):
to a four to one K, you avoid that big
tax hit. And that's where working with financial professionals like us,
you're a creative planning. We do this all the time,
and so we we know the proper ways to do this,
whether it's a direct rollover or an indirect rollover. Indirect
rollover being where you get a check and then you
deposit it back into an IRA or direct or over
being from you know, your four provider to however the
(25:01):
custodians of your assets that we're managing. But by moving
that from the four one K to the IRA, you
avoid the tax hit of taking it all at once
from your former employer and the last one on here,
which can maybe even argue is the most important. You
can choose the investments that are right for you. You know,
by moving over to IRA, you really open up the
(25:23):
world of investments to yourself.
Speaker 3 (25:25):
Right.
Speaker 5 (25:25):
I've had clients where I look at their four one
ks and they maybe have six funds available, maybe they
have twenty or fifty funds available even but even then
you're you're stuck to whatever that is. Maybe you want
an international fund, but they only have one international fund
and it stinks. Well, if you still want international exposure,
you still have to use that fund. Rolling over to
in IRA, right, you get the professional management and expertise
(25:48):
of a team here created planning that's always watching the
markets and rebalancing for their clients and keeping an eye
on things, and you're opening up the world of ETFs
and mutual funds and stocks and bonds, you know, so
you can really pick just about anything out there from
an investment standpoints. You give yourself a ton of flexibility
and that really allows you to tailor the investments to
(26:09):
you and make sure they're right for you and your
goals that you're trying to achieve. So with that, I'll
throw it back to you, Jeff and Paul.
Speaker 1 (26:18):
Thanks Chauncey. Great to hear from Chauncey Wise and selling
Jeff Cowell on the retirement clinic here in WI. I said,
I'm Paul crown Forest. Your thoughts on rollovers and what
we just heard about.
Speaker 4 (26:28):
Sure, great reminders about Yeah, rollovers sort of interrupt you,
but lots of reasons to do rollovers.
Speaker 3 (26:35):
Pay attention to them. Don't ignore it.
Speaker 4 (26:36):
You can't set it and forget it, so make sure
you pay attention to it. See if doing a rollover
is the right thing for you. Paul, I want to
pivot onto something else too. This was and these are
things that we don't usually cover, but I found it
pretty interesting. This was in Kiplinger's retirement report that said,
be sure your life insurance is retirement ready life insurance?
(27:00):
How does that finit your retirement right? And there are
some points in here that I thought were really good.
As you approach or enter retirement, your financial life changes dramatically. However,
many people keep life insurance policies purchased decades ago without
any changes. There's two parts to that purchase decades ago,
so they already paid the acquisition charges their old policies.
(27:23):
The second part is without any changes. That's where you
need to pay attention. So it says review your old policies. First,
ask yourself, do you still need a life insurance policy
to protect your family, secure your estate, or fund your
charitable intentions.
Speaker 3 (27:38):
I still like.
Speaker 4 (27:39):
Even as people age, if you bought life insurance policy,
especially permanent life insurance policy years and years ago, I
like those.
Speaker 3 (27:47):
I kept all of mine.
Speaker 4 (27:49):
We don't need the life insurance to pay off debt
or anything else, but we may need it for US
state taxes or for some other reason, so we keep
the insurance policies around. Next, has your health deteriorated deteriorated?
If so, you may need to consider other options. If
you need to increase coverage. What's expiration data? Your term policies?
(28:13):
What's the dollar amount? Then analyze policy details. And this
is a key thing. Requests an enforce illustration for your
universal life, variable life, or whole life policies. In force
illustration basically tells you, like we talk about how long
is your money gonna last? How long is this policy
gonna last? Will it lasts the rest of your life?
(28:34):
Old whole life policies have dividend options. Make sure you
review those. Maybe you can reduce your payments with those dividends,
or you can reduce loans, verify if current writers are
still applicable, or adding new ones. Do you still have
kids policies at age sixty when your youngest kid is
(28:56):
thirty five? Now maybe not thirty Well, maybe when the
youngest kid is older than twenty Uh, they still need
the kids writers.
Speaker 3 (29:05):
Other things like that.
Speaker 4 (29:06):
If you if you're pouls, if you know if you're
policy no longer meet your needs, you can lower or
eliminate the premiums. You can do ten thirty five exchanges,
which is exchange from one insurance policy to another interurance policy.
We see that a lot when people are trying to
get long term care benefits, nursing, home, home health care,
assisted living, and using old life insurance policies to help
(29:30):
fund that.
Speaker 3 (29:30):
Great great way to do it.
Speaker 4 (29:32):
So again, be sure your life insurance is retirement ready.
Take a look at those old policies. Make sure you
check beneficiary. Make sure you don't have an expulse or
somebody as the beneficiary on your life insurance policies. That
we see it time and time again. Then that's one
of the things you change at work. You change your
(29:53):
four one K, but did you change your old life insurance?
Speaker 2 (29:56):
Oh that's a big one.
Speaker 1 (29:58):
That's where it's nice to have you that you know,
an advisor to gently remind you of life's big things
like that. Maybe it's a step child too, right, blended families,
there's a lot of things are falling out.
Speaker 2 (30:09):
Occurs or after a divorce. It's is it tragic and sad?
Speaker 1 (30:12):
Of course it is. But life happens. People die, divorce happens.
Life happens. So got to stap on those trusts.
Speaker 4 (30:21):
Yeah, yes, trusts on life insurance policy and beneficiary designations,
all those things. See if the insurance is still appropriate
for you in any end. Consult the financial professional that's
always the most proved way to make it form decisions.
Speaker 2 (30:35):
To do that.
Speaker 1 (30:35):
To reach out to creative planning call two six two
five two is great to hear from Chauncey.
Speaker 2 (30:41):
And then Jeff with your.
Speaker 1 (30:42):
Follow up after the break. We've got a lot coming up.
Any kind of little tease you'd like to give.
Speaker 4 (30:47):
Us, Sure your trust is out of date? How to
fix it? So if you have these old trusts, uh,
they were written for specific purpose years and years ago,
may not to plan.
Speaker 1 (31:00):
Now, that's good stuff. We just kind of alluded to that.
But we'll do a deeper dive as we continue with
Jeff Kowal. I'm Paul kron Force the Retirement Clinic Saturdays
at ten A and we'll be right back.
Speaker 2 (31:13):
The retirement Clinic on WISN.
Speaker 1 (31:15):
What do we talk about retirement of obviously, Jeff, is
the kind of the main theme every show on WISN.
But with creative planning, as we mentioned throughout the last
year or so, many many resources, including estate planning, and
you mentioned before the break you wanted to talk a
little bit about trust and sometimes people forget to change
(31:37):
those things as you alluded to with beneficiaries. Those are
important things you don't want to forget.
Speaker 3 (31:43):
That's right again.
Speaker 4 (31:45):
In our practice we address all areas of planning and
including the estate planning.
Speaker 3 (31:51):
This show is for everybody.
Speaker 4 (31:52):
This particular segment has always been for those with a
million dollars or more and will continue to be. So
what does that mean? Once you've accumulated some wealth? A
million dollars and more is a good starting point. I
want to accumulate some wealth. How do you preserve it?
Grow it, take income from it, and pass it on
to your airs or charities or whatever you want to
(32:14):
do with it. And a lot of times people say, well,
I don't have a million dollars, but if you have
a home, if you have a four to one k,
if you have other investments, you're probably over a million
dollars right away. If you inherit money, if you settle
a lawsuit, if you sell your business, if you retire,
these are all times that you'll have sudden wealth and
(32:34):
it could potentially be five million, ten million, twenty million
dollars or more. This segment is for you. This was
a Baron's article and your trust is out of date?
Speaker 3 (32:47):
How to fix it? Key points?
Speaker 4 (32:49):
And I'm gonna I'm go into more detail, give you
the thirty thousand foot look. At first, the key points
the one big Beautiful all permanently set federal estate tax
exemptions that fifteen million dollars for individuals and thirty million
dollars for couples, making many older trusts obsolete.
Speaker 3 (33:13):
You don't need them anymore.
Speaker 4 (33:15):
Second thing is older trust, such an AB trust, that
might trigger somebody's I have an AB trust, often contained
rigid language that restricts control for surviving spouses. The limitation
no longer justified by tax benefits. Again, things have changed
with the Big Beautiful Bill. I'll go through that, and
then reviewing trust is crucial for tax efficiency, for capital gains,
(33:39):
tax and other things. Let's start with this. If you're
planning 'spring cleaning soon, put trust reviews on your to
do list. Generous state tax exemptions made permanent in a
One Big Beautiful Bill Act last year, shields up to
thirty million dollars a wealth for couples. Once you've hit
thirty million dollars, the states face a forty percent federal
(34:00):
tax rate for anything above that threshold, so we have
some certainty on federal taxes. I think that's what a
lot of people appreciate that. You know, all through last
year people were saying, what do you do? Do we
need to do that? Do we need to make What
happens if they don't if Trump doesn't win, what happens
if all these things?
Speaker 3 (34:19):
Well, now we have certainty is state taxes and it's
made permanent.
Speaker 4 (34:25):
This is something interesting as recently as we talked about
thirty million dollar exemption. As recently as two thousand and nine,
the federalist state tax exemption was three and a half
million for an individual seven million. Now we're up to
thirty million. So these state taxes, I use it or
lose its system too. If you had a three and
a half million dollar exemption and you didn't have three
(34:47):
and a half million at that time, or you couldn't
use the exemption, you couldn't carry it forward. The surviving
spouse couldn't carry it forward. So changed the tax file
at policy eating years allows widows and widowers to access
their spouses unused exemptions. Now the more generous exemptions make
(35:09):
it worth revisiting these old trusts. Okay, Paul, what does
that mean? It means you each have a fifteen million
dollar exemption in the old days. If you didn't use
your fifteen million dollar exemption, you lost it and then
don wouldn't be able to use it. Now, what it
means is that if you use five million of your
(35:29):
fifteen million dollar exemption, your spouse can have the other
ten million that it can with proper documentation transfer, so
you could still have the thirty million dollar exemption.
Speaker 3 (35:41):
The old trusts, the old AB.
Speaker 4 (35:44):
Trust have rigid language limiting how widows and widowers can
control family money, and once the spouse died again, the
trust will be split to two parts. These trusts are outdated.
According to an elder law attorney in Michigan, Patrick Schmascow,
the trusts are outdated. There are so many rules and
(36:05):
regulations that that trust had the ab Trust that may
be worth binding your hands in the future. He said,
at the time the trade off was worth it. Today,
tax justification for creative trusts just doesn't exist.
Speaker 3 (36:21):
There. You just have to review it.
Speaker 4 (36:23):
And I think that's a key part of it, Paul,
that you make sure that. Look with most things, and
I've got a couple more things I want to address
it here, But like with most things, you don't set
it and forget it. State planning is one of those things.
Speaker 1 (36:36):
Well, I never heard of an ab trust, Jeff. I'm
going to be honest with you. As you're talking. I
go to Google, my good friend google for the AI
and it's just what you said. He's designated for married
couples to minimize federal estate taxes. But I've never heard
in all the years doing the show, I've never heard
of an ab trust.
Speaker 5 (36:54):
Yeah.
Speaker 4 (36:55):
But then back in the days, because the state tax
exemption was so low, you want to maximum as the
first spouse's death exemption so that you would load up
the first trust and then the rest we're going to
family trust. So again you don't have use to split,
have to split the to trust. It's just so much better.
Now the exemption amounts are higher, it's a lot better,
(37:17):
and a cost to create and document the annual costs
to maintain them, we're a lot higher. But now taking
assets out of the trust can you can also potentially
minimize capital gains because there's a capital gains tax benefit.
It's called step up and basis it's a little too
I don't want to get into it now. It may
(37:38):
take a little bit too long to do it now,
but basically says that if you paid a million dollars,
or if you paid one hundred thousand for apple stock,
it's worth a million dollars. Now, if you sold it,
you'd have to pay nine hundred thousand dollars in taxes
on nine hundred thousand of gain. If you pass away
the basis steps up to a million dollars wipes out
that tax. But if it's in a trust, you don't
(37:59):
get that benefit. So again, it makes sense to revisit
these old trusts. Makes sense to take a look at
your beneficials on the old trust, make sure everybody is
living and everybody is still on your good terms with you,
that you still want them as beneficiars of your estate.
Speaker 1 (38:16):
I mean, you laugh about it, but in all reality,
it's a pretty serious issue. If you just happen to
forget about, you know, making these changes. If you make them,
all is good, right, well.
Speaker 4 (38:27):
If the changes, but also with beneficiaries, somebody may have
fallen out of favor with you, might have upset you
for one reason or another. You hope it doesn't happen,
but again you mentioned earlier, Paul, life happens. Stuff like
that happens, and you just want to make sure you
review it for the trust provisions. You want to make
sure for beneficiary, make sure it still does what you
(38:47):
want to do. Creative Planning is great with that. Our
state Planning team is fantastic with that, and our clients
have really benefited from that. I love working with our
state planning team. That Creative Planning, that is so well said. Yeah,
we don't know the future.
Speaker 1 (39:01):
Family dynamics change often change when you don't think they will.
So good stuff as always when we come back, how
do you reach out?
Speaker 2 (39:09):
How do you talk to Creative Planning? How do you
get the ball rolling?
Speaker 1 (39:11):
If you have a retirement plan that needs help, or
you don't have any retirement plan. Stay tuned for The
Retirement Clinic with Jeff colewall On WI said wrapping up
today's Retirement Clinic for thanking you for joining us Monday
through Friday and the Creative Planning those market updates.
Speaker 2 (39:27):
Jeff Cowaal is here by the way.
Speaker 1 (39:29):
And I'm Paul crown Force during the Daniel Donald Show
three five pm News Blocks. Then Jeff, We're back next
Saturday at ten for this one hour show, The Retirement Clinic.
Great stuff today, Jeff, thank.
Speaker 4 (39:40):
You, Paul, and again Creative Planning expands our ability to
create wealth management, comprehensive wealth management everything under one roof
and the Wall Street Journal again named as best Ria.
Creative plan has been named the best RIA for comprehensive
wealth management. Give our office call two six five.
Speaker 3 (40:00):
Go to the.
Speaker 4 (40:00):
Retirement Clinic dot com that schedule time to meet with
one of our produciary advisors, always putting your interest first.
Speaker 3 (40:08):
Yeah.
Speaker 2 (40:08):
Congrats on the Wall Street Journal.
Speaker 1 (40:11):
Recognition as well the best RA for comprehensive wealth management.
We're back next Saturday, ten o'clock on the Retirement Clinic
once again with Jeff Cowal. I'm Paul kron Force. Go
to the Retirement Clinic dot com for more information. News
coming up next. This is WIST Milwaukee.
Speaker 6 (40:28):
Creative Planning was ranked by The Wall Street Journal's Buyside
as the best independent IRA for comprehensive wealth management in
February twenty twenty six. This ranking is not based on
any specific time period. The preceding program is furnished by
Creative Planning and SEC registered investment advisory firm. Creative Planning,
along with its affiliate United Capital Financial Advisors, currently manages
(40:49):
or advisors on a combined three hundred and twenty five
billion dollars in assets as of June thirtieth, twenty twenty four.
The host works for Creative Planning, and all opinions expressed
by the host and or their guests are so their
own and do not necessarily represent the opinion of Creative Planning.
The show is designed to be informational in nature and
does not constitute investment, tax, or legal advice. Different types
(41:09):
of investments involve varying degrees of risk, and there can
be no assurance that the future performance of any specific
investment or investment strategy, including those discussed on the show,
will be profitable or equal any historical performance levels. The
information contained herein has been obtained from sources deemed reliable,
but is not guaranteed. If you would like our help,
request to speak to an advisor by going to creative
(41:31):
Planning dot com. Creative Planning, tax and legal are separate
entities that must be engaged independently.
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