July 11, 2026 • 40 mins
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Speaker 1 (00:00):
It's News Talk eleven, WI said. The Retirement Clinic, hosted
today by Aaron Kowal, is on the air every Saturday
morning at ten o'clock with Aaron. I'm Paul Krown Force.
Good morning to you.
Speaker 2 (00:13):
Aaron, Good morning, Paul. How you doing.
Speaker 1 (00:18):
I am excellent, excellent, excellent, love talking to you about
retirement planning, which is what we do in the show
with different twists. Creative Planning dot com for more information
or the Retirement Clinic which has been on since two
thousand and one with the COO Wal Investment Group. Now, Aaron,
you join forces with Creative Planning, and that's that's a
(00:39):
mighty force you guys have.
Speaker 2 (00:42):
Oh it really is. You know, we are choosing partners
to work with. Creative Planning stood out every talk about
it every every week that I do this. We have
everything in house from taxes, we can do your tax prep,
we can do your step planning, business succession planning, we
(01:05):
can do four when k's we're creative planes with the
largest in the country for managing company four when K plans.
It's really all all in anything financial related, just about
anything financial related we can do for you. And it's
really fantastic firm all the way from from Peter Miluke
(01:26):
CEO all the way down down to US. I mean,
it's just it's just a fantastic organization that we're blessed
to be a part of.
Speaker 1 (01:35):
And around town locations, nothing's changed over the years. Where
you've been in Brookfield right on Blue Mound and we're sine.
You've got Delafield Port, Washington, Wisconsin, licensed in all fifty states,
offices in Phoenix, Cape Coral, Florida, Aaron Oh. In addition,
Monday through Friday, those market updates during the Dan o'donald
show three and five PM news blocks. That's every day.
(01:57):
You've been doing those for I would say a couple
of decades as well.
Speaker 2 (02:02):
And just daily reports. I think, yeah, late nineties we
started that.
Speaker 1 (02:07):
I think back when the Dow was way down, like
three thousand and four thousand, oh less. Yeah, I remember points,
looking at points and I think your dad or somebody
correcting me on the show, look at percentages, Paul, you
know when it goes up, and now that the Dow
is way over whatever it is, fifty one, fifty two thousand,
(02:27):
and there's other things, but boy, you guys sum that
all up in a one minute report twice a day
during the Dani o'donald Show, and then we get this
show to talk about retirement planning and throughout the show.
If you've got questions or you want to wait till
Monday morning, feel free, but please reach out and call
two six' two five two two forty forty two six
(02:47):
two five two two forty. Forty aaron's got some good topics.
Today jeff is going to join us to talk about social.
Security the specific twist on that is whether you should
take it at age seven or it's about taking it
at age. Seventy and there's been some news with social security,
lately so we'll tune in in a few minutes after
(03:08):
the break To Jeff, kowal did you say you got
some scam stuff to talk, About?
Speaker 2 (03:13):
Aaron, yes, yes, Yeah SO i have some good topics.
TODAY i, HOPE i. HOPE i think they're good. Topics,
ultimately it doesn't matter WHAT i, think But i'll give
you feed on the whole. Radio you, know, thanks thanks
off air if it's a certain time. Feedback, yes you,
(03:33):
know we we've had the cybersecurity experts on in the,
past and so we're we talked about your common financial,
scams tips to identify financial scam. Risk those have been.
Exploding it has been a lot of changes, recently SO
i actually have been something From Creative planning that we're
going to go through on. That we're also to be
talking about the sixty forty portfolio in twenty twenty, six
(03:56):
is it dead alive or just? Different and then if
we have, time because we've got so much stuff here
at the end with the Wealth Management preservation, segment we'll
talk high Networth Families Comprehensive guide for State. Planning so
we'll get into all.
Speaker 1 (04:15):
That we got plenty of. Time in, Addition, jeff LIKE i,
said With Social security on his radar today that's coming
up on about twenty minutes or. So but so we
want to start with the with the. Scams and, well
you'll say, that you, know old people are preyed on,
air and it's it's not just the, elderly IT'S i
think all of us WITH ai our potential.
Speaker 2 (04:37):
Prey, yeah it's not you're, Correct it's not just the,
elderly you, know although those are those people can be very,
vulnerable and so it is everybody and there because they're
going after. Everybody THE fbi estimates That americans Just. Americans
this is a, global global issue that but THE fbi
(05:00):
Swit'said americans lost nearly twenty one billion dollars to financial
scams in twenty twenty five, alone not cumulatively over to the,
year cumulatively over the, years but twenty twenty five, alone
which is a twenty six percent increase from twenty twenty.
Four so let me get into this and we'll comment
(05:21):
along the. Way as technology continues, advancing so do the
financial scams designed to steal assets and sensitive. Information over
the year's financial fraud has evolved from basic scam calls
and mail schemes into, spiskid highly technical, endeavors often executed
using social media artificial, intelligence which SOMETIMES i think all
(05:43):
intelligence is, artificial but that's a different. Issue and cryptocurrency
technology has lowered the barriers to entry for many scammers
while expanding their reach, globally so it's easier for them to,
scam and because of The, internet they can reach anybody,
Anywhere LIKE i. Said according to the FBI's twenty twenty
Five Crime, Report americans lost nearly twenty one billion dollars
(06:05):
To internet crimes last year. Alone that's Just. Internet that
doesn't include other sorts of fraud and. Abuse so investment
fraud and cryptocurrency scams were behind much of that. Damage
the disturbing truth is that a single scam can wipe
out retirement, savings damage credit, scores and lead to significant
financial anxiety and. Insecurity businesses face risks ranging from operational
(06:30):
disruptions and financial losses to reputational harm and regulatory. Scrutiny
on top of direct financial, Losses identity theft can create
ongoing challenges as fraudsters continue to expose personal information to other.
SCAMMERS i mean there's you, know there's so. Much there's a,
OH i forget the name of the company right. Now
but my kids all their is during exams and actually
(06:57):
right before at the end of the school year this.
Year but the company that manages all their grades and
where they submit all their homework and where the teachers
submit grades was. Hacked, no, yeah, yeah hacked and shut,
down which my kids are excited. About they're, like, awesome
we don't have to do homework for for for a.
Speaker 1 (07:16):
While reminds me of the, uh there's a Movie War.
Games back When Matthew broderick was a. Teenager he snuck
in and hacked his own. Grade do you remember? That
do you want? It?
Speaker 3 (07:27):
Ay?
Speaker 1 (07:27):
No oh, yes you gotta watch war games way ahead
of its, TIME i. Think but to be, hacked and
with the grade system is there's probably some kids that
are happy about. That you're, Right, aaron but you just
don't want those things being. HACKED i think the potential
online hacking is, there but then there's also the, landline the,
(07:48):
phone cell, phones THE us. Mail there's so many avenues
how people can be, scammed, right.
Speaker 2 (07:55):
Oh so, many so Many and they so they held a,
ransom and at first they're estimated to take a couple
of weeks to get the whole system back up and.
RUNNING i, think you, know there's no public reports or,
anything BUT i think they paid because they got it
back within a few hours and it was down. NATIONWIDE
(08:17):
i think they paid a, ransom probably a few million
dollars to get to get access. Back and, so, uh
it makes and it's they paid in, bitcoin which you,
know it's. Gone you can't it's not in the, bank
and so you can't freeze those. Assets it's just it's you,
know it's just into the you, know it's a fart
(08:39):
in the, wind right it's. Gone, yeah you, know so
the disturbing you can you can wipe out everything you bring.
Up organs makes me think of The Sandra bullock Movie
The Net. COMING i don't know if you saw, that
and you, know identity stolen and you, KNOW i think
(09:00):
they made her a criminal and you, know and.
Speaker 1 (09:03):
Everything and this was this was decades, ago these. Movies
War games was late, EIGHTIES i. Think but, yeah but
very much so thinking ahead to what can, happen not just,
online but now we ADD ai to the, mix and
it's almost to the point where some people don't trust.
ANYTHING i know people that don't pick any phone call
because it's JUST i don't know who it.
Speaker 2 (09:24):
IS i don't if it's not my, CONTACT i don't pick.
Speaker 1 (09:27):
Up there you, go that's a good.
Speaker 2 (09:28):
Thing Well i'll call them. Back, yeah what.
Speaker 1 (09:31):
If it Says paul W i S n. Radio would
you pick that?
Speaker 2 (09:35):
Up it doesn't BECAUSE i haven't, blocked so it doesn't
even ring of coorse you're my. Favorites there you. Go so,
yeah it's you, know it shows there really is so.
Much so it's on you, know on top of direct financial,
losses identity theft can create ongoing challenges as. Frosters fraudsters
(09:58):
continued to expose personal creation to other. Scammers uh so what?
Understanding what makes financial scams? Work? So most financial scams
share a few common. Traits they often promise unrealistic, returns
apply pressure to act, immediately and discourage you from seeking
a second. Opinion scammers frequently impersonate trusted entities such as,
(10:19):
banks government, agencies or friends to seem. Legitimate you, KNOW
i had that. HAPPEN i did involved for, it BUT i,
uh you, KNOW i was getting texts THAT i missed jury,
duty THAT i was summoned for jury duty AND i
didn't come and sow be fined AND i can get
it cleared. Up and THEN i got a call from
(10:40):
someone with An american, accent and, yes SO i actually
spoke to somebody on the phone saying THAT i missed jury,
duty THAT i had to pay a fine or risk
going to jail for six. Months it was. YES i was, like,
well let me get back to, you and never got
(11:00):
back to, them And i'm as of yet not in,
jail and so it's but it was it was, convincing,
THOUGH i, mean it's it could, absolutely you, know fool
somebody that wasn't didn't always have their guard.
Speaker 1 (11:17):
Up, well, luckily when it comes to, right you hit
your guard. Up you weren't. Fooled you didn't fall victim to.
This but some people. Are and that is it's not just,
annoying it actually hacks me off when you think About.
Uh in many cases there's clearly people behind. This but
then the computer just starts random, dialing and, boy you're, Right,
(11:38):
aaron they look. Real the four one four area code
comes up, locally seems. Legit you really got to keep
your guard, up almost to the point of being too.
Cynical is is that okay to be a little. BIT
i don't really trust anybody except, okay my financial. Advisor
i'm at their. Office there's certain things you have to
trust because you need to make financial.
Speaker 2 (11:59):
Transactions, yeah, absolutely there there are some things like you,
know AND i show ME i think my kids are
are good right, Now Like i'll show them something that's,
unbelievable and that's A. I i don't believe. It that's A.
I i'm, like well it's. Not they're, like, well, yeah
proved to me that it's not a. Wow, okay that's
(12:19):
what it's come. To. Yeah, Yeah so my teenagers they're
they're diligent for this this stuff because they don't want
to be. Tricked and so here they, promise, uh they'll,
impersonalities all that good. Stuff so they have you, know
they may have spoofed, emails text or deep deep fake
videos to gain your confidence and exploit your, trust which
(12:43):
is why it's so important to watch for these red
flags before you take extra click a. Link independently verify
who you're dealing with by using contact information you find
on your, own not what appears in a suspicious suspicious.
MESSAGE i mean, anything you, know my bank or credit,
card press. Whatever if it needs they need me to reach,
(13:04):
Out i'll actually go to the website and go to
contacts and find. It you, know it's a little bit more,
difficult BUT i don't trust any of that, Stuff SO
i go to their website to. Call IF i need
to call, SOMEBODY i, DON'T i don't even really google
it and click it from. THERE i go to that
company's website. First so here's some common types of financial.
(13:27):
Scams most common financial scams typically followed the one in
the following Categories cryptocurrency AND ai, scams so cyber enabled
crimes Defrauded americans of nearly twenty one billion dollars last year.
Alone according to THE, fbi The Internet Crime Complaints center
I see three received more than a million a million total,
(13:49):
complaints an increase of nearly one hundred and fifty thousand
over twenty twenty. Four those who experienced cryptocurrency fraud report
the highest losses at more than eleven billillion. Dollars these
scams often combine combining complex investment pitches with, jargon fake,
dashboards and pressure to move money quickly into wallets controlled by.
SCAMMERS ai tools are increasingly used to generate convincing. Emails
(14:14):
voice clones are even video teap fakes that make frausters
appear far more credible than they. ARE. Uh invest you,
know and they have they have a GENTIC ai where
where you HAVE ai, Voices uh they sound like people
and you'll call. SOMEWHERE i have. PEOPLE i have a
(14:36):
couple of friends that HAVE uh businesses where you call
and you speak to, them you set an appointment or
you ask about a car or and they give you
all the. Information they'll schedule the, appointment but it's not
an actual person IT'S, ai and so they're the bad
guys are using that uh Technology uh in that way
is because they don't even need to call. You they'll
(14:57):
just use THEIR ai to to try. Scamming that's probably
what CALLED b for jury. Duty it probably.
Speaker 1 (15:05):
Was now when you're you said jury, duty were you
potentially you were reached out regarding this, right.
Speaker 2 (15:10):
So they SAID i missed? It oh scam was they
said THAT i THAT i missed jury duty and unless
they pay the, Fine i'm going to. Jail AND i
never received a. Summons you never got.
Speaker 1 (15:22):
That, OKAY i thought you were BECAUSE i could see
you on a list and they get going to a
pool and then they grab names like. That you, know
that makes it worse that they just you're just randomly.
Speaker 2 (15:32):
Sele you missed, it you, know but don't. Worry if
you pay this five hundred dollars fine or five hundred dollars,
fee you know you can avoid jail.
Speaker 1 (15:40):
Time and here you, are here you are in W
i S. N still not in.
Speaker 2 (15:46):
Jail still still not in. Jail so so. Far investor
related scams Include ponzi. Schemes you, know you're beard pretty made, off,
right that's the big name there or you know, so
but that's a different. Thing pyramid, schemes cryptocurrency, fraud and
operations where scammers build online relationships before pitching fake. Investments,
(16:10):
uh you, know if you've Seen wolf Of Wall, street
you know stuff like that, too or, yes, yes, uh
if you've Seen boiler that's a great. Movie now it's af,
fraud but it's just a really good movie. Too Ye
Vin diesel before you Is Vin? Diesel. Yeah in podzise,
schemes fraudsers pay returns to earlier investors using money from newer,
(16:35):
investors rather than for actual, profits creating the illusion of legitimate.
Gains pyramid schemes focus on recruitment or real product, sales
promising high returns for bringing in new. Members scammers also
pose as financial advisors or run polished social media ads
to encourage investment and counterfeit. OPPORTUNITIES a major red flag
(16:55):
is any guaranteed or unusually steady, return especially when paired
with pressure to keep the opportunity secret or move money.
Quickly then, there, yeah we can't use that where that's
it's a big no no word in my industry is
guaranteed guaranteed right fishing with P pH fishing and. Spoofing
(17:20):
fishing and spoofing scams rely on, emails, text fake websites
that mimic legitimate sources with the goal of convincing to
click malicious links or share personal. Information fraudsters then use
stolen logging credentials or personal details to gain access to,
accounts change contact, information or tept additional scams in your.
Name these messages often come from addresses or numbers that
(17:43):
look close to real, ones containing spelling or grammar, errors
or use, vague urgent subject. Lines it's not just A
prince Of nigeria thing. Anymore now we're beyond that wavy
on That, yes he's not going to fool me again
for the fourth.
Speaker 1 (17:58):
Time friends got to us. Enough now we're at the
next level kind of.
Speaker 2 (18:03):
Thing Right. Uh the bank, impersonation account security, scams and
this type of scam of fraust who pretends to be
from your, bank government, agency or fraud department and claims
you arecount has been compromised or linked to suspicious. Activity
the goal is to create, panic keep you, engaged and
pressure you into sharing logging, credentials reading back security, codes
(18:24):
or moving money to a so called safe account that's
actually controlled by the. Scammer. Uh you know there's one
that someone tried with. Me here IS i was all
of a sudden getting, many many many, emails like dozens
and dozens of emails in a few. Minutes. Uh and
(18:47):
it's called mail, bombing where they send you many, emails
a lot of, them most of the fast. Majority we're
in different, languages, Uh polish And italian And spanish And
german And russia and you, know all different. Languages and
uh so then what what They then they follow up
(19:07):
with the call that, hey we've noticed that your UH
i never actually a. Call but then they fall up
with a call saying we've noticed that you're getting a
lot of suspicious. Emails let us help you with. That
give us your, login we'll log in red flags emails
or pay. Us. Yeah so then they send. It then
they pretend that they're the. Solution, yes they'll say they're from.
Speaker 1 (19:30):
It i'm here to, Help, Yes i'm here to. Help.
Boy you've got to have your your guard. Up you've
got to have the antenna up all the, time because
we are all potential victims of being scammed. Online and
what you may think is even in your local credit
UNION i get, those it's it's the name of my
own credit union and we've called. Them it's not Themar
(19:53):
now that's that's, scary, Right and that for, me the
red flag was type in your Social security number into the. Phone,
okay that's a big hang, up, right ended the call right,
there and then call my own credit union and they, Said,
nope don't pay attention to. Those they're not.
Speaker 2 (20:09):
Legitimate, absolutely, yeah, no none of that. Stuff so there's
a lot of the bank, impersonation and you, know there's identity,
theft which we were aware. Of so here's some warning
signs to watch out. For so unsolicited contact from someone
claiming to be a financial, institution government, agency or, company
(20:29):
you don't, recognize pressure to act, immediately or secrecy around the.
Offer that's a really big. One say you need to
deal with this. Now, no you know, what almost nothing
in life is that. Urgent, no you have to address
it that, second especially when it comes to your. Finances,
stop take your, breath don't don't engauge right. Away i'll
call you, back you, know take just sleep on. It
(20:50):
you don't have to act. Immediately requests for unusual payments
payment methods such as, cryptocurrency wire transfers are gift cards
offers it sound too good to be, true especially with
guaranteed or high consistent, returns and then messages with, typos poor,
grammar or odd. Freezing so here's some tips to protect.
(21:14):
Yourself use multi factor authentication SO mfa is one of
the most effective protections against IDENTITY. Theff sometimes it's, annoying
but you know it's affected because it requires anyone trying
to access an account to verify their identity using two
or more. Methods in addition to a, PASSWORD mfa might
include a code received via text or, email biometrics such
(21:34):
as a fingerprint or facial, recognition answers to security, questions
or use of an. Authenticator app on alert for phishing.
Scams if you receive an email or text that appears
to be from your financial, institution THE, irs or another reputable.
SOURCE i don't know if THE irs is, reputable but,
whatever don't, send purchase personal, information or click links until
(21:57):
you've confirmed the messages. Legitimate look up the institution's phone number.
Online never ever rely on a number provided in a suspicious,
email and call independently to verify the. Communication monitor your
accounts at least a couple times a. Week log into
your various accounts and review recent. Transactions this is also
(22:18):
this says didn't hear but you It'll if someone has
hacked your account and change your, password you'll know quicker
rather sooner rather than. Later consider setting banking alerts to
notify your large, transfers log in some new devices and
other suspicious. Sectivity use antivirus. Software any devices connected to
The internet should be equipped with strong security software that
(22:42):
regularly scants for suspicious. Sectivity keep your software updated helps
address new threats and. Vulnerabilities install all available. Updates so
software developers frequently release updates to fix security, vulnerability so
it's important to update your devices and apps whenever new
versions become. Available and protect your. Business if you're a business,
owner train your employees to spot potential scams and verifying usual.
(23:06):
Requests implement multiple layers of protection such as duel approved
for duel approval for wire, transfers procedures for verifying changes
in known contacts and, vendors and robust cybersecurity tools like,
firewalls antimator, software and email. Filters so there's. More if
anybody wants, this feel free to email email Me aaron
(23:27):
dot co wal At Creative planning dot. Com you, know
type in you, know financial scams, articles subject, Line i'll
send it to. You try to think of a way
that won't get flagged by good.
Speaker 1 (23:41):
Point how ironic that WOULD i want info about this
scam risk?
Speaker 2 (23:45):
Article, yeah, yeah and.
Speaker 1 (23:47):
It's flagged this out or they can do this two
six and ask For Aaron cole as. Well i'm sure
the message will get.
Speaker 3 (23:56):
Through.
Speaker 1 (23:57):
Aaron you brought up a really good. POINT i know
we got to take a. Break you mentioned some work,
emails so everything we're talking, About i'm thinking personal. Level
my cell phone goes, off it's my credit, union or
so it, says but it's. Not this can happen at.
Work many corporations go through hours and hours of employee,
training like you, said triple authentication to make sure you've
got all those passwords. Intact because it does, work this
(24:20):
can be preventable in most.
Speaker 2 (24:22):
Cases would you, agree, Yes, Yeah so THERE'S i, mean
there's just so, much there's so many places to, monitor
to watch out. For, uh you know there's more. Too
in the, ARTICLE i didn't even get into pig butchering.
Scams you, know so if you if you want to
learn more about, that give you, know reach out to
us too And i'll get into.
Speaker 3 (24:42):
That.
Speaker 1 (24:42):
Well aaron's got a lot of information Again Creative planning
dot com or two six two five two to forty
forty to reach. Out The Retirement clinic dot com is
another good resource for information and this podcast for this,
show all pastors are archived and put up there The
Retirement clinic dot. COM a quick, break we're gonna hear
(25:02):
From Jeff Kowal, aaron your, father and he's going to
talk about social security and that's an interest and there's
lots of stuff going on social security that's coming. Up
after the first, break Then, aaron what do you got for?
Us in today's and it's a weekly feature The Wealth
management And preservation, segment.
Speaker 2 (25:21):
We're to talk high net worth estate.
Speaker 1 (25:24):
Planning awesome for high net worth folks that are listening
and define high net worth we will it's all coming.
Up you gotta stay. Tuned what is high net? WORTH
i want TO i want to hear your your answer
to that BECAUSE i think you might talk to ten
people and get ten different. Answers but that's all coming
up on The Retirement CLINIC WY i, Said aaron kohwaal
(25:47):
this year And I'm paul Crown forest will be right.
Speaker 4 (25:49):
BACK i haven't GOT i ran into this article about
WHY i waited until seventy to start collecting Social. Security
hey got my. Attention there a number of our clients
that have to make that. Decision for some they don't
have a. Choice they have to take Social security early
because they need the, money or.
Speaker 3 (26:10):
They lost their, job whatever.
Speaker 4 (26:12):
Happen we have some clients that that was the, case
but sometimes it makes sense to wait until age. Seventy
Tom wilk this is again The baron's. Article Tom wilk
is a retired journalist From, Pittman New, jersey and he
said that he waited until age seventy collects Social. Security
(26:33):
let's dive into. It he, says waiting isn't for. Everyone
some people need the income earlier in retirement to make ends.
Meet others may be in poor health and doubt that
they will live long.
Speaker 3 (26:43):
Enough to benefit from.
Speaker 4 (26:44):
Waiting, still others don't trust the government to deliver full
benefits given socialist, carries long term funding challenges or the
possibility of congressional changes to shore up the. System, AGAIN
i think a couple of those are, valid poor health,
doubted might not live long. Enough, yeah start collecting, earlier
(27:05):
especially if you have a history of long livers in the.
Family might want to delay. It but if you have
a history of people in your, family or if your
health isn't, such it may may it isn't, great it
may make sense for you to take it a little bit.
Early back to the, ARTICLE i learned that most had
(27:25):
claimed benefits sometime between sixty two and full retirement. Age
of the roughly twenty PEOPLE i, asked only two waited
until age. Seventy that tracks with national data about ninety
percent of New Social security claims come from people younger
than age, seventy according to A Social Security.
Speaker 5 (27:43):
Administration, okay now this is Again.
Speaker 3 (27:49):
Tom wilk say why he.
Speaker 4 (27:51):
Waited based on financial and personal considerations and the suggestion
from my financial, ADVISOR i resolved not to take Social
security age sixty two and wait until at least full retirement.
Age for a lot of, PEOPLE i think that makes
a lot of, sense and that's what we advise our
clients as. Well BUT i resolved not to take it
at age sixty, Two so full retirement for him was
(28:12):
sixty six years and two months after reaching full retirement
in twenty twenty, TWO i decided to hold off for
nearly four more.
Speaker 5 (28:19):
Years for, me the decision came down to a few.
Speaker 4 (28:22):
Factors first of, all he increases the survivor's benefit for his,
wife so she is six years and four months younger
than he, is and this extra income could come in
handy for. Her what's, more he Says, elizabeth it's his
wife AND i were fortunate to financially be prepared for.
Retirement her full time job covered our health, insurance so
(28:44):
she was still working full, time AND i supplemented our
income with contract work for newspapers and.
Speaker 3 (28:50):
Magazines that's a key.
Speaker 4 (28:51):
Point her still working gives him the ability to wait
until age seventy as. Well back to the. Article to
supplement our, INCOME i began taking penalty free monthly distributions
from the individual retirement account at age. SIXTY i later
tapped my WROTH ira for monthly checks starting at sixty.
(29:12):
Three this is WHERE i would start to disagree with.
Him was this a good? Idea i'm not sure markets
have been great had he left that money in the
WROTH ira for the last several, Years chances are that
would have taken off, dramatically especially with our. Clients we'd
like to have most of the growth in the WROTH
ira because it's tax free. Forever you cannot Transfer Social
(29:38):
security beyond your, spouse but you can transfer, assets and
wroth irays are one of those, assets and the individual
retirement account those are assets that you can transfer to
the other.
Speaker 5 (29:51):
People So i'm not SURE i would have done.
Speaker 4 (29:53):
That he felt that that was the best way to
do it to increase the amount of.
Speaker 3 (29:59):
Money that has.
Speaker 4 (29:59):
WON i would get to increase amount of money he
was going to get From Social security by waiting to age.
Seventy i'm not SURE i would have done. That back
to the article no. Regrets, RECENTLY i found A Social
security statement from late twenty. Seventeen had they claimed benefits
in twenty, EIGHTEEN i would have received seventeen hundred dollars
a month about twenty two forty, two twenty two and
(30:20):
forty two dollars In january of twenty six. Dollars that full,
retirement my benefit would have been twenty nine. Eighty by
waiting till, seventy my benefit is just under four thousand.
Speaker 3 (30:30):
Dollars, now this is a key. Thing my break even.
Point the age at WHICH i will.
Speaker 4 (30:35):
Receive as much benefits and BENEFITS i would have HAD
i claimed WHEN i was first eligible is somewhere around
eighty one.
Speaker 3 (30:43):
Or eighty, two depending on cost of living.
Speaker 4 (30:46):
Increases that's WHERE i haven't even had discussions with a
friend of mine who's a, physician a great. Guy he,
SAYS i see people in their eighties and they don't
care whether they're breaking even at that. Time they would
rather have taken the money at age sixty two or sixty,
five rather than waiting and waiting till eighty one or
(31:06):
eighty two to break.
Speaker 3 (31:07):
Even on.
Speaker 4 (31:08):
That everybody's, different and that's why it's important to work
with a financial. Advisor there's no perfect time to take.
It when people, ask what should you start, collecting let
me know when you're gonna, die and that would be
THEN i can tell you when the perfect time.
Speaker 3 (31:22):
Is, well people don't know. That so the best.
Speaker 4 (31:24):
Thing to do is see one of our great fiduciary
advisors at The Creative planning give our office call two
sixty two five two to two that.
Speaker 1 (31:33):
Music it is time on wys and for the Retirement
clinic and this segment, specifically we call the wealth management
and preservation. Segment everybody's got a different. Number what's what's
enough for your? Retirement you know what? ERIN i think
you would, say, well that, depends, right all of us
have different.
Speaker 2 (31:51):
Needs, yeah it does. Depend so we're looking at a
five million plus, here probably five ten million, plus so
let's you. Know but it's so that's applicable to everybody.
Too it is also from an article From Creative planning
and hit some of the. Highlights we've only got a
few minutes. Here state planning for high net worth families
(32:13):
a comprehensive guide and so it's different and more complex
for high net worth. Families so state planning for high
network family isn't just about deciding who gets. What it's
about designing a long term framework to protect your, wealth manage,
risk and support the people and causes you care about. Most,
larger more complex balance, sheets cross border, issues business, interests
(32:37):
and family dynamics only planning more intricate than a simple
will can. Handle done, Well state planning coordinates trusts and,
wills tax, strategies acid, protection, structures family, governance and philanthropy
into one cohesive. Plan this guide provides comprehensive overview of
key estate planning, tools advanced, strategies and practical next steps
(32:58):
tailored specifically to the high networth. Fansamilies so if you're
interested in this it us call two six two five
to two forty forty or shoot me an. Email aaron
dot co Well kowl at Creative planning dot com all
happy to send this to. You we also do all
of this in house in our, office so we can
help plan this out as. Well so let's understanding estate
(33:21):
planning for high networth. Families, so state planning is the
process of organizing your assets Of i'm sorry of how
your assets will be, owned, managed and ultimately transferred during
your life and after your death in a way that
reflects your goals and minimizes, taxes, costs and. Conflict for
high net worth, families those assets often include operating, businesses real,
estate alternative, investments concentrated stock, positions and interests held through family.
(33:45):
Entities what are the core components you might ask of
a high net worth state, plan so wills and vocal living.
TRUSTS i think we're familiar with those as trust in The,
states so irvocable trusts can move growth outside your taxabile
state assets from creditors and divorces and play and provide
long term management for beneficiaries who may not be ready
(34:06):
to handle significant. Wealth the trust, design including distribution, standards trustee,
selection investment guidelines as a critical part of aligning your
wealth with your. Values there's family limited partnerships FLPs and
llc so family limited partnerships and family LLCs can centralize
the ownership of investment or business, assets support business succession,
(34:28):
planning and in some cases allow for valuation discounts when
transferring non controlling. Interests these entities can also reinforce family
governance by clarifying, roles decision making, processes and exit paths
for family. Members there's advanced state planning, techniques so as wealth,
grows traditional tools like simple wills and outright bequests often
(34:48):
are enough to manage tax, exposure family, dynamics and multi generational.
Goals advanced to state planning techniques can help preserve and
transfer wealth more efficiently while maintaining appropriate level control and.
Flexibility so there's. Things there's dynasty trusts, there which are
long term trust designed to last for multiple. Generations you
(35:09):
hear about trust fund, babies right trust fund kids that's
this you, know old, money you, know often taking advantage
of state laws that allow trust to continue for many
decades or even into. Perpetuity when structured and funded, properly
a dynasty trust can keep assets outside of beneficiaries taxable,
states reducing future state tax. Exposure cross generations, right we,
(35:32):
say we don't want you to be overly patriotic and
pay too much in. Taxes can provide asset protection from, creditors,
lawsuits and divorcing. Spouses create a framework for long term
investment management and distribution standards aligned with your family's. Values
we've got all kinds of stuff on this publications to white,
(35:52):
papers from creative, planning there's generations skipping transfer tax. Planning
so the generation skipping transfer to taxes is separate federal
tax that applies to certain transfers to grandchildren or more
remote descendants or to trusts that benefit. Them for high
network FAMILY, gst generation skipping transfer planning is crucial when
(36:13):
you want to provide for multiple generations through long term.
Trusts reduced the number of times transfer taxes apply as
wealth moves down the family, Line so COORDINATED gst exemptions
with your overall state and gift tax exemptions can materially
improve long term wealth transfer. Efficiently there's a lot of
legal and compliance considerations as, well so state planning for
(36:36):
high network families must navigate a complex legal landscape that
include federal state gift AND gst, taxes state state estate
and inheritance, taxes and patrick or state laws governing, trusts
property and family. Entity so this is, like this is
really complex. Stuff it's you need someone who can do it. All,
(36:59):
Yes so there's here some things factories. Consider so state
tax and a state plan. Alignment your state plan should
reflect current federal state tax rules and any state level
estate or inheritance taxes that may apply based on your
residence and where your assets are. Located formula clauses and
taxes and, provisions and older documents may need updating to
(37:20):
match today's higher exemption amounts and changing. Laws there's entity
and trust, governance so operating, agreements partnership, agreements and trust
documents should clarify clearly defined, roles fiduciary, duties decision making,
processes and distribute distribution. Standards this clarity can reduce the
risk of, disputes which we've talked about a bunch of
times and helping sure your plan is administered is, intended
(37:43):
and then documentation and, reporting so there's gift tax, returns
trust accounting and entity records should be kept accurate in
current so lifetime exemption usage, basis information owdership interests are clearly.
Documented doing so becomes especially important when your plan realizes
heavily on trust and family. Entities you want to be
sure to you integrate your state planning with tax retirement investment,
(38:04):
strategies so you have to have tax efficient wealth. Management
so portfolio, design asset, location which were talked about a
couple weeks, ago and tax loss harvesting can all affect
how quickly taxbi accounts grow and which your future state
tax exposure looks. Like you have to prioritize which assets
to gift, now decide where to hold tax inefficient. Assets
(38:26):
you have to align your, risk, returning, liquidity upcoming gifting
and business, session and a whole bunch of other. Things so,
Nobody i'm happy to give this to. You, yes nobody
likes talking about let us help you reduce that.
Speaker 1 (38:39):
Exactly the impact that has on your investments can be,
huge so make sure it's done the right. Way work
With Creative. Planning aaron's got information coming. Up touched on
a lot of topics. Today how do you get in
touch With aaron off here to get some of these
white papers physically in your, hand or if you like
the digital way as. Well that's scam topic was. Outstanding
(39:01):
we're going to wrap it all up when we come
back in today's Retirement. Clinic check out The Retirement clinic dot.
Com aerinkowal is ON wisn as we get to the
close of today's Retirement. Clinic we're back Next saturday at ten.
Am monday Through friday on The dan o'donnald, show those
one minute market, updates three and five pm. Newsblocks But,
aerinkowal you delivered so much information on how to avoid
(39:25):
being scammed red flags that pop. Up you educated us
in so many things at estate planning and tax. Implications
what's the best way to reach out to you off the?
Air erin?
Speaker 2 (39:37):
Right you, know our whole goal is for you to
keep more of your, money, uh and let us.
Speaker 3 (39:41):
Help you do.
Speaker 2 (39:42):
That two six two five two two forty aeron dot
co wal At Creative planning dot com as, Well so
reach out to. Us we're happy to.
Speaker 1 (39:52):
HELP i love that goal keep more of your, money
and there are ways and things that you need to,
know like the taxes that you talked. About all of.
That you don't want to be overly patriotic and play
too much In. TEXAS i love that, line but it
is so, True so reach out To aaron two six
two five two two forty. Forty Creative planning Dot com
(40:12):
is a good resource In brookfield right On Blue mountain
And racine And Delafield, Port, Washington. Wisconsin Creative planning Dot
com lots of ways to get. Started The Retirement clinic dot. Com,
aaron great stuff as, always enjoy the rest of your, weekend.
Speaker 3 (40:26):
Sir.
Speaker 2 (40:27):
Thank you you. Too it's great talking to you.
Speaker 1 (40:29):
And we're back Next. Saturday same to, You aaron on
behalf Of Aaron cole And Creative planning On Paul cronforce
ten Am Saturday, Mornings The Retirement. Clinic stay tuned for
news coming up NEXT Wsm milwaukee
It's News Talk eleven, WI said. The Retirement Clinic, hosted
today by Aaron Kowal, is on the air every Saturday
morning at ten o'clock with Aaron. I'm Paul Krown Force.
Good morning to you.
Speaker 2 (00:13):
Aaron, Good morning, Paul. How you doing.
Speaker 1 (00:18):
I am excellent, excellent, excellent, love talking to you about
retirement planning, which is what we do in the show
with different twists. Creative Planning dot com for more information
or the Retirement Clinic which has been on since two
thousand and one with the COO Wal Investment Group. Now, Aaron,
you join forces with Creative Planning, and that's that's a
(00:39):
mighty force you guys have.
Speaker 2 (00:42):
Oh it really is. You know, we are choosing partners
to work with. Creative Planning stood out every talk about
it every every week that I do this. We have
everything in house from taxes, we can do your tax prep,
we can do your step planning, business succession planning, we
(01:05):
can do four when k's we're creative planes with the
largest in the country for managing company four when K plans.
It's really all all in anything financial related, just about
anything financial related we can do for you. And it's
really fantastic firm all the way from from Peter Miluke
(01:26):
CEO all the way down down to US. I mean,
it's just it's just a fantastic organization that we're blessed
to be a part of.
Speaker 1 (01:35):
And around town locations, nothing's changed over the years. Where
you've been in Brookfield right on Blue Mound and we're sine.
You've got Delafield Port, Washington, Wisconsin, licensed in all fifty states,
offices in Phoenix, Cape Coral, Florida, Aaron Oh. In addition,
Monday through Friday, those market updates during the Dan o'donald
show three and five PM news blocks. That's every day.
(01:57):
You've been doing those for I would say a couple
of decades as well.
Speaker 2 (02:02):
And just daily reports. I think, yeah, late nineties we
started that.
Speaker 1 (02:07):
I think back when the Dow was way down, like
three thousand and four thousand, oh less. Yeah, I remember points,
looking at points and I think your dad or somebody
correcting me on the show, look at percentages, Paul, you
know when it goes up, and now that the Dow
is way over whatever it is, fifty one, fifty two thousand,
(02:27):
and there's other things, but boy, you guys sum that
all up in a one minute report twice a day
during the Dani o'donald Show, and then we get this
show to talk about retirement planning and throughout the show.
If you've got questions or you want to wait till
Monday morning, feel free, but please reach out and call
two six' two five two two forty forty two six
(02:47):
two five two two forty. Forty aaron's got some good topics.
Today jeff is going to join us to talk about social.
Security the specific twist on that is whether you should
take it at age seven or it's about taking it
at age. Seventy and there's been some news with social security,
lately so we'll tune in in a few minutes after
(03:08):
the break To Jeff, kowal did you say you got
some scam stuff to talk, About?
Speaker 2 (03:13):
Aaron, yes, yes, Yeah SO i have some good topics.
TODAY i, HOPE i. HOPE i think they're good. Topics,
ultimately it doesn't matter WHAT i, think But i'll give
you feed on the whole. Radio you, know, thanks thanks
off air if it's a certain time. Feedback, yes you,
(03:33):
know we we've had the cybersecurity experts on in the,
past and so we're we talked about your common financial,
scams tips to identify financial scam. Risk those have been.
Exploding it has been a lot of changes, recently SO
i actually have been something From Creative planning that we're
going to go through on. That we're also to be
talking about the sixty forty portfolio in twenty twenty, six
(03:56):
is it dead alive or just? Different and then if
we have, time because we've got so much stuff here
at the end with the Wealth Management preservation, segment we'll
talk high Networth Families Comprehensive guide for State. Planning so
we'll get into all.
Speaker 1 (04:15):
That we got plenty of. Time in, Addition, jeff LIKE i,
said With Social security on his radar today that's coming
up on about twenty minutes or. So but so we
want to start with the with the. Scams and, well
you'll say, that you, know old people are preyed on,
air and it's it's not just the, elderly IT'S i
think all of us WITH ai our potential.
Speaker 2 (04:37):
Prey, yeah it's not you're, Correct it's not just the,
elderly you, know although those are those people can be very,
vulnerable and so it is everybody and there because they're
going after. Everybody THE fbi estimates That americans Just. Americans
this is a, global global issue that but THE fbi
(05:00):
Swit'said americans lost nearly twenty one billion dollars to financial
scams in twenty twenty five, alone not cumulatively over to the,
year cumulatively over the, years but twenty twenty five, alone
which is a twenty six percent increase from twenty twenty.
Four so let me get into this and we'll comment
(05:21):
along the. Way as technology continues, advancing so do the
financial scams designed to steal assets and sensitive. Information over
the year's financial fraud has evolved from basic scam calls
and mail schemes into, spiskid highly technical, endeavors often executed
using social media artificial, intelligence which SOMETIMES i think all
(05:43):
intelligence is, artificial but that's a different. Issue and cryptocurrency
technology has lowered the barriers to entry for many scammers
while expanding their reach, globally so it's easier for them to,
scam and because of The, internet they can reach anybody,
Anywhere LIKE i. Said according to the FBI's twenty twenty
Five Crime, Report americans lost nearly twenty one billion dollars
(06:05):
To internet crimes last year. Alone that's Just. Internet that
doesn't include other sorts of fraud and. Abuse so investment
fraud and cryptocurrency scams were behind much of that. Damage
the disturbing truth is that a single scam can wipe
out retirement, savings damage credit, scores and lead to significant
financial anxiety and. Insecurity businesses face risks ranging from operational
(06:30):
disruptions and financial losses to reputational harm and regulatory. Scrutiny
on top of direct financial, Losses identity theft can create
ongoing challenges as fraudsters continue to expose personal information to other.
SCAMMERS i mean there's you, know there's so. Much there's a,
OH i forget the name of the company right. Now
but my kids all their is during exams and actually
(06:57):
right before at the end of the school year this.
Year but the company that manages all their grades and
where they submit all their homework and where the teachers
submit grades was. Hacked, no, yeah, yeah hacked and shut,
down which my kids are excited. About they're, like, awesome
we don't have to do homework for for for a.
Speaker 1 (07:16):
While reminds me of the, uh there's a Movie War.
Games back When Matthew broderick was a. Teenager he snuck
in and hacked his own. Grade do you remember? That
do you want? It?
Speaker 3 (07:27):
Ay?
Speaker 1 (07:27):
No oh, yes you gotta watch war games way ahead
of its, TIME i. Think but to be, hacked and
with the grade system is there's probably some kids that
are happy about. That you're, Right, aaron but you just
don't want those things being. HACKED i think the potential
online hacking is, there but then there's also the, landline the,
(07:48):
phone cell, phones THE us. Mail there's so many avenues
how people can be, scammed, right.
Speaker 2 (07:55):
Oh so, many so Many and they so they held a,
ransom and at first they're estimated to take a couple
of weeks to get the whole system back up and.
RUNNING i, think you, know there's no public reports or,
anything BUT i think they paid because they got it
back within a few hours and it was down. NATIONWIDE
(08:17):
i think they paid a, ransom probably a few million
dollars to get to get access. Back and, so, uh
it makes and it's they paid in, bitcoin which you,
know it's. Gone you can't it's not in the, bank
and so you can't freeze those. Assets it's just it's you,
know it's just into the you, know it's a fart
(08:39):
in the, wind right it's. Gone, yeah you, know so
the disturbing you can you can wipe out everything you bring.
Up organs makes me think of The Sandra bullock Movie
The Net. COMING i don't know if you saw, that
and you, know identity stolen and you, KNOW i think
(09:00):
they made her a criminal and you, know and.
Speaker 1 (09:03):
Everything and this was this was decades, ago these. Movies
War games was late, EIGHTIES i. Think but, yeah but
very much so thinking ahead to what can, happen not just,
online but now we ADD ai to the, mix and
it's almost to the point where some people don't trust.
ANYTHING i know people that don't pick any phone call
because it's JUST i don't know who it.
Speaker 2 (09:24):
IS i don't if it's not my, CONTACT i don't pick.
Speaker 1 (09:27):
Up there you, go that's a good.
Speaker 2 (09:28):
Thing Well i'll call them. Back, yeah what.
Speaker 1 (09:31):
If it Says paul W i S n. Radio would
you pick that?
Speaker 2 (09:35):
Up it doesn't BECAUSE i haven't, blocked so it doesn't
even ring of coorse you're my. Favorites there you. Go so,
yeah it's you, know it shows there really is so.
Much so it's on you, know on top of direct financial,
losses identity theft can create ongoing challenges as. Frosters fraudsters
(09:58):
continued to expose personal creation to other. Scammers uh so what?
Understanding what makes financial scams? Work? So most financial scams
share a few common. Traits they often promise unrealistic, returns
apply pressure to act, immediately and discourage you from seeking
a second. Opinion scammers frequently impersonate trusted entities such as,
(10:19):
banks government, agencies or friends to seem. Legitimate you, KNOW
i had that. HAPPEN i did involved for, it BUT i,
uh you, KNOW i was getting texts THAT i missed jury,
duty THAT i was summoned for jury duty AND i
didn't come and sow be fined AND i can get
it cleared. Up and THEN i got a call from
(10:40):
someone with An american, accent and, yes SO i actually
spoke to somebody on the phone saying THAT i missed jury,
duty THAT i had to pay a fine or risk
going to jail for six. Months it was. YES i was, like,
well let me get back to, you and never got
(11:00):
back to, them And i'm as of yet not in,
jail and so it's but it was it was, convincing,
THOUGH i, mean it's it could, absolutely you, know fool
somebody that wasn't didn't always have their guard.
Speaker 1 (11:17):
Up, well, luckily when it comes to, right you hit
your guard. Up you weren't. Fooled you didn't fall victim to.
This but some people. Are and that is it's not just,
annoying it actually hacks me off when you think About.
Uh in many cases there's clearly people behind. This but
then the computer just starts random, dialing and, boy you're, Right,
(11:38):
aaron they look. Real the four one four area code
comes up, locally seems. Legit you really got to keep
your guard, up almost to the point of being too.
Cynical is is that okay to be a little. BIT
i don't really trust anybody except, okay my financial. Advisor
i'm at their. Office there's certain things you have to
trust because you need to make financial.
Speaker 2 (11:59):
Transactions, yeah, absolutely there there are some things like you,
know AND i show ME i think my kids are
are good right, Now Like i'll show them something that's,
unbelievable and that's A. I i don't believe. It that's A.
I i'm, like well it's. Not they're, like, well, yeah
proved to me that it's not a. Wow, okay that's
(12:19):
what it's come. To. Yeah, Yeah so my teenagers they're
they're diligent for this this stuff because they don't want
to be. Tricked and so here they, promise, uh they'll,
impersonalities all that good. Stuff so they have you, know
they may have spoofed, emails text or deep deep fake
videos to gain your confidence and exploit your, trust which
(12:43):
is why it's so important to watch for these red
flags before you take extra click a. Link independently verify
who you're dealing with by using contact information you find
on your, own not what appears in a suspicious suspicious.
MESSAGE i mean, anything you, know my bank or credit,
card press. Whatever if it needs they need me to reach,
(13:04):
Out i'll actually go to the website and go to
contacts and find. It you, know it's a little bit more,
difficult BUT i don't trust any of that, Stuff SO
i go to their website to. Call IF i need
to call, SOMEBODY i, DON'T i don't even really google
it and click it from. THERE i go to that
company's website. First so here's some common types of financial.
(13:27):
Scams most common financial scams typically followed the one in
the following Categories cryptocurrency AND ai, scams so cyber enabled
crimes Defrauded americans of nearly twenty one billion dollars last year.
Alone according to THE, fbi The Internet Crime Complaints center
I see three received more than a million a million total,
(13:49):
complaints an increase of nearly one hundred and fifty thousand
over twenty twenty. Four those who experienced cryptocurrency fraud report
the highest losses at more than eleven billillion. Dollars these
scams often combine combining complex investment pitches with, jargon fake,
dashboards and pressure to move money quickly into wallets controlled by.
SCAMMERS ai tools are increasingly used to generate convincing. Emails
(14:14):
voice clones are even video teap fakes that make frausters
appear far more credible than they. ARE. Uh invest you,
know and they have they have a GENTIC ai where
where you HAVE ai, Voices uh they sound like people
and you'll call. SOMEWHERE i have. PEOPLE i have a
(14:36):
couple of friends that HAVE uh businesses where you call
and you speak to, them you set an appointment or
you ask about a car or and they give you
all the. Information they'll schedule the, appointment but it's not
an actual person IT'S, ai and so they're the bad
guys are using that uh Technology uh in that way
is because they don't even need to call. You they'll
(14:57):
just use THEIR ai to to try. Scamming that's probably
what CALLED b for jury. Duty it probably.
Speaker 1 (15:05):
Was now when you're you said jury, duty were you
potentially you were reached out regarding this, right.
Speaker 2 (15:10):
So they SAID i missed? It oh scam was they
said THAT i THAT i missed jury duty and unless
they pay the, Fine i'm going to. Jail AND i
never received a. Summons you never got.
Speaker 1 (15:22):
That, OKAY i thought you were BECAUSE i could see
you on a list and they get going to a
pool and then they grab names like. That you, know
that makes it worse that they just you're just randomly.
Speaker 2 (15:32):
Sele you missed, it you, know but don't. Worry if
you pay this five hundred dollars fine or five hundred dollars,
fee you know you can avoid jail.
Speaker 1 (15:40):
Time and here you, are here you are in W
i S. N still not in.
Speaker 2 (15:46):
Jail still still not in. Jail so so. Far investor
related scams Include ponzi. Schemes you, know you're beard pretty made, off,
right that's the big name there or you know, so
but that's a different. Thing pyramid, schemes cryptocurrency, fraud and
operations where scammers build online relationships before pitching fake. Investments,
(16:10):
uh you, know if you've Seen wolf Of Wall, street
you know stuff like that, too or, yes, yes, uh
if you've Seen boiler that's a great. Movie now it's af,
fraud but it's just a really good movie. Too Ye
Vin diesel before you Is Vin? Diesel. Yeah in podzise,
schemes fraudsers pay returns to earlier investors using money from newer,
(16:35):
investors rather than for actual, profits creating the illusion of legitimate.
Gains pyramid schemes focus on recruitment or real product, sales
promising high returns for bringing in new. Members scammers also
pose as financial advisors or run polished social media ads
to encourage investment and counterfeit. OPPORTUNITIES a major red flag
(16:55):
is any guaranteed or unusually steady, return especially when paired
with pressure to keep the opportunity secret or move money.
Quickly then, there, yeah we can't use that where that's
it's a big no no word in my industry is
guaranteed guaranteed right fishing with P pH fishing and. Spoofing
(17:20):
fishing and spoofing scams rely on, emails, text fake websites
that mimic legitimate sources with the goal of convincing to
click malicious links or share personal. Information fraudsters then use
stolen logging credentials or personal details to gain access to,
accounts change contact, information or tept additional scams in your.
Name these messages often come from addresses or numbers that
(17:43):
look close to real, ones containing spelling or grammar, errors
or use, vague urgent subject. Lines it's not just A
prince Of nigeria thing. Anymore now we're beyond that wavy
on That, yes he's not going to fool me again
for the fourth.
Speaker 1 (17:58):
Time friends got to us. Enough now we're at the
next level kind of.
Speaker 2 (18:03):
Thing Right. Uh the bank, impersonation account security, scams and
this type of scam of fraust who pretends to be
from your, bank government, agency or fraud department and claims
you arecount has been compromised or linked to suspicious. Activity
the goal is to create, panic keep you, engaged and
pressure you into sharing logging, credentials reading back security, codes
(18:24):
or moving money to a so called safe account that's
actually controlled by the. Scammer. Uh you know there's one
that someone tried with. Me here IS i was all
of a sudden getting, many many many, emails like dozens
and dozens of emails in a few. Minutes. Uh and
(18:47):
it's called mail, bombing where they send you many, emails
a lot of, them most of the fast. Majority we're
in different, languages, Uh polish And italian And spanish And
german And russia and you, know all different. Languages and
uh so then what what They then they follow up
(19:07):
with the call that, hey we've noticed that your UH
i never actually a. Call but then they fall up
with a call saying we've noticed that you're getting a
lot of suspicious. Emails let us help you with. That
give us your, login we'll log in red flags emails
or pay. Us. Yeah so then they send. It then
they pretend that they're the. Solution, yes they'll say they're from.
Speaker 1 (19:30):
It i'm here to, Help, Yes i'm here to. Help.
Boy you've got to have your your guard. Up you've
got to have the antenna up all the, time because
we are all potential victims of being scammed. Online and
what you may think is even in your local credit
UNION i get, those it's it's the name of my
own credit union and we've called. Them it's not Themar
(19:53):
now that's that's, scary, Right and that for, me the
red flag was type in your Social security number into the. Phone,
okay that's a big hang, up, right ended the call right,
there and then call my own credit union and they, Said,
nope don't pay attention to. Those they're not.
Speaker 2 (20:09):
Legitimate, absolutely, yeah, no none of that. Stuff so there's
a lot of the bank, impersonation and you, know there's identity,
theft which we were aware. Of so here's some warning
signs to watch out. For so unsolicited contact from someone
claiming to be a financial, institution government, agency or, company
(20:29):
you don't, recognize pressure to act, immediately or secrecy around the.
Offer that's a really big. One say you need to
deal with this. Now, no you know, what almost nothing
in life is that. Urgent, no you have to address
it that, second especially when it comes to your. Finances,
stop take your, breath don't don't engauge right. Away i'll
call you, back you, know take just sleep on. It
(20:50):
you don't have to act. Immediately requests for unusual payments
payment methods such as, cryptocurrency wire transfers are gift cards
offers it sound too good to be, true especially with
guaranteed or high consistent, returns and then messages with, typos poor,
grammar or odd. Freezing so here's some tips to protect.
(21:14):
Yourself use multi factor authentication SO mfa is one of
the most effective protections against IDENTITY. Theff sometimes it's, annoying
but you know it's affected because it requires anyone trying
to access an account to verify their identity using two
or more. Methods in addition to a, PASSWORD mfa might
include a code received via text or, email biometrics such
(21:34):
as a fingerprint or facial, recognition answers to security, questions
or use of an. Authenticator app on alert for phishing.
Scams if you receive an email or text that appears
to be from your financial, institution THE, irs or another reputable.
SOURCE i don't know if THE irs is, reputable but,
whatever don't, send purchase personal, information or click links until
(21:57):
you've confirmed the messages. Legitimate look up the institution's phone number.
Online never ever rely on a number provided in a suspicious,
email and call independently to verify the. Communication monitor your
accounts at least a couple times a. Week log into
your various accounts and review recent. Transactions this is also
(22:18):
this says didn't hear but you It'll if someone has
hacked your account and change your, password you'll know quicker
rather sooner rather than. Later consider setting banking alerts to
notify your large, transfers log in some new devices and
other suspicious. Sectivity use antivirus. Software any devices connected to
The internet should be equipped with strong security software that
(22:42):
regularly scants for suspicious. Sectivity keep your software updated helps
address new threats and. Vulnerabilities install all available. Updates so
software developers frequently release updates to fix security, vulnerability so
it's important to update your devices and apps whenever new
versions become. Available and protect your. Business if you're a business,
owner train your employees to spot potential scams and verifying usual.
(23:06):
Requests implement multiple layers of protection such as duel approved
for duel approval for wire, transfers procedures for verifying changes
in known contacts and, vendors and robust cybersecurity tools like,
firewalls antimator, software and email. Filters so there's. More if
anybody wants, this feel free to email email Me aaron
(23:27):
dot co wal At Creative planning dot. Com you, know
type in you, know financial scams, articles subject, Line i'll
send it to. You try to think of a way
that won't get flagged by good.
Speaker 1 (23:41):
Point how ironic that WOULD i want info about this
scam risk?
Speaker 2 (23:45):
Article, yeah, yeah and.
Speaker 1 (23:47):
It's flagged this out or they can do this two
six and ask For Aaron cole as. Well i'm sure
the message will get.
Speaker 3 (23:56):
Through.
Speaker 1 (23:57):
Aaron you brought up a really good. POINT i know
we got to take a. Break you mentioned some work,
emails so everything we're talking, About i'm thinking personal. Level
my cell phone goes, off it's my credit, union or
so it, says but it's. Not this can happen at.
Work many corporations go through hours and hours of employee,
training like you, said triple authentication to make sure you've
got all those passwords. Intact because it does, work this
(24:20):
can be preventable in most.
Speaker 2 (24:22):
Cases would you, agree, Yes, Yeah so THERE'S i, mean
there's just so, much there's so many places to, monitor
to watch out. For, uh you know there's more. Too
in the, ARTICLE i didn't even get into pig butchering.
Scams you, know so if you if you want to
learn more about, that give you, know reach out to
us too And i'll get into.
Speaker 3 (24:42):
That.
Speaker 1 (24:42):
Well aaron's got a lot of information Again Creative planning
dot com or two six two five two to forty
forty to reach. Out The Retirement clinic dot com is
another good resource for information and this podcast for this,
show all pastors are archived and put up there The
Retirement clinic dot. COM a quick, break we're gonna hear
(25:02):
From Jeff Kowal, aaron your, father and he's going to
talk about social security and that's an interest and there's
lots of stuff going on social security that's coming. Up
after the first, break Then, aaron what do you got for?
Us in today's and it's a weekly feature The Wealth
management And preservation, segment.
Speaker 2 (25:21):
We're to talk high net worth estate.
Speaker 1 (25:24):
Planning awesome for high net worth folks that are listening
and define high net worth we will it's all coming.
Up you gotta stay. Tuned what is high net? WORTH
i want TO i want to hear your your answer
to that BECAUSE i think you might talk to ten
people and get ten different. Answers but that's all coming
up on The Retirement CLINIC WY i, Said aaron kohwaal
(25:47):
this year And I'm paul Crown forest will be right.
Speaker 4 (25:49):
BACK i haven't GOT i ran into this article about
WHY i waited until seventy to start collecting Social. Security
hey got my. Attention there a number of our clients
that have to make that. Decision for some they don't
have a. Choice they have to take Social security early
because they need the, money or.
Speaker 3 (26:10):
They lost their, job whatever.
Speaker 4 (26:12):
Happen we have some clients that that was the, case
but sometimes it makes sense to wait until age. Seventy
Tom wilk this is again The baron's. Article Tom wilk
is a retired journalist From, Pittman New, jersey and he
said that he waited until age seventy collects Social. Security
(26:33):
let's dive into. It he, says waiting isn't for. Everyone
some people need the income earlier in retirement to make ends.
Meet others may be in poor health and doubt that
they will live long.
Speaker 3 (26:43):
Enough to benefit from.
Speaker 4 (26:44):
Waiting, still others don't trust the government to deliver full
benefits given socialist, carries long term funding challenges or the
possibility of congressional changes to shore up the. System, AGAIN
i think a couple of those are, valid poor health,
doubted might not live long. Enough, yeah start collecting, earlier
(27:05):
especially if you have a history of long livers in the.
Family might want to delay. It but if you have
a history of people in your, family or if your
health isn't, such it may may it isn't, great it
may make sense for you to take it a little bit.
Early back to the, ARTICLE i learned that most had
(27:25):
claimed benefits sometime between sixty two and full retirement. Age
of the roughly twenty PEOPLE i, asked only two waited
until age. Seventy that tracks with national data about ninety
percent of New Social security claims come from people younger
than age, seventy according to A Social Security.
Speaker 5 (27:43):
Administration, okay now this is Again.
Speaker 3 (27:49):
Tom wilk say why he.
Speaker 4 (27:51):
Waited based on financial and personal considerations and the suggestion
from my financial, ADVISOR i resolved not to take Social
security age sixty two and wait until at least full retirement.
Age for a lot of, PEOPLE i think that makes
a lot of, sense and that's what we advise our
clients as. Well BUT i resolved not to take it
at age sixty, Two so full retirement for him was
(28:12):
sixty six years and two months after reaching full retirement
in twenty twenty, TWO i decided to hold off for
nearly four more.
Speaker 5 (28:19):
Years for, me the decision came down to a few.
Speaker 4 (28:22):
Factors first of, all he increases the survivor's benefit for his,
wife so she is six years and four months younger
than he, is and this extra income could come in
handy for. Her what's, more he Says, elizabeth it's his
wife AND i were fortunate to financially be prepared for.
Retirement her full time job covered our health, insurance so
(28:44):
she was still working full, time AND i supplemented our
income with contract work for newspapers and.
Speaker 3 (28:50):
Magazines that's a key.
Speaker 4 (28:51):
Point her still working gives him the ability to wait
until age seventy as. Well back to the. Article to
supplement our, INCOME i began taking penalty free monthly distributions
from the individual retirement account at age. SIXTY i later
tapped my WROTH ira for monthly checks starting at sixty.
(29:12):
Three this is WHERE i would start to disagree with.
Him was this a good? Idea i'm not sure markets
have been great had he left that money in the
WROTH ira for the last several, Years chances are that
would have taken off, dramatically especially with our. Clients we'd
like to have most of the growth in the WROTH
ira because it's tax free. Forever you cannot Transfer Social
(29:38):
security beyond your, spouse but you can transfer, assets and
wroth irays are one of those, assets and the individual
retirement account those are assets that you can transfer to
the other.
Speaker 5 (29:51):
People So i'm not SURE i would have done.
Speaker 4 (29:53):
That he felt that that was the best way to
do it to increase the amount of.
Speaker 3 (29:59):
Money that has.
Speaker 4 (29:59):
WON i would get to increase amount of money he
was going to get From Social security by waiting to age.
Seventy i'm not SURE i would have done. That back
to the article no. Regrets, RECENTLY i found A Social
security statement from late twenty. Seventeen had they claimed benefits
in twenty, EIGHTEEN i would have received seventeen hundred dollars
a month about twenty two forty, two twenty two and
(30:20):
forty two dollars In january of twenty six. Dollars that full,
retirement my benefit would have been twenty nine. Eighty by
waiting till, seventy my benefit is just under four thousand.
Speaker 3 (30:30):
Dollars, now this is a key. Thing my break even.
Point the age at WHICH i will.
Speaker 4 (30:35):
Receive as much benefits and BENEFITS i would have HAD
i claimed WHEN i was first eligible is somewhere around
eighty one.
Speaker 3 (30:43):
Or eighty, two depending on cost of living.
Speaker 4 (30:46):
Increases that's WHERE i haven't even had discussions with a
friend of mine who's a, physician a great. Guy he,
SAYS i see people in their eighties and they don't
care whether they're breaking even at that. Time they would
rather have taken the money at age sixty two or sixty,
five rather than waiting and waiting till eighty one or
(31:06):
eighty two to break.
Speaker 3 (31:07):
Even on.
Speaker 4 (31:08):
That everybody's, different and that's why it's important to work
with a financial. Advisor there's no perfect time to take.
It when people, ask what should you start, collecting let
me know when you're gonna, die and that would be
THEN i can tell you when the perfect time.
Speaker 3 (31:22):
Is, well people don't know. That so the best.
Speaker 4 (31:24):
Thing to do is see one of our great fiduciary
advisors at The Creative planning give our office call two
sixty two five two to two that.
Speaker 1 (31:33):
Music it is time on wys and for the Retirement
clinic and this segment, specifically we call the wealth management
and preservation. Segment everybody's got a different. Number what's what's
enough for your? Retirement you know what? ERIN i think
you would, say, well that, depends, right all of us
have different.
Speaker 2 (31:51):
Needs, yeah it does. Depend so we're looking at a
five million plus, here probably five ten million, plus so
let's you. Know but it's so that's applicable to everybody.
Too it is also from an article From Creative planning
and hit some of the. Highlights we've only got a
few minutes. Here state planning for high net worth families
(32:13):
a comprehensive guide and so it's different and more complex
for high net worth. Families so state planning for high
network family isn't just about deciding who gets. What it's
about designing a long term framework to protect your, wealth manage,
risk and support the people and causes you care about. Most,
larger more complex balance, sheets cross border, issues business, interests
(32:37):
and family dynamics only planning more intricate than a simple
will can. Handle done, Well state planning coordinates trusts and,
wills tax, strategies acid, protection, structures family, governance and philanthropy
into one cohesive. Plan this guide provides comprehensive overview of
key estate planning, tools advanced, strategies and practical next steps
(32:58):
tailored specifically to the high networth. Fansamilies so if you're
interested in this it us call two six two five
to two forty forty or shoot me an. Email aaron
dot co Well kowl at Creative planning dot com all
happy to send this to. You we also do all
of this in house in our, office so we can
help plan this out as. Well so let's understanding estate
(33:21):
planning for high networth. Families, so state planning is the
process of organizing your assets Of i'm sorry of how
your assets will be, owned, managed and ultimately transferred during
your life and after your death in a way that
reflects your goals and minimizes, taxes, costs and. Conflict for
high net worth, families those assets often include operating, businesses real,
estate alternative, investments concentrated stock, positions and interests held through family.
(33:45):
Entities what are the core components you might ask of
a high net worth state, plan so wills and vocal living.
TRUSTS i think we're familiar with those as trust in The,
states so irvocable trusts can move growth outside your taxabile
state assets from creditors and divorces and play and provide
long term management for beneficiaries who may not be ready
(34:06):
to handle significant. Wealth the trust, design including distribution, standards trustee,
selection investment guidelines as a critical part of aligning your
wealth with your. Values there's family limited partnerships FLPs and
llc so family limited partnerships and family LLCs can centralize
the ownership of investment or business, assets support business succession,
(34:28):
planning and in some cases allow for valuation discounts when
transferring non controlling. Interests these entities can also reinforce family
governance by clarifying, roles decision making, processes and exit paths
for family. Members there's advanced state planning, techniques so as wealth,
grows traditional tools like simple wills and outright bequests often
(34:48):
are enough to manage tax, exposure family, dynamics and multi generational.
Goals advanced to state planning techniques can help preserve and
transfer wealth more efficiently while maintaining appropriate level control and.
Flexibility so there's. Things there's dynasty trusts, there which are
long term trust designed to last for multiple. Generations you
(35:09):
hear about trust fund, babies right trust fund kids that's
this you, know old, money you, know often taking advantage
of state laws that allow trust to continue for many
decades or even into. Perpetuity when structured and funded, properly
a dynasty trust can keep assets outside of beneficiaries taxable,
states reducing future state tax. Exposure cross generations, right we,
(35:32):
say we don't want you to be overly patriotic and
pay too much in. Taxes can provide asset protection from, creditors,
lawsuits and divorcing. Spouses create a framework for long term
investment management and distribution standards aligned with your family's. Values
we've got all kinds of stuff on this publications to white,
(35:52):
papers from creative, planning there's generations skipping transfer tax. Planning
so the generation skipping transfer to taxes is separate federal
tax that applies to certain transfers to grandchildren or more
remote descendants or to trusts that benefit. Them for high
network FAMILY, gst generation skipping transfer planning is crucial when
(36:13):
you want to provide for multiple generations through long term.
Trusts reduced the number of times transfer taxes apply as
wealth moves down the family, Line so COORDINATED gst exemptions
with your overall state and gift tax exemptions can materially
improve long term wealth transfer. Efficiently there's a lot of
legal and compliance considerations as, well so state planning for
(36:36):
high network families must navigate a complex legal landscape that
include federal state gift AND gst, taxes state state estate
and inheritance, taxes and patrick or state laws governing, trusts
property and family. Entity so this is, like this is
really complex. Stuff it's you need someone who can do it. All,
(36:59):
Yes so there's here some things factories. Consider so state
tax and a state plan. Alignment your state plan should
reflect current federal state tax rules and any state level
estate or inheritance taxes that may apply based on your
residence and where your assets are. Located formula clauses and
taxes and, provisions and older documents may need updating to
(37:20):
match today's higher exemption amounts and changing. Laws there's entity
and trust, governance so operating, agreements partnership, agreements and trust
documents should clarify clearly defined, roles fiduciary, duties decision making,
processes and distribute distribution. Standards this clarity can reduce the
risk of, disputes which we've talked about a bunch of
times and helping sure your plan is administered is, intended
(37:43):
and then documentation and, reporting so there's gift tax, returns
trust accounting and entity records should be kept accurate in
current so lifetime exemption usage, basis information owdership interests are clearly.
Documented doing so becomes especially important when your plan realizes
heavily on trust and family. Entities you want to be
sure to you integrate your state planning with tax retirement investment,
(38:04):
strategies so you have to have tax efficient wealth. Management
so portfolio, design asset, location which were talked about a
couple weeks, ago and tax loss harvesting can all affect
how quickly taxbi accounts grow and which your future state
tax exposure looks. Like you have to prioritize which assets
to gift, now decide where to hold tax inefficient. Assets
(38:26):
you have to align your, risk, returning, liquidity upcoming gifting
and business, session and a whole bunch of other. Things so,
Nobody i'm happy to give this to. You, yes nobody
likes talking about let us help you reduce that.
Speaker 1 (38:39):
Exactly the impact that has on your investments can be,
huge so make sure it's done the right. Way work
With Creative. Planning aaron's got information coming. Up touched on
a lot of topics. Today how do you get in
touch With aaron off here to get some of these
white papers physically in your, hand or if you like
the digital way as. Well that's scam topic was. Outstanding
(39:01):
we're going to wrap it all up when we come
back in today's Retirement. Clinic check out The Retirement clinic dot.
Com aerinkowal is ON wisn as we get to the
close of today's Retirement. Clinic we're back Next saturday at ten.
Am monday Through friday on The dan o'donnald, show those
one minute market, updates three and five pm. Newsblocks But,
aerinkowal you delivered so much information on how to avoid
(39:25):
being scammed red flags that pop. Up you educated us
in so many things at estate planning and tax. Implications
what's the best way to reach out to you off the?
Air erin?
Speaker 2 (39:37):
Right you, know our whole goal is for you to
keep more of your, money, uh and let us.
Speaker 3 (39:41):
Help you do.
Speaker 2 (39:42):
That two six two five two two forty aeron dot
co wal At Creative planning dot com as, Well so
reach out to. Us we're happy to.
Speaker 1 (39:52):
HELP i love that goal keep more of your, money
and there are ways and things that you need to,
know like the taxes that you talked. About all of.
That you don't want to be overly patriotic and play
too much In. TEXAS i love that, line but it
is so, True so reach out To aaron two six
two five two two forty. Forty Creative planning Dot com
(40:12):
is a good resource In brookfield right On Blue mountain
And racine And Delafield, Port, Washington. Wisconsin Creative planning Dot
com lots of ways to get. Started The Retirement clinic dot. Com,
aaron great stuff as, always enjoy the rest of your, weekend.
Speaker 3 (40:26):
Sir.
Speaker 2 (40:27):
Thank you you. Too it's great talking to you.
Speaker 1 (40:29):
And we're back Next. Saturday same to, You aaron on
behalf Of Aaron cole And Creative planning On Paul cronforce
ten Am Saturday, Mornings The Retirement. Clinic stay tuned for
news coming up NEXT Wsm milwaukee
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