Retirement Ready with David Kopyc-Titling Your Assets For Retirement!

None

Episode Transcript

(00:00):
Love Friday morning because I get totalk to my friend. My friend is
David Kopek, the president of theRetirement Planning Group. Now, before we
go any further, I want toremind you that David has his own show
on our sister station. That's eightten and one O three one WGI and
it happens every Saturday morning from sevento nine. Good morning, David,
how are you? Good morning?Another Friday. Hard to believe. It

(00:22):
just goes by so quick, doesn'tit, Jamie. No, I just
talked to you yesterday. It feelslike it's crazy. I know, I
know today is what the twentieth alreadyof October twentieth, I know it's zipping
by. I can't believe it.We're like a week and a half away
from November. It's crazy. It'scrazy. It's just what's crazy? Is
I just I'm not ready for youknow, Christmas decorations and gifts all over

(00:47):
SAMs. Yeah see, and I'mready. I'm ready. Bring it on,
baby, bring it on? Soundlike you? Sound like my wife.
My wife wants to get it alldone before Thanksgiving. So ah,
I love her for it. Ilove her for it. Take down my
Halloween decorations and put up my Christmasdecorations. That's how you listen. I

(01:07):
wanted to talk to you about assets, you know, something we all need
obviously as we get set to retireor in retirement. How important is the
titling of assets for your golden years. It's critical, it really is.
You know. The thing is isthat a lot of people put it on
the back burner, Jamie. Andhow you title assets, especially when you

(01:27):
go through the pearly gates, willreally kind of dictate who the money goes
to and who pays the taxes,and if there's an estate tax or if
there's probate. And by doing somesimple, just some basic things, you
can avoid a lot of headaches andwhat I call costly mistakes. Because anytime
money goes through probate, our goodfriends called attorneys, right, they get

(01:52):
they get a little chunk of yourestates. They get it. You know,
they charge you a fee. Wow. All right, Well, we
hear a lot about trusts, obviously, but our trust just for wealthy people,
people who have a ton of money. No, absolutely not, matter
of fact. I am a bigbeliever and I'm not an attorney. So
I want to send that out there. I think a will is a thing

(02:13):
of the past. I think youeither have an irrevocable trust or a revocable
trust. Either an irrevocable or arevocable trust, and all of your assets
are titled into those two documents.The revocable trust is no different than a
checking account. You're not tying yourmoney up for an extended period of time.

(02:34):
But the key thing is is thatinstead of taking seven months to settle
to your estate, you can settleyour estate in days seventy two hours.
Holy cow, yeah wow, thatmakes a huge difference. And what about
my IRN? Can my IRA gointo a trust? A lot of people
say, how do I protect?You can't because if you did that,

(02:54):
Jamie, you have to pay allthe tax in one year. What you
can do is that you can setup certain types of trusts, which are
a little bit complicated. I'm notgoing to get into in the year.
We'll talk about it tomorrow. Butthe bottom line gets down to is that
there are ways to have your IRA'sassets managed at death in a fiduciary capacity

(03:16):
to basically make sure the money doesn'tget vaporized and it goes to the people
that you wanted to go to.Wow, so important and you'll go in
depth on this tomorrow morning on theRetirement Planning Show. Yeah. I've got
my good friend Frank Lang coming in, who's an attorney that specializes in this
arena. And that's our topic,how to title assets for your pre and

(03:38):
post retirement years. Wow. Iam definitely going to be listening because that's
information I did not know and Ineed to know. So everyone tune in
like I do every Saturday morning fromseven to nine on our sister station eight
ten and one oh three one WGY. And you can always contact Dave and
ask him these important questions five eightfive eight zero one nine one nine,

(04:02):
or just go online rpgretire dot comrpg retire dot com. David, thank
you so much. I'll be listeningtomorrow morning. Have a great day,
brother YouTube Jamie, Bye bye