Episode Transcript
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Speaker 1 (00:00):
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chriss share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Hello and welcome to the Maggie Tax and Financial Show.
This is Robert Maggie and I'm here with my son
and co host Chris Maggie. Be sure to visit our website,
Maggie Tax dot com. We have a lot of information there.
We're going to talk about a new feature in a
few minutes that you can actually chat with us and
see if we can get you an answer right away.
Many of you have questions and you'd like to call
and not be pressured into an appointment, so we'll talk
(01:13):
about that later in the show. Also, be sure to
visit our website, Maggie tax dot com, and every Sunday
at ten thirty am on ABC TV, watch the Maggie
Tax and Financial Show, and then after that at eleven o'clock,
switch to the radio and listen to our show on WFLA. Anyway,
I hope everybody's doing good. I want to welcome everybody.
Chris and we have a lot to talk about. We've
(01:33):
been talking about language for the past few weeks and
how people don't understand the retirement language, and we're going
to go into that today. So you know, here we go,
let's see what we got.
Speaker 3 (01:43):
Well, welcome everyone. Thank you so much for tuning into
our show. We really appreciate you listening and we love
being here. Why because there's so many people out there
that you need help. You know, when people come in
and meet with us there's a lot of confusion. They
just really don't know where to go. They're looking for
a plan and direction, looking for confidence, look for clarity,
looking for peace of mind, and there's ways to do that.
(02:03):
So throughout today's show, visit our website at Maggie Tax
dot com. There's so much information right there at your
fingertips to educate you. And that's what it's all about.
So if you have questions, that's what I'm talking about.
Eight three three Maggie Tax, pick up the phone, schedule
time to meet with us. We have offices on both
sides of the Bay to help you. And we're talking
about language, retirement language, and we need to translate that
(02:25):
to you. Why because it's just easier when you understand
the lingo and also understand what's happening in this economy
these days, and we need to come up with strategies
and options. They are available if you work with the
right advisor, and there's transactional advisors out there, there's complete advisors,
and you need to figure out who you want to
(02:45):
work with. That doesn't matter how much money you have.
But most advisors out there are retail. They just want
to sell your product or just pretty much do whatever
they want to do. But then you've got to complete
advisors and fiduciaries and people who look at the whole
big picture and really care about what your plan is
all about. And that's where we are here. So pick
up the phone, schedule time to meet with us, and
(03:07):
let's start.
Speaker 4 (03:07):
Dad.
Speaker 3 (03:08):
Let's talk about the options and the strategies and what
people need to know about.
Speaker 2 (03:12):
Well, one thing you just said a whole lot of stuff.
I'm sure people out there wondering. I have questions, So
I almost gonna bring this out there right now. If
you go to Maggie Tax dot Com on the bottom right,
we have a chat box. This is really a good
feature because what Chris and I talking about today, Go
there right now, ask a question and we will answer it.
So we're trying to get close to you folks, because
people are busy working and have many questions. So hit
(03:35):
the Maaggie tax dot Com on the bottom right you'll
see chat box. So when we talk about retirement and
tax planning to many of you, it is a different language,
and we want to translate that so you can understand
the rules and this is what we talk about. Any
game you play, you have to understand the rules and Chris,
this is not a game. This is for real, This
is retirement planning, This is tax planning, and know what
(03:57):
options and strategies are available. So let's start with what
we call the gorilla in the room. Everyone has one,
and we're talking about taxes, income planning, estate planning, and
investment planning. And we call this a holistic approach. And
that's what we do because when you come in and
meet with us, we want to talk about everything to you.
It's a question you have to ask. Ask us the
(04:19):
questions we want to find out more about you. And
the question for all of you is do you think
taxes will be lower, maybe stay the same, or even
be higher. And that's the gorilla in the room, Chris,
that we're talking about. And you have to be certain
that you have a complete plan. Maybe many of you
have an incomplete plan. Think about that. And maybe some
of you just do not understand the language. So we
(04:41):
need to translate that so you can understand eight three
three Maggie Tax. Be sure to visit our website Maggie
tax dot com and click on the top right the
retirement calculator. Chris. We have helped so many people understand
the retirement tax bill just by that little link alone.
So go to Maggie tax dot Com, hit the retirement calculator.
It's right there and in thirty seconds we can help
(05:02):
you out.
Speaker 4 (05:03):
And that's just it.
Speaker 3 (05:03):
You know, people need to understand what's going on with
their retirement. You know, you work so hard, this is
your money, you know, why go ahead and put it
away for so many years and then really just don't
know what to do with it. Many people out there
don't understand the distribution phase of their retirement. They're in
the accumulation phase. They just put money in, they work
Marco's up and down, volatility happens, and they just keep
(05:25):
going moving forward. But really, is that what you want
during your retirement years. You have to understand that there's
a different phase, and it's called the retirement phase and
the distribution phase of your retirement, and that's what we
specialize in doing. So pick up the phone, schedule time
to meet with us. Eight three three MAGI attacks. Meet
with us. We can explain the language of retirement planning.
(05:46):
We can understand what options are available out there, and
we can translate them to you. Eight three to three
MAGI tacks. You know, let's talk about the Great American
savings myth. You know, we're all taught to do this.
We're we're taught to even a deferred account like an IRA,
a pom one K, or a step plan with a
self employment plan, or even a qualified plan. A qualified
(06:07):
plan is a plan with the government because you have
agreed to defer the taxes until you retire, hoping, hoping
you will have enough income and maybe pay fewer taxes.
But guess what, when we do tax planning each and
every year and every day, every month, that's what we do.
We see them many people out there. They've saved for retirement,
but guess what, they're not in a lower tax bracket,
(06:29):
maybe a slightly, but guess what, there's paint a lot
in taxes still and they don't know and they don't
like it because they just don't know what else to do.
Speaker 2 (06:36):
So we have the new rules of retirement, and if
you're uncertain which plan you have, give us a call
eight three to three Maggie Tax. We have to have
this conversation with you. Visit Maggie tax dot com right now,
click on the retirement calculator at the top and in
thirty seconds, we can tell you what your tax bill
is going to be when you reach age seventy two
and are required to take the RMD, which a lot
(06:57):
of people don't understand. They say DMR rm D that's
a required amount that the government says you have to
take out. And then also on Maggie tax dot Com
on the bottom right, there's a chat box. Ask a question.
Let's get the answer for you because you know what
unknown rate are we going to pay when you take
that money out. Taxes are low right now, but if
(07:17):
you believe taxes are going to go up, then think
about it. What you're paying in taxes now, you're not
going to pay later. Chris, that's the gorilla in the room.
Eight three to three Maggie Tax.
Speaker 4 (07:26):
So let's let's fight the gorilla in the room.
Speaker 3 (07:28):
Let's make sure that we get the gorilla out of
the room right not, because that's what we need to do.
We need to move forward in retirement without worrying about
the big gorilla in the room. So are you looking
through a micro lens or are you looking through a
macro lens to reduce your taxes? Because now is a
time to have the big picture conversation. You need to
(07:49):
understand what's there, what's out there to help you and
protect you. Look through a macro lens so you can
reduce your taxes over your lifetime. Visit our website at
Maggie tax dot again, there's so much information right there
at your fingertips. Click on the retirement tax calculator and
in thirty seconds it'll show you how much in tax
you're gonna have to pay on your retirement dollars.
Speaker 4 (08:12):
How important is this so important?
Speaker 3 (08:14):
Because now is the time to take advantage of it
now as opposed to five, ten, fifteen years down the
road when you're basically gonna be affected by these and
you have no other option.
Speaker 2 (08:24):
Well, you talked about it before two words accumulation phase
and distribution phase. And in the accumulation phase, the cool
thing about it, you saved, which that's what we do.
But you saved in a retirement account, got a tax deduction,
and every year you got a tax deduction to lower
your taxes. And that's good. But then when you retire
and you get to age seventy two, you have to
take out the requirement and distribution. That is the unknown,
(08:48):
that is the gorilla in the room. We don't know
what taxes are going to be, so when the Trump
tax cuts go away, we're going to be in a
higher tax bracket. So tax planning is essential, essential today,
so you can see the that you have and reduce
your taxes today. And if your advisor or your CPA
or your broker is not discussing that, why, you have
(09:08):
a right to ask them and ask them. Gee, if
I sell this stock or whatever I do, if I
buy a house, what's the tax consequence. That's the questions
Chris that we get. So if you go to Maggie
tax dot com and we just hit a nerve, you'll
see the chat box on the bottom right. Ask your question.
Let's see if we can help you and get it
straightened out. Because you know, Chris, it's all talked by
the water fountain cool of this and that, and we
(09:30):
hear that so many times. And folks, if you're getting
the wrong information, then please eight three to three MAGI
Tax set a time you're going to meet with both
Chris and I. We have three locations, one in Tampa,
one in Saint Pete and Palm Horror. This is easy,
you just have to take the time to do it.
And you do it now get the answer that you want.
Eight three to three Maggie Tax.
Speaker 4 (09:50):
That's just it.
Speaker 3 (09:50):
If you're looking for a complete plan, we can help
an income plan, tax plan, and investment plan. What about
social security maximization planning? What about a state planning? You
have a will trust power of attorney? Do you have
those documents? Are the old documents? Well, let's analyze those
and we can have the professionals do that. That's what
we do here. So pick up the phone, schedule a
time to meet with us. There's so much information to
(10:13):
help you. There are strategies to help you. There are
strategies that you can you can take advantage of now
to put you and your family in a better situation
to have more income on a most tax efficient way.
Eight three to three Magi tax. That's eight three to
three mag attacks.
Speaker 2 (10:28):
So be sure to visit our website Maggie tax dot com.
Click on the link at the top the retirement calculator
and let's figure out what your retirement tax bill is
going to be. Come in and meet with us and
we can show you some strategies and concepts that can
reduce that. Also, we have a chat box on the
bottom right. So if you're listening today and you want
to go to our website you have any questions, put
in the question. We'll get back to you a three
(10:50):
to three Magi Tax and be sure to watch our
TV show every Sunday on ABC at ten thirty.
Speaker 1 (11:01):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
ma gg I tax dot com or call eight one
(11:23):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty Now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (11:40):
Thanks for tuning in to the Maggie Tax and Financial
Show and welcome back on Chris Maggie. And as we
do each and every week, we love what we do
and that's why we're here.
Speaker 4 (11:49):
We educate you. There's so many people that need help.
Speaker 3 (11:52):
You know. When we meet with clients during the week.
It's amazing that they've saved for retirement. They just have
no plan and they have what they call we call
an incomplete plan. And if you're looking for a complete plan,
then that's what we do when we call it the
Maggie Plan. It's a simple plan for and it's easy
for you to understand. It's tax planning, it's insurance planning,
(12:13):
it's income planning, it's investment planning, it's a state planning,
it's social security maximization planning. You know, we help our
clients organize their thinking so you can make beneficial decisions
for yourself and for your family. And you know everyone
out there has to organize their thinking a lot of
different ways. So you have clarity, so you have confidence, right,
and many people have worked. You've put the blood, sweat
(12:36):
and tears into everything you've done and have done, and
you saved. But now it's a different game. It's called
the retirement game. And you have to play it the
right way because guess what, there's obstacles in the way
that can just erode the retirement if you're not if
you're not aware of So that's what going to help
you with today. So pick up the phone, schedule time
to meet with us. A three three Maggie tax.
Speaker 2 (12:55):
You know, it's simple. It's the new rules of retirement.
Sometimes the old rules of retirement don't work anymore. So
we have a couple of questions for you, because this
is on everybody's mind, and if it is, it's a
good reason to pick up the phone. Let me ask
you a question. Will taxes be higher in the future?
And if you say higher, then what are you doing
about it? Because we know that when the Trump tax
cuts expire, it's going to go up for everybody. I
(13:16):
don't care who you are, it's going to go up
for everybody. And you need to do some tax planning.
Let's talk about what about the benefits? Will they be
lower in the future. And the answer to that is yes,
and it's changing every single day. And again, what are
you doing about it? And I hope I'm hitting a
soft spot and your tummy, because if you're not doing
anything about it, don't complain about it unless you do
something about it. And I always say this, and we
(13:38):
talk about the language. If you don't understand the language,
that's okay. Let us interpret that for you so you
do understand it. And feel better, Chris, and walk away
with the knowledge that you know they're right. I need
to do something, but get the right help. You know,
we're going to continue to deal with serious inflation. And
the answer is yeah, what are you doing about it?
(13:59):
I mean price is up, the price of food is up,
everything is up. But you have to do something. You
have to do something to combat that. What about volatility
continue to increase? I mean that's something that we all know.
It's up and down, up and down. And the answer
is yes. And what have you done to avoid a
big market risk? Chris? Many people come in and there
are always the correct question is what about taxes? What
(14:19):
about market risk? What are they doing about it? What
are they doing about it? Chris? What do we tell them?
Speaker 4 (14:23):
Well, that's it?
Speaker 3 (14:24):
And where's it written that you have to lose thirty
percent like everybody else where's it written that that has
to happen for you? It doesn't have to happen for you.
And that's why if you with the right advisor who
can put together a plant, has his strategies to help
protect against the downside and the volatility and the inflation
and the taxes, then that's where you want to go.
(14:45):
So you have choices, you have options. You know we're
talking about here is that there are many advisors out there,
but really, what are you looking to achieve? Are you
looking for the best growth product? Are you looking for
the best product period?
Speaker 2 (14:58):
You know?
Speaker 4 (14:59):
Is that what you're looking at?
Speaker 2 (15:00):
Four?
Speaker 3 (15:00):
Well, that's just pretty much. You're better than that. You
need a complete plan. And it doesn't matter how much
money you have. If you have one hundred thousand dollars,
if you have ten million, or twenty million or fifty million,
doesn't matter what it is. You should have a plan
and a plan meaning that every account you have you
should have a tax plan with it. You should have
an investment plan with it, you should have an income
(15:20):
plan with it. That's what we're talking about here. So
have a complete plan. And if your complan is incomplete,
then you need to do something now to pick up
the phone in schedule time because let's get together and
complete the plan. Eight three to three Maggie tax.
Speaker 2 (15:32):
Yeah, don't forget. We have officers in Saint Pete office
in Palm Harbor and also Loots. Pick up the phone
right now. They're operated standing Biolet's set of time to
meet with you. No costs, no obligation, and let's talk
about longevity. Will we outlive our money? That's the biggest question,
and this is a concern for every one of you
and the risks of retirement.
Speaker 3 (15:50):
And let me stop there for a minute, because you
know a lot of people ask us, well, it's only
for people who have don't have a lot of money,
and it's actually reversed. We've melt with many, many millionaires
who the main concern is are we going to outlive
our money? Yeah, And it's amazing when you see five
million dollars in their account and they're concerned about outliving
their money. It's amazing when you see a millionaire who
(16:12):
has concerned about outliving their money and instead of just
you know, the perception is that they're set and they're okay,
but their concerns are preserving their assets, making sure they
have enough there so they don't have to go through
the troubles that that many people are going through these days.
Speaker 2 (16:29):
But there's a good point while we talk about bucket planning,
you mentioned for wealthy people, they do not understand how
to put an income bucket, a growth bucket, and a
longevity bucket together, so they will never outlive their money, Chris,
and we do that for every client that comes in
because if you don't have bucket planning, what do you
have And that Chris mentioned before, just a pile of money?
(16:50):
Is that the answer? Because you have you know the
old rule, what does to take four percent out? It
doesn't last any longer if you're a market if your
account's going.
Speaker 3 (16:57):
Down and everything's going up, right, that's exactly right. So
you might outlive your money. And that's the worst feeling
if you're older and you're seventy and you're seventy five
and you have the thought where I can't spend money
or I have to really retract because I might outlive
my money. So what's the price that we have is
our health. We have to make sure that we keep
(17:18):
our health. But at the same time, we have to
plan and make sure we have guarantees in our plan
to have an income plan. So if we have our
income plan set up, then we can explore with some
other nice investments and we could take some risk with it,
or we can spend more or even have a playcheck.
Who wants a playcheck? A playcheck is something that comes
in each and every month that you can just spend.
It's always going to come in for the rest of
(17:40):
your life that you just spend for whatever you want.
That's a great feeling to have and we could set
that up for you. So pick up the phone, schedule
time to meet with us. Eight three three Magi TACs.
Speaker 2 (17:50):
And one thing when you talk about a strategy and
a concept that we've used for years, is you can
actually and hear me what I'm going to say, run
out of money, but never run out of it. I
had a gentleman the other day came in. He's sixty
eight years old. We set him up with a plan.
At seventy two, he has to take his RMD out.
We set him up for income for the rest of
his life, and if anything happened to him, it's going
(18:11):
to go to his wife and have income for the
rest of her life. That's what we talk about planning.
That's what we talk about, a complete plan. So if
you're interested in that, give us a call A three
three Maggie Tax. Pick up the phone right now. We
have operated standing by visit our website Maggie Tax dot com,
click on the retirement calculator on the top right, and
in thirty seconds, I can tell you what your retirement
tax bill is going to be. And don't forget to
(18:33):
watch our TV show every Sunday on ABC TV at
ten thirty. We have a lot of information that we
want to share with you. It's about education, it's about
understanding the language. And don't be embarrassed. If you don't
understand the language, say so, ask someone to interpret. That's
what Chris and I do so eight three to three
Maggie Tax. Be sure to visit our website Maggie tax
dot com and we have offices in Saint Pete Blots
(18:55):
and also Palm Harbor. And don't forget every Sunday ten
thirty CTV and you're listening to the Maggie Tax and
Financial Show.
Speaker 1 (19:07):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
ma Ggi tax dot com or call eight one three
(19:29):
three two two twenty five twenty that's eight one three
three two two twenty five twenty Now your host for
the Maggie Tax and Financial Hour. Father and son from
Maggie Tax Advisory and Financial Group, Robert and Chris.
Speaker 2 (19:44):
Maggie, Welcome back and you're listening to the Maggie Tax
and Financial Show. We've been talking about tax planning and
tax strategies. I'm going to discuss a retirement concept that
we use. In a minute, visit our website, Maggie tax
dot com, click on the retirement calculator and in thirty
seconds let's see what you're tirement tax bill is going
to be. And don't forget. Every Sunday on ABC at
ten thirty, listen and watch the Maggie Tax and Financial Show. So, Chris,
(20:07):
the question comes out, will Congress's new tax and spending
bill impact you now and in retirement? And the Senate
passed the Inflation Reduction Act. It includes four hundred and
fifty billion in new taxes. So what does this mean
for all of you? So with the current administration in
the White House, you need to act fast. You have
to do some tax planning now and make protecting what
(20:27):
she was a top priority. So let's talk about a
retirement income strategy that we use with a lot of clients.
Speaker 3 (20:33):
So one of the strategies my dad's talking about is
bucket planning. And if you're not doing bucket planning, your
advisors not talking about bucket planning, you're missing the boat.
I'll tell you why, because every account that you have
should have a purpose. You know, most advisors just get
the money and they just invest it into maybe cookie
cutter different types of products or investment plans or just
(20:54):
different strategies that are pretty much the same for everybody.
And that's not what we do here. Every account that
you have has a specific purpose, and we tailor the
retirement plan to you and to your needs. And that's
what makes us very different. And on top of being
a fiduciary, we do the best thing for you, but
we do complete planning. So income planning, tax planning, investment planning,
(21:16):
is state planning. And one of the strategies, as I
mentioned before, bucket planning, and it's a strategy that diversifies
across different types of assets, tax diversification and also income strategies.
So when we talk about bucket planning, there are taxable accounts,
there's tax later accounts, and there's also accounts that are
tax now accounts. So when we look at tax planning,
(21:36):
we're also looking at investment planning. We're also looking at
income planning. We all want to tie this all these
together because when we put together the right bucket, we
can have income on a tax favored basis and pay
less tax We can have other buckets of money growing
on a tax deferred basis or even a tax free basis,
where you can have money coming in for guaranteeing and
(21:57):
for the rest of your life.
Speaker 2 (21:58):
So one of the reasons to put money in to
a tax the thirred retirement account is because you believe
that your taxes will be lower after you're retired, and
that's not true, so you may be earning less money.
You should still think carefully about whether you're likely to
pay less taxes in retirement. And if you have doubts
or if you want the financial peace of mind that
comes with knowing your withdrawals will be tax free, then
(22:19):
talk to us about the retirement plan. Because what Chris
is talking about, and a good example is the biggest
question we ask people is how much money do you
need now? And then Chris, that's always a question like
I don't know, Well, here's what you need to do
how much do you need per month to pay all
your bills and put your feet on the ground, whatever
number that is. That's where we start with the bucket planning,
because you want to put money maybe for ten years
(22:42):
to cover that, and then in the second bucket tax later,
and the third bucket that's going to be taxed never.
That's what we're talking about the retirement calculator. So what
you need to do is come in and talk about
the bucket planning. Am I right or wrong?
Speaker 4 (22:56):
Absolutely?
Speaker 3 (22:56):
And me an example, we got a client that came
in last week at one point three million dollars. So
he came to us and says, I want to retire
in two years.
Speaker 4 (23:03):
What do I do?
Speaker 3 (23:04):
Well, he's sixty two years old and he has no planning,
no one managing his money currently in his Form one K,
but he's got a nice chunk of money in his
FOURM one K. So what we did was and a
lot of people out there probably just don't know. If
you have a four one K or a thrift savings
plan and you're over age fifty nine and a half,
you could do what they call an age base withdraw.
You can separate your money from a four one K,
(23:26):
roll it over to an IRA and pay no tax.
Now why would you do that? One You can create buckets.
You can create investment accounts with the purpose, whether it's
for income in the future, whether it's for growth, whether
it's for inflation, whatever it is. But while you're doing that,
you keep your four one K open, so you keep contributing,
you keep matching. But now you separated the money into
(23:46):
different buckets bucket planning, and that's what we did. So
he said, hey, I want to retire in a couple
of years. So I looked at social Security for him
and his wife, and he was four thousand dollars short
of the amount of money they need in retirement.
Speaker 4 (23:58):
So what do we do. We created the first bucket.
Speaker 3 (24:01):
We put four hundred and eighty thousand dollars in the
bucket number one. Let it grow for a couple of years,
and when he retires, he can turn that on for
the next ten years guaranteed income of four thousand dollars
a month of forty eight thousand dollars a year of
income coming in the front door, plus his social Security.
He was blown away. So we said, what do you
do with the remaining amount of money, no problem. What
(24:22):
we did was we created his own family pension. Bucket
number two we created. We put three hundred thousand dollars
in bucket number two. So in ten years, when the
first bucket goes down to zero, well, bucket two and
bucket three are growing. So guess what in year eleven
we turn on bucket number two for guaranteed income for
the rest of his life. We put together strategy create
(24:44):
his own pension plan, guaranteed income so he'll never outlive
his money. So what do we do. We just put
a relief on his whole mind and his plan because
now he knows that he has income for life. We
solved the income plan for him. Now he said, what
do I do with the rest? Well, it's up to him.
We talked about, hey, let's put this into some buckets
(25:06):
where you have safety. On the downside, we can have
some growth opportunities. On the upside, we can play over time.
That's called later money. We can have some fun with
this money because we don't depend on it. It's pretty
much later money, if not maybe even never money that
he's ever going to touch. But he said to us, well,
can I do something even better? And then we said, well,
how come or what if you want tax free income?
(25:29):
And he said, how do I go about doing that?
So that's what we talked about. How to roll out
his money. We took the remaining amount of bucket and
did a strategic rollout. We got money out of an
account that's infected with taxes into a tax free account.
And Dad, what does that look like for him and
his family in the future.
Speaker 2 (25:46):
Well, it's an AHA moment and it basically like you
said it before, it's a relief. Be goes now they
don't have to worry about income, they're not worried about
the risk. They took risk off the table and they
have lowered their taxes. So here's my question to all
of you. Is there someone at the intern Rental Revenue
Service that you are so madly in love with that
you want to leave them a whole bunch of your money?
Come on, give me a break. No, but you have
(26:08):
to do something about it. And where is it written
in finance that you have to lose thirty to fifty
or even seventy percent? And think about two thousand and one.
In two thousand and eight, Chris, how many people came
to that date? And wanted to retire, and then the
market went down because they had no tax planning, they
had no income planning, and basically they had no bucket planning.
Are we making sense right now to all of you?
(26:29):
Because please give us a call. We'll show you this.
Speaker 3 (26:32):
Eight three three, Maggie texs Now, you're so right, and
we're so passionate about this because why because just now
he can go to work, he can retire whenever he wants.
Speaker 4 (26:40):
He's in total control.
Speaker 3 (26:42):
He doesn't have to fall victim to all the speculation
out there, or if the market turns twenty thirty forty
percent on the downside, he doesn't have to be one
of those victims that said, well everyone lost money, you
don't have to be there.
Speaker 4 (26:55):
So that's the question we have for you.
Speaker 3 (26:56):
Where is it written that you have to lose when
everyone loses?
Speaker 4 (26:59):
You don't have to.
Speaker 3 (27:01):
If you work with a broker or you work with
a transactional advisor, then maybe your stock, but you don't
have to. That's why you pick up the phone, schedule
time to meet with us, work with a complete planner,
work with an investment advisor representative who's a fiduciary. It's
the best thing for you. Why, because you deserve a plan.
You deserve to create these buckets. We're talking about bucket planning.
(27:21):
If your advisor is not doing bucket planning, then pick
up the phone, schedule time to meet with us. A
three three Maggie Techs.
Speaker 2 (27:27):
So here's another question for all of you out there.
Do you have enough confidence in your current advisor to
get a second opinion? And we've had clients come in
that even spoke to their CPA and when they came
in they told us, well, gee, my CPA never told
us that. And this is an important issue because you're
not locked into that one advisor. Get a second opinion
(27:48):
because your first advisor can't give you a second.
Speaker 3 (27:50):
Well, you mentioned the CPA. You give a quick example.
We had a client two months ago came in twenty
five years with their CPA. Guess what the CPA sold
them transactional products, a variable annuity class, a mutual fund,
loads fees, Oh my gosh, no management. But guess what
he's with him twenty five years. So he came to
us and he said, what can I do to make
things better? So we did a plan. We analyzed his accounts,
(28:13):
We looked at what he currently has. We showed him
all the fees he's currently paying, the risk that he's
taking with his money, and he said, that's not what
I want. And I said, well, are you telling your advisor,
your CPA? And he says, we are, but he's just
not listening. He's not at least he's basically telling us
what he thinks or what we want to hear. But
again he's not doing anything about it. So what do
(28:34):
we do. We put together a plan to help him.
We created buckets, we created safety, We created opportunities for
long term growth. We talked about liquidity, we talked about
tax free money, we talked about the Maggie Plan, putting
together a plan we can maximize the social Security and
guess what, he has an estate plan as well, which
he never had before twenty five years with a CPA,
(28:56):
never talked about estate planning or even leaving the account
to avoid probate. Is that you It doesn't have to be.
So pick up the phone, schedule time to meet with us,
eight three to three, Maggie tax So.
Speaker 2 (29:06):
Kind of let me wrap this up in a bow here.
Think about this question for a minute. Have you ever
thought about this? Doesn't it take forty years of employment
to create eighty years of income. How will you do that?
And think about that question again. You work forty years
and then you get to retirement, like we're talking about
with every client that comes in, how are you going
to position the rest of your life for guaranteed income
(29:26):
like you were working. Why do you have to stress
out and worry about the market, worry about the risk
when you can design a plan like we're talking about
bucket planning and many of you come in and you're
shocked when we show it to you. And then, like
Chris said, go back to your CPA and your CPA
isn't showing you that, or you're broker, then the question
is why, and you have a right to move that
account to where you want. Just remember something very important,
(29:50):
it's your money. Remember it's your money and you could
do whatever you want with it. So visit my website
Maggie tax dot com. Look for the retirement calculator, gets
serious about what your taxes are going to be in retirement.
Put your numbers in there, and if you don't want
to put the right numbers in it, put the numbers
in anyway. In thirty seconds, we're going to give your
report back and then give us a call. Let's go
(30:11):
over the whole thing. A three three Maggie Tax.
Speaker 4 (30:13):
And that's just it getting educated.
Speaker 3 (30:15):
Right When we talk about getting educated, when's the last
class you had on all this stuff? When's the last
time we did a review on all this stuff?
Speaker 2 (30:22):
You know?
Speaker 4 (30:22):
Now is a time? Why?
Speaker 3 (30:24):
Because we're living in turbulent times right now, uncertain times, right,
a lot of confusion, a lot of thoughts, a lot
of rumors.
Speaker 4 (30:31):
What's true? What's not true?
Speaker 2 (30:33):
Am I right?
Speaker 3 (30:34):
So why don't you protect your money? Why don't you
have a plan? Why don't you put together a bucket strategy?
And we can help. So pick up the phone, schedule
time to meet with us. We have office on both
sides of the bay. Visit our website at Maggie Tax
dot com. That's m a Ggi tax dot com. Maggie
Tax dot com, A three three Maggie Tax. And don't
forget tune into our TV show every Sunday on ABC
(30:57):
TV at ten thirty am. Maggie Tax and Financial Show.
We talk about a lot of different things to educate you.
So pick up the phone, schedule a time to meet
with us. Eight three three Maggie Tax. That's eight three
three Maggie Tex.
Speaker 1 (31:10):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host father and son, Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
ma gg I tax dot com. Or call eight one
(31:31):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty. Now your host
for the Maggie Tax and Financial Hour, father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (31:48):
Welcome back and thanks for joining us. You're listening to
the Maggie Tax and Financial Show. I am Robert Maggie
and I'm here with my son Chris Maggie. Thanks for
joining us today. But folks, you have to do something.
Go to our website, Maggie Tax dot com. There's a
lot of information there that you can look at and
then give us a call eight three three Maggie Tax.
So here's a question. What are some common mistakes that
(32:09):
we have run across from clients that come in every
day and this might be you out there, So see
if this fits, because if the shoe fits, then we
can make it fit even a little bit better. But
here's the big one. Failing to plan, don't procrastinate, and
not discussing with your family and friends. And this is important, Chris,
because when we see a lot of people sometimes they
don't want to tell their children about what's going on.
(32:30):
But guess what happens when they pass away.
Speaker 3 (32:32):
Oh my gosh, we've seen hor stories and we've seen
where we want to avoid all that, right, so we're
going to educate you on how to avoid all that
so everything transfers the right way.
Speaker 2 (32:42):
So here's another one, and this is for everyone out there.
If you name just one beneficiary, what's the problem with that.
The problem is that if anything happens to the beneficiary
and you don't have a contingent beneficiary and it's not
on every bank account, every annuity, every brokerage account, then
you're making a miss because the problem is that you
don't have a contingent beneficiary and where is it going
(33:04):
to go.
Speaker 4 (33:04):
It's going to go through what probate and that's what
you do not want.
Speaker 3 (33:07):
So making sure that you have your beneficiary forms updated
are a common mistake that we see each and every
week exactly.
Speaker 2 (33:14):
And forgetting about power of attornity or healthcare representatives, forgetting
about final arrangements what happens when you pass away. It's expensive.
When you die, it's expensive, so you have to have
final arrangements. Forgetting about your digital assets, forgetting about charities
that are important to you, and not doing a beneficiary review.
And that to me and Chris, I mean we see
(33:35):
it all the time. If you don't do a beneficiary review,
then the problem is when you pass away, all hell
breaks lose absolutely. And you know, we're a family business here.
We've been doing this for a long time and we
take pride and keep it in the family. And the
same thing when you come a client of ours, we
want to make sure that your money stays in your family.
Why because we understand the distribution phase, we understand a
(33:56):
legacy phase, and we want to make sure that every
account that you have, I don't care if it's a
checking account, a savings account, you're a group life insurance
at work, whatever it is, the beneficiary needs to be named.
And I've seen this each and every week people fail
to make these accounts set up the right way, and
banks fail all the time.
Speaker 3 (34:17):
They don't care. Advisors out there. We've seen investment accounts.
No beneficiaries goes to the estate goes to probate. Why
because they didn't do the job. They didn't finish the job,
because they don't care. They just want to do a transaction.
So if you're set up that way, pick up the phone,
schedule time to meet with us. Let's get together at
least do a beneficiary review.
Speaker 2 (34:35):
And one thing that we mentioned a lot, but if
you have a trust and you have an IRA, and
you make the trust the beneficiary, sometimes that's not a
good idea. And what you need to do is sit
down with us. And we've met with a lot of
people when they come in and we show them that
and now all of a sudden, the mindset says, wait
a second, my God didn't tell me this. And that's
why we can work with you, because you need to
(34:57):
know the rules, and we talk about it all the time.
Whatever gave me a playing know the rules. But if
you somehow, and we've seen this and maybe some of
you out there listening, you make the trust the beneficiar
of an Ira, Chris, they lose everything that's right.
Speaker 3 (35:08):
So is it a see through trust? Is a special
needs trust? So these are some of the things that
we see engine every day and that's why we're talking
about on the radio here to educate you and to
make sure that you can avoid these common mistakes. The
other question we have is, you know, how can we
assist Maggie Tacks? How can we exist other people with
legacy and estate planning? And what does this process include?
Speaker 2 (35:30):
Great question. It's simple. Pick up the phone eight three
to three, Maggie Tacks and set a time to meet
with Chris and I so we can go over all
of this on your terms. Have questions coming in because
the biggest fear I think people have they're going to
be sold. I don't know how to sell anything. I
know that sounds weird. I know how to help people.
I know how to educate people. And guess what You're
going to make the final decision, not me, because one
(35:51):
thing I do know, you don't want to be told.
I know Chris, when I tell him to do something,
he laughs at me, he says, forget it, I'm not
going to do it. But if I suggest to him
a Chris me, maybe this is a different way. Now
he's got a different mindset because he's not being told anymore.
It's starting to make sense, and you know, it resonates
where maybe I better think about that.
Speaker 4 (36:09):
And that's just true.
Speaker 3 (36:10):
I mean, look, you do work each and every day
you work, You're busy. You got things going on, right,
A lot of things happen in your life. You're not
thinking about a state planning and proper beneficiary designation and
diversification and tax diversification and legislative risk. You're not talking
about that or thinking about that. That's where we come in.
So pick up the phone, schedule a time to meet
(36:32):
with us. Let's take care of this for you. Let's
get this in place, put together a plan, determine your
estate planning needs. You know, we can guide you in
every step of the way. And by guiding you through
the estate planning process, we can hear you, we can
partner with you, we can show you the proper way
to set things up. Why because you need to. This
(36:53):
is your money, this is your estate. You know, think
about a last will and testament. You know, the most
common first step is to name a guardian and for
your minded children, then ensure that your wishes are fulfilled
if you pass. Maybe you're thinking about your children or
your grandchildren. Right, what about healthcare directives? You know, set
in stone your medical wishes for when you no longer
make them known. Power of attorney? My gosh, think about this.
(37:16):
Do you have power of attorney set in place? Put
your financial decisions in the hands of someone that you
trust should circumstances leave you unable to make them. My gosh,
it's simple stuff, but really, do you have it together?
Maybe you don't. What about a trust? Maybe you need
a trust, maybe you don't. You know, help your loved
ones distribute your assets according to your wishes, not the estate.
(37:38):
You don't want arguments. You want your stuff to transfer
the right way, privately while avoiding the court overall. So
pick up the phone, schedule a time to meet with us.
Eight three three Magi Attacks. We thank you so much
for listening to our show. You know we love do
what we do every Sunday on ABC TV ten thirty
am for the mag Attacks and Financial Show half an
(37:59):
hour of great show education. We thank you so much
for listening.
Speaker 2 (38:02):
And just to wrap it up, once you have a
legacy in the state plan in place, you have peace
of mind, and that's what it's called peace of mind.
And there's so much involvement today, there's so much confusion.
Everybody's like, I don't want to make a decision yet,
but understand the rules. Understand the rules about an IRA,
about tax planning, about income planning, and if you don't
(38:22):
have a plan, that's okay. Don't don't beat yourself, but
call us. Eight three to three Maggie Tax. Be sure
to watch our show every Sunday at ten thirty on
ABC TV. We have so much information there. It's easy
to watch and it's fun. So eight three three Maggie Tax.
Be sure to visit our website, Maggie Tax dot com.
And we thank you for listening and just make your appointment.
Eight three to three Maggie Tax.
Speaker 1 (38:44):
You've been listening to the Maggie Tax and Financial Hour
discussing tax planning investment strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panelas County. Visit Maggie Tax dot
com or call eight one three three two two twenty
five twenty that's eight one, three, three, two, two, twenty
(39:06):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chriss share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Hello and welcome to the Maggie Tax and Financial Show.
This is Robert Maggie and I'm here with my son
and co host Chris Maggie. Be sure to visit our website,
Maggie Tax dot com. We have a lot of information there.
We're going to talk about a new feature in a
few minutes that you can actually chat with us and
see if we can get you an answer right away.
Many of you have questions and you'd like to call
and not be pressured into an appointment, so we'll talk
(01:13):
about that later in the show. Also, be sure to
visit our website, Maggie tax dot com, and every Sunday
at ten thirty am on ABC TV, watch the Maggie
Tax and Financial Show, and then after that at eleven o'clock,
switch to the radio and listen to our show on WFLA. Anyway,
I hope everybody's doing good. I want to welcome everybody.
Chris and we have a lot to talk about. We've
(01:33):
been talking about language for the past few weeks and
how people don't understand the retirement language, and we're going
to go into that today. So you know, here we go,
let's see what we got.
Speaker 3 (01:43):
Well, welcome everyone. Thank you so much for tuning into
our show. We really appreciate you listening and we love
being here. Why because there's so many people out there
that you need help. You know, when people come in
and meet with us there's a lot of confusion. They
just really don't know where to go. They're looking for
a plan and direction, looking for confidence, look for clarity,
looking for peace of mind, and there's ways to do that.
(02:03):
So throughout today's show, visit our website at Maggie Tax
dot com. There's so much information right there at your
fingertips to educate you. And that's what it's all about.
So if you have questions, that's what I'm talking about.
Eight three three Maggie Tax, pick up the phone, schedule
time to meet with us. We have offices on both
sides of the Bay to help you. And we're talking
about language, retirement language, and we need to translate that
(02:25):
to you. Why because it's just easier when you understand
the lingo and also understand what's happening in this economy
these days, and we need to come up with strategies
and options. They are available if you work with the
right advisor, and there's transactional advisors out there, there's complete advisors,
and you need to figure out who you want to
(02:45):
work with. That doesn't matter how much money you have.
But most advisors out there are retail. They just want
to sell your product or just pretty much do whatever
they want to do. But then you've got to complete
advisors and fiduciaries and people who look at the whole
big picture and really care about what your plan is
all about. And that's where we are here. So pick
up the phone, schedule time to meet with us, and
(03:07):
let's start.
Speaker 4 (03:07):
Dad.
Speaker 3 (03:08):
Let's talk about the options and the strategies and what
people need to know about.
Speaker 2 (03:12):
Well, one thing you just said a whole lot of stuff.
I'm sure people out there wondering. I have questions, So
I almost gonna bring this out there right now. If
you go to Maggie Tax dot Com on the bottom right,
we have a chat box. This is really a good
feature because what Chris and I talking about today, Go
there right now, ask a question and we will answer it.
So we're trying to get close to you folks, because
people are busy working and have many questions. So hit
(03:35):
the Maaggie tax dot Com on the bottom right you'll
see chat box. So when we talk about retirement and
tax planning to many of you, it is a different language,
and we want to translate that so you can understand
the rules and this is what we talk about. Any
game you play, you have to understand the rules and Chris,
this is not a game. This is for real, This
is retirement planning, This is tax planning, and know what
(03:57):
options and strategies are available. So let's start with what
we call the gorilla in the room. Everyone has one,
and we're talking about taxes, income planning, estate planning, and
investment planning. And we call this a holistic approach. And
that's what we do because when you come in and
meet with us, we want to talk about everything to you.
It's a question you have to ask. Ask us the
(04:19):
questions we want to find out more about you. And
the question for all of you is do you think
taxes will be lower, maybe stay the same, or even
be higher. And that's the gorilla in the room, Chris,
that we're talking about. And you have to be certain
that you have a complete plan. Maybe many of you
have an incomplete plan. Think about that. And maybe some
of you just do not understand the language. So we
(04:41):
need to translate that so you can understand eight three
three Maggie Tax. Be sure to visit our website Maggie
tax dot com and click on the top right the
retirement calculator. Chris. We have helped so many people understand
the retirement tax bill just by that little link alone.
So go to Maggie tax dot Com, hit the retirement calculator.
It's right there and in thirty seconds we can help
(05:02):
you out.
Speaker 4 (05:03):
And that's just it.
Speaker 3 (05:03):
You know, people need to understand what's going on with
their retirement. You know, you work so hard, this is
your money, you know, why go ahead and put it
away for so many years and then really just don't
know what to do with it. Many people out there
don't understand the distribution phase of their retirement. They're in
the accumulation phase. They just put money in, they work
Marco's up and down, volatility happens, and they just keep
(05:25):
going moving forward. But really, is that what you want
during your retirement years. You have to understand that there's
a different phase, and it's called the retirement phase and
the distribution phase of your retirement, and that's what we
specialize in doing. So pick up the phone, schedule time
to meet with us. Eight three three MAGI attacks. Meet
with us. We can explain the language of retirement planning.
(05:46):
We can understand what options are available out there, and
we can translate them to you. Eight three to three
MAGI tacks. You know, let's talk about the Great American
savings myth. You know, we're all taught to do this.
We're we're taught to even a deferred account like an IRA,
a pom one K, or a step plan with a
self employment plan, or even a qualified plan. A qualified
(06:07):
plan is a plan with the government because you have
agreed to defer the taxes until you retire, hoping, hoping
you will have enough income and maybe pay fewer taxes.
But guess what, when we do tax planning each and
every year and every day, every month, that's what we do.
We see them many people out there. They've saved for retirement,
but guess what, they're not in a lower tax bracket,
(06:29):
maybe a slightly, but guess what, there's paint a lot
in taxes still and they don't know and they don't
like it because they just don't know what else to do.
Speaker 2 (06:36):
So we have the new rules of retirement, and if
you're uncertain which plan you have, give us a call
eight three to three Maggie Tax. We have to have
this conversation with you. Visit Maggie tax dot com right now,
click on the retirement calculator at the top and in
thirty seconds, we can tell you what your tax bill
is going to be when you reach age seventy two
and are required to take the RMD, which a lot
(06:57):
of people don't understand. They say DMR rm D that's
a required amount that the government says you have to
take out. And then also on Maggie tax dot Com
on the bottom right, there's a chat box. Ask a question.
Let's get the answer for you because you know what
unknown rate are we going to pay when you take
that money out. Taxes are low right now, but if
(07:17):
you believe taxes are going to go up, then think
about it. What you're paying in taxes now, you're not
going to pay later. Chris, that's the gorilla in the room.
Eight three to three Maggie Tax.
Speaker 4 (07:26):
So let's let's fight the gorilla in the room.
Speaker 3 (07:28):
Let's make sure that we get the gorilla out of
the room right not, because that's what we need to do.
We need to move forward in retirement without worrying about
the big gorilla in the room. So are you looking
through a micro lens or are you looking through a
macro lens to reduce your taxes? Because now is a
time to have the big picture conversation. You need to
(07:49):
understand what's there, what's out there to help you and
protect you. Look through a macro lens so you can
reduce your taxes over your lifetime. Visit our website at
Maggie tax dot again, there's so much information right there
at your fingertips. Click on the retirement tax calculator and
in thirty seconds it'll show you how much in tax
you're gonna have to pay on your retirement dollars.
Speaker 4 (08:12):
How important is this so important?
Speaker 3 (08:14):
Because now is the time to take advantage of it
now as opposed to five, ten, fifteen years down the
road when you're basically gonna be affected by these and
you have no other option.
Speaker 2 (08:24):
Well, you talked about it before two words accumulation phase
and distribution phase. And in the accumulation phase, the cool
thing about it, you saved, which that's what we do.
But you saved in a retirement account, got a tax deduction,
and every year you got a tax deduction to lower
your taxes. And that's good. But then when you retire
and you get to age seventy two, you have to
take out the requirement and distribution. That is the unknown,
(08:48):
that is the gorilla in the room. We don't know
what taxes are going to be, so when the Trump
tax cuts go away, we're going to be in a
higher tax bracket. So tax planning is essential, essential today,
so you can see the that you have and reduce
your taxes today. And if your advisor or your CPA
or your broker is not discussing that, why, you have
(09:08):
a right to ask them and ask them. Gee, if
I sell this stock or whatever I do, if I
buy a house, what's the tax consequence. That's the questions
Chris that we get. So if you go to Maggie
tax dot com and we just hit a nerve, you'll
see the chat box on the bottom right. Ask your question.
Let's see if we can help you and get it
straightened out. Because you know, Chris, it's all talked by
the water fountain cool of this and that, and we
(09:30):
hear that so many times. And folks, if you're getting
the wrong information, then please eight three to three MAGI
Tax set a time you're going to meet with both
Chris and I. We have three locations, one in Tampa,
one in Saint Pete and Palm Horror. This is easy,
you just have to take the time to do it.
And you do it now get the answer that you want.
Eight three to three Maggie Tax.
Speaker 4 (09:50):
That's just it.
Speaker 3 (09:50):
If you're looking for a complete plan, we can help
an income plan, tax plan, and investment plan. What about
social security maximization planning? What about a state planning? You
have a will trust power of attorney? Do you have
those documents? Are the old documents? Well, let's analyze those
and we can have the professionals do that. That's what
we do here. So pick up the phone, schedule a
time to meet with us. There's so much information to
(10:13):
help you. There are strategies to help you. There are
strategies that you can you can take advantage of now
to put you and your family in a better situation
to have more income on a most tax efficient way.
Eight three to three Magi tax. That's eight three to
three mag attacks.
Speaker 2 (10:28):
So be sure to visit our website Maggie tax dot com.
Click on the link at the top the retirement calculator
and let's figure out what your retirement tax bill is
going to be. Come in and meet with us and
we can show you some strategies and concepts that can
reduce that. Also, we have a chat box on the
bottom right. So if you're listening today and you want
to go to our website you have any questions, put
in the question. We'll get back to you a three
(10:50):
to three Magi Tax and be sure to watch our
TV show every Sunday on ABC at ten thirty.
Speaker 1 (11:01):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
ma gg I tax dot com or call eight one
(11:23):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty Now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (11:40):
Thanks for tuning in to the Maggie Tax and Financial
Show and welcome back on Chris Maggie. And as we
do each and every week, we love what we do
and that's why we're here.
Speaker 4 (11:49):
We educate you. There's so many people that need help.
Speaker 3 (11:52):
You know. When we meet with clients during the week.
It's amazing that they've saved for retirement. They just have
no plan and they have what they call we call
an incomplete plan. And if you're looking for a complete plan,
then that's what we do when we call it the
Maggie Plan. It's a simple plan for and it's easy
for you to understand. It's tax planning, it's insurance planning,
(12:13):
it's income planning, it's investment planning, it's a state planning,
it's social security maximization planning. You know, we help our
clients organize their thinking so you can make beneficial decisions
for yourself and for your family. And you know everyone
out there has to organize their thinking a lot of
different ways. So you have clarity, so you have confidence, right,
and many people have worked. You've put the blood, sweat
(12:36):
and tears into everything you've done and have done, and
you saved. But now it's a different game. It's called
the retirement game. And you have to play it the
right way because guess what, there's obstacles in the way
that can just erode the retirement if you're not if
you're not aware of So that's what going to help
you with today. So pick up the phone, schedule time
to meet with us. A three three Maggie tax.
Speaker 2 (12:55):
You know, it's simple. It's the new rules of retirement.
Sometimes the old rules of retirement don't work anymore. So
we have a couple of questions for you, because this
is on everybody's mind, and if it is, it's a
good reason to pick up the phone. Let me ask
you a question. Will taxes be higher in the future?
And if you say higher, then what are you doing
about it? Because we know that when the Trump tax
cuts expire, it's going to go up for everybody. I
(13:16):
don't care who you are, it's going to go up
for everybody. And you need to do some tax planning.
Let's talk about what about the benefits? Will they be
lower in the future. And the answer to that is yes,
and it's changing every single day. And again, what are
you doing about it? And I hope I'm hitting a
soft spot and your tummy, because if you're not doing
anything about it, don't complain about it unless you do
something about it. And I always say this, and we
(13:38):
talk about the language. If you don't understand the language,
that's okay. Let us interpret that for you so you
do understand it. And feel better, Chris, and walk away
with the knowledge that you know they're right. I need
to do something, but get the right help. You know,
we're going to continue to deal with serious inflation. And
the answer is yeah, what are you doing about it?
(13:59):
I mean price is up, the price of food is up,
everything is up. But you have to do something. You
have to do something to combat that. What about volatility
continue to increase? I mean that's something that we all know.
It's up and down, up and down. And the answer
is yes. And what have you done to avoid a
big market risk? Chris? Many people come in and there
are always the correct question is what about taxes? What
(14:19):
about market risk? What are they doing about it? What
are they doing about it? Chris? What do we tell them?
Speaker 4 (14:23):
Well, that's it?
Speaker 3 (14:24):
And where's it written that you have to lose thirty
percent like everybody else where's it written that that has
to happen for you? It doesn't have to happen for you.
And that's why if you with the right advisor who
can put together a plant, has his strategies to help
protect against the downside and the volatility and the inflation
and the taxes, then that's where you want to go.
(14:45):
So you have choices, you have options. You know we're
talking about here is that there are many advisors out there,
but really, what are you looking to achieve? Are you
looking for the best growth product? Are you looking for
the best product period?
Speaker 2 (14:58):
You know?
Speaker 4 (14:59):
Is that what you're looking at?
Speaker 2 (15:00):
Four?
Speaker 3 (15:00):
Well, that's just pretty much. You're better than that. You
need a complete plan. And it doesn't matter how much
money you have. If you have one hundred thousand dollars,
if you have ten million, or twenty million or fifty million,
doesn't matter what it is. You should have a plan
and a plan meaning that every account you have you
should have a tax plan with it. You should have
an investment plan with it, you should have an income
(15:20):
plan with it. That's what we're talking about here. So
have a complete plan. And if your complan is incomplete,
then you need to do something now to pick up
the phone in schedule time because let's get together and
complete the plan. Eight three to three Maggie tax.
Speaker 2 (15:32):
Yeah, don't forget. We have officers in Saint Pete office
in Palm Harbor and also Loots. Pick up the phone
right now. They're operated standing Biolet's set of time to
meet with you. No costs, no obligation, and let's talk
about longevity. Will we outlive our money? That's the biggest question,
and this is a concern for every one of you
and the risks of retirement.
Speaker 3 (15:50):
And let me stop there for a minute, because you
know a lot of people ask us, well, it's only
for people who have don't have a lot of money,
and it's actually reversed. We've melt with many, many millionaires
who the main concern is are we going to outlive
our money? Yeah, And it's amazing when you see five
million dollars in their account and they're concerned about outliving
their money. It's amazing when you see a millionaire who
(16:12):
has concerned about outliving their money and instead of just
you know, the perception is that they're set and they're okay,
but their concerns are preserving their assets, making sure they
have enough there so they don't have to go through
the troubles that that many people are going through these days.
Speaker 2 (16:29):
But there's a good point while we talk about bucket planning,
you mentioned for wealthy people, they do not understand how
to put an income bucket, a growth bucket, and a
longevity bucket together, so they will never outlive their money, Chris,
and we do that for every client that comes in
because if you don't have bucket planning, what do you
have And that Chris mentioned before, just a pile of money?
(16:50):
Is that the answer? Because you have you know the
old rule, what does to take four percent out? It
doesn't last any longer if you're a market if your
account's going.
Speaker 3 (16:57):
Down and everything's going up, right, that's exactly right. So
you might outlive your money. And that's the worst feeling
if you're older and you're seventy and you're seventy five
and you have the thought where I can't spend money
or I have to really retract because I might outlive
my money. So what's the price that we have is
our health. We have to make sure that we keep
(17:18):
our health. But at the same time, we have to
plan and make sure we have guarantees in our plan
to have an income plan. So if we have our
income plan set up, then we can explore with some
other nice investments and we could take some risk with it,
or we can spend more or even have a playcheck.
Who wants a playcheck? A playcheck is something that comes
in each and every month that you can just spend.
It's always going to come in for the rest of
(17:40):
your life that you just spend for whatever you want.
That's a great feeling to have and we could set
that up for you. So pick up the phone, schedule
time to meet with us. Eight three three Magi TACs.
Speaker 2 (17:50):
And one thing when you talk about a strategy and
a concept that we've used for years, is you can
actually and hear me what I'm going to say, run
out of money, but never run out of it. I
had a gentleman the other day came in. He's sixty
eight years old. We set him up with a plan.
At seventy two, he has to take his RMD out.
We set him up for income for the rest of
his life, and if anything happened to him, it's going
(18:11):
to go to his wife and have income for the
rest of her life. That's what we talk about planning.
That's what we talk about, a complete plan. So if
you're interested in that, give us a call A three
three Maggie Tax. Pick up the phone right now. We
have operated standing by visit our website Maggie Tax dot com,
click on the retirement calculator on the top right, and
in thirty seconds, I can tell you what your retirement
tax bill is going to be. And don't forget to
(18:33):
watch our TV show every Sunday on ABC TV at
ten thirty. We have a lot of information that we
want to share with you. It's about education, it's about
understanding the language. And don't be embarrassed. If you don't
understand the language, say so, ask someone to interpret. That's
what Chris and I do so eight three to three
Maggie Tax. Be sure to visit our website Maggie tax
dot com and we have offices in Saint Pete Blots
(18:55):
and also Palm Harbor. And don't forget every Sunday ten
thirty CTV and you're listening to the Maggie Tax and
Financial Show.
Speaker 1 (19:07):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
ma Ggi tax dot com or call eight one three
(19:29):
three two two twenty five twenty that's eight one three
three two two twenty five twenty Now your host for
the Maggie Tax and Financial Hour. Father and son from
Maggie Tax Advisory and Financial Group, Robert and Chris.
Speaker 2 (19:44):
Maggie, Welcome back and you're listening to the Maggie Tax
and Financial Show. We've been talking about tax planning and
tax strategies. I'm going to discuss a retirement concept that
we use. In a minute, visit our website, Maggie tax
dot com, click on the retirement calculator and in thirty
seconds let's see what you're tirement tax bill is going
to be. And don't forget. Every Sunday on ABC at
ten thirty, listen and watch the Maggie Tax and Financial Show. So, Chris,
(20:07):
the question comes out, will Congress's new tax and spending
bill impact you now and in retirement? And the Senate
passed the Inflation Reduction Act. It includes four hundred and
fifty billion in new taxes. So what does this mean
for all of you? So with the current administration in
the White House, you need to act fast. You have
to do some tax planning now and make protecting what
(20:27):
she was a top priority. So let's talk about a
retirement income strategy that we use with a lot of clients.
Speaker 3 (20:33):
So one of the strategies my dad's talking about is
bucket planning. And if you're not doing bucket planning, your
advisors not talking about bucket planning, you're missing the boat.
I'll tell you why, because every account that you have
should have a purpose. You know, most advisors just get
the money and they just invest it into maybe cookie
cutter different types of products or investment plans or just
(20:54):
different strategies that are pretty much the same for everybody.
And that's not what we do here. Every account that
you have has a specific purpose, and we tailor the
retirement plan to you and to your needs. And that's
what makes us very different. And on top of being
a fiduciary, we do the best thing for you, but
we do complete planning. So income planning, tax planning, investment planning,
(21:16):
is state planning. And one of the strategies, as I
mentioned before, bucket planning, and it's a strategy that diversifies
across different types of assets, tax diversification and also income strategies.
So when we talk about bucket planning, there are taxable accounts,
there's tax later accounts, and there's also accounts that are
tax now accounts. So when we look at tax planning,
(21:36):
we're also looking at investment planning. We're also looking at
income planning. We all want to tie this all these
together because when we put together the right bucket, we
can have income on a tax favored basis and pay
less tax We can have other buckets of money growing
on a tax deferred basis or even a tax free basis,
where you can have money coming in for guaranteeing and
(21:57):
for the rest of your life.
Speaker 2 (21:58):
So one of the reasons to put money in to
a tax the thirred retirement account is because you believe
that your taxes will be lower after you're retired, and
that's not true, so you may be earning less money.
You should still think carefully about whether you're likely to
pay less taxes in retirement. And if you have doubts
or if you want the financial peace of mind that
comes with knowing your withdrawals will be tax free, then
(22:19):
talk to us about the retirement plan. Because what Chris
is talking about, and a good example is the biggest
question we ask people is how much money do you
need now? And then Chris, that's always a question like
I don't know, Well, here's what you need to do
how much do you need per month to pay all
your bills and put your feet on the ground, whatever
number that is. That's where we start with the bucket planning,
because you want to put money maybe for ten years
(22:42):
to cover that, and then in the second bucket tax later,
and the third bucket that's going to be taxed never.
That's what we're talking about the retirement calculator. So what
you need to do is come in and talk about
the bucket planning. Am I right or wrong?
Speaker 4 (22:56):
Absolutely?
Speaker 3 (22:56):
And me an example, we got a client that came
in last week at one point three million dollars. So
he came to us and says, I want to retire
in two years.
Speaker 4 (23:03):
What do I do?
Speaker 3 (23:04):
Well, he's sixty two years old and he has no planning,
no one managing his money currently in his Form one K,
but he's got a nice chunk of money in his
FOURM one K. So what we did was and a
lot of people out there probably just don't know. If
you have a four one K or a thrift savings
plan and you're over age fifty nine and a half,
you could do what they call an age base withdraw.
You can separate your money from a four one K,
(23:26):
roll it over to an IRA and pay no tax.
Now why would you do that? One You can create buckets.
You can create investment accounts with the purpose, whether it's
for income in the future, whether it's for growth, whether
it's for inflation, whatever it is. But while you're doing that,
you keep your four one K open, so you keep contributing,
you keep matching. But now you separated the money into
(23:46):
different buckets bucket planning, and that's what we did. So
he said, hey, I want to retire in a couple
of years. So I looked at social Security for him
and his wife, and he was four thousand dollars short
of the amount of money they need in retirement.
Speaker 4 (23:58):
So what do we do. We created the first bucket.
Speaker 3 (24:01):
We put four hundred and eighty thousand dollars in the
bucket number one. Let it grow for a couple of years,
and when he retires, he can turn that on for
the next ten years guaranteed income of four thousand dollars
a month of forty eight thousand dollars a year of
income coming in the front door, plus his social Security.
He was blown away. So we said, what do you
do with the remaining amount of money, no problem. What
(24:22):
we did was we created his own family pension. Bucket
number two we created. We put three hundred thousand dollars
in bucket number two. So in ten years, when the
first bucket goes down to zero, well, bucket two and
bucket three are growing. So guess what in year eleven
we turn on bucket number two for guaranteed income for
the rest of his life. We put together strategy create
(24:44):
his own pension plan, guaranteed income so he'll never outlive
his money. So what do we do. We just put
a relief on his whole mind and his plan because
now he knows that he has income for life. We
solved the income plan for him. Now he said, what
do I do with the rest? Well, it's up to him.
We talked about, hey, let's put this into some buckets
(25:06):
where you have safety. On the downside, we can have
some growth opportunities. On the upside, we can play over time.
That's called later money. We can have some fun with
this money because we don't depend on it. It's pretty
much later money, if not maybe even never money that
he's ever going to touch. But he said to us, well,
can I do something even better? And then we said, well,
how come or what if you want tax free income?
(25:29):
And he said, how do I go about doing that?
So that's what we talked about. How to roll out
his money. We took the remaining amount of bucket and
did a strategic rollout. We got money out of an
account that's infected with taxes into a tax free account.
And Dad, what does that look like for him and
his family in the future.
Speaker 2 (25:46):
Well, it's an AHA moment and it basically like you
said it before, it's a relief. Be goes now they
don't have to worry about income, they're not worried about
the risk. They took risk off the table and they
have lowered their taxes. So here's my question to all
of you. Is there someone at the intern Rental Revenue
Service that you are so madly in love with that
you want to leave them a whole bunch of your money?
Come on, give me a break. No, but you have
(26:08):
to do something about it. And where is it written
in finance that you have to lose thirty to fifty
or even seventy percent? And think about two thousand and one.
In two thousand and eight, Chris, how many people came
to that date? And wanted to retire, and then the
market went down because they had no tax planning, they
had no income planning, and basically they had no bucket planning.
Are we making sense right now to all of you?
(26:29):
Because please give us a call. We'll show you this.
Speaker 3 (26:32):
Eight three three, Maggie texs Now, you're so right, and
we're so passionate about this because why because just now
he can go to work, he can retire whenever he wants.
Speaker 4 (26:40):
He's in total control.
Speaker 3 (26:42):
He doesn't have to fall victim to all the speculation
out there, or if the market turns twenty thirty forty
percent on the downside, he doesn't have to be one
of those victims that said, well everyone lost money, you
don't have to be there.
Speaker 4 (26:55):
So that's the question we have for you.
Speaker 3 (26:56):
Where is it written that you have to lose when
everyone loses?
Speaker 4 (26:59):
You don't have to.
Speaker 3 (27:01):
If you work with a broker or you work with
a transactional advisor, then maybe your stock, but you don't
have to. That's why you pick up the phone, schedule
time to meet with us, work with a complete planner,
work with an investment advisor representative who's a fiduciary. It's
the best thing for you. Why, because you deserve a plan.
You deserve to create these buckets. We're talking about bucket planning.
(27:21):
If your advisor is not doing bucket planning, then pick
up the phone, schedule time to meet with us. A
three three Maggie Techs.
Speaker 2 (27:27):
So here's another question for all of you out there.
Do you have enough confidence in your current advisor to
get a second opinion? And we've had clients come in
that even spoke to their CPA and when they came
in they told us, well, gee, my CPA never told
us that. And this is an important issue because you're
not locked into that one advisor. Get a second opinion
(27:48):
because your first advisor can't give you a second.
Speaker 3 (27:50):
Well, you mentioned the CPA. You give a quick example.
We had a client two months ago came in twenty
five years with their CPA. Guess what the CPA sold
them transactional products, a variable annuity class, a mutual fund,
loads fees, Oh my gosh, no management. But guess what
he's with him twenty five years. So he came to
us and he said, what can I do to make
things better? So we did a plan. We analyzed his accounts,
(28:13):
We looked at what he currently has. We showed him
all the fees he's currently paying, the risk that he's
taking with his money, and he said, that's not what
I want. And I said, well, are you telling your advisor,
your CPA? And he says, we are, but he's just
not listening. He's not at least he's basically telling us
what he thinks or what we want to hear. But
again he's not doing anything about it. So what do
(28:34):
we do. We put together a plan to help him.
We created buckets, we created safety, We created opportunities for
long term growth. We talked about liquidity, we talked about
tax free money, we talked about the Maggie Plan, putting
together a plan we can maximize the social Security and
guess what, he has an estate plan as well, which
he never had before twenty five years with a CPA,
(28:56):
never talked about estate planning or even leaving the account
to avoid probate. Is that you It doesn't have to be.
So pick up the phone, schedule time to meet with us,
eight three to three, Maggie tax So.
Speaker 2 (29:06):
Kind of let me wrap this up in a bow here.
Think about this question for a minute. Have you ever
thought about this? Doesn't it take forty years of employment
to create eighty years of income. How will you do that?
And think about that question again. You work forty years
and then you get to retirement, like we're talking about
with every client that comes in, how are you going
to position the rest of your life for guaranteed income
(29:26):
like you were working. Why do you have to stress
out and worry about the market, worry about the risk
when you can design a plan like we're talking about
bucket planning and many of you come in and you're
shocked when we show it to you. And then, like
Chris said, go back to your CPA and your CPA
isn't showing you that, or you're broker, then the question
is why, and you have a right to move that
account to where you want. Just remember something very important,
(29:50):
it's your money. Remember it's your money and you could
do whatever you want with it. So visit my website
Maggie tax dot com. Look for the retirement calculator, gets
serious about what your taxes are going to be in retirement.
Put your numbers in there, and if you don't want
to put the right numbers in it, put the numbers
in anyway. In thirty seconds, we're going to give your
report back and then give us a call. Let's go
(30:11):
over the whole thing. A three three Maggie Tax.
Speaker 4 (30:13):
And that's just it getting educated.
Speaker 3 (30:15):
Right When we talk about getting educated, when's the last
class you had on all this stuff? When's the last
time we did a review on all this stuff?
Speaker 2 (30:22):
You know?
Speaker 4 (30:22):
Now is a time? Why?
Speaker 3 (30:24):
Because we're living in turbulent times right now, uncertain times, right,
a lot of confusion, a lot of thoughts, a lot
of rumors.
Speaker 4 (30:31):
What's true? What's not true?
Speaker 2 (30:33):
Am I right?
Speaker 3 (30:34):
So why don't you protect your money? Why don't you
have a plan? Why don't you put together a bucket strategy?
And we can help. So pick up the phone, schedule
time to meet with us. We have office on both
sides of the bay. Visit our website at Maggie Tax
dot com. That's m a Ggi tax dot com. Maggie
Tax dot com, A three three Maggie Tax. And don't
forget tune into our TV show every Sunday on ABC
(30:57):
TV at ten thirty am. Maggie Tax and Financial Show.
We talk about a lot of different things to educate you.
So pick up the phone, schedule a time to meet
with us. Eight three three Maggie Tax. That's eight three
three Maggie Tex.
Speaker 1 (31:10):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host father and son, Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
ma gg I tax dot com. Or call eight one
(31:31):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty. Now your host
for the Maggie Tax and Financial Hour, father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (31:48):
Welcome back and thanks for joining us. You're listening to
the Maggie Tax and Financial Show. I am Robert Maggie
and I'm here with my son Chris Maggie. Thanks for
joining us today. But folks, you have to do something.
Go to our website, Maggie Tax dot com. There's a
lot of information there that you can look at and
then give us a call eight three three Maggie Tax.
So here's a question. What are some common mistakes that
(32:09):
we have run across from clients that come in every
day and this might be you out there, So see
if this fits, because if the shoe fits, then we
can make it fit even a little bit better. But
here's the big one. Failing to plan, don't procrastinate, and
not discussing with your family and friends. And this is important, Chris,
because when we see a lot of people sometimes they
don't want to tell their children about what's going on.
(32:30):
But guess what happens when they pass away.
Speaker 3 (32:32):
Oh my gosh, we've seen hor stories and we've seen
where we want to avoid all that, right, so we're
going to educate you on how to avoid all that
so everything transfers the right way.
Speaker 2 (32:42):
So here's another one, and this is for everyone out there.
If you name just one beneficiary, what's the problem with that.
The problem is that if anything happens to the beneficiary
and you don't have a contingent beneficiary and it's not
on every bank account, every annuity, every brokerage account, then
you're making a miss because the problem is that you
don't have a contingent beneficiary and where is it going
(33:04):
to go.
Speaker 4 (33:04):
It's going to go through what probate and that's what
you do not want.
Speaker 3 (33:07):
So making sure that you have your beneficiary forms updated
are a common mistake that we see each and every
week exactly.
Speaker 2 (33:14):
And forgetting about power of attornity or healthcare representatives, forgetting
about final arrangements what happens when you pass away. It's expensive.
When you die, it's expensive, so you have to have
final arrangements. Forgetting about your digital assets, forgetting about charities
that are important to you, and not doing a beneficiary review.
And that to me and Chris, I mean we see
(33:35):
it all the time. If you don't do a beneficiary review,
then the problem is when you pass away, all hell
breaks lose absolutely. And you know, we're a family business here.
We've been doing this for a long time and we
take pride and keep it in the family. And the
same thing when you come a client of ours, we
want to make sure that your money stays in your family.
Why because we understand the distribution phase, we understand a
(33:56):
legacy phase, and we want to make sure that every
account that you have, I don't care if it's a
checking account, a savings account, you're a group life insurance
at work, whatever it is, the beneficiary needs to be named.
And I've seen this each and every week people fail
to make these accounts set up the right way, and
banks fail all the time.
Speaker 3 (34:17):
They don't care. Advisors out there. We've seen investment accounts.
No beneficiaries goes to the estate goes to probate. Why
because they didn't do the job. They didn't finish the job,
because they don't care. They just want to do a transaction.
So if you're set up that way, pick up the phone,
schedule time to meet with us. Let's get together at
least do a beneficiary review.
Speaker 2 (34:35):
And one thing that we mentioned a lot, but if
you have a trust and you have an IRA, and
you make the trust the beneficiary, sometimes that's not a
good idea. And what you need to do is sit
down with us. And we've met with a lot of
people when they come in and we show them that
and now all of a sudden, the mindset says, wait
a second, my God didn't tell me this. And that's
why we can work with you, because you need to
(34:57):
know the rules, and we talk about it all the time.
Whatever gave me a playing know the rules. But if
you somehow, and we've seen this and maybe some of
you out there listening, you make the trust the beneficiar
of an Ira, Chris, they lose everything that's right.
Speaker 3 (35:08):
So is it a see through trust? Is a special
needs trust? So these are some of the things that
we see engine every day and that's why we're talking
about on the radio here to educate you and to
make sure that you can avoid these common mistakes. The
other question we have is, you know, how can we
assist Maggie Tacks? How can we exist other people with
legacy and estate planning? And what does this process include?
Speaker 2 (35:30):
Great question. It's simple. Pick up the phone eight three
to three, Maggie Tacks and set a time to meet
with Chris and I so we can go over all
of this on your terms. Have questions coming in because
the biggest fear I think people have they're going to
be sold. I don't know how to sell anything. I
know that sounds weird. I know how to help people.
I know how to educate people. And guess what You're
going to make the final decision, not me, because one
(35:51):
thing I do know, you don't want to be told.
I know Chris, when I tell him to do something,
he laughs at me, he says, forget it, I'm not
going to do it. But if I suggest to him
a Chris me, maybe this is a different way. Now
he's got a different mindset because he's not being told anymore.
It's starting to make sense, and you know, it resonates
where maybe I better think about that.
Speaker 4 (36:09):
And that's just true.
Speaker 3 (36:10):
I mean, look, you do work each and every day
you work, You're busy. You got things going on, right,
A lot of things happen in your life. You're not
thinking about a state planning and proper beneficiary designation and
diversification and tax diversification and legislative risk. You're not talking
about that or thinking about that. That's where we come in.
So pick up the phone, schedule a time to meet
(36:32):
with us. Let's take care of this for you. Let's
get this in place, put together a plan, determine your
estate planning needs. You know, we can guide you in
every step of the way. And by guiding you through
the estate planning process, we can hear you, we can
partner with you, we can show you the proper way
to set things up. Why because you need to. This
(36:53):
is your money, this is your estate. You know, think
about a last will and testament. You know, the most
common first step is to name a guardian and for
your minded children, then ensure that your wishes are fulfilled
if you pass. Maybe you're thinking about your children or
your grandchildren. Right, what about healthcare directives? You know, set
in stone your medical wishes for when you no longer
make them known. Power of attorney? My gosh, think about this.
(37:16):
Do you have power of attorney set in place? Put
your financial decisions in the hands of someone that you
trust should circumstances leave you unable to make them. My gosh,
it's simple stuff, but really, do you have it together?
Maybe you don't. What about a trust? Maybe you need
a trust, maybe you don't. You know, help your loved
ones distribute your assets according to your wishes, not the estate.
(37:38):
You don't want arguments. You want your stuff to transfer
the right way, privately while avoiding the court overall. So
pick up the phone, schedule a time to meet with us.
Eight three three Magi Attacks. We thank you so much
for listening to our show. You know we love do
what we do every Sunday on ABC TV ten thirty
am for the mag Attacks and Financial Show half an
(37:59):
hour of great show education. We thank you so much
for listening.
Speaker 2 (38:02):
And just to wrap it up, once you have a
legacy in the state plan in place, you have peace
of mind, and that's what it's called peace of mind.
And there's so much involvement today, there's so much confusion.
Everybody's like, I don't want to make a decision yet,
but understand the rules. Understand the rules about an IRA,
about tax planning, about income planning, and if you don't
(38:22):
have a plan, that's okay. Don't don't beat yourself, but
call us. Eight three to three Maggie Tax. Be sure
to watch our show every Sunday at ten thirty on
ABC TV. We have so much information there. It's easy
to watch and it's fun. So eight three three Maggie Tax.
Be sure to visit our website, Maggie Tax dot com.
And we thank you for listening and just make your appointment.
Eight three to three Maggie Tax.
Speaker 1 (38:44):
You've been listening to the Maggie Tax and Financial Hour
discussing tax planning investment strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panelas County. Visit Maggie Tax dot
com or call eight one three three two two twenty
five twenty that's eight one, three, three, two, two, twenty
(39:06):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
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