September 21, 2024 • 47 mins
Christy Smith, founder of Presley Wealth Management, and Matt Kennedy, investment adviser representative, discuss issues that affect your retirement planning and how you can build a plan to help reduce risk and implement wealth accumulation strategies.
Learn more at presleywealthmanagement.com and then, if you would like to have a deeper conversation, set up an appointment online at meetwithusnow.com or by calling (225) 791-5773.
Learn more at presleywealthmanagement.com and then, if you would like to have a deeper conversation, set up an appointment online at meetwithusnow.com or by calling (225) 791-5773.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
When the news is national.
Speaker 2 (00:01):
SOB, security system volatility, global turmoil, interest rates, Rock Dan
Wall Street.
Speaker 3 (00:05):
Your money matters. When it's Louisiana Local serving the Greater
Baton Rouge area, your money matters. And when it's your
time to retire. Presley Wealth Management presents your Money Matters
with Christy Smith.
Speaker 2 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement. And that's where I believe it's
so important that you do have a full pledge retirement plan.
Speaker 4 (00:30):
And Matt Kennedy, maybe you're thinking, hmm, should I take
Social Security at sixty two, at sixty seven, at seventy?
These are things you don't do every day. It's what
we do every day.
Speaker 3 (00:40):
The conversation starts now this is your money matters.
Speaker 5 (00:49):
Welcome to your money Matters. I'm Mark Elliott here with
Christy Smith and Matt Kennedy of Presley Wealth Management. Christy
not with us yet, she should be here shortly. That's
the plan. You can always go to Presley Wealth Management
dot com to learn more. Presley Wealth Management dot com
to learn more. If you have questions concerns, Matt and
Christie always give the number out. It's two two five
(01:09):
seven nine to one fifty seven seventy three. The easiest
thing to remember, I think, is just meet with usnow
dot com. You go into that website and say, Hey,
I want to have a fifteen to thirty minute phone
call with Christy and Matt. I want to talk about
my situation. I've I've got some questions. Easy to do.
Meet with us now dot com. There is no cost
for that either. Hey, Matt, how are you.
Speaker 4 (01:29):
Hey guy, morning Mark, I'm very good. Thank you.
Speaker 5 (01:32):
Hey, we're going to talk about something that I don't
know that you probably do because you're in the financial world.
I don't work in the financial world. I have the
opportunity to talk with you and Christy every week, which
is good for my knowledge because now that I'm getting
closer and closer to medicare. But one of the interesting
things is this. Imagine ninety trillion dollars with a t
trillion transferring from killion, transferring from one generation to another,
(01:57):
And that's exactly what they're saying could happen. According to
industry professionals and American Generation one that already exists may
soon be the wealthiest generation in human history, and it
might not be the generation. You think, so, I would
think is the Baby Boomer generation. But I guess we're
gonna find out a little bit different. You know, the
new richest generation in the history of the world.
Speaker 1 (02:18):
Matt. I mean, come on, that's crazy. What can you
tell us about this?
Speaker 4 (02:22):
So ninety trillion dollars in wealth, Let's talk about how
did the silent generation generate its wealth? Let's talk about that. Okay,
So the silent generation, that's that for a lot of you.
That's our parents, right, born between nineteen twenty eight nineteen
forty five. My mom and dad were both born in
nineteen forty one. My dad was born the week before
(02:45):
Pearl Harbor.
Speaker 1 (02:46):
So.
Speaker 4 (02:48):
That makes him at kind of the end of the
silent generation. But you have to remember a lot of
those people saw very, very tough economic times. I mean,
someone born in nineteen twenty eight actually saw the Great Depression.
Now they not remember any of it. Think about my parents, right,
born in nineteen forty one. They certainly don't remember World
(03:09):
War One. But things were tough until things got great
with the Baby Boomers being born in the nineteen fifties.
But they lived as children and young adults through one
of the greatest economic expansions in American history. They also
had what marked many many people in the Silent generation
(03:30):
as they worked in the late fifties and sixties and
early seventies, they might have been a part of a union.
They had pensions, right, and they also remember the scars
of the Great Depression and World War Two. Now, as
children born then, they may not remember the Great Depression,
but I guarantee you as they got older, they remembered
(03:53):
the scars that their parents went through. I'll give you
a good example. My great grandfather, Grandpa Charlie, died many, many,
many years ago. Grandpa Charlie was my uncle Odie's dad.
Their home burnt down during the Great Depression. The only
(04:13):
thing they got out of the house with was the
clothes on their back. Now they had a farm, they
had cotton, they had some crops in Mississippi. Dude, those
are tough times. And so don't you think that made
quite the impression on my parents? Of course it did.
So they tended to be among the greatest savers ever.
They could pinch a penny, right, did you see that
(04:35):
with your parents?
Speaker 1 (04:36):
Mark?
Speaker 5 (04:36):
Yeah, My parents were born in like nineteen thirty five,
In nineteen thirty six.
Speaker 6 (04:40):
Mm hmm.
Speaker 5 (04:41):
So yeah, so they're actually what you know, seven eight
four five six seven eight during World War Two?
Speaker 4 (04:48):
Correct, So these people are penny pinchers. Along come the
Baby Boomers. Well I'm technically not a baby boomer. I'm
technically a millennial. Actually no, wait, I'm Gen X, right.
Speaker 1 (05:01):
Which actually sixty five to eighty.
Speaker 4 (05:03):
Yeah, okay, so that's right.
Speaker 1 (05:04):
I get a millennials day one.
Speaker 4 (05:06):
Baby boomers forty six to sixty four. So you got
the Baby Boomers right. But they went through while there
were some tough times, they went through some of the
greatest prosperity at all. But the lessons and by the way,
there's no textbook on this. I'm just giving you my
gut feel from years of doing and studying is But
the Baby Boomers, while they quote kind of had it
(05:29):
easier than their parents and the the later Baby Boomers,
those born especially in the sixties, they tended to go
and do and spend more. We see that now, right.
We see that they move off to Florida and they
drink in the in the retirement compound. But they had
some of the greatest prosperity ever. Imagine if you were
(05:52):
a baby boomer working in the nineteen nineties, it was
one of the greatest ten year track runs in the
history free of the stock market. The average market return
between nineteen ninety and nineteen ninety nine was about fourteen percent.
Now two thousand through twenty ten was ugly, but since
twenty ten things have been very good. So baby boomers
(06:14):
have amassed a lot of wealth. And for that reason,
this is my theory. You ask why millennials and why
not so much baby boomers and gen xers? Could it
be mark that because the boomers have a mass so
much of that ninety trillion, but they remember some of
(06:35):
the lessons from their parents, and so they bought houses
that have appreciated dramatically in value. The older gen xers
don't quote unquote need the baby boomers money as much.
But my kids who are millennials, that would be my
kids right right. They they grew up in the gig economy,
(06:56):
some of them, you know, they begin to work in
the economy where you had three part time jobs. Pensions
have eroded away. The stock market has been good, but
they weren't necessarily able to invest heavily in the market.
So it kind of makes sense that a lot of
that ninety trillion will end up in the hands of
the millennials who were born between eighty one and ninety six. Listen,
(07:18):
that's not to say that we're not seeing a lot
of baby boomers inherit money from their parents, but the
silent generation also owned a lot of hard assets like land,
and that land may still be owned by the boomers,
who the millennials would then sell that land when they
(07:40):
inherit it because they don't necessarily want to live on the.
Speaker 5 (07:42):
Back forty That's just my theory, right, right, Yeah, And
you know, it is surprising to me that it skipped
gen X, that I would think the baby boomers are
leaving its gen X. But they're saying, actually, it's some
millennials that probably will end up being the recipients of
all this, and probably for a lot of reasons.
Speaker 1 (07:56):
You said, Matt.
Speaker 5 (07:57):
Of course, if you want to sit down with Matt,
you're thinking about, hey, how we're going to leave our money.
Maybe that's really important to you, or maybe you want
to spend every last dollar and hey, if there's something left,
will give it to the kids.
Speaker 1 (08:06):
We're gonna enjoy our retirement.
Speaker 5 (08:07):
There's a lot of different ways to go about this,
But Christy Matt and the team at Presley Wealth can
certainly walk you through your options that you have. Meet
with us now dot com. Meet with us now dot com.
And I think the millennials, it's really kind of interesting
when you think about it's kind of bypassing gen X
to the millennials, is how they're saying that this inheritance
is going to kind of trickle down, trickle down, right,
(08:29):
you know?
Speaker 1 (08:29):
Really?
Speaker 5 (08:30):
To me, I don't know, do you when you sit
down with somebody, you don't go, hey, are you a
baby boomer or are you gen X?
Speaker 1 (08:34):
Are you a millennial? You don't do that. It's age.
Speaker 5 (08:37):
Age is what's important for retirement.
Speaker 1 (08:39):
I think it's not what generation you.
Speaker 4 (08:40):
Are, correct, And there are boomers who think like silence,
and there are boomers who think like Gen xers. You
know what I'm saying, We've seen that. So I do
think just to clarify that a ton of the wealth
that will transfer from the silent generation will certainly end
up in the hands of the millennials. The Baby Boomers
(09:02):
were the largest boom and generation, so it makes sense
that by the time they pass that it would be
someone my age who's technically an older gen x or
getting the money. But then I guess the point I
was trying to make is the economy and markets have
been fairly good to us. Home values have been so
good that it makes sense that millennials would actually hang
(09:27):
on to some of that. But the big question is
how will you gift to your kids. We have clients
who say, listen, I'm going to squirrel it away and
when I'm gone, they can have it now. That was
very much a silent generation sort of sort of mindset
right upon my passing, they can have it. I'll tell
you the baby boomers, you guys think about it differently.
(09:50):
It's more like I'm going to help them pay for school.
I'm going to go on a family vacation with fourteen
people and it's going to cost a lot of money.
I'm going to give them some of their money now.
But the two things I want you to take away
from all this, whether you're going to end up giving
it to them out right, whether they're alone herited, whether
it's the you know, the Boomers, the millennials, the gen xers,
no matter who ends up with the money, are you
(10:13):
having the conversation so many families never have the conversation. Mark,
you would be surprised how many people pass away clients
of ours who were much older Silent generation and their
baby boomer children really had no idea what their net
worth was. So if you can get ahead of the
curve now, the legacy you leave might be the legacy
(10:37):
you leave to your heirs and not forty percent of
that legacy going to the government. So, whether it's you know,
insurance tax strategies, healthcare investments, legacy planning, it all works together,
not only for your retirement but also for your legacy.
So if we can be of help, if if you're
thinking how do I best set up my assets to
(11:00):
be passed to further generations, whether you want to give
it away now or let it go to them when
you pass away, how will it be taxed? How do
you structure that? That's one of the things we look
at when we look at the advanced planning part of
your retirement planning. We would be happy to help. Our
number is seven nine one five seven seven three. It's
(11:23):
your legacy, so talk about it two two five seven
nine one five seven seven three or set your own
fifteen minute phone conversation with us to begin to talk
about these issues at meetwith us now dot com.
Speaker 5 (11:37):
Just getting started on your money matters back with more
with Matt Kennedy.
Speaker 1 (11:41):
Christy might join us as well. Stay with us. We're
back right up for this.
Speaker 7 (11:47):
You're listening to your Money Matters with Christy Smith and
Matt Kennedy. To set up your fifteen minute meeting with
the Presley Wealth Management Team called eight six six three
nine OZHO twelve fifty two.
Speaker 8 (12:02):
It's nice when you can get everything on your list
in one place, isn't it. Christy Smith that the Presleay
Group agrees. That's why she offers comprehensive retirement planning all
under one roof. You shouldn't have to go to one
place for information about tax planning, another for estate planning,
and another for retirement income planning. That's why the Presleay
(12:22):
Group was started. Christy Smith wanted to build a company
that could help families with all aspects of their retirement.
The Presleay Group is more than just convenient. They're knowledgeable
and experienced. To set up a meeting with Christy Smith
and her team to talk about your retirement plan all
of it, call eight six six three nine zero twelve
(12:43):
fifty two. That's eight sixty six three nine zero one
two five two. The Presley Group one stop for a
wealth of retirement solutions eight sixty six three nine zero
twelve fifty two. And investment advisory service is offered through
EIGHTE Wealth Management LC, a registered investment advisor.
Speaker 7 (13:04):
Interest rates are on the rise, so what does that
mean for your retirement? Find out by calling the Presley
Wealth Management Team now eight six six three nine oh
twelve fifty two. That's eight six six three nine oh
twelve fifty two.
Speaker 5 (13:22):
Welcome back to your money matters with Christy Smith and
Matt Kennedy at Presley Wealth Management. You can always go
to the website meet with usnow dot com. There's no cost,
there's no obligation, there's no pressure. Christian Madden the team
are here to help and they don't know if they
can help you until you reach out. And that's really
what it is. It's a fifteen minute phone call basically
just to see, hey, is there some way that they
(13:43):
can reach out and maybe make a difference just by
changing a thing or two. Maybe it is really all
you need. Maybe then you're on your way. They'd love
to help. It's two, two, five, seven, nine one, fifty
seven seventy three, seven ninety one, fifty seven seventy three,
or you can always go to meet with us now
dot com. Meet with us now dot com. My Mark,
y'all glad you're with us. So we're gonna be talking
(14:06):
today the next two segments about creating a legacy.
Speaker 1 (14:09):
Matt, I'll start with you on this one. What are
some basic questions we probably.
Speaker 5 (14:13):
Need to ask ourselves when it comes to creating that
lasting legacy.
Speaker 4 (14:17):
I think a lot of you might think of the
word legacy as well. That's not something I'm interested in.
I don't have a lot of money, and you know
my wife and I are my spouse, and I will
spend it and then we'll be done. And ah, the
kids are okay. So when we talk legacy, Christy, we're
not talking just about leaving money. I think about it
as making it simple and uncumbersome, as the legacy. In
(14:41):
other words, I remember, you know, my father in law
passed a few years ago, and there were a lot
of things that because he was a hardheaded Sicilian, he
wouldn't listen to me, and he didn't have certain things
in place, you know, wills and things like that, And
so for that reason, it makes it very cumbersome on
your your heirs to have to go through proba and
all that kind of stuff. So there are certain things
(15:02):
you can do that if you have a lot of money,
can relieve the tax burden from your heirs. But even
if you're not trying to leave them a lot of money,
it's kind of selfish Christie for folks not to plan
and then the burden falls upon their children, don't you agree?
Speaker 2 (15:19):
I do agree, But you know, Mark, one of the
things that really stands out to me is that when
we hear the word legacy, we think wealthy, but I
think of my sister. You know, my sister passed away
suddenly at fifty years old. She had two children, and
she was in a blended family. She did not have
her estate planning done, she did not have a last
(15:41):
will and testament, she didn't have you know, powers of attorneys,
things like that. So when we think about legacy, most
people think money, but think about your personal possessions that
may be valuable or sentimental to you. So you would
think that if my sister had a piece of valuable jewelry,
(16:04):
that it would have went to her children right, because
she was in a blended family.
Speaker 9 (16:08):
But that's not what happened.
Speaker 2 (16:10):
In fact, my brother in law's new fiance is wearing
my sister's jewelry when I think her children probably should
have gotten that. Now, I'm using that as a as
an example because when we think of legacy planning, we
tend to think, you know, even if we're young, that
we don't need it. And I would argue, in the
state of Louisiana, we all need a last will and testament.
(16:34):
Does it have to be one that's expensive, No, it doesn't,
But the way that our laws are written in Louisiana,
I would argue that we all need a last will
and testament.
Speaker 4 (16:47):
Yeah, Louisiana is an interesting state. Obviously, we're community property state.
There are other states that are community property, but we
also fall under Napoleonic Code, and there's things like forced
airship and some kind of deep stuff out there that
you need to be careful of. Listen, the worst thing
you can do is die without a will. Now, lots
of people say to me, yeah, but Matt, I've got
(17:09):
an ira, We've got beneficiaries on that, and I've already
told the kids. It's not a problem. They can split
the house in half and et cetera, et cetera. So
I don't think I really need a will. Well, what
happens if you die with no will? Well, in Louisiana,
if you die without a will, it will have to
go through succession, probate, whichever words you want to do.
Speaker 9 (17:29):
Even if you have a will, it has to go concession.
Speaker 4 (17:32):
Correct, you're right, even if you don't. But if you
do and there's no will, it can drag on and on.
And what could be done in a couple of three months, Christy,
We've seen it take eighteen months because sometimes some other
family member comes out of the woodwork. They're contesting what's
going on, and because it wasn't written down, it creates
a problem. So at the very least, right, Christy, you've
(17:55):
got to have a will. At the very least in
this state, you have to, right.
Speaker 9 (18:00):
And for me, Mark, it really is about keeping the
family together. You know.
Speaker 2 (18:04):
We just got back from a short weekend trip with
Rick's sister and brother in law, and one of the
things that we talked about while we were there is
how Rick's mother would have been so happy that we
were there together because for them it was about family.
Everything was family. You would be surprised how upon a
(18:25):
death in the family, how many families get divided, and
it's typically over money or possessions. If you have a
last will and testament, you can simply honor that person's
wishes and move on. And it really can save families.
And that was important to my mother in law and
my father in law, and I'm pretty sure it's important
(18:48):
to you too. Avoid the conflict, because that's that's what
we see so conflict.
Speaker 4 (18:54):
And confusion, right, yes, yeah, seven nine one five seven
seven three. We are not attorneys, by the way, but
we know the language. Christy and I both hold the
designation of CEP certified a state planner. Again, we're not
the attorneys, but we can at least talk with you
about the things you need, and we'll talk more in
detail as we go forward about the specifics. But it's
(19:17):
not just about saying, well, I'll live a long, happy
life and then I'll die and so I want to
leave this legacy. It's also about the unexpected. You mentioned
your sister. Nobody thought your sister would die when she
was fifty years of age. I remember my wife and
I we were in our mid forties and a neighbor
of ours, healthy as all get out, forty seven years old,
(19:40):
jogged every day, collapse not have a heart attack in
his driveway. And it was our wake up call because
we had been putting off wills and putting off wills,
but we went so far as to do a will
that created what's called a testamentary trust. Then the assets
that we have will go into this trust because we
had minor children at the time, and that way the
children have a guardian and the our assets could be
(20:03):
used as income for the children. That gave Alyssa, my wife,
such an amazing peace of mind because before then that
was like, well, I hope they're okay. You know, no,
they're a burden to someone. So you have to be
able to spell out exactly how you want it to happen. Again,
don't write down testamentary trust. The attorney may recommend something
different for you, but it's about preserving your finances and
(20:27):
most importantly taking care of those you leave behind. But
you might not leave them behind when you're ninety five.
You may leave them behind when you're fifty five. So
you have to have a plan. And if you'd like
to chat about this. We're happy to it's seven nine
to one, five seven, seven to three.
Speaker 5 (20:44):
So final couple minutes of this segment, Christy, could you
you talk about, because Matt mentioned earlier your smart program
that you walk people through the sources of income, medical
and healthcare, advanced financial planning, risk management, tax efficient strategies.
So you think of that smart smart that's yeah, and
that's what it's all about. But the legacy part and
a state planning part, how does that factor in? Because
(21:07):
it's not something you do first, but it's not something
you wait till we're eighty to do it either.
Speaker 2 (21:10):
No, when we're building a plan, we're typically going to
discuss what our client's wishes are. Number One, for most people,
their retirement funds are going to end up creating a
tax liability for their children, and so we have to
address that. You would be surprised how many people do
not understand that the laws have changed in terms of
(21:35):
the kids inheriting pre tax money and how do the
taxes have to be paid on those dollars. So when
we're working to build the income plan and the investment plan,
we're going to talk about what does the client want
If something happens to them. Keep in mind we are
(21:55):
always planning to protect the.
Speaker 9 (21:58):
Other spouse first.
Speaker 4 (21:59):
Oh, absolutely, we're.
Speaker 2 (22:00):
Building a plan that neither husband nor wife can outlive
the income and then the remaining assets and properties would
then funnel to the children. And so we're going to
always bring a state planning up in the conversation. And
the first thing is to really find out what are
(22:20):
their wishes, because everyone has completely different wishes. Some of
our clients are more charitable minded. They actually want to
leave money to different charities, so we're going to talk
about that. But the thing is is that many people
don't understand they actually need an estate plan because they're
(22:41):
used to being told that they have beneficiary designations on
their IRA or their four oh one K accounts, they
have beneficiary designations on their life insurance. So they often
believe that they don't need a last will and testament
because they know that a certain portion of their estate
is going to go to their loved ones quickly and easily.
(23:04):
And so it's really when you start having the conversation,
it's eye opening to see the clients when they start
connecting the dots as to oh, okay, yes, it's it's
gonna go to a spouse without secession. However, you know
long term that could end up hurting the kids if
(23:25):
you don't start planning now.
Speaker 4 (23:27):
And we'll talk more in the next segment too about
most of you think, well, I need to will and
that's really it. Now there's four or five very important
things that you need. We'll cover more of that mark
as we get into the next segment. Reach out for
any questions. We're at seven nine one five seven seven three,
or set up a phone call. You can see our
calendar go to meet with us now dot com.
Speaker 5 (23:49):
So when Christian Matt come back, we're going to talk
about some of the legacy planning mistakes that you really
don't want to make. Christian Matt back with more of
your money matters right up to this.
Speaker 6 (24:00):
Sam might need a loan soon from you. We have
over thirty four trillion dollars in national debt. Where do
you think the money to pay for that's going to
come from? Taxes? Believe it or not, taxes are at
historic lows right now, but how much longer will that last?
A roth Ira conversion might be a good option when
planning for your retirement because you can pay lower taxes
(24:20):
now and avoid potentially higher taxes later. Christy Smith and
the team at the Presley Group have seen taxes rise
and fall. They know what options you have to potentially
reduce the amount of taxes you pay in retirement. Call
the team at the Presley Group and schedule your tax
analysis today. Eight sixty six three nine zero twelve fifty two.
That's eight six six three nine zero one two five
(24:40):
to two. Uncle Sam needs money. Don't let him take
it from you. Eight six six three nine zero twelve
fifty two. Investment advisory services offer through a wealth management
LLC A RETCH should investment advisor. Investing involves risk. Always
console with the qualified tax advisor before making any decisions
regarding a ROTH conversion, as there may be additional tax considerations.
Speaker 7 (25:01):
Should I take Medicare A or B? What is covered
under Medicare Part D? If you are ready to begin
your Medicare journey and have questions, Presley Wealth Management can
be your guide. Go to Presleywealthmanagement dot com to find
out more. That's Presleywealthmanagement dot com.
Speaker 5 (25:19):
Well got your weathers day for your money matters with
Christy Smith and Matt Kennedy and Presley Wealth Management I'm
Mark Elliott. UH two two five seven nine one five
seven seven three is a number if you have questions, Well,
I think I've done enough. I hope I can retire.
I wonder if I can retire. This is the team
to help you figure that out. Presley Wealth Management two
two five seven nine to one fifty seven seventy three.
(25:41):
And of course easier to remember, maybe meet with us
now dot com fifteen twenty minute phone call, just have
a conversation and then from there you figure out, hey,
I think they can help me, or hey, you don't
even need our help. You've already won the game. That'd
be great to know. We just don't know right meet
with us now dot com. We're talking about having a
will and all those kind of thing and having a
legacy plan at the end of the day for ourselves.
(26:04):
And there's a lot of different tools in this area. Christy,
what kind of tools do you think are the ones
that we really need? And maybe you could walk us
through You and Mack can walk us through some of these.
Speaker 2 (26:15):
Well, I would say the first tool most people need,
especially in Louisiana, is you need a last will and testament.
And what that means is because think about your estate
going through the court system. When we talk about your estate,
we talk about your home, your vehicles, you're checking your saving,
your personal possessions, you know, pretty much everything you own.
(26:38):
Wouldn't it be easier if you had it documented so
that the court system could just sign off on it,
like where did you want it to go? Because if
you don't, it really it gets dictated by the court system.
And so for me, the number one most important thing
that you can have is a last will and testament.
(26:59):
I think it's also very important for those of you
that are listening this morning that are even young. You know,
you're not getting close to retirement age. You're out there working,
you have young children. You know if something happened to
you today, who would raise your children? Many people have
(27:20):
never sat down and thought about that.
Speaker 4 (27:22):
And who would be financially responsible? And would the assets
that you have go in a way that is most
tax efficient and in a way that you know that
it's being used properly, I mean, protect the children. Not
all families get along beautifully. Christy, you don't know if
you know that or not. So, yeah, what if you
have some in laws that you don't necessarily get along
(27:44):
with If you don't specify who takes care of your children,
they may not end up in the best situation.
Speaker 9 (27:50):
Because the courts are going to decide. If you don't decide,
who is going to decide.
Speaker 2 (27:54):
And why should someone of the courses to you exactly So,
I think a last will and testament is, in my opinion,
one of the most critical documents that you can ever have,
Like I think.
Speaker 4 (28:08):
You need it agreed and then right there, right on
the heels of a will, last will and testament living will.
Now some people confuse the two. A will is for
after you die, it's to honor your wishes upon your passing.
A living will is to honor your wishes before you die. So,
in other words, the living will could say, Matt was
a terrible auto accident. Does he should he state? Should
(28:32):
he state on the tubes or not? Now that ties
into power of attorney too. I'll let you expand on
that sum though, Christy. But the living will dictates my
treatment at the end of life. Am I explaining that correctly?
Speaker 6 (28:45):
Yeah?
Speaker 9 (28:45):
You know we've seen this before.
Speaker 2 (28:46):
We've seen it in the news where you know a
spouse has a stroke and is there they have no
brain waves but the but the other spouse, you know,
won't take them off a life support or the family,
the mother and father of the person.
Speaker 4 (29:03):
Well remember the Terry Shibo story, Oh yeah, from years ago,
and they argue about it. The family was torn. One
said taker, I think the husband said take her off
life support. The parents said no. But because there was
no advanced directives or living wills, her wishes weren't known.
Me personally, I don't want to be a financial burden
and you know, lay there on life support day in
(29:24):
and day out, pull the plug.
Speaker 9 (29:26):
But that is your wishes.
Speaker 4 (29:27):
That's my way.
Speaker 2 (29:28):
And what's important is that you know that you state
your wishes and so you can do a last will
and testament and.
Speaker 9 (29:35):
You don't even have to always pay for that.
Speaker 2 (29:37):
A lot of the hospitals have documents called five wishes.
Speaker 9 (29:41):
Your doctor's offices a lot of times have it.
Speaker 2 (29:43):
You can google it five wishes and it does not
have to be something that you've spent a lot of
money on, you know, having an attorney prepare.
Speaker 4 (29:51):
So you got the will, you got the living will. Now,
oftentimes Mark does a tremendous confusion between will and trust
a lot of people, I think Christy are afraid to
talk to an estate tinning attorney because they're afraid they
may get sold a very expensive trust. Not everybody needs
a trust, But give me a good example of someone
who only needs a will and someone who only needs
(30:14):
a trust. I think that'll help people really understand it.
Speaker 9 (30:16):
Well, maybe someone that only needs a will. It would
be someone that has grown children.
Speaker 2 (30:23):
They have few assets, you know, a home, a couple
of vehicles, and.
Speaker 9 (30:28):
Most of their money in the bank, and.
Speaker 4 (30:30):
Most of their assets are beneficiary.
Speaker 2 (30:31):
Beneficiary IRA things like that. So I would think that
type of situation would really only benefit from a last
will and testament.
Speaker 4 (30:41):
But if you were talking earlier about younger children, well,
how do you determine who raises those children and things
like that? You may need a living trust that way,
or what we call a testamentary trust perhaps, but the trust.
The most powerful thing about a trust is it avoids succession.
Even if you have a will, you still have to
(31:03):
go through the courts. Then the courts hopefully will honor
your wishes. As you stated on the will, a trust
avoids all that. I want you to think about a
living trust like a moving van. So you go to
the attorney, you set up the trust, but it's an
empty vehicle. You have to fund certain assets into there.
And oftentimes what will happen is people will make the trust.
(31:24):
They'll make it like the recipient or the beneficiary of
their assets. In case something happens, it goes into the trust.
Then the executor of the trust somebody you trust, your
most responsible child, your brother, your cousin, your aunt, your uncle,
Sometimes it's your attorney. Typically, I say trust are best
for people with blended families, troubled children. If you have
(31:47):
a disabled child, you might need a special needs trust.
Maybe you own property in multiple places. There's a reason
you would want to have a trust. But for most
people a will powers of attorney will do the trick.
But for a lot of you, a trust is necessary
and we can kind of help work through and then
(32:07):
point you in the right direction with legal counsel to
figure out which way is best.
Speaker 5 (32:12):
So there's powers of attorney for healthcare, but there's also
powers of attorney for finances, right, I mean that's if
we're in a car wreck.
Speaker 1 (32:18):
I mean, are they the same? Are they different?
Speaker 2 (32:20):
I don't know, No, they're they're they're different. And I
always tell our clients that the time to get a
power of attorney is not when you need it, because
when you need it, it's it's often very expensive for
the family because they do have to petition the court
to get it. So a power of attorney is going
to be designed for either medical or financial. And some
(32:43):
people would be scared to sign over a power of
attorney to someone immediately, right if they're young. They don't
want to, you know, they don't want to lose control
of their assets. But often attorneys will use a power
of attorney that doesn't even go in effect unless two
medical physicians stay that you're unable to take care of
your financial needs. Are medical needs correct?
Speaker 4 (33:07):
They call it.
Speaker 2 (33:07):
They're not giving them like a blanket power of attorney
where they can just do anything beginning immediate.
Speaker 4 (33:12):
Right, It's called limited power of attorney. I have that
with my parents, I don't mind telling you, So I
can't just go into my parents' accounts and raid money, right.
But a limited power of attorney means that if my
mom or dad are incapacitated, then I can act on
their behalf. This is where I see this becoming so important.
We had a situation one time where almost all of
(33:35):
the assets were in the husband's IRA and the wife
had nothing other than what was in the bank account.
He had a stroke, she cannot sign to take money
out of his IRA to pay for his care. So
in this case, the kids were going to have to
step in to help cover the medical bills until he
either got better or passed away. Right, But with a
(33:58):
power of attorney, a financeantial power of attorney, the wife,
even though it's not her IRA, she has the power
to sign, or maybe one of their children has the
power to sign to take money out. So you can
put yourself parents, kids, You can put yourself in a
major financial bind if you don't have a power of attorney.
A limited financial power of attorney is also incredibly powerful.
(34:22):
So to recap everybody needs a will, simple as that
living will helps dictate your last wishes. You may need
a trust and you very well need powers of attorney.
So just some high level stuff to keep in mind
there and if we can be of assistance, you know
where we are. It's all part of planning your life
your legacy seven nine one five seven seven three seven
(34:46):
nine to one five seven seven three or set your
own appointment with us, visit meet with us Now dot com.
Speaker 5 (34:53):
Christy and Matt back with the final segment of Your
Money Matters.
Speaker 1 (34:57):
Right after this.
Speaker 7 (34:59):
If you we aren't able to listen to this show
in its entirety, go to Presleywealthmanagement dot com to listen
to this and past radio shows. Otherwise, stick around to
find out how Presley Wealth Management will help you retire
with confidence.
Speaker 6 (35:16):
Uncle Sam might need a loan soon from you. We
have over thirty four trillion dollars in national debt. Where
do you think the money to pay for that's going
to come from? Taxes? Believe it or not, taxes are
at historic lows right now, but how much longer will
that last? A roth Ira conversion might be a good
option when planning for your retirement because you can pay
lower taxes now and avoid potentially higher taxes later. Christy
(35:39):
Smith and the team at the Presley Group have seen
taxes rise and fall. They know what options you have
to potentially reduce the amount of taxes you pay in retirement.
Call the team at the Presley Group and schedule your
tax analysis today. Eight six six three nine zero twelve
fifty two. That's eight six six three nine zero one
two five to two. Uncle Sam needs money don't let
him take it from you. Eight three nine zero twelve
(36:01):
fifty two. Investment advisory services offer through a wealth management
LLC a Retshul Investment advisor. Investing involves risk. Always consult
with the qualifying tax advisor before making any decisions regarding
a ROTH conversion, as there may be additional tax considerations.
Speaker 8 (36:14):
It's nice when you can get everything on your list
in one place, isn't it. Christy Smith that the Presleay
Group agrees. That's why she offers comprehensive retirement planning all
under one roof. You shouldn't have to go to one
place for information about tax planning, another for estate planning,
and another for retirement income planning. That's why the Presleay
(36:35):
Group was started. Christy Smith wanted to build a company
that could help families with all aspects of their retirement.
The Presleague Group is more than just convenient. They're knowledgeable
and experienced. To set up a meeting with Christy Smith
and her team to talk about your retirement plan, all
of it, call eight six six three nine zero twelve
(36:56):
fifty two. That's eight sixty six three nine zero one
two five two. The Presley Group one stop for a
Wealth of Retirement Solutions eight sixty six three nine zero
twelve fifty two and investment advisory service is offered through
eight Wealth Management LLC, a registered investment advisor.
Speaker 7 (37:18):
Christy Smith of Presley Wealth Management wants to advocate for
you making sure you have the retirement you have always
won it. Call eight six six three nine oh twelve
fifty two and make sure Presley Wealth is the right
fit for you. You won't know until you call eight six
six three nine oh twelve fifty two.
Speaker 5 (37:41):
Thanks for taking with us for your money matters with
Christy Smith and Matt Kennedy of Presley Wealth Management. Again,
you can always go to their calendar, set up a
time to have a conversation. You want to figure out
where you are on that road to retirement. Cannot retire, well, hey,
I'm already retired. Can they help you then? Well out
meet with us noow dot com or you can just
call them two two five seven nine to one fifty
seven seventy three. That's seven nine one fifty seven seventy three.
Speaker 1 (38:05):
I'm Mark Elliott.
Speaker 5 (38:05):
We're gonna finish up today with a little mail bag segment.
And I say this every time we do one of
these So these questions come from people that have come
into the office, people that have attended events that Christi
and Matt put on. They're just kind of random questions. Okay,
but here's the deal. I think you're better off asking
Christy or Matt in person or on the phone these
questions because then they can ask you followup questions. You
(38:29):
can ask them follow up questions. Typically we don't have
enough information to give you the entire answer, but we
always enjoy this. So Christy, I'll start with you. This
is Brent from Baton Rouge Baton Rouge. He says this, Guys,
I've been retired for about two years now, and so
far it's been disappointing.
Speaker 1 (38:46):
Brent. Play golf, Play golf, Brent.
Speaker 5 (38:49):
I wasn't expecting to feel this let down about this
much free time, but that's how I feel. I'm thinking
about part time work, but I also don't like the
idea of locking myself into a certain number of hours
or a certain schedule. Do you ever hear other people
struggling with this same thing?
Speaker 1 (39:02):
Yep?
Speaker 9 (39:03):
You know it's crazy that you ask that, Brent, because.
Speaker 2 (39:08):
I think one of the biggest considerations about retiring needs
to be or you actually mentally ready. And a lot
of people think they're mentally ready just because they have
this idea of retirement. You know, retirement sounds great, but
sometimes people really aren't mentally ready. I don't We definitely
(39:30):
hear this. I don't know if going back to work
is the answer. Maybe maybe you have an interest that
you could pursue on your own, like making your own
like opening up your own company, doing some things you
like to do. Have a client that makes duck calls
because he likes it, that's his hobby. In addition to that,
(39:52):
we often see people that are in the same point
in life that you are. They find opportunity with volunteering.
And you know, that's what I encouraged my dad to do,
and I would encourage you to maybe consider. Are there
any you know, organizations or you know, your church that
you would maybe be able to benefit them by doing
(40:16):
some volunteer work. But this is a very common question. Yes,
we hear it a lot.
Speaker 4 (40:20):
And more common for men than women. I would say yes,
not trying to be sexist or chauvinistic, but in my
years of doing this, I've noticed that oftentimes when a
when a woman works and retires. I don't know how
y'all do it, but you just separate effortlessly. But then
after COVID, I noticed that a lot of men who
were maybe accepted early buyouts and things. A couple of
(40:40):
years later, Hey, Matt, can I take social Security and
work to what are the rules on that? Because I
want to go back and consult. Yes, because I can
only watch so many episodes of gun Smoke, you know
what I mean. I can only see Matt Dillon infest
us only a certain number of times. And I think
for men too, there's a sense of up shaving, having
(41:01):
a sense of purpose that matters. But Christy nailed that
it doesn't have to be worked. That purpose could be
volunteering on whatever. It's not uncommon. You're not alone, and
a financial advisor is valuable to talk you through that.
All right, Mark, give us one more.
Speaker 5 (41:13):
Yeah, so, Brenton, you can go to meet with us
now dot com or you just call him at seven
nine to one fifty seven seventy three and have a conversation.
It's really about not retiring from something, it's retiring to something,
all right. Next one comes from Alice and Baker. The
idea of a big market drop makes me really uncomfortable.
Now that I'm within a few years of retirement, Do
I need to start repositioning by assets the closer I
(41:33):
get to retirement.
Speaker 4 (41:34):
More than likely you do. Everyone situation is different, Alice.
Think about it like you're on an airplane. Okay, you
are flying from Chicago to Baton Rouge, or Chicago to
New Orleans. The pilot, what does he say? You can
never understand him right? Why can you only hear the
stewardess so well but not the pilot. But the pilot
basically says, hey, we'll be touching down in about twenty
(41:55):
five minutes. Put your trade tables up. We're beginning our descent.
We're two hundred mine from the airport. What does the
pilot not do. The pilot does not say, oh my gosh,
we're landing in five minutes, get ready for the nose dive.
Retirement's absolutely no different. When you are five years out,
start being very conscientious of the risk you're taking. When
(42:16):
you're three years out, it's more than likely time to
pull back and reduce the risk. Now, how do you
do it?
Speaker 1 (42:24):
Well?
Speaker 4 (42:24):
Different plans have different ways. We have our own proprietary system,
but you're on an airplane. If you're three years away
from retiring, or if you just retired within the last
three years, that is the most dangerous time that the
market can hurt you badly.
Speaker 5 (42:40):
All right, final question, this comes from Cheryl in attis.
I'm really struggling to get organized with my finances. We
have money saved, but I just keep letting all this
paperwork pile up. Could you help me sort through everything
I have or what I need to get it put
together before I come in and talk to you for
the first time.
Speaker 2 (42:57):
But Cheril, a lot of times people come to us
and they literally will have like either bags or boxes
and they bring it all because a lot of times
you'd be surprised how many people have three, four, five
different retirement accounts from just changing jobs. It's funny how
people will, you know, when they pack up their desks
(43:18):
because they're changing jobs, They're going to pack up every
single thing, like down to their coffee cup, there anything
personal on their desk they're bringing. But yet they leave
their four oh one k forget. So yeah, it's really
shocking to me. And so this is very common. Churyl
don't worry about it. We're able to help you go
(43:40):
through it. We probably could go through it quicker just
because we understand looking like, okay, is that a four
oh one K, is that an I R A? Things
like that. Don't be ashamed. Let us help you. This
is we do this all the time. Go to meet
with usnow dot com and schedule a fifteen minute call
and or just give our office a call and schedule
time to get together seven nine one five seven seven three.
Speaker 5 (44:03):
Not everybody that calls you is going to be a
full blown client oppressed in wealth management.
Speaker 2 (44:07):
Absolutely not if we don't really even want to help
people that don't need help.
Speaker 4 (44:11):
And oftentimes we're going to call maybe from the child
of a client who is retired, and they'll say, look,
can you just spend fifteen minutes giving me some input
on where we are? And you know what, I often
find those hard working thirty and forty year olds. Oftentimes
they have the option, for example, for the WROTH four
oh one K at their work, but they're not using it,
(44:32):
or they haven't thought about life insurance needs for their family,
or maybe because they're young and so healthy, now's the
time to put a long term care place and plan
things that you know, maybe We're not going to immediately
act on for them, but we can at least give
some guidance. We're here to help. Our number is seven
nine to one five seven seven three. When you sit
(44:54):
down with us, we find out how we can serve
you and we walk you through our smart plan. What
are your sources of income? What about medical and medicare?
Seven nine one five seven seventy three are meet with
us now dot com.
Speaker 7 (45:11):
You can be five or ten years away from retirement,
or it could be tomorrow. If you have financial concerns
about retirement, called Christy Smith and the team at Presley
Wealth eight six six three nine oh one two five two.
That's eight six six three nine oh twelve fifty two.
Let them ease your concerns by sitting down for a
(45:32):
complementary first meeting AID six six three nine oh twelve
fifty two.
Speaker 3 (45:41):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal advice.
Speaker 7 (45:46):
Investment advisory products and services made available through AE Wealth
Management LLC AWM, a registered investment advisor. Insurance products are
offered through the insurance business the Presley Group. Presley Wealth
Management is an investment advisory practice. It offers products and
services through AE Wealth Management LLCAWM, a registered investment advisor.
AWM does not offer insurance products. The insurance products offered
(46:09):
by the Pressley Group are not subject to investment advisor requirements.
AWM and the Presley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
issuing carrier. This radio show is intended for informational purposes only.
(46:32):
It is not intended to be used as a sole
basis for financial decisions, nor should it be construed as
advice designed to meet the particular needs of an individual situation.
The Presley Group is not permitted to offer, and no
statement made during the show shall constitute tax or legal advice.
Our firm is not affiliated with or endorsed by the
US Government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
(46:53):
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group.
Speaker 9 (46:58):
This radio show is a paid placement
When the news is national.
Speaker 2 (00:01):
SOB, security system volatility, global turmoil, interest rates, Rock Dan
Wall Street.
Speaker 3 (00:05):
Your money matters. When it's Louisiana Local serving the Greater
Baton Rouge area, your money matters. And when it's your
time to retire. Presley Wealth Management presents your Money Matters
with Christy Smith.
Speaker 2 (00:20):
In reality, we're always going to have positives and negatives
going on in retirement. And that's where I believe it's
so important that you do have a full pledge retirement plan.
Speaker 4 (00:30):
And Matt Kennedy, maybe you're thinking, hmm, should I take
Social Security at sixty two, at sixty seven, at seventy?
These are things you don't do every day. It's what
we do every day.
Speaker 3 (00:40):
The conversation starts now this is your money matters.
Speaker 5 (00:49):
Welcome to your money Matters. I'm Mark Elliott here with
Christy Smith and Matt Kennedy of Presley Wealth Management. Christy
not with us yet, she should be here shortly. That's
the plan. You can always go to Presley Wealth Management
dot com to learn more. Presley Wealth Management dot com
to learn more. If you have questions concerns, Matt and
Christie always give the number out. It's two two five
(01:09):
seven nine to one fifty seven seventy three. The easiest
thing to remember, I think, is just meet with usnow
dot com. You go into that website and say, Hey,
I want to have a fifteen to thirty minute phone
call with Christy and Matt. I want to talk about
my situation. I've I've got some questions. Easy to do.
Meet with us now dot com. There is no cost
for that either. Hey, Matt, how are you.
Speaker 4 (01:29):
Hey guy, morning Mark, I'm very good. Thank you.
Speaker 5 (01:32):
Hey, we're going to talk about something that I don't
know that you probably do because you're in the financial world.
I don't work in the financial world. I have the
opportunity to talk with you and Christy every week, which
is good for my knowledge because now that I'm getting
closer and closer to medicare. But one of the interesting
things is this. Imagine ninety trillion dollars with a t
trillion transferring from killion, transferring from one generation to another,
(01:57):
And that's exactly what they're saying could happen. According to
industry professionals and American Generation one that already exists may
soon be the wealthiest generation in human history, and it
might not be the generation. You think, so, I would
think is the Baby Boomer generation. But I guess we're
gonna find out a little bit different. You know, the
new richest generation in the history of the world.
Speaker 1 (02:18):
Matt. I mean, come on, that's crazy. What can you
tell us about this?
Speaker 4 (02:22):
So ninety trillion dollars in wealth, Let's talk about how
did the silent generation generate its wealth? Let's talk about that. Okay,
So the silent generation, that's that for a lot of you.
That's our parents, right, born between nineteen twenty eight nineteen
forty five. My mom and dad were both born in
nineteen forty one. My dad was born the week before
(02:45):
Pearl Harbor.
Speaker 1 (02:46):
So.
Speaker 4 (02:48):
That makes him at kind of the end of the
silent generation. But you have to remember a lot of
those people saw very, very tough economic times. I mean,
someone born in nineteen twenty eight actually saw the Great Depression.
Now they not remember any of it. Think about my parents, right,
born in nineteen forty one. They certainly don't remember World
(03:09):
War One. But things were tough until things got great
with the Baby Boomers being born in the nineteen fifties.
But they lived as children and young adults through one
of the greatest economic expansions in American history. They also
had what marked many many people in the Silent generation
(03:30):
as they worked in the late fifties and sixties and
early seventies, they might have been a part of a union.
They had pensions, right, and they also remember the scars
of the Great Depression and World War Two. Now, as
children born then, they may not remember the Great Depression,
but I guarantee you as they got older, they remembered
(03:53):
the scars that their parents went through. I'll give you
a good example. My great grandfather, Grandpa Charlie, died many, many,
many years ago. Grandpa Charlie was my uncle Odie's dad.
Their home burnt down during the Great Depression. The only
(04:13):
thing they got out of the house with was the
clothes on their back. Now they had a farm, they
had cotton, they had some crops in Mississippi. Dude, those
are tough times. And so don't you think that made
quite the impression on my parents? Of course it did.
So they tended to be among the greatest savers ever.
They could pinch a penny, right, did you see that
(04:35):
with your parents?
Speaker 1 (04:36):
Mark?
Speaker 5 (04:36):
Yeah, My parents were born in like nineteen thirty five,
In nineteen thirty six.
Speaker 6 (04:40):
Mm hmm.
Speaker 5 (04:41):
So yeah, so they're actually what you know, seven eight
four five six seven eight during World War Two?
Speaker 4 (04:48):
Correct, So these people are penny pinchers. Along come the
Baby Boomers. Well I'm technically not a baby boomer. I'm
technically a millennial. Actually no, wait, I'm Gen X, right.
Speaker 1 (05:01):
Which actually sixty five to eighty.
Speaker 4 (05:03):
Yeah, okay, so that's right.
Speaker 1 (05:04):
I get a millennials day one.
Speaker 4 (05:06):
Baby boomers forty six to sixty four. So you got
the Baby Boomers right. But they went through while there
were some tough times, they went through some of the
greatest prosperity at all. But the lessons and by the way,
there's no textbook on this. I'm just giving you my
gut feel from years of doing and studying is But
the Baby Boomers, while they quote kind of had it
(05:29):
easier than their parents and the the later Baby Boomers,
those born especially in the sixties, they tended to go
and do and spend more. We see that now, right.
We see that they move off to Florida and they
drink in the in the retirement compound. But they had
some of the greatest prosperity ever. Imagine if you were
(05:52):
a baby boomer working in the nineteen nineties, it was
one of the greatest ten year track runs in the
history free of the stock market. The average market return
between nineteen ninety and nineteen ninety nine was about fourteen percent.
Now two thousand through twenty ten was ugly, but since
twenty ten things have been very good. So baby boomers
(06:14):
have amassed a lot of wealth. And for that reason,
this is my theory. You ask why millennials and why
not so much baby boomers and gen xers? Could it
be mark that because the boomers have a mass so
much of that ninety trillion, but they remember some of
(06:35):
the lessons from their parents, and so they bought houses
that have appreciated dramatically in value. The older gen xers
don't quote unquote need the baby boomers money as much.
But my kids who are millennials, that would be my
kids right right. They they grew up in the gig economy,
(06:56):
some of them, you know, they begin to work in
the economy where you had three part time jobs. Pensions
have eroded away. The stock market has been good, but
they weren't necessarily able to invest heavily in the market.
So it kind of makes sense that a lot of
that ninety trillion will end up in the hands of
the millennials who were born between eighty one and ninety six. Listen,
(07:18):
that's not to say that we're not seeing a lot
of baby boomers inherit money from their parents, but the
silent generation also owned a lot of hard assets like land,
and that land may still be owned by the boomers,
who the millennials would then sell that land when they
(07:40):
inherit it because they don't necessarily want to live on the.
Speaker 5 (07:42):
Back forty That's just my theory, right, right, Yeah, And
you know, it is surprising to me that it skipped
gen X, that I would think the baby boomers are
leaving its gen X. But they're saying, actually, it's some
millennials that probably will end up being the recipients of
all this, and probably for a lot of reasons.
Speaker 1 (07:56):
You said, Matt.
Speaker 5 (07:57):
Of course, if you want to sit down with Matt,
you're thinking about, hey, how we're going to leave our money.
Maybe that's really important to you, or maybe you want
to spend every last dollar and hey, if there's something left,
will give it to the kids.
Speaker 1 (08:06):
We're gonna enjoy our retirement.
Speaker 5 (08:07):
There's a lot of different ways to go about this,
But Christy Matt and the team at Presley Wealth can
certainly walk you through your options that you have. Meet
with us now dot com. Meet with us now dot com.
And I think the millennials, it's really kind of interesting
when you think about it's kind of bypassing gen X
to the millennials, is how they're saying that this inheritance
is going to kind of trickle down, trickle down, right,
(08:29):
you know?
Speaker 1 (08:29):
Really?
Speaker 5 (08:30):
To me, I don't know, do you when you sit
down with somebody, you don't go, hey, are you a
baby boomer or are you gen X?
Speaker 1 (08:34):
Are you a millennial? You don't do that. It's age.
Speaker 5 (08:37):
Age is what's important for retirement.
Speaker 1 (08:39):
I think it's not what generation you.
Speaker 4 (08:40):
Are, correct, And there are boomers who think like silence,
and there are boomers who think like Gen xers. You
know what I'm saying, We've seen that. So I do
think just to clarify that a ton of the wealth
that will transfer from the silent generation will certainly end
up in the hands of the millennials. The Baby Boomers
(09:02):
were the largest boom and generation, so it makes sense
that by the time they pass that it would be
someone my age who's technically an older gen x or
getting the money. But then I guess the point I
was trying to make is the economy and markets have
been fairly good to us. Home values have been so
good that it makes sense that millennials would actually hang
(09:27):
on to some of that. But the big question is
how will you gift to your kids. We have clients
who say, listen, I'm going to squirrel it away and
when I'm gone, they can have it now. That was
very much a silent generation sort of sort of mindset
right upon my passing, they can have it. I'll tell
you the baby boomers, you guys think about it differently.
(09:50):
It's more like I'm going to help them pay for school.
I'm going to go on a family vacation with fourteen
people and it's going to cost a lot of money.
I'm going to give them some of their money now.
But the two things I want you to take away
from all this, whether you're going to end up giving
it to them out right, whether they're alone herited, whether
it's the you know, the Boomers, the millennials, the gen xers,
no matter who ends up with the money, are you
(10:13):
having the conversation so many families never have the conversation. Mark,
you would be surprised how many people pass away clients
of ours who were much older Silent generation and their
baby boomer children really had no idea what their net
worth was. So if you can get ahead of the
curve now, the legacy you leave might be the legacy
(10:37):
you leave to your heirs and not forty percent of
that legacy going to the government. So, whether it's you know,
insurance tax strategies, healthcare investments, legacy planning, it all works together,
not only for your retirement but also for your legacy.
So if we can be of help, if if you're
thinking how do I best set up my assets to
(11:00):
be passed to further generations, whether you want to give
it away now or let it go to them when
you pass away, how will it be taxed? How do
you structure that? That's one of the things we look
at when we look at the advanced planning part of
your retirement planning. We would be happy to help. Our
number is seven nine one five seven seven three. It's
(11:23):
your legacy, so talk about it two two five seven
nine one five seven seven three or set your own
fifteen minute phone conversation with us to begin to talk
about these issues at meetwith us now dot com.
Speaker 5 (11:37):
Just getting started on your money matters back with more
with Matt Kennedy.
Speaker 1 (11:41):
Christy might join us as well. Stay with us. We're
back right up for this.
Speaker 7 (11:47):
You're listening to your Money Matters with Christy Smith and
Matt Kennedy. To set up your fifteen minute meeting with
the Presley Wealth Management Team called eight six six three
nine OZHO twelve fifty two.
Speaker 8 (12:02):
It's nice when you can get everything on your list
in one place, isn't it. Christy Smith that the Presleay
Group agrees. That's why she offers comprehensive retirement planning all
under one roof. You shouldn't have to go to one
place for information about tax planning, another for estate planning,
and another for retirement income planning. That's why the Presleay
(12:22):
Group was started. Christy Smith wanted to build a company
that could help families with all aspects of their retirement.
The Presleay Group is more than just convenient. They're knowledgeable
and experienced. To set up a meeting with Christy Smith
and her team to talk about your retirement plan all
of it, call eight six six three nine zero twelve
(12:43):
fifty two. That's eight sixty six three nine zero one
two five two. The Presley Group one stop for a
wealth of retirement solutions eight sixty six three nine zero
twelve fifty two. And investment advisory service is offered through
EIGHTE Wealth Management LC, a registered investment advisor.
Speaker 7 (13:04):
Interest rates are on the rise, so what does that
mean for your retirement? Find out by calling the Presley
Wealth Management Team now eight six six three nine oh
twelve fifty two. That's eight six six three nine oh
twelve fifty two.
Speaker 5 (13:22):
Welcome back to your money matters with Christy Smith and
Matt Kennedy at Presley Wealth Management. You can always go
to the website meet with usnow dot com. There's no cost,
there's no obligation, there's no pressure. Christian Madden the team
are here to help and they don't know if they
can help you until you reach out. And that's really
what it is. It's a fifteen minute phone call basically
just to see, hey, is there some way that they
(13:43):
can reach out and maybe make a difference just by
changing a thing or two. Maybe it is really all
you need. Maybe then you're on your way. They'd love
to help. It's two, two, five, seven, nine one, fifty
seven seventy three, seven ninety one, fifty seven seventy three,
or you can always go to meet with us now
dot com. Meet with us now dot com. My Mark,
y'all glad you're with us. So we're gonna be talking
(14:06):
today the next two segments about creating a legacy.
Speaker 1 (14:09):
Matt, I'll start with you on this one. What are
some basic questions we probably.
Speaker 5 (14:13):
Need to ask ourselves when it comes to creating that
lasting legacy.
Speaker 4 (14:17):
I think a lot of you might think of the
word legacy as well. That's not something I'm interested in.
I don't have a lot of money, and you know
my wife and I are my spouse, and I will
spend it and then we'll be done. And ah, the
kids are okay. So when we talk legacy, Christy, we're
not talking just about leaving money. I think about it
as making it simple and uncumbersome, as the legacy. In
(14:41):
other words, I remember, you know, my father in law
passed a few years ago, and there were a lot
of things that because he was a hardheaded Sicilian, he
wouldn't listen to me, and he didn't have certain things
in place, you know, wills and things like that, And
so for that reason, it makes it very cumbersome on
your your heirs to have to go through proba and
all that kind of stuff. So there are certain things
(15:02):
you can do that if you have a lot of money,
can relieve the tax burden from your heirs. But even
if you're not trying to leave them a lot of money,
it's kind of selfish Christie for folks not to plan
and then the burden falls upon their children, don't you agree?
Speaker 2 (15:19):
I do agree, But you know, Mark, one of the
things that really stands out to me is that when
we hear the word legacy, we think wealthy, but I
think of my sister. You know, my sister passed away
suddenly at fifty years old. She had two children, and
she was in a blended family. She did not have
her estate planning done, she did not have a last
(15:41):
will and testament, she didn't have you know, powers of attorneys,
things like that. So when we think about legacy, most
people think money, but think about your personal possessions that
may be valuable or sentimental to you. So you would
think that if my sister had a piece of valuable jewelry,
(16:04):
that it would have went to her children right, because
she was in a blended family.
Speaker 9 (16:08):
But that's not what happened.
Speaker 2 (16:10):
In fact, my brother in law's new fiance is wearing
my sister's jewelry when I think her children probably should
have gotten that. Now, I'm using that as a as
an example because when we think of legacy planning, we
tend to think, you know, even if we're young, that
we don't need it. And I would argue, in the
state of Louisiana, we all need a last will and testament.
(16:34):
Does it have to be one that's expensive, No, it doesn't,
But the way that our laws are written in Louisiana,
I would argue that we all need a last will
and testament.
Speaker 4 (16:47):
Yeah, Louisiana is an interesting state. Obviously, we're community property state.
There are other states that are community property, but we
also fall under Napoleonic Code, and there's things like forced
airship and some kind of deep stuff out there that
you need to be careful of. Listen, the worst thing
you can do is die without a will. Now, lots
of people say to me, yeah, but Matt, I've got
(17:09):
an ira, We've got beneficiaries on that, and I've already
told the kids. It's not a problem. They can split
the house in half and et cetera, et cetera. So
I don't think I really need a will. Well, what
happens if you die with no will? Well, in Louisiana,
if you die without a will, it will have to
go through succession, probate, whichever words you want to do.
Speaker 9 (17:29):
Even if you have a will, it has to go concession.
Speaker 4 (17:32):
Correct, you're right, even if you don't. But if you
do and there's no will, it can drag on and on.
And what could be done in a couple of three months, Christy,
We've seen it take eighteen months because sometimes some other
family member comes out of the woodwork. They're contesting what's
going on, and because it wasn't written down, it creates
a problem. So at the very least, right, Christy, you've
(17:55):
got to have a will. At the very least in
this state, you have to, right.
Speaker 9 (18:00):
And for me, Mark, it really is about keeping the
family together. You know.
Speaker 2 (18:04):
We just got back from a short weekend trip with
Rick's sister and brother in law, and one of the
things that we talked about while we were there is
how Rick's mother would have been so happy that we
were there together because for them it was about family.
Everything was family. You would be surprised how upon a
(18:25):
death in the family, how many families get divided, and
it's typically over money or possessions. If you have a
last will and testament, you can simply honor that person's
wishes and move on. And it really can save families.
And that was important to my mother in law and
my father in law, and I'm pretty sure it's important
(18:48):
to you too. Avoid the conflict, because that's that's what
we see so conflict.
Speaker 4 (18:54):
And confusion, right, yes, yeah, seven nine one five seven
seven three. We are not attorneys, by the way, but
we know the language. Christy and I both hold the
designation of CEP certified a state planner. Again, we're not
the attorneys, but we can at least talk with you
about the things you need, and we'll talk more in
detail as we go forward about the specifics. But it's
(19:17):
not just about saying, well, I'll live a long, happy
life and then I'll die and so I want to
leave this legacy. It's also about the unexpected. You mentioned
your sister. Nobody thought your sister would die when she
was fifty years of age. I remember my wife and
I we were in our mid forties and a neighbor
of ours, healthy as all get out, forty seven years old,
(19:40):
jogged every day, collapse not have a heart attack in
his driveway. And it was our wake up call because
we had been putting off wills and putting off wills,
but we went so far as to do a will
that created what's called a testamentary trust. Then the assets
that we have will go into this trust because we
had minor children at the time, and that way the
children have a guardian and the our assets could be
(20:03):
used as income for the children. That gave Alyssa, my wife,
such an amazing peace of mind because before then that
was like, well, I hope they're okay. You know, no,
they're a burden to someone. So you have to be
able to spell out exactly how you want it to happen. Again,
don't write down testamentary trust. The attorney may recommend something
different for you, but it's about preserving your finances and
(20:27):
most importantly taking care of those you leave behind. But
you might not leave them behind when you're ninety five.
You may leave them behind when you're fifty five. So
you have to have a plan. And if you'd like
to chat about this. We're happy to it's seven nine
to one, five seven, seven to three.
Speaker 5 (20:44):
So final couple minutes of this segment, Christy, could you
you talk about, because Matt mentioned earlier your smart program
that you walk people through the sources of income, medical
and healthcare, advanced financial planning, risk management, tax efficient strategies.
So you think of that smart smart that's yeah, and
that's what it's all about. But the legacy part and
a state planning part, how does that factor in? Because
(21:07):
it's not something you do first, but it's not something
you wait till we're eighty to do it either.
Speaker 2 (21:10):
No, when we're building a plan, we're typically going to
discuss what our client's wishes are. Number One, for most people,
their retirement funds are going to end up creating a
tax liability for their children, and so we have to
address that. You would be surprised how many people do
not understand that the laws have changed in terms of
(21:35):
the kids inheriting pre tax money and how do the
taxes have to be paid on those dollars. So when
we're working to build the income plan and the investment plan,
we're going to talk about what does the client want
If something happens to them. Keep in mind we are
(21:55):
always planning to protect the.
Speaker 9 (21:58):
Other spouse first.
Speaker 4 (21:59):
Oh, absolutely, we're.
Speaker 2 (22:00):
Building a plan that neither husband nor wife can outlive
the income and then the remaining assets and properties would
then funnel to the children. And so we're going to
always bring a state planning up in the conversation. And
the first thing is to really find out what are
(22:20):
their wishes, because everyone has completely different wishes. Some of
our clients are more charitable minded. They actually want to
leave money to different charities, so we're going to talk
about that. But the thing is is that many people
don't understand they actually need an estate plan because they're
(22:41):
used to being told that they have beneficiary designations on
their IRA or their four oh one K accounts, they
have beneficiary designations on their life insurance. So they often
believe that they don't need a last will and testament
because they know that a certain portion of their estate
is going to go to their loved ones quickly and easily.
(23:04):
And so it's really when you start having the conversation,
it's eye opening to see the clients when they start
connecting the dots as to oh, okay, yes, it's it's
gonna go to a spouse without secession. However, you know
long term that could end up hurting the kids if
(23:25):
you don't start planning now.
Speaker 4 (23:27):
And we'll talk more in the next segment too about
most of you think, well, I need to will and
that's really it. Now there's four or five very important
things that you need. We'll cover more of that mark
as we get into the next segment. Reach out for
any questions. We're at seven nine one five seven seven three,
or set up a phone call. You can see our
calendar go to meet with us now dot com.
Speaker 5 (23:49):
So when Christian Matt come back, we're going to talk
about some of the legacy planning mistakes that you really
don't want to make. Christian Matt back with more of
your money matters right up to this.
Speaker 6 (24:00):
Sam might need a loan soon from you. We have
over thirty four trillion dollars in national debt. Where do
you think the money to pay for that's going to
come from? Taxes? Believe it or not, taxes are at
historic lows right now, but how much longer will that last?
A roth Ira conversion might be a good option when
planning for your retirement because you can pay lower taxes
(24:20):
now and avoid potentially higher taxes later. Christy Smith and
the team at the Presley Group have seen taxes rise
and fall. They know what options you have to potentially
reduce the amount of taxes you pay in retirement. Call
the team at the Presley Group and schedule your tax
analysis today. Eight sixty six three nine zero twelve fifty two.
That's eight six six three nine zero one two five
(24:40):
to two. Uncle Sam needs money. Don't let him take
it from you. Eight six six three nine zero twelve
fifty two. Investment advisory services offer through a wealth management
LLC A RETCH should investment advisor. Investing involves risk. Always
console with the qualified tax advisor before making any decisions
regarding a ROTH conversion, as there may be additional tax considerations.
Speaker 7 (25:01):
Should I take Medicare A or B? What is covered
under Medicare Part D? If you are ready to begin
your Medicare journey and have questions, Presley Wealth Management can
be your guide. Go to Presleywealthmanagement dot com to find
out more. That's Presleywealthmanagement dot com.
Speaker 5 (25:19):
Well got your weathers day for your money matters with
Christy Smith and Matt Kennedy and Presley Wealth Management I'm
Mark Elliott. UH two two five seven nine one five
seven seven three is a number if you have questions, Well,
I think I've done enough. I hope I can retire.
I wonder if I can retire. This is the team
to help you figure that out. Presley Wealth Management two
two five seven nine to one fifty seven seventy three.
(25:41):
And of course easier to remember, maybe meet with us
now dot com fifteen twenty minute phone call, just have
a conversation and then from there you figure out, hey,
I think they can help me, or hey, you don't
even need our help. You've already won the game. That'd
be great to know. We just don't know right meet
with us now dot com. We're talking about having a
will and all those kind of thing and having a
legacy plan at the end of the day for ourselves.
(26:04):
And there's a lot of different tools in this area. Christy,
what kind of tools do you think are the ones
that we really need? And maybe you could walk us
through You and Mack can walk us through some of these.
Speaker 2 (26:15):
Well, I would say the first tool most people need,
especially in Louisiana, is you need a last will and testament.
And what that means is because think about your estate
going through the court system. When we talk about your estate,
we talk about your home, your vehicles, you're checking your saving,
your personal possessions, you know, pretty much everything you own.
(26:38):
Wouldn't it be easier if you had it documented so
that the court system could just sign off on it,
like where did you want it to go? Because if
you don't, it really it gets dictated by the court system.
And so for me, the number one most important thing
that you can have is a last will and testament.
(26:59):
I think it's also very important for those of you
that are listening this morning that are even young. You know,
you're not getting close to retirement age. You're out there working,
you have young children. You know if something happened to
you today, who would raise your children? Many people have
(27:20):
never sat down and thought about that.
Speaker 4 (27:22):
And who would be financially responsible? And would the assets
that you have go in a way that is most
tax efficient and in a way that you know that
it's being used properly, I mean, protect the children. Not
all families get along beautifully. Christy, you don't know if
you know that or not. So, yeah, what if you
have some in laws that you don't necessarily get along
(27:44):
with If you don't specify who takes care of your children,
they may not end up in the best situation.
Speaker 9 (27:50):
Because the courts are going to decide. If you don't decide,
who is going to decide.
Speaker 2 (27:54):
And why should someone of the courses to you exactly So,
I think a last will and testament is, in my opinion,
one of the most critical documents that you can ever have,
Like I think.
Speaker 4 (28:08):
You need it agreed and then right there, right on
the heels of a will, last will and testament living will.
Now some people confuse the two. A will is for
after you die, it's to honor your wishes upon your passing.
A living will is to honor your wishes before you die. So,
in other words, the living will could say, Matt was
a terrible auto accident. Does he should he state? Should
(28:32):
he state on the tubes or not? Now that ties
into power of attorney too. I'll let you expand on
that sum though, Christy. But the living will dictates my
treatment at the end of life. Am I explaining that correctly?
Speaker 6 (28:45):
Yeah?
Speaker 9 (28:45):
You know we've seen this before.
Speaker 2 (28:46):
We've seen it in the news where you know a
spouse has a stroke and is there they have no
brain waves but the but the other spouse, you know,
won't take them off a life support or the family,
the mother and father of the person.
Speaker 4 (29:03):
Well remember the Terry Shibo story, Oh yeah, from years ago,
and they argue about it. The family was torn. One
said taker, I think the husband said take her off
life support. The parents said no. But because there was
no advanced directives or living wills, her wishes weren't known.
Me personally, I don't want to be a financial burden
and you know, lay there on life support day in
(29:24):
and day out, pull the plug.
Speaker 9 (29:26):
But that is your wishes.
Speaker 4 (29:27):
That's my way.
Speaker 2 (29:28):
And what's important is that you know that you state
your wishes and so you can do a last will
and testament and.
Speaker 9 (29:35):
You don't even have to always pay for that.
Speaker 2 (29:37):
A lot of the hospitals have documents called five wishes.
Speaker 9 (29:41):
Your doctor's offices a lot of times have it.
Speaker 2 (29:43):
You can google it five wishes and it does not
have to be something that you've spent a lot of
money on, you know, having an attorney prepare.
Speaker 4 (29:51):
So you got the will, you got the living will. Now,
oftentimes Mark does a tremendous confusion between will and trust
a lot of people, I think Christy are afraid to
talk to an estate tinning attorney because they're afraid they
may get sold a very expensive trust. Not everybody needs
a trust, But give me a good example of someone
who only needs a will and someone who only needs
(30:14):
a trust. I think that'll help people really understand it.
Speaker 9 (30:16):
Well, maybe someone that only needs a will. It would
be someone that has grown children.
Speaker 2 (30:23):
They have few assets, you know, a home, a couple
of vehicles, and.
Speaker 9 (30:28):
Most of their money in the bank, and.
Speaker 4 (30:30):
Most of their assets are beneficiary.
Speaker 2 (30:31):
Beneficiary IRA things like that. So I would think that
type of situation would really only benefit from a last
will and testament.
Speaker 4 (30:41):
But if you were talking earlier about younger children, well,
how do you determine who raises those children and things
like that? You may need a living trust that way,
or what we call a testamentary trust perhaps, but the trust.
The most powerful thing about a trust is it avoids succession.
Even if you have a will, you still have to
(31:03):
go through the courts. Then the courts hopefully will honor
your wishes. As you stated on the will, a trust
avoids all that. I want you to think about a
living trust like a moving van. So you go to
the attorney, you set up the trust, but it's an
empty vehicle. You have to fund certain assets into there.
And oftentimes what will happen is people will make the trust.
(31:24):
They'll make it like the recipient or the beneficiary of
their assets. In case something happens, it goes into the trust.
Then the executor of the trust somebody you trust, your
most responsible child, your brother, your cousin, your aunt, your uncle,
Sometimes it's your attorney. Typically, I say trust are best
for people with blended families, troubled children. If you have
(31:47):
a disabled child, you might need a special needs trust.
Maybe you own property in multiple places. There's a reason
you would want to have a trust. But for most
people a will powers of attorney will do the trick.
But for a lot of you, a trust is necessary
and we can kind of help work through and then
(32:07):
point you in the right direction with legal counsel to
figure out which way is best.
Speaker 5 (32:12):
So there's powers of attorney for healthcare, but there's also
powers of attorney for finances, right, I mean that's if
we're in a car wreck.
Speaker 1 (32:18):
I mean, are they the same? Are they different?
Speaker 2 (32:20):
I don't know, No, they're they're they're different. And I
always tell our clients that the time to get a
power of attorney is not when you need it, because
when you need it, it's it's often very expensive for
the family because they do have to petition the court
to get it. So a power of attorney is going
to be designed for either medical or financial. And some
(32:43):
people would be scared to sign over a power of
attorney to someone immediately, right if they're young. They don't
want to, you know, they don't want to lose control
of their assets. But often attorneys will use a power
of attorney that doesn't even go in effect unless two
medical physicians stay that you're unable to take care of
your financial needs. Are medical needs correct?
Speaker 4 (33:07):
They call it.
Speaker 2 (33:07):
They're not giving them like a blanket power of attorney
where they can just do anything beginning immediate.
Speaker 4 (33:12):
Right, It's called limited power of attorney. I have that
with my parents, I don't mind telling you, So I
can't just go into my parents' accounts and raid money, right.
But a limited power of attorney means that if my
mom or dad are incapacitated, then I can act on
their behalf. This is where I see this becoming so important.
We had a situation one time where almost all of
(33:35):
the assets were in the husband's IRA and the wife
had nothing other than what was in the bank account.
He had a stroke, she cannot sign to take money
out of his IRA to pay for his care. So
in this case, the kids were going to have to
step in to help cover the medical bills until he
either got better or passed away. Right, But with a
(33:58):
power of attorney, a financeantial power of attorney, the wife,
even though it's not her IRA, she has the power
to sign, or maybe one of their children has the
power to sign to take money out. So you can
put yourself parents, kids, You can put yourself in a
major financial bind if you don't have a power of attorney.
A limited financial power of attorney is also incredibly powerful.
(34:22):
So to recap everybody needs a will, simple as that
living will helps dictate your last wishes. You may need
a trust and you very well need powers of attorney.
So just some high level stuff to keep in mind
there and if we can be of assistance, you know
where we are. It's all part of planning your life
your legacy seven nine one five seven seven three seven
(34:46):
nine to one five seven seven three or set your
own appointment with us, visit meet with us Now dot com.
Speaker 5 (34:53):
Christy and Matt back with the final segment of Your
Money Matters.
Speaker 1 (34:57):
Right after this.
Speaker 7 (34:59):
If you we aren't able to listen to this show
in its entirety, go to Presleywealthmanagement dot com to listen
to this and past radio shows. Otherwise, stick around to
find out how Presley Wealth Management will help you retire
with confidence.
Speaker 6 (35:16):
Uncle Sam might need a loan soon from you. We
have over thirty four trillion dollars in national debt. Where
do you think the money to pay for that's going
to come from? Taxes? Believe it or not, taxes are
at historic lows right now, but how much longer will
that last? A roth Ira conversion might be a good
option when planning for your retirement because you can pay
lower taxes now and avoid potentially higher taxes later. Christy
(35:39):
Smith and the team at the Presley Group have seen
taxes rise and fall. They know what options you have
to potentially reduce the amount of taxes you pay in retirement.
Call the team at the Presley Group and schedule your
tax analysis today. Eight six six three nine zero twelve
fifty two. That's eight six six three nine zero one
two five to two. Uncle Sam needs money don't let
him take it from you. Eight three nine zero twelve
(36:01):
fifty two. Investment advisory services offer through a wealth management
LLC a Retshul Investment advisor. Investing involves risk. Always consult
with the qualifying tax advisor before making any decisions regarding
a ROTH conversion, as there may be additional tax considerations.
Speaker 8 (36:14):
It's nice when you can get everything on your list
in one place, isn't it. Christy Smith that the Presleay
Group agrees. That's why she offers comprehensive retirement planning all
under one roof. You shouldn't have to go to one
place for information about tax planning, another for estate planning,
and another for retirement income planning. That's why the Presleay
(36:35):
Group was started. Christy Smith wanted to build a company
that could help families with all aspects of their retirement.
The Presleague Group is more than just convenient. They're knowledgeable
and experienced. To set up a meeting with Christy Smith
and her team to talk about your retirement plan, all
of it, call eight six six three nine zero twelve
(36:56):
fifty two. That's eight sixty six three nine zero one
two five two. The Presley Group one stop for a
Wealth of Retirement Solutions eight sixty six three nine zero
twelve fifty two and investment advisory service is offered through
eight Wealth Management LLC, a registered investment advisor.
Speaker 7 (37:18):
Christy Smith of Presley Wealth Management wants to advocate for
you making sure you have the retirement you have always
won it. Call eight six six three nine oh twelve
fifty two and make sure Presley Wealth is the right
fit for you. You won't know until you call eight six
six three nine oh twelve fifty two.
Speaker 5 (37:41):
Thanks for taking with us for your money matters with
Christy Smith and Matt Kennedy of Presley Wealth Management. Again,
you can always go to their calendar, set up a
time to have a conversation. You want to figure out
where you are on that road to retirement. Cannot retire, well, hey,
I'm already retired. Can they help you then? Well out
meet with us noow dot com or you can just
call them two two five seven nine to one fifty
seven seventy three. That's seven nine one fifty seven seventy three.
Speaker 1 (38:05):
I'm Mark Elliott.
Speaker 5 (38:05):
We're gonna finish up today with a little mail bag segment.
And I say this every time we do one of
these So these questions come from people that have come
into the office, people that have attended events that Christi
and Matt put on. They're just kind of random questions. Okay,
but here's the deal. I think you're better off asking
Christy or Matt in person or on the phone these
questions because then they can ask you followup questions. You
(38:29):
can ask them follow up questions. Typically we don't have
enough information to give you the entire answer, but we
always enjoy this. So Christy, I'll start with you. This
is Brent from Baton Rouge Baton Rouge. He says this, Guys,
I've been retired for about two years now, and so
far it's been disappointing.
Speaker 1 (38:46):
Brent. Play golf, Play golf, Brent.
Speaker 5 (38:49):
I wasn't expecting to feel this let down about this
much free time, but that's how I feel. I'm thinking
about part time work, but I also don't like the
idea of locking myself into a certain number of hours
or a certain schedule. Do you ever hear other people
struggling with this same thing?
Speaker 1 (39:02):
Yep?
Speaker 9 (39:03):
You know it's crazy that you ask that, Brent, because.
Speaker 2 (39:08):
I think one of the biggest considerations about retiring needs
to be or you actually mentally ready. And a lot
of people think they're mentally ready just because they have
this idea of retirement. You know, retirement sounds great, but
sometimes people really aren't mentally ready. I don't We definitely
(39:30):
hear this. I don't know if going back to work
is the answer. Maybe maybe you have an interest that
you could pursue on your own, like making your own
like opening up your own company, doing some things you
like to do. Have a client that makes duck calls
because he likes it, that's his hobby. In addition to that,
(39:52):
we often see people that are in the same point
in life that you are. They find opportunity with volunteering.
And you know, that's what I encouraged my dad to do,
and I would encourage you to maybe consider. Are there
any you know, organizations or you know, your church that
you would maybe be able to benefit them by doing
(40:16):
some volunteer work. But this is a very common question. Yes,
we hear it a lot.
Speaker 4 (40:20):
And more common for men than women. I would say yes,
not trying to be sexist or chauvinistic, but in my
years of doing this, I've noticed that oftentimes when a
when a woman works and retires. I don't know how
y'all do it, but you just separate effortlessly. But then
after COVID, I noticed that a lot of men who
were maybe accepted early buyouts and things. A couple of
(40:40):
years later, Hey, Matt, can I take social Security and
work to what are the rules on that? Because I
want to go back and consult. Yes, because I can
only watch so many episodes of gun Smoke, you know
what I mean. I can only see Matt Dillon infest
us only a certain number of times. And I think
for men too, there's a sense of up shaving, having
(41:01):
a sense of purpose that matters. But Christy nailed that
it doesn't have to be worked. That purpose could be
volunteering on whatever. It's not uncommon. You're not alone, and
a financial advisor is valuable to talk you through that.
All right, Mark, give us one more.
Speaker 5 (41:13):
Yeah, so, Brenton, you can go to meet with us
now dot com or you just call him at seven
nine to one fifty seven seventy three and have a conversation.
It's really about not retiring from something, it's retiring to something,
all right. Next one comes from Alice and Baker. The
idea of a big market drop makes me really uncomfortable.
Now that I'm within a few years of retirement, Do
I need to start repositioning by assets the closer I
(41:33):
get to retirement.
Speaker 4 (41:34):
More than likely you do. Everyone situation is different, Alice.
Think about it like you're on an airplane. Okay, you
are flying from Chicago to Baton Rouge, or Chicago to
New Orleans. The pilot, what does he say? You can
never understand him right? Why can you only hear the
stewardess so well but not the pilot. But the pilot
basically says, hey, we'll be touching down in about twenty
(41:55):
five minutes. Put your trade tables up. We're beginning our descent.
We're two hundred mine from the airport. What does the
pilot not do. The pilot does not say, oh my gosh,
we're landing in five minutes, get ready for the nose dive.
Retirement's absolutely no different. When you are five years out,
start being very conscientious of the risk you're taking. When
(42:16):
you're three years out, it's more than likely time to
pull back and reduce the risk. Now, how do you
do it?
Speaker 1 (42:24):
Well?
Speaker 4 (42:24):
Different plans have different ways. We have our own proprietary system,
but you're on an airplane. If you're three years away
from retiring, or if you just retired within the last
three years, that is the most dangerous time that the
market can hurt you badly.
Speaker 5 (42:40):
All right, final question, this comes from Cheryl in attis.
I'm really struggling to get organized with my finances. We
have money saved, but I just keep letting all this
paperwork pile up. Could you help me sort through everything
I have or what I need to get it put
together before I come in and talk to you for
the first time.
Speaker 2 (42:57):
But Cheril, a lot of times people come to us
and they literally will have like either bags or boxes
and they bring it all because a lot of times
you'd be surprised how many people have three, four, five
different retirement accounts from just changing jobs. It's funny how
people will, you know, when they pack up their desks
(43:18):
because they're changing jobs, They're going to pack up every
single thing, like down to their coffee cup, there anything
personal on their desk they're bringing. But yet they leave
their four oh one k forget. So yeah, it's really
shocking to me. And so this is very common. Churyl
don't worry about it. We're able to help you go
(43:40):
through it. We probably could go through it quicker just
because we understand looking like, okay, is that a four
oh one K, is that an I R A? Things
like that. Don't be ashamed. Let us help you. This
is we do this all the time. Go to meet
with usnow dot com and schedule a fifteen minute call
and or just give our office a call and schedule
time to get together seven nine one five seven seven three.
Speaker 5 (44:03):
Not everybody that calls you is going to be a
full blown client oppressed in wealth management.
Speaker 2 (44:07):
Absolutely not if we don't really even want to help
people that don't need help.
Speaker 4 (44:11):
And oftentimes we're going to call maybe from the child
of a client who is retired, and they'll say, look,
can you just spend fifteen minutes giving me some input
on where we are? And you know what, I often
find those hard working thirty and forty year olds. Oftentimes
they have the option, for example, for the WROTH four
oh one K at their work, but they're not using it,
(44:32):
or they haven't thought about life insurance needs for their family,
or maybe because they're young and so healthy, now's the
time to put a long term care place and plan
things that you know, maybe We're not going to immediately
act on for them, but we can at least give
some guidance. We're here to help. Our number is seven
nine to one five seven seven three. When you sit
(44:54):
down with us, we find out how we can serve
you and we walk you through our smart plan. What
are your sources of income? What about medical and medicare?
Seven nine one five seven seventy three are meet with
us now dot com.
Speaker 7 (45:11):
You can be five or ten years away from retirement,
or it could be tomorrow. If you have financial concerns
about retirement, called Christy Smith and the team at Presley
Wealth eight six six three nine oh one two five two.
That's eight six six three nine oh twelve fifty two.
Let them ease your concerns by sitting down for a
(45:32):
complementary first meeting AID six six three nine oh twelve
fifty two.
Speaker 3 (45:41):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal advice.
Speaker 7 (45:46):
Investment advisory products and services made available through AE Wealth
Management LLC AWM, a registered investment advisor. Insurance products are
offered through the insurance business the Presley Group. Presley Wealth
Management is an investment advisory practice. It offers products and
services through AE Wealth Management LLCAWM, a registered investment advisor.
AWM does not offer insurance products. The insurance products offered
(46:09):
by the Pressley Group are not subject to investment advisor requirements.
AWM and the Presley Group are not affiliated companies. Investing
involves risk, including the potential loss of principle. Any references
to protection, safety, or lifetime income generally refer to fixed
insurance products, never securities or investments. Insurance guarantees are backed
by the financial strength and claims paying abilities of the
issuing carrier. This radio show is intended for informational purposes only.
(46:32):
It is not intended to be used as a sole
basis for financial decisions, nor should it be construed as
advice designed to meet the particular needs of an individual situation.
The Presley Group is not permitted to offer, and no
statement made during the show shall constitute tax or legal advice.
Our firm is not affiliated with or endorsed by the
US Government or any governmental agency. The information and opinions
contained herein provided by third parties have been obtained from
(46:53):
sources believed to be reliable, but accuracy and completeness cannot
be guaranteed by the Presley Group.
Speaker 9 (46:58):
This radio show is a paid placement
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Therapy Gecko
An unlicensed lizard psychologist travels the universe talking to strangers about absolutely nothing. TO CALL THE GECKO: follow me on https://www.twitch.tv/lyleforever to get a notification for when I am taking calls. I am usually live Mondays, Wednesdays, and Fridays but lately a lot of other times too. I am a gecko.