October 23, 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 conversation around your specific situation, 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 molatility, global turmoil, interest rates, rough Dane
Wall Street.
Speaker 1 (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 3 (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 2 (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 1 (00:40):
The conversation starts now this is your money matters.
Speaker 4 (00:49):
Welcome to your money matters. I'm Mark Elliott here with
Christy Smith and Matt Kennedy. Oh, 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, seven,
(01:10):
nine to one fifty seven seventy three. The easiest thing
to remember, I think, is just meet with usnow dot com.
You go onto that website and you 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 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 2 (01:29):
Hey, Guy Bonningmork, 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 killillion, 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. Well, you know,
the new richest generation in the history of the world. Matt,
(02:18):
I mean, come on, that's crazy. What can you tell
us about this?
Speaker 2 (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 6 (02:46):
So.
Speaker 2 (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 two 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 War One. But things were tough
(03:12):
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 as they worked in the late
fifties and sixties and early seventies. They might have been
(03:36):
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 the scars that their parents
(03:56):
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 thing they got out of
the house with was the clothes on their back. Now
(04:17):
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 with your parents, Mark?
Speaker 5 (04:37):
Yeah, My parents were born in like nineteen thirty five,
in nineteen thirty six.
Speaker 3 (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 2 (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 5 (05:01):
Jen, Actually sixty five to eighty.
Speaker 2 (05:03):
Yeah, okay, so that's right. I get a millennials day one.
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
(05:24):
the Baby Boomers, while they quote kind of had it
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
(05:48):
some of the greatest prosperity ever. Imagine if you were
a baby boomer working in the nineteen nineties. It was
one of the greatest ten year track runs in the
history 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
(06:10):
twenty ten things have been very good. So baby boomers
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 back forty.
Speaker 5 (07:43):
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. You said, Matt.
Of course, if you want to sit down with Matt,
you're thinking about, hey, how we're gonna 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,
(08:05):
will give it to the kids. We're gonna enjoy our retirement.
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 usnow 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
(08:26):
is going to kind of trickle down, trickle down, right,
you know? Really? 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?
Are you a millennial? You don't do that. It's a
age is what's important for retirement. I think it's not
what generation you are.
Speaker 2 (08:40):
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 were
(09:02):
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 on
(09:27):
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,
(09:48):
you guys think about it differently. 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, 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 inherited, whether it's the you know, the Boomers,
the millennials, the gen xers, no matter who ends up
(10:11):
with the money, are you 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
(10:31):
you can get ahead of the curve now, the legacy
you leave might be the legacy 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
(10:53):
we can be of help, if if you're thinking, how
do I best set up my assets to 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.
(11:16):
We would be happy to help. Our number is seven
nine one five seven seven three. It's 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. Christy might join us as well. Stay
with us. We're back right for this.
Speaker 6 (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 oho twelve fifty two.
Speaker 2 (12:02):
Stop for a moment, think about this. Do you know
how much money in your four oh one k or
ira is actually your money? Although the government take a
bigger chunk than you thought. Remember, you still may owe
taxes on that money. But do you have a plan
to help make sure you don't pay more than you should?
At Presley Wealth Management, we believe you deserve to keep
more of what you've earned, which is why we're here
(12:23):
to help you navigate the confusing world of retirement taxes.
It's your money, you deserve to know what's at stake.
Right now, taxes are historically low, but they won't be
this low forever. So call us at seven nine one
five seven seven three. That's seven nine one five seven
seven three. Look you work hard for your money, we'll
work just as hard to help you keep it. Presley
(12:44):
Wealth Management seven nine one five seven seven three.
Speaker 6 (12:47):
Investment advisory services offer through AE Wealth Management LLC, a
registered investment advisor. Investing involves risk.
Speaker 3 (12:54):
Always consult with the qualified.
Speaker 6 (12:55):
Tax advisor before making any decisions regarding your ROTH conversion
as maybe additional tax considerations. 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
(13:17):
six three nine oh twelve fifty two.
Speaker 5 (13:22):
Welcome back to your money matters with Christy Smith and
Matt Kennedy a Pressley 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, Matt and 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
(13:43):
they 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'll glad you're with us. So we're gonna be talking
(14:06):
today the next two segments about creating a legacy. Matt,
I'll start with you on this one. What are some
basic questions we probably need to ask ourselves when it
comes to creating that lasting legacy.
Speaker 2 (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 3 (15:18):
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
(16:02):
jewelry that it would have went to her children, right
because she was in a blended family. But that's not
what happened. 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,
(16:23):
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. 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
(16:46):
last will and testament.
Speaker 5 (16:47):
Yeah.
Speaker 2 (16:47):
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 3 (17:29):
Even if you have a will, it has to go concession.
Speaker 2 (17:31):
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.
Speaker 3 (17:59):
Right me, Mark, it really is about keeping the family together.
Speaker 2 (18:03):
You know.
Speaker 3 (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.
Speaker 2 (18:51):
That's what we see so conflict 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
(19:11):
with you about the things you need, and we'll talk
more in detail as we go forward about the specifics.
But it's 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
(19:32):
and I we were in our mid forties and a
neighbor of ours, healthy as all get out, forty seven
years old, 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
(19:53):
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 guard guardian and our assets
could be 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
(20:13):
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 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
(20:34):
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 (20:43):
So final couple minutes of this segment, Christy, could you
you talk about because Matt mentioned earlier, you're 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 the acronym,
that's what it's all about. But the legacy part and
a state planning part, how does that factor in? Because
(21:06):
it's not something you do first, but it's not something
you wait till we're eighty to do it either.
Speaker 3 (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
(21:34):
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 other spouse first.
Speaker 2 (21:58):
Oh absolutely, you know, we're.
Speaker 3 (21:59):
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
(22:40):
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 state
is going to go to their loved ones quickly and easily.
(23:03):
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
(23:24):
you don't start planning now.
Speaker 2 (23:26):
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 you write.
Speaker 2 (23:57):
It for this. Do you really want your retirement to
be affected by who's in the White House? Didn't think so.
But here's the thing. No matter who wins this time,
they'll only be in the Oval Office for a four
year term to begin with. But how long is your
retirement going to last? Look? Presidents can have a huge
(24:19):
impact on taxes and the economy. But there's another presidential
election in another four years, then another, then another. At
Presley Wealth Management, we help you create a customized plan
that's as white house proof as possible. Call us today
at seven nine one five seven seven three, seven nine
(24:39):
one five seven seven three. We don't know who will
win in November, but we can help you prepare for
it no matter what happens. Called Presley Wealth Management at
seven nine one five seven seven three.
Speaker 6 (24:52):
Investment advisory services offer through a wealth management LLC, a
registered investment advisor. Should I take Medicare A or B?
Speaker 3 (25:03):
What is covered under Medicare Part D?
Speaker 6 (25:05):
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 (25:20):
God your weathers Day for your money matters with Christy
Smith and Matt Kennedy at 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,
one fifty seven, seventy three, and of course easier to remember.
(25:42):
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
things and having a legacy plan at the end of
the day for ourselves. And there's a lot of different
(26:06):
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 3 (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 savings,
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):
And I think 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 never sat down and thought about that, and.
Speaker 2 (27:22):
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.
Speaker 3 (27:35):
You can protect the children.
Speaker 2 (27:37):
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 with. If you don't specify who takes care of
your children, they may not end up in the best
situation because the.
Speaker 3 (27:51):
Courts are going to decide. If you don't decide, who
is going to decide? 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 you.
Speaker 2 (28:08):
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 the 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 3 (28:45):
You know, we've seen this before. 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. Well remember the Terry Shibo story, Oh yeah,
from years ago, and they argue about it.
Speaker 2 (29:07):
The family was torn one said take her. 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 and day out. Pull
the plug.
Speaker 3 (29:26):
But that is your wishes.
Speaker 2 (29:27):
That's my way.
Speaker 3 (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 you don't even have to always pay
for that. A lot of the hospitals have documents called
five wishes. Your doctor's offices a lot of times have it.
You can google it five wishes, and it does not
have to be something that you've spent a lot of
(29:49):
money on, you know, having an attorney prepare so.
Speaker 2 (29:51):
You got the will, you got the living will. Now oftentimes,
Mark there's 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
(30:12):
needs a will and someone who only needs a trust.
I think that'll help people really understand it.
Speaker 3 (30:16):
Well, maybe someone that only needs a will would be
someone that has grown children. They have few assets, you know,
a home, a couple of vehicles, and most of their
money in.
Speaker 2 (30:29):
The bank, and most of their assets are beneficiary.
Speaker 3 (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 2 (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 if we're
in a car wreck, I mean, are they the same?
Are they different?
Speaker 3 (32:19):
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 state that you're unable to take care of
your financial needs. Are medical needs correct?
Speaker 2 (33:06):
They call it.
Speaker 3 (33:07):
They're not giving them like a blanket power of attorney
where they can just do anything beginning immediate.
Speaker 2 (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 financial 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 right after this.
Speaker 6 (34:59):
If you are 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 2 (35:15):
Stop for a moment, think about this. Do you know
how much money in your four oh one k or
ira is actually your money? All? Will the government take
a bigger chunk than you thought? Remember, you still may
owe taxes on that money. But do you have a
plan to help make sure you don't pay more than
you should? At Presley Wealth Management, we believe you deserve
to keep more of what you've earned, which is why
(35:36):
we're here to help you navigate the confusing world of
retirement taxes. It's your money. You deserve to know what's
at stake Right now. Taxes are historically low, but they
won't be this low forever. So call us at seven
nine one five seven seven three. That's seven nine one
five seven seven three. Look, you work hard for your money,
We'll work just as hard to help you keep it.
(35:57):
Presley Wealth Management seven nine one five.
Speaker 6 (36:01):
Investment advisory services offer through Aul Management LLC, a registered
investment advisor. Investing involves risk. Always consult with the qualified
tax advisor before making any decisions regarding a ROTH conversion,
as there may be additional tax considerations.
Speaker 2 (36:17):
Do you really want your retirement to be affected by
who's in the White House. Didn't think so. But here's
the thing. No matter who wins this time, they'll only
be in the Oval office for a four year term
to begin with. But how long is your retirement going
to last? Look, presidents can have a huge impact on
taxes and the economy. But there's another presidential election in
(36:40):
another four years, then another, then another. At Presley Wealth Management,
we help you create a customized plan that's as White
House proof as possible. Call us today at seven nine
one five seven seven three seven nine one five seven
seven three. We don't know who will win in November,
but we can help you prepare for it no matter
(37:01):
what happens. Called Presley Wealth Management at seven nine one
five seven seven to three.
Speaker 6 (37:08):
Investment advisory services offered through a wealth management LLC, a
registered investment advisor. Christy Smith of Presley Wealth Management wants
to advocate for you, making sure you have the retirement
you have always woned.
Speaker 3 (37:26):
Call eight sixty.
Speaker 6 (37:27):
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 in
time to have a conversation. You want to figure out
where you are on that road to retirement. Can I retire? Well, hey,
I'm already retired. Can they help you then? Well out
meet with usnow dot com or you can just call
them two two five, seven nine to one fifty seven
(38:02):
seventy three. That's seven nine one fifty seven seventy three.
I'm Mark Elliott. 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 Christian and Matt put on. They're just
kind of random questions. But here's the deal. I think
you're better off asking Christy or Matt in person or
(38:24):
on the phone these questions because then they can ask
you follow up questions. You can ask them follow up questions.
Typically we don't have enough information to give 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. Brent. Play golf, Play golf, Brent.
(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 2 (39:02):
Yep?
Speaker 3 (39:03):
You know it's crazy that you ask that, Brent, because
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
(39:24):
sometimes people really aren't mentally ready. I don't we definitely
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
(39:46):
like to do. Have a client that makes Duck calls
because he likes it, that's his hobby. In addition to that,
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 encourage my dad to do,
and I would encourage you to maybe consider. Are there
(40:08):
any you know, organizations or you know your church that
you would maybe be able to benefit them by doing
some volunteer work. But this is a very common question. Yes,
we hear it a lot, and more common for.
Speaker 2 (40:20):
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 accept at
early buyouts and things. A couple of years later, Hey, Matt,
(40:43):
can I take Social Security and work too? 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 getting up shaving, having a sense of
purpose that matters. But if Christy nailed it, it doesn't
(41:04):
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 2 (41:34):
More than likely you do. Everyone situation is different, Alice,
think about it like you're on an airplane. Okay, you're
flying from Chicago to Baton Rouge or Chicago to New Orleans.
The pilot, what does he say? You can never understand him?
Speaker 5 (41:47):
Right?
Speaker 2 (41:48):
Why can you always hear the stewardess so well? But
not the pilot. But the pilot basically says, Hey, we'll
be touching down in about twenty five minutes. Put your
trade tables up. We're beginning our descent. We're two hundred
miles 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
(42:08):
absolutely no different. When you are five years out, start
being very conscientious of the risk you're taking. When you're
three years out, it's more than likely time to pull
back and reduce the risk. Now, how do you do it? Well,
different plans have different ways. We have our own proprietary system.
But you're on an airplane. If you're three years away
(42:31):
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 3 (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 or 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.
Speaker 3 (44:09):
We don't really even want to help people that don't
need help.
Speaker 2 (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 wrath 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 one five seven seven three. When you sit down
(44:55):
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 seveny three are meet with us
now dot com.
Speaker 6 (45:10):
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 1 (45:41):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal advice.
Speaker 6 (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 at all first 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 Pressley 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 3 (46:58):
This radio show is a paid placement
When the news is national.
Speaker 2 (00:01):
SOB, security system molatility, global turmoil, interest rates, rough Dane
Wall Street.
Speaker 1 (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 3 (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 2 (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 1 (00:40):
The conversation starts now this is your money matters.
Speaker 4 (00:49):
Welcome to your money matters. I'm Mark Elliott here with
Christy Smith and Matt Kennedy. Oh, 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, seven,
(01:10):
nine to one fifty seven seventy three. The easiest thing
to remember, I think, is just meet with usnow dot com.
You go onto that website and you 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 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 2 (01:29):
Hey, Guy Bonningmork, 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 killillion, 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. Well, you know,
the new richest generation in the history of the world. Matt,
(02:18):
I mean, come on, that's crazy. What can you tell
us about this?
Speaker 2 (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 6 (02:46):
So.
Speaker 2 (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 two 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 War One. But things were tough
(03:12):
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 as they worked in the late
fifties and sixties and early seventies. They might have been
(03:36):
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 the scars that their parents
(03:56):
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 thing they got out of
the house with was the clothes on their back. Now
(04:17):
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 with your parents, Mark?
Speaker 5 (04:37):
Yeah, My parents were born in like nineteen thirty five,
in nineteen thirty six.
Speaker 3 (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 2 (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 5 (05:01):
Jen, Actually sixty five to eighty.
Speaker 2 (05:03):
Yeah, okay, so that's right. I get a millennials day one.
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
(05:24):
the Baby Boomers, while they quote kind of had it
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
(05:48):
some of the greatest prosperity ever. Imagine if you were
a baby boomer working in the nineteen nineties. It was
one of the greatest ten year track runs in the
history 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
(06:10):
twenty ten things have been very good. So baby boomers
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 back forty.
Speaker 5 (07:43):
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. You said, Matt.
Of course, if you want to sit down with Matt,
you're thinking about, hey, how we're gonna 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,
(08:05):
will give it to the kids. We're gonna enjoy our retirement.
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 usnow 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
(08:26):
is going to kind of trickle down, trickle down, right,
you know? Really? 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?
Are you a millennial? You don't do that. It's a
age is what's important for retirement. I think it's not
what generation you are.
Speaker 2 (08:40):
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 were
(09:02):
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 on
(09:27):
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,
(09:48):
you guys think about it differently. 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, 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 inherited, whether it's the you know, the Boomers,
the millennials, the gen xers, no matter who ends up
(10:11):
with the money, are you 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
(10:31):
you can get ahead of the curve now, the legacy
you leave might be the legacy 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
(10:53):
we can be of help, if if you're thinking, how
do I best set up my assets to 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.
(11:16):
We would be happy to help. Our number is seven
nine one five seven seven three. It's 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. Christy might join us as well. Stay
with us. We're back right for this.
Speaker 6 (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 oho twelve fifty two.
Speaker 2 (12:02):
Stop for a moment, think about this. Do you know
how much money in your four oh one k or
ira is actually your money? Although the government take a
bigger chunk than you thought. Remember, you still may owe
taxes on that money. But do you have a plan
to help make sure you don't pay more than you should?
At Presley Wealth Management, we believe you deserve to keep
more of what you've earned, which is why we're here
(12:23):
to help you navigate the confusing world of retirement taxes.
It's your money, you deserve to know what's at stake.
Right now, taxes are historically low, but they won't be
this low forever. So call us at seven nine one
five seven seven three. That's seven nine one five seven
seven three. Look you work hard for your money, we'll
work just as hard to help you keep it. Presley
(12:44):
Wealth Management seven nine one five seven seven three.
Speaker 6 (12:47):
Investment advisory services offer through AE Wealth Management LLC, a
registered investment advisor. Investing involves risk.
Speaker 3 (12:54):
Always consult with the qualified.
Speaker 6 (12:55):
Tax advisor before making any decisions regarding your ROTH conversion
as maybe additional tax considerations. 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
(13:17):
six three nine oh twelve fifty two.
Speaker 5 (13:22):
Welcome back to your money matters with Christy Smith and
Matt Kennedy a Pressley 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, Matt and 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
(13:43):
they 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'll glad you're with us. So we're gonna be talking
(14:06):
today the next two segments about creating a legacy. Matt,
I'll start with you on this one. What are some
basic questions we probably need to ask ourselves when it
comes to creating that lasting legacy.
Speaker 2 (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 3 (15:18):
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
(16:02):
jewelry that it would have went to her children, right
because she was in a blended family. But that's not
what happened. 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,
(16:23):
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. 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
(16:46):
last will and testament.
Speaker 5 (16:47):
Yeah.
Speaker 2 (16:47):
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 3 (17:29):
Even if you have a will, it has to go concession.
Speaker 2 (17:31):
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.
Speaker 3 (17:59):
Right me, Mark, it really is about keeping the family together.
Speaker 2 (18:03):
You know.
Speaker 3 (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.
Speaker 2 (18:51):
That's what we see so conflict 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
(19:11):
with you about the things you need, and we'll talk
more in detail as we go forward about the specifics.
But it's 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
(19:32):
and I we were in our mid forties and a
neighbor of ours, healthy as all get out, forty seven
years old, 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
(19:53):
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 guard guardian and our assets
could be 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
(20:13):
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 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
(20:34):
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 (20:43):
So final couple minutes of this segment, Christy, could you
you talk about because Matt mentioned earlier, you're 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 the acronym,
that's what it's all about. But the legacy part and
a state planning part, how does that factor in? Because
(21:06):
it's not something you do first, but it's not something
you wait till we're eighty to do it either.
Speaker 3 (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
(21:34):
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 other spouse first.
Speaker 2 (21:58):
Oh absolutely, you know, we're.
Speaker 3 (21:59):
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
(22:40):
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 state
is going to go to their loved ones quickly and easily.
(23:03):
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
(23:24):
you don't start planning now.
Speaker 2 (23:26):
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 you write.
Speaker 2 (23:57):
It for this. Do you really want your retirement to
be affected by who's in the White House? Didn't think so.
But here's the thing. No matter who wins this time,
they'll only be in the Oval Office for a four
year term to begin with. But how long is your
retirement going to last? Look? Presidents can have a huge
(24:19):
impact on taxes and the economy. But there's another presidential
election in another four years, then another, then another. At
Presley Wealth Management, we help you create a customized plan
that's as white house proof as possible. Call us today
at seven nine one five seven seven three, seven nine
(24:39):
one five seven seven three. We don't know who will
win in November, but we can help you prepare for
it no matter what happens. Called Presley Wealth Management at
seven nine one five seven seven three.
Speaker 6 (24:52):
Investment advisory services offer through a wealth management LLC, a
registered investment advisor. Should I take Medicare A or B?
Speaker 3 (25:03):
What is covered under Medicare Part D?
Speaker 6 (25:05):
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 (25:20):
God your weathers Day for your money matters with Christy
Smith and Matt Kennedy at 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,
one fifty seven, seventy three, and of course easier to remember.
(25:42):
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
things and having a legacy plan at the end of
the day for ourselves. And there's a lot of different
(26:06):
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 3 (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 savings,
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):
And I think 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 never sat down and thought about that, and.
Speaker 2 (27:22):
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.
Speaker 3 (27:35):
You can protect the children.
Speaker 2 (27:37):
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 with. If you don't specify who takes care of
your children, they may not end up in the best
situation because the.
Speaker 3 (27:51):
Courts are going to decide. If you don't decide, who
is going to decide? 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 you.
Speaker 2 (28:08):
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 the 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 3 (28:45):
You know, we've seen this before. 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. Well remember the Terry Shibo story, Oh yeah,
from years ago, and they argue about it.
Speaker 2 (29:07):
The family was torn one said take her. 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 and day out. Pull
the plug.
Speaker 3 (29:26):
But that is your wishes.
Speaker 2 (29:27):
That's my way.
Speaker 3 (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 you don't even have to always pay
for that. A lot of the hospitals have documents called
five wishes. Your doctor's offices a lot of times have it.
You can google it five wishes, and it does not
have to be something that you've spent a lot of
(29:49):
money on, you know, having an attorney prepare so.
Speaker 2 (29:51):
You got the will, you got the living will. Now oftentimes,
Mark there's 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
(30:12):
needs a will and someone who only needs a trust.
I think that'll help people really understand it.
Speaker 3 (30:16):
Well, maybe someone that only needs a will would be
someone that has grown children. They have few assets, you know,
a home, a couple of vehicles, and most of their
money in.
Speaker 2 (30:29):
The bank, and most of their assets are beneficiary.
Speaker 3 (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 2 (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 if we're
in a car wreck, I mean, are they the same?
Are they different?
Speaker 3 (32:19):
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 state that you're unable to take care of
your financial needs. Are medical needs correct?
Speaker 2 (33:06):
They call it.
Speaker 3 (33:07):
They're not giving them like a blanket power of attorney
where they can just do anything beginning immediate.
Speaker 2 (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 financial 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 right after this.
Speaker 6 (34:59):
If you are 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 2 (35:15):
Stop for a moment, think about this. Do you know
how much money in your four oh one k or
ira is actually your money? All? Will the government take
a bigger chunk than you thought? Remember, you still may
owe taxes on that money. But do you have a
plan to help make sure you don't pay more than
you should? At Presley Wealth Management, we believe you deserve
to keep more of what you've earned, which is why
(35:36):
we're here to help you navigate the confusing world of
retirement taxes. It's your money. You deserve to know what's
at stake Right now. Taxes are historically low, but they
won't be this low forever. So call us at seven
nine one five seven seven three. That's seven nine one
five seven seven three. Look, you work hard for your money,
We'll work just as hard to help you keep it.
(35:57):
Presley Wealth Management seven nine one five.
Speaker 6 (36:01):
Investment advisory services offer through Aul Management LLC, a registered
investment advisor. Investing involves risk. Always consult with the qualified
tax advisor before making any decisions regarding a ROTH conversion,
as there may be additional tax considerations.
Speaker 2 (36:17):
Do you really want your retirement to be affected by
who's in the White House. Didn't think so. But here's
the thing. No matter who wins this time, they'll only
be in the Oval office for a four year term
to begin with. But how long is your retirement going
to last? Look, presidents can have a huge impact on
taxes and the economy. But there's another presidential election in
(36:40):
another four years, then another, then another. At Presley Wealth Management,
we help you create a customized plan that's as White
House proof as possible. Call us today at seven nine
one five seven seven three seven nine one five seven
seven three. We don't know who will win in November,
but we can help you prepare for it no matter
(37:01):
what happens. Called Presley Wealth Management at seven nine one
five seven seven to three.
Speaker 6 (37:08):
Investment advisory services offered through a wealth management LLC, a
registered investment advisor. Christy Smith of Presley Wealth Management wants
to advocate for you, making sure you have the retirement
you have always woned.
Speaker 3 (37:26):
Call eight sixty.
Speaker 6 (37:27):
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 in
time to have a conversation. You want to figure out
where you are on that road to retirement. Can I retire? Well, hey,
I'm already retired. Can they help you then? Well out
meet with usnow dot com or you can just call
them two two five, seven nine to one fifty seven
(38:02):
seventy three. That's seven nine one fifty seven seventy three.
I'm Mark Elliott. 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 Christian and Matt put on. They're just
kind of random questions. But here's the deal. I think
you're better off asking Christy or Matt in person or
(38:24):
on the phone these questions because then they can ask
you follow up questions. You can ask them follow up questions.
Typically we don't have enough information to give 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. Brent. Play golf, Play golf, Brent.
(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 2 (39:02):
Yep?
Speaker 3 (39:03):
You know it's crazy that you ask that, Brent, because
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
(39:24):
sometimes people really aren't mentally ready. I don't we definitely
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
(39:46):
like to do. Have a client that makes Duck calls
because he likes it, that's his hobby. In addition to that,
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 encourage my dad to do,
and I would encourage you to maybe consider. Are there
(40:08):
any you know, organizations or you know your church that
you would maybe be able to benefit them by doing
some volunteer work. But this is a very common question. Yes,
we hear it a lot, and more common for.
Speaker 2 (40:20):
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 accept at
early buyouts and things. A couple of years later, Hey, Matt,
(40:43):
can I take Social Security and work too? 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 getting up shaving, having a sense of
purpose that matters. But if Christy nailed it, it doesn't
(41:04):
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 2 (41:34):
More than likely you do. Everyone situation is different, Alice,
think about it like you're on an airplane. Okay, you're
flying from Chicago to Baton Rouge or Chicago to New Orleans.
The pilot, what does he say? You can never understand him?
Speaker 5 (41:47):
Right?
Speaker 2 (41:48):
Why can you always hear the stewardess so well? But
not the pilot. But the pilot basically says, Hey, we'll
be touching down in about twenty five minutes. Put your
trade tables up. We're beginning our descent. We're two hundred
miles 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
(42:08):
absolutely no different. When you are five years out, start
being very conscientious of the risk you're taking. When you're
three years out, it's more than likely time to pull
back and reduce the risk. Now, how do you do it? Well,
different plans have different ways. We have our own proprietary system.
But you're on an airplane. If you're three years away
(42:31):
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 3 (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 or 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.
Speaker 3 (44:09):
We don't really even want to help people that don't
need help.
Speaker 2 (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 wrath 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 one five seven seven three. When you sit down
(44:55):
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 seveny three are meet with us
now dot com.
Speaker 6 (45:10):
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 1 (45:41):
Presley Wealth Management has a strategic partnership with tax professionals
and attorneys who can provide tax and or legal advice.
Speaker 6 (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 at all first 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 Pressley 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 3 (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.