May 27, 2025 • 13 mins
A financial legacy can be complicated and overwhelming, especially without proper planning. Jon Hicks discusses the importance of legacy planning and how failing to do so can lead to costly legal battles and hefty tax bills. Celebrity examples like James Gandolfini, Kobe Bryant, and Aaron Carter illustrate the consequences of not having updated estate plans. Jon emphasizes the need for a will, particularly for those over 45 or with children, to ensure that your assets are distributed according to your wishes. Schedule your complimentary appointment today: RetirementSolutionShow.com Follow us on social media: YouTube | Facebook | LinkedInSee omnystudio.com/listener for privacy information.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
This is the Retirement Solution Podcast with financial advisor John Hicks,
founder of Jahagen Capital.
Speaker 2 (00:07):
When it comes to legacy planning something that you definitely
prioritize the Jahagen Capital. It's an important part of the
planning process. People have avoidance issues, John, I don't blame him.
Speaker 3 (00:19):
I mean it's morbid, isn't it.
Speaker 4 (00:21):
Hey, let me tell you, kids, one day, when I
kicked the bucket, I want you to make sure that
you dig up half the backyard because all my money
is in shoe boxes, in folders, cans in the backyard.
Speaker 2 (00:33):
Like in the Shawsha redemption and pestry and a little
pale lunch, a little metal line box.
Speaker 3 (00:38):
Why not?
Speaker 4 (00:39):
I know, I mean legacy planning. I mean it can
be a little bit morbid. But you know also also
I think a lot of people get fixated on am
I going to have enough?
Speaker 3 (00:46):
Yeah?
Speaker 4 (00:46):
As it is, how do I know I'm going to
have enough? What do I need to plan for the
next generation?
Speaker 3 (00:50):
For forget about the kids. I don't know if I'm
going to have enough?
Speaker 2 (00:52):
That's right, Yeah, that's why you are here to help
us figure it out. This is John Hicks, founder of
JA Hayden Capital, Financial advisor. I'm had the branch here
to ask John these tough questions because unfortunately it's it's
super challenging to find direct answers to these questions John,
which I think is another reason why a lot of
people don't have stuff taking care of when it comes
to financial plans. They just there's a just a every
(01:13):
time a fire hydrant of information available and it's like, well,
how do I sort it out?
Speaker 3 (01:18):
So what's complicated because you don't even know if it
applies to you?
Speaker 4 (01:20):
Right, I was looking at something, I was googling something
using AI all these you know, buzzwords.
Speaker 3 (01:25):
I was googling and using the.
Speaker 4 (01:27):
AI to ask did the answer to something? Everything that
I read sounded awesome in it none of a single
bit of it pertained to me because in the state
of Kentucky it didn't work or la.
Speaker 3 (01:39):
La la la la.
Speaker 4 (01:40):
And I was just like, huh, well, see, I just
went down a rabbit hole for thirty five minutes and
get all this awesome information that is absolutely worthless for
anything I want to accomplish.
Speaker 3 (01:51):
That happens all the time.
Speaker 2 (01:51):
It happens all the time we are.
Speaker 4 (01:53):
I mean every time before I go see my physician,
our WebMD, everything that I think I have and.
Speaker 2 (01:59):
Certain death.
Speaker 3 (02:00):
You know what they you know what they say every.
Speaker 4 (02:01):
Time, John, you need to get off WebMD. You don't
have any of those things. You know, you could stand
to lose a pound or two and you need to
probably drink more water and less coke zero and.
Speaker 2 (02:11):
Us get less stress in your life.
Speaker 3 (02:13):
Yeah, you have no at the moment. You have no
diseases that you've come up with.
Speaker 2 (02:19):
So please get off the web MD. How about every
doctor talking to every financial advisor. You do what you do,
and I'll do what I do. Can we all just
stand orleans?
Speaker 4 (02:27):
Uh?
Speaker 2 (02:28):
So, there was this article on CNBC pointing out they
took the unfortunate examples of some celebrities circumstances, celebrities that
have recently passed to talk about what we can learn
from the tough lessons that were sure. Singer Aaron Carter
he passed, he did not have a will. NBA legend
Kobe Bryant died without an updated estate plan. Sopranos star
(02:53):
James Kendall Feeni's estate was heavily taxed. Oh yeah, And
as I was saying this, the NBC article was pointing
out the costly legal battles, hety, tax bills, family arguments.
Another big issue that comes out of proper legacy planning
that are created in this space when you don't take
the responsibility upon yourself. So how do you help people
(03:15):
prevent these and other legacy planning area mistakes?
Speaker 4 (03:20):
You know, I think one of the biggest things we
have to understand is if we're very fortunate, we're able
to retire one day, have plenty of money while we're alive,
and then when we go, we just want that money
to go to who we wanted to go to, right
you know, I'm gonna use one of those examples James Gandolfini,
who is kind of the star Tony Soprano from The Sopranos,
that was the character he played. He had really done
a good job acting. He'd saved like seventy to eighty
(03:43):
million dollars. And here's the thing, because he didn't actually
hire out, you know, tax attorneys or CPAs to help
with that, his state basically had to give half of it,
close to half of it to the government in the
form of estate taxes and taxation. Just because of how
we had things that I unfortunately see stuff like that
happen all the time. I really do, not usually at
(04:04):
those levels, and of course most of it they're not celebrities,
so people aren't paying attention to them, so they don't
know to look it up. They don't know that what's happening.
But it's simple to understand. If we feel like we're
going to have money by the time we are going
to leave this world and are surviving spouse, we probably
want a plan for where we want it to go.
Speaker 3 (04:24):
I mean otherwise.
Speaker 4 (04:26):
And one of the things I used to say to
people all the time is like, if you don't have
a plan for your money, I promise you one thing.
The government does. Government has a plan of what to
do with your money. If you don't have a plan
for it, promise you. Whether it's the state government or
a local government or federal government, they all would love
(04:46):
to take some of that from you. They'd be happy
to lift it right out of your accounts over time.
So we want to make sure we plan for the
James Gandolfini. That's a tax element. That's not a big deal.
Now let's start with the easy stuff. If we start
with the easy stuff, everyone past the age forty five
should consider having a will, I mean you just should
write or if you have children, like I remember my
(05:07):
first will. I was thirty two because it was right
when we had our baby, and I was like, oh
my gosh, what would happen? Something happened to me, you know,
it's like you make the essumptional one hopefully my wife
would be. It was like, well, what something I'm to us?
You know, what would that look like? So we had
to start thinking, oh my gosh, who would watch for
our little girl? And if we were lucky, we had
(05:27):
no money when we were when we were first married,
but if we had any money, you know, how would
she get it? You know, how would we make certain
that you know, is available to her? And so that
was when we started looking at the will process. And
of course, my dad growing up was a small attorney,
small town attorney and a judge, and you know, we
never really even.
Speaker 3 (05:43):
Talked about that stuff at the house, so you know, it.
Speaker 4 (05:47):
Wasn't one of those things we talked about. Okay, So
when you're forty five, you know, or you have children,
when you want to start thinking about it. And most
of the time, for most of us, it doesn't change
a bunch. It's not something you need to pull out
and you know, every year and stare at it. Probably now,
if you have major life events, how things, divorces, new
(06:08):
additions to your family, either children or marriages, or unfortunately
someone passes away, that's when you may want to just
look at your language. Because bringing up the second example
Kobe Bryant, that's kind of what happened to him. So
he was married, but when he passed away, he had
a newborn or a younger child who is not physically
named in the will the way that California law works.
(06:30):
Just because that was his legitimate child with his wife,
he did not mean that child was a guaranteed beneficiary
from his will. So because of that, she actually his
wife actually had a petition in the state of California
to get her added as a beneficiary to his estate.
Speaker 3 (06:45):
Over over time. So it's weird.
Speaker 4 (06:47):
And of course, you know every state has slightly different laws.
California is a little different. I mean, if you were
in Louisiana, that's Napoleonic law. It's a little different common law,
and so things are very different. Who can own things,
what automatically happens. So you know, even in the state
of Kentucky, there are some pretty interesting things on the
books as far as what a surviving spouse can keep
(07:10):
when it comes down to medicaid and things like that.
Speaker 3 (07:12):
So it's important to be aware.
Speaker 4 (07:14):
Oh absolutely, it's important to be aware if you if
you have children, you probably need a will. If you're
ever forty five, you probably need to consider having a will.
Even if you don't have a lot of stuff, it
doesn't matter. It's not very expensive. By the way, there's
all kinds of online so I can go to. I
would just be certain that whatever you go to, there
are license to practice law in the state you live in, Indiana, Kentucky, Tennessee,
(07:37):
because again the laws are a little different, okay, but
because even Covid Bryant, you know, who had all kinds
of lawyers, all kinds of agents, all kinds of people
that were educating him, he didn't update it right. And
Aaron Carter I thought it was interesting you and I
had a little door does not laugh, you know, May
he rest in peace.
Speaker 3 (07:51):
But it was like, do people even know who he is?
Speaker 5 (07:54):
Well, his brother was a backstreet boy, Yeah, he had.
Speaker 4 (07:58):
His own We were trying to go through some of
the song titles and the ones that I think that
I remember, I don't know that.
Speaker 3 (08:03):
He actually saying no.
Speaker 4 (08:04):
But in his situation, he was not yet married and
he had eleven month old and the way that his
situation worked out is that they were you know, they
had to completely contest everything. No one, no one was
able to find out who should control that child's money
because he wasn't married, So the legal mother wasn't allowed
(08:26):
to make those decisions because they weren't married, and.
Speaker 3 (08:28):
His child was a baby eleven months old.
Speaker 4 (08:31):
So because of that, it had the money had to
go to a family member who then gets to declare
a fee to manage the money for time.
Speaker 5 (08:40):
Oh, it became very tricky and very sticky.
Speaker 3 (08:43):
And it happens a lot, right.
Speaker 4 (08:45):
So again, he obviously was a young man and no
one would have thought that anything would have happened to
him at that point in time. But again, when you
have kids is something you want to consider. Because I
did understand, and I couldn't find all of the dirt
on it, if you will, but there was all kinds
of things where family members were charging his you know,
estate for all these things, and they may have actually
utilized a lot of the money so that it doesn't
(09:06):
even get to go to the baby who of course
not only lost her father but then also lost out
on everything that she would have rightfully deserved had had
it been done right. So these are things that unfortunately
they happen, you know, and they happen a lot more
than you think.
Speaker 3 (09:20):
It's just these are celebrities.
Speaker 5 (09:22):
If it will, this is public his stories of public information.
But I mean, the main thing is that this is
part of one of the processes that we do. This
is our fourth pillar of the five things that we
do for every client wealth transfer strategy. We just want
to know, Hey, if we're lucky enough to have money
when we're gone, we want to make sure it goes
not to the government, hopefully it goes to the right
people that we want and that they're educated on what
(09:43):
that's going to look like, because a lot of them
may have to pay taxes on receiving that money right
and they may be unaware of that. There was a
situation I remember was a few years ago where a
guy had gotten an inheritance and he spent most of
the money that was in that account, not even aware
that he was going to have to pay taxes on
That ended up being one hundred and thirty thousand.
Speaker 3 (10:02):
Dollars tax bill. Well, he blew more money. He didn't
have that money left over paid the tax manage.
Speaker 4 (10:06):
He had to actually get on a payment plan with
the government to pay them back for the money that
he blew.
Speaker 3 (10:13):
He didn't know that.
Speaker 4 (10:14):
So this is why, not only do we want to
be educated on the situation, we want to educate you know,
our errors on those things too.
Speaker 3 (10:22):
So it's an easy fixed guys.
Speaker 4 (10:24):
And frankly, if you're an investment advisor, does not do
that for you. You want to get a second opinion.
And this is what we do for our clients. You know,
we're not writing trust for them every single day, but
we absolutely are talking about should you have a trust,
should it be revocable, should it be irrevocable? Do you
have medical powers of attorney? Do you have healthcare directives?
Speaker 3 (10:41):
Do you have those things?
Speaker 4 (10:42):
Because most of us, especially if we've done a good
job saving like most of the people that listen to
this show, you do want to make sure you have
those things in place. You want to have control over
where your money goes. You don't want it going to
someone that you weren't anticipating or even worse some government entity.
Speaker 2 (10:58):
I wrote down based on one of the US comments
you made on you are a better steward of your
money than Uncle Sam.
Speaker 3 (11:04):
Is without question was ever will be period question.
Speaker 4 (11:09):
I mean, even if you don't buy into the whole
doge thing. I mean the money that our government spends.
It's I don't want them making any decisions with my
finances any more than they.
Speaker 3 (11:18):
Already do right with the money that I have.
Speaker 2 (11:20):
To give them, not just the government. Do you want
anybody making decisions with your money about your money for
your money? But you no, no, no, you want to decide.
And there are two certainties in life, death and taxes.
So and the thing that I always I've taught to
friends and family about, you know, the idea.
Speaker 6 (11:36):
Of a will.
Speaker 2 (11:36):
It's like, oh, I don't want to do It's like,
just do it, just get it done.
Speaker 4 (11:39):
And roughly once you already have a will or an
a state plan about every three years, yeah, you just
want to dust it off, just make sure it's still accurate.
Speaker 3 (11:45):
That's right.
Speaker 2 (11:46):
Well, when it comes to waiting your way through these waters,
understanding legacy, planning, wealth transfer, all of the complicated conversations
that are involved, John and his team here to simplify
and help you understand and, like I said, the steward
of your money, because you are the best person to
do the job. So let John and his team help
you figure it all out. Retirement solutionshow dot com is
(12:08):
our website and where to go so to start with
the conversation with John on his team at Jahigen Capital.
We also have links posted in the show notes. See
you can just click there again It's Retirement Solutions Show dot com.
Speaker 1 (12:18):
Thanks for listening to The Retirement Solution Podcast with John Hicks.
Begin the conversation about your savings plan with John and
the team at Jayhagen Capital by visiting Retirement Solution Radio
dot com. Be sure to listen to John's radio show,
The Retirement Solution Saturdays at eight am and Sundays at
nine am on NewsRadio eight forty Whas.
Speaker 6 (12:39):
Jhagen Capital Incorporated is not licensed in all fifty states.
The find out if Jayhagan Capital Incorporated is licensed in
your state, please call five zero two six nine fifty
six thirty five. Ja Higan Capital, Incorporated is not affiliated with,
nor endorsed by the Social Security Administration or any other
government agency, and does not provide legal or tax advice.
By contacting house you may be provided with information about
insurance and annuity products offered. Throm Jjgincapital llc VA number
(13:00):
one eight eight two seven zero nine four
This is the Retirement Solution Podcast with financial advisor John Hicks,
founder of Jahagen Capital.
Speaker 2 (00:07):
When it comes to legacy planning something that you definitely
prioritize the Jahagen Capital. It's an important part of the
planning process. People have avoidance issues, John, I don't blame him.
Speaker 3 (00:19):
I mean it's morbid, isn't it.
Speaker 4 (00:21):
Hey, let me tell you, kids, one day, when I
kicked the bucket, I want you to make sure that
you dig up half the backyard because all my money
is in shoe boxes, in folders, cans in the backyard.
Speaker 2 (00:33):
Like in the Shawsha redemption and pestry and a little
pale lunch, a little metal line box.
Speaker 3 (00:38):
Why not?
Speaker 4 (00:39):
I know, I mean legacy planning. I mean it can
be a little bit morbid. But you know also also
I think a lot of people get fixated on am
I going to have enough?
Speaker 3 (00:46):
Yeah?
Speaker 4 (00:46):
As it is, how do I know I'm going to
have enough? What do I need to plan for the
next generation?
Speaker 3 (00:50):
For forget about the kids. I don't know if I'm
going to have enough?
Speaker 2 (00:52):
That's right, Yeah, that's why you are here to help
us figure it out. This is John Hicks, founder of
JA Hayden Capital, Financial advisor. I'm had the branch here
to ask John these tough questions because unfortunately it's it's
super challenging to find direct answers to these questions John,
which I think is another reason why a lot of
people don't have stuff taking care of when it comes
to financial plans. They just there's a just a every
(01:13):
time a fire hydrant of information available and it's like, well,
how do I sort it out?
Speaker 3 (01:18):
So what's complicated because you don't even know if it
applies to you?
Speaker 4 (01:20):
Right, I was looking at something, I was googling something
using AI all these you know, buzzwords.
Speaker 3 (01:25):
I was googling and using the.
Speaker 4 (01:27):
AI to ask did the answer to something? Everything that
I read sounded awesome in it none of a single
bit of it pertained to me because in the state
of Kentucky it didn't work or la.
Speaker 3 (01:39):
La la la la.
Speaker 4 (01:40):
And I was just like, huh, well, see, I just
went down a rabbit hole for thirty five minutes and
get all this awesome information that is absolutely worthless for
anything I want to accomplish.
Speaker 3 (01:51):
That happens all the time.
Speaker 2 (01:51):
It happens all the time we are.
Speaker 4 (01:53):
I mean every time before I go see my physician,
our WebMD, everything that I think I have and.
Speaker 2 (01:59):
Certain death.
Speaker 3 (02:00):
You know what they you know what they say every.
Speaker 4 (02:01):
Time, John, you need to get off WebMD. You don't
have any of those things. You know, you could stand
to lose a pound or two and you need to
probably drink more water and less coke zero and.
Speaker 2 (02:11):
Us get less stress in your life.
Speaker 3 (02:13):
Yeah, you have no at the moment. You have no
diseases that you've come up with.
Speaker 2 (02:19):
So please get off the web MD. How about every
doctor talking to every financial advisor. You do what you do,
and I'll do what I do. Can we all just
stand orleans?
Speaker 4 (02:27):
Uh?
Speaker 2 (02:28):
So, there was this article on CNBC pointing out they
took the unfortunate examples of some celebrities circumstances, celebrities that
have recently passed to talk about what we can learn
from the tough lessons that were sure. Singer Aaron Carter
he passed, he did not have a will. NBA legend
Kobe Bryant died without an updated estate plan. Sopranos star
(02:53):
James Kendall Feeni's estate was heavily taxed. Oh yeah, And
as I was saying this, the NBC article was pointing
out the costly legal battles, hety, tax bills, family arguments.
Another big issue that comes out of proper legacy planning
that are created in this space when you don't take
the responsibility upon yourself. So how do you help people
(03:15):
prevent these and other legacy planning area mistakes?
Speaker 4 (03:20):
You know, I think one of the biggest things we
have to understand is if we're very fortunate, we're able
to retire one day, have plenty of money while we're alive,
and then when we go, we just want that money
to go to who we wanted to go to, right
you know, I'm gonna use one of those examples James Gandolfini,
who is kind of the star Tony Soprano from The Sopranos,
that was the character he played. He had really done
a good job acting. He'd saved like seventy to eighty
(03:43):
million dollars. And here's the thing, because he didn't actually
hire out, you know, tax attorneys or CPAs to help
with that, his state basically had to give half of it,
close to half of it to the government in the
form of estate taxes and taxation. Just because of how
we had things that I unfortunately see stuff like that
happen all the time. I really do, not usually at
(04:04):
those levels, and of course most of it they're not celebrities,
so people aren't paying attention to them, so they don't
know to look it up. They don't know that what's happening.
But it's simple to understand. If we feel like we're
going to have money by the time we are going
to leave this world and are surviving spouse, we probably
want a plan for where we want it to go.
Speaker 3 (04:24):
I mean otherwise.
Speaker 4 (04:26):
And one of the things I used to say to
people all the time is like, if you don't have
a plan for your money, I promise you one thing.
The government does. Government has a plan of what to
do with your money. If you don't have a plan
for it, promise you. Whether it's the state government or
a local government or federal government, they all would love
(04:46):
to take some of that from you. They'd be happy
to lift it right out of your accounts over time.
So we want to make sure we plan for the
James Gandolfini. That's a tax element. That's not a big deal.
Now let's start with the easy stuff. If we start
with the easy stuff, everyone past the age forty five
should consider having a will, I mean you just should
write or if you have children, like I remember my
(05:07):
first will. I was thirty two because it was right
when we had our baby, and I was like, oh
my gosh, what would happen? Something happened to me, you know,
it's like you make the essumptional one hopefully my wife
would be. It was like, well, what something I'm to us?
You know, what would that look like? So we had
to start thinking, oh my gosh, who would watch for
our little girl? And if we were lucky, we had
(05:27):
no money when we were when we were first married,
but if we had any money, you know, how would
she get it? You know, how would we make certain
that you know, is available to her? And so that
was when we started looking at the will process. And
of course, my dad growing up was a small attorney,
small town attorney and a judge, and you know, we
never really even.
Speaker 3 (05:43):
Talked about that stuff at the house, so you know, it.
Speaker 4 (05:47):
Wasn't one of those things we talked about. Okay, So
when you're forty five, you know, or you have children,
when you want to start thinking about it. And most
of the time, for most of us, it doesn't change
a bunch. It's not something you need to pull out
and you know, every year and stare at it. Probably now,
if you have major life events, how things, divorces, new
(06:08):
additions to your family, either children or marriages, or unfortunately
someone passes away, that's when you may want to just
look at your language. Because bringing up the second example
Kobe Bryant, that's kind of what happened to him. So
he was married, but when he passed away, he had
a newborn or a younger child who is not physically
named in the will the way that California law works.
(06:30):
Just because that was his legitimate child with his wife,
he did not mean that child was a guaranteed beneficiary
from his will. So because of that, she actually his
wife actually had a petition in the state of California
to get her added as a beneficiary to his estate.
Speaker 3 (06:45):
Over over time. So it's weird.
Speaker 4 (06:47):
And of course, you know every state has slightly different laws.
California is a little different. I mean, if you were
in Louisiana, that's Napoleonic law. It's a little different common law,
and so things are very different. Who can own things,
what automatically happens. So you know, even in the state
of Kentucky, there are some pretty interesting things on the
books as far as what a surviving spouse can keep
(07:10):
when it comes down to medicaid and things like that.
Speaker 3 (07:12):
So it's important to be aware.
Speaker 4 (07:14):
Oh absolutely, it's important to be aware if you if
you have children, you probably need a will. If you're
ever forty five, you probably need to consider having a will.
Even if you don't have a lot of stuff, it
doesn't matter. It's not very expensive. By the way, there's
all kinds of online so I can go to. I
would just be certain that whatever you go to, there
are license to practice law in the state you live in, Indiana, Kentucky, Tennessee,
(07:37):
because again the laws are a little different, okay, but
because even Covid Bryant, you know, who had all kinds
of lawyers, all kinds of agents, all kinds of people
that were educating him, he didn't update it right. And
Aaron Carter I thought it was interesting you and I
had a little door does not laugh, you know, May
he rest in peace.
Speaker 3 (07:51):
But it was like, do people even know who he is?
Speaker 5 (07:54):
Well, his brother was a backstreet boy, Yeah, he had.
Speaker 4 (07:58):
His own We were trying to go through some of
the song titles and the ones that I think that
I remember, I don't know that.
Speaker 3 (08:03):
He actually saying no.
Speaker 4 (08:04):
But in his situation, he was not yet married and
he had eleven month old and the way that his
situation worked out is that they were you know, they
had to completely contest everything. No one, no one was
able to find out who should control that child's money
because he wasn't married, So the legal mother wasn't allowed
(08:26):
to make those decisions because they weren't married, and.
Speaker 3 (08:28):
His child was a baby eleven months old.
Speaker 4 (08:31):
So because of that, it had the money had to
go to a family member who then gets to declare
a fee to manage the money for time.
Speaker 5 (08:40):
Oh, it became very tricky and very sticky.
Speaker 3 (08:43):
And it happens a lot, right.
Speaker 4 (08:45):
So again, he obviously was a young man and no
one would have thought that anything would have happened to
him at that point in time. But again, when you
have kids is something you want to consider. Because I
did understand, and I couldn't find all of the dirt
on it, if you will, but there was all kinds
of things where family members were charging his you know,
estate for all these things, and they may have actually
utilized a lot of the money so that it doesn't
(09:06):
even get to go to the baby who of course
not only lost her father but then also lost out
on everything that she would have rightfully deserved had had
it been done right. So these are things that unfortunately
they happen, you know, and they happen a lot more
than you think.
Speaker 3 (09:20):
It's just these are celebrities.
Speaker 5 (09:22):
If it will, this is public his stories of public information.
But I mean, the main thing is that this is
part of one of the processes that we do. This
is our fourth pillar of the five things that we
do for every client wealth transfer strategy. We just want
to know, Hey, if we're lucky enough to have money
when we're gone, we want to make sure it goes
not to the government, hopefully it goes to the right
people that we want and that they're educated on what
(09:43):
that's going to look like, because a lot of them
may have to pay taxes on receiving that money right
and they may be unaware of that. There was a
situation I remember was a few years ago where a
guy had gotten an inheritance and he spent most of
the money that was in that account, not even aware
that he was going to have to pay taxes on
That ended up being one hundred and thirty thousand.
Speaker 3 (10:02):
Dollars tax bill. Well, he blew more money. He didn't
have that money left over paid the tax manage.
Speaker 4 (10:06):
He had to actually get on a payment plan with
the government to pay them back for the money that
he blew.
Speaker 3 (10:13):
He didn't know that.
Speaker 4 (10:14):
So this is why, not only do we want to
be educated on the situation, we want to educate you know,
our errors on those things too.
Speaker 3 (10:22):
So it's an easy fixed guys.
Speaker 4 (10:24):
And frankly, if you're an investment advisor, does not do
that for you. You want to get a second opinion.
And this is what we do for our clients. You know,
we're not writing trust for them every single day, but
we absolutely are talking about should you have a trust,
should it be revocable, should it be irrevocable? Do you
have medical powers of attorney? Do you have healthcare directives?
Speaker 3 (10:41):
Do you have those things?
Speaker 4 (10:42):
Because most of us, especially if we've done a good
job saving like most of the people that listen to
this show, you do want to make sure you have
those things in place. You want to have control over
where your money goes. You don't want it going to
someone that you weren't anticipating or even worse some government entity.
Speaker 2 (10:58):
I wrote down based on one of the US comments
you made on you are a better steward of your
money than Uncle Sam.
Speaker 3 (11:04):
Is without question was ever will be period question.
Speaker 4 (11:09):
I mean, even if you don't buy into the whole
doge thing. I mean the money that our government spends.
It's I don't want them making any decisions with my
finances any more than they.
Speaker 3 (11:18):
Already do right with the money that I have.
Speaker 2 (11:20):
To give them, not just the government. Do you want
anybody making decisions with your money about your money for
your money? But you no, no, no, you want to decide.
And there are two certainties in life, death and taxes.
So and the thing that I always I've taught to
friends and family about, you know, the idea.
Speaker 6 (11:36):
Of a will.
Speaker 2 (11:36):
It's like, oh, I don't want to do It's like,
just do it, just get it done.
Speaker 4 (11:39):
And roughly once you already have a will or an
a state plan about every three years, yeah, you just
want to dust it off, just make sure it's still accurate.
Speaker 3 (11:45):
That's right.
Speaker 2 (11:46):
Well, when it comes to waiting your way through these waters,
understanding legacy, planning, wealth transfer, all of the complicated conversations
that are involved, John and his team here to simplify
and help you understand and, like I said, the steward
of your money, because you are the best person to
do the job. So let John and his team help
you figure it all out. Retirement solutionshow dot com is
(12:08):
our website and where to go so to start with
the conversation with John on his team at Jahigen Capital.
We also have links posted in the show notes. See
you can just click there again It's Retirement Solutions Show dot com.
Speaker 1 (12:18):
Thanks for listening to The Retirement Solution Podcast with John Hicks.
Begin the conversation about your savings plan with John and
the team at Jayhagen Capital by visiting Retirement Solution Radio
dot com. Be sure to listen to John's radio show,
The Retirement Solution Saturdays at eight am and Sundays at
nine am on NewsRadio eight forty Whas.
Speaker 6 (12:39):
Jhagen Capital Incorporated is not licensed in all fifty states.
The find out if Jayhagan Capital Incorporated is licensed in
your state, please call five zero two six nine fifty
six thirty five. Ja Higan Capital, Incorporated is not affiliated with,
nor endorsed by the Social Security Administration or any other
government agency, and does not provide legal or tax advice.
By contacting house you may be provided with information about
insurance and annuity products offered. Throm Jjgincapital llc VA number
(13:00):
one eight eight two seven zero nine four
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