September 8, 2025 • 38 mins
On Retire Right Radio, Host Jeff Jenkins and Anna Price from Bowles Rice LLP discuss financial planning for different eras of your life and general strategies. Hear the encore presentation Monday at 1:00pm on our sister station, Charleston Business Radio 95.3 | 680 WKAZ
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Unlock your dream property with Meeks Realty Group, where Rich
the realtor makes real estate dreams a reality, whether it's
residential or commercial. We've got Charleston to Huntington covered. Your
key to exceptional real estate experience is start here Meeks
Realty Group. Contact us at Meeks dot us.
Speaker 2 (00:15):
The views and opinions expressed on this program do not
necessarily reflect the views and opinions of five eight WCCHS
its employees or WVRC Media. This is Retire Right Radio,
a weekly show from John Verdet at Fourth Avenue Financial
that aims to answer your questions about financial planning, investing,
and how to retire right. Fourth Avenue Financial is located
(00:38):
in downtown Charleston at one seventy Court Street. More information
online at Fourth Avenue Financial dot com. Join the conversation
by calling three oh four three four five fifty eight
fifty eight or text three oh four nine three five
fifty oh eight.
Speaker 3 (00:54):
It's a tire Rights Radio Mornings to the studio hosts
Trooper Today one asked the expert, and normally this is
John Burdett, as the announcer man said, with Fourth Avenue Financial,
but we've got a second fill in today and it's
Enterprise special counselor Bowls Rice focusing on a state planning.
(01:15):
She's with us and Anna, good morning. How you doing?
Speaker 4 (01:19):
Good morning? I'm well, how are you?
Speaker 3 (01:21):
I'm great? How do we get this job? We're both
pinch hitting today?
Speaker 4 (01:25):
That's right, Well we're lucky on a Monday. I guess.
Speaker 3 (01:28):
There you go, there you go. That's one way to
look at it. So it's good to have you with
us this morning. And you know, in the commercials leading
up to this show, on a weekly basis, it talks
about how important financial planning is, and that's something that
your expertise. Of course, John is expertise in that he's
(01:50):
on here weekly, but you're filling in here today and
that's some of the things you want to talk about, right,
is how important it is to have a financial planning
as you think about the future.
Speaker 4 (02:01):
That's exactly right. So I come at this from a
little different direction than John. I have the privilege of
working with advisors like John to ensure that clients have
a comprehensive estate plan with their financial plan. So John
is the one responsible for UH maximizing the investment and
(02:24):
ensuring that UH that his clients are making money, and
I come from the other side to ensure that if
there's catastrophe in somebody's life, you know, incompetence or incapacity
or heaven forbid somebody passes away, that all of their
affairs are in order and that assets are pasting as
tax efficiently and smoothly as possible.
Speaker 3 (02:46):
Okay, that gets into a state planning, and so a
state why don't you go ahead and discuss a state planning.
If you just give me a kind of a definition,
everyonell go from there.
Speaker 4 (02:57):
Sure. So, estate planning can be as simple as designating
a beneficiary to an account or it can be as
complex as preparing trusts and powers of attorney. But if
I had to put a definition on it, it would
be designating the correct people to ensure that your wishes
are carried out upon a catastrophic event.
Speaker 3 (03:22):
And I think some people think that that's only for
people that are very wealthy, but that's not the case.
Speaker 4 (03:27):
You're right, you're right. Some of the most in depth
estate plans that I have done don't involve mass sums
of assets. Instead, they're more focused on the family structure
or just the needs of the individual or the types
of beneficiaries that we that.
Speaker 3 (03:46):
We encounter and how can it get you kind of
talk about the family relations How kind of messy can
it get if this isn't done. I mean, you can
kind of get especially if you have a lot of
people people involved, right, and there's really no direction. It
can get. I'm sure at times you can get messy
and can get you know, really be an emotional thing.
(04:08):
There's a death and just things just aren't laid out
and it can get really messy.
Speaker 4 (04:14):
Sure, So I always joke that these are the Disney
movies that are that are gone wrong. You know, we
deal with evil stepmothers and evil step children, and a
lot of times we deal with sons in law and
daughters in law that don't have a good relationship with
(04:36):
the client. We deal with the outside factors with those families.
Certainly in our area, you know, we see families who
have substance abuse, who have divorce, who have just the
inability to manage assets. So there are a lot of
different factors of course that can can negatively impact. And
(05:01):
families are difficult, right, So that's what makes them entertaining
on sitcoms and in movies because of the different personalities,
and each family is different, and we are dealing with
all of the differences of those families. We even have
situations where certain children or family members will feel entitled
(05:24):
to a certain amount of somebody's in a state because
whether they've cared for them or they just feel that
they should receive it above somebody else. And a lot
of times, in addition to ensuring that there is a
comprehensive play it, we're also ensuring that we're managing expectations
(05:46):
amongst beneficiaries and amongst the client.
Speaker 3 (05:50):
And a prisis with us this morning on Fourth Avenue
Financial Ask the experts. She's filling in for John Bredette today.
She's a special counsel at Bush Rice and we're talking
about a state plan planning. And it is eight twenty six,
and so state planning would start, would it start? Where
does it start? Does it start with a will? Making
sure you have a will?
Speaker 2 (06:11):
Yeah?
Speaker 4 (06:11):
I think so. So you know, generally we like clients
to fill out a questionnaire, come in and we go
through through what your last wishes would be, but also
designating those powers of attorney. So a will would definitely
be a simple, great start to initiating the estate planning.
Speaker 3 (06:34):
Okay, so tell so line out the process if you would.
Once you, guys, do you start with an initial meeting?
Someone contact? How does that all that work?
Speaker 4 (06:42):
Yeah? So generally people contact my office, we set up
an appointment, and when that initial appointment is set, they
will receive a questionnaire and it asks questions about finances,
family tree, a lot of different different and aspects that
make your initial meeting go more efficiently. So we ask
(07:07):
that you bring that questionnaire with any prior documents that
you may have to your initial meeting. The initial meeting
is about an hour long, and within that meeting, we
will actually determine the structure of the plan that you
will have. We then take about two to four weeks
to draft up your state planning documents. We send those
(07:30):
out for review. If they look great, perfect, we set
a time to sign it. But a lot of times
people come back and we tweak until they're completely comfortable
with your plan. I always joke that you know, it
doesn't matter to me what's in your state plan. So
we want to make sure that it's something that the
client is most comfortable with and understands. We don't want
(07:52):
it to be so difficult that a client can't understand
what they're signing.
Speaker 3 (07:55):
Yeah, that's a good point, because you know you're a lawyer.
I think can get things, can get things can get
into the legal leads there. So so how do you
how do you kind of work through that? Is that
just continue discussion and just make sure you get to
a comfortable place and there and your client is in
a comfortable place.
Speaker 4 (08:14):
Sure. Absolutely So. I was a teacher before I was
an attorney, and I feel like it really goes back
to education. It's my job as the attorney to educate
client on understanding what they're signing, on what options are available,
and what would work best for their family. So sometimes
(08:36):
we have to go back to a little wills one
oh one or some powers of attorney one oh one.
And that's okay because this is not something that most
people do every day, but it is something that I
do every day.
Speaker 3 (08:49):
What are some of you may have tested on this
a little bit. What are some of the components of
an estate plan? What does that all? What does that entail?
Speaker 4 (08:56):
So the documents that I think that everyone should have,
and I mean everyone over the age of eighteen, regardless
of size of a state, is at the very least
a will which ensures that your assets passed to the
beneficiaries of your choice, a medical power of attorney, which
would allow someone to make medical decisions for you in
(09:19):
the event that you're unable to make them. And then
a durable general power of attorney. So that document has
a lot of names. We hear it called a financial
power of attorney, but the point of that document is
to allow the principle to name someone that they would
(09:39):
want to handle their financial and business affairs. That document
doesn't have to wait until someone becomes incapacitated. So if
you have someone that you really trust and they're already
assisting you with finances, I suggest go ahead and alleviate
the hurdle of being deemed incompetent and allow somebody to
(10:03):
be designated as your agent on that durable general financial
power of attorney. So go ahead, go ahead.
Speaker 3 (10:10):
No, you're good, You're great.
Speaker 4 (10:12):
I was going to say, those are the three documents
that you that I think everybody should have. Then other
circumstances sometimes dictate certain types of trust, or some people
prefer having a separate living will document, So there's a
lot of there's a lot of variations within that, but
(10:33):
those are the absolute three basic documents that everyone needs.
Speaker 3 (10:37):
How and you mentioned everyone over eighteen. I would imagine, though,
just just knowing people, maybe some people wait, you know,
you know, when they're maybe past fifty years old or
maybe even longer before doing that. And I guess there's
a there's a risk in doing.
Speaker 4 (10:52):
That, obviously, absolutely. I had a client come in and
she had turned one hundred the day before and she
is there to do her estate plans. She never had
a will before, and she said, I'm embarrassed, I've never
had a will before. And I said, well, you're not
too late. So obviously without a crystal ball, we don't
know what perfect timing would be. But I like people
(11:16):
to start younger rather than later. One thing I've noticed
is as my client's children become adults, they want them
to get powers of attorney in place, because a lot
of times we have clients who are paying for education,
but their children may not be as willing to share
those grades. So having the powers of attorney in place
(11:40):
allows the parent to access information for the adult child
in college, and.
Speaker 3 (11:46):
The price is with us. She's with Bose Rice, a
special counsel. They're focusing on estate plannings, pinch hitting today
for John Burdett and now ma'am for Dale Cooper today.
Thanks for joining us here on five eight WHS. So
there are some myster are reasons why and a people
don't do this, maybe some of us human nature, But
what are the other things that you're How many conversations
have you had after you've gone through it? Someone said, well,
(12:08):
that's not what I heard about this. This is easier
than I thought.
Speaker 4 (12:11):
Oh my gosh, I think that happens all the time.
First of all, I like to explain that I don't
have any special deal with any higher power that once
you sign this document, it doesn't mean that you're going
to meet your demise sooner rather than later. So a
lot of people are reluctant to sign because it's in place.
(12:33):
The other thing is that if you think about planning
for your whole life and what could happen over years
and years, it can become overwhelming. But if you think
about planning that if something happened in the next five years,
what would it look like, it's maybe a little bit
easier to make decisions if you're just looking at the
(12:54):
next five years. So I think that those things are
things that people makes people hesitant to start this process.
The other thing that I think makes people wait to
start the process is because they get some analysis paralysis.
They don't want to make a decision quite yet. And
(13:18):
that's part of my job is to ensure that I'm
sitting down with people and I'm getting to know them
so that I can recommend different options for decisions. And
that's where that group approach comes in with somebody like John,
where we like to include financial advisors and accountants and
the different professionals in your financial life because they are
(13:42):
all going to assist in helping make those decisions.
Speaker 3 (13:46):
All right, all right, that's er price. We've got more
to talk about. We're going to take our one and
only break. Hang on with me, okay, all right, she'll
be with us and just a couple. It's going to
take our one and only break here. Oh and ask
the expert John Burdett out today. And we're getting good
information from at a price from bulls or Rice. He's
a special council there with estate planning. Moving back in
(14:07):
a moment, this is asked the expert on five ad WCCHS,
the voice of Charleston.
Speaker 5 (14:12):
Retiret Radio is sponsored by Fourth Avenue Financial, which is
solly responsible for its content. Security is offered through jw
CL Financial member fen RECIPIIC Investment advice offered through jw
COL Advisors. Fourth Avenue Financial, jw CL Financial and jw
COL Advisors are unaffiliated entities. The opinions expressed by John
Burdett should not be construed as specific investment, legal, or
tax advice. All economic and performance information is historical and
(14:35):
not indicative of future results. Investing may involve risk of
loss of principle. Any tax advice on this show is
not intended to be used by any person for the
purpose of avoiding US federal or state tax penalties that
may be imposed on such a person, and each listener
should seek advice from their tax advisor or legal console
on topics that arise from the show. John Burdett is
(14:55):
not providing legal or tax advice. Nothing should be construed
as solicitation of an offer to buy securities. This program
is sponsored by Fourth Avenue Financial, which is solely responsible
for its content.
Speaker 6 (15:06):
With the right support and care, a seed can grow
into a resilient plant. Recovery takes patience, intention, and a
willingness to listen. Every path is different, and every story
of substance use is an opportunity for transformation. When it
comes to growing and restoring our communities, we need everyone
(15:27):
to break through addiction. Learn more at back to Life
wv dot org.
Speaker 7 (15:35):
Retirement is in a finish line. It's a new beginning,
but are you really ready? I'm John bred Out with
Fourth Avenue Financial and I help people just like you
turn confusion into confidence. Whether retirement is five years away
or right around the corner, now is the time to
make a smart plan.
Speaker 2 (15:50):
Let's make sure your.
Speaker 7 (15:51):
Retirement income lasts as long as you do. Call today
or visit Fourth Avenue Financial dot com. Fourth Avenue Financial
Retirement Done Right Securities offered through jennyco fin Angel Incorporated.
Member fin Recipic Advisory Services offered through jennym Call Advisors Incorporated.
Speaker 2 (16:06):
This is Retire Right Radio with John Burdett from Fourth
Avenue Financial, taking your calls at three oh four three
four five fifty eight fifty eight or texts on three
oh four nine three five fifty oh eight.
Speaker 3 (16:22):
You're tyre Right Radio and five adwchs The Forces Charles A.
Thirty seven J Jenkins for Cruture Today and for time
for dads, enter price, especially counsel laws rights. Focusing on
the state planning, we're having a good conversation here with
Anna and Anna we're talking about a state planning. We're
talking about the meetings that you have with folks, the
documents that are important as you plan your estate. What
(16:44):
if you've already kind of done that, but maybe you're
you know you've done some things, but maybe you don't
think you got some questions about them. Opportunity maybe to
meet with you and go over some of those things
and maybe correct some things.
Speaker 4 (16:58):
Absolutely, so life changes, right, and what we decide in
our plan may change over time. And that's the beauty
of these documents. They reflect snapshot in time, and they
can be changed so long as you are capable of
changing them. So we are happy to meet with clients
to start the process from square one, or we're happy
(17:19):
to assist clients in the midst of their planning. So
if you have that old will that hasn't been touched
for a long time, I am happy to review it
make sure it still says what you want it to say.
Because life changes, but so does the law, right, So
we wanted to make sure that everything is still compliant,
(17:40):
and these.
Speaker 3 (17:40):
Are very important documents because if there are mistakes, then
that can you know, as we mentioned, call some uncomfortableness,
but also can be costly, not only you know, emotionally,
but can be costly financially.
Speaker 4 (17:54):
That's right, that's right. So one facet of my practice
area probate litigation, and that is where there are those
disputes for regarding mistakes in planning documents, and they can
be extremely expensive and emotionally taxing. As you mentioned, it's
a lot for someone in the wheels of justice. Although
(18:17):
I have great faith in them. They turned slowly sometimes.
Speaker 3 (18:22):
What would be and we were bombarded with these ads
and about you know, here's a will, download it, do
it quickly, take you ten minutes, you know, those types
of things. And I'm sure you would kind of look
at that and say, well, you probably need to take
a little longer than ten minutes to do this.
Speaker 4 (18:42):
Yeah, I think so. I don't think it has to
be a super time consuming project. But these these commercials
that you're mentioning where you can download a will or
get a will template online. We joke that those are
among lawyers' favorites because they often and end up in litigation,
which is going to result in more money in a
(19:04):
lawyer's pocket than probably anybody else's. So, you know, we
try to make the cost for all of these documents reasonable.
There is a network of probate attorneys in West Virginia,
and I think that the overarching goal is to make
sure that people have wills, make sure that they've signed
them correctly, and make sure that the documents say what
(19:26):
they want. Unfortunately, a lot of those online wills just
don't do the trick or leave something to be desired
and ultimately result in cost to the family long term.
Speaker 3 (19:40):
I'm interested in about just your interpersonal conversations with folks,
with your clients or people that come in and after
you get done with the process, just the relief on
their faces or you can kind of feel the tension
go away. I'm sure you've experienced that a number of times.
Speaker 4 (19:58):
Absolutely, Jess. So that is that is probably what keeps
me going every day. It is it is the greatest
sense of peace when clients get this checked off their
bucket list. It's no longer hanging over their head and
they have a plan that they're comfortable with and proud of.
(20:18):
It is it is a great sense of relief, but
a great sense of completion as well.
Speaker 3 (20:23):
So how you know can you let's drill down a
little bit on an estate planning. So say you own
some property, Say you own a house, so you have
several children, you know though some walk through some of
that on what you know might happen. What are some
of the options you know with the house or with property?
Speaker 4 (20:40):
Sure, so real estate is something that you know is unique.
It's something that where a lot of West Virginians have
their greatest asset. And so real estate is obviously controlled
by a deed and there are transfer on death seeds
in West Virginia which allow for real estate to pass
(21:02):
outside of probate to a beneficiary that is specified and
that's something that can be changed over time as well.
But it allows the person who owns the real estate
to continue owning it for their entire life, but also
designate where it would go at their death. And wills
(21:23):
also control real estate, so if there is not a
transfer on death deed in place, that will would be
what controls that chain of title and you can designate
where it goes. A lot of times we see issues
where maybe a parent has three children and when they pass,
(21:45):
they leave the property to three kids, and maybe those
three kids don't get along as well as their parents
would hope, and sometimes that can create an issue too.
So a lot of times with planning, we also want
to consider what's the ownership going to look like after
the fact. Do we require that it be sold and
that the proceeds be split? Do we give them the
(22:08):
option to buy each other out? You know what options
are there. And sometimes you have a beneficiary or a
child who is residing with you and you want to
make sure that they continue to have a place to live,
but you want to make sure that upon their death
it goes back to your family. And all of those
(22:28):
are options within estate planning.
Speaker 3 (22:31):
Enterprisis with us with bows Rice. He's in a state
planning expert and she's filling in for John Burdett today
on Fourth Avenue Financial. Let me give you a scenario. Okay,
I give you a scenario here on a state planning
Say you have a husband and wife and they don't
have a will. The husband dies. If I understand the law,
(22:51):
right the property goes to the wife, to the survivor.
Now she can come in and do a will right
after that for what happens after she passes.
Speaker 4 (23:01):
Absolutely, so you know, depending on if they had children
or prior children from prior relationships. You know, if if
the assets due pass to the surviving spouse, she can
absolutely come in and do planning. But we do a
separate service as well, Jess, so we also will assist
(23:22):
in the administration of the estate. So if you have
a loved one die, we are equipped to untangle even
the messiest spider webs of a states, so we can
we can assist with that. We could assist that widow
and take that business portion off of her plate so
(23:43):
that she can focus on grieving and finding her new normal. Uh,
while we take care of jump to the hoops and
making sure that the estate is administered properly, that everything
has passed, that it's there are no creditors that need paid.
And then we can also follow up and do planning
(24:04):
for the for the wife so that she doesn't have
a mess on her hands after she passes.
Speaker 2 (24:10):
Me.
Speaker 3 (24:10):
Yes, a couple of things here. How many how many
folks do you get kind of like that saying you
know that you know they wish they had done a
will earlier. Now they have an Now they have they've
had a death, unfortunately, but now they have an opportunity
to do.
Speaker 4 (24:26):
That, Jeff. Unfortunately, people come to see me because they've
had a bad situation. Either they have had to administer
in a state that didn't have a will and they've
said I'm never going to do this to anybody else,
or they've had a friend pass unexpectedly. So that happens
all the time more often than not.
Speaker 3 (24:48):
I would say, okay, and they then they want obviously
they want to get that taken care of then right.
Speaker 4 (24:55):
Right, and we can we can ensure that it's it's
not as difficult the next time. So the more planning
that's in place, the better the administration is going to be.
Speaker 3 (25:09):
What those people who might be thinking about calling you
or having a meeting within a state planner, what are
some of the documents or some of the things that
they might need. And that's something you'll go over with them,
But what are some of the things that they might
need some information in one of those initial meetings.
Speaker 4 (25:26):
Sure, so we like to know, of course, who your
family is and how each person is related. We like
to know if your children are working and financially stable
and responsible. We like to know if you have beneficiaries
designated to your accounts, where your accounts are, what the
(25:47):
average balance of those accounts is. We like to ensure
that if you have beneficiaries designated, that they are still
working for the plan that you have in place. We
like to know if somebody is on asset based government benefits,
if we need to plan to protect them from certain
(26:10):
liabilities leans or even just general financial catastrophes like divorce, lawsuit,
those types of things.
Speaker 3 (26:20):
Okay, so that some of the things that after that
initial call is made to you, then you would talk
about that and see if they can get that information
to you.
Speaker 4 (26:30):
Absolutely, so, after the initial call is made, they fill
out the questionnaire which asks a lot of the financial
information and the beneficiary designation information, and then beyond that
they will sit down and have a meeting with us,
and that's when we really get into their children and
(26:51):
the needs or whoever their beneficiaries are, and the needs
of those beneficiaries.
Speaker 3 (26:56):
Because in the end, the decision on who the beneficiaries
are is the person you're talking to, right, some outside people, yeah,
some outside people might have an opinion on who they
should be, but they're the ones making the decision.
Speaker 4 (27:09):
That's exactly right. The only person that you're not allowed
to disinherit in West Virginia is your spouse, So you know,
no one else is entitled to any portion of your estate.
Your spouse has a certain entitlement depending on how long
you've been married and whether or not there's a prenuptional
(27:30):
or postnuptial agreement, But everybody else is completely up to
the person who's writing the will.
Speaker 3 (27:38):
One of the things you also do, and and I
see from your bios you work in elder law. How much, unfortunately,
is there of that. I mean, some are trying to
take advantage of someone who's elderly and if maybe if
they had some some of these things in place, that
would be more difficult to do.
Speaker 4 (27:56):
Sure, so we do assist with the planning of runt
to try to ensure that there is not that undue
influence or that there is non exploitation of a senior.
But unfortunately, there is a lot uh and and it
is rarely a stranger, you know. Unfortunately, we see a
(28:17):
lot of situations where one child is taking advantage of
a parent over another child, or or just other family members,
and it can get it can get quite complicated, but
that's that's heartbreaking. But making sure that you have proper
powers of attorney in place, utilizing trust when necessary. We
(28:42):
we love to assist with those who need some elder
law planning, you know, planning for nursing, home care, uh,
and all those expenses that come in at the end
of life.
Speaker 3 (28:54):
That those things can be confusing, right, I mean the
assistance is appreciated.
Speaker 4 (28:58):
I'm sure, yes, it could be very, very confusing, and
subtimes there's not a perfect answer out there. You know,
a lot of times you're choosing between the best option
of several not so great options. But proper planning will
(29:19):
will increase those options.
Speaker 3 (29:21):
And John talks about John Burdett, who's usually on this
show Fourth Avenue Financial talks a lot about it and
enterprisis with us. She's in a state planning it works
at Bulls Rice And to talk about that as we
wind it down here the next couple of minutes about
how now, John, if we listen to John, which we
do every week, you know, he tells us about how
important the financial side is, then how does that work
(29:42):
with what you do? How does that kind of job together?
Speaker 4 (29:47):
Yeah, So it's a huge part because what we're planning
for are these assets that you're building with your financial
advisor like John, and so one of the things that
we work very closely together with are these beneficiary designations.
If you have a retirement account and you list your
(30:07):
son as the beneficiary of that retirement account, but your
will says that everything goes to your daughter, your son
is going to get that retirement account, so those beneficiary
designations do trump your will in most cases. And so
ensuring that your plan is completely comprehensive, that somebody has
(30:29):
sat down with you and asked what assets do you
have and how are they titled and who's the beneficiary
on that Making sure that your advisor like John, and
I know that John has done this and does do this,
is checking to say, if something happens to you, where
does this asset go and does that work with your
estate plan. Those are amongst the most important decisions that
(30:53):
you can make, because that's probably where I see the
greatest mistakes. And having a good team in place with
an a turn if, financial advisor, your accountant, making sure
everybody's on the same page ensures that your plan is
going to work together, and.
Speaker 3 (31:06):
That can also figure in on life insurance too, right,
because yeah, yeah, because every year, if you know, we're
asked if you get life insurance through work or wherever
you get life insurance or asked and name the beneficiaries.
And sometimes we just kind of go through that and
check it real quick, don't think about it. But that's
something that should line up with what your will says.
Speaker 4 (31:28):
That's exactly right. So many times I have a mother
come in and say, well, I've listed my daughter as
the beneficiary on all my life insurance because I'm sure
that she'll take care of my son. And I'm here
to tell you that that does not always happen. So
making sure that the beneficiary designations are are correct and
(31:52):
that's your plan are so important because they can really
undo your estate plan.
Speaker 3 (32:00):
Said that, and there's something interesting, is that what you
check when there's beneficiaries trump's the will? How does that work?
Speaker 4 (32:08):
Yeah, so if you have I love to use myself
as an example and say, you know, if I if
I list my sister as the bit officiary on all
of my retirement, my life insurance, my payable on death beneficiaries,
(32:28):
but I lift you know, a will or I have
a will that gives everything to my brother. You know,
my brother is going to be left with my probate
assets assets in my name alone, like my clothes and
shoes and jewelry, and my sister is actually going to
get the assets that are that I'm the beneficiary designation.
(32:49):
So that comes into play a couple of a couple
of different ways, because sometimes whoever the executor is needs
some liquidity in the state to ensure that funeral expenses
are paid, last expenses are paid, taxes are paid, and
if those all go through a beneficiary designation, the estate
(33:12):
does not have those assets to utilize for paying those expenses.
So it's very important that you're looking at it all together.
Speaker 3 (33:24):
And you see that a lot mistakes all the time.
Speaker 4 (33:28):
I would say at least once a week I speak
with somebody who says something happened with the estate. The
accounts were listed to somebody else, but the will says
that it should go here, and we have to explain.
I'm sorry, but those beneficiary designations are legal documents and
they are contracts that determine where these assets go.
Speaker 3 (33:51):
When someone passes a fifty five and ask the expert
to Fourth Avenue Financial Jeff Jenkins in with you today,
with Enter Price with Bose Riceville in for John Burdett,
and just a couple more minutes here with Anna. And
you mentioned on some of the information I got before
the show, and now let's touch on this life thing.
The last thing you've touched on a little bit earlier,
(34:11):
but peace of mind. And so here's the question, what's
the simplest step somewhat could take this week to start
protecting their family?
Speaker 4 (34:20):
Oh my goodness. Ensuring that the simplest step they can
take is ensuring their beneficiary designations are what they want
with their financial advisors. And then I would go a
step further, Jeff and say that the second step would
be to pull out that original will make sure you
have one, and if it doesn't say what you want
it to say, or you don't have one, make sure
(34:43):
that you are making an appointment with a licensed attorney
who does practice this type of law.
Speaker 3 (34:50):
Okay, And what's the best way to get a hold
of you?
Speaker 4 (34:54):
They can call me at Bulls Rice. My direct dialis
three zero four three four seven one one five four,
where they can email me at Anna A n N
A dot Price Price at Bollsrice.
Speaker 3 (35:08):
Dot com and Anna, how long does the process take
from start to finish. If there's no major difficulties.
Speaker 4 (35:14):
We can be finished within a month. In a month, okay, kid, yep,
we can meet and get you signed within one month.
Speaker 3 (35:21):
All right, good deal. Okay, Hey, thanks for joining us
this morning. Pretty good pinch hitting.
Speaker 4 (35:26):
I think, yeah, if I think so too, I think
I think AoE us lunch?
Speaker 3 (35:30):
Oh do they? Okay, well, we'll see, we'll see. Anna,
thanks a.
Speaker 4 (35:34):
Lot, have a good day, all right, thank you you too,
you too.
Speaker 3 (35:37):
All right, Enta Price there with Bulls Rice and this
is again fourth Avenue Financial with John Burdett. And John
will be back the next time here and so we'll coop.
Thanks for joining us today. It's eight fifty seven O
five at WCHS, the Voice of Charles. Anna had to
run there. She's got a zoom call coming up, so
we let her go just a second early. But I
(35:58):
wanted to remind your programming today here on five EDWCCHS,
the Voice of Charleston. Don't forget coming up. We've got
five eight live at Dave Allen. That's right around the
corner after the news at nine to six, at right
around nine oh six this morning. At ten o six
this morning, it's Metro News talk Line with Dave and TJ.
(36:18):
And looked like they're going to focus a little bit
on the announcement that came on Friday about the Charleston
so the Sin West Virginia program which desires to attract
new people into the area a sponsored by Marshall President
Brad Smith and his wife at Lease. They're the main
sponsors there. It looks like that Marshall President Bradsmith will
(36:40):
be on talk line today to talk about that. Don't
forget Metro News Midday and that will head your way
at twelve o six Today, News of the Day, plenty
of informational Metro News Midday Today, Metro News Hotline with
Dave Weekly and Coop comings up your Way, Comes your
Way at three to six this afternoon, and the Metro
News Statewide Sports Line coming up this evening at six
(37:02):
oh six. Here on five eight WCCHS the Voice of
Charleston Reds Baseball Tonight on five ADWCCHS Reds another West
Coast swing. It was just a week before last that
they were on the West Coast for nine games. Didn't
do too well, and they have another West Coast swing
coming up beginning tonight in San Diego, and the Reds
(37:25):
begin the day with I think they're nineteen games left
in the season, They're four games out in the wildcard race,
and San Diego is one of those teams right ahead
of the red So let's see what they can do
with the Padres beginning tonight. Thanks for joining us today
on five EIGHTWCCHS, the Voice of Charleston, and stay tuned
to get an update from ABC News Headed your way next,
(37:47):
and then we'll get local news with Daniel Woods and
then five a D Live with Dave Allen Headed your
way this hour, then talk line at ten o six.
I'm Jeff Jenkins. Thanks for joining us. This is five
eight WCCHS, the Voice of Charleston.
Unlock your dream property with Meeks Realty Group, where Rich
the realtor makes real estate dreams a reality, whether it's
residential or commercial. We've got Charleston to Huntington covered. Your
key to exceptional real estate experience is start here Meeks
Realty Group. Contact us at Meeks dot us.
Speaker 2 (00:15):
The views and opinions expressed on this program do not
necessarily reflect the views and opinions of five eight WCCHS
its employees or WVRC Media. This is Retire Right Radio,
a weekly show from John Verdet at Fourth Avenue Financial
that aims to answer your questions about financial planning, investing,
and how to retire right. Fourth Avenue Financial is located
(00:38):
in downtown Charleston at one seventy Court Street. More information
online at Fourth Avenue Financial dot com. Join the conversation
by calling three oh four three four five fifty eight
fifty eight or text three oh four nine three five
fifty oh eight.
Speaker 3 (00:54):
It's a tire Rights Radio Mornings to the studio hosts
Trooper Today one asked the expert, and normally this is
John Burdett, as the announcer man said, with Fourth Avenue Financial,
but we've got a second fill in today and it's
Enterprise special counselor Bowls Rice focusing on a state planning.
(01:15):
She's with us and Anna, good morning. How you doing?
Speaker 4 (01:19):
Good morning? I'm well, how are you?
Speaker 3 (01:21):
I'm great? How do we get this job? We're both
pinch hitting today?
Speaker 4 (01:25):
That's right, Well we're lucky on a Monday. I guess.
Speaker 3 (01:28):
There you go, there you go. That's one way to
look at it. So it's good to have you with
us this morning. And you know, in the commercials leading
up to this show, on a weekly basis, it talks
about how important financial planning is, and that's something that
your expertise. Of course, John is expertise in that he's
(01:50):
on here weekly, but you're filling in here today and
that's some of the things you want to talk about, right,
is how important it is to have a financial planning
as you think about the future.
Speaker 4 (02:01):
That's exactly right. So I come at this from a
little different direction than John. I have the privilege of
working with advisors like John to ensure that clients have
a comprehensive estate plan with their financial plan. So John
is the one responsible for UH maximizing the investment and
(02:24):
ensuring that UH that his clients are making money, and
I come from the other side to ensure that if
there's catastrophe in somebody's life, you know, incompetence or incapacity
or heaven forbid somebody passes away, that all of their
affairs are in order and that assets are pasting as
tax efficiently and smoothly as possible.
Speaker 3 (02:46):
Okay, that gets into a state planning, and so a
state why don't you go ahead and discuss a state planning.
If you just give me a kind of a definition,
everyonell go from there.
Speaker 4 (02:57):
Sure. So, estate planning can be as simple as designating
a beneficiary to an account or it can be as
complex as preparing trusts and powers of attorney. But if
I had to put a definition on it, it would
be designating the correct people to ensure that your wishes
are carried out upon a catastrophic event.
Speaker 3 (03:22):
And I think some people think that that's only for
people that are very wealthy, but that's not the case.
Speaker 4 (03:27):
You're right, you're right. Some of the most in depth
estate plans that I have done don't involve mass sums
of assets. Instead, they're more focused on the family structure
or just the needs of the individual or the types
of beneficiaries that we that.
Speaker 3 (03:46):
We encounter and how can it get you kind of
talk about the family relations How kind of messy can
it get if this isn't done. I mean, you can
kind of get especially if you have a lot of
people people involved, right, and there's really no direction. It
can get. I'm sure at times you can get messy
and can get you know, really be an emotional thing.
(04:08):
There's a death and just things just aren't laid out
and it can get really messy.
Speaker 4 (04:14):
Sure, So I always joke that these are the Disney
movies that are that are gone wrong. You know, we
deal with evil stepmothers and evil step children, and a
lot of times we deal with sons in law and
daughters in law that don't have a good relationship with
(04:36):
the client. We deal with the outside factors with those families.
Certainly in our area, you know, we see families who
have substance abuse, who have divorce, who have just the
inability to manage assets. So there are a lot of
different factors of course that can can negatively impact. And
(05:01):
families are difficult, right, So that's what makes them entertaining
on sitcoms and in movies because of the different personalities,
and each family is different, and we are dealing with
all of the differences of those families. We even have
situations where certain children or family members will feel entitled
(05:24):
to a certain amount of somebody's in a state because
whether they've cared for them or they just feel that
they should receive it above somebody else. And a lot
of times, in addition to ensuring that there is a
comprehensive play it, we're also ensuring that we're managing expectations
(05:46):
amongst beneficiaries and amongst the client.
Speaker 3 (05:50):
And a prisis with us this morning on Fourth Avenue
Financial Ask the experts. She's filling in for John Bredette today.
She's a special counsel at Bush Rice and we're talking
about a state plan planning. And it is eight twenty six,
and so state planning would start, would it start? Where
does it start? Does it start with a will? Making
sure you have a will?
Speaker 2 (06:11):
Yeah?
Speaker 4 (06:11):
I think so. So you know, generally we like clients
to fill out a questionnaire, come in and we go
through through what your last wishes would be, but also
designating those powers of attorney. So a will would definitely
be a simple, great start to initiating the estate planning.
Speaker 3 (06:34):
Okay, so tell so line out the process if you would.
Once you, guys, do you start with an initial meeting?
Someone contact? How does that all that work?
Speaker 4 (06:42):
Yeah? So generally people contact my office, we set up
an appointment, and when that initial appointment is set, they
will receive a questionnaire and it asks questions about finances,
family tree, a lot of different different and aspects that
make your initial meeting go more efficiently. So we ask
(07:07):
that you bring that questionnaire with any prior documents that
you may have to your initial meeting. The initial meeting
is about an hour long, and within that meeting, we
will actually determine the structure of the plan that you
will have. We then take about two to four weeks
to draft up your state planning documents. We send those
(07:30):
out for review. If they look great, perfect, we set
a time to sign it. But a lot of times
people come back and we tweak until they're completely comfortable
with your plan. I always joke that you know, it
doesn't matter to me what's in your state plan. So
we want to make sure that it's something that the
client is most comfortable with and understands. We don't want
(07:52):
it to be so difficult that a client can't understand
what they're signing.
Speaker 3 (07:55):
Yeah, that's a good point, because you know you're a lawyer.
I think can get things, can get things can get
into the legal leads there. So so how do you
how do you kind of work through that? Is that
just continue discussion and just make sure you get to
a comfortable place and there and your client is in
a comfortable place.
Speaker 4 (08:14):
Sure. Absolutely So. I was a teacher before I was
an attorney, and I feel like it really goes back
to education. It's my job as the attorney to educate
client on understanding what they're signing, on what options are available,
and what would work best for their family. So sometimes
(08:36):
we have to go back to a little wills one
oh one or some powers of attorney one oh one.
And that's okay because this is not something that most
people do every day, but it is something that I
do every day.
Speaker 3 (08:49):
What are some of you may have tested on this
a little bit. What are some of the components of
an estate plan? What does that all? What does that entail?
Speaker 4 (08:56):
So the documents that I think that everyone should have,
and I mean everyone over the age of eighteen, regardless
of size of a state, is at the very least
a will which ensures that your assets passed to the
beneficiaries of your choice, a medical power of attorney, which
would allow someone to make medical decisions for you in
(09:19):
the event that you're unable to make them. And then
a durable general power of attorney. So that document has
a lot of names. We hear it called a financial
power of attorney, but the point of that document is
to allow the principle to name someone that they would
(09:39):
want to handle their financial and business affairs. That document
doesn't have to wait until someone becomes incapacitated. So if
you have someone that you really trust and they're already
assisting you with finances, I suggest go ahead and alleviate
the hurdle of being deemed incompetent and allow somebody to
(10:03):
be designated as your agent on that durable general financial
power of attorney. So go ahead, go ahead.
Speaker 3 (10:10):
No, you're good, You're great.
Speaker 4 (10:12):
I was going to say, those are the three documents
that you that I think everybody should have. Then other
circumstances sometimes dictate certain types of trust, or some people
prefer having a separate living will document, So there's a
lot of there's a lot of variations within that, but
(10:33):
those are the absolute three basic documents that everyone needs.
Speaker 3 (10:37):
How and you mentioned everyone over eighteen. I would imagine, though,
just just knowing people, maybe some people wait, you know,
you know, when they're maybe past fifty years old or
maybe even longer before doing that. And I guess there's
a there's a risk in doing.
Speaker 4 (10:52):
That, obviously, absolutely. I had a client come in and
she had turned one hundred the day before and she
is there to do her estate plans. She never had
a will before, and she said, I'm embarrassed, I've never
had a will before. And I said, well, you're not
too late. So obviously without a crystal ball, we don't
know what perfect timing would be. But I like people
(11:16):
to start younger rather than later. One thing I've noticed
is as my client's children become adults, they want them
to get powers of attorney in place, because a lot
of times we have clients who are paying for education,
but their children may not be as willing to share
those grades. So having the powers of attorney in place
(11:40):
allows the parent to access information for the adult child
in college, and.
Speaker 3 (11:46):
The price is with us. She's with Bose Rice, a
special counsel. They're focusing on estate plannings, pinch hitting today
for John Burdett and now ma'am for Dale Cooper today.
Thanks for joining us here on five eight WHS. So
there are some myster are reasons why and a people
don't do this, maybe some of us human nature, But
what are the other things that you're How many conversations
have you had after you've gone through it? Someone said, well,
(12:08):
that's not what I heard about this. This is easier
than I thought.
Speaker 4 (12:11):
Oh my gosh, I think that happens all the time.
First of all, I like to explain that I don't
have any special deal with any higher power that once
you sign this document, it doesn't mean that you're going
to meet your demise sooner rather than later. So a
lot of people are reluctant to sign because it's in place.
(12:33):
The other thing is that if you think about planning
for your whole life and what could happen over years
and years, it can become overwhelming. But if you think
about planning that if something happened in the next five years,
what would it look like, it's maybe a little bit
easier to make decisions if you're just looking at the
(12:54):
next five years. So I think that those things are
things that people makes people hesitant to start this process.
The other thing that I think makes people wait to
start the process is because they get some analysis paralysis.
They don't want to make a decision quite yet. And
(13:18):
that's part of my job is to ensure that I'm
sitting down with people and I'm getting to know them
so that I can recommend different options for decisions. And
that's where that group approach comes in with somebody like John,
where we like to include financial advisors and accountants and
the different professionals in your financial life because they are
(13:42):
all going to assist in helping make those decisions.
Speaker 3 (13:46):
All right, all right, that's er price. We've got more
to talk about. We're going to take our one and
only break. Hang on with me, okay, all right, she'll
be with us and just a couple. It's going to
take our one and only break here. Oh and ask
the expert John Burdett out today. And we're getting good
information from at a price from bulls or Rice. He's
a special council there with estate planning. Moving back in
(14:07):
a moment, this is asked the expert on five ad WCCHS,
the voice of Charleston.
Speaker 5 (14:12):
Retiret Radio is sponsored by Fourth Avenue Financial, which is
solly responsible for its content. Security is offered through jw
CL Financial member fen RECIPIIC Investment advice offered through jw
COL Advisors. Fourth Avenue Financial, jw CL Financial and jw
COL Advisors are unaffiliated entities. The opinions expressed by John
Burdett should not be construed as specific investment, legal, or
tax advice. All economic and performance information is historical and
(14:35):
not indicative of future results. Investing may involve risk of
loss of principle. Any tax advice on this show is
not intended to be used by any person for the
purpose of avoiding US federal or state tax penalties that
may be imposed on such a person, and each listener
should seek advice from their tax advisor or legal console
on topics that arise from the show. John Burdett is
(14:55):
not providing legal or tax advice. Nothing should be construed
as solicitation of an offer to buy securities. This program
is sponsored by Fourth Avenue Financial, which is solely responsible
for its content.
Speaker 6 (15:06):
With the right support and care, a seed can grow
into a resilient plant. Recovery takes patience, intention, and a
willingness to listen. Every path is different, and every story
of substance use is an opportunity for transformation. When it
comes to growing and restoring our communities, we need everyone
(15:27):
to break through addiction. Learn more at back to Life
wv dot org.
Speaker 7 (15:35):
Retirement is in a finish line. It's a new beginning,
but are you really ready? I'm John bred Out with
Fourth Avenue Financial and I help people just like you
turn confusion into confidence. Whether retirement is five years away
or right around the corner, now is the time to
make a smart plan.
Speaker 2 (15:50):
Let's make sure your.
Speaker 7 (15:51):
Retirement income lasts as long as you do. Call today
or visit Fourth Avenue Financial dot com. Fourth Avenue Financial
Retirement Done Right Securities offered through jennyco fin Angel Incorporated.
Member fin Recipic Advisory Services offered through jennym Call Advisors Incorporated.
Speaker 2 (16:06):
This is Retire Right Radio with John Burdett from Fourth
Avenue Financial, taking your calls at three oh four three
four five fifty eight fifty eight or texts on three
oh four nine three five fifty oh eight.
Speaker 3 (16:22):
You're tyre Right Radio and five adwchs The Forces Charles A.
Thirty seven J Jenkins for Cruture Today and for time
for dads, enter price, especially counsel laws rights. Focusing on
the state planning, we're having a good conversation here with
Anna and Anna we're talking about a state planning. We're
talking about the meetings that you have with folks, the
documents that are important as you plan your estate. What
(16:44):
if you've already kind of done that, but maybe you're
you know you've done some things, but maybe you don't
think you got some questions about them. Opportunity maybe to
meet with you and go over some of those things
and maybe correct some things.
Speaker 4 (16:58):
Absolutely, so life changes, right, and what we decide in
our plan may change over time. And that's the beauty
of these documents. They reflect snapshot in time, and they
can be changed so long as you are capable of
changing them. So we are happy to meet with clients
to start the process from square one, or we're happy
(17:19):
to assist clients in the midst of their planning. So
if you have that old will that hasn't been touched
for a long time, I am happy to review it
make sure it still says what you want it to say.
Because life changes, but so does the law, right, So
we wanted to make sure that everything is still compliant,
(17:40):
and these.
Speaker 3 (17:40):
Are very important documents because if there are mistakes, then
that can you know, as we mentioned, call some uncomfortableness,
but also can be costly, not only you know, emotionally,
but can be costly financially.
Speaker 4 (17:54):
That's right, that's right. So one facet of my practice
area probate litigation, and that is where there are those
disputes for regarding mistakes in planning documents, and they can
be extremely expensive and emotionally taxing. As you mentioned, it's
a lot for someone in the wheels of justice. Although
(18:17):
I have great faith in them. They turned slowly sometimes.
Speaker 3 (18:22):
What would be and we were bombarded with these ads
and about you know, here's a will, download it, do
it quickly, take you ten minutes, you know, those types
of things. And I'm sure you would kind of look
at that and say, well, you probably need to take
a little longer than ten minutes to do this.
Speaker 4 (18:42):
Yeah, I think so. I don't think it has to
be a super time consuming project. But these these commercials
that you're mentioning where you can download a will or
get a will template online. We joke that those are
among lawyers' favorites because they often and end up in litigation,
which is going to result in more money in a
(19:04):
lawyer's pocket than probably anybody else's. So, you know, we
try to make the cost for all of these documents reasonable.
There is a network of probate attorneys in West Virginia,
and I think that the overarching goal is to make
sure that people have wills, make sure that they've signed
them correctly, and make sure that the documents say what
(19:26):
they want. Unfortunately, a lot of those online wills just
don't do the trick or leave something to be desired
and ultimately result in cost to the family long term.
Speaker 3 (19:40):
I'm interested in about just your interpersonal conversations with folks,
with your clients or people that come in and after
you get done with the process, just the relief on
their faces or you can kind of feel the tension
go away. I'm sure you've experienced that a number of times.
Speaker 4 (19:58):
Absolutely, Jess. So that is that is probably what keeps
me going every day. It is it is the greatest
sense of peace when clients get this checked off their
bucket list. It's no longer hanging over their head and
they have a plan that they're comfortable with and proud of.
(20:18):
It is it is a great sense of relief, but
a great sense of completion as well.
Speaker 3 (20:23):
So how you know can you let's drill down a
little bit on an estate planning. So say you own
some property, Say you own a house, so you have
several children, you know though some walk through some of
that on what you know might happen. What are some
of the options you know with the house or with property?
Speaker 4 (20:40):
Sure, so real estate is something that you know is unique.
It's something that where a lot of West Virginians have
their greatest asset. And so real estate is obviously controlled
by a deed and there are transfer on death seeds
in West Virginia which allow for real estate to pass
(21:02):
outside of probate to a beneficiary that is specified and
that's something that can be changed over time as well.
But it allows the person who owns the real estate
to continue owning it for their entire life, but also
designate where it would go at their death. And wills
(21:23):
also control real estate, so if there is not a
transfer on death deed in place, that will would be
what controls that chain of title and you can designate
where it goes. A lot of times we see issues
where maybe a parent has three children and when they pass,
(21:45):
they leave the property to three kids, and maybe those
three kids don't get along as well as their parents
would hope, and sometimes that can create an issue too.
So a lot of times with planning, we also want
to consider what's the ownership going to look like after
the fact. Do we require that it be sold and
that the proceeds be split? Do we give them the
(22:08):
option to buy each other out? You know what options
are there. And sometimes you have a beneficiary or a
child who is residing with you and you want to
make sure that they continue to have a place to live,
but you want to make sure that upon their death
it goes back to your family. And all of those
(22:28):
are options within estate planning.
Speaker 3 (22:31):
Enterprisis with us with bows Rice. He's in a state
planning expert and she's filling in for John Burdett today
on Fourth Avenue Financial. Let me give you a scenario. Okay,
I give you a scenario here on a state planning
Say you have a husband and wife and they don't
have a will. The husband dies. If I understand the law,
(22:51):
right the property goes to the wife, to the survivor.
Now she can come in and do a will right
after that for what happens after she passes.
Speaker 4 (23:01):
Absolutely, so you know, depending on if they had children
or prior children from prior relationships. You know, if if
the assets due pass to the surviving spouse, she can
absolutely come in and do planning. But we do a
separate service as well, Jess, so we also will assist
(23:22):
in the administration of the estate. So if you have
a loved one die, we are equipped to untangle even
the messiest spider webs of a states, so we can
we can assist with that. We could assist that widow
and take that business portion off of her plate so
(23:43):
that she can focus on grieving and finding her new normal. Uh,
while we take care of jump to the hoops and
making sure that the estate is administered properly, that everything
has passed, that it's there are no creditors that need paid.
And then we can also follow up and do planning
(24:04):
for the for the wife so that she doesn't have
a mess on her hands after she passes.
Speaker 2 (24:10):
Me.
Speaker 3 (24:10):
Yes, a couple of things here. How many how many
folks do you get kind of like that saying you
know that you know they wish they had done a
will earlier. Now they have an Now they have they've
had a death, unfortunately, but now they have an opportunity
to do.
Speaker 4 (24:26):
That, Jeff. Unfortunately, people come to see me because they've
had a bad situation. Either they have had to administer
in a state that didn't have a will and they've
said I'm never going to do this to anybody else,
or they've had a friend pass unexpectedly. So that happens
all the time more often than not.
Speaker 3 (24:48):
I would say, okay, and they then they want obviously
they want to get that taken care of then right.
Speaker 4 (24:55):
Right, and we can we can ensure that it's it's
not as difficult the next time. So the more planning
that's in place, the better the administration is going to be.
Speaker 3 (25:09):
What those people who might be thinking about calling you
or having a meeting within a state planner, what are
some of the documents or some of the things that
they might need. And that's something you'll go over with them,
But what are some of the things that they might
need some information in one of those initial meetings.
Speaker 4 (25:26):
Sure, so we like to know, of course, who your
family is and how each person is related. We like
to know if your children are working and financially stable
and responsible. We like to know if you have beneficiaries
designated to your accounts, where your accounts are, what the
(25:47):
average balance of those accounts is. We like to ensure
that if you have beneficiaries designated, that they are still
working for the plan that you have in place. We
like to know if somebody is on asset based government benefits,
if we need to plan to protect them from certain
(26:10):
liabilities leans or even just general financial catastrophes like divorce, lawsuit,
those types of things.
Speaker 3 (26:20):
Okay, so that some of the things that after that
initial call is made to you, then you would talk
about that and see if they can get that information
to you.
Speaker 4 (26:30):
Absolutely, so, after the initial call is made, they fill
out the questionnaire which asks a lot of the financial
information and the beneficiary designation information, and then beyond that
they will sit down and have a meeting with us,
and that's when we really get into their children and
(26:51):
the needs or whoever their beneficiaries are, and the needs
of those beneficiaries.
Speaker 3 (26:56):
Because in the end, the decision on who the beneficiaries
are is the person you're talking to, right, some outside people, yeah,
some outside people might have an opinion on who they
should be, but they're the ones making the decision.
Speaker 4 (27:09):
That's exactly right. The only person that you're not allowed
to disinherit in West Virginia is your spouse, So you know,
no one else is entitled to any portion of your estate.
Your spouse has a certain entitlement depending on how long
you've been married and whether or not there's a prenuptional
(27:30):
or postnuptial agreement, But everybody else is completely up to
the person who's writing the will.
Speaker 3 (27:38):
One of the things you also do, and and I
see from your bios you work in elder law. How much, unfortunately,
is there of that. I mean, some are trying to
take advantage of someone who's elderly and if maybe if
they had some some of these things in place, that
would be more difficult to do.
Speaker 4 (27:56):
Sure, so we do assist with the planning of runt
to try to ensure that there is not that undue
influence or that there is non exploitation of a senior.
But unfortunately, there is a lot uh and and it
is rarely a stranger, you know. Unfortunately, we see a
(28:17):
lot of situations where one child is taking advantage of
a parent over another child, or or just other family members,
and it can get it can get quite complicated, but
that's that's heartbreaking. But making sure that you have proper
powers of attorney in place, utilizing trust when necessary. We
(28:42):
we love to assist with those who need some elder
law planning, you know, planning for nursing, home care, uh,
and all those expenses that come in at the end
of life.
Speaker 3 (28:54):
That those things can be confusing, right, I mean the
assistance is appreciated.
Speaker 4 (28:58):
I'm sure, yes, it could be very, very confusing, and
subtimes there's not a perfect answer out there. You know,
a lot of times you're choosing between the best option
of several not so great options. But proper planning will
(29:19):
will increase those options.
Speaker 3 (29:21):
And John talks about John Burdett, who's usually on this
show Fourth Avenue Financial talks a lot about it and
enterprisis with us. She's in a state planning it works
at Bulls Rice And to talk about that as we
wind it down here the next couple of minutes about
how now, John, if we listen to John, which we
do every week, you know, he tells us about how
important the financial side is, then how does that work
(29:42):
with what you do? How does that kind of job together?
Speaker 4 (29:47):
Yeah, So it's a huge part because what we're planning
for are these assets that you're building with your financial
advisor like John, and so one of the things that
we work very closely together with are these beneficiary designations.
If you have a retirement account and you list your
(30:07):
son as the beneficiary of that retirement account, but your
will says that everything goes to your daughter, your son
is going to get that retirement account, so those beneficiary
designations do trump your will in most cases. And so
ensuring that your plan is completely comprehensive, that somebody has
(30:29):
sat down with you and asked what assets do you
have and how are they titled and who's the beneficiary
on that Making sure that your advisor like John, and
I know that John has done this and does do this,
is checking to say, if something happens to you, where
does this asset go and does that work with your
estate plan. Those are amongst the most important decisions that
(30:53):
you can make, because that's probably where I see the
greatest mistakes. And having a good team in place with
an a turn if, financial advisor, your accountant, making sure
everybody's on the same page ensures that your plan is
going to work together, and.
Speaker 3 (31:06):
That can also figure in on life insurance too, right,
because yeah, yeah, because every year, if you know, we're
asked if you get life insurance through work or wherever
you get life insurance or asked and name the beneficiaries.
And sometimes we just kind of go through that and
check it real quick, don't think about it. But that's
something that should line up with what your will says.
Speaker 4 (31:28):
That's exactly right. So many times I have a mother
come in and say, well, I've listed my daughter as
the beneficiary on all my life insurance because I'm sure
that she'll take care of my son. And I'm here
to tell you that that does not always happen. So
making sure that the beneficiary designations are are correct and
(31:52):
that's your plan are so important because they can really
undo your estate plan.
Speaker 3 (32:00):
Said that, and there's something interesting, is that what you
check when there's beneficiaries trump's the will? How does that work?
Speaker 4 (32:08):
Yeah, so if you have I love to use myself
as an example and say, you know, if I if
I list my sister as the bit officiary on all
of my retirement, my life insurance, my payable on death beneficiaries,
(32:28):
but I lift you know, a will or I have
a will that gives everything to my brother. You know,
my brother is going to be left with my probate
assets assets in my name alone, like my clothes and
shoes and jewelry, and my sister is actually going to
get the assets that are that I'm the beneficiary designation.
(32:49):
So that comes into play a couple of a couple
of different ways, because sometimes whoever the executor is needs
some liquidity in the state to ensure that funeral expenses
are paid, last expenses are paid, taxes are paid, and
if those all go through a beneficiary designation, the estate
(33:12):
does not have those assets to utilize for paying those expenses.
So it's very important that you're looking at it all together.
Speaker 3 (33:24):
And you see that a lot mistakes all the time.
Speaker 4 (33:28):
I would say at least once a week I speak
with somebody who says something happened with the estate. The
accounts were listed to somebody else, but the will says
that it should go here, and we have to explain.
I'm sorry, but those beneficiary designations are legal documents and
they are contracts that determine where these assets go.
Speaker 3 (33:51):
When someone passes a fifty five and ask the expert
to Fourth Avenue Financial Jeff Jenkins in with you today,
with Enter Price with Bose Riceville in for John Burdett,
and just a couple more minutes here with Anna. And
you mentioned on some of the information I got before
the show, and now let's touch on this life thing.
The last thing you've touched on a little bit earlier,
(34:11):
but peace of mind. And so here's the question, what's
the simplest step somewhat could take this week to start
protecting their family?
Speaker 4 (34:20):
Oh my goodness. Ensuring that the simplest step they can
take is ensuring their beneficiary designations are what they want
with their financial advisors. And then I would go a
step further, Jeff and say that the second step would
be to pull out that original will make sure you
have one, and if it doesn't say what you want
it to say, or you don't have one, make sure
(34:43):
that you are making an appointment with a licensed attorney
who does practice this type of law.
Speaker 3 (34:50):
Okay, And what's the best way to get a hold
of you?
Speaker 4 (34:54):
They can call me at Bulls Rice. My direct dialis
three zero four three four seven one one five four,
where they can email me at Anna A n N
A dot Price Price at Bollsrice.
Speaker 3 (35:08):
Dot com and Anna, how long does the process take
from start to finish. If there's no major difficulties.
Speaker 4 (35:14):
We can be finished within a month. In a month, okay, kid, yep,
we can meet and get you signed within one month.
Speaker 3 (35:21):
All right, good deal. Okay, Hey, thanks for joining us
this morning. Pretty good pinch hitting.
Speaker 4 (35:26):
I think, yeah, if I think so too, I think
I think AoE us lunch?
Speaker 3 (35:30):
Oh do they? Okay, well, we'll see, we'll see. Anna,
thanks a.
Speaker 4 (35:34):
Lot, have a good day, all right, thank you you too,
you too.
Speaker 3 (35:37):
All right, Enta Price there with Bulls Rice and this
is again fourth Avenue Financial with John Burdett. And John
will be back the next time here and so we'll coop.
Thanks for joining us today. It's eight fifty seven O
five at WCHS, the Voice of Charles. Anna had to
run there. She's got a zoom call coming up, so
we let her go just a second early. But I
(35:58):
wanted to remind your programming today here on five EDWCCHS,
the Voice of Charleston. Don't forget coming up. We've got
five eight live at Dave Allen. That's right around the
corner after the news at nine to six, at right
around nine oh six this morning. At ten o six
this morning, it's Metro News talk Line with Dave and TJ.
(36:18):
And looked like they're going to focus a little bit
on the announcement that came on Friday about the Charleston
so the Sin West Virginia program which desires to attract
new people into the area a sponsored by Marshall President
Brad Smith and his wife at Lease. They're the main
sponsors there. It looks like that Marshall President Bradsmith will
(36:40):
be on talk line today to talk about that. Don't
forget Metro News Midday and that will head your way
at twelve o six Today, News of the Day, plenty
of informational Metro News Midday Today, Metro News Hotline with
Dave Weekly and Coop comings up your Way, Comes your
Way at three to six this afternoon, and the Metro
News Statewide Sports Line coming up this evening at six
(37:02):
oh six. Here on five eight WCCHS the Voice of
Charleston Reds Baseball Tonight on five ADWCCHS Reds another West
Coast swing. It was just a week before last that
they were on the West Coast for nine games. Didn't
do too well, and they have another West Coast swing
coming up beginning tonight in San Diego, and the Reds
(37:25):
begin the day with I think they're nineteen games left
in the season, They're four games out in the wildcard race,
and San Diego is one of those teams right ahead
of the red So let's see what they can do
with the Padres beginning tonight. Thanks for joining us today
on five EIGHTWCCHS, the Voice of Charleston, and stay tuned
to get an update from ABC News Headed your way next,
(37:47):
and then we'll get local news with Daniel Woods and
then five a D Live with Dave Allen Headed your
way this hour, then talk line at ten o six.
I'm Jeff Jenkins. Thanks for joining us. This is five
eight WCCHS, the Voice of Charleston.
Popular Podcasts
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
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
The Clay Travis and Buck Sexton Show
The Clay Travis and Buck Sexton Show. Clay Travis and Buck Sexton tackle the biggest stories in news, politics and current events with intelligence and humor. From the border crisis, to the madness of cancel culture and far-left missteps, Clay and Buck guide listeners through the latest headlines and hot topics with fun and entertaining conversations and opinions.