Dollars and Sense Radio Show - 8.13.17

Sunday, August 13th

01:17:23

Another great show with Troy, Lauri and a special guest. Listen and enjoy!

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Into the dollars and cents radio show was Troy and Lori. Investment advisory services offer through central management LLC and registered investment advisor in the state of Colorado insurance products and services for your pitcher who. Great visual management LLC and hits a hundred. And now the dollars and cents radio show and your favorite couple of joy and Lori and. Hey good morning guys sensed show with Choi and Rory Riordan the team I this Sunday morning. At passing shares. Stories like stealing your cheered Greg still need your. We have a full house this morning. We got kinky I'm. I got a small tear. So we got a full house is doing this I got an 82 air to hear anyone in that chair and wound that's great now I can sit on a onlookers and then. We like we hear this morning we have a full house Hank is back with tests. Yeah yeah hey you gain he does now make a font BR Ryan in the house taking your calls live as well decided to work a day this week now lie and I I have. Went out rock. And so he is an early in the game and he's serving his country through for the next month is so we have among weakens so we're happy to have them. Eight and we have great view we were touting last week on our show. Trailer we will introduce in just a minute that he is the attorney who. Helps all of our clients so fabulously with trust's wells so it's like that so but we will in tease him in just a second. And after and that we can market recap so try I do this morning I am. Full of energy is a beautiful day beautiful day here. Yet it doesn't get any better nest. As old as we have open phone line throughout the hour and a half that we are here with you so. Should you have any questions or concerns. Or as state planning questions we have a special in studio guest. Will be joining us here in just a few moments Greek career. Teddy would be that time for you to call share your question with Ryan when you call we're not gonna put you right on the air. But you'll speak to a live human being your brain your question in we will let Greg. The tactic question life on the dollars and cents radio program. If you Lori first time listener bat phone number that you're gonna wanna write down is 303539. 5420303539. 5420. You can also contact us via the web site a twelfth dot org. You can find out all about her team are services you can request. A complimentary consultation into a lot to that website video library. You get the point. So old last week on the program we talked a lot about our book whose retirement is it anyway. Ian we shared another. Library full of our books with another book clubs. So we're happy to do that. So I just haven't thought I know the most of you listening. Are all ready because you've been a long time listener you're already savvy investor. You probably already read whose retirement is it any way. Front to back several times. Oh my what are. Here's my point. A good deed. Makes. Both parties feel better right makes a good grief that does a good deed. Here's a good deed you know somebody. Maybe he's just been procrastinating. About taking the next step. And sitting down with a financial professional or educating themselves further war they are entering that transition into retirement. Tell you. He called during the program today. We will send. It complimentary. Copy of whose retirement. Is it anyway at our cost night viewers. On your behalf as a gift to another person. So if you have a coworker. Ephraim remember and neighbor a loved one. That could benefit. From whose retirement is it anyway as a special gift for me you will send it out. If you would like us to personalize it with any sort of a message we will do that as well. Call today and we will send it out as our at our cost. Not yours threes or three. 5395420. Also in the third segment. All new back in time our spotlight a year this year. 1965. 1965. What were you doing in 1965. He asking me up and I don't think anybody can leave you answer that question here in the studio or probably the closest one. We have some really cool information to share with you some. Back in time statistics. What song was that number one song in 1965 your gonna find out here in a little while. All right you're in the dollars and cents radio program okay. So the weekly market recaps a bit interest in this week because we've had a lot going nine. Last week it was all bells and whistles. As the Dow was just setting one record after another after another after another was at all happy and smiles. But as with all great streaks eventually. Come to an end as the Dow broke its streak of ten straight daily gains. This pass went to the all three major indices ended lower for the week. As Wall Street reacted to higher tensions brewing with North Korea. Wall Street despises two thinks most surprises. And uncertainty. In North Korea is giving us a big dose of both right now I warned last week. To be prepared for a pull back do not become complacent. We got one this past week. The good news however is these types of pullbacks. Geopolitical related tend to be short lived. With quick recoveries. Historically speaking by the numbers. Dow S&P and NASDAQ. All fell on the week NASDAQ leading the charge downward down one and a half percent on the week ten year treasury closed lower two point 19% oil. Closed 48 dollars and eighty cents a barrel still hovering around that fifty dollar benchmark that were were were getting close. Oil still down over 9% year to date the take away. The markets have drawn a nice upward trajectory so far this year. Even in fuel basically. On solid economic data as I cautioned to last week other factors can and will affect the markets. IE North Korea. The best advice I can give you win markets begin to wobble a bit. Is not to overreact. Letting your motions. Drive your financial decisions. Which can be viewed on a path that moves you further away from your goals. Are you trying. So how why not let my emotions. Fear that the best of me in these situations. Folks remember it's all about the plane hit a solid financial plan takes into consideration. That fact that we will have corrections. A solid financial plan understands. In factors in market pullbacks on for seen events. A solid balanced plan. Is your best preparation for what lies ahead at the end of the day. A solid financial plan is all about properly managing risk. How often do you hear that on the dollars and cents radio program weekly. It's all about properly managing risk in finding and working with. The right financial advisor is your key to long term success. So procrastinators don't wait any longer. Holiday and start now it's like the old Chinese proverb says. The best time to plant a tree. Was twenty years ago. The second best time is right now. And that is the weak market recap. RAK before we get started with Greg minute entries in just a second I was say two things weird happened this weekend week. Whenever. Greatest friends and his mom passed away so insane we're thinking and he might can really yeah. Sari and what you're going through and had another great friends. But she had decided herb needed open heart surgery this week so. He is recovering well but which was completely and expect totally unexpected and absolutely out. Had yet so he retired. He's really in what we would call really digital age yeah he's English. It it's you know it it. Glad you bring it up because how often do we talk about how I enforce CE health you Vance and changing the trajectory of your retirement or. Yeah I'd like to work for another ten years and then all of a sudden. Netanyahu. You're going in for opened her surgery and that's just that change so being prepared now. It is the key and I think this can really plays into a lot of the good questions we have for Drake who need them. Unfortunately our rates prayers go out to you both yes and Kim is as high grade career. He is just right across our lobby from messing he's awesome we talked him every day about clients in situations and such she is an attorney. At lot with the Vick for a lot LC. He's a family business attorney with a friend Fred if I you know I can think that Brad spread it and Brett. Yeah Brian said a breath of fresh air carrier. York. LA experience now that up because I. Fully leave her family even individuals including build contrasts. Family businesses tax guardianship some conservative ships in a variety of business transactions. He regularly gives back to community and teaches at a local university here in Denver. Am holds his undergraduate. From Brigham Young University his law degree from the University of Wisconsin. Mattison and masters of log in taxation yes taxation Sodini business health. From the university and dinner very university several good morning thank you for being here with us great morning Phoenix. I'm inside the quick word in there and boy that really didn't have privileged and that includes half half half but it's not this exe is our best I'm sorry aspect and didn't. Okay. Anyway. Thanks for being here take it and I know the we only have you here for about the next thirty minutes so we appreciate your time here this morning but. He will not be only gets all the information so working is we're gonna start with just some Q&A and Tennessee were that leads us to begin folks if you have. Me in his state related question be it related tool will. Or maybe he just lost a loved one you wondering about probate we're gonna talk about probe eight. Powers of attorney and you would like us to answer or great to address one of these questions during his time with this here this morning. Now do you get time to get this phone number 303. 539542. Tear you will not be put on line though we you will be taggants had Ryan Ryan will transcribe Bryant is yet. Rates. I'm minister Edison because it was asked last week about me and it's gonna put an epic is written about a lot of that is estate planning and great question Troy A maybe you can sum it up quick. Then you can you know say whatever you want about it but what is it we talk about we. Brees about tiger you Gray's attorney doing a state plan tree what is the difference between a financial estate plan and then a state plan for an attorney. Well I think the biggest difference is just you know what we do. So on our side of it and you know we worked together with a lot of clients. Which but they wet if you really wanna be ahead of the game. You know your financial advisor in your state planning attorney working together. Eighties will spell success but what we do is we help. Build. And create. The estate. Do nightlife speaking. On the financial front. What on the legal side to. Is what happens after that what we do with that so grey gull lake you comment just you know overall on. What in the state plan is why it's necessary on the legal side. Yeah I mean I certainly agree that these financial planners really do help with built at a state. And then the attorney's job is once that's been built or as is being built we plan as to what's gonna happen to it that wins somebody has either passed away. Or does that become incapacitated. So really actually deals with bulls. Before death and after death. Because not every seeing when it comes to estate planning deals specifically after someone has passed away your point so I mean and the wall were really looking now we're we're doing our state plan mean for a lot of people this comes down to assets and and how do you take care of those assets but there's also other reasons might be able to an estate plan. Such as what's gonna happen to their children when they passed away who's gonna take care of them. How we can handle certain medical decisions if someone comes becomes incapacitated. I'm anytime people have complex family relationships particularly as we see more more Blended Families. We we have to Saturday and that's it's a huge one. It's you how many times I mean if I had a nickel for every time we just you know sit down with somebody. And maybe it's not necessarily. One of their children. That may be one of their children's spouses. And you know where you have. Three children and three spouses you have six different opinions on what's gonna happen and so. Many times folks have maybe a false sense of security that don't work it out they get along really well. And it's you know then they pass away. Then enter the legal system in the mix. Guess my whole point is you needed to be needed. But you can't create the right estate plan after you're dead and gone. So first steps are. What it well the first episode is kind of set out what your goals you're gonna be for your state plan. And actually the first one that I always mentioned every one as we need to preserve family arming. Then that is always the number one goal at Tennessee yeah because. Even if you don't have a whole lot of assets there could be issues out there. That we don't really know that they're gonna pop up until someone is either incapacitated they've passed away. And those are very stressful times. People do not. Just automatically start getting long cooperating when they're under that type of pressure. And it really helps the summit Garrity has a plan in place so that people know what to do. So a guy like death failing harmony first and foremost is a goal I think would be you know across the board with any family. Like financial plans that we create. It's not a one size fits all. And on the estate planning side on your side and it's on the legal side. Same thing it's not one size fits all its not. In in nice neat box that everybody needs the trusts that this living well these powers you know all that talk about finding the process that you go through. In finding out. If a family or an individual is a good candidate for trust if they won't. In a fit from a trust or what type war gorgeous well what the old guys yap. I its its interest because. A Willis actually some tonight and usually everyone needs some sort of will but there's so many different types of wills out there and there's also assuming different types of trust but trust are really only made. For people on certain circumstances. And so we really do have to fire means. The people aren't a circumstance where it makes sense but fortunately there's a lot of people out there there are always pushing trust everybody needle and he had one it's a trust and and they have various reasons why they say that and unfortunately I've seen too many clients have comments meet. Where they've been put into trust and really doesn't suit their needs. Panel said I and I've seen that many many times. Over the years as well yeah so pretty. Becht kind of leads to you know it I eight amassed a lot. Well you know I do need a will in I mean think about it more and more true what do you think about just going on line. And you know paying me ten dollars or just doing it myself. I think you just answered that as in not all ills are the same. If they don't all. Perform the same service. Or intended results. And I think maybe that's where a lot of mistakes are made word do it yourself first try to go there and do well. Or trust or their powers of attorney. Yeah I'm real estate planning it's fairly complex and there's your reason why we have attorneys do this and it's not something that you can just kind of flipped open a book and read a few things and figure everything out. I really does take somebody who has a lot of education and experience to do this and do what does self process when people go online and do it that. That way. They're actually spur us to do a lot of Reading ahead of time in fact I know legal zoom even hasn't e-book cleaners for Esther reed. Before. You start deciding what forms to sellout and if you are gonna go that route rob I was trying to encourage you read the book first. How people like me it comes with constructions are like get the instructions if I ran into a problem along the way I figure this out without those silly instructions right yeah yeah admits. Obviously if you don't really have the experience is doing now it's going to be a difficult one because we're not just planning for what you think's gonna happen and we really do have to plan for all these wacky scenarios. That it occurred. More regularly than people think. So then why is when should somebody start thinking about having an ST well I think it's did he said when they have kids do what to do with the kids. But now almost seems like it's organic is when you have kids means young kids here and yup receding Gillis for ever shoot sometimes some people in their seventies thing they're gonna look forever but our lives forever so windy stars. Well it's something that most to us to do a lot sooner make steak and unfortunately always get a few phone calls every year somebody saying hey you know my parents in the state plant. That's a great and they say oh can you come to the hospital yet exactly. I did show up as a witness in a hospital once it was crazy where rural older attorneys and and then we have real questions as to whether there's capacity and then even sign away all that point. It doesn't work. So most people really do need to get started sooner like even when your younger just haven't basically exceed plan. Helps a lot it helps his CIA you know who's gonna take you re children after you've passed away. And the course everyone likes to think that the left forever and that's previously thought to the south CF while I'm not gonna die tomorrow right not gonna die with an off he has. Little bit longer you know if if I think a lot of it to a lot of you listening right now. Probably have children in this scenario. What events in life really should raise the flag of now we need to think about first off when you get married. And see you know I we've got clients that have lost. A spouse. In their thirties unexpectedly. And there's children young children in the mix so voters that scenario. But again at the end of the day we just don't know. And if you wait till the eleventh hour. Right and when you're in the hospital that's wait a little too long so you know from the time that you're married. Powers of attorney. Talk about the powers of attorney because I think you know this is a simple but also important. Document did everybody should half. Is the powers of attorney. Absolutely so what do one thing and estate planning I think I just tend to get a will done largest Indian trust or really I think probably the most important document to have in place. Is Paris and attorneys that covers two things. They need to cover a medical power of attorney so the you have somebody who win year in the hospital or your capacity. To make medical decisions. When you can't it's. And you'll even find the most hospitals if you walk in the door for some surgery dirt nasty you have amenable Irish attorney. And that's because they want in the whole leg who they have maybe just losing can top 21 Europe on the surgery table on and passed out. The other. Document lean years in general are returning and this is just somebody. They can make decisions for you when you aren't able to do that and sometimes sits for again if someone becomes incapacitated that's more really need it. No I've also known situations for people can use it just because he wind up. Going overseas for a year or somewhere like that so yeah that's certainly. Multiple reasons not just being incapacitated. GAAP. One of the common myths is in and unfortunately when folks find out this isn't the case it's it's too late at that point. Well I don't you NB you know I'm married so I can automatically be able to make these decisions for my spouse. Or my parent. And you know I'm I'm dead son. And so I moms representative so I can go ahead make these medical financial decisions but it's. Yet and work our way. That's a sin big disappointment for people particularly when it comes to their parents it doesn't matter that they're your parent you have know authority to make decisions for them unless they designate. That in up our returning guessing people try to argue is so why was named the secular personal represented my parents will. Well that's not effective until last year parents have passed away from city you can use that Freeney seeing until after they're of their deceased. So and of course your parents can always change that will on so the will has zero effect until it becomes permanent and that's the time and a. Kenya leasing about a lot obviously. Before you pass he might have a lot of medical expenses and such and if you're incapacitated. We have a lot of people who are powers of attorneys because their parents cannot pay just a simple bills anymore rain and then. Get stuck with the bills. Well coming out of the parents and the kids pockets so. So and that's an important one quickly and minute cadets on number out there too and if you have to leave that message or give a call back friends on another line you certainly candy if you have a question for a great. Certainly give McCall threes or three. 5395420. That's through 3539. By four to zero and you're trying to answer them he's only going to be here until about 9:20 this morning. Also he is giving away for those of you who listen who are listing right now. Complimentary consultation. Four if he in this state planned review an amnesty plan review if you feel any of these things you were discussing today has seeking to do with you if you wanna meet with him he is waiting his consultation fee. For our listeners so if he needs you guys are interested. Be a great time to college and then number 335395420. Da offices our offices are located office. I 25 and Bellevue. Irate. What's probate. So that's that's ethnic that's a lot of people ask that question and probate is just that legal procedure that we go through with the courts when so on passes away and that's what your wills for. Your will is actually the instructions of how we're supposed to handle prove date. A lot of people think if I get a will I can avoid probate it's actually the opposite the will is what the probate procedures are. And if you don't have a will then we're gonna go ahead and have to fall soon default rules we have which is the Lawson and test deceit. And that's actually what shocks a lot of people's little called rules are what they think. No cure in Colorado we have two ways that we do probate we can do it formally or informally. If you have a good estate plan we can do and informally where we just put an application to the court some disappoint us first represent net. And then we can just do whatever we want without court supervision. So but that require years the existence the prior existence. Of me. Legal estate planning and current polls now or Horry will or will you what it through probing whether you have a will or not. I know why it needs to be in place. To allow this process. To happen. Informally as you get to enter formally that's for the will helps a lot gotcha because of we don't Pavel Wheldon now or opening things up. That unified as to who's going to be the personal represented for the state. How that states can be distributed and that means of course have to get involved now wants the court starts getting involved. That's from you see the cost of going through probate becoming very difficult that's whom we have delays in probate and all the nightmares of people heard about prove they all can happen because people didn't have a good estate plan and so things. Became iffy people had questions as to how we're supposed to do that and that just increased the cost and time it takes to administered a state. And probate whereas we do and informally. We do have a minimum legal requirement here in Colorado that it takes six months but I've had the State's pretty much wrapped up well before that. And we're just waiting for the six months to expire and then it's all taking care of our guys. So if I'm I just had a question and I. I actually didn't I was impressed that a question to send the client passed not too long though they've been married said sixty years. And so I do see that this spouse is still alive and she said we're going to be attorney did make sure that nothing needs to be prone to probate it. That I sides. Kind of a lot of years spouse is still lighted this if say there is a surviving spouse nothing goes through probate is that wrong that is incorrect slumped across. Hall. Glass half I've done many Korean states specifically for the surviving spouse. And that's because your car us houses can known property separately so and so once spouse dies and they own property that was not. Are you know transferred to the surviving spouse through joint tendency. More some sort of beneficiary designation and and there's a massive out there that's solely titled in the deceased spouse's name. We have to go through pro rate. And that was actually the case that was actually the case individually owned assets. Down there well interest so quickly before that topping our break. So please. I think I'm okay I've put my my daughter is very responsible. And so what I've done as I put her is TOD. On all my bank accounts. And all my financial stuff. That might my house I went ahead and put her name on my house and on the car and all this I think I'm all good I don't need a will or anything like that. Can you comment on that on that strategy vs maybe. We weren't talking but. So what prompts a sees people put their children down past. On the title to let their house. And will be title is strike tennis to a dresses ridership you have to understand that your children now how to present interest in your house. And that means if your children why don't get into financial problems in their creditors can now for closing your house. And I've seen that happen before each you don't want to do it. There's better ways of doing that and this is why lots of us who need to contact an attorney because. All we can think of ways of doing this without jeopardize a senior current financial assets. So after the break when we come back. I'd like to be able to explain and talk about the benefits of something that's called the beneficiary deed absolutely perfect. RA you are listening to the dollars and cents radio show we do have a great career of Dick for a lot with us today well for another twenty minutes yourself. And then Andrea and a tank get through a lot after the commercial break so you can give us a call if you have questions. He can also called to request a complimentary consultation and state plan review with Craig the number to call 303539. 5420. Cents to 3539. I 420 stay tuned we'll be right back. RA and we are at K you know usually we have well back in time right now but we're not going to wariness save that. Last for another twenty minutes because Greg is only here with us for another F fifteen and leave got a question so. And her view there's a lot of questions here and he's got some more so. She had a question about is there really way to maintain harmony without letting all involved should know the details great question is it steam and dirt to have to disclose all the information a the year will contrast. To his family members before you pass I think that's a fantastic question. Yeah it's it's a great question one that I deal lists what's for much every client. It does depend a lot on the Stanley dynamics as to how much is disclosed. And and and anti coup we disclose it to you generally don't like it wing and family members are shocked and surprised at these state plan I mean that's I've heard this story over again where people are expecting one thing and then when they finally get the will they look the trust and realized. Gee everything he's going to charity. Well there went my retirement plans for a palm dale we run into our problem. We also see a lot of fights that occur because people. Didn't know what to expect. And so people of one idea. And you know it they're thinking American in Harry answered that there are going to be the first who represented here are some teens. And then when they look at the will that's not the case in the start argued over the validity of the will stinks like that. I do think it's a good idea that sit disclosed. To the family members. Let you really have just kind of go through the process it's not required. But this idea of Morgan Lockett Intel's faults and then people are gonna find out that drank diet can be in another itself create a lot of disputes. What I think too we have a client and now who they eat but one of the children borrowed money more money than the election we have a few whites think but. More fired more money then the other child may be dead ends so maybe there's disparity fine just you know. I don't know of a little bit up at a point out at least secrets king began and get exposed. Right at that time and any you don't it is full disclosure I mean I know I said this before my sister has far more aisle we sit I don't want to know I don't care to know just split everything 5050 'cause I don't want anything like this to happen in my family. They CD saints. And that was a great question and I think one of the concerns is. If fight disclose everything now. What might that change. With my children. And it's you know. Their spouses your future spouse hazard. It did you see my point eight I think it's sad is a very. Fantastic question and and it truly a case by case has to was best to do it to be done to pay any non. The children their spouse is who's gonna mean false and sometimes it's good to maybe disclose a little bit. I think it's really does come down to the family relationships and what is Stifel called us when their party pour family relationships and so sometimes we do have to work conned building those family relationships. So that. The problem set we're gonna see later on to maybe head off those by just making sure that people care about each other enough. That they can handle whatever is going to be and that estate plan. Great question I think this summer ice that if that is a big concern. I would default to say how that candid conversation where if you were. Estate planning attorney yes. Maybe yeah and I will direct you court okay what is a revoke global trust. And can it be revoked ballroom or I should say irrevocable rebuild your local get comfortable cat and can it be dissolved. Yeah when it comes to your local trust. The whole idea is is is trust that whoever establish that trust no longer has the power to a mantra change that trust. And so the only waited they get this all does either through the terms the trust usual state specifically okay when these events occur you can go and dissolve the trust. Or through court order. A court order. We're. Two. To do what changed the track yet so I touched people have to go to court and say look you know such as us is Kurt. And we feel that in order autumn of the intent the trust is time to have it. You'll amended or dissolved. As C have to actually have a case to make an argument in front of the judge for that. It can't be well we just all agree that it's gonna change we went I now. Now all three ally because it and the judge will just say no that's not the terms the trust. But the notion that it's every vocal war. It just comes down the fact of the person who form the trust no longer has the capability while support to change or Alter the trust. Which makes sense if you are like in a married couple from a blended family won a person to one spouse dies. And then that other spouse surviving spouse tries to change the terms of the Tressel all the money goes their own children. Persists you know all right there are children Akamai and that makes that's imperfectly glory just sit out one of the big reasons why people to put her local spots stayed in many fence and then it makes absolute sense. I know there's a lumberjack but again if you wanna complimentary consultation with Craig about any of this state planning. Wills trusts so the powers of attorney. Beneficiary deeds. And I wanna actually talk about that next speaking Guinness ecology income complimentary 335395420. Alright listen now a beneficiary G deeds. Yeah beneficiary. I would it is this week and actually instead of you putting your kids strictly on title to your house or something like that. You can get this deed done that basically says. My house will go to my kids are to ever go on win nine dot. And because it's a future interest they actually don't have any interest in house well your life. You can go and sell the house without giving their permission you can go ahead tank and a mortgage and other stuff because they actually don't have any interest. In the in Europe house or any other real property until after they passed away so for those people who really wanna make sure that particular piece of property. Goes discern people without had seen it written down and a will to avoid probate. There's several other reasons why people would do this. Did a beneficiary deed really becomes a fairly cheap and inexpensive way of doing it. Now what happens is after someone has passed away OS to do is. Put a file or record an affidavit of survivorship. In the county records entitles the treacherous. Well better than doing Tennessee her. So it's certainly he's been out as good as you as joint tenancy with as far as the actual transfer. But he had the probably to a ten CC creates a current present interest in the property. And that's which you don't want to do that you're talking about just putting your kids on it. Okay so well that one question I may have we are talking about this before grade and mean it's interesting talking to you on downtime because he. We just yeah ice come across different ear weird issues and stuff but and is some people honestly think especially ones that don't have airs. And or may be bored to children children raped or beaten niece nephew whatever that they're close to. They don't realize it's all their money's going to charity. Or something like that he still need. An exact you her to direct their wishes rates. Once they passed so what happens if you've got a bunch of NASA T just wanted to I'll go to charity. You do you do you put those assets we get where they belong yesterday. He did you really do need to get somebody appointed to be the person representing sector. If they don't you know designate Dan they don't have any obvious heirs or something like that don't want happen is the scorcher again just assign somebody to do it. And usually it is some attorney. Vatican unless we have a really good estate plan. There's a good chance of you know in that situation some doesn't have any obvious relatives. There's a good chance that there are states is gonna wind have gone to the state of Colorado what it's. Yeah you've dilly your assets and you don't have an executive actually. To. But those where there sister go really. Now that it was that bad and it is important enough to properly managed gearing your life it's equally. Important enough. To take the time. To make sure that it's managed afterwards then this is you worse this is your money that we're talking about these are your assets that were talking about. Even if there's Justin a cause. That is. Near and dear to you or your Allman mater or it would ever maybe it's not going to happen with out a legal. Directive yeah I mean it's funny because a lot of people who don't have like children think OK I don't need to do an estate plan. And yet they're the ones that they die without a one we have the biggest problem of trying to iron out what to do with the lift their assets. So it's really. Helpful thing come and they continue these things had a time and we can certainly talk through the options but I I did. The difficulties that they have been trying to figure out what to do and we just news talk about options. Because otherwise you know that the fault is it you could wind have gone to the state or lines have gone off to. You know some. Some niece or nephew that YouTube could care less about. Right things don't even now so that's you know the advice that you would give. For those that don't have children. Or direct relative that said they have in mind. But on the other side of that coin those that have children. In multiple children. And maybe even grandchildren grow grandchildren and spouses. Having in the state plan put in place. In and of itself is a gift to your family. Because without it. That's where the problems. Really surface after you pass even I've seen it so many times in my career. They think they'll get old they all get along together I mean gosh you know Christmas is whatever you know there's no harsh words are but it when there's no estate plan. Now all of a sudden everybody's opinion becomes the estate plan. In the a different wish is different so it it in and of itself is a good gift in your fame exactly. And I really like to emphasize that families are under a lot of stress and some passes away. And so you're not just talking about you know how people get along when there are getting together for Thanksgiving game and everyone's having a good time it. We're talking about situation people aren't happy about this people may be depressed. People me critically the surviving spouse may not be able to function because of grief. And so we really need to have a plan in place so people can just create over things. In many ways it is a state plan really is some of the best gifts that people can receive. Because then it takes a lot of birdie and a lot of stress and a lot of worry off of people. And it kind of tells people how they can get along. When you add that stress and that worry on top of you know raw emotion. On the loss of a loved one. We're out tea it's the family dynamics had heard just it's. Difficult to deal west. Ice we get humor questions in the nineties that ago so this one is from Maria anything anybody else once she said in a complimentary consultation read that number out there throughout the show that Greg's got a gotta run that. I'm Maria asks if you that your eye real estate. In a trust any plaintiffs on afterwards. What are the steps take. OK that's it challenged. It really is because it's it's that's in the terms that trust obviously that are local trust often we'll find that people have to transfer title of the property out of the trust. For them to be able to sell its. Got you okay the other thing we're trust to become a problems with mortgages. Having been in house counsel for mortgage company before I can tell Morse companies hate it when. Properties in the trust because it they can impede their ability to be able for close on the property if it's in a trust. It does depend on the type of trust us there but you have to be really careful when doing do with trust and real states. And there is a big difference between. Having a trust that will eventually receive property. Verses he trusts that. Itself that trust. Is the owner. The out of a property to completely different strategy he's well it's and one problem than people have is often the trust does take away their ownership of the property. But their ownership is only coming through that trust. And so if you are not careful you may think in OK it's time to go sell this property not seen this over and over again work some on the goes off into nursing home. And their house was an eight trusts. Only to find out we don't have the ability to sell a house in news that property. Our though those proceeds to go pay for their nursing care. And so this is swore I am I had put out a big warning. Don't do any this do it yourself type stuff with the with the trust. You really do need to talk to an attorney to make sure that things are gonna work out. Because I know exactly why they did that trust and that's in those situations. Not it's just things didn't turn out the way that congress can attract. Isn't that the way Blake always in my it's OK last question Freel and that. Then. We're gonna have to unfortunately Neftali that's thing you know we don't legally but un. I know you do a lot obviously with Fini family planning tress and stuff we've talked about wills and I'm pairs of trains cents. But you work a lot with businesses as well and that's important yeah the business. Into family there's another thing to bring into the mix which is business succession plans so anything you wanna say on that. Yeah it's interest when people own their own business particularly if it's been somewhat successful maybe have an employee you're too. You really to think what happens if you guys. I mean most even large businesses think about what happens when a key employee passes away and how they're gonna handle that. If you're running your own business if you own a business you really need to be thinking about how repent transition this over. If you think that your kids just want to come in and take it over and they're gonna continue to run the business I got news for you. And that's. That's the case. EL II I have seen I do have a couple clients for that's been the case. But it's it's it's been a rare situation. And see really do have to have a plan of how what's gonna happen if you have a partner. Particularly if you have a partner you got do you worry what happens in my partner dies you don't wanna be the person that you turner Dyson also then you have to. Starr working with their spouse or your gonna have to start working with. There are twenty year old child to him how great all sorts of bad things can happen and so a lot of times a good business if it's a thriving business. Maybe non answer when your star nothing you don't know what it's agencies are not but we have a successful business if you want that business to continue. Beanie to come up with a good business succession plan so that business can continue to be successful and your employees don't wind up in a pink slip on the day you guys. Right and you know a good thing to say and that note too is we always say retain a financial planning is have we always say it means you don't know the questions to ask. But we know the questions to ask to do you Rolen a financial plan. Craig is great for maybe you don't know the questions to ask. But he knows he's got the list of questions asked to get you in a amnesty plan are lacy plan that is right for you unfortunately had to let Craig go on the we will be here after the break. Easy gives the call again consummate consultation. From Garay get at with Dick for block 3035395420. That's 335395420. Hey stay tune in train I. And Ryan and Hank will be right back after this commercial break. Pop a right we are that's. This second time 1960 sciences. And the year was left 1965. You take back what were you doing where were you in your life 1965. Lot went on in the sixties yet didn't. I got allies that have the why you start with the financials of the sixties let's give that half way. So this past Friday the Dow closed. At 21000. 858. At the end of 1965. The Dow was sitting year ended in 1969. In 1965. The average cost of an house in 196521500. Dollars. What new car did you vine 1965. The average cost of a brand new automobile was 2650. Dollars. Average income. Per year with 6450. Knew it I don't put that in perspective discern this week no lie that the that minimum wage in Mexico. Five dollars per day right now five dollars per day at minimum minimum wage in Mexico so. Second 17100 dollars a year for minimum wage if you worked every day vs average in compare your 64 feet. And he's incident and perspective via the average cost. Per gallon of gas. 1965. 31 cents. And a look for Brett. When he won censoring you know how much to look for bread is today. The foods whose books are you totally gonna guest right now Kirk. A digital is a link to us so much it would kind of bridge again by dollars it could reeboks I guess yeah those are not ready to give cherry and even now. It's not my job is due to go to the that was my point number it's at the financials. When you pay them some which we gum for the year. Yeah it's easy that's famous birthdays people born in 1965 Ben Stiller and I'm man and it's great to Charlie Sheen. Men and and Robert Downey junior. We've guides. Movies and TV. Peter Jennings began his career as an anchor of ABC's nightly news in 690 TC five. The sound of music which I think like everybody has lassie scene and yes I I like dead for as releasing 65. What a nice if breaks because he didn't wanna be Jeannie. I Dream of Jeannie star rain Barbara Eden and Larry Hagman premiered while undergoing tests and a lot of that growing up. Yet and it is in our lives premiered on TV it's the longest running scripted TV programs in history is that still on today. Oh yeah I hate in her. Watch is that. Religiously to the state every single day and she has watched it. My entire life so she probably started watching it back then learn. Yeah and she sang the ease of our lives. What we haven't sports in 1965. Mohammed Al eight. Knocks out sending list and the much anticipated. Rematch. In the world's largest air conditioned arena. Open to the Houston. Astrodome. And I thought this is interesting and not really add about player but NFL changes their penalty flag from wait to break gold. Because dress couldn't could lose sight of the white sometimes when a sound good uninteresting. I rates down in history. Tour when he sign a thousand civil rights demonstrators conducted a fifty mile walk for freedom there's a lot that have gone on because of the Vietnam War. And now Max was assassinated in New York City. First US combat forces arrived in any error engraved in Vietnam with boots on the ground. And on the beaches of domain. It ends LBJ's signs in Medicare bill which went into effect in 1966 though could bait dates back that long. And couple whose birthday is on today's date August 13 is Fidel Castro move who. Alfred Hitchcock can Janet Yellen dean any Oakley. And aunts and if you're listening in today's your birthday happy birthday happy birthday this. So first year me and dated and health warnings appear on cigarette packs in Spokane smoking became a known known. And I was 186500. Seneca have latest trade toy craze was super ball an escape or. I had each one of those as a kid I don't you noticed this super volley is this is quite easy it would go to the supermarket. He and that your you know like in nickel or dime not like a look at all the little about a ball got a little bouncy ball a rubber ball yeah. Dino little fact. Now that means we're gonna find out a little fact is. C. Balls glass will accede down tires anabolic rubber. Okay. It I think that's true yup but that's he's yeah Bill Nye the Science Guy yeah well I do every drop something that's made a glass it just breaks it came from a snapple under a snapple led. There is no hatred and can't. So old ink. What is it. What what was. The most popular song. In 1965. You'll recognize this when. That was the most popular style and I. Who's the artist who's your instinct. God would I am Sam and Dan no you know. Nice out as I can time this week on dollars and cents 1965. Tyson before we started on our next step go around this free tech about why ayello money is so little ever so important. But I do and if you would like to have a complimentary consultation and a state legacy planning against meeting. With wills trusts if he wanted to look at over. This a needed time to call so that. Consultation fees in review. Fees are are they gave our clients I mean act or listeners and even give us a call. This week. Or today 303539. Tie for 20 begin through 35395420. And hate what made a couple hours of it and meet with us about your financial plan as well food. About that. You know we bring your checkbooks in that day. We were. Articles in different publications. About the value the added value. Of working professionals. I eight. Your financial advisor. I eat your estate planning. Legal representative. The attorney. When they are working together. On your behalf in tandem. Assists giving new independent advice. Separate of one another. You will end up in a better place in the end win these financial. Individuals when these professionals. Are working together. That is one of the benefits that we bring. In a parking place. Through and where in our offices. Craig works right in our offices with us. You can have your financial plan rebuke to complimentary. As well as your state plan. Complimentary. If you have your cake he needed to do so if you would like to take advantage of this opportunity. Now would be the time think about some girls like you know our but he hates going to debts straight. Think about it go to the dentist and get a full physical all in one thing in your done. You would like to take advantage of it and Greg made some great great points today you or a steady plan. Is in and of itself one of the best gifts that you can give your loved ones. To prevent problems. Down the road where if you just been procrastinating. Because. Let's face it we give busy life gets in the way or racing families planning retirement. And it's easy to put off so we're giving you a great reason. Ten not put it off any longer. I know some of the had delete messages today because rains been busy on the phones. That will be he's going to be taking calls for at least in their 25 minutes 30353954. Tuesday. That is the same and we can use Monday to Friday as well or after the show effectively a message will get paktia. Tomorrow has that I rates at 3353954. Q zero is a number costs sell movie on and why is yellow money so. Important. In our book whose retirement is it any way we talk about this extensively. So we're just going to talk today about yellow money. Now depending upon what type of bass say you have. It you may fall in one of three different categories. We have great money green money represents. Safer. Investment safer alternatives for your money. Savings accounts being CDs fixed annuities etc. With principal. Guarantee that agree money under your bed bed mad bedroom mattresses we call it. No it was so money KN OW many day eaten there. Should you eat it. We had money. Is money that is risk based. Examples of red money investments would be stocks bonds mutual funds ETFs. Reads it's set trek. They don't have. Principal. Guarantees in protection. But the opportunity. Is there. Many it greed money. Aren't necessarily better. Then the other one is not better than the other to own. The point is having the right balance. Of the two so what is your own money we know what red money is risk based. Green money principal guaranteeing what is yellow yellow money. Are the same investments that are in red money stocks bonds mutual funds ET f.s etc. But they are being professionally. Managed. Professionally managed. That is going to increase your chances for long term success. So. If you are not using any investment advisor A for do share. Maybe you're using somebody who is only broker. Or maybe you work doing the investing yourself. Meanwhile this from Ed money. Risk based. I sure did all of our. Report. Couple weeks go on the program. The reports have shown that my post. Of the average investors have failed to keep pace even if inflation. You couldn't bring a decade. A strong economic growth. And turn this can have a huge impact. On your retirement funds. It in simple terms. But is the overall goal for investing. In the market. By loans are high to make a profit. But risk is involved. Managing real risk. Is what yellow money is all about. Getting professional help with managing. That risk. Just look at this last week. Every day in the headlines. North Korea. Trumps tweeting. North Korea. Guam. These are things to be on you or immediate control. And they're always going to happen. What extent we don't know. But my point is simply. That these factors will directly affect. You wore red money investments. Professional money management. We'll help you best. Balance. They're risking your portfolio and. Will make certain that you are not taking. More risk then you can afford to be taking me in the ad he's done for seen events can directly affect. The rest of your life financially speaking. If you or money is bread not being professionally managed. Chances are good. There you were taking on more risk then you should be taking. Many times with the lack of significant return. The results that I see. Often. We talked about it here on the dollars and cents radio program many types. We've IDs investments or were sold these investments. It's a family mutual funds. At best intention. Right. But it was not a plane. And what was for her bowl for you own three years ago. Mean be. Favorable to you in your positions today. Called ongoing management. During. Like having says sending the Denver Broncos out on the field with one play. It works sometimes right. But it's not gonna work every time ongoing management that's where yellow money. Brings to the table. It makes certain that you're not carrying around. Out needed investments. Many times and I said even a broken clock is right twice today. She or. That mutual and may have performed well three years ago had a great year. Last year was a great year. For example. But we knew don't have. The benefit of professional money management. What happens to many times. It is after you're right that elevator all the way up pureed the same elevator all the way down. And that really defeats the purpose of long term management. It takes you for there from New York. Goals. At some point time. In two realistically if if it's not if it's red money he just might not have. The resource is available. That with a professional money managers that they have for the knowledge or the tine. And the financial products available break we'll let them as I say right exactly so I mean there's just sell them much that can be done that. Is it's at an update you now if you don't. What are your favorite things that you Tellme often Troy is dumbed down. And here's as simple terms as I can put it. Too many times folks at. The number one thing they lack. It's a strategy in the strategy. Like throwing a bunch of pain laws against the one hope one of them pops up or at. Statistics. Paint ball sticks he lost. Something he's just shot the ball I now kinda thing. And forget it I don't know who don't know but it act of those glass balls that didn't wall and hoping they. You guys don't and saying no I'm thinking at all and hope something sick OK okay yep what is okay. I don't know why is it is easy to get on a whole another notch I tried to simplify you just took it down another another couple floors. You try to eat it up and just like in sports leads to victory. Victory is what you're looking for as you are planning for. In transitioning into retirement. The average number of years folks are spinning in retirement now. Twenty years. That's a long time name of free money for your plan. I have to be effective. We think about it. How many do overs do you get. Once you're in retirement. It and you. Have a couple financial disasters. What don't we don't get them all begins. In retirement. Financially speaking. It also breeds confidence and peace of mind. In retirement. Well just snows and lodging. Do we need to pick her crush a great deal on two. Yet I can quick commercial break here he was caught 3035395420. Threes your teeth 99 pipe for a tease your and then. Nancy I would stinks the that's uh huh hello laughter I thought. We didn't get America comers in the heat we'll be right back. And. Right and we ask who is. The dollars and cents re in show with Brian Choi. Myself. Think. It's apparently targeting Islam something sticks hope something sticks. If we decided during this last commercial breaks that we love. Diesel sings urgency we're gonna keep Bennett an ongoing list lorries. Proverb and irate people onto pylori. We do we can chat at mentor next book that's great to play the animation he's sound didn't down cash. Here's the thing it makes sense in my mind line saying then and then it Blake I would have never come up with everything against the one hopeless. She cares doesn't always come out of sitting right here exit. I didn't study notes. There's a little resilience and and that really fast and then my mouth it's it's just that's that's the. This that'll be out of the hands thrill gone on in your brain. That went in the diary or IR us and more time. That is so you can again meet with trite I don't mean with me and Aegon didn't get here yearly you know are geared I everything done deed now done and. Creighton stuff 2353954. Teaser and tapped out here there's no I think it's talking about why yellow money is so important the end. I just want to bring up the one of the common. Concerns. I can't afford. To pay somebody ten manage my money. That's for high high net worth individuals. I can't afford that let me tell you. Couple of thoughts on that first of all. If you had money. There are costs. In what you do. Maybe those costs come by way of commissions. To mutual funds. Internal fees within these funds. Expense ratios. Will be war and peace. So you are picking something. Investing is free. In investment advisor. I'm just gonna debunks this myth right now is not only for folks that have a million dollars or more. It is for the folks that want to protect preserve and grow the assets that they worked very hard for. What you have is what you half. There is no benchmark. You have to be a millionaire. To consider. Think it was Peter Lynch that said if you have 50000. Dollars or more to your name. Fire your broker and hire an investment advisor. Wolf there was Peter Lynch. In investment advisors also a fiduciary. A fiduciary is required. To pay your interests first and foremost. Not their own. Not every. Here's Mayer quotes so for clean financial advisor is also a fiduciary. So you're giving advice that will be in your best interest. Which is. What you should expect nothing less. Now having your money professionally managed. Still has risk involved. Who SK is unavoidable when it comes to investing. In red money investment. Risk based. Investment. But you know half of the plane that. That matches. Your time horizon. Your risks tolerance. Your immediate needs in your future needs. Your legacy plan. You were plan will be. Bonnie one size fits all. But they tailor made plain in that fits you wore a specific. Goals in needs. And men alike in the says something thinking to creating sample turned you NI. Can drive great we drank. Don't need it she's determined to with a topic that's an hour is gone because those that he and it was not my point in it was warm. Accidents anyways. That's my my thought OK we drive but we go to Mexico a lot rate them. Mexican drivers have no rules like Alltel means stop that it's kind of a recommendation not like a serious I suggest suggestion so well. We eat but I guess it how many times. We will net her drives in Mexico. Because the rules are a little long key. Drivers are no totally want to eat it we don't know where we're going and the roads are weird so we said that many times we we each can dries can manage their money but those drivers can get this they're safely. And they can probably get us there without an accident. Pretty sure I do view drive for ten minutes ID in my first Saxton trying in the fetal position but I'm just saying it's just kind of like that it's like we change I've. But it's better not hire a driver in certain merchant conditions same thing maybe you like. You look like Tim managed money maybe your really into Sydney you know let somebody like Troy or fiduciary would really knows the ins announced. To get there safely and probably better off than if you were driving yourself. At and okay. I'll set. He says that is he's trying to put. Atlanta. Can't do out there because I don't just put the period on the Internet seconds and let it be. I am minus this. We start at they very simple process. Of looking at what you currently have in categorizing. What you currently have. We categorize it by color red many green money etc. There can be. We take you through a shorter. Who risk analysis it is a color of money risk analysis. And it tells us two things. First of all how much risk you are currently caring around. And secondly. How much risk. You should be carrying around based upon your tolerance or appetite for risk taking. Emotional appetite. We're financial appetite you were but he. You should be taking on more risk than you can a full day to be taking on so we start with that analysis and that really. Sets us on the right direction right up front too many folks have me kitchen table forced to eight months. With different custodians. Work companies. And that's exactly what they are there a collection of different accounts. The DC counts don't. Have a specific purpose within an overall plane. If that makes sense. When you have a plan. You plan means you have multiple. Components. That each play a very different but important role in the overall plane. Simply putt that's what it is that's what you're paying for with professional money management. By the way. To get to that nest egg that here. Wanting to in five and ten and fifteen and twenty years. You don't start easy professional money management. After you've already won the game of investing. You use professional money management to get there. To grow that in this state to manage the risk. To maintain the proper balance. In mitigate risk. There's a lot happening in the world today. There's a lot happening in the world today I would venture to say. That the world we live in right now. Makes it that much more important more important than it's ever been to use. Professional money management. Because. Like it or not you invest in. In the live in the one of the global economy. Like it or not. You mean I have you don't have investments North Korea. But what's happening in North Korea is affecting the investment you do phone. This past week in probably going forward that these are called Black Swan events things that maybe we didn't see coming. But they affect everything the same across the board. These are events that think about it this way all boats. Rise and fall with the tide of those events. So professional money management in this. Chaotic world with geopolitical. Chaos if you will. Just the politics and our own country. This is the reason that professional money management. Very well could be your best friend. Long term going forward. In you know maybe once had a professional money manager maybe do right now that you don't understand what they say they need to stairs like at they're speaking Spanish in your speaking English and if you don't understand. Then you probably need to. Seeks certain other other advice. You should understand your plane and you should understand what your financial professional is telling you. Maybe you've been burned by a financial planner in the past don't let that stop you because our friend you know seeking out advice. So we you know there could be blocks in your head about maybe. Giving us a call but don't come in. I mean give us a can't come in and get a consultation. One word that you that you referred to there is very very important. Communication. It's not just that you speak with peer advisor. Every so often that they you have a level of communication that. When they give you financial advice when they explain. Certain strategies two year. That you can grasp and understand it Matt is first and foremost. My duty in my obligation is to make sure that you understand what the plan as what the strategy is. And good communication and leads to you understanding when you understand your plane and it gives you confidence. Mistakes and I made a law that dal are steady that I referred to that says the average investor. They manage their own investments. Under performs even the rate of inflation long term over a decade. The reason why emotional decisions. Last week the Dow fell. One and a half percent bank. And if you're caring too much risk maybe you had a 2% drop in all of a sudden. Boy I don't know maybe I should sit out on the sidelines what happens. In the big picture. When emotional decisions are made on your investments. You India. Buying high and selling low on the opposite of the overall strategy. To investing. Don't have to do that. Sorry even listen to the dollars and cents radio show hey thanks so much for joining us this week we will be your same time same place next week. And also give its coffee your 35395420. Freaking take us out online www. Each. Well dot Ford C twelve dot org you guys have a great news. Investment advisory services offered through visual management LLC and registered investment advisory in the state of Colorado. Insurance products and services offered through Hampshire group incorporated pitcher wealth management LLC and pitcher for the incorporated are affiliated companies.
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