Love, Legacy & Liquidity: How to Protect Your Wealth and Your Relationships

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Welcome to Something More with Chris Boyd.

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Chris Boyd is a certified financial planner, practitioner,

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and senior vice president and financial advisor at

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Wealth Enhancement Group, one of the nation's largest

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registered investment advisors.

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We call it Something More because we'd like

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to talk not only about those important dollar

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and cents issues, but also the quality of

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life issues that make the money matters matter.

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Here he is, your fulfillment facilitator, your partner

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in prosperity, advising clients on Cape Cod and

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across the country.

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Here's your host, Jay Christopher Boyd.

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Welcome, everybody.

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Thanks for being with us for another episode

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of Something More.

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I'm here with Russ Ball.

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We are both of the AMR team at

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Wealth Enhancement.

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Glad to have you joining us.

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We thought we would take today's segment and

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talk about some recent lessons learned.

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We run into so many clients from one

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week to the next, clients or prospective clients,

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people come in for consultations.

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As an aside, if ever you need some

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help, we offer a complimentary consultation, so don't

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hesitate to reach out.

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In any event, we find that there are

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some lessons that we run across from time

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to time, and there might be some things

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we could share.

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Today, that's our focus.

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We've had some interesting conversations, and among them,

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we were talking with some people who are

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going through marriage later in life.

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Sometimes it's a remarriage, sometimes with a second

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marriage, sometimes it's just found someone later in

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life or after a passing for one spouse,

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taking interest in having the possibility of another

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marriage.

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So how should we think about our structure

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in our portfolios or in our estate planning

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more specifically?

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Russ, I was thinking that's maybe where we'll

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start.

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The first thing that comes to my mind

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is when you have blended families.

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We've seen numerous occasions when someone who had

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a family or has a family has a

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second marriage, and they might want, ultimately, their

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new spouse to be cared for with the

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resources of their wealth, while at the same

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time, ultimately, wanting some of their wealth to

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be assured to go to their children.

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Now, sometimes it's blended children, all the children.

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But how that is done, that can be

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largely handled through an estate plan.

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Yeah.

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And these situations, I think it's fair to

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say that they can become challenging when there's

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relationships, money, it's kind of oil and water

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sometimes.

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But in my experience, so I'm part of

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a family dynamic like that.

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So my dad had had kids and then

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he remarried and my brother and I are

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a product of that second marriage.

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And I think it's natural that there are

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going to be things that come up.

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And estate planning is a good way to

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confront some of those topics that might be

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challenging to discuss with family.

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Confront sounds maybe, how about navigate?

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Yes.

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But absolutely.

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Right.

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So let's go through some like circumstances.

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What I'm picturing is, okay, I have kids

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from, I don't, but if one did like,

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oh, I have kids from a prior marriage.

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I want to make sure that they get

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some of my resources after I'm gone.

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Yeah.

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Right.

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So how do you do that?

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Now, sometimes this can be challenging when someone

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marries their spouse who happens to be notably

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younger, then it could be challenging for when

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will those kids ever see their inheritance, right?

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If they're closer in age to the new

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spouse, in this case, it could be male,

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female, whatever it is, but how that works

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out, it could be challenging.

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So in those instances, maybe there's different types

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of estate planning considerations.

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Maybe you create some life insurance if you're

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eligible and available to create some wealth with

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that in mind to say, well, you may

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not see it for a while, but I

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want there to be something that's given.

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But a certain type of trust document, a

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qualified terminal interest, Q-tip trust can produce

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the arrangements that we might typically want to

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see.

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Something where you say, I want my spouse

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to be able to receive the benefits of

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my wealth while they remain alive, but after

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their passing, this part of the trust goes

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to, and you can direct where that goes.

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Maybe it's kids from a first marriage in

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that scenario.

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You mentioned a situation where in your family

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situation, you're the product of the second marriage.

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Do you have siblings from step-siblings or

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whatever?

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Yeah, I have siblings.

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Have siblings.

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So you could envision that circumstance where, okay,

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well, what happens to the assets after the

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fact?

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Now, what if, as an example, the second

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spouse says, well, I want to go to

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my kids.

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If everything just goes by joint property, it's

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possible that things could be excluded.

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People can be excluded.

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So having the right kind of estate planning

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in place could allow for things to be

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done the way you want it to be

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done.

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And this requires a lot of navigating among

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the family discussion.

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What do we want?

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And what's fair to, in the way you

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want this to be arranged?

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Certainly there can be complexities in thinking that

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through and how to navigate that.

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And I think that's probably why I said

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confront because a lot of the time it

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is very complicated.

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And it could be confrontational.

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It's probably confrontational.

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There are a lot of dynamics at play.

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So we see a lot of times when

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there's no estate plan with all these factors

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in mind because it's so challenging to untangle.

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Yes.

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And how are you going to have this

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conversation among the family might be uncomfortable.

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So you just avoid it.

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Right.

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And so then there's no real plan in

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place.

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And then it leads to more confrontation later

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on among other family members.

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Another thing that comes to my mind when

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we talk about this topic is the idea

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of when there is this second marriage, are

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assets mingled or are they separate?

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We came across an example recently where there's

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a second family and a second marriage kind

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of situation.

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And this becomes one of those things.

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Is it what's yours is mine and what's

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mine is mine?

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Or is it what's ours?

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How do we navigate these circumstances?

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Do we put everything into joint name of

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some type or whether it's trust or whether

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it's through joint ownership or are we keeping

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segregated wealth?

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This is mine.

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I came into the marriage with this.

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You came into the marriage with that.

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These are decisions that have to be approached

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and discussed and clarified, particularly when there's a

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second marriage involved.

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Brings us kind of to the topic of

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prenuptial agreements.

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I can see at times, I think it

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would be difficult.

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My wife and I did not have a

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prenuptial agreement.

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We both came into the marriage with virtually

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nothing.

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So it really didn't matter.

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But what if you had differences in wealth

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when you come into a marriage?

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I've always kind of had the personal kind

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of view that it seems kind of awkward

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to say, hey, honey, I love you.

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Let's talk about what happens if our marriage

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fails.

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It just seems kind of like it's almost

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predicting failure, which we don't want to do.

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But what are your thoughts about prenuptial agreements?

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Well, certainly not romantic to be going to

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a lawyer's office to sign a prenup or

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whatever.

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But my mom is a lawyer and she's

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always thinking in these terms.

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So definitely has drilled that into my brother

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and my minds growing up.

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I think one perspective is 50% of

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marriages end up not working out.

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I don't know if that's still the statistic.

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I think that's the statistic for first time

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marriages.

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I think it's even higher for second marriages

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that don't work out.

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That don't work out.

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Okay, interesting.

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Well, I think it's just a confrontation of

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the reality that different things can happen.

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And it's not always one person's the enemy,

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one person's a good guy, one person's a

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bad guy.

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But sometimes marriages don't work out.

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And what better time to plan for what

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would happen if other than when you're...

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When you're both caring.

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When you both like each other.

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Rather than confrontational.

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Exactly, exactly.

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We were recently at a seminar from Boyd

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and Boyd.

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And someone asked, what's the best way to

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prevent my assets from going to my daughter

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-in-law, for example, in the case of

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a divorce?

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Oh, yeah.

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And Keats, through trust, there are things you

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can do to try to prevent that from

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happening.

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But Keats did say, the best thing you

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could do is a prenup or a postnup.

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And just legally, that's the most ironclad way.

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And it's probably not the right way to

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say it.

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It's probably not ironclad.

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Yeah, but I follow your point.

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It's probably a sound way to approach it.

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And in the case of estate planning for

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someone worried about their child, their adult child,

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not having to lose the wealth that they

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are intending to have their child inherit to

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a divorce.

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As you mentioned, there are creditor protection features

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within trust that can be utilized that Keats,

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Boyd and Boyd often makes use of in

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their estate planning conversation.

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So that is a good point.

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There are a variety of ways you can

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approach this.

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IRAs tend to be an asset that don't

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go through the estate plan ordinarily.

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But you can have some specialized trusts that

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can help to pursue certain objectives without sacrificing

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the tax deferred status of the IRA features.

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So, okay, gotcha.

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I think that there's some virtue to this

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conversation to do a little planning in advance

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while you care.

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And they perhaps might have an easier time

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finding consensus as to how you want to

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handle things prior to the dissolution of a

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marriage.

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Yeah.

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And like a worst case scenario, how would

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we approach that kind of thing?

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I think sometimes the challenge people run into

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is, as you said earlier, it can be

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a really difficult thing to talk about.

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And like with most things with planning, the

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more that's done in advance, the more deliberate

277
00:13:10,040 --> 00:13:13,060
we are, the better outcomes we're likely to

278
00:13:13,060 --> 00:13:13,460
have.

279
00:13:14,340 --> 00:13:20,320
So whether it's thinking about your financial planning

280
00:13:20,320 --> 00:13:22,100
in terms of this kind of an issue

281
00:13:22,100 --> 00:13:26,980
for estate planning, but in the complexities of

282
00:13:26,980 --> 00:13:30,480
a second marriage, sometimes these can be a

283
00:13:30,480 --> 00:13:31,960
really important part of your planning.

284
00:13:35,180 --> 00:13:37,860
Let's talk not about the estate planning component,

285
00:13:38,060 --> 00:13:39,440
but about the cash flow.

286
00:13:40,980 --> 00:13:43,260
And we run into this not just with

287
00:13:43,260 --> 00:13:46,960
really with any kind of marriage or combined

288
00:13:46,960 --> 00:13:50,200
effort, maybe people living together or whatever it

289
00:13:50,200 --> 00:13:52,560
might be, but the notion that what do

290
00:13:52,560 --> 00:13:56,660
I do when I'm bringing more to the

291
00:13:56,660 --> 00:13:57,860
marriage, right?

292
00:13:58,040 --> 00:14:02,060
Maybe it's capital, maybe it's wealth rather, maybe

293
00:14:02,060 --> 00:14:03,280
it's income.

294
00:14:04,100 --> 00:14:07,160
There's disparities that we run into in how

295
00:14:07,160 --> 00:14:08,260
things could happen.

296
00:14:09,080 --> 00:14:11,980
And how does that factor into how we're

297
00:14:11,980 --> 00:14:14,120
thinking about our cash flow?

298
00:14:14,720 --> 00:14:15,940
Who pays what?

299
00:14:16,680 --> 00:14:23,160
Many times we run into families where they

300
00:14:23,160 --> 00:14:26,380
opt for one bank account.

301
00:14:27,020 --> 00:14:30,060
Everything goes in and money gets paid out.

302
00:14:30,600 --> 00:14:32,460
I've talked about this in the past where

303
00:14:32,460 --> 00:14:34,120
my wife and I, when our kids were

304
00:14:34,120 --> 00:14:38,320
young, we ended up both writing checks on

305
00:14:38,320 --> 00:14:39,000
the bank accounts.

306
00:14:39,100 --> 00:14:40,060
I'm trying to pay a bill.

307
00:14:40,160 --> 00:14:41,480
She's trying to pay for groceries.

308
00:14:42,580 --> 00:14:45,700
There can be some challenges of operating out

309
00:14:45,700 --> 00:14:48,080
of one account with multiple people.

310
00:14:48,780 --> 00:14:52,260
So sometimes people opt for multiple accounts, two

311
00:14:52,260 --> 00:14:52,660
accounts.

312
00:14:53,260 --> 00:14:55,520
But what happens where?

313
00:14:55,820 --> 00:14:57,880
Which bills get paid from what kind of

314
00:14:57,880 --> 00:14:58,520
priority?

315
00:14:58,940 --> 00:15:01,240
Whose money goes into what objective?

316
00:15:03,280 --> 00:15:07,640
Sometimes people will do three accounts, his, hers,

317
00:15:07,720 --> 00:15:08,180
and ours.

318
00:15:08,900 --> 00:15:10,180
So this is a little bit of money

319
00:15:10,180 --> 00:15:14,180
for your flexible spending, whatever it is, the

320
00:15:14,180 --> 00:15:14,840
things you want.

321
00:15:15,040 --> 00:15:16,420
Here's some money for the things I'm going

322
00:15:16,420 --> 00:15:19,260
to prioritize, but here's our combined efforts.

323
00:15:20,160 --> 00:15:22,700
So there's all kinds of approaches that we

324
00:15:22,700 --> 00:15:27,580
see and all of which have practical considerations

325
00:15:27,580 --> 00:15:29,880
about virtues and drawbacks.

326
00:15:30,600 --> 00:15:32,660
Any comments about that topic?

327
00:15:33,240 --> 00:15:33,400
Yeah.

328
00:15:33,600 --> 00:15:38,900
Well, I've read a lot about the psychology

329
00:15:38,900 --> 00:15:44,280
around these different considerations and one account, individual

330
00:15:44,280 --> 00:15:48,540
accounts, the three account solution, his, hers, ours,

331
00:15:48,600 --> 00:15:49,300
or whatever it is.

332
00:15:49,400 --> 00:15:52,560
And basically the conclusion I've come to is

333
00:15:52,560 --> 00:15:57,380
that there is some benefit of having possibly

334
00:15:57,380 --> 00:16:00,400
three accounts or at least having your own

335
00:16:00,400 --> 00:16:04,100
individual accounts for something to have some level

336
00:16:04,100 --> 00:16:07,280
of, this is mine, this is my money

337
00:16:07,280 --> 00:16:09,220
for doing whatever I want, or just the

338
00:16:09,220 --> 00:16:11,780
feeling of independence over the course of a

339
00:16:11,780 --> 00:16:12,100
relationship.

340
00:16:12,100 --> 00:16:14,900
Because as I said earlier, relationships and money

341
00:16:14,900 --> 00:16:22,000
are not often seamless, to put it lightly.

342
00:16:23,780 --> 00:16:28,720
So I definitely would subscribe to the, you

343
00:16:28,720 --> 00:16:30,520
each have your individual accounts that you came

344
00:16:30,520 --> 00:16:33,720
into the relationship with, but I do think

345
00:16:33,720 --> 00:16:35,720
that there is some benefit to having, whether

346
00:16:35,720 --> 00:16:37,240
it be a credit card that you're both

347
00:16:37,240 --> 00:16:40,640
using for essentials or a joint account that

348
00:16:40,640 --> 00:16:42,560
you automatically route some money into where it's

349
00:16:42,560 --> 00:16:44,040
like, this is a shared expense.

350
00:16:44,960 --> 00:16:48,160
There's many ways to do it, but that's

351
00:16:48,160 --> 00:16:48,680
kind of my take.

352
00:16:48,780 --> 00:16:50,420
I think there is some validity to the

353
00:16:50,420 --> 00:16:53,880
fact that there is some psychological aspect of

354
00:16:53,880 --> 00:16:55,900
having some individual account that feels like, all

355
00:16:55,900 --> 00:16:56,320
right, this is.

356
00:16:56,480 --> 00:16:56,620
Yeah.

357
00:16:56,700 --> 00:16:58,680
I think that one of the things I

358
00:16:58,680 --> 00:17:00,940
would be inclined to do if you do

359
00:17:00,940 --> 00:17:04,040
the three account approach, which I kind of

360
00:17:04,040 --> 00:17:06,579
agree there can be merit to that, but

361
00:17:06,579 --> 00:17:08,099
I would make sure that all of the

362
00:17:08,099 --> 00:17:10,319
accounts are, or at least I would be

363
00:17:10,319 --> 00:17:12,619
inclined to suggest have all three of the

364
00:17:12,619 --> 00:17:13,740
accounts be joint accounts.

365
00:17:13,880 --> 00:17:14,040
Yes.

366
00:17:14,240 --> 00:17:14,440
Yes.

367
00:17:14,560 --> 00:17:16,300
So that if anything were to happen to

368
00:17:16,300 --> 00:17:20,040
one of you, there's no difficulty in accessing

369
00:17:20,040 --> 00:17:20,579
the money.

370
00:17:21,200 --> 00:17:23,619
I also think that you, you know, there's

371
00:17:23,619 --> 00:17:25,140
transparency in all of this.

372
00:17:25,660 --> 00:17:28,060
And even though you may say, well, I

373
00:17:28,060 --> 00:17:30,780
wanted to buy this or that, this is

374
00:17:30,780 --> 00:17:33,060
for my, you know, I'm using my money,

375
00:17:33,160 --> 00:17:33,620
so to speak.

376
00:17:34,560 --> 00:17:36,780
There has to be clarity about that in

377
00:17:36,780 --> 00:17:40,780
some consensus that we agree that there are

378
00:17:40,780 --> 00:17:42,320
some things you're going to use your money

379
00:17:42,320 --> 00:17:43,760
for, and you're going to use money for

380
00:17:43,760 --> 00:17:44,140
your things.

381
00:17:44,600 --> 00:17:48,700
And that we've got consensus around the idea

382
00:17:48,700 --> 00:17:49,480
of that.

383
00:17:51,140 --> 00:17:54,240
But I think those are maybe good practices.

384
00:17:54,760 --> 00:17:58,160
When it comes to the whole topic of

385
00:17:58,160 --> 00:18:03,940
financial planning and whether it's in a married

386
00:18:03,940 --> 00:18:06,380
situation or not, you know, I think we

387
00:18:06,380 --> 00:18:08,400
want to come back to the idea that

388
00:18:08,400 --> 00:18:11,720
financial planning in many respects is simply a

389
00:18:11,720 --> 00:18:13,040
matter of decision-making.

390
00:18:13,300 --> 00:18:14,900
It's prioritization.

391
00:18:15,400 --> 00:18:20,580
It's about having clarity of objectives, having maybe

392
00:18:20,580 --> 00:18:25,280
in some cases, having shared priorities and goals

393
00:18:25,280 --> 00:18:26,540
in the process.

394
00:18:27,280 --> 00:18:30,880
And so there can be challenges that we

395
00:18:30,880 --> 00:18:31,340
face.

396
00:18:32,240 --> 00:18:34,140
And we've run into people on the one

397
00:18:34,140 --> 00:18:40,480
hand, they have plenty of wealth, but they're

398
00:18:40,480 --> 00:18:44,140
facing retirement and they're in the decision of,

399
00:18:44,140 --> 00:18:47,580
am I going to work longer or am

400
00:18:47,580 --> 00:18:49,420
I going to start to spend less?

401
00:18:49,940 --> 00:18:54,040
Because even though despite having wealth, the forecast

402
00:18:54,040 --> 00:18:56,620
of things doesn't work the way they'd want

403
00:18:56,620 --> 00:18:59,320
based on the level of spending they have.

404
00:18:59,620 --> 00:19:01,960
So, you know, okay, what do we prefer?

405
00:19:02,060 --> 00:19:02,980
What do we prioritize?

406
00:19:03,560 --> 00:19:05,300
Do we want to spend less?

407
00:19:05,840 --> 00:19:07,460
Do we want to work more?

408
00:19:07,900 --> 00:19:10,180
Do we want to restructure the way our

409
00:19:10,180 --> 00:19:11,540
wealth is designed?

410
00:19:12,720 --> 00:19:15,800
There's room for any of the above, right?

411
00:19:15,840 --> 00:19:17,220
Or some combination.

412
00:19:17,840 --> 00:19:21,460
Other times we have people who, you know,

413
00:19:21,780 --> 00:19:24,200
they have an abundance of wealth.

414
00:19:24,500 --> 00:19:27,440
And so the question becomes, how much is

415
00:19:27,440 --> 00:19:27,840
enough?

416
00:19:28,420 --> 00:19:29,760
What's the right number?

417
00:19:30,360 --> 00:19:33,420
What do we value with the time we

418
00:19:33,420 --> 00:19:33,840
have?

419
00:19:33,960 --> 00:19:34,320
How long?

420
00:19:34,460 --> 00:19:35,620
None of us knows how long we have.

421
00:19:36,320 --> 00:19:39,660
So we want to be finding that sweet

422
00:19:39,660 --> 00:19:45,520
spot of how do we have the kind

423
00:19:45,520 --> 00:19:48,560
of lifestyle that works for us, whether that

424
00:19:48,560 --> 00:19:50,700
includes work or does not, you know, whether

425
00:19:50,700 --> 00:19:53,860
work becomes optional or is still valuable.

426
00:19:53,980 --> 00:19:55,680
People, you know, let's face it, people still

427
00:19:55,680 --> 00:20:02,220
enjoy their involvement in, you know, the cognitive

428
00:20:02,220 --> 00:20:06,900
stimulation, the social engagement, the paycheck coming in,

429
00:20:06,940 --> 00:20:07,160
right?

430
00:20:07,780 --> 00:20:09,000
All of the above, right?

431
00:20:09,100 --> 00:20:12,560
So circumstances can be, I still want that

432
00:20:12,560 --> 00:20:13,300
or no, I don't.

433
00:20:13,320 --> 00:20:13,820
I'm done.

434
00:20:13,900 --> 00:20:14,740
I'd like to get out.

435
00:20:14,900 --> 00:20:16,760
But, you know, so when do you draw

436
00:20:16,760 --> 00:20:17,440
that line?

437
00:20:17,940 --> 00:20:18,860
What's the priority?

438
00:20:19,000 --> 00:20:20,700
We've often talked about, you know, what comes

439
00:20:20,700 --> 00:20:21,120
next?

440
00:20:21,220 --> 00:20:22,420
You know, what do you focus on?

441
00:20:22,940 --> 00:20:27,540
But sometimes the challenge is saying, hey, you've

442
00:20:27,540 --> 00:20:28,440
got a plan that works.

443
00:20:28,680 --> 00:20:29,540
You have permission.

444
00:20:31,840 --> 00:20:34,440
And or, hey, you have to make some

445
00:20:34,440 --> 00:20:34,940
choices.

446
00:20:35,880 --> 00:20:37,240
And these are your choices.

447
00:20:37,240 --> 00:20:38,480
We can give you counsel.

448
00:20:40,620 --> 00:20:42,980
But and we can help you see how

449
00:20:42,980 --> 00:20:44,220
much impact does that make?

450
00:20:44,240 --> 00:20:45,460
If I, what if I do this?

451
00:20:45,500 --> 00:20:46,180
What if I do that?

452
00:20:47,080 --> 00:20:50,640
But ultimately, it's a matter of just having

453
00:20:50,640 --> 00:20:53,940
an opportunity to have shared communication of what

454
00:20:53,940 --> 00:20:55,380
do we prioritize?

455
00:20:56,420 --> 00:20:56,520
Yeah.

456
00:20:57,860 --> 00:21:00,880
I mean, it's definitely more gratifying to be

457
00:21:00,880 --> 00:21:02,420
able to share, you know, a plan that

458
00:21:02,420 --> 00:21:04,100
looks beautiful and fabulous.

459
00:21:04,320 --> 00:21:04,940
Yeah, yeah.

460
00:21:05,000 --> 00:21:05,640
Fabulous outcomes.

461
00:21:05,920 --> 00:21:09,680
But, you know, part of this world, part

462
00:21:09,680 --> 00:21:12,180
of this job is to, you know, have

463
00:21:12,180 --> 00:21:14,260
this whole plan in place to show people,

464
00:21:14,400 --> 00:21:15,900
all right, like this is working, this is

465
00:21:15,900 --> 00:21:16,900
not working so much.

466
00:21:17,560 --> 00:21:20,040
And to play around with these variables and

467
00:21:20,040 --> 00:21:22,220
to see, you know, maybe we don't have

468
00:21:22,220 --> 00:21:23,480
to go to one extreme or the other,

469
00:21:23,480 --> 00:21:24,740
maybe we could find some sort of middle

470
00:21:24,740 --> 00:21:25,480
ground that would work.

471
00:21:26,020 --> 00:21:28,780
And, you know, it's they're difficult choices that

472
00:21:28,780 --> 00:21:31,020
need to be made, difficult conversations that probably

473
00:21:31,020 --> 00:21:31,760
have to be had.

474
00:21:32,480 --> 00:21:35,600
But having the perspective of a big picture

475
00:21:35,600 --> 00:21:39,520
plan really is beneficial because sometimes when the

476
00:21:39,520 --> 00:21:41,300
money's coming in and going out and you

477
00:21:41,300 --> 00:21:44,380
think, well, retirement, it's probably going to work

478
00:21:44,380 --> 00:21:45,880
out like do a little math.

479
00:21:46,020 --> 00:21:47,640
Yeah, it sounds about right.

480
00:21:47,760 --> 00:21:48,300
I got a spreadsheet.

481
00:21:48,620 --> 00:21:48,800
Yeah.

482
00:21:49,180 --> 00:21:49,280
Yeah.

483
00:21:50,660 --> 00:21:52,600
Oftentimes we've talked about this many times before

484
00:21:52,600 --> 00:21:55,660
is people won't think about all the variables

485
00:21:55,660 --> 00:21:58,980
that can come into play, all the factors,

486
00:21:59,400 --> 00:22:00,500
all the expenses.

487
00:22:00,680 --> 00:22:03,340
If you're not tracking your expenses meticulously, it's

488
00:22:03,340 --> 00:22:04,560
a very hard thing to get a grasp

489
00:22:04,560 --> 00:22:04,680
of.

490
00:22:04,700 --> 00:22:06,380
You might paint a little too rosy a

491
00:22:06,380 --> 00:22:08,560
picture sometimes because you go, well, let's see,

492
00:22:08,580 --> 00:22:10,940
we've got the utilities, we've got the mortgage,

493
00:22:11,240 --> 00:22:12,220
that'll be gone soon.

494
00:22:12,840 --> 00:22:15,880
We got, you know, if you rattle off

495
00:22:15,880 --> 00:22:17,220
a few, oh, we spend this much on

496
00:22:17,220 --> 00:22:17,540
groceries.

497
00:22:18,160 --> 00:22:18,460
OK.

498
00:22:19,180 --> 00:22:22,580
But there's probably things you've overlooked, you know.

499
00:22:24,240 --> 00:22:26,760
Oh, well, we probably do need to spend

500
00:22:26,760 --> 00:22:28,840
some money on home repairs from time to

501
00:22:28,840 --> 00:22:29,240
time.

502
00:22:29,640 --> 00:22:31,120
Oh, we're going to need to buy a

503
00:22:31,120 --> 00:22:32,260
car from time to time.

504
00:22:32,600 --> 00:22:34,140
Oh, we're going to fill in the blank.

505
00:22:34,160 --> 00:22:34,620
Right.

506
00:22:35,520 --> 00:22:37,880
There's a very rare and sometimes people just

507
00:22:37,880 --> 00:22:40,000
paint that picture as being too rosy.

508
00:22:40,280 --> 00:22:40,380
Yeah.

509
00:22:40,640 --> 00:22:42,960
And especially when we're thinking about retirement, because

510
00:22:42,960 --> 00:22:46,240
that's you're entering a different stage of your

511
00:22:46,240 --> 00:22:49,000
life where there are a lot of, you

512
00:22:49,000 --> 00:22:50,680
know, it's not the same structure as you

513
00:22:50,680 --> 00:22:51,100
had before.

514
00:22:51,160 --> 00:22:52,260
It's not just, all right, I'm going to

515
00:22:52,260 --> 00:22:54,800
go to work, work, come home, get some

516
00:22:54,800 --> 00:22:55,100
dinner.

517
00:22:55,720 --> 00:22:57,800
It's you have to create your world around

518
00:22:57,800 --> 00:22:59,980
you the way that you envision it.

519
00:23:00,260 --> 00:23:02,320
And so that could mean different expenses.

520
00:23:02,540 --> 00:23:02,820
Opportunity.

521
00:23:02,940 --> 00:23:03,140
Yeah.

522
00:23:03,620 --> 00:23:04,060
Opportunity.

523
00:23:04,420 --> 00:23:07,020
But, you know, it creates different expectations.

524
00:23:07,020 --> 00:23:08,400
Maybe you want to take more vacations.

525
00:23:08,460 --> 00:23:09,660
Maybe you want to spend half the year

526
00:23:09,660 --> 00:23:11,380
somewhere else, whatever it may be.

527
00:23:12,700 --> 00:23:14,700
Those are it's not it's not going to

528
00:23:14,700 --> 00:23:17,580
be a fluid transition right from from working

529
00:23:17,580 --> 00:23:19,920
life into retirement where your day to day

530
00:23:19,920 --> 00:23:20,700
is exactly the same.

531
00:23:21,480 --> 00:23:23,260
We had some people recently talking about the

532
00:23:23,260 --> 00:23:25,240
idea that they wanted to spend more for

533
00:23:25,240 --> 00:23:27,600
a while and then slow down.

534
00:23:27,960 --> 00:23:28,280
Yeah.

535
00:23:28,860 --> 00:23:29,880
That was interesting.

536
00:23:30,100 --> 00:23:33,020
I mean, I think and then another instance

537
00:23:33,020 --> 00:23:35,500
where they similar said we're going to spend

538
00:23:35,500 --> 00:23:36,800
more now and then we're going to slow

539
00:23:36,800 --> 00:23:37,840
down and then we're going to slow down

540
00:23:37,840 --> 00:23:38,140
more.

541
00:23:38,920 --> 00:23:40,760
You know, so there's all kinds of variables

542
00:23:40,760 --> 00:23:41,900
that people envision.

543
00:23:42,640 --> 00:23:44,700
And we I think we're the sounding board

544
00:23:44,700 --> 00:23:46,360
oftentimes to help them navigate.

545
00:23:46,500 --> 00:23:47,320
Is that realistic?

546
00:23:47,540 --> 00:23:48,580
How much are you assuming?

547
00:23:50,520 --> 00:23:53,320
What I think we should also mention here

548
00:23:53,320 --> 00:23:54,800
is the idea of stress test.

549
00:23:57,020 --> 00:23:59,560
So aside from have you thought of some

550
00:23:59,560 --> 00:24:05,200
of the variables that are often overlooked, we

551
00:24:05,200 --> 00:24:08,580
also need to say sometimes, hey, you know,

552
00:24:08,880 --> 00:24:13,180
you've got your numbers, but maybe we should

553
00:24:13,180 --> 00:24:15,660
include a little extra for health care as

554
00:24:15,660 --> 00:24:20,160
an example, especially if you're retiring early.

555
00:24:20,440 --> 00:24:20,620
Right.

556
00:24:20,840 --> 00:24:23,080
Oh, Medicare won't kick in yet.

557
00:24:23,260 --> 00:24:24,640
You're going to have some out of pocket

558
00:24:24,640 --> 00:24:26,220
costs that could be expensive.

559
00:24:26,780 --> 00:24:29,920
OK, now you're retired at 65.

560
00:24:30,820 --> 00:24:31,260
OK.

561
00:24:32,920 --> 00:24:35,380
But health care can grow at a higher

562
00:24:35,380 --> 00:24:36,300
rate of inflation.

563
00:24:36,640 --> 00:24:39,380
Let's separate those costs out and adjust them

564
00:24:39,380 --> 00:24:40,580
at a higher rate of inflation.

565
00:24:41,420 --> 00:24:44,360
What if you have long term care costs

566
00:24:44,360 --> 00:24:47,620
at some point, presumably later in life?

567
00:24:48,220 --> 00:24:50,080
Well, that can be a big drain on

568
00:24:50,080 --> 00:24:51,440
the wealth.

569
00:24:52,640 --> 00:24:53,860
Let's look if that works.

570
00:24:54,080 --> 00:24:55,020
OK, that works great.

571
00:24:55,580 --> 00:24:59,060
What if we have let's go through some

572
00:24:59,060 --> 00:25:02,000
of those stress test variables, bad market conditions,

573
00:25:02,660 --> 00:25:04,380
temporarily disruption?

574
00:25:05,060 --> 00:25:07,600
What if we have consistently less return than

575
00:25:07,600 --> 00:25:08,520
we might have expected?

576
00:25:09,080 --> 00:25:10,900
What if we have consistently higher inflation?

577
00:25:11,100 --> 00:25:13,720
What if we have less Social Security because

578
00:25:13,720 --> 00:25:15,880
they don't solve the Social Security problem?

579
00:25:16,600 --> 00:25:17,920
What if, what if, what if?

580
00:25:18,200 --> 00:25:18,300
Right.

581
00:25:18,700 --> 00:25:20,000
And there's a lot of others.

582
00:25:20,120 --> 00:25:21,000
What if I live longer?

583
00:25:21,100 --> 00:25:22,280
What if I die soon?

584
00:25:22,680 --> 00:25:23,340
Higher taxes.

585
00:25:23,340 --> 00:25:24,480
Higher taxes.

586
00:25:26,460 --> 00:25:28,960
These are all things we can do with

587
00:25:28,960 --> 00:25:32,040
some great software, and it's pretty efficient as

588
00:25:32,040 --> 00:25:32,820
a way to do it.

589
00:25:33,120 --> 00:25:34,880
It's probably a good idea to get a

590
00:25:34,880 --> 00:25:37,640
second opinion when it comes to the financial

591
00:25:37,640 --> 00:25:38,060
planning.

592
00:25:38,700 --> 00:25:41,040
We look at this as the building block.

593
00:25:41,600 --> 00:25:45,780
The financial plan is the building block on

594
00:25:45,780 --> 00:25:47,700
which everything else is supported.

595
00:25:47,880 --> 00:25:50,420
So it informs how we think about cash

596
00:25:50,420 --> 00:25:50,720
flow.

597
00:25:51,400 --> 00:25:53,560
It informs how we structure the portfolio.

598
00:25:53,900 --> 00:25:56,320
It informs the liquidity, we presume.

599
00:25:56,460 --> 00:25:59,720
It informs how we think about tax opportunities

600
00:25:59,720 --> 00:26:02,960
or challenges, right?

601
00:26:03,000 --> 00:26:05,480
How are we going to improve this tax

602
00:26:05,480 --> 00:26:07,000
picture, etc.

603
00:26:07,700 --> 00:26:12,020
So having the, and I think what we

604
00:26:12,020 --> 00:26:15,160
try to do at Wealth Enhancement, which may

605
00:26:15,160 --> 00:26:18,320
not be identical to other firms, is we

606
00:26:18,320 --> 00:26:20,580
try to take an integrated approach to these

607
00:26:20,580 --> 00:26:20,840
things.

608
00:26:21,040 --> 00:26:24,000
We look for, the latest thing I think

609
00:26:24,000 --> 00:26:27,700
people seem to latch onto is tax strategy.

610
00:26:28,880 --> 00:26:34,340
People are so, I think, hungry for greater

611
00:26:34,340 --> 00:26:39,060
integration into their planning for tax strategy and

612
00:26:39,060 --> 00:26:42,420
opportunities, particularly as they get to retirement, thinking,

613
00:26:42,800 --> 00:26:43,960
how are we going to make this more

614
00:26:43,960 --> 00:26:44,700
tax efficient?

615
00:26:46,680 --> 00:26:48,480
And really, it's something you can do at

616
00:26:48,480 --> 00:26:51,040
any stage to try to improve on that.

617
00:26:51,460 --> 00:26:53,680
But it's not just that.

618
00:26:53,840 --> 00:26:54,960
So it's the estate plan.

619
00:26:55,100 --> 00:26:56,140
It's the tax planning.

620
00:26:56,360 --> 00:26:58,780
It's the, do we have risk that we

621
00:26:58,780 --> 00:26:59,940
haven't accounted for?

622
00:27:00,560 --> 00:27:01,960
How do we mitigate that risk?

623
00:27:02,140 --> 00:27:04,600
Do we want to try to mitigate that

624
00:27:04,600 --> 00:27:04,940
risk?

625
00:27:05,820 --> 00:27:07,140
And so on, right?

626
00:27:07,420 --> 00:27:08,720
Anyway, I'm rambling.

627
00:27:08,720 --> 00:27:09,380
Yeah.

628
00:27:09,500 --> 00:27:11,600
Well, and it's not just about retirement either.

629
00:27:11,860 --> 00:27:14,560
It's the different milestones you reach in life.

630
00:27:14,820 --> 00:27:16,280
It's your legacy planning.

631
00:27:16,580 --> 00:27:19,140
It's how much do I want to save

632
00:27:19,140 --> 00:27:22,020
for my child or grandchild's college education?

633
00:27:22,320 --> 00:27:24,660
And how do I go about buying a

634
00:27:24,660 --> 00:27:25,760
new house or selling a house?

635
00:27:26,380 --> 00:27:29,680
These are all things that not everyone remembers

636
00:27:29,680 --> 00:27:33,340
to talk to their advisor about from a

637
00:27:33,340 --> 00:27:35,780
planning perspective, but that's all part of what

638
00:27:35,780 --> 00:27:38,140
we do in this part of this integrated

639
00:27:38,140 --> 00:27:38,900
planning approach.

640
00:27:39,140 --> 00:27:41,580
We often talk about the idea of a

641
00:27:41,580 --> 00:27:43,620
family can be an unexpected expense.

642
00:27:44,100 --> 00:27:46,020
And when we do that, we talk about

643
00:27:46,020 --> 00:27:49,400
kids usually for the retiree thinking about, oh,

644
00:27:49,420 --> 00:27:52,200
what if my kids have a divorce or

645
00:27:52,200 --> 00:27:55,660
the failure to launch or whatever it might

646
00:27:55,660 --> 00:27:56,080
be?

647
00:27:56,680 --> 00:27:59,240
But it can work the other way too.

648
00:27:59,240 --> 00:28:02,880
We've seen in some conversations with clients where

649
00:28:02,880 --> 00:28:05,640
they're having to figure out how are they

650
00:28:05,640 --> 00:28:08,060
going to help their parents who have insufficient

651
00:28:08,060 --> 00:28:12,700
resources navigate their needs for assistance.

652
00:28:13,420 --> 00:28:15,880
So these are the kind of things that

653
00:28:15,880 --> 00:28:18,320
we want to put into a plan, make

654
00:28:18,320 --> 00:28:20,020
sure we can structure it in a way

655
00:28:20,020 --> 00:28:22,420
that works for you to get an outcome

656
00:28:22,420 --> 00:28:25,320
that fits your preferences and desires.

657
00:28:26,030 --> 00:28:28,060
So in any case, Russ, what do you

658
00:28:28,060 --> 00:28:28,320
think?

659
00:28:29,360 --> 00:28:30,300
Lots of cover, right?

660
00:28:30,960 --> 00:28:34,740
Let's just encourage you to think about your

661
00:28:34,740 --> 00:28:38,820
financial planning and whatever kind of circumstance.

662
00:28:38,940 --> 00:28:42,060
We started talking about remarriages, but any kind

663
00:28:42,060 --> 00:28:44,260
of circumstance, these are the kind of variables

664
00:28:44,260 --> 00:28:46,800
that we want to put together and give

665
00:28:46,800 --> 00:28:47,720
some thought to.

666
00:28:48,360 --> 00:28:51,200
And if you need help in that process,

667
00:28:51,600 --> 00:28:52,780
that's why we're here.

668
00:28:52,780 --> 00:28:55,720
You can come in for a complimentary consultation

669
00:28:55,720 --> 00:28:58,020
and we're happy to be a resource to

670
00:28:58,020 --> 00:28:58,160
you.

671
00:28:58,300 --> 00:29:00,480
Don't hesitate to reach out to us either

672
00:29:00,480 --> 00:29:04,420
by phone or by email and let us

673
00:29:04,420 --> 00:29:06,420
be a resource to you.

674
00:29:06,480 --> 00:29:09,780
Until next time, everybody keeps striving for something

675
00:29:09,780 --> 00:29:10,060
more.

676
00:29:11,220 --> 00:29:13,220
Thank you for listening to Something More with

677
00:29:13,220 --> 00:29:13,940
Chris Boyd.

678
00:29:14,240 --> 00:29:16,400
Call us for help, whether it's for financial

679
00:29:16,400 --> 00:29:20,300
planning or portfolio management, insurance concerns, or those

680
00:29:20,300 --> 00:29:22,360
quality of life issues that make the money

681
00:29:22,360 --> 00:29:23,460
matters matter.

682
00:29:23,800 --> 00:29:27,080
Whatever's on your mind, visit us at somethingmorewithchrisboyd

683
00:29:27,080 --> 00:29:30,280
.com or call us toll free at 866

684
00:29:30,280 --> 00:29:33,940
-771-8901.

685
00:29:34,060 --> 00:29:37,840
Or send us your questions to amr-info

686
00:29:37,840 --> 00:29:39,780
at wealthenhancement.com.

687
00:29:39,880 --> 00:29:41,880
You're listening to Something More with Chris Boyd

688
00:29:41,880 --> 00:29:44,500
Financial Talk Show, Wealth Enhancement Advisory Services and

689
00:29:44,500 --> 00:29:46,600
Jay Christopher Boyd provide investment advice on an

690
00:29:46,600 --> 00:29:48,200
individual basis to clients only.

691
00:29:48,420 --> 00:29:50,360
Proper advice depends on a complete analysis of

692
00:29:50,360 --> 00:29:51,540
all facts and circumstances.

693
00:29:51,840 --> 00:29:53,640
The information given on this program is general

694
00:29:53,640 --> 00:29:55,660
financial comments and cannot be relied upon as

695
00:29:55,660 --> 00:29:57,260
pertaining to your specific situation.

696
00:29:57,460 --> 00:29:59,440
Wealth Enhancement Group cannot guarantee that using the

697
00:29:59,440 --> 00:30:01,440
information from this show will generate profits or

698
00:30:01,440 --> 00:30:02,540
ensure freedom from loss.

699
00:30:02,740 --> 00:30:04,900
Listeners should consult their own financial advisors or

700
00:30:04,900 --> 00:30:07,020
conduct their own due diligence before making any

701
00:30:07,020 --> 00:30:07,780
financial decisions.