Mail Bag; Expenses in retirement, caring for your estate, 49 and no retirement savings

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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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Hello, and welcome to another edition of Something

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More with Chris Boyd.

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I'm Jeff Perry, and I'm here with Russ

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Ball of our team AMR, and we're co

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-hosting today as Chris Boyd is at a

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tax conference.

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I don't know if that's an exciting thing

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or a boring thing that he's doing, but

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he's down at the Ed Slot meeting and

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gaining additional information that he'll take back to

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us to use for our client's benefit.

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We have the privilege of sitting in again

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for Chris today.

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How are you today, Russ?

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Pretty good, Jeff.

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I'm doing well.

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How about you?

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I'm doing great.

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Thank you.

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It's time for a mailbag segment.

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As our listeners may know, if they're regular

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listeners, from time to time we take these

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questions that we receive.

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People email us who hear the show or

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clients say, hey, this is a good one

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for the podcast.

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And we write them down and we save

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them.

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And when we have enough to cover an

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episode, we say, let's open the mailbag.

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And so we don't really have a mailbag

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and pulling out a letter like the old

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days, but we do have these questions that

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have come up that we think are not

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just questions that a particular client asked us

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and we answered or a particular listener, but

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have some broad appeal.

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And so you ready?

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Definitely.

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Let's go.

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I feel like I need a sound effect.

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I don't know what the sound effect for

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mailbag would be, but kind of ruffling some

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papers.

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I guess I could have a visual for

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the people who watch us on YouTube.

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But the first question, I'm not going to

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make up names like they do either.

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Bob from Bourne says, the first question is

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about someone who is getting ready to retire

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and they're doing their planning and they're hearing

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this information that says when people retire, they

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can count on spending less money.

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And so this is a real common piece

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of advice.

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In fact, I just received a email from

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Fidelity recently talking about this issue about what

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level of income should you plan for and

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their range in the article in the Fidelity

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article was you should expect to spend 55

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to 80% of your pre-retirement level

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of cash flow expenses in retirement.

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And I must say, Fidelity is a fine

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company.

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We do a lot with them, but I

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don't agree.

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So you do a lot of financial plans

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and you work right next to Chris Boyd.

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We don't do that when we're talking to

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clients.

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That's not our base case, right?

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No.

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And actually, come to think of it, the

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previous firm I worked at, I think that

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was what they were saying too, the 80%.

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And it's widely cited around 80% to

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plan for your expenses.

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But here, and I think prudently, we plan

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for 100%.

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So basically, it's not like you have to

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trim down some of the expenses as soon

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as you hit retirement to be 80%.

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We just say, all right, well, let's just

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transition.

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So we have our pre-retirement spending and

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our post-retirement spending, and they're going to

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mirror each other.

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And then any other expenses that come as

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goals, but the general living expenses, we usually

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keep the same heading into retirement.

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And I like that because for one, let's

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say that's true that 80% is all

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you really need, then we're creating that little

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bit of an extra buffer for planning.

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So that in and of itself is like,

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all right, so does your plan work with

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100% of your pre-retirement expenses?

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And if it does, great.

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Then if that number comes down a little

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bit, there's more to spend on other things

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or whatever it might be.

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But just for peace of mind, and we

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were talking about this before, the idea that

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when you retire, psychologically, it's difficult.

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You have to switch.

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So you're not getting income anymore from your

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job.

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You're getting income from yourself, from your own

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savings.

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And so to think, well, I'm going to

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do that, that's kind of scary.

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But then I also have to reduce it

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by 20%.

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That might not feel that great.

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That might not feel that comfortable.

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So especially early on in retirement, I think

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there would be ideally enough to cover those

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pre-retirement expenses.

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We've talked about, I agree with you completely,

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on a related subject, we've talked about the

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retirement smile on the podcast before.

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And if you think of a smile, draw

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a smile, if you don't know what this

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is, and you see at both ends of

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the smile, you're at the highest level.

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So if you draw the smile in the

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beginning, this is related to spending in retirement,

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in case people thought I went off somewhere.

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So on the left-hand side of the

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smile is when you first retire, and that's

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your highest level of spending typically, meaning I'm

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retired, I'm free, let's go.

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So we're buying a camper or we're going

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on a month cruise where whatever it is,

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people tend to have some spent up desires,

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which many costs money.

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Some things we do are free.

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I'm but some things cost money.

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So we spend a lot of money there.

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And then it gradually goes down as you

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get into your routine.

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Maybe you're spending time doing nonprofit work.

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Maybe you're volunteering here.

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Maybe you've taken up these recreational activities that

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are local to wherever you're living that don't

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cost a lot of money.

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And then as you get older, back to

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smile starts going up and expenses come in

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that you didn't have before.

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Typically healthcare related, maybe going to the doctor

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more, maybe need some help at home.

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Maybe you used to clean your house, but

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now you're like, that's too much for us

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now.

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We're going to have somebody come in and

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then maybe you need some home care or

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whatever the situation is.

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Maybe you need to remodel the bathroom because

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you don't want a tub anymore.

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And I think of that as I think

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of how much am I going to need

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in retirement?

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Not as a less, but a different, right?

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And starting out thinking I need 55 to

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80%.

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I just don't like it.

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I think if, because that when you tell

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people that, and then they do their, hopefully

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they're doing a budget before they retire.

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We want you to do that.

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And if they just take their current spending

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and say, okay, I only need 70%

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on average.

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Oh yeah.

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I can generate 70%.

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I think that's a restrictive type of retirement

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that they're planning for, and they may not

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be able to live the retirement life that

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they want.

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So to your point, I completely agree.

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If not, just change, meaning I haven't just

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paid off my mortgage.

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So my expenses are going to go down,

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right?

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Then yes.

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Okay.

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You take that off the top or we're

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downsizing.

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So our expenses are going to be less

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or on the flip side of that, we're

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buying a second home and we're going to

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be snowbirds.

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Well, that's more expenses, right?

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And second, or we have all these travel

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plans.

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So, these rules of thumb are interesting and

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people like to read them as just going

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through their phones, but they can be dangerous

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to think that people actually make a retirement

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plan based upon this generalized advice.

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And that's what I love about what we

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do.

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Russ, just spend a minute talking about how

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we actually go through individual circumstances when we're

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projecting retirement income for people.

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It's not just a formula.

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Yeah.

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So we run through a number of different

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analyses within a financial plan.

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So when we take your pre-retirement expenses

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and we say, all right, what are the

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goals for when that income stream is turned

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off?

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We put in all the goals that you

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have.

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Maybe it's like 5,000 a year for

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vacations.

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I want to make some gifts to grandchildren,

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whatever it might be.

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We separate those out as specific goals that

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can change over the years.

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Maybe you want to go on a vacation

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every year, but not until into your nineties.

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That might not be what you need to

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do.

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There's a base living expense that we plan

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for.

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And then on top of that, additional goals.

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And usually, as you mentioned in the retirement

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spending smile, there's a lot of good research

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that shows that that's how it works in

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reality.

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And when you first retire, you want to

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live that retirement dream and you want to

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go on those vacations.

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You want to do everything that you want

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to do with your family, all the free

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time you now have.

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So we can put that all into a

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simulated cashflow and then run it through a

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number of different models like the Monte Carlo

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simulation, where it takes a look at, all

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right, based on previous market conditions and a

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whole range, like a thousand different scenarios of

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what the market might do.

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It takes a look at how is that

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going to work given those goals, given those

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spending, those living expenses, how is that going

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to play out over time?

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If you live until your late eighties, early

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nineties, whatever it may be.

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And we can literally see what that window

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is going to look like.

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And do you have enough to cover that

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or not?

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Right.

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And it's a very thoughtful process and it

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brings up, because I think when people get

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their retirement vision and they start to do

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their own cashflow, they understand the normal bills.

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Even if they're paying off their mortgage before

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00:10:28,530 --> 00:10:31,210
retirement, they get that, we're not going to

276
00:10:31,210 --> 00:10:33,390
have that $3,000 payment, whatever it is.

277
00:10:34,590 --> 00:10:37,290
And they get that, but things that are

278
00:10:37,290 --> 00:10:40,890
not recurring tend to be left out.

279
00:10:41,150 --> 00:10:43,690
And you talked about vacations and gifts and

280
00:10:43,690 --> 00:10:47,050
all that, but even other things that don't

281
00:10:47,050 --> 00:10:49,010
cross their mind, like they have a house,

282
00:10:49,090 --> 00:10:50,110
they say they're going to stay in the

283
00:10:50,110 --> 00:10:51,870
house and the house is 20 years old.

284
00:10:52,670 --> 00:10:54,450
Well, if you plan to live or hope

285
00:10:54,450 --> 00:10:56,390
to live another 25 or 30 years in

286
00:10:56,390 --> 00:10:58,770
retirement, you're going to need a new roof.

287
00:10:58,910 --> 00:11:00,150
You're going to need a new furnace.

288
00:11:01,530 --> 00:11:04,970
You're going to want to remodel something and

289
00:11:04,970 --> 00:11:05,790
things like that.

290
00:11:05,890 --> 00:11:07,990
The list is endless of what we talk

291
00:11:07,990 --> 00:11:10,150
to the clients about, and it's very individualized,

292
00:11:10,250 --> 00:11:13,110
but if those things aren't planned for that

293
00:11:13,110 --> 00:11:16,630
$30,000 new roof in 10 years, that

294
00:11:16,630 --> 00:11:20,910
will really change the likelihood of the success

295
00:11:20,910 --> 00:11:21,710
of that plan.

296
00:11:23,250 --> 00:11:24,590
Because there's a lot of things, new cars,

297
00:11:24,710 --> 00:11:25,830
how are you going to pay for that?

298
00:11:25,910 --> 00:11:27,130
I know that's when you do it with

299
00:11:27,130 --> 00:11:28,090
everybody, right?

300
00:11:28,470 --> 00:11:29,790
So how much do you spend on a

301
00:11:29,790 --> 00:11:29,990
car?

302
00:11:30,130 --> 00:11:31,230
How many cars do you have?

303
00:11:31,290 --> 00:11:32,570
How, when are you going to get one?

304
00:11:33,050 --> 00:11:35,470
And so you put all that in and

305
00:11:35,470 --> 00:11:38,370
you really get an accurate picture, which we

306
00:11:38,370 --> 00:11:41,330
also, as we talked about, I think a

307
00:11:41,330 --> 00:11:43,350
week or two ago, you do an annual

308
00:11:43,350 --> 00:11:45,150
review and you look at the plan and

309
00:11:45,150 --> 00:11:47,190
update the plan, tweak the plan.

310
00:11:47,830 --> 00:11:49,390
And that's how you get a good model.

311
00:11:49,530 --> 00:11:51,170
You don't get a good model by saying,

312
00:11:51,730 --> 00:11:53,250
oh, I saw this Fidelity article.

313
00:11:53,470 --> 00:11:55,270
I can go with 55% because I'm

314
00:11:55,270 --> 00:11:56,490
a real frugal person.

315
00:11:56,650 --> 00:11:58,430
And then you're living in retirement and you're

316
00:11:58,430 --> 00:12:00,070
not living the retirement that you want.

317
00:12:01,170 --> 00:12:01,410
Yeah.

318
00:12:01,710 --> 00:12:04,450
And I think with the article as well,

319
00:12:04,590 --> 00:12:07,590
it's like 80% or whatever it might

320
00:12:07,590 --> 00:12:10,770
be, that might be the reality of how

321
00:12:10,770 --> 00:12:12,710
it plays out, but you don't want to

322
00:12:12,710 --> 00:12:13,810
plan for that.

323
00:12:14,490 --> 00:12:16,710
Because yeah, maybe there is that second house

324
00:12:16,710 --> 00:12:17,990
or that boat that costs a lot of

325
00:12:17,990 --> 00:12:19,770
money in retirement or whatever it is.

326
00:12:21,030 --> 00:12:23,730
80% of your living expenses now, it

327
00:12:23,730 --> 00:12:25,350
might be different after you retire.

328
00:12:25,510 --> 00:12:27,170
There are a lot of variables that you

329
00:12:27,170 --> 00:12:28,490
can't really anticipate.

330
00:12:28,890 --> 00:12:31,350
So just keeping that number consistent, I think

331
00:12:31,350 --> 00:12:33,050
there's a lot of value to that.

332
00:12:33,870 --> 00:12:35,670
Even if the reality is you might end

333
00:12:35,670 --> 00:12:37,050
up spending a little bit less, but let's

334
00:12:37,050 --> 00:12:38,750
have that buffer so that we know that

335
00:12:38,750 --> 00:12:39,670
we can cover it.

336
00:12:40,330 --> 00:12:40,510
Absolutely.

337
00:12:41,330 --> 00:12:41,670
All right.

338
00:12:41,910 --> 00:12:45,570
So that's your first mailbag question.

339
00:12:45,670 --> 00:12:48,510
Let's shift over to a different kind of

340
00:12:48,510 --> 00:12:49,810
question about retirement.

341
00:12:51,470 --> 00:12:53,410
Maybe a little less positive.

342
00:12:54,450 --> 00:12:56,510
This one came from a 49 year old

343
00:12:56,510 --> 00:12:58,710
person and they say they have nothing saved

344
00:12:58,710 --> 00:12:59,390
for retirement.

345
00:13:00,610 --> 00:13:01,770
What should I do?

346
00:13:01,850 --> 00:13:03,590
And that's a big question.

347
00:13:04,790 --> 00:13:05,970
It is interesting though.

348
00:13:06,010 --> 00:13:08,030
I looked up some stats knowing that we

349
00:13:08,030 --> 00:13:10,990
were going to answer this question and it

350
00:13:10,990 --> 00:13:13,270
says about 20% of Americans, 50 and

351
00:13:13,270 --> 00:13:15,270
older have nothing saved for retirement.

352
00:13:15,410 --> 00:13:16,770
So that's one in five person.

353
00:13:16,850 --> 00:13:18,350
This data is from the AARP.

354
00:13:20,870 --> 00:13:27,310
That's tough to think about being approaching 50

355
00:13:27,310 --> 00:13:29,610
or at 50 and have nothing for retirement.

356
00:13:30,670 --> 00:13:33,790
The average, according to this 2024 study by

357
00:13:33,790 --> 00:13:37,350
AARP is that most Americans on average will

358
00:13:37,350 --> 00:13:39,010
need the equivalent of one and a half

359
00:13:39,010 --> 00:13:41,090
million dollars to be able to have a

360
00:13:41,090 --> 00:13:42,130
comfortable retirement.

361
00:13:45,090 --> 00:13:48,790
We said this in another episode about saving

362
00:13:48,790 --> 00:13:49,550
for college.

363
00:13:50,370 --> 00:13:52,370
Do something is the first thing, right?

364
00:13:52,710 --> 00:13:58,710
So 49 years old, so you have perhaps

365
00:13:58,710 --> 00:14:00,190
another 20 years of retirement.

366
00:14:00,430 --> 00:14:03,770
So you're not 70 saying you have nothing,

367
00:14:03,930 --> 00:14:04,630
you're 49.

368
00:14:05,450 --> 00:14:07,870
So the first place to always look is

369
00:14:07,870 --> 00:14:08,990
with your employer.

370
00:14:10,550 --> 00:14:13,290
Because there may be some great advantages to

371
00:14:13,290 --> 00:14:14,510
matching options, right?

372
00:14:14,510 --> 00:14:16,530
So if you're working, this 49 year old

373
00:14:16,530 --> 00:14:20,610
person is working, investigate is there an employer

374
00:14:20,610 --> 00:14:21,030
plan?

375
00:14:21,450 --> 00:14:23,910
If there is, find out the details and

376
00:14:23,910 --> 00:14:25,530
see if it's worth contributing.

377
00:14:25,530 --> 00:14:28,350
It's usually worth contributing if there's a match,

378
00:14:28,350 --> 00:14:29,710
if the employer is matching.

379
00:14:31,470 --> 00:14:33,870
Secondly is I would say check with the

380
00:14:33,870 --> 00:14:39,070
Social Security Administration to ensure that their information

381
00:14:39,070 --> 00:14:41,030
is accurate and to get an estimate of

382
00:14:41,030 --> 00:14:43,650
what your social security benefits will be at

383
00:14:43,650 --> 00:14:45,190
retirement age.

384
00:14:46,650 --> 00:14:47,930
Hopefully you've been working.

385
00:14:48,170 --> 00:14:50,150
If you're 49, hopefully you've been working for

386
00:14:50,150 --> 00:14:52,370
25 years and you've been contributing to the

387
00:14:52,370 --> 00:14:53,970
social security system.

388
00:14:54,470 --> 00:14:55,870
And let's make sure that number is accurate

389
00:14:55,870 --> 00:14:57,730
and let's know what that number is.

390
00:14:57,870 --> 00:15:00,570
It's certainly not going to be enough to

391
00:15:00,570 --> 00:15:02,250
live the type of retirement you want.

392
00:15:03,910 --> 00:15:05,890
Next, I would want to know what your

393
00:15:05,890 --> 00:15:07,430
income is right now.

394
00:15:07,610 --> 00:15:10,210
And I would also want to know what

395
00:15:10,210 --> 00:15:12,190
your debt is, what your expenses are.

396
00:15:12,330 --> 00:15:13,150
Do you own a house?

397
00:15:13,310 --> 00:15:14,250
Is there a mortgage on it?

398
00:15:14,350 --> 00:15:16,570
I'd like to get two statements from you.

399
00:15:16,810 --> 00:15:18,870
Statements, I call them statements.

400
00:15:19,370 --> 00:15:21,730
They are statements, but it's not like some

401
00:15:21,730 --> 00:15:22,590
complicated thing.

402
00:15:22,690 --> 00:15:24,210
I would like to get two statements from

403
00:15:24,210 --> 00:15:24,450
you.

404
00:15:24,610 --> 00:15:25,330
One, a budget.

405
00:15:25,510 --> 00:15:28,110
I'd like to know what you're spending and

406
00:15:28,110 --> 00:15:31,270
what you're making, what you're spending, your cashflow

407
00:15:31,270 --> 00:15:32,830
statement, your budget, whatever you want.

408
00:15:33,550 --> 00:15:35,490
So we can see if there's any wiggle

409
00:15:35,490 --> 00:15:39,570
room in your spending, like are you spending

410
00:15:39,570 --> 00:15:41,550
on things that you really don't need?

411
00:15:41,770 --> 00:15:43,750
Are you in debt and need to get

412
00:15:43,750 --> 00:15:45,210
control of your debt management?

413
00:15:45,350 --> 00:15:47,110
Because how much debt you have at retirement,

414
00:15:47,290 --> 00:15:49,010
whether it be a mortgage or a consumer

415
00:15:49,010 --> 00:15:52,290
debt, is going to have a significant impact

416
00:15:52,290 --> 00:15:53,750
on if you can retire.

417
00:15:54,450 --> 00:15:55,970
So I'd want to see a cashflow statement.

418
00:15:56,870 --> 00:15:58,330
And I'd want to see, next I want

419
00:15:58,330 --> 00:15:59,430
to see your net worth statement.

420
00:15:59,430 --> 00:16:00,870
So what do you own?

421
00:16:01,370 --> 00:16:02,510
Do you have a house?

422
00:16:02,630 --> 00:16:04,630
This 49 year old who doesn't have any

423
00:16:04,630 --> 00:16:07,570
retirement savings, it's a real different analysis if

424
00:16:07,570 --> 00:16:11,850
he has a paid off home worth $700

425
00:16:11,850 --> 00:16:15,670
,000 or if he has a home worth

426
00:16:15,670 --> 00:16:17,990
$700,000 and owes a million dollars on

427
00:16:17,990 --> 00:16:21,130
it, or if he's in a rental situation.

428
00:16:21,410 --> 00:16:23,830
So that's not known in the question.

429
00:16:24,270 --> 00:16:25,670
So I want to know what you own

430
00:16:25,670 --> 00:16:28,530
and what you owe to see if you

431
00:16:28,530 --> 00:16:29,950
have a debt management problem.

432
00:16:31,070 --> 00:16:32,930
So that's where I want to start with

433
00:16:32,930 --> 00:16:33,530
this person.

434
00:16:33,770 --> 00:16:35,370
And then I want to get that person

435
00:16:35,370 --> 00:16:39,230
into contributing into assuming, let's assume that they

436
00:16:39,230 --> 00:16:40,090
have a work plan.

437
00:16:40,130 --> 00:16:42,150
I want to get them working to get

438
00:16:42,150 --> 00:16:43,890
that, help them get that set up.

439
00:16:44,310 --> 00:16:46,210
And then I want to find money in

440
00:16:46,210 --> 00:16:48,270
their budget to get them contributing the max

441
00:16:48,270 --> 00:16:53,210
to a Roth every year that they have

442
00:16:53,210 --> 00:16:54,590
left, another 20 years.

443
00:16:55,530 --> 00:16:58,230
And with that, back to the previous question,

444
00:16:58,290 --> 00:17:01,150
then you can go do your thing, Russ,

445
00:17:01,170 --> 00:17:03,250
and put all that into our software.

446
00:17:04,349 --> 00:17:04,510
Right.

447
00:17:04,790 --> 00:17:09,109
And then it's deciding if they decide that's

448
00:17:09,109 --> 00:17:11,290
the time to pay down the debts and

449
00:17:11,290 --> 00:17:13,490
really start saving in earnest, cut the expenses

450
00:17:13,490 --> 00:17:17,069
that they don't need, then it's like, all

451
00:17:17,069 --> 00:17:18,849
right, well, definitely let's save.

452
00:17:19,069 --> 00:17:20,990
But like a lot of people, I get

453
00:17:20,990 --> 00:17:23,250
the impression that a lot of people think,

454
00:17:23,430 --> 00:17:25,510
all right, saving means saving in cash or

455
00:17:25,510 --> 00:17:26,829
saving in a CD.

456
00:17:27,650 --> 00:17:29,430
If you're 49, you still have a pretty

457
00:17:29,430 --> 00:17:29,970
good runway.

458
00:17:30,730 --> 00:17:32,450
You're probably going to be working for quite

459
00:17:32,450 --> 00:17:34,310
a while if you haven't had any savings

460
00:17:34,310 --> 00:17:34,770
at all.

461
00:17:35,610 --> 00:17:37,650
So that's a pretty good runway to retirement.

462
00:17:38,410 --> 00:17:40,730
And in those instances, it would probably be

463
00:17:40,730 --> 00:17:43,610
prudent to look into investing in something that's

464
00:17:43,610 --> 00:17:45,390
going to have a slightly higher return.

465
00:17:46,090 --> 00:17:48,570
Even if you are somewhat risk averse, sometimes

466
00:17:48,570 --> 00:17:51,470
it's worth investing a little bit more in

467
00:17:51,470 --> 00:17:54,150
equities or in something with a little bit

468
00:17:54,150 --> 00:17:57,510
higher growth potential in order to make up

469
00:17:57,510 --> 00:17:59,590
the difference and to catch up a little

470
00:17:59,590 --> 00:17:59,830
bit.

471
00:18:00,530 --> 00:18:03,650
And 49, I think there's still enough time

472
00:18:03,650 --> 00:18:08,270
there to get invested, obviously not overly aggressively,

473
00:18:08,590 --> 00:18:10,910
but in order to make those funds grow

474
00:18:10,910 --> 00:18:12,350
as you start saving over time.

475
00:18:12,570 --> 00:18:14,970
Also making use of the catch-up contributions

476
00:18:14,970 --> 00:18:21,270
after 50 to really do everything you can

477
00:18:21,270 --> 00:18:24,170
to start really saving so you don't have

478
00:18:24,170 --> 00:18:26,770
to work for a very long time.

479
00:18:28,810 --> 00:18:31,850
And like you said, I think a lot

480
00:18:31,850 --> 00:18:34,850
of people in that scenario about to turn

481
00:18:34,850 --> 00:18:36,970
50 thinking, well, if I don't have a

482
00:18:36,970 --> 00:18:38,550
retirement now, I'm probably never going to have

483
00:18:38,550 --> 00:18:39,650
a retirement savings.

484
00:18:39,650 --> 00:18:41,770
And then they just don't bother.

485
00:18:42,290 --> 00:18:43,530
It's like, all right, I'll just live off

486
00:18:43,530 --> 00:18:46,150
of social security, or they think social security

487
00:18:46,150 --> 00:18:47,650
is going to be enough to cover what

488
00:18:47,650 --> 00:18:49,610
they need, not really knowing exactly how much

489
00:18:49,610 --> 00:18:52,210
it's going to provide each month.

490
00:18:52,750 --> 00:18:56,110
So definitely if there are people out there

491
00:18:56,110 --> 00:18:58,170
that are in their 40s and they think,

492
00:18:58,230 --> 00:19:00,810
well, I guess a retirement, a nest egg

493
00:19:00,810 --> 00:19:01,990
is just not going to happen for me.

494
00:19:02,230 --> 00:19:03,950
It's never too late to start.

495
00:19:03,950 --> 00:19:07,850
And just start saving and start investing.

496
00:19:08,390 --> 00:19:11,590
And it's amazing what compound growth can do.

497
00:19:12,290 --> 00:19:12,550
Absolutely.

498
00:19:12,930 --> 00:19:16,210
And if you don't have an advisor and

499
00:19:16,210 --> 00:19:19,010
you haven't had any experience in investing, it's

500
00:19:19,010 --> 00:19:21,350
definitely worth to talk to someone who's a

501
00:19:21,350 --> 00:19:21,930
fiduciary.

502
00:19:22,530 --> 00:19:24,410
A fiduciary is another word for having your

503
00:19:24,410 --> 00:19:25,470
best interest at heart.

504
00:19:26,330 --> 00:19:31,230
Sometimes when people are nervous about finances because

505
00:19:31,230 --> 00:19:33,170
they haven't had any experience with it, they

506
00:19:33,170 --> 00:19:36,170
end up, this is going to sound like

507
00:19:36,170 --> 00:19:36,930
a negative comment.

508
00:19:37,070 --> 00:19:39,190
It's not intended to be, but they end

509
00:19:39,190 --> 00:19:40,610
up at the wrong place for them.

510
00:19:42,750 --> 00:19:48,450
The word financial advisor is broadly used inappropriately,

511
00:19:48,530 --> 00:19:49,950
in my opinion, by some people.

512
00:19:50,370 --> 00:19:51,750
And you might end up with a salesman

513
00:19:51,750 --> 00:19:53,870
who's selling you a specific product, or maybe

514
00:19:53,870 --> 00:19:56,530
someone who's going to convince you that a

515
00:19:56,530 --> 00:19:58,350
certain type of life insurance is right for

516
00:19:58,350 --> 00:19:59,310
saving for retirement.

517
00:20:00,250 --> 00:20:03,010
So this is review for some of our

518
00:20:03,010 --> 00:20:05,190
listeners, but whoever you're working with, whoever you

519
00:20:05,190 --> 00:20:07,570
consider working with, I encourage you to ask

520
00:20:07,570 --> 00:20:08,710
these three questions.

521
00:20:08,790 --> 00:20:10,470
One, are you a fiduciary?

522
00:20:10,610 --> 00:20:12,950
And that's a legal and moral standard that

523
00:20:12,950 --> 00:20:15,870
the person that you're working with has to

524
00:20:15,870 --> 00:20:17,590
act in your best interest.

525
00:20:17,910 --> 00:20:20,410
Not what's paying them the biggest commission, not

526
00:20:20,410 --> 00:20:22,950
the product, the one product that they have

527
00:20:22,950 --> 00:20:24,390
that they sell to everybody and tell them

528
00:20:24,390 --> 00:20:25,410
why it's the best product.

529
00:20:25,930 --> 00:20:27,670
But are you a fiduciary?

530
00:20:27,870 --> 00:20:29,730
Are you obligated to that standard?

531
00:20:30,010 --> 00:20:31,470
If it's no, I say move on.

532
00:20:33,070 --> 00:20:35,850
The next question, so assume the person says,

533
00:20:35,950 --> 00:20:36,710
yes, I'm a fiduciary.

534
00:20:36,770 --> 00:20:38,810
The next question is, how are you compensated?

535
00:20:39,930 --> 00:20:43,430
Everyone who's providing you service, doctor, lawyer, financial

536
00:20:43,430 --> 00:20:48,650
advisor, auto mechanic, landscaper, they have to get

537
00:20:48,650 --> 00:20:49,010
paid.

538
00:20:49,170 --> 00:20:50,890
I mean, that's the model, right?

539
00:20:51,150 --> 00:20:52,750
So how are you paid?

540
00:20:52,890 --> 00:20:55,270
And if the person can't tell you within

541
00:20:55,270 --> 00:21:00,630
30 seconds, then maybe they're not the right

542
00:21:00,630 --> 00:21:01,310
person for you.

543
00:21:01,370 --> 00:21:04,290
If they're explaining some complicated formula or some

544
00:21:04,290 --> 00:21:06,890
way that they get residuals back from whatever

545
00:21:06,890 --> 00:21:09,890
they sell you, I would suggest that might

546
00:21:09,890 --> 00:21:11,330
not be the right person for you.

547
00:21:11,370 --> 00:21:13,770
They should be able to say, I get

548
00:21:13,770 --> 00:21:17,270
paid this percentage, I get paid this much

549
00:21:17,270 --> 00:21:19,710
an hour, whatever the situation is, something that

550
00:21:19,710 --> 00:21:22,630
you understand and you know what it is

551
00:21:22,630 --> 00:21:23,930
without question.

552
00:21:24,050 --> 00:21:25,510
So are you a fiduciary?

553
00:21:25,650 --> 00:21:26,690
How are you compensated?

554
00:21:27,170 --> 00:21:29,210
And the third thing I think you should

555
00:21:29,210 --> 00:21:31,950
ask anybody that you're working with is where

556
00:21:31,950 --> 00:21:36,410
will my investments, my money, my funds, my

557
00:21:36,410 --> 00:21:38,650
IRA, whatever it is, be held?

558
00:21:39,710 --> 00:21:41,830
And you want it held as a third

559
00:21:41,830 --> 00:21:42,210
party.

560
00:21:42,230 --> 00:21:44,570
The answer is whatever they tell you, but

561
00:21:44,570 --> 00:21:46,830
you want it held by someone other than

562
00:21:46,830 --> 00:21:47,430
the advisor.

563
00:21:47,630 --> 00:21:49,850
You want it at a third party custodian.

564
00:21:50,190 --> 00:21:53,150
So for example, if you worked with us,

565
00:21:54,470 --> 00:21:58,110
we are fiduciaries, we get charged a percentage

566
00:21:58,110 --> 00:22:00,170
of the assets that you have with us

567
00:22:00,170 --> 00:22:03,210
or by our, if it's a certain type

568
00:22:03,210 --> 00:22:05,610
of situation, most of its assets under management

569
00:22:05,610 --> 00:22:09,670
fee, and your assets are held at Schwab

570
00:22:09,670 --> 00:22:10,250
or Fidelity.

571
00:22:10,430 --> 00:22:12,350
Those are the two places that we use.

572
00:22:12,770 --> 00:22:15,650
And the third part I'm focusing on now

573
00:22:15,650 --> 00:22:19,310
is because if you aren't happy with us,

574
00:22:19,310 --> 00:22:22,210
if you aren't comfortable with the relationship, you

575
00:22:22,210 --> 00:22:23,770
don't even have to talk to us to

576
00:22:23,770 --> 00:22:24,610
break up with us.

577
00:22:24,730 --> 00:22:26,510
You can go to the third party, you

578
00:22:26,510 --> 00:22:29,610
can call Schwab and say, you know, my

579
00:22:29,610 --> 00:22:31,610
advisor isn't working out for me and its

580
00:22:31,610 --> 00:22:33,430
communication is broken down.

581
00:22:33,530 --> 00:22:35,830
So I just want to switch advisors or

582
00:22:35,830 --> 00:22:37,770
I want to go to someone else or

583
00:22:37,770 --> 00:22:39,730
I want to go to retail, whatever it

584
00:22:39,730 --> 00:22:40,050
is.

585
00:22:40,730 --> 00:22:42,470
And so it's important not to have to

586
00:22:42,470 --> 00:22:45,830
count on your advisor to make that decision.

587
00:22:45,890 --> 00:22:48,170
And it's also prudent that your advisor doesn't

588
00:22:48,170 --> 00:22:49,090
hold your cash.

589
00:22:49,270 --> 00:22:53,130
It's becoming more and more infrequent that advisors

590
00:22:53,130 --> 00:22:55,350
are holding investments by themselves.

591
00:22:56,110 --> 00:22:58,270
But just make sure that you, they're a

592
00:22:58,270 --> 00:22:59,930
fiduciary, you know how they're paid and the

593
00:22:59,930 --> 00:23:02,130
assets are held by a third party custodian.

594
00:23:02,910 --> 00:23:04,790
Yeah, we had a conversation with someone recently

595
00:23:04,790 --> 00:23:05,670
on that topic.

596
00:23:06,070 --> 00:23:08,190
Specifically, I think they had a family member

597
00:23:08,190 --> 00:23:11,270
that was unfortunately, you know, burned by a

598
00:23:11,270 --> 00:23:12,110
situation like that.

599
00:23:12,470 --> 00:23:13,550
I don't know if it was some kind

600
00:23:13,550 --> 00:23:15,790
of Ponzi scheme or something like that.

601
00:23:16,010 --> 00:23:19,250
But, you know, it's not even custody at

602
00:23:19,250 --> 00:23:23,730
Wealth Enhancement, which is our company, but it's

603
00:23:23,730 --> 00:23:26,610
custody at these, you know, very large national

604
00:23:26,610 --> 00:23:28,190
institutions.

605
00:23:28,190 --> 00:23:29,410
Fidelity has been around forever.

606
00:23:29,550 --> 00:23:30,550
Schwab has been around forever.

607
00:23:30,850 --> 00:23:33,150
And it's not, it's not held with the

608
00:23:33,150 --> 00:23:34,330
advisor ourselves.

609
00:23:34,650 --> 00:23:35,890
We were just managing.

610
00:23:36,470 --> 00:23:36,570
Yeah.

611
00:23:36,570 --> 00:23:40,890
And there's insurance to cover things for those

612
00:23:40,890 --> 00:23:41,970
third party custodians.

613
00:23:42,290 --> 00:23:46,230
So, you know, bigger point is if you're

614
00:23:46,230 --> 00:23:49,010
late to the party, you know, you know,

615
00:23:49,030 --> 00:23:50,990
you're behind, you know, you've just figured out

616
00:23:50,990 --> 00:23:53,650
retirement's coming and you haven't done anything, do

617
00:23:53,650 --> 00:23:54,090
something.

618
00:23:54,490 --> 00:23:56,830
And if you're looking for an advisor to

619
00:23:56,830 --> 00:23:58,750
help you walk through that, happy to talk

620
00:23:58,750 --> 00:23:59,050
to you.

621
00:23:59,790 --> 00:24:02,250
You can just call our office, 508-771

622
00:24:02,250 --> 00:24:03,110
-8900.

623
00:24:03,730 --> 00:24:04,730
And we'll be happy to give you a

624
00:24:04,730 --> 00:24:07,290
complimentary meeting to see where you're at and

625
00:24:07,290 --> 00:24:10,070
to offer some thoughts on best next steps.

626
00:24:12,070 --> 00:24:14,910
Digging way into this mailbag for this next

627
00:24:14,910 --> 00:24:15,470
question.

628
00:24:16,770 --> 00:24:18,250
I do need a sound effect.

629
00:24:18,850 --> 00:24:20,230
You need a bag or something.

630
00:24:20,410 --> 00:24:21,130
I need something.

631
00:24:21,930 --> 00:24:25,270
So, this is more common than I anticipated.

632
00:24:26,490 --> 00:24:28,910
I had run into this as a practicing

633
00:24:28,910 --> 00:24:31,590
attorney, but I think I'm running into it

634
00:24:31,590 --> 00:24:34,910
more with our financial advising clients.

635
00:24:36,290 --> 00:24:38,170
It has to do with estate planning and

636
00:24:38,170 --> 00:24:39,290
choosing an executor.

637
00:24:39,450 --> 00:24:41,950
So, this question comes from a client who

638
00:24:41,950 --> 00:24:43,250
said, I know that I need a will

639
00:24:43,250 --> 00:24:45,930
because we ask them during their annual reviews

640
00:24:45,930 --> 00:24:47,210
about their estate plan.

641
00:24:47,330 --> 00:24:50,310
And sometimes, you know, they say no and

642
00:24:50,310 --> 00:24:52,710
we encourage them and then six months go

643
00:24:52,710 --> 00:24:54,090
by and we're talking to them again and

644
00:24:54,090 --> 00:24:54,830
they haven't done it.

645
00:24:54,830 --> 00:24:56,470
And one of the reasons is they haven't

646
00:24:56,470 --> 00:24:58,350
done it is they don't know who to

647
00:24:58,350 --> 00:24:58,670
pick.

648
00:24:59,090 --> 00:25:00,910
So, this question is, I know that I

649
00:25:00,910 --> 00:25:03,030
need a will, estate plan, but don't know

650
00:25:03,030 --> 00:25:04,650
who in my family I should choose to

651
00:25:04,650 --> 00:25:05,630
take care of my estate.

652
00:25:06,450 --> 00:25:08,570
How can I decide who should be my

653
00:25:08,570 --> 00:25:12,490
personal representative, executor, healthcare proxy, power of attorney,

654
00:25:12,690 --> 00:25:16,090
you know, whatever, trustee, successor trustee, whatever the

655
00:25:16,090 --> 00:25:17,530
estate is calling for.

656
00:25:17,930 --> 00:25:23,450
How do they pick that person out of,

657
00:25:23,690 --> 00:25:27,930
you know, I think most families default, we're

658
00:25:27,930 --> 00:25:30,710
talking about a situation maybe with adult children

659
00:25:30,710 --> 00:25:32,710
involved, but it doesn't have to be.

660
00:25:34,150 --> 00:25:36,130
How do I pick a child?

661
00:25:36,550 --> 00:25:38,890
What if the, you know, we can go

662
00:25:38,890 --> 00:25:40,710
back in history and it's the oldest male

663
00:25:40,710 --> 00:25:41,510
child, right?

664
00:25:42,350 --> 00:25:44,730
Well, that's probably not a good place to

665
00:25:44,730 --> 00:25:45,050
start.

666
00:25:45,590 --> 00:25:47,550
You know, you should pick someone who you

667
00:25:47,550 --> 00:25:51,650
have complete confidence in is one interested in

668
00:25:51,650 --> 00:25:52,210
doing it.

669
00:25:52,650 --> 00:25:55,350
You know, see, I've seen estate plans.

670
00:25:55,450 --> 00:25:59,550
I had one client who did all the

671
00:25:59,550 --> 00:26:02,950
documents, gave the suggestions to them about how

672
00:26:02,950 --> 00:26:05,010
to talk to the family about it, offered

673
00:26:05,010 --> 00:26:06,270
them to come into the office.

674
00:26:06,390 --> 00:26:07,750
They didn't want to do it, meaning the

675
00:26:07,750 --> 00:26:10,490
creator of the estate plan.

676
00:26:11,310 --> 00:26:16,670
And they just never had the desire, courage,

677
00:26:16,750 --> 00:26:17,930
whatever, to talk to their family.

678
00:26:18,130 --> 00:26:21,490
And she ended up appointing the person that

679
00:26:21,490 --> 00:26:23,170
she thought was right, but never told her.

680
00:26:23,690 --> 00:26:25,990
And that person just didn't want to do

681
00:26:25,990 --> 00:26:26,430
it.

682
00:26:27,970 --> 00:26:32,090
So appoint someone who is interested in it

683
00:26:32,090 --> 00:26:33,350
and that you've talked about it.

684
00:26:33,390 --> 00:26:36,970
And you think that they are aligned with

685
00:26:36,970 --> 00:26:39,330
your ultimate estate planning goals and they have

686
00:26:39,330 --> 00:26:45,450
the time, capacity, and capacity meaning a couple

687
00:26:45,450 --> 00:26:47,950
different things like the time, but also meaning

688
00:26:47,950 --> 00:26:51,650
the cognitive intelligence and ability.

689
00:26:52,570 --> 00:26:53,710
It can get complicated.

690
00:26:54,950 --> 00:26:56,710
And then share with them.

691
00:26:57,130 --> 00:27:01,850
And also if there's other individuals who might

692
00:27:01,850 --> 00:27:04,890
have expected, you know, the oldest child thing

693
00:27:04,890 --> 00:27:07,770
that we kind of joked about, explain to

694
00:27:07,770 --> 00:27:11,130
them this is advice, not legal advice, that

695
00:27:11,130 --> 00:27:13,410
they're not the executor or who is the

696
00:27:13,410 --> 00:27:14,690
executor and why.

697
00:27:15,350 --> 00:27:18,270
That will avoid hurt feelings if you have

698
00:27:18,270 --> 00:27:18,830
a good reason.

699
00:27:20,210 --> 00:27:23,790
And it will avoid potential legal challenges to

700
00:27:23,790 --> 00:27:26,110
the document saying, you know, I was, mom

701
00:27:26,110 --> 00:27:27,410
told me I was going to be the

702
00:27:27,410 --> 00:27:27,950
executor.

703
00:27:28,070 --> 00:27:29,130
Mom told me I was going to get

704
00:27:29,130 --> 00:27:31,890
this inheritance or something was changed.

705
00:27:31,930 --> 00:27:33,510
You know, all these things that we see

706
00:27:33,510 --> 00:27:35,450
in TV movies actually do happen.

707
00:27:36,630 --> 00:27:39,790
So it's a difficult conversation.

708
00:27:40,790 --> 00:27:42,510
And I also want to make sure that

709
00:27:42,510 --> 00:27:45,830
you consider that it doesn't have to be

710
00:27:45,830 --> 00:27:46,610
a family member.

711
00:27:47,270 --> 00:27:51,730
And sometimes to avoid family strife or to,

712
00:27:51,850 --> 00:27:53,830
or in the best interest of your beneficiaries,

713
00:27:54,150 --> 00:27:56,490
maybe they're not, maybe it's not in their

714
00:27:56,490 --> 00:28:00,490
best interest to be the executor for whatever

715
00:28:00,490 --> 00:28:00,890
reason.

716
00:28:01,090 --> 00:28:01,830
Maybe they're not healthy.

717
00:28:02,150 --> 00:28:05,270
Maybe they're not, maybe they're not good in

718
00:28:05,270 --> 00:28:05,770
math.

719
00:28:06,070 --> 00:28:07,870
You know, maybe they're not good with details.

720
00:28:08,070 --> 00:28:09,910
Maybe they're just too busy with their career.

721
00:28:12,130 --> 00:28:13,970
You can pick someone, whoever you want.

722
00:28:15,330 --> 00:28:15,730
Yeah.

723
00:28:16,150 --> 00:28:16,410
Yeah.

724
00:28:16,810 --> 00:28:18,530
I know people who have chosen, you know,

725
00:28:18,590 --> 00:28:21,190
had a trusted friend be the executor of

726
00:28:21,190 --> 00:28:21,910
state.

727
00:28:22,250 --> 00:28:25,450
And, and it could, it could, you know,

728
00:28:25,470 --> 00:28:28,350
avoid some of those conflicts of interest that

729
00:28:28,350 --> 00:28:30,090
could pop up or, you know, some kind

730
00:28:30,090 --> 00:28:32,930
of animosity between family members.

731
00:28:33,710 --> 00:28:35,070
Of course, you don't want to see that,

732
00:28:35,110 --> 00:28:38,130
but definitely has to be someone you trust

733
00:28:38,130 --> 00:28:38,650
fully.

734
00:28:38,650 --> 00:28:40,290
And you, you know, it's going to have

735
00:28:40,290 --> 00:28:42,550
your best interest if you're no longer around.

736
00:28:42,670 --> 00:28:45,690
And it's a difficult decision, but definitely one

737
00:28:45,690 --> 00:28:47,910
that you want to have conversations about that

738
00:28:47,910 --> 00:28:49,070
you want to talk to people about it.

739
00:28:49,110 --> 00:28:50,390
It doesn't, you shouldn't have it be a

740
00:28:50,390 --> 00:28:50,710
secret.

741
00:28:51,570 --> 00:28:51,670
Right.

742
00:28:51,990 --> 00:28:53,630
It should not be a secret.

743
00:28:53,930 --> 00:28:54,070
Right.

744
00:28:54,290 --> 00:28:55,790
And you don't have to, you know, you

745
00:28:55,790 --> 00:28:57,830
don't, the advice isn't, you don't have to

746
00:28:57,830 --> 00:29:01,350
like get your three children and your grandchildren

747
00:29:01,350 --> 00:29:03,390
in the room and say, this is what

748
00:29:03,390 --> 00:29:03,810
you're getting.

749
00:29:03,890 --> 00:29:04,650
This is what you're getting.

750
00:29:04,770 --> 00:29:06,850
You can just explain to them that it's

751
00:29:06,850 --> 00:29:10,530
created an estate plan that Sally Jo is

752
00:29:10,530 --> 00:29:11,590
the executor.

753
00:29:11,610 --> 00:29:12,890
And this is my attorney.

754
00:29:12,890 --> 00:29:14,450
This is my financial advisor.

755
00:29:15,190 --> 00:29:16,510
And you're all in the will.

756
00:29:16,590 --> 00:29:17,450
We love you all.

757
00:29:17,650 --> 00:29:22,150
We chose Sally Jo because whatever, whatever the

758
00:29:22,150 --> 00:29:22,810
reason is.

759
00:29:23,010 --> 00:29:24,210
And, you know, I've talked to her about

760
00:29:24,210 --> 00:29:26,210
what we want to do and I want

761
00:29:26,210 --> 00:29:27,490
you all to get along and I want

762
00:29:27,490 --> 00:29:28,770
any strife about this.

763
00:29:29,430 --> 00:29:31,690
And, you know, just a simple meeting like

764
00:29:31,690 --> 00:29:34,610
that can really go a long way to

765
00:29:34,610 --> 00:29:38,170
preventing hurt feelings or legal challenges.

766
00:29:38,870 --> 00:29:41,110
And it's, it's just the best advice.

767
00:29:41,170 --> 00:29:43,450
And, you know, I, I listed off a

768
00:29:43,450 --> 00:29:45,610
bunch of documents there, a will, a trust

769
00:29:45,610 --> 00:29:48,850
that's determining where your stuff's going to go

770
00:29:48,850 --> 00:29:51,730
generally and how it's going to go delayed

771
00:29:51,730 --> 00:29:54,050
all at once over a period of years,

772
00:29:54,090 --> 00:29:54,950
whatever you decide.

773
00:29:55,610 --> 00:30:00,130
But a healthcare proxy is also important, which

774
00:30:00,130 --> 00:30:02,990
determines if you're not able to make your

775
00:30:02,990 --> 00:30:04,130
own medical decisions.

776
00:30:04,410 --> 00:30:06,650
It appoints someone to make those decisions for

777
00:30:06,650 --> 00:30:07,010
you.

778
00:30:08,390 --> 00:30:10,030
And you definitely need to talk to that

779
00:30:10,030 --> 00:30:10,390
person.

780
00:30:10,390 --> 00:30:12,930
I mean, you can have your wishes outlined

781
00:30:12,930 --> 00:30:15,690
in the documents, but it also helps to

782
00:30:15,690 --> 00:30:17,830
make sure that person understands them, agrees with

783
00:30:17,830 --> 00:30:18,130
them.

784
00:30:19,110 --> 00:30:21,190
People have different views about end of life

785
00:30:21,190 --> 00:30:23,390
and you want someone to be your advocate,

786
00:30:23,570 --> 00:30:27,150
not someone replacing their values for your values.

787
00:30:28,270 --> 00:30:31,150
And that, so that healthcare person doesn't have

788
00:30:31,150 --> 00:30:33,230
to be, the healthcare proxy doesn't have to

789
00:30:33,230 --> 00:30:35,230
be the same person as your executor to

790
00:30:35,230 --> 00:30:37,910
your will or your trustee, you know, someone

791
00:30:37,910 --> 00:30:41,130
in your family or a professional may have

792
00:30:41,130 --> 00:30:44,210
different strengths, right?

793
00:30:44,490 --> 00:30:46,030
You know, maybe someone in your family is

794
00:30:46,030 --> 00:30:47,890
a nurse and really understands all the healthcare

795
00:30:47,890 --> 00:30:51,310
stuff, the terminology, and someone else in your

796
00:30:51,310 --> 00:30:54,410
family is a lawyer or an accountant, or,

797
00:30:54,790 --> 00:30:57,110
you know, an engineer, someone who gets details

798
00:30:57,110 --> 00:30:59,030
and might do a great job being the

799
00:30:59,030 --> 00:30:59,810
executor.

800
00:30:59,890 --> 00:31:01,570
And then you have the power of attorney,

801
00:31:01,750 --> 00:31:04,090
which could be the same person as one

802
00:31:04,090 --> 00:31:05,910
of these or someone, someone different.

803
00:31:05,930 --> 00:31:09,110
And that document is designed for being able

804
00:31:09,110 --> 00:31:11,010
to handle your financial affairs.

805
00:31:11,730 --> 00:31:15,130
If you're not able to, if you have

806
00:31:15,130 --> 00:31:17,730
some cognitive challenges or you were injured somewhere

807
00:31:17,730 --> 00:31:20,530
or had some medical procedure that made you

808
00:31:20,530 --> 00:31:21,210
not available.

809
00:31:22,230 --> 00:31:24,630
And so that may be someone totally different,

810
00:31:24,710 --> 00:31:26,450
or that may be a professional.

811
00:31:28,070 --> 00:31:30,410
I would just kind of end my comments

812
00:31:30,410 --> 00:31:33,490
before you add yours is don't not create

813
00:31:33,490 --> 00:31:36,410
these documents because you don't have the perfect

814
00:31:36,410 --> 00:31:36,910
person.

815
00:31:37,710 --> 00:31:37,810
Yeah.

816
00:31:38,230 --> 00:31:39,650
Find the best person.

817
00:31:41,430 --> 00:31:45,210
And these documents, most of them can be

818
00:31:45,210 --> 00:31:49,090
altered, amended, redone, if something changes in life,

819
00:31:49,130 --> 00:31:50,730
and you have a different person you want

820
00:31:50,730 --> 00:31:51,110
to name.

821
00:31:52,170 --> 00:31:53,510
But it's important that you do.

822
00:31:53,590 --> 00:31:54,710
It's a gift to your family.

823
00:31:54,910 --> 00:31:56,350
And if you don't do these documents, and

824
00:31:56,350 --> 00:31:59,270
something happens to you, it can create a

825
00:31:59,270 --> 00:32:01,050
lot of strife in your family, which is

826
00:32:01,050 --> 00:32:06,450
usually the most compelling reason that people have

827
00:32:06,450 --> 00:32:07,230
these documents.

828
00:32:08,490 --> 00:32:09,310
Yeah, yeah.

829
00:32:09,470 --> 00:32:12,630
And I've definitely seen what can happen without

830
00:32:12,630 --> 00:32:15,250
a pre-planned estate.

831
00:32:16,870 --> 00:32:20,230
But to your point, I think finding someone

832
00:32:20,230 --> 00:32:22,590
with the strengths that align with whatever your,

833
00:32:22,790 --> 00:32:24,370
you know, whatever the needs might be, I

834
00:32:24,370 --> 00:32:25,550
think that's a great way to look at

835
00:32:25,550 --> 00:32:25,690
it.

836
00:32:25,690 --> 00:32:27,610
Like, all right, like I have one relative,

837
00:32:27,870 --> 00:32:29,310
like a niece or nephew who might be

838
00:32:29,310 --> 00:32:30,970
really good in the financial aspect, and one

839
00:32:30,970 --> 00:32:33,990
who's very organized, and I trust fully and

840
00:32:33,990 --> 00:32:35,830
another person that's works in the healthcare field

841
00:32:35,830 --> 00:32:38,750
or has experience going taking, you know, family

842
00:32:38,750 --> 00:32:40,150
members of the doctor, whatever it may be.

843
00:32:40,530 --> 00:32:43,350
I think playing to those strengths is definitely

844
00:32:43,350 --> 00:32:45,910
prudent and a good way to figure out

845
00:32:45,910 --> 00:32:47,410
who should be what, and it doesn't all

846
00:32:47,410 --> 00:32:48,310
have to be the same person.

847
00:32:48,390 --> 00:32:52,410
I think that's a probably under-realized point

848
00:32:52,410 --> 00:32:52,730
there.

849
00:32:53,610 --> 00:32:55,410
And to tell them about it, and to

850
00:32:55,410 --> 00:32:58,470
share that your reasoning with everyone, that's really

851
00:32:58,470 --> 00:33:00,450
not everyone, you know, but the people who

852
00:33:00,450 --> 00:33:01,070
need to know.

853
00:33:01,450 --> 00:33:01,670
Yeah.

854
00:33:01,910 --> 00:33:03,570
And we have some resources on that.

855
00:33:03,650 --> 00:33:06,230
We have a couple of handouts that we

856
00:33:06,230 --> 00:33:09,350
can email people, you know, no obligation, not

857
00:33:09,350 --> 00:33:12,610
just trying to help people take care of

858
00:33:12,610 --> 00:33:17,430
their their situations, and these are love letters.

859
00:33:17,690 --> 00:33:19,910
One's called a love letter, and then there's

860
00:33:19,910 --> 00:33:24,450
like an accounting of everything, like a worksheet

861
00:33:24,450 --> 00:33:25,990
so you can start the process.

862
00:33:26,530 --> 00:33:28,530
If you think these documents are helpful, let

863
00:33:28,530 --> 00:33:30,670
us know, and we're happy to pass them

864
00:33:30,670 --> 00:33:32,110
along to you to help your process.

865
00:33:33,050 --> 00:33:35,330
Russ, the mailbag is not empty, but we

866
00:33:35,330 --> 00:33:38,210
have run out of time, so we'll save

867
00:33:38,210 --> 00:33:40,950
the other questions that we plan to discuss

868
00:33:40,950 --> 00:33:43,530
for our next mailbag, and we really appreciate

869
00:33:43,530 --> 00:33:44,030
you listening.

870
00:33:44,550 --> 00:33:46,570
You have a lot of choices on podcasts

871
00:33:46,570 --> 00:33:48,950
and YouTube shows that you can watch.

872
00:33:49,990 --> 00:33:51,890
If you'd like our show, we'd love you

873
00:33:51,890 --> 00:33:53,730
to subscribe, give us a good rating.

874
00:33:53,850 --> 00:33:54,750
If you're going to give us a bad

875
00:33:54,750 --> 00:33:56,170
rating, then move on, please.

876
00:33:57,150 --> 00:33:59,150
But, you know, those likes, those shares to

877
00:33:59,150 --> 00:34:01,830
other people, the more that you do that

878
00:34:01,830 --> 00:34:03,790
for us, you are our marketing team.

879
00:34:04,230 --> 00:34:05,890
The more that you do that for us,

880
00:34:05,930 --> 00:34:08,949
the more people that we reach, and hopefully

881
00:34:08,949 --> 00:34:12,389
you agree with us that these episodes are

882
00:34:12,389 --> 00:34:14,590
helpful to your personal finances.

883
00:34:15,010 --> 00:34:16,909
So, Russ, thank you for joining me today.

884
00:34:16,989 --> 00:34:19,889
Great job, and thank you for listening.

885
00:34:20,010 --> 00:34:22,710
We sincerely appreciate it, and until next week,

886
00:34:23,210 --> 00:34:25,150
keep striving for something more.

887
00:34:26,250 --> 00:34:28,030
Thank you for listening to Something More with

888
00:34:28,030 --> 00:34:28,770
Chris Boyd.

889
00:34:29,090 --> 00:34:31,230
Call us for help, whether it's for financial

890
00:34:31,230 --> 00:34:35,130
planning or portfolio management, insurance concerns, or those

891
00:34:35,130 --> 00:34:37,170
quality of life issues that make the money

892
00:34:37,170 --> 00:34:38,270
matters matter.

893
00:34:38,630 --> 00:34:41,889
Whatever's on your mind, visit us at somethingmorewithchrisboyd

894
00:34:41,889 --> 00:34:45,110
.com, or call us toll-free at 866

895
00:34:45,110 --> 00:34:50,630
-771-8901, or send us your questions to

896
00:34:50,630 --> 00:34:54,590
amr-info at wealthenhancement.com.

897
00:34:54,989 --> 00:34:56,710
You're listening to Something More with Chris Boyd

898
00:34:56,710 --> 00:34:59,330
Financial Talk Show, Wealth Enhancement Advisory Services, and

899
00:34:59,330 --> 00:35:01,490
Jay Christopher Boyd provide investment advice on an

900
00:35:01,490 --> 00:35:03,030
individual basis to clients only.

901
00:35:03,030 --> 00:35:05,170
Proper advice depends on a complete analysis of

902
00:35:05,170 --> 00:35:06,370
all facts and circumstances.

903
00:35:06,690 --> 00:35:08,450
The information given on this program is general

904
00:35:08,450 --> 00:35:10,490
financial comments and cannot be relied upon as

905
00:35:10,490 --> 00:35:12,070
pertaining to your specific situation.

906
00:35:12,290 --> 00:35:14,250
Wealth Enhancement Group cannot guarantee that using the

907
00:35:14,250 --> 00:35:16,250
information from this show will generate profits or

908
00:35:16,250 --> 00:35:17,370
ensure freedom from loss.

909
00:35:17,570 --> 00:35:19,730
Listeners should consult their own financial advisors or

910
00:35:19,730 --> 00:35:21,830
conduct their own due diligence before making any

911
00:35:21,830 --> 00:35:22,590
financial decisions.