Memories Over Money: A New Take on Wealth Transfer

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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, and thanks for joining us for an

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episode of Something More with Chris Boyd.

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I'm here with Jeff Perry and Russ Ball.

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We are all of the AMR team at

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Wealth Enhancement.

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And just to remind everybody, if you're listening

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to us, you can also find us by

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video on YouTube, on the Wealth Enhancement Group

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page on YouTube, as well as on our

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webpage directly.

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You can go to somethingmorewithchrisboyd.com, as well

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as anywhere you like to listen to podcasts.

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So glad you're listening.

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Please share it, please rate us, and it

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makes a difference for people helping them find

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the content we're providing.

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And if you think this show would be

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of any help to anyone, please share it.

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So we're going to talk a little bit

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about some of the challenges of trying to

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decide, do I spend my retirement money and

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try to make the most of the experiences

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and share that with my family and so

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forth?

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Or do I try to preserve wealth and

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pass that on as well?

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Both valuable considerations, but a lot to think

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about in trying to find the balance of

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how do we approach all this?

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So, Jeff, where would you like us to

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begin today?

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Well, I think you said it pretty well.

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We do have clients that come in and

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say, I want to spend my last nickel

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on my way out the door, right?

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And so I want to live, basically, I

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want to live as large as I can.

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During my retirement, I saved, you know, I'm

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not interested in inheritances.

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Maybe I don't have people I want to

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leave it to.

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Maybe they don't think that's the right decision

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for their family.

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And then there's the other group who are

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nervous about spending anything because they're afraid that

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they're going to have to help a family

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member or they're going to have some unexpected

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expense along the way.

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Or, you know, maybe they're going to need

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long-term care at the end of their

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life.

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And they're just really hesitant and living well

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below their means in their retirement because of

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I'm going to say fear again, that fear

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that they're not going to have enough money

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when they need it the most.

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We have a client who refers to her

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decisions about thinking about wealth and wealth transfer

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generationally as skiing.

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She refers to it as spending her kid's

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inheritance, S-K-I.

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But she also talks about that in the

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context of shared experiences.

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So she's taken all her kids on a

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one-on-one trip or in different places

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around the world, probably more than once at

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this point.

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She has taken her grandchildren on trips.

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And her thought is that she's sharing experiences

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that will be memories and relationship memories, but

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also broadening their horizons and impacting their view

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of the world to some extent.

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And so very valid, right?

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I do think there is a generational context.

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When you think about the greatest generation and

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their passing, it seems to me that it's

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been a priority to that generation to try

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to leave the next generation, perhaps those are

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Gen Xers, or maybe those are boomers rather,

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where they're receiving wealth that they can build

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on.

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It's leaving them some additional resources to help

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them be better off and to help the

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next generation have a leg up, that kind

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of mindset.

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And I think we're finding that as we

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talk to boomers, it's not always as big

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a priority.

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I read an article recently that said only

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22% of boomers plan to leave an

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inheritance.

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I don't find that to be the norm

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of the people we speak with.

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I find most of the clientele we interact

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with really think they would like to leave

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money to their next generation.

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But there's something like $84 trillion that's expected

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to transfer generationally over the next 20 years.

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That's a ton.

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That's an astounding amount of wealth.

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And when you think about these changing, shifting

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kind of priorities of, will people be looking

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to spend or will they be looking to

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look to efficiently transition wealth from one generation

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to the next?

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Generationally, right?

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When we're doing our financial plans for our

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clients, one of the questions with the software

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that I typically use is, how much do

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you want to leave for your inheritance?

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A number.

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And a lot of questions we ask our

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clients in the financial planning process are pretty

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quickly answered, but that one's not quickly answered.

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It's really one that people haven't, most people,

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I'm using generalities, but most people struggle with

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because it's actually, you can say you'd like

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to leave an inheritance or you don't, but

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when it comes down to assigning a dollar

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figure to it, it becomes really an opportunity

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for reflection and it points out the importance

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of a comprehensive plan and including all these

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things.

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Because if you're not intentional about it, either

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way, not to be repetitive, but if you're

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not intentional about your plan and have it

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in writing and have it reviewed and look

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at it with your advisor and your estate

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planning attorney, you're likely not going to achieve

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the goals that you set out to.

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Having said that, I'm surprised at that 22

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% number.

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I would have guessed it was going to

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be like a 50-50 split with people,

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whether or not they wanted to leave a

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sizable inheritance or not.

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Yeah, I think it made me think of

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a few conversations we've had with clients recently

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where it's not as much about the inheritance

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that they leave behind, but gifting now.

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A lot of clients do want to provide

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gifts for their kids, for their grandkids, whatever

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it might be, while they're living.

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This article that Chris referenced talks a little

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bit about that, but then it's like shifting

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priorities of do you withhold those gifts so

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you can make sure you're taken care of,

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and you and your spouse, whatever it may

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be, or can that become part of the

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giving plan?

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So it's like trying to figure out the

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balance of is there a gift amount that

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should be going out each month?

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Do we talk about it as an inheritance

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when you pass away?

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So these are all the different things you

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have to consider in the financial planning process.

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I think that is true.

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I think a lot of times people think,

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well, why do I want to wait till

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I'm gone for them to have the benefit

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of some of this wealth in terms of

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gifting, like you're talking about, that they can

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enjoy helping family get into a home or

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paying for kids' education or whatever the priority

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might be in a given instance, that it

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can give them satisfaction around that, that people

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enjoy.

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We've encountered this.

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Let's talk about this cultural phenomenon, though.

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You mentioned it, Jeff, at the outset, the

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idea of die with zero, kind of spend

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your last penny.

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Die Broke.

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It's a book.

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Yeah.

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Die Broke.

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It's a movement, right?

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And there's also this whole FIRE movement, Financial

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Independence, Retire Early, this idea that people want

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to, I think we see this among millennials

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and younger, this notion that they want to

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live to the fullest, not work till they're

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older and not able to see the world,

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but they want to do that along the

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way, that kind of mindset at the same

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time or take sabbaticals more frequently or things

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that are kind of, I mean, on the

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one hand, you go, geez, that's kind of

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brilliant.

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On the other hand, it's like, is that

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really practical?

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It's kind of dangerous.

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Yeah.

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So I can see the appeal at the

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same time.

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I guess I fall more into that mindset

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that I see the value and the virtue

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of trying to help along the way some,

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but not to the point where it becomes,

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there's a dependence upon that and an expectation

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surrounding that.

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You don't want a lack of drive or

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a lack of seeking financial independence from the

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next generation.

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And I look at my experience, I've benefited

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from help from my parents along the way

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and family members, grandparents.

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We talked about these stories along the way

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at times.

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So Kristen's grandfather was great with helping us

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get some college education money started, that kind

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of stuff.

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You can think about these and family has

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done that.

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My parents and Kristen's parents help along the

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way.

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So you can see how you want to

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continue that at the same time.

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And I'd like to leave this planet with

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some of the fruit of my efforts to

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help the next generation and leave them in

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a position where they might have a little

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more resources.

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My goal is not to die with zero.

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In fact, the problem with that, let's talk

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about the challenge of this goal.

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When are you going to die?

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If you knew the date, your end date,

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your expiration date, well, this planning becomes much

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more attainable.

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You can kind of plan that a lot

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better.

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Have you asked AI about this, Chris?

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Maybe they can tell me, right?

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Based on my diet and exercise and be

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like, oh, yeah, here you go.

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Here's your number.

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There is actually an app out there.

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I saw Death Clock started on the news

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last week and it asks you 25, I

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know I'm going on a tangent.

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I apologize.

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It asks you 25 or so questions.

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And it gives you the date of your

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death.

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I'm going to write this down.

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I need to know.

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I'm not sure I want to know, but

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I'm dying January 26, 2054.

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Oh, you got a long time.

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I'll be 90.

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Yeah, nice.

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I'm not relying on the Death Clock for

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my financial plan.

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It doesn't come with any guarantees.

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But it's a good point, that notion that

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you can live a long time.

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We don't know how healthy we'll be while

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00:12:22,830 --> 00:12:23,430
we're alive.

274
00:12:24,110 --> 00:12:27,050
What kind of costs will be associated with

275
00:12:27,050 --> 00:12:27,150
it?

276
00:12:28,590 --> 00:12:32,570
What was this article that inspired our conversation

277
00:12:32,570 --> 00:12:32,950
here?

278
00:12:33,950 --> 00:12:37,630
It was a Kiplinger's article, and it's available

279
00:12:37,630 --> 00:12:38,330
online.

280
00:12:39,170 --> 00:12:42,630
The title is Holding Wealth, Why Retirees Shouldn't

281
00:12:42,630 --> 00:12:45,370
Focus on Leaving an Inheritance.

282
00:12:45,950 --> 00:12:47,690
So we'll reference that in the show notes

283
00:12:47,690 --> 00:12:49,350
if anybody's interested in the article itself.

284
00:12:49,390 --> 00:12:52,170
But it did reference the costs of long

285
00:12:52,170 --> 00:12:54,750
-term annual healthcare costs.

286
00:12:55,290 --> 00:12:57,230
I think this is really nursing home long

287
00:12:57,230 --> 00:12:57,770
-term care.

288
00:12:58,330 --> 00:12:59,950
These are national averages.

289
00:13:00,250 --> 00:13:02,310
So when it refers to the cost of

290
00:13:02,310 --> 00:13:07,830
a nursing home as $127,750, that's a

291
00:13:07,830 --> 00:13:08,590
national average.

292
00:13:09,350 --> 00:13:16,890
In places where we live, Massachusetts, Florida, the

293
00:13:16,890 --> 00:13:17,650
costs are higher.

294
00:13:19,210 --> 00:13:22,790
Now, Florida is a little more reasonable than

295
00:13:22,790 --> 00:13:23,730
it is in Massachusetts.

296
00:13:24,050 --> 00:13:27,890
If you live in the coast, if you

297
00:13:27,890 --> 00:13:30,250
live in DC, you live in New York,

298
00:13:30,330 --> 00:13:37,450
you live in California's Los Angeles or San

299
00:13:37,450 --> 00:13:40,130
Francisco areas, costs of living are great, are

300
00:13:40,130 --> 00:13:40,590
high.

301
00:13:41,790 --> 00:13:44,270
And you're going to have higher costs for

302
00:13:44,270 --> 00:13:45,830
these kind of expenses.

303
00:13:46,090 --> 00:13:48,570
In our area, we estimate it's about $180

304
00:13:48,570 --> 00:13:51,410
,000 for a nursing home for one year.

305
00:13:52,550 --> 00:13:54,970
Assisted living, they say $70,000.

306
00:13:55,110 --> 00:13:58,850
It's probably closer to $130,000 in our

307
00:13:58,850 --> 00:13:59,250
area.

308
00:13:59,970 --> 00:14:01,010
That's an estimate.

309
00:14:01,290 --> 00:14:03,910
It depends on, again, what's the level of

310
00:14:03,910 --> 00:14:04,110
care.

311
00:14:04,710 --> 00:14:13,070
My point is, we don't know, even with

312
00:14:13,070 --> 00:14:14,610
our death clock health.

313
00:14:14,610 --> 00:14:14,890
That's right.

314
00:14:15,150 --> 00:14:15,610
That's right.

315
00:14:15,910 --> 00:14:17,730
Didn't tell me how many years I might

316
00:14:17,730 --> 00:14:19,030
need some assistance.

317
00:14:19,030 --> 00:14:19,430
Yeah.

318
00:14:19,570 --> 00:14:22,110
What your health will be along the way

319
00:14:22,110 --> 00:14:28,270
and what's going to be a need for

320
00:14:28,270 --> 00:14:30,210
health demands, healthcare costs.

321
00:14:31,930 --> 00:14:35,010
The idea of trying to spend your last

322
00:14:35,010 --> 00:14:37,990
dollar on your last day is appealing, but

323
00:14:37,990 --> 00:14:39,810
I'd like to have a little bit of

324
00:14:39,810 --> 00:14:41,970
a cushion, a little bit of resource, because

325
00:14:41,970 --> 00:14:44,370
I really don't want to have to rely

326
00:14:44,370 --> 00:14:47,690
on state resources for the quality of my

327
00:14:47,690 --> 00:14:49,890
healthcare if I were to be in need

328
00:14:49,890 --> 00:14:51,390
of this kind of a circumstance.

329
00:14:52,290 --> 00:14:57,830
You talked about longevity with the death clock.

330
00:14:59,490 --> 00:15:01,150
We talk to people all the time and

331
00:15:01,150 --> 00:15:02,850
they have opinions about how long they're going

332
00:15:02,850 --> 00:15:03,230
to live.

333
00:15:04,410 --> 00:15:07,050
They usually underestimate what they live.

334
00:15:07,550 --> 00:15:07,750
Yeah.

335
00:15:07,910 --> 00:15:10,590
No man in my family has ever lived

336
00:15:10,590 --> 00:15:12,910
past blank.

337
00:15:14,170 --> 00:15:19,430
Of course, in those family members, maybe they

338
00:15:19,430 --> 00:15:25,570
smoked or drank or heavily whatever, had jobs

339
00:15:25,570 --> 00:15:28,130
or lifestyle considerations that may be different from

340
00:15:28,130 --> 00:15:28,370
you.

341
00:15:29,590 --> 00:15:37,770
Maybe they had different medical technologies and resources

342
00:15:37,770 --> 00:15:40,730
than you might have at a given moment.

343
00:15:41,450 --> 00:15:46,470
These are variables and that's not to say

344
00:15:46,470 --> 00:15:49,130
that those aren't relevant and real concerns.

345
00:15:49,390 --> 00:15:52,250
Let's face it, if you see that family

346
00:15:52,250 --> 00:15:54,130
members have died at a young age because

347
00:15:54,130 --> 00:15:57,570
of heart disease, as an example, or whatever,

348
00:15:58,230 --> 00:16:01,090
naturally you're going to think, well, my lifespan

349
00:16:01,090 --> 00:16:01,910
might be shorter.

350
00:16:02,690 --> 00:16:05,250
We have to think in terms of, particularly

351
00:16:05,250 --> 00:16:09,550
for family, if we're married, not only our

352
00:16:09,550 --> 00:16:12,450
own life expectancy, but how long will this

353
00:16:12,450 --> 00:16:16,990
money be needed for the combined circumstances of

354
00:16:16,990 --> 00:16:20,090
a spouse who may live a long time

355
00:16:20,090 --> 00:16:21,690
as well.

356
00:16:22,130 --> 00:16:25,750
This really is the biggest unknown in a

357
00:16:25,750 --> 00:16:26,530
financial plan.

358
00:16:26,850 --> 00:16:30,430
We do a lot of projections, cashflow projections.

359
00:16:31,490 --> 00:16:34,150
As you mentioned earlier, Russ, we put in

360
00:16:34,150 --> 00:16:36,790
maybe the goal to give money away.

361
00:16:36,870 --> 00:16:37,890
We can model that.

362
00:16:38,770 --> 00:16:41,590
Can I spend so much a year on

363
00:16:41,590 --> 00:16:42,130
vacations?

364
00:16:42,210 --> 00:16:43,470
How often do I buy a car?

365
00:16:43,710 --> 00:16:45,670
I'd like to do the following gifts every

366
00:16:45,670 --> 00:16:48,090
year or periodically or have this fund that

367
00:16:48,090 --> 00:16:50,150
I can give away a certain amount.

368
00:16:50,750 --> 00:16:52,210
We can model all that out.

369
00:16:53,610 --> 00:16:57,030
We have specific ages that we default to

370
00:16:57,770 --> 00:17:00,390
for how long we expect or want to

371
00:17:00,390 --> 00:17:03,990
plan for, depending on the circumstances, meaning how

372
00:17:03,990 --> 00:17:05,690
long we think they're going to live and

373
00:17:05,690 --> 00:17:07,470
be very conservative about that.

374
00:17:07,920 --> 00:17:10,190
This question of are you going to have

375
00:17:10,190 --> 00:17:13,470
a major healthcare issue, a long-term care

376
00:17:13,470 --> 00:17:15,849
issue where you need either home care or

377
00:17:15,849 --> 00:17:21,569
a facility is really the reason why you

378
00:17:21,569 --> 00:17:23,609
shouldn't try to die broke, in my opinion.

379
00:17:23,930 --> 00:17:26,069
You need to plan for this somehow.

380
00:17:26,910 --> 00:17:29,730
We talk about this on other shows, but

381
00:17:29,730 --> 00:17:32,550
whether that's an insurance policy that is on

382
00:17:32,550 --> 00:17:35,690
the side of your financial plan or if

383
00:17:35,690 --> 00:17:40,610
it's a dedicated bucket of money, whatever it

384
00:17:40,610 --> 00:17:43,490
is, not having a plan on how you

385
00:17:43,490 --> 00:17:47,330
might deal with it, if it happens, this

386
00:17:47,330 --> 00:17:48,430
is one of those things I think that

387
00:17:48,430 --> 00:17:53,110
we commonly think happens to other people.

388
00:17:54,030 --> 00:17:55,270
It's not going to happen to me.

389
00:17:55,310 --> 00:17:57,230
If something happens to me, my wife's going

390
00:17:57,230 --> 00:17:59,370
to take care of me or something happens

391
00:17:59,370 --> 00:18:00,750
to my wife, I'm going to take care

392
00:18:00,750 --> 00:18:01,510
of her at home.

393
00:18:01,690 --> 00:18:02,890
We're not going to have any of that

394
00:18:02,890 --> 00:18:03,410
expense.

395
00:18:04,090 --> 00:18:07,370
It just doesn't typically work out when you

396
00:18:07,370 --> 00:18:11,690
have that level of need that the spouse

397
00:18:11,690 --> 00:18:14,670
or a family member is able to actually

398
00:18:14,670 --> 00:18:17,830
take care of the person adequately in their

399
00:18:17,830 --> 00:18:18,130
home.

400
00:18:19,770 --> 00:18:21,350
I think the other piece too is even

401
00:18:21,350 --> 00:18:23,610
in the plan, you can say, all right,

402
00:18:23,890 --> 00:18:25,550
here are the variables that I'm going to

403
00:18:25,550 --> 00:18:26,210
account for.

404
00:18:26,690 --> 00:18:28,130
Let's say we have a three-year long

405
00:18:28,130 --> 00:18:30,670
-term care expense, we have living expenses, whatever.

406
00:18:31,350 --> 00:18:32,410
We can put that all in there and

407
00:18:32,410 --> 00:18:34,290
say, all right, how much can we take

408
00:18:34,290 --> 00:18:35,650
from the portfolio to end up with zero

409
00:18:35,650 --> 00:18:35,930
dollars?

410
00:18:36,170 --> 00:18:38,910
We can create that math equation and come

411
00:18:38,910 --> 00:18:39,490
up with an answer.

412
00:18:40,070 --> 00:18:42,050
But then there's all those other uncertainties.

413
00:18:42,270 --> 00:18:43,810
Even if you take away long-term care,

414
00:18:45,010 --> 00:18:48,210
I'm just racking my brain for some examples.

415
00:18:48,690 --> 00:18:51,070
For example, if a kid goes through a

416
00:18:51,070 --> 00:18:53,110
divorce and then you're helping the kid go

417
00:18:53,110 --> 00:18:55,130
through the divorce or helping them with their

418
00:18:55,130 --> 00:18:57,210
kids, or if a sibling has some health

419
00:18:57,210 --> 00:18:58,850
needs and they don't have the funds to

420
00:18:58,850 --> 00:18:59,590
cover it.

421
00:18:59,690 --> 00:19:01,350
We have clients who help their siblings out.

422
00:19:01,950 --> 00:19:04,150
There's a lot of things that you might

423
00:19:04,150 --> 00:19:05,630
not be able to account for in a

424
00:19:05,630 --> 00:19:05,950
plan.

425
00:19:06,170 --> 00:19:08,610
Not to say that all these uncertainties should

426
00:19:08,610 --> 00:19:10,690
scare people to not spend any money, but

427
00:19:10,690 --> 00:19:14,510
at the same time, there are reasons to

428
00:19:14,510 --> 00:19:17,410
want to have something and not nothing when

429
00:19:17,410 --> 00:19:19,370
you die or at a later stage of

430
00:19:19,370 --> 00:19:19,530
life.

431
00:19:20,110 --> 00:19:20,210
Yeah.

432
00:19:20,550 --> 00:19:23,910
The article you referenced, Chris, its focus is

433
00:19:23,910 --> 00:19:25,110
to put yourself first.

434
00:19:25,490 --> 00:19:29,170
It's not so much not planning.

435
00:19:29,370 --> 00:19:33,150
Of course, the article has components of financial

436
00:19:33,150 --> 00:19:35,350
planning included in it as a good financial

437
00:19:35,350 --> 00:19:39,010
planning article would, but it's to find a

438
00:19:39,010 --> 00:19:41,950
way in your financial plan to put yourself

439
00:19:41,950 --> 00:19:44,630
first and do those things that you want

440
00:19:44,630 --> 00:19:44,970
to do.

441
00:19:45,190 --> 00:19:46,510
That's also part of a plan.

442
00:19:46,710 --> 00:19:49,550
Sometimes people get mired down, and our conversations

443
00:19:49,550 --> 00:19:52,490
do too, about what happens if this happens,

444
00:19:52,590 --> 00:19:53,810
what happens if that happens.

445
00:19:54,550 --> 00:19:56,890
But that's not the only components of a

446
00:19:56,890 --> 00:19:57,710
financial plan.

447
00:19:58,230 --> 00:20:00,830
You should put those things that you want

448
00:20:00,830 --> 00:20:01,110
to do.

449
00:20:01,430 --> 00:20:02,750
We always talk about travel.

450
00:20:02,990 --> 00:20:04,630
That's an obvious one that people can think

451
00:20:04,630 --> 00:20:04,950
about.

452
00:20:05,450 --> 00:20:08,050
Or if it's helping families, when you are

453
00:20:08,050 --> 00:20:10,990
developing your comprehensive financial plan, all of these

454
00:20:10,990 --> 00:20:13,650
things, the good things and the scary things

455
00:20:13,650 --> 00:20:14,590
should be in it.

456
00:20:15,930 --> 00:20:18,950
I shouldn't go through a whole episode without

457
00:20:18,950 --> 00:20:20,150
saying my favorite word.

458
00:20:20,330 --> 00:20:22,790
It gives you permission to do those things.

459
00:20:23,950 --> 00:20:25,670
I knew you knew what was coming.

460
00:20:26,230 --> 00:20:26,790
But it does.

461
00:20:26,950 --> 00:20:29,430
If you were working with someone that takes

462
00:20:29,430 --> 00:20:31,410
the time, if you're working with an advisor

463
00:20:31,410 --> 00:20:33,950
who takes the time to develop this financial

464
00:20:33,950 --> 00:20:36,490
plan and review it with you at least

465
00:20:36,490 --> 00:20:40,430
annually, and you have this desire to make

466
00:20:40,430 --> 00:20:43,090
a big a big gift at a wedding,

467
00:20:43,650 --> 00:20:45,870
or make a gift so someone can buy

468
00:20:45,870 --> 00:20:47,810
a first house, or help someone with their

469
00:20:47,810 --> 00:20:50,410
college, or help a sibling, and it's in

470
00:20:50,410 --> 00:20:52,490
your plan, you can make a quick call

471
00:20:52,490 --> 00:20:54,530
to your advisor and say, I'm thinking about

472
00:20:54,530 --> 00:20:55,830
helping my sister.

473
00:20:56,010 --> 00:20:59,150
She needs $20,000 for X, Y, or

474
00:20:59,150 --> 00:20:59,370
Z.

475
00:21:00,190 --> 00:21:02,170
And you just test the plan a little

476
00:21:02,170 --> 00:21:04,370
bit and say, yep, it's in there.

477
00:21:04,470 --> 00:21:05,330
You can do that.

478
00:21:05,370 --> 00:21:07,330
Or maybe you shouldn't do that.

479
00:21:07,990 --> 00:21:10,770
All these topics to me keep underlying the

480
00:21:10,770 --> 00:21:13,750
benefits of a plan and how it can

481
00:21:13,750 --> 00:21:15,710
bring you peace of mind.

482
00:21:15,990 --> 00:21:18,050
It shouldn't make you wary at the end

483
00:21:18,050 --> 00:21:18,470
of the day.

484
00:21:18,570 --> 00:21:20,470
It should make you feel confident that you're

485
00:21:20,470 --> 00:21:22,850
ready, that you can spend a certain level

486
00:21:22,850 --> 00:21:25,550
of your wealth, do the things that are

487
00:21:25,550 --> 00:21:29,690
in your plan without having to wonder, what's

488
00:21:29,690 --> 00:21:30,770
it going to be like at the end

489
00:21:30,770 --> 00:21:31,370
of my plan?

490
00:21:32,030 --> 00:21:33,150
Yeah, great point.

491
00:21:33,290 --> 00:21:35,450
And I think you've already made the point,

492
00:21:35,630 --> 00:21:40,210
both of you, that this can really be

493
00:21:40,210 --> 00:21:43,570
done in a way through a financial plan

494
00:21:43,570 --> 00:21:48,930
to help you model what you plan to

495
00:21:48,930 --> 00:21:51,690
spend, what if I want to do this

496
00:21:51,690 --> 00:21:55,090
extra for a gift, or for fun, or

497
00:21:55,090 --> 00:21:57,990
whatever it may be, these options that you

498
00:21:57,990 --> 00:22:01,850
might think about, and stress test for costs

499
00:22:01,850 --> 00:22:06,110
of healthcare or market fluctuations or whatever it

500
00:22:06,110 --> 00:22:10,070
might be, increased taxes and higher inflation.

501
00:22:10,330 --> 00:22:11,670
We do a variety of these kind of

502
00:22:11,670 --> 00:22:12,150
things.

503
00:22:12,270 --> 00:22:13,630
But this is where you start with all

504
00:22:13,630 --> 00:22:13,790
this.

505
00:22:13,850 --> 00:22:15,210
Start with a good financial planning.

506
00:22:16,830 --> 00:22:19,410
We use some great software, but I would

507
00:22:19,410 --> 00:22:21,490
encourage our listeners to start with a good

508
00:22:21,490 --> 00:22:26,230
advisor, a fiduciary, and obviously we're here to

509
00:22:26,230 --> 00:22:28,030
help if you'd like to talk to us.

510
00:22:28,650 --> 00:22:32,090
But get some assistance in the process to

511
00:22:32,090 --> 00:22:35,990
help guide you through the whole process to

512
00:22:35,990 --> 00:22:39,570
make sure that you're approaching it in a

513
00:22:39,570 --> 00:22:43,370
way that is deliberate, considers all the variables,

514
00:22:45,170 --> 00:22:46,870
or at least many of them.

515
00:22:47,130 --> 00:22:48,550
I suppose you can't think of everything.

516
00:22:49,250 --> 00:22:51,670
But try to go through some of the

517
00:22:51,670 --> 00:22:54,410
variations and stress tests and make sure that

518
00:22:54,410 --> 00:22:55,430
you've got a plan that works.

519
00:22:55,590 --> 00:22:57,550
So that's an important part of this.

520
00:22:59,150 --> 00:23:02,770
Jeff, this year, over the last year or

521
00:23:02,770 --> 00:23:07,130
so, you've been a big proponent of family

522
00:23:07,130 --> 00:23:07,890
communication.

523
00:23:08,650 --> 00:23:11,450
And that's another maybe element of this that's

524
00:23:11,450 --> 00:23:13,890
worth taking a minute or two to talk

525
00:23:13,890 --> 00:23:20,330
about so that there aren't unrealistic expectations for

526
00:23:20,330 --> 00:23:21,630
the next generation.

527
00:23:21,890 --> 00:23:23,470
What are you intending to do?

528
00:23:24,530 --> 00:23:29,250
So there's no assumption of a massive inheritance

529
00:23:29,250 --> 00:23:33,330
or something, and that's not coming or whatever.

530
00:23:33,590 --> 00:23:35,470
I think one of the things that's important

531
00:23:35,470 --> 00:23:38,390
in the process is what we're trying to

532
00:23:38,390 --> 00:23:41,990
do, I think, sometimes is model behavior and

533
00:23:41,990 --> 00:23:44,510
extend our values.

534
00:23:45,330 --> 00:23:48,550
And maybe that's as my client I referred

535
00:23:48,550 --> 00:23:50,490
to earlier is doing by saying, hey, I

536
00:23:50,490 --> 00:23:52,810
want to have these shared memories and life

537
00:23:52,810 --> 00:23:56,390
experiences and instill values with you.

538
00:23:57,290 --> 00:24:01,610
Whatever that is for you, that's part of

539
00:24:01,610 --> 00:24:05,610
what you're trying to communicate when you think

540
00:24:05,610 --> 00:24:14,350
about your responsible financial planning and potentially conveyance

541
00:24:14,350 --> 00:24:19,170
of wealth as well or not, whatever those

542
00:24:19,170 --> 00:24:21,030
choices you make are.

543
00:24:22,030 --> 00:24:25,670
And that might lead to talking a little

544
00:24:25,670 --> 00:24:28,010
bit about estate and estate planning discussion a

545
00:24:28,010 --> 00:24:28,690
little bit as well.

546
00:24:29,350 --> 00:24:31,590
Yeah, I think any good financial plan has

547
00:24:31,590 --> 00:24:34,410
to have an estate planning component to it.

548
00:24:34,570 --> 00:24:36,070
Not that we're going to do your estate

549
00:24:36,070 --> 00:24:38,210
plan, but we're going to work with your

550
00:24:38,210 --> 00:24:40,450
estate planning attorney to make sure that your

551
00:24:40,450 --> 00:24:42,270
financial plan and your estate plan are working

552
00:24:42,270 --> 00:24:44,450
together, not opposite against each other.

553
00:24:45,310 --> 00:24:47,950
And to your point about communications, thanks for

554
00:24:47,950 --> 00:24:50,290
bringing that up, because I think it's not

555
00:24:50,290 --> 00:24:53,890
only the things that you mentioned about you're

556
00:24:53,890 --> 00:24:55,430
not going to get an inheritance, son.

557
00:24:55,430 --> 00:24:56,310
Good luck.

558
00:24:58,870 --> 00:25:01,190
I'm joking, right?

559
00:25:01,290 --> 00:25:01,990
Whatever it is.

560
00:25:02,130 --> 00:25:05,550
And when I bring this up, I don't

561
00:25:05,550 --> 00:25:07,570
mean that you're going to have spreadsheets all

562
00:25:07,570 --> 00:25:10,150
over the table and say, if I die

563
00:25:10,150 --> 00:25:13,210
in 2054, like the death clock says, this

564
00:25:13,210 --> 00:25:15,170
is your expected inheritance.

565
00:25:16,990 --> 00:25:20,050
But talking about those issues about you don't

566
00:25:20,050 --> 00:25:21,230
need to worry about us.

567
00:25:21,270 --> 00:25:22,830
We have a plan for our long-term

568
00:25:22,830 --> 00:25:23,970
care if we need it.

569
00:25:24,330 --> 00:25:25,850
We have our estate plan.

570
00:25:25,950 --> 00:25:27,350
This is our estate planning attorney.

571
00:25:27,770 --> 00:25:29,050
We have a financial plan.

572
00:25:29,230 --> 00:25:33,250
So if we become incapacitated to handle our

573
00:25:33,250 --> 00:25:35,630
own affairs, this is who we chose.

574
00:25:36,290 --> 00:25:39,110
Maybe it's you, the woman at the table,

575
00:25:39,210 --> 00:25:39,890
or maybe not.

576
00:25:40,550 --> 00:25:41,530
And this is why.

577
00:25:42,090 --> 00:25:43,670
And if we have a healthcare issue, this

578
00:25:43,670 --> 00:25:44,790
is our healthcare proxy.

579
00:25:45,230 --> 00:25:46,170
And this is why.

580
00:25:46,570 --> 00:25:48,610
Just putting those things out on the table

581
00:25:48,610 --> 00:25:51,290
not only provides your loved one's peace of

582
00:25:51,290 --> 00:25:55,050
mind, which is important, and they know who

583
00:25:55,050 --> 00:25:56,790
to turn to in the event of a

584
00:25:56,790 --> 00:26:01,270
crisis, but it also, I think, prevents strife

585
00:26:01,270 --> 00:26:02,030
in the family.

586
00:26:03,170 --> 00:26:05,310
And it takes away, you know, like, did

587
00:26:05,310 --> 00:26:08,650
dad really mean to appoint Sally as the

588
00:26:08,650 --> 00:26:09,350
power of attorney?

589
00:26:09,370 --> 00:26:10,650
That doesn't make sense.

590
00:26:11,590 --> 00:26:15,070
If dad actually explained why Mary is the

591
00:26:15,070 --> 00:26:18,330
power of attorney, because she's local, you know,

592
00:26:18,370 --> 00:26:20,430
she's an attorney, or whatever the, you know,

593
00:26:20,470 --> 00:26:24,130
the reasons that dad has, I think it

594
00:26:24,130 --> 00:26:26,190
just is a gift to your family to

595
00:26:26,190 --> 00:26:28,970
have these plans in place and to let

596
00:26:28,970 --> 00:26:30,710
those people who are involved with those plans

597
00:26:30,710 --> 00:26:32,210
know your reasoning behind it.

598
00:26:33,310 --> 00:26:36,110
I'll just share a quick anecdote.

599
00:26:36,390 --> 00:26:39,830
Had a call yesterday with a client looking

600
00:26:39,830 --> 00:26:41,870
to connect with an estate planning attorney.

601
00:26:41,870 --> 00:26:43,730
And, you know, so we started talking a

602
00:26:43,730 --> 00:26:46,570
little bit about their direction of their plan,

603
00:26:46,630 --> 00:26:49,370
because sometimes, you know, the one hand you

604
00:26:49,370 --> 00:26:53,430
think, well, I want to preserve wealth for

605
00:26:53,430 --> 00:26:54,370
the next generation.

606
00:26:54,370 --> 00:26:58,830
I might, maybe I want a Medicaid planning

607
00:26:58,830 --> 00:27:05,810
kind of trust versus one that's less useful

608
00:27:05,810 --> 00:27:09,350
in protecting assets from Medicaid spend down, a

609
00:27:09,350 --> 00:27:12,550
revocable trust, but one that I retain all

610
00:27:12,550 --> 00:27:14,270
the control, I have total access to my

611
00:27:14,270 --> 00:27:15,490
wealth, you know, that kind of thing.

612
00:27:15,750 --> 00:27:16,810
Important issues to people, yeah.

613
00:27:17,070 --> 00:27:19,450
So this directional question of where we go.

614
00:27:20,010 --> 00:27:21,690
And as we talked about it, we said,

615
00:27:21,790 --> 00:27:26,290
well, gee, you know, you have the bulk

616
00:27:26,290 --> 00:27:30,150
of your investment wealth is in retirement accounts,

617
00:27:30,810 --> 00:27:32,310
IRA, Roth IRA.

618
00:27:32,830 --> 00:27:35,970
So those don't go in a trust anyway.

619
00:27:37,790 --> 00:27:42,550
The house has a mortgage on it.

620
00:27:42,810 --> 00:27:45,050
It's likely to be there for a while.

621
00:27:46,230 --> 00:27:48,910
So, well, maybe that kind of like makes

622
00:27:48,910 --> 00:27:50,670
it less appealing to go down the Medicaid

623
00:27:50,670 --> 00:27:54,410
planning route because, you know, it's not an

624
00:27:54,410 --> 00:27:56,970
unencumbered asset that you could just gift to

625
00:27:56,970 --> 00:28:00,010
a trust or something or somebody else.

626
00:28:00,350 --> 00:28:03,830
So that's not really an approach that makes

627
00:28:03,830 --> 00:28:04,210
sense.

628
00:28:04,510 --> 00:28:05,770
So I was like, well, let's talk it

629
00:28:05,770 --> 00:28:06,330
out a little bit.

630
00:28:06,450 --> 00:28:08,410
And it kind of helped navigate, all right,

631
00:28:08,430 --> 00:28:11,210
well, which direction should we think about for

632
00:28:11,210 --> 00:28:12,150
your planning today?

633
00:28:12,150 --> 00:28:16,690
Not to say that's a forever decision, right?

634
00:28:16,710 --> 00:28:19,830
Because, you know, if your health were to

635
00:28:19,830 --> 00:28:22,090
change or, you know, you had some greater

636
00:28:22,090 --> 00:28:25,370
clarity around, you know, needs or you decided

637
00:28:25,370 --> 00:28:27,310
to pay off the mortgage, okay, well, now

638
00:28:27,310 --> 00:28:29,570
you've got a different set of circumstances.

639
00:28:29,850 --> 00:28:31,930
So in any case, it helps to kind

640
00:28:31,930 --> 00:28:36,310
of help me to help them figure out

641
00:28:36,310 --> 00:28:38,770
which direction are we thinking we want to

642
00:28:38,770 --> 00:28:43,110
go in terms of their planning, given the

643
00:28:43,110 --> 00:28:46,630
bulk of their wealth isn't really subject to

644
00:28:46,630 --> 00:28:49,150
probate and the like, right?

645
00:28:50,950 --> 00:28:52,570
So it's a matter of like whether they

646
00:28:52,570 --> 00:28:54,090
want to do a trust, a will-based

647
00:28:54,090 --> 00:28:55,290
plan or what.

648
00:28:55,790 --> 00:28:58,030
So I didn't want to go too far

649
00:28:58,030 --> 00:28:59,510
to say, oh, this is what you should

650
00:28:59,510 --> 00:29:01,410
do because it's ultimately, you know, we want

651
00:29:01,410 --> 00:29:04,570
to give the lawyer with their expertise the

652
00:29:04,570 --> 00:29:08,750
legal guidance, you know, that the client should

653
00:29:08,750 --> 00:29:10,690
have, but gave a chance to try to

654
00:29:10,690 --> 00:29:13,310
identify which direction, which kind of lawyer should

655
00:29:13,310 --> 00:29:15,910
we be looking for who's maybe the right

656
00:29:15,910 --> 00:29:17,850
fit for these different circumstances.

657
00:29:18,610 --> 00:29:18,710
Yep.

658
00:29:18,890 --> 00:29:23,510
And sometimes when those communications don't happen, the

659
00:29:23,510 --> 00:29:25,470
estate planning attorney may have a whole different

660
00:29:25,470 --> 00:29:28,670
view of what that client's goals are if

661
00:29:28,670 --> 00:29:30,910
they don't have a good understanding of what

662
00:29:30,910 --> 00:29:31,930
their assets are.

663
00:29:32,430 --> 00:29:34,410
Well, I think to your point too, it's

664
00:29:34,410 --> 00:29:38,110
also, we have different disciplines.

665
00:29:38,630 --> 00:29:42,210
The accountant thinks about life through a prism

666
00:29:42,210 --> 00:29:43,270
that they look through.

667
00:29:43,450 --> 00:29:46,130
The estate planning attorney has a view of

668
00:29:46,130 --> 00:29:48,490
what they see and what they're prioritizing.

669
00:29:48,770 --> 00:29:51,450
The insurance agent looks at things through a

670
00:29:51,450 --> 00:29:53,010
prism that they look at through.

671
00:29:53,570 --> 00:29:58,650
So hopefully as the financial planner, fiduciary, you

672
00:29:58,650 --> 00:30:00,210
know, where we can look at it, again,

673
00:30:00,290 --> 00:30:01,990
we have a prism that we look through,

674
00:30:02,230 --> 00:30:04,790
but trying to try to put it all

675
00:30:04,790 --> 00:30:07,370
together in a way that can help the

676
00:30:07,370 --> 00:30:10,330
client navigate those issues and make sense of

677
00:30:10,330 --> 00:30:10,470
it.

678
00:30:10,570 --> 00:30:12,690
Well, good stuff.

679
00:30:12,990 --> 00:30:15,090
Thanks guys for an interesting conversation.

680
00:30:15,310 --> 00:30:17,590
I will again, just mention for our listeners,

681
00:30:18,210 --> 00:30:21,110
don't hesitate to reach out if you need

682
00:30:21,110 --> 00:30:23,330
a little help in finding direction as it

683
00:30:23,330 --> 00:30:25,410
relates to your planning.

684
00:30:26,430 --> 00:30:28,310
Let us know how we can help in

685
00:30:28,310 --> 00:30:30,210
the process and you can always connect with

686
00:30:30,210 --> 00:30:35,210
us at our office or by phone 508

687
00:30:35,210 --> 00:30:37,030
-771-8900.

688
00:30:37,190 --> 00:30:40,050
Until next time, everybody keeps striving for something

689
00:30:40,050 --> 00:30:40,350
more.

690
00:30:41,610 --> 00:30:43,730
Thank you for listening to Something More with

691
00:30:43,730 --> 00:30:44,430
Chris Boyd.

692
00:30:44,750 --> 00:30:46,910
Call us for help, whether it's for financial

693
00:30:46,910 --> 00:30:50,850
planning or portfolio management, insurance concerns, or those

694
00:30:50,850 --> 00:30:52,870
quality of life issues that make the money

695
00:30:52,870 --> 00:30:53,970
matters matter.

696
00:30:54,310 --> 00:30:57,610
Whatever's on your mind, visit us at somethingmorewithchrisboyd

697
00:30:57,610 --> 00:31:00,790
.com or call us toll free at 866

698
00:31:00,790 --> 00:31:04,490
-771-8901.

699
00:31:04,550 --> 00:31:08,350
Or send us your questions to amr-info

700
00:31:08,350 --> 00:31:10,310
at wealthenhancement.com.

701
00:31:10,430 --> 00:31:12,410
You're listening to Something More with Chris Boyd

702
00:31:12,410 --> 00:31:13,250
Financial Talk Show.

703
00:31:13,410 --> 00:31:15,850
Wealth Enhancement Advisory Services and Jay Christopher Boyd

704
00:31:15,850 --> 00:31:18,190
provide investment advice on an individual basis to

705
00:31:18,190 --> 00:31:18,750
clients only.

706
00:31:18,930 --> 00:31:20,870
Proper advice depends on a complete analysis of

707
00:31:20,870 --> 00:31:22,050
all facts and circumstances.

708
00:31:22,290 --> 00:31:24,150
The information given on this program is general

709
00:31:24,150 --> 00:31:26,190
financial comments and cannot be relied upon as

710
00:31:26,190 --> 00:31:27,790
pertaining to your specific situation.

711
00:31:27,970 --> 00:31:29,950
Wealth Enhancement Group cannot guarantee that using the

712
00:31:29,950 --> 00:31:31,950
information from this show will generate profits or

713
00:31:31,950 --> 00:31:33,070
ensure freedom from loss.

714
00:31:33,270 --> 00:31:35,410
Listeners should consult their own financial advisors or

715
00:31:35,410 --> 00:31:37,530
conduct their own due diligence before making any

716
00:31:37,530 --> 00:31:38,290
financial decisions.