Latest / HPK Provident Advisors: The Weekly Bull / What If Planning Today Could Give Your Family Back Years Tomorrow

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What If Planning Today Could Give Your Family Back Years Tomorrow · HPK Provident Advisors: The Weekly Bull

0:01
SPEAKER_01: Welcome to HPK Prominent Advisors Friday Live.
0:07
SPEAKER_01: David, how do you like the music today?
0:10
SPEAKER_00: Music is always a good thing.
0:12
SPEAKER_01: It was mellow.
0:14
SPEAKER_01: It was a little mellow.
0:16
SPEAKER_01: Of course, at uh Fridays, uh 12 30 p.m.
0:19
SPEAKER_01: Eastern Standard Time, the partners.
0:21
SPEAKER_01: One, two.
0:23
SPEAKER_01: There's three of us total, but there's two of us today.
0:25
SPEAKER_01: The partners of HPK Provenant Advisors get onto Facebook.
0:29
SPEAKER_01: Talk a little bit about the markets.
0:31
SPEAKER_01: Talk a little bit about financial planning.
0:33
SPEAKER_01: What we do each week is throughout the week, we post some information on social media.
0:40
SPEAKER_01: Monday is Market Monday.
0:42
SPEAKER_01: Tuesday is Tax Tuesday.
0:44
SPEAKER_01: Wednesday we talk about financial planning.
0:48
SPEAKER_01: Thursday is Think Ahead Thursday.
0:50
SPEAKER_01: So we'll summarize some of those posts for the week and hopefully provide some information that is helpful, thoughtful, and potentially actionable for you.
1:00
SPEAKER_01: And uh if you find any of that information that might be helpful, you can always contact us.
1:06
SPEAKER_01: This is our website, uh hpkprovident.com.
1:09
SPEAKER_01: That is our phone number.
1:10
SPEAKER_01: We do have uh locations in western Pennsylvania and on the east and west coast of Florida.
1:16
SPEAKER_01: Uh, but that website is international, of course.
1:20
SPEAKER_01: And that phone number does ring to each of our offices.
1:23
SPEAKER_01: And that's a great way to get a hold of us.
1:25
SPEAKER_01: Uh, the other way is directly through email, info at hpkprovenent.com.
1:31
SPEAKER_01: So that's kind of what we got going on so far.
1:34
SPEAKER_01: Uh David, do you want to talk away?
1:37
SPEAKER_01: Now, you should understand a little bit of the structure of our firm.
1:40
SPEAKER_01: We do have three partners.
1:41
SPEAKER_01: David and I primarily do the financial planning, interact with clients on their goals and uh the structure of their financial plan, if you will, and implementing that.
1:50
SPEAKER_01: Uh Michael Kutch, who is a charter financial analyst, he focuses his time on constructing portfolios and the investment side of it.
1:59
SPEAKER_01: There are many aspects of financial planning to include cash flow and protection strategies, insurances, uh tax minimization concepts, uh retirement income planning, investment planning, estate planning.
2:12
SPEAKER_01: Mike really focuses on that investment planning.
2:14
SPEAKER_01: Obviously, that flows into the tax planning, that flows into the retirement income planning.
2:19
SPEAKER_01: Actually, it all fits together.
2:21
SPEAKER_01: You know, one way to think about financial planning is in each of those components.
2:25
SPEAKER_01: If you touch one of those, if you make an adjustment in any one of those, it does have effect in the others.
2:32
SPEAKER_01: So that's kind of what David and I do.
2:34
SPEAKER_01: If you're making an adjustment in one aspect of the financial plan, how does it affect the uh other parts of the financial plan?
2:41
SPEAKER_01: Uh David, I will let you do a little market commentary if you'd like.
2:45
SPEAKER_00: I would love to.
2:47
SPEAKER_00: You know, now I don't intend to replace Michael.
2:51
SPEAKER_00: Michael Kutch is in Toronto now, spending some time with his uh his new bride.
2:58
SPEAKER_00: Uh good for them.
2:59
SPEAKER_00: And we wanted to give them some time offs to uh enjoy Toronto.
3:05
SPEAKER_00: Toronto's a beautiful city.
3:07
SPEAKER_00: Um and also we didn't want him to call in internationally.
3:12
SPEAKER_00: Okay, so as markets go, the government finally reopened, and you have uh some some reports are coming out, okay, finally, after um almost a two-month hiatus.
3:28
SPEAKER_00: Um we've had some preliminary, uh so to say, uh not not the regular uh reports, okay, and those are starting to gear up again.
3:40
SPEAKER_00: Um so uh the thought that uh no news is good news, uh that doesn't apply.
3:46
SPEAKER_00: Um no news it leads to uncertainty.
3:50
SPEAKER_00: Uh the market can handle good news and reacts well, the market can handle bad news and reacts and responds fine.
3:58
SPEAKER_00: Okay, what the market hates is uncertainty, and I think we as individuals, uh individual investors, can appreciate that.
4:07
SPEAKER_00: I'd like to know what's ahead, and I can plan whether it's good or bad.
4:13
SPEAKER_00: But if I don't know what's ahead, uh that uncertainty unnerves pretty much every investor.
4:20
SPEAKER_00: So our words to you don't panic.
4:23
SPEAKER_00: Uh, not that there's reason to panic, okay.
4:26
SPEAKER_00: Um is artificial intelligence uh that whole moniker word, is that having some issues with the markets?
4:35
SPEAKER_00: Yes, absolutely.
4:36
SPEAKER_00: Uh, because it's such an unknown commodity.
4:40
SPEAKER_00: Um think of that.
4:42
SPEAKER_00: Um Albert Einstein, uh nice historical figure, he's actually not copyrighted.
4:50
SPEAKER_00: You could use a figure of Albert Einstein on anything, okay?
4:55
SPEAKER_00: But if you have Homer Simpson and which is copyrighted, you cannot use his image.
5:01
SPEAKER_00: It he's not real.
5:02
SPEAKER_00: So think of artificial intelligence trying to commoditize a intelligence.
5:09
SPEAKER_00: Um, it's there's a lot of areas that are looking to try to wrap their hands around it.
5:16
SPEAKER_00: And there's a whole there's a whole lot of people that are at a much better grasp than others.
5:22
SPEAKER_00: Uh government's not really one of them.
5:25
SPEAKER_00: Can uh the advice coming from persons that know uh much better?
5:32
SPEAKER_00: I I I I think the government's trying to get their hands around that to help regulate it.
5:38
SPEAKER_00: Uh you the potentials for artificial intelligence is mind-boggling.
5:47
SPEAKER_00: Uh, and it's had an effect on the market right now.
5:51
SPEAKER_00: Okay, but you know, uh, there's this there's uh forgive me, Brian, but I I love this one song, this old country song.
5:59
SPEAKER_00: Uh it talks about um, you know, mamas don't let your babies grow up to be cowboys.
6:07
SPEAKER_00: And I'm thinking uh I'll modify that a little bit.
6:10
SPEAKER_00: And mamas, don't let your your um babies grow up to be AI technicians.
6:16
SPEAKER_00: I don't be a plumber, I don't be an electrician because those things always matter.
6:21
SPEAKER_00: And what I mean by that, the market has energy needs, you have to turn the lights on, the water has to flow, the utilities, the plumbing, and so forth.
6:34
SPEAKER_00: So there's a lot of good things in the market not to be overshadowed by the AI type thing.
6:42
SPEAKER_00: Do they generate more news?
6:45
SPEAKER_00: Sure, sure.
6:47
SPEAKER_00: And it's something to be paying attention to, absolutely, but don't get bogged down on the nitty-gritty, or as Brian likes to see, don't get stuck in the weeds.
6:56
SPEAKER_00: Try to look at the real the real power of the US economy.
7:06
SPEAKER_00: And I'll I'll have one final note on the market commentary is that uh here in uh the the Federal Reserve in a in Georgia has revamped the GDP from 1.3 to 4.2, uh, which is amazing of a revamp.
7:26
SPEAKER_00: Okay.
7:27
SPEAKER_00: Um there is a lot of money coming in to the US from internationally.
7:34
SPEAKER_00: People want to be here in the US.
7:37
SPEAKER_00: Uh, and it's gonna it's gonna play.
7:40
SPEAKER_00: It's gonna play.
7:41
SPEAKER_00: Uh so that's that's the gist of the money of the uh market commentary that I have.
7:47
SPEAKER_00: And I know Mike is so much better at doing that than I am, Brian.
7:52
SPEAKER_01: Well, you know, Mike has a knack for it, um, he has a passion for it, and that certainly shows you know some of the things that we're seeing.
8:00
SPEAKER_01: Uh, many people have heard that there is a small number of companies that are really driving the quote unquote performance of the SP 500, very large index.
8:11
SPEAKER_01: It's actually slightly more than 500 companies, but generally it's considered the 500 biggest best companies uh in the country.
8:19
SPEAKER_01: And it's been doing pretty well.
8:21
SPEAKER_01: In the last couple of years, it's it's been going up.
8:24
SPEAKER_01: And you've many people have seen that uh a vast majority of how much it's going up is a small number of companies.
8:31
SPEAKER_01: And now what's happening effectively, from what I'm reading, I'm gonna let Mike comment on it, but from what I'm reading, there are some that are questioning how exactly they're doing their accounting, how they're depreciating assets and things along those lines.
8:45
SPEAKER_01: A little bit beyond me, but it has created uncertainty.
8:48
SPEAKER_01: And to David's earlier point, uh, markets don't like uncertainty, right?
8:53
SPEAKER_01: The devil we know is better than the devil we don't.
8:55
SPEAKER_01: All of these things are just kind of rumor.
8:58
SPEAKER_01: Uh, but uh one of the things I certainly say all the time, sunflowers don't grow to the sun.
9:03
SPEAKER_01: Um, so how do you imunize yourself from these things?
9:06
SPEAKER_01: One, have a good financial plan, diversify, uh, be nimble, be prepared, have a good uh uh personal reserve.
9:13
SPEAKER_01: A lot of people call that an emergency fund.
9:15
SPEAKER_01: I don't call it an emergency fund because that implies it's only for emergency.
9:19
SPEAKER_01: Personal reserve is something that you can dip into for an emergency or an opportunity.
9:23
SPEAKER_01: And that opportunity might be these are really good companies that have gone way, way up, and their prices, the cost of buying their shares are really high.
9:31
SPEAKER_01: If they come down, maybe that's an opportunity.
9:34
SPEAKER_01: Um so, yes, David, I would uh uh certainly agree.
9:38
SPEAKER_01: The W knows the devil uh better than W don't.
9:40
SPEAKER_01: We haven't known the numbers because of the government shutdown.
9:44
SPEAKER_01: Uh whether they're good or bad, most people like to, well, I just want to know what are they?
9:48
SPEAKER_01: Are they good or bad?
9:48
SPEAKER_01: I can figure it out.
9:50
SPEAKER_01: Um, and so that has led to some uh certainly some uncertainty.
9:55
SPEAKER_01: Those are things that uh Mike's looking at and and adjusting uh our clients' portfolios uh appropriately along those lines.
10:05
SPEAKER_01: Uh we had a uh several posts.
10:07
SPEAKER_01: Well, Mike had a post.
10:08
SPEAKER_01: I'm I'm not boy.
10:09
SPEAKER_01: We're talking a lot about Mike.
10:10
SPEAKER_01: Poor Mike's not here.
10:11
SPEAKER_01: He's out there in Toronto enduring himself.
10:13
SPEAKER_01: We'll talk a lot about him.
10:14
SPEAKER_01: But he did go to the Jaguars game.
10:15
SPEAKER_01: I'm gonna let him talk about that.
10:17
SPEAKER_01: I guess it was his first Jaguars game.
10:19
SPEAKER_01: Mike's a baseball guy.
10:21
SPEAKER_01: Uh, but uh there were some uh pictures he had put out on social media that looked fantastic.
10:25
SPEAKER_01: Uh for those of the that that you are confused, uh that post actually came through LinkedIn in particular, came through my LinkedIn um uh my LinkedIn account.
10:37
SPEAKER_01: And so for those people that know me, they logged into LinkedIn and it said it my wife Corinne and I went to the Jack Bears game.
10:45
SPEAKER_01: My wife's name is not Corinne.
10:46
SPEAKER_01: My wife's name is and continues to be Pam.
10:50
SPEAKER_01: Uh, and it has been for 25 years, 26 years, actually.
10:55
SPEAKER_01: Uh so that you know, I I I got some uh good-natured ribbing on that because uh that post actually ended up coming through my account.
11:03
SPEAKER_01: Uh one of the other things we had put out um was the idea of what's called a qualified charitable distribution.
11:11
SPEAKER_01: David, do you want to talk a little bit about that?
11:13
SPEAKER_01: Or uh uh uh you want me to jump in on that one?
11:16
SPEAKER_00: Was that our our tax Tuesday?
11:19
SPEAKER_01: Yeah, that was uh yeah, exactly.
11:21
SPEAKER_01: That was tax Tuesday, exactly.
11:23
SPEAKER_00: Which is a wonderful thing.
11:24
SPEAKER_00: The qualified charitable donation.
11:27
SPEAKER_00: If if a person has uh person has to take a required minimum distribution, that adds to your taxes right away.
11:36
SPEAKER_00: If you are concerned about paying Uncle Sam too much out of your pocket, well, there's two things.
11:42
SPEAKER_00: One, be thankful that you made money that you owe Uncle Sam.
11:48
SPEAKER_00: Or two, you can do something about that.
11:51
SPEAKER_00: One of the things is this charitable uh this qualified charitable donation.
11:57
SPEAKER_00: If you are over 73 and you have to take a required minimum distribution from your retirement accounts, you can designate up to$108,000.
12:09
SPEAKER_00: That's pretty steep, but you can designate up to$108,000 to a charity of your choice.
12:17
SPEAKER_00: It cannot be your children.
12:19
SPEAKER_00: Uh, although they are charitable, they are not a charitable organization.
12:24
SPEAKER_00: Qualified, a qualified uh charitable donation.
12:29
SPEAKER_00: Excuse me, the money has to go directly from your IRA custodian to the charity of your choice.
12:36
SPEAKER_00: Um, it and it can be portional.
12:39
SPEAKER_00: I mean, so feel free to do the amount that you wish.
12:43
SPEAKER_00: And the United States, the people here in the United States happen to be very charitable and generous.
12:49
SPEAKER_00: And I encourage everyone to support your local charity.
12:54
SPEAKER_00: Um, and this is a good way of doing that, especially before the end of the year.
12:58
SPEAKER_00: So if you want to even put a portion toward a charity, you can do that.
13:06
SPEAKER_00: Right?
13:07
SPEAKER_01: Yeah, I'm uh well, I'm a huge fan of the uh the QCD as it was called.
13:13
SPEAKER_01: Um to reiterate a few of David's points, kind of give you an example of the how this works.
13:20
SPEAKER_01: Um, a lot of folks have traditional retirement accounts, uh, traditional 401ks, traditional IRAs.
13:29
SPEAKER_01: And what happens with that?
13:30
SPEAKER_01: You put money in there, if you follow the rules, you get a deduction.
13:34
SPEAKER_01: That money grows tax protected, and then when you take it out, it's taxable.
13:38
SPEAKER_01: Um, and what happens with a lot of folks that we work with is uh, you know, if you've done pretty well for yourself and you have other pots of money to fund your lifestyle throughout retirement, uh, well, hopefully, this traditional IRA, you got a debt deduction way back when you put money into it, you haven't been taxed on it.
14:00
SPEAKER_01: Well, the IRS says, hey, the party's over at some point.
14:04
SPEAKER_01: And right now, for most of you, the party's over at the age of 73.
14:07
SPEAKER_01: When the IRS comes to you and says, you are required R and D, you've probably heard this, prior to minimum distribution, to start taking out a percentage of this.
14:17
SPEAKER_01: Uh, we've given you a free ride all these years, and we haven't taxed it.
14:21
SPEAKER_01: You haven't needed it, now it's got to come out.
14:24
SPEAKER_01: And that uh that you know become can become challenging for the folks at the age of 73.
14:31
SPEAKER_01: Now, if you're born in 1960 and later, your required minimum distribution is going to be higher.
14:36
SPEAKER_01: But anyway, um, so at the age of 73, you've got some folks that you know their assets have grown and you know they've got their social security going at this point.
14:46
SPEAKER_01: And now the IRS comes in and says, by the way, you've got this big pot of money, we want a bunch of those taxes.
14:52
SPEAKER_01: Those people oftentimes will be giving money to a charity on a regular basis.
14:58
SPEAKER_01: And so our line of thought is, well, wait a minute, you've got this amount of money that has to come out of this account, your IRA, traditional IRA, that has not been taxed.
15:08
SPEAKER_01: It's going to be taxable in the year that you take it out, and that could have kind of a ripple effect.
15:13
SPEAKER_01: And you're giving to charity anyway.
15:15
SPEAKER_01: Well, why don't you kill two birds with one stone with this qualified charitable distribution concept, which is you can take, as David said, in 2025, up to$108,000 out of your IRA, give it directly to a charity, do not receive it in your hand and then send it to a charity, has to go from the IRA custodian directly to a charity.
15:36
SPEAKER_01: Uh, what does that do?
15:37
SPEAKER_01: That satisfies, well, that helps you with your charitable intentions.
15:41
SPEAKER_01: One, that also helps offset that required minimum distribution.
15:45
SPEAKER_01: So for those folks that are sitting out there saying, you know what, this IRA has become a big tax bomb in my life.
15:50
SPEAKER_01: It's going to force me to take money out.
15:52
SPEAKER_01: Maybe that affects my Medicare premiums.
15:55
SPEAKER_01: Again, there's a ripple effect on that we can talk about.
15:58
SPEAKER_01: That's a whole other episode.
16:00
SPEAKER_01: Uh, but what we could do is say, okay, this is what you're required to take out this year.
16:04
SPEAKER_01: Why don't we take some or all of that, if you choose, and send it directly to a charity?
16:09
SPEAKER_01: Now, you're not taxed on it.
16:10
SPEAKER_01: Your charity gets the money.
16:12
SPEAKER_01: Uh, we love the concept.
16:13
SPEAKER_01: Uh, you can actually do that, even though the required minimum distribution for most of you is the age of 73.
16:19
SPEAKER_01: If you are at least the age of 70 and a half, you can do the qualified charitable distribution.
16:24
SPEAKER_01: So it's 108,000 total in 2025.
16:28
SPEAKER_01: That's indexed for 2026 to 111,000.
16:32
SPEAKER_01: So this is for people that say, uh, this IRA, it's just a, you know, it's just a tax hassle in my life at this point.
16:40
SPEAKER_01: One, you're very fortunate.
16:42
SPEAKER_01: Uh, two, there are now ways that you can say, hey, you can accomplish several different goals as opposed to just being forced to take money out of that account and pay taxes on it.
16:52
SPEAKER_01: Uh, I love it.
16:53
SPEAKER_01: I'm a huge fan of it.
16:55
SPEAKER_01: I am just thrilled when we work with folks that that fits in for them.
17:00
SPEAKER_01: It, you know, it doesn't fit for everybody.
17:02
SPEAKER_01: Uh, but for those folks who are giving to charities who don't absolutely need every dollar of that required minimum distribution out of it.
17:10
SPEAKER_01: This is a wonderful strategy.
17:11
SPEAKER_01: I'm a huge fan of it.
17:13
SPEAKER_01: Uh now on Wealth Wednesday, I was talking about, you know, I've been going through a series of why financial planning is more about time than money.
17:20
SPEAKER_01: This might be one of the most impactful ones.
17:22
SPEAKER_01: Um, and so I talked about the different components of financial planning.
17:26
SPEAKER_01: One of the big components is estate planning.
17:28
SPEAKER_01: Estate planning is essentially uh in the most basic terms, getting your affairs in order so that when you are not here, you know how things play out in your life.
17:39
SPEAKER_01: You work very hard for all of these things.
17:42
SPEAKER_01: You most people are very intentional about when I'm not here, this is what I want it to happen for all these things, to all of these things uh that I've worked so hard for.
17:52
SPEAKER_01: So, why is estate planning more about time?
17:55
SPEAKER_01: Well, in my view and on our approach, uh it's for two reasons.
17:59
SPEAKER_01: One, a solid estate plan gives you comfort now to enjoy your time now.
18:06
SPEAKER_01: If something happens to me, um, am I comfortable that uh when I am not here, that things will be done the way I want to?
18:15
SPEAKER_01: So, one, getting the estate plan done now helps you with your time to enjoy your time now.
18:23
SPEAKER_01: Estate planning also um in a certain way extends your time.
18:29
SPEAKER_01: It extends your legacy so that you one can enjoy yourself, say, hey, I've got things set up, I'm good to go.
18:37
SPEAKER_01: The people that I care about, the entities, the charities possibly that I care about, they are set up as well.
18:44
SPEAKER_01: And that gives me enjoyment now, that gives me comfort now to enjoy my time now.
18:49
SPEAKER_01: And when you're not here, there are many ways that all those things that you have worked for uh can live on.
18:56
SPEAKER_01: So that's why I say, in my opinion and kind of my approach, uh, that of all the things that I have talked about for the last many Wednesdays, about financial planning is really focusing on time more so than money.
19:11
SPEAKER_01: Of course, time and money are most limited resources, and that's ultimately what we help folks with maximize their time, maximize their resources.
19:18
SPEAKER_01: And those are our two or uh maximize their money, those are our two most limited resources.
19:24
SPEAKER_01: Um, I really think financial planning is more about time, and estate planning is the one for me that really, really brings that concept home that financial planning is more about time.
19:35
SPEAKER_00: That is so right, uh, Brian.
19:37
SPEAKER_00: That the time that you spend now can save so much time for your loved ones after.
19:44
SPEAKER_01: Oh my.
19:44
SPEAKER_00: Okay.
19:45
SPEAKER_00: So although it's no one likes to talk about their demise, uh, about their their deaths, but that's one of two things that are certain taxes and death.
19:58
SPEAKER_00: Okay.
19:59
SPEAKER_00: And you should plan for both.
20:02
SPEAKER_00: Um so uh take the time now, invest that, and that's gonna pay huge dividends when when you do pass, and your loved ones are grieving and so forth, it's a tough time.
20:17
SPEAKER_00: Um, to Brian's point, a little bit of time now can save a whole lot of time later.
20:23
SPEAKER_01: Oh, uh, it's um you know, uh the uh the when things aren't uh set up the way they can be, and these things are you know, not all of this is difficult.
20:35
SPEAKER_01: You know, maybe many people think of an estate plan for the ultra-wealthy.
20:39
SPEAKER_01: Oh, they have an estate, right?
20:42
SPEAKER_01: And for for many people, what ends up happening, the word estate implies hundreds of acres and hunting dogs and horses and in a and a castle-like home.
20:53
SPEAKER_01: And so I unfortunately I think what happens for some, they hear estate planning, they say, Well, I don't have an estate.
20:59
SPEAKER_01: I mean, you know, I'm just doing my thing here.
21:02
SPEAKER_01: Estate planning really is about uh carrying on your wishes.
21:06
SPEAKER_01: And to David's point, it's it's really a tremendous benefit to folks that you're gonna pass things on to.
21:14
SPEAKER_01: And regardless of what that is, um, and there are really simple and inexpensive ways to make sure um that your loved ones aren't left with a huge uh potentially expensive and very long potentially burden when you're not here.
21:34
SPEAKER_01: So, yeah, David, that's a wonderful point.
21:36
SPEAKER_01: Uh, you are really protecting the time of your loved ones or the folks, whoever it is that you might want to pass things along to.
21:45
SPEAKER_01: Uh, because, you know, when folks are gone, this is the whole process of uh of probate and uh you know what goes on after, it's far, far more complicated and takes far more time and oftentimes a lot more money than most people realize.
22:00
SPEAKER_01: And there are super simple and expensive things to do right now uh to get that tidied up.
22:07
SPEAKER_00: Um, Brian, another point is the estate plan is not just for your loved ones uh when you pass.
22:17
SPEAKER_00: Uh just this week, we've had conversation with at least two clients that have this burden of that they have some significant assets.
22:29
SPEAKER_00: And and there's some there's some concern in their minds that it that they need to they they recognize and they want to be good stewards of the resources God has provided to them.
22:42
SPEAKER_00: And they're a little concerned, they're overburdened with their with the amount of money that they've been blessed with, and to make sure they get to where they want it to go.
22:55
SPEAKER_00: Uh so having a good estate plan can bring a peace of mind while you're still here.
23:03
SPEAKER_00: Uh and there are some times, uh, in in a particular case, where uh they may want to give some monies while they're here on the earth to see the people enjoy it.
23:15
SPEAKER_00: Uh so that peace of mind is should not be uh should not be underestimated.
23:22
SPEAKER_00: I've I've always been a big believer, you know, that uh a good night's sleep is is well worth anything.
23:30
SPEAKER_00: Um if something keeps you up at night, do something about it.
23:37
SPEAKER_01: Yeah, that's yeah, you know, that is that comfort level now.
23:40
SPEAKER_01: Enjoy your time now because you know um, you know, things are taken care of.
23:44
SPEAKER_01: Things, your your wishes will be done.
23:46
SPEAKER_01: And yeah, yeah, obviously, yeah, they bring up a great point.
23:49
SPEAKER_01: Estate planning is also, hey, while you're here, you know, how uh how do these things get uh to the places that you that you want to get them to?
23:57
SPEAKER_01: I personally find estate planning one of the most interesting things that we do.
24:02
SPEAKER_01: Um, it is the one area, in my opinion, uh where there is the room for the most creativity.
24:09
SPEAKER_01: Um and it's a lot of fun to sit down with folks and say, hey, um, you know, you you have been fortunate in your life, and how do you want this to play out?
24:20
SPEAKER_01: And then just listen and then begin to be creative about how that gets done.
24:25
SPEAKER_01: So I I I particularly enjoy it.
24:27
SPEAKER_01: Now, we don't give tax or legal advice, you know, you know, and I want you to listen to the disclosure at the end of our Friday live here today, but we don't give tax or legal advice.
24:36
SPEAKER_01: And we certainly do partner with the um with uh the appropriate um other professionals, lawyers and you know, tax preparers and that kind of thing.
24:48
SPEAKER_01: Um, but it is fun to sit down with all of that, you know.
24:52
SPEAKER_01: If we can get all those three parties together, four parties investor, financial advisor, financial planner, uh, tax preparer, and legal counsel, get them all in one room and be open-minded.
25:05
SPEAKER_01: The creativity to me is a lot of fun and it's super interesting.
25:09
SPEAKER_01: So uh in this regard, I I would just say keep an open mind and say, hey, this is what I would like to happen.
25:16
SPEAKER_01: And there's a good chance there is a pretty efficient way to make that happen.
25:21
SPEAKER_01: All right.
25:22
SPEAKER_01: And then we had uh we had one other post on Thursday.
25:25
SPEAKER_01: That was about the probably the worst kept secret in the OB3, the one big, beautiful bill signed July 4th of 2025.
25:34
SPEAKER_01: And that was the uh the tax breaks on tips and overtime.
25:40
SPEAKER_01: So that was the uh Thursday post.
25:42
SPEAKER_01: So check that out.
25:43
SPEAKER_01: Uh, there is a tax break up to$25,000 on tips,$12,500 on overtime.
25:49
SPEAKER_01: But there are very specific ways that you need to report that you had overtime and/or tips to make sure you get those breaks.
25:56
SPEAKER_01: Again, we don't get tax or legal advice.
25:58
SPEAKER_01: That is really something you want to sit down with your tax preparer on.
26:01
SPEAKER_01: Check out the post, though.
26:03
SPEAKER_00: Um fair disclosure: neither Brian, Mike, nor I receive tips or or um tips or overtime.
26:14
SPEAKER_01: Yeah.
26:18
SPEAKER_01: We don't.
26:19
SPEAKER_01: So that's a little bit out of uh you know, that's a little bit out of my personal planning because I won't be reporting tips tips over over time, but obviously it's uh incredibly important for many, many people.
26:30
SPEAKER_01: Yeah.
26:31
SPEAKER_01: All right.
26:31
SPEAKER_01: So uh Monday, I believe Mike will be back, and uh so you will see a post on Monday about the uh what uh is coming up, what we expect to see in the market in the markets, the news, uh potential announcements and things along those uh lines.
26:48
SPEAKER_01: Uh Tax Tuesday, uh Wealth Planning Wednesday, and then think ahead Thursday.
26:54
SPEAKER_01: Uh so check those out.
26:56
SPEAKER_01: Uh next Friday.
26:57
SPEAKER_01: Uh well the partners haven't really talked about it.
26:59
SPEAKER_01: Next Friday is the Friday after Thanksgiving, so we haven't talked about our Friday live schedule.
27:04
SPEAKER_01: So stay tuned on uh uh whether we won't be prepared post-Thanksgiving to get on the airways here.
27:11
SPEAKER_01: David, any other uh thoughts, observations?
27:16
SPEAKER_00: Uh no, um I one other point I do have, okay, is if you have significant assets and Uncle Sam is gonna we can't we cannot keep Uncle Sam out of your pockets, but we can limit what he takes out.
27:33
SPEAKER_00: Okay, and that can only go through planning, um, hence the value of planning, okay.
27:40
SPEAKER_00: And Brian has heard one of my favorite stories is the uh uh I've often told a story about where lemurs reside in the in nature and not zoos.
27:54
SPEAKER_00: There's two places on this world where the lemurs live in the trees, and that is Madagascar, where they're from, and Mayacca City, about 10 miles east of me because someone had a desire for lemurs and left it in their will and their estate plan to leave their fortune to lemur research, and they have this land in Mayaca City that's live lemurs, so it's amazing what you can do with planning, and it's a wonderful creativity, and I'll tell y'all a little bit uh something about myself.
28:35
SPEAKER_01: King Julian is my favorite movie character of all time.
28:38
SPEAKER_01: Of course, he was the only one that uh absolutely my favorite.
28:42
SPEAKER_01: Uh, so thank you, David, and uh everybody have a great weekend.
28:47
SPEAKER_01: Uh please listen into the uh disclosures.
28:50
SPEAKER_01: And uh, if you have any questions, you know, you can reach out to us.
28:54
SPEAKER_01: Uh info at hpkprovident.com or just uh our website, which is hpkprovident.com as well.
29:03
SPEAKER_01: You can reach us uh there uh on the website.
29:06
SPEAKER_01: You can uh schedule time with us, and you can even securely share documents with us uh through our website if there's uh something you'd like for us to take a look at.
29:14
SPEAKER_01: All right, David, you have a great weekend.
29:16
SPEAKER_01: Disclosure is forthcoming, very, very important.
29:20
SPEAKER_01: And uh it is possible, not for sure, that we'll see everybody next Friday, which will be November 28th, the day after Thanksgiving, 12 30 p.m.
29:30
SPEAKER_01: Eastern Standard Time on Facebook.
29:33
SPEAKER_01: Security is offered through LPL Financial LLC, member FINRA and SIPC.org.
29:38
SPEAKER_01: Advisory service is offered through LPL Financial LLC, a registered investment advisor.
29:44
SPEAKER_01: Brian Peluso, Michael Kutch, and David Harper are registered representatives of LPL Financial LLC.
29:50
SPEAKER_01: Content discussed is for informational purposes only and not intended as an offer or solicitation to buy or sell any security or investment strategy.
29:58
SPEAKER_01: Any opinions expressed.
30:00
SPEAKER_01: Or those of the authors and do not necessarily reflect the views of LPL Financial or its affiliates.
30:05
SPEAKER_01: All investments involve risk, including the possible loss of principal.
30:10
SPEAKER_01: This communication may include links or references to third party websites.
30:13
SPEAKER_01: These links are provided as a convenience only.
30:16
SPEAKER_01: LPL Financial and its representatives are not responsible for the accuracy or content of such sites.
30:21
SPEAKER_01: Brian, Mike, and David and HBK Provident Advisors may only transact business in states where they are properly registered or exempt from registration.
30:30
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30:36
SPEAKER_01: Past performance is not indicative of future results.
30:40
SPEAKER_01: You should consult with your financial advisor, tax professional, and or attorney regarding your specific situation before making any investment decisions.
30:50
SPEAKER_01: Securities offered through LPL Financial.