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Inheritance · Money In Motion with Klaas Financial

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This is money in Motion with Class Financial, a fun and informative show designed
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to help you get answers to all your retirement questions in one place. Phone
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lines are open for you right now. If you've got a question for our
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retirement planning professionals from Class Financial, call the station now telephone number six O
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eight three two one thirteen ten. That's three two one thirteen ten, will
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get you right on the air. Don't forget. You can learn more about
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Class Financial on their website class financial dot com. That's class klaas financial dot
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com. A lot of information on class financial dot com. You can learn
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more about the team, all the financial advisors, planners, all the different
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Also a great opportunity there to sign up for the weekly Market Pulse newsletter.
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of what's been happening in the markets. Also linked to the most recent podcast
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so you can listen back to the program again. All of that available for
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you at Class financial dot com. The telephone number six O eight four four
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two five six three seven. No charge for that initially. Good to know
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your appointment Tech Class Financial. It is complimentary to you again. The telephone
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number for Claus Financial six O eight four four two five six three seven And
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to get on the air this morning, it's number at station six O eight
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three two one thirteen ten. That's six O eight three two one thirteen ten.
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And joining us this week, CJ Claus and Eric Schwartz. CJ,
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how are you doing today? I'm doing great. How are you? Sean
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doing really well? Great to talk with you, and we've got an important
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conversation ahead. And Eric joins us this morning. Eric, how have you
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been It's been a while, Yes, it has I'm doing great, glad
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to be here. It's really good to have both of you along. And
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we've got an important conversation this week about inheriting money. And I think a
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lot of us when we think of that, that, ohoh it's great at
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all this you know it is, it's going to be a fantastic opportunity.
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But there's a lot of things to consider, a lot of things to weigh,
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and of course there's there's the emotion of it as well. So we'll
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talk with Eric and CJ about that. A couple of things too. As
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we talk on the program this morning, I mentioned the website not only assign
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up for the weekly Market Pulse newsletter. If you ever missed part of a
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program or you want to listen back or share it, when you're at class
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financial dot com up top, there's a place there to listen back to previous
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show's podcast. Again, that's at class financial dot com or tell fo number
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six to eight four four two five, six three seven. No charge for
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that. Initially get to know you. Call it an appointment at Class Financial.
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It is complimentary to you again the number six to eight four four two
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five six three seven. Speaking of the number later on the program, I'm
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gonna have a chance to win a twenty five dollars gift card to Target from
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our friends at Class Financial with the Class Quiz Question week. Little tip if
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you listen closer to the program. Oftentimes the question and answer almost every time,
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as a matter of fact, come up during the program. We can
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tell you how you can win that a little bit later on the show.
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And speaking up the Class Quiz Question week. Before we get rolling on this
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week's conversation, let's take a look back at last week's class Quiz question.
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The week get the question and the answer there as well see jam. Yeah,
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so thank you to everybody for listening, and when you call in for
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our Class Quiz question of the week, I hope you enjoy it. It's
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a it's a little fun way to make sure that people stay engaged and you
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know, hopefully teach you something. So last week's question was when you begin
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to take money from your retirement accounts, you will likely pay income taxes on
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the amount distributed and that it was a true or false question and Lisa from
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Madison called in last week and was correct with the answer. It is true.
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It's true since you never paid income tax on the earn money on the
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way into the account, so once it's distributed, of course you will pay
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tax. So listen again closely this week and call in if you think you
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know the answer at coming up twenty five dollars gift card dot target and coming
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up a little bit later on the program. Speaking of last week's show,
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don't forget you can always listen back on the podcast at class Financial dot com.
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That's Klaas Financial dot com. The phone lines are open for you right
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now at six eight three two one thirteen ten that's six O eight three two,
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one thirteen ten gets you on the air with CJ. Closs and Eric
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Schwartz, our retirement planning professionals from Class Financial and today we are exploring what
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happens when you inherit money and deal with taxes, and I gotta gets Eric,
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there's a lot to understand about this, Isn't there? There definitely is.
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I mean, anyone who's ever lost a loved one will tell you that
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it's extremely emotional and stressful time. That separate from that emotional loss of a
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person is really the whole, separate stress of closing out their financial affairs and
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potentially inheriting money from them, which, like I said, it creates its
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own share of stress. The Federal Reserve estimates that roughly one point seven million
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households receiving inheritance each year. So we thought it'd be important today to just
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take some time and talk about what you expect when things like that happen and
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give you some tips on things to do it right away when when this happens.
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So first, the first thing, and this is probably the most important,
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to be very honest, is taking the time to grief. So as
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you can imagine, we work with clients on these types of things all the
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time, and it's the process can be stressful and emotional, as I said
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on its own, so making sure on the front end that people are taking
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some time to process this and not feeling what they need to be rushed into
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taking action right away. Another more I guess a little bit more basic piece
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of this would be making sure you're getting an original copy of the death certificate.
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So each investment or account or whatever it might be that you're inheriting is
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likely going to require at least a copy of the death certificate or maybe even
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an original one. So make sure that as you're getting ready to start filing
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paperwork that you have copies of the death certificate. And the third kind of
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initial thing that we want to make sure people are thinking about is making sure
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you have financial professionals to guide you. So that could be your financial advisor,
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your CPA, maybe an estate planning attorney, whoever it is. It's
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just really important to make sure you have a trusted person who can guide you
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and help you understand what's in front of you in how bes seul things in
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an organized way. And that's important too as we talk about this stuff and
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Eric as you bring up some of these some of these points, I think
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a lot of times, you know, second, we often think of this
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stuff like, oh, you know, getting money, and then you realize,
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well, you're also having to deal with again. I think, I
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think when we're removed from it, we don't think about this the loss of
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a loved one and that and that can be that can be very devastating,
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and mentioned about taking the time to grieve and of course going through some of
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these very important initial steps are are very vital to making sure that everything's done
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properly and of course that that you're feeling good about it as well in the
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best position as well. So we're talking this morning with Eric Schwartz and c
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J Class, our retirement planning professionals from Class Financial. Love to get you
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on the air this morning. If you've got a question for Eric and CJ,
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telphon over here at the station six O eight three two one thirteen ten
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at six O eight three two one thirteen ten, because well, I can
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learn more about Class Financial on their website class financial dot com. That's k
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l as Financial dot com and they're telephone number six O eight four four two
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five six three seven no charge for the initially get to know your appointment tech
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cous financial. It is complementary to you and CJ when we when we talk
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about some of the things to be careful about when you find out you're receiving
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money. There are things you need to know about about taxes and other things
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on that inheritance, aren't there. Yeah, So so again, if you've
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found yourself in this situation previously, you know that it's a little bit complicated,
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especially when it comes to things like taxes and what to do with the
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money and the best you for the dollars, and then what kind of an
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account you're inheriting it through. So we're gonna we're gonna talk about a little
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bit of that. So I guess step number one would be, as you
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find out that you are receiving an inheritance, number one would resist the urge
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to spend it all at once. So listen, we have this saying in
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our office, which is when you have not worked for something on your own,
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you often therefore don't respect it as your own right. So this is
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one of the reasons why we're generally not big fans of just free money.
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Right. They're like, oh, free money, It just falls out of
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the sky. When people receive free money, they didn't work for it,
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and therefore it doesn't have much value to them and they'll just blow it on
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anything. And we see this with inheritance, especially if it's a surprise inheritance.
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Right, it's almost like finding one hundred dollar bill on the sidewalk,
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especially if you're a younger person. The first thing they think of doing is
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like, oh my gosh, think of the fun thing that I could do,
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and then like an hour later, one hundred dollars is gone and there's
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like no long term value. Well, inheritance can be that same way.
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So, according to a study funded by the Bureau of Labor Statistics, about
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one third, or thirty three percent of people who receive an inheritance spend all
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of it and even dip into other savings within the first two years of receiving
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that inheritance, Like, let that sink in. Thirty three percent of people
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receive inheritances spend it all and even dip into their savings. So it's kind
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of like the lottery winner, right. They end up bankrupt and you go,
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how is this possible? Because they didn't work for it, They didn't
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think about it. They didn't plan for it, and so it didn't end
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up being a blessing to them. It ended up being a curse to them.
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So do the opposite. Treat the inheritance as if it were your own
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money to start with. And remember that receiving an inheritance from someone should be
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a blessing, so properly managing how you receive it can perhaps, you know,
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shore up your debt, You could pay down your mortgage, pay off
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your mortgage, you get rid of credit card debt, build a future retirement
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bucket. That inheritance could be a long term blessing to you and your extended
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family members if you think about it beforehand and planned appropriately. And then obviously
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it's going to sound very self serving, but I hope those who listen have
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listened long enough to know that this is not our intent. I would highly
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suggest that you seek out professional guidance, because again, when you pick up
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that dollar off the sidewalk, or you that surprise inheritance, there can often
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be poor financial habits that play out, and you want to, if I
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could be frank, you want to protect yourself from yourself, and so just
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talk to a financial professional. Talk to them about your balance sheet and they'll
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give you some good ideas of kind of you know, how to use the
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money wisely. Talking this morning with our retirement flying professionals c J Class and
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Eric Schwartz. Of course they come to us from Class Financial online, Class
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Financial dot com. That's Klaas Financial dot com. Great website and their telephone
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number six O eight four four two five six three seven. No charge for
10:31
the initial get to know you employment Tech Class Financially. It will be complimentary
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to you again the telephone number six O eight four four two five six three
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seven. And to get on the air with Eric and CJ telephone number here
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at the station six eight three two one thirteen ten. That's six O eight
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three two one thirteen ten. All right, let's talk tech CJ. Oh
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yes, so I guess first things first, most people will be happy to
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know that generally speaking, no, there will be very little taxes on what
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you inherit inherit depending upon what you inherit. So this gets a little bit
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a little bit complex, But we should start with this concept of what's called
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a lifetime exemption amount or a federal estate tax limitation. So people have heard
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us talk about this before, but effectively during your life or after your death,
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you can give away up to about thirteen million dollars. It's actually twelve
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point nine two million dollars per person over again, over your lifetime or at
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your death. Now, there's this concept of you can give like seventeen thousand
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per year in twenty twenty three to any one individual, so from one individual
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to another individual. And this is the idea of like the gift tax exclusion
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amount. We're not going to get real deep into this, just you should
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know that that's those seventeen thousand dollars gifts that you can give per year don't
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count against the thirteen total. That's the key. But you can still give
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away up to thirteen million dollars if you want to. But that's your lifetime
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exclusion amount. Okay, so if you give five million while you're alive,
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then you only have eight million to give it death. I hope this is
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making some basic sense to our listeners. But here's the point. Assuming your
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parents aren't dying with more than well, it's really twenty six million dollars,
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right because it's thirteen million per person, assuming they're not giving that much money
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away, which, by the way, is like ninety nine percent of deaths.
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Then really the tax that you would have to pay on the inheritance would
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be driven by the account type that you are receiving it through. So an
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example of this of this would be like a home. If you sell the
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home at fair market value based upon death, you're not going to pay taxes
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on that. The checking the savings account, you're not going to pay taxes
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on that. An after tax, after tax investment account, you're not going
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to pay taxes on that. Where taxes would start to come into play,
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as if you are inheriting a retirement account or an annuity, because annuities provide
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some tax to fer. So again, retirement account or annuity, those account
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types or registrations by definition have tax benefits, but also have tax deferral often
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and therefore that deferral has to eventually be paid by somebody. Now here's the
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trick. People go, oh, okay, so you know, when my
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parents die, they're going to leave me a bunch of retirement money, and
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I'll have to pay taxes maybe, but remember that concept of required minimum distributions.
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We've done entire shows on required distributions, will require distributions will reduce the
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value of your parents' retirement accounts if they are dying at ninety or ninety five
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years old, as a matter of fact, it'll dramatically reduce it down.
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So therefore, by the time people are dying, it's a ninety ninety five
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A curse depends on when they die. Their overall estate is typically not comprised
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primarily of retirement accounts. It's actually comprised primarily of non retirement assets, which
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means, back to the original statement I made, most of what we see
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people inheriting is actually not taxable. Now again, I'm going through some high
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level details here, but for anybody who's listening who's any bit confused about what
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I'm saying, this is why we say seek out professional guidance, because I
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can tell you probably half a dozen times in my career, and I've been
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at this for about twenty years now, half a dozen times in my career
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I have had people coming and say, I got an inheritance. I heard
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you on the radio. I heard you, you know, somebody referred me
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to, and I'm here to work with you, and I go, oh,
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what did you inherit? And they're like, well, that was a
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year ago, I've already received everything, and I go, what did you
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receive? And it turns out they liquidated every portion of what they received,
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of which some was in annuity, some was in retirement accounts, and boyle
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boy that next year do they have a tax surprise. I mean I have
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legitimately seen hundreds and hundreds of thousands of dollars in taxes with people not even
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knowing it well because they just they blew through the paperwork, right, they
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didn't pay attention. It's like, I don't know, just give me the
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money. So when you find out you are a beneficiary of an estate,
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you're going to start inheriting ussets. You're getting what are called claims forms that
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you have to fill out technical language around tax withholding. Slow down the bus
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and hire somebody to help you just make wise decisions. Talking this morning with
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our Retirement Planet professionals Eric Schwartz and CJ. Class, they come to us
15:18
from Class Financial to website Class Financial dot com. That's klaas Financial dot Com.
15:24
Their telephone number six O eight four four two five six three seven.
15:28
Don't forget that first deployment at Class Financially. It will be complimentary to you
15:31
again the telephone number six O eight four four two five six three seven to
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get on the air with CJ and Eric Love to hear from this morning telephone
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number here at station six O eight three two one thirteen ten at six O
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eight three two one thirteen ten. As if the federal side wasn't complicated enough,
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the states, Oh, they like to play their own little things,
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got their own little rules, don't they, CJ. They do. Yeah,
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So I had mentioned that on the federal side, there's this concept of
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federal estate taxes at about thirteen million dollars per person that you can give during
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life afterlife without any sort of a state tax. By the way, the
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state taxes are separate from sales taxes, which are separate from income taxes.
16:07
So if you want to have a fun little chat, that's a fun one
16:11
to have with an accountant or a financial advisor just to recognize how state and
16:15
local and federal governments generate revenue. It's a pretty mind bending concept. But
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anyway, so this federal estate tax doesn't apply to most people just given how
16:25
high the level is, but on inheritances within states, because of course states
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want their cut of this. Of this largest state of somebody who dies in
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who's a resident of their state. So currently seventeen states still levy a state
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which are also known as inheritance taxes. But fyi, Wisconsin does not have
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an estate tax, but Illinois does because I know the radio waves get down
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to Illinois and we have some clients in Illinois. Illinois does, but Wisconsin
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does not. Now, these state inheritance taxes can generate a bit of revenue
17:00
for the states depending upon where these levels reside. And it's just a way
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to basically, you know, listen, when you die, you're not there
17:07
to tell somebody you don't like the outcome of the tax, right, It's
17:11
your children who are having to pay this tax, not you. So again
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back to my original point here, these exemption amounts for the Feds and for
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each state that you might live in. They vary year by year. As
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a matter of fact, there's some sunsetting that is a schedule to occur,
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meaning if nothing is done, the federal estate tax level sunsets starting in the
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year twenty twenty six, and it would go from the thirteen million it is
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at now down to about six million, five six million per person, which
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again most people are saying that doesn't apply to me. But as you can
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imagine, we just cut the exemption in half just based on flipping into a
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new calendar year in twenty twenty six. So you really, if you are
17:56
building any level of wealth, whether it be in land or a business or
18:00
in the accounts, I just cannot encourage you enough. Hire some professionals just
18:04
to look out for these things, because unfortunately, it's the ultimate whoopsie when
18:11
you pass away and say you're a farmer and your kids, you know,
18:15
Uncle Sam comes and knocking on their door and says, you owe me a
18:18
bunch of money, and they go, what are you talking about? Mom
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and dad had barely any cash, and Uncle Sam points out at the farm
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and says, but that's liquid gold or that's the you know, brown gold.
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So just it's the value of everything that gets counted towards this. And
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so you want to just slow down and talk to a good advisor. Talking
18:36
with CJ. Class and Eric Schwartz pertirement planning professionals from Class Financial online,
18:40
Class Financial dot Com. Their telephone number six to eight four four two five
18:44
six three seven, no charge for the initial gets to know your appointment tech
18:47
Class Financial again they're number six to eight four four two, five, six
18:49
three seven CJ. Is this income what do we how is this viewed inheritance
18:55
wise when it comes to income taxes? Yeah, so again back to that,
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it just depends on the account type that you're that you're inheriting. So
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no, generally speaking, the vast majority, even my extreme example of a
19:07
farmer who has maybe twenty million dollars in land, which again family farmers are
19:11
becoming more rare, but there's still some twenty thirty forty million dollars of land.
19:17
Um, it's still it's not so much going to You wouldn't have an
19:22
income tax on that piece because it's not in a retirement account. This is
19:26
just land that you own outright or through a trust. But it would be
19:29
the federal estate tax that you would pay any on any dollar amount over that
19:33
thirteen million dollars per person inheriting or per person who's who's who's died. That
19:38
federal estate tax, by the way, can be anywhere between forty and fifty
19:42
percent for the amount that is over those exemptions also known as holy smokes.
19:48
That's a huge number, and you do not want to be paying federal estate
19:52
taxes FYI for those farmers who are listening going, oh my goodness, there's
19:56
nothing I can do. Not true, there's a state plan, any that
20:00
you can do to be creative to give portions to charities. My point being
20:04
you have options to choose from. You just have to do it before death.
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So in all of these circumstances, it's quite complex. I just cannot
20:14
emphasize enough. We highly suggest that you sit down with a good advisor,
20:18
good accountant, good attorney. Truth be told. When you're a state exceeds
20:22
ten million dollars, we would suggest you have an all financial team meeting at
20:26
least once a year. This is advisor, accountant, attorney, and maybe
20:30
insurance agent, because they need to be working in coordination on your behalf to
20:34
make sure that they're accounting for all these variables, vital steps and really important
20:40
information. This week, each and every week of course, some money in
20:41
Motion with Class Financial. If you miss any partner today's program, or you
20:45
want to listen back to the previous shows, you can listen to the podcast
20:47
right at class financial dot com. That's Klaas Financial dot com. Tell fo
20:52
number six to eight four four two five six three seven No charge for that
20:55
initial get to know the appointment at Class Financial, it will be complimentary to
20:57
you again their numbers eight four four two five six three seven. We'll talk
21:03
about if you inherit maybe a four h one K or an IRA, what
21:06
do you need to know? What steps should you take? We'll do that
21:07
and more as Money in Motion with Class Financial continues right here on thirteen ten
21:11
WIBA. This is Money in Motion with Class Financial, a fun and informative
21:21
show designed to help you get answers to all your retirement questions in one place.
21:25
Chatting with our retirement planning professionals from Class Financial, c J Class and
21:29
Eric Schwartz online Class Financial dot com. That's Klaas Financial dot Com. They're
21:34
twelve number six O eight four four two five six three seven talking this week
21:38
about what happens if you inherit money, what you need to be aware of
21:44
when it comes to handling that stuff, and taxes play a big role,
21:48
and of course we talked quite a bit about that. If you missed it,
21:51
don't forget to listen back to the podcast at class Financial dot com.
21:53
So, Eric, what about if you're inheriting retirement account, like let's see,
21:57
get like a four or one K or an IRA. What are the
22:00
best first steps there. That's a great question, Sean. So the first
22:06
thing that you're going to want to do is likely open to any beneficiary or
22:10
an inherited IRA. You want to do this so that you can receive the
22:14
funds from that four O one K or IRA that you've inherited and preserve their
22:18
tax deferred status. So, assuming that you're inheriting traditional IRA or four O
22:25
one K with pre tax money in it, remember that none of the money
22:29
in that account has ever been taxed. So as it comes out as you're
22:33
taking distributions, you're gonna have to pay income tax on that, and you'll
22:37
pay it according to your own tax practice. It comes through just like ordinary
22:41
income on your tax return. Now, in recent years, we've seen some
22:45
pretty substantial legislative changes to the retirement landscape in the form of the Secure Act,
22:51
which was signed in twenty nineteen and then the subsequent Secure Act two point
22:55
out of twenty twenty two. Now, I know I speak about this as
22:59
if everybody knows what that is, and that's because for the last few years
23:02
in the retirement advisor space, we've been living and breathing changes as a result
23:07
of the Secure Acts, but the biggest changes are One of the biggest changes
23:11
we're seeing out of that is changes to the options available to beneficiaries. So
23:18
these new laws have eliminated the ability to what's called stretch your taxable IRA distributions.
23:25
If you are a nonsposed beneficiary so child, niece and few whatever,
23:30
anything outside of being a scoussible beneficiary, you are no longer able to take
23:36
the distributions out of an inherited account over your lifetime. So we've talked a
23:41
lot about required minimum distributions before, so pre Secure Act basically you would take
23:45
a required distribution from the inherited account base on your life expectancy. So if
23:52
you're forty years old inheriting an account, obviously you're taking a smaller percentage during
23:57
your younger years. So basically, anybody who is inherited in IRA after January
24:03
first, twenty twenty eight now has a ten year clock to withdraw the funds.
24:10
And now remember this only replies to only applies to nonspousiole beneficiaries, so
24:15
basically you have ten years from the date of death to distribute the account.
24:18
So there really is kind of three different ways that you probably do this one
24:23
you withdraw the assets evenly, so taking a tenth each year over ten years.
24:30
Maybe wait until the end of the ten year period and then withdraw everything,
24:36
or you're just taking kind of periodic withdrawals and then in the tenth year
24:40
making sure you get the final amount out. There's one another raycle here.
24:45
If the person for whom you inherited that account was already taking their required distributions,
24:51
so they're already taking a minimum amount each year while they're alive, then
24:56
you still have the ten year clock, but you are required to take out
25:00
minimum amount each year along the way, and then the tenth year taking out
25:04
the meeting doubts. So I'm gonna go into saying earlier these are really really
25:08
complicated. Things were getting more complicated, so please seek how a professional health.
25:15
I cannot reemphasize what Eric just said enough. Everybody, this whole required
25:18
minimum distribution. We are formally trained. We have cfps and CFAs on staff
25:23
who literally digest this type of information with excitement. And yet it has taken
25:30
our team months and months and months to develop a cohesive matrix to make sure
25:36
that every different variable and consideration is accounted for, to make sure that people
25:41
are meeting the distributions based on the I R S direction. So all I
25:45
would say is this is not a duet yourself or strategy. If you are
25:48
planning on stretching any amount of the deferral of that inherited retirement account, seek
25:53
professional guidance. Important guidance, important stuff. This warning from c J Class
25:57
and Eric Schwartz, our retirement planning profession from Class Financial. We'll talk about
26:00
what happens if you inherit a house. Maybe the house has mortgage. We
26:03
with the details on that. We will also do the class quiz question leak.
26:07
We'll do that next as Money in Motion with Class Financial continues right here
26:11
on thirteen ten WIBA. This is Money in Motion with Class Financial, a
26:18
fun and informative show designed to help you get answers to all your retirement questions
26:22
in one place. Coming down the home stretch. Share at thirteen ten WIBA
26:26
and Money in Motion brought you by Class Financial, chatting with our financial retirement
26:30
planning professionals from Class Financial, Eric Schwartz and c J Class. Don't forget.
26:34
You can learn more about Class Financial all on their website Class financial dot
26:38
com. That's Klaas Financial dot com tell pH number six O eight four four
26:42
two five six three seven no charge for the financial gets no you appoyment at
26:47
Class Financial it will be complimentary to you again the number six O eight four
26:51
four two five six three seven. Want to hold on to that number as
26:53
well. And just a couple of moments we do in the class quiz question
26:56
leak a chance to win a twenty five dollars gift card to Target. Before
26:59
we get to that, though, Eric, we're talking in that last segment
27:02
about if maybe you inherit a four oh one k or an ira. Another
27:06
thing you might inherit is a house with a mortgage. How would that inheritance
27:11
affect someone's own estate. Well, unfortunately, if you inherit a house with
27:15
a mortgage, you've also inherit the mortgage repayments, so that does not disappear
27:21
uponda. So essentially the bank has the right to request the repayment of the
27:26
loan involve from the beneficiary. Now, ideally you're going to have maybe other
27:30
assets, cash or investments that you're inheriting that you could potentially use pay off
27:34
the mortgage, but that's certainly not not always the case. So I think
27:40
the first decision that the beneficiary is in the executive need to decide is what's
27:44
going to happen with the house? Are we or we just can sell it
27:47
and you know, distribute the proceeds to the to the heirs after we pay
27:51
off the mortgage, or does somebody want to retain the home? Somebody's going
27:53
to move into it and buy everyone else out. So really these are these
28:00
are ideally questions that hopefully we're spelled out pretty well in the estate plan of
28:06
the deceased individual. Again, we've seen that it is not always the case,
28:10
but that is the ideal. Um. But you know, if you
28:14
if you're looking at maybe there's three siblings and one wants to live in the
28:18
house and says, yeah, I'll find a way to um, you know,
28:22
forgo some other inheritance to kind of equal it out amongst the beneficiaries.
28:27
That can work too. It's just obviously not quite as clean and concise.
28:33
But this this really speaks to, I think an really important point that we
28:37
would want listeners to hear from the conversation today talked a lot about how complicated
28:44
inheriting assets is. Whether it's a house ortiing to account, investment account,
28:48
anything, um. So we wanted to kind of serve as a reminder to
28:52
either review or create your own estate plan. So an estate plan is not
28:56
only going to determine how your assets are district it, but it can also
29:00
be used to protect the wealth you have accumulated. So, as you can
29:03
imagine from a beneficiary perspective, a really nice, clean wealth thought out of
29:08
state plan is a gold mine because this whole process can be really really not
29:15
only complicated, but emotional, and to be able to spell out your wishes
29:19
and really really not leave anything up to interpretation makes it a lot easier on
29:26
the beneficiaries. So we're talking about working through your state plan, reviewing and
29:32
naming beneficiaries for your accounts, making sure that non retirement accounts have what's called
29:40
a transferent death designation, just making sure that you have really clear instructions for
29:45
what you would like to happen in the amount of your death. Very important
29:48
information this morning and a gate end I think called it informationally dense program,
29:53
a lot of stuff this week. If you missed any part of the show,
29:56
don't for you can always listen backclass Financial dot com. That's kl AS
30:00
Financial dot Com. They're telephone number six O eight four four two five six
30:03
three seven. No charge for the initially gets to know your appointment at Class
30:07
Financial. It is complimentary to you. You're else going to hold on to
30:10
that number because it's time now for the class quiz question the week. It
30:12
works like this and just a moment, I'll ask you the class quiz question
30:15
week. You will then have thirty minutes from the enter to day's program to
30:18
call the Class Financial office right here in Madison at six O eight four four
30:22
two five six three seven. If you are the first called correct answer,
30:26
win this week's prize, which is a twenty five dollars gift card to target.
30:29
This week's class quiz question the week is this, According to the Bureau
30:33
of Labor Statistics, what percentage of people who receive an inheritance spend all of
30:37
it at once? Is it ten percent or more than thirty percent? Telephone
30:42
number six O eight four four two five six three seven. If you are
30:45
the first call with correct answer, win the twenty five dollars gift card target
30:48
And again don't forget that is Class Financial's office number here in Madison as well,
30:52
six O eight four four two five, six, three seven, eric
30:56
CEJ It's always great chatting with you guys. Enjoy this fantastic day. Thanks.
31:02
News is next year on thirteen ten WIBA. This is Money in Motion
31:10
with Class Financial Asset Advisors LLC, a registered investment advisor registered with the SEC.
31:18
The content of this show is for informational purposes only and should not be
31:22
considered individual investment advice. Class Financial does not offer tax or legal advice.
31:27
Any opinion offered during the course of this show is the opinion of that particular
31:32
investment advisor representative, and not necessarily the opinion of Class Financial