Latest / Money In Motion with Klaas Financial / The Estate Planning Cast of Characters

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The Estate Planning Cast of Characters · Money In Motion with Klaas Financial

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Speaker 1: And our telephone lines they are open to you right now.
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Speaker 1: If you have questions for our retirement planning professionals from
0:06
Speaker 1: Class Financial love for you to call us this morning
0:08
Speaker 1: get your ride on the air. Telephon number to join
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Speaker 1: the program six oh eight three two one thirteen ten.
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Speaker 1: That's six oh eight three two one thirteen ten. We're
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Speaker 1: going to be talking estate planning this week and all
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Speaker 1: those involved in estate planning. But if you've got any
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Speaker 1: retirement related questions, whether it's about estate planning or otherwise,
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Speaker 1: we'd love to have you on the air. Six oh
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Speaker 1: eight three two one thirteen ten. That's six oh eight
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Speaker 1: three two one thirteen ten. Joined this week by Eric
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Speaker 1: Schwartz and Kyle Kite of Class Financial. You can learn
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Speaker 1: all about Class Financial on their website. It is cossfinancial
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Speaker 1: dot com. That's Coss Klaasfinancial dot com. Telephon number for
0:45
Speaker 1: their office right here in Madison six oh eight four
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Speaker 1: four two five six three seven. No charge for the
0:50
Speaker 1: initial gets to know your appointment dech loss Financial. It
0:53
Speaker 1: is entirely complementary to you. Again their telephone number six
0:56
Speaker 1: oh eight four four two five six three seven. You
0:59
Speaker 1: can also schedule that complementary conversation right online at colossfinancial
1:03
Speaker 1: dot com. That's Class klaas Financial dot com. As mentioned,
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Speaker 1: joining us this morning from Class Financial are Eric Schwartz
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Speaker 1: and Kyle Kite.
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Speaker 2: Eric, how you doing this week?
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Speaker 4: I am doing great.
1:15
Speaker 3: Sean?
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Speaker 2: How are you doing today?
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Speaker 1: I'm doing absolutely fantastic. And Kyle, how have you been?
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Speaker 4: I've been doing well. Sean.
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Speaker 2: It's good to talk with both of you.
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Speaker 1: And as mentioned, we are going to be getting into
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Speaker 1: state planning and the cast of characters, getting a little
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Speaker 1: guide to some of the critical decision makers and fiduciaries
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Speaker 1: who one day may carry out your wishes. We're going
1:33
Speaker 1: to get to that just a moment. A couple of
1:35
Speaker 1: things to keep in mind during the show. As I mentioned,
1:38
Speaker 1: the phone lines are open to get on the air. Also,
1:40
Speaker 1: a great opportunity for you a little bit later on
1:42
Speaker 1: the program to win a fantastic prize from our friends
1:45
Speaker 1: at Class Financial that provided a twenty five dollars gift
1:48
Speaker 1: card for Best Buy with the Class Quiz question of
1:51
Speaker 1: the week. A little later on the program, we'll explain
1:52
Speaker 1: a little bit in depth about how you can win
1:55
Speaker 1: that twenty five dollars gift card to best buy. A
1:57
Speaker 1: little tip though, if you listen closely, just about every week,
2:00
Speaker 1: the question and answer to the Class Quiz Question week
2:02
Speaker 1: comes up during the program. And speaking of the class
2:06
Speaker 1: Quiz question week, before we start talking to state planning,
2:08
Speaker 1: let's actually roll back to last week's show and take
2:11
Speaker 1: a look at our question and answer there as well.
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Speaker 2: Eric, absolutely so.
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Speaker 3: Last week we had a really interesting show on the
2:20
Speaker 3: Wisconsin Retirement System and the other retirement plans available to
2:25
Speaker 3: state employees here in Wisconsin. So our question from last
2:29
Speaker 3: week was true or false all Wisconsin Retirement System or
2:34
Speaker 3: WRS participants have the same minimum retirement age. Now, the
2:39
Speaker 3: answer to that was false. We do have different classes
2:42
Speaker 3: of employees here within the state system, and depending on
2:46
Speaker 3: your class, your minimum retirement age can be a little
2:50
Speaker 3: bit different.
2:50
Speaker 1: Really important nuances there. It was a really really good
2:53
Speaker 1: show last week as always, and I don't think you
2:56
Speaker 1: can listen back to this and previous shows, including last
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Speaker 1: week's program. You just had on over to class financial
3:01
Speaker 1: dot com. That's coss k l aas financial dot com.
3:04
Speaker 1: You listen back to the podcast, you can subscribe the
3:06
Speaker 1: subscribe there as well, but I forget also if you
3:09
Speaker 1: a regular listener to the program. You got other folks
3:12
Speaker 1: in your life that you want to share the podcast with.
3:14
Speaker 2: You can do that right from class Financial dot com.
3:16
Speaker 1: So today's show title is State Planning and the Cast
3:19
Speaker 1: of Characters and Kyle. When most people hear the term
3:23
Speaker 1: of state planning, they immediately think wills and trusts and
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Speaker 1: why is it equally important to think about the people
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Speaker 1: involved as well?
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Speaker 4: Yeah, it's a great question, Sean, And you know, obviously
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Speaker 4: the answer is these documents that you spend all this
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Speaker 4: time and money, you know, creating, somebody has to carry
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Speaker 4: out what's written in those documents. And so again, even
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Speaker 4: the best created documents don't carry themselves out. So when
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Speaker 4: most people think about estate planning, they focus on where
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Speaker 4: their assets will go or what instructions should be included
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Speaker 4: in the documents, which those are very very important things,
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Speaker 4: but ultimately there's people responsible for carrying out those instructions.
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Speaker 4: So you got to kind of think of your estate
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Speaker 4: plan as like a movie script, right, So the documents
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Speaker 4: provide the instructions, but the cast of characters is responsible
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Speaker 4: for bringing those instructions to life. So there's many different
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Speaker 4: roles that come into these estate planning documents, and that's
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Speaker 4: what we're going to talk about today. But you know,
4:16
Speaker 4: you hear titles like an executor, a trustee, of financial,
4:20
Speaker 4: power of attorney, and healthcare power of attorney. Then you
4:23
Speaker 4: get into guardians and beneficiaries, and each one of these
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Speaker 4: roles there's a different purpose in Selecting the right people
4:29
Speaker 4: can help ensure that your wishes are carried out effectively,
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Speaker 4: and then on the other side, selecting the wrong person
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Speaker 4: can create unnecessary confusion, delays in family stress.
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Speaker 2: Really important stuff.
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Speaker 1: This week, as we talked with Kyle Kait and Eric Schwartz,
4:42
Speaker 1: they are our retirement planning professionals from Class Financial Online,
4:45
Speaker 1: Class Financial dot com. That's coss k l as Financial
4:49
Speaker 1: dot com and they're telling for number six. So eight four, four, two, five,
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Speaker 1: six three seven. So Eric, let's start with kind of
4:55
Speaker 1: one of the more common roles in which is of
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Speaker 1: course an executor. What exactly and I hear that word
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Speaker 1: a lot, What exactly does an executor do?
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Speaker 2: Sounds very classy?
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Speaker 3: Yeah, I think this is one of the terms today
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Speaker 3: we're going to or one of the roles today we're
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Speaker 3: going to talk about that people are probably most familiar with.
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Speaker 3: The executor is responsible for basically settling your estate after
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Speaker 3: your death. So you can kind of describe this role
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Speaker 3: as like the project manager of the estate settlement process.
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Speaker 3: You know, they're going to have responsibilities like, you know,
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Speaker 3: gathering your assets, figuring out all the things you had,
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Speaker 3: paying outstanding bills. They're going to be working with attorneys
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Speaker 3: and accountants. They're going to be the one the ones
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Speaker 3: actually filing the necessary paperwork, and honestly, in our experience,
5:43
Speaker 3: they're generally responsible for harassing family members who have not
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Speaker 3: filled out the necessary paperwork because they want to get
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Speaker 3: the estate settled. And you know, ultimately they're going to
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Speaker 3: be to the ones distributing the assets according to the
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Speaker 3: instructions that you actually pulled together in your will. So,
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Speaker 3: for example, let's imagine someone passes away, they own a home,
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Speaker 3: you know, some investment accounts, vehicle, personal belongings. The executors
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Speaker 3: the one responsible for actually coordinating all those moving pieces.
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Speaker 3: So it's a really really important role, and you know,
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Speaker 3: you need someone who's really organized, has great attention to detail,
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Speaker 3: and you know, the ability to follow through on responsibilities
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Speaker 3: during which what is I mean, let's be honest, a
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Speaker 3: really really emotional time for for family members.
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Speaker 1: And that's really important as we talk about this stuff
6:32
Speaker 1: this morning about really uh, you know, reducing that burden
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Speaker 1: on your family members very varying during a very difficult time.
6:40
Speaker 1: So talking this morning with Eric Schwartz and Kyle Kites,
6:42
Speaker 1: don't if you can get to know Eric, Kyle and
6:43
Speaker 1: the whole team at COLSS Financial on their website class
6:46
Speaker 1: financial dot com. You can also schedule a complementary conversation
6:49
Speaker 1: right from the website. Again, that's COLSS Financial dot com.
6:52
Speaker 1: Class k l a A S Financial dot Com. They're
6:56
Speaker 1: tel for number six so eight four four two, five,
6:59
Speaker 1: six three seven. No charge for that initial get to
7:01
Speaker 1: know you appointment. Deech wants financial. It will be complimentary
7:04
Speaker 1: to you. Again, they're number six, so eight or four two, five, six,
7:07
Speaker 1: three seven And Kyle. Another title folks frequently here is trustee.
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Speaker 1: And how does a trustee differ than from an executor?
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Speaker 4: Yeah, exactly, Sean. So, as Eric was mentioning, an executor
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Speaker 4: generally handles just the settlement of an estate. So once
7:23
Speaker 4: that is state is settled, you know, all the personal
7:25
Speaker 4: belonging to the vehicle, that kind of stuff is done.
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Speaker 4: That's really where the executor's kind of duties cease right there,
7:32
Speaker 4: whereas a trust is designed to live on past you,
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Speaker 4: and so then you need to name a trustee, and
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Speaker 4: those trustees manage the assets that are held inside that trust.
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Speaker 4: So think of if you put your title your investment
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Speaker 4: accounts in the name of the trust, and you say
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Speaker 4: that people can only take out a certain percentage a year,
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Speaker 4: or you know a certain situations, somebody has to be
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Speaker 4: responsible for dolling those out and in many cases, the
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Speaker 4: trustees' responsibility can continue long after the life of the
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Speaker 4: executives job is complete, like I said, And a lot
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Speaker 4: of times, you know, parents or grandparents will establish a
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Speaker 4: trust for children or grandchildren, or you know, multiple generations
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Speaker 4: down the line, and the trust may provide specific instructions
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Speaker 4: regarding how and when these can be distributed, as I
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Speaker 4: was just mentioning, But the trustee is responsible for following
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Speaker 4: those instructions, managing those investments, maintaining records, and making appropriate distributions.
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Speaker 4: And this can take years or even decades. So you
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Speaker 4: want to make sure that the person that you select,
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Speaker 4: you know, has an understanding of this. And this is
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Speaker 4: why you've heard us in the past talk about where
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Speaker 4: corporate trustees can come into place and those types of
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Speaker 4: things as well. So again, because of these ongoing responsibilities,
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Speaker 4: it's important to select someone with good judgment, reliability and
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Speaker 4: the willingness to carry out the role over the long term.
8:46
Speaker 1: Interesting talking this morning with Kyle Kait and Rik Schwartz
8:48
Speaker 1: of class Financial Online, Costs Financial dot Com. That's Closs
8:52
Speaker 1: k l aa s Financial dot Com and Eric. Powers
8:55
Speaker 1: of Attorney Let's get into that as well. What does
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Speaker 1: a financial power of attorney?
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Speaker 3: Yeah, so financial power of attorney this is someone that
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Speaker 3: you actually authorized to make your financial decisions on your
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Speaker 3: behalf if you are unable to do so. Okay, so
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Speaker 3: we've been talking. We talked first about an executor, that
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Speaker 3: is someone who's going to come into play after your death.
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Speaker 3: A financial power of attorney is someone that is actually
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Speaker 3: going to be potentially making decisions during your lifetime.
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Speaker 2: Okay, so not after death.
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Speaker 3: In fact, they don't really have any power following the
9:29
Speaker 3: death of an individual. So imagine someone experiences like a
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Speaker 3: serious illness, or maybe they have some cognitive decline or
9:38
Speaker 3: they're in an accident. Their financial power of attorney can
9:41
Speaker 3: actually help pay bills. They can communicate with financial institutions,
9:45
Speaker 3: they can manage their investments, handle their insurance, pretty much
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Speaker 3: any financial responsibility. Your financial power of attorney can can
9:53
Speaker 3: basically step in and act as you would. But if
9:58
Speaker 3: you don't have proper planning in this space, you know,
10:00
Speaker 3: family members may need to get courts involved before they're
10:03
Speaker 3: able to actually assist or handle things for you. Or
10:08
Speaker 3: perhaps someone who maybe you don't want to help make
10:10
Speaker 3: decisions for you, but you know externally and they look
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Speaker 3: like someone who should be able to make decisions for you,
10:17
Speaker 3: they actually get power. And you can really handle this
10:20
Speaker 3: very very easily with a properly drafted power of attorney
10:23
Speaker 3: and that can help, you know, avoid those situations that
10:26
Speaker 3: are already difficult. And because this is something that's so important,
10:31
Speaker 3: you know, the state or or or an attorney can
10:35
Speaker 3: easily provide the documents to get this in place and
10:39
Speaker 3: make sure that you're prepared if anything were to happen.
10:41
Speaker 1: Talk this morning with Eric and Kyle about a state
10:44
Speaker 1: planning and that cast to characters and those important roles
10:46
Speaker 1: that they play, a guide to critical decision makers and
10:49
Speaker 1: fiduciaries who you know one day may carry out your wishes.
10:53
Speaker 2: It's a very very important role. These are very very important.
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Speaker 1: People that are going to help with with decision making
11:01
Speaker 1: and of course handing and distributing out and handling your
11:04
Speaker 1: wishes when you pass away. As we talk this morning
11:06
Speaker 1: with Eric Swartz and Kyle Kites, don't forget about the
11:09
Speaker 1: website class Financial dot com. That's coss k l aas
11:13
Speaker 1: Financial dot com. Great website to learn all about Class
11:15
Speaker 1: Financial their separate divisions. You can also listen back to
11:19
Speaker 1: this this podcast and previous show subscribe as well that
11:22
Speaker 1: all at cossfinancial dot com. From the website website, you
11:25
Speaker 1: can also schedule a complementary conversation right online at classfinancial
11:30
Speaker 1: dot com or call the office right here in Madison
11:32
Speaker 1: their telephone number six oh eight four four two five
11:35
Speaker 1: six three seven. No charge for that initial get to
11:38
Speaker 1: know your appointment at Loss Financial. It will be complementary
11:41
Speaker 1: to you again their number six oh eight four four
11:43
Speaker 1: two five six three seven. We'll cont into our conversation
11:46
Speaker 1: with Eric and Kyle and take your call. Next as
11:48
Speaker 1: Money in Motion with Class Financial continues right here on
11:51
Speaker 1: thirteen ten. WUIBA talking this morning with Eric Schwartz and
11:54
Speaker 1: Kyle Kite. They are our retirement planning professionals from Class
11:58
Speaker 1: Financial online. Class financial dot com that's Class k l
12:02
Speaker 1: a a s Financial dot com. What a fantastic website
12:06
Speaker 1: and a great resource to learn all about Class Financial.
12:08
Speaker 1: I get to the office this morning, log on in
12:11
Speaker 1: class financial dot com. That's Class k l a a
12:14
Speaker 1: s Financial dot com. Mentioned listening to the podcast getting
12:17
Speaker 1: to know the team. Also learn about separate divisions at
12:19
Speaker 1: class Financial how they can help you or if you're
12:22
Speaker 1: an employer, some great options there as well. Also, they've
12:25
Speaker 1: got some videos and other great free information to you.
12:28
Speaker 1: Again that all available at class financial dot com. Speaking
12:31
Speaker 1: of things that aren't going to cost you a thing.
12:33
Speaker 1: Set up a complementary conversation right from class financial dot com.
12:36
Speaker 1: That's Class Hey l a a s Financial dot com.
12:40
Speaker 1: Or you give the call right at the office in
12:41
Speaker 1: Middleton right here in excuse me, it's in Fitchburg. I
12:44
Speaker 1: say Madison then and then Middleton and Fitchburg. You guys
12:47
Speaker 1: are right in right in Fitchburg, right at HIGHWAYPD and
12:50
Speaker 1: Seminal Highway. Beautiful, beautiful place. I've stopped in and visited
12:53
Speaker 1: a number of times. Telephone number six oh eight four
12:57
Speaker 1: four two five six thirty seven at six oh eight,
12:59
Speaker 1: four four, two, five, six, three seven, talking this week
13:03
Speaker 1: about state planning and the cast of characters and Kyle
13:06
Speaker 1: healthcare decisions. You know, we were talking power of attorney previously.
13:09
Speaker 1: We're talking about financial power of attorney, but healthcare decisions
13:12
Speaker 1: as well. They can be very different from financial decisions.
13:16
Speaker 1: Let's talk about the healthcare power of attorney part of this.
13:19
Speaker 4: Yeah, one hundred percent, Sean. And you know, Eric did
13:21
Speaker 4: a really good job outlting the financial power of attorney
13:24
Speaker 4: and their property. You know, that's the one that we
13:26
Speaker 4: as financial planners deal with the most often, is the
13:28
Speaker 4: financial power of attorney. But you know, a healthcare power
13:31
Speaker 4: of attorney is the other side of this, and this
13:33
Speaker 4: is the person that you designate to make medical decisions
13:37
Speaker 4: for you if you're unable to communicate those decisions yourself.
13:40
Speaker 4: So I know a lot of you know, hospitals, if
13:42
Speaker 4: you don't have a healthcare power of attorney, they'll set one
13:45
Speaker 4: up for you right there and make you sign it
13:47
Speaker 4: before they give you surgery and that kind of stuff.
13:49
Speaker 4: So this role becomes important during a medical emergency or
13:52
Speaker 4: serious illness. So, for example, if somebody is hospitalized and
13:57
Speaker 4: unable to communicate with physicians. The healthcare power jorney would
14:00
Speaker 4: step in and be called upon to make these decisions
14:03
Speaker 4: regarding treatment options and care. But what makes this role unique,
14:07
Speaker 4: especially from our perspective, is that financial expertise really isn't
14:11
Speaker 4: the primary qualification here, So instead you really want somebody
14:15
Speaker 4: who understands your wishes, can communicate effectively with healthcare providers
14:19
Speaker 4: and family members. And the most important I think from
14:22
Speaker 4: my perspective, is can remain calm during stressful situations because
14:25
Speaker 4: these people are going to be called upon when something
14:28
Speaker 4: may be going wrong with a procedure or something like that,
14:30
Speaker 4: and they need to have a clear mind to be
14:32
Speaker 4: able to make sometimes some very tough decisions really important.
14:36
Speaker 1: I don't think a lot of us think about that
14:37
Speaker 1: aspect of that role, and really really important stuff highlighted
14:41
Speaker 1: there as we talk with Kyle Kite and Eric Schwartz
14:43
Speaker 1: of Coloss Financial talking this week about a state planning,
14:46
Speaker 1: the cast of characters involved. If, of course, if you
14:49
Speaker 1: haven't had this conversation, it's a great day to have
14:51
Speaker 1: a conversation with folks at Loss Financial. They make it
14:53
Speaker 1: really easy to do if you head on over to
14:54
Speaker 1: the website Class Financial dot com. You can schedule a
14:57
Speaker 1: complementary conversation right from the website or call the US
15:00
Speaker 1: right here in Madison.
15:01
Speaker 2: At six eight four four two five six three seven.
15:03
Speaker 1: Don't forget no charge for the initial get to know
15:05
Speaker 1: your appointment dech costs financial.
15:07
Speaker 2: It will be complimentary to you, and a.
15:09
Speaker 1: Lot of folks probably assume that you should simply, you know,
15:12
Speaker 1: name the same person for every role and Eric.
15:16
Speaker 2: That's not always the best plan of action, is it. Hope,
15:24
Speaker 2: do we get Eric?
15:24
Speaker 3: Do we lose him? We may have.
15:27
Speaker 2: That's interesting.
15:28
Speaker 1: I think I see I thought I saw I see
15:30
Speaker 1: him there.
15:30
Speaker 2: I don't know. Maybe maybe we did. Maybe Eric did.
15:33
Speaker 1: Eric didn't mute yourself during the break, did you, Kyle,
15:35
Speaker 1: would you mind, uh mind tell us a little bit
15:38
Speaker 1: then about the different roles there?
15:40
Speaker 4: Yeah, not at all, Sean. Yeah, So again, as you said,
15:43
Speaker 4: many people think that one person can handle these different roles,
15:46
Speaker 4: but that's not always the case. Sometimes one person is
15:50
Speaker 4: perfectly capable of serving multiple roles, but many, many times,
15:55
Speaker 4: different responsibilities call for different strengths. So, you know, kind
15:58
Speaker 4: of the stereotypical one you've got to you know, I
16:01
Speaker 4: have clients that have one one kid, may be very
16:03
Speaker 4: financially savvy, but maybe not as you know, understanding when
16:07
Speaker 4: it comes to some of the financial the like medical
16:09
Speaker 4: decisions and that kind of stuff. So they'll name one
16:11
Speaker 4: child as you know, the financial power of attorney, but
16:14
Speaker 4: then someone else's uh as the healthcare power attorney. And
16:17
Speaker 4: again that just makes you want to play to their
16:20
Speaker 4: strengths because if it's something that they're not comfortable with,
16:23
Speaker 4: which again they're going to be under so much stress
16:25
Speaker 4: during these situations, you have to name them in the
16:28
Speaker 4: role that makes the most sense for what they're good
16:30
Speaker 4: at doing. And again they have to be able to
16:33
Speaker 4: do these things under pressure. And estate planning isn't about
16:37
Speaker 4: dividing responsibilities equally, it's about matching individuals to the roles
16:40
Speaker 4: they're equipped to handle. And like I said, if you
16:42
Speaker 4: get take one thing from this show this morning, that's
16:45
Speaker 4: the biggest thing is seriously takes some time to think
16:47
Speaker 4: about these different roles in your estate plan and the
16:50
Speaker 4: people that you want to name for these different roles.
16:53
Speaker 4: And again there's other options to it doesn't have to
16:55
Speaker 4: be a family member. There's corporate trustees out there for
16:58
Speaker 4: the financial stuff and those types of things as well.
17:01
Speaker 1: And Kyle, as you talk about some of these some
17:03
Speaker 1: of these really really important roles, probably one of the
17:05
Speaker 1: most important for parents involves guardianship. What are some of
17:09
Speaker 1: the considerations folks should be making there.
17:12
Speaker 4: Yeah, one hundred percent, I think this is probably the
17:15
Speaker 4: most important role. And again, nobody wants to even think
17:18
Speaker 4: about this, right but at the end of the day,
17:20
Speaker 4: if you don't have a plan, this can really really
17:22
Speaker 4: come caut some serious stress for the family, for everyone involved,
17:27
Speaker 4: and it's just not a good situation. So for parents
17:30
Speaker 4: with minor children, selecting a guardian is one of the
17:33
Speaker 4: most important estate planning decisions they'll ever make, you know,
17:36
Speaker 4: And so many people might default to mom and dad
17:39
Speaker 4: or something like that, but you've got to remember that
17:41
Speaker 4: this may not come into play for you know, if
17:43
Speaker 4: your child was newly born and you know, God forbid
17:46
Speaker 4: something happens ten years from now. You're ten. Your child
17:48
Speaker 4: is now ten years old, but your parents are ten
17:50
Speaker 4: years older as well, and they may not have the
17:52
Speaker 4: energy or anything like that to be the best choice,
17:57
Speaker 4: because this is the person that's going to care for
17:58
Speaker 4: your children if both you pass away. And this goes
18:01
Speaker 4: far beyond financial considerations, you're evaluating values, parenting style, age, health, location,
18:08
Speaker 4: family dynamics, and overall lifestyle. Right, if you've got a
18:12
Speaker 4: maybe a brother or sister, but they're a jet setter,
18:14
Speaker 4: and if you were to, you know, have to take
18:16
Speaker 4: care of your kids, that might really hinder their lifestyle,
18:19
Speaker 4: or maybe they're just not the best fit those types
18:21
Speaker 4: of things. And as I mentioned, grandparents may be deeply
18:24
Speaker 4: involved in a child's life, but depending on their age
18:26
Speaker 4: and health, they may not be the ideal long term guardians.
18:30
Speaker 4: And somebody with significant financial resources may not necessarily be
18:34
Speaker 4: the best fit for parenting perspectives. That's kind of what
18:36
Speaker 4: I was just just alluding to that if someone is
18:39
Speaker 4: you know, successful, that usually means they have a high
18:41
Speaker 4: powered career and have a lot of different things going on,
18:44
Speaker 4: and you know, having them help raise a child may
18:46
Speaker 4: not be the best person.
18:47
Speaker 1: Such an important conversation, such important decisions as well to
18:51
Speaker 1: be made, as we talked this week about as state planning,
18:53
Speaker 1: and the cast of characters involved there give me a
18:56
Speaker 1: guide to critical decision makers and fiduciaries who may one
18:59
Speaker 1: day help carry out your wishes. Talking this morning with
19:02
Speaker 1: Eric Schwartz and Kyle Kite, of course, They are our
19:04
Speaker 1: retirement planning professionals from Coss Financial. The website Coss Financial
19:08
Speaker 1: dot com. That's Coss k l a a s Financial
19:11
Speaker 1: dot com. For a lot of great information on the website.
19:13
Speaker 1: You can also schedule a complementary conversation right at classfinancial
19:17
Speaker 1: dot com or give them a call six oh eight
19:19
Speaker 1: four four two five six three seven. No charge for
19:22
Speaker 1: the financial gets to know you appointment at Loss Financial.
19:24
Speaker 1: It's going to be complementary to you again their number
19:26
Speaker 1: six oh eight four four two five six three seven
19:29
Speaker 1: will continue our conversation with Eric and Kyle. We will
19:31
Speaker 1: do that next as Money in Motion with Coss Financial
19:34
Speaker 1: continues right here on thirteen ten. Wib I talking this
19:38
Speaker 1: morning with our retirement planning professionals from Closs Financial online
19:43
Speaker 1: Coss Financial dot com. That's Coss k l a a
19:46
Speaker 1: s financial dot com. There tell forh number six so
19:48
Speaker 1: eight four four two five six three seven talking this
19:51
Speaker 1: week about a state planning and the cast of characters
19:53
Speaker 1: involved in Eric Let's talk beneficiaries. Obviously, people may have
19:58
Speaker 1: the best intentions, but some times mistakes are made.
20:01
Speaker 2: What are some of those that you may see in
20:02
Speaker 2: that area.
20:05
Speaker 3: Yeah, and first of all, you apologize for those connection issues.
20:08
Speaker 3: I guess my mic determined that Kyle would be better
20:11
Speaker 3: at answering that question, and you know what, I agree,
20:13
Speaker 3: because he pretty much crushed it. No, let's talk about beneficiaries.
20:18
Speaker 3: We've this is something that listeners have definitely heard us
20:20
Speaker 3: talk about before because we see it. This is kind
20:23
Speaker 3: of one of those really fundamental things that's easy to
20:27
Speaker 3: update and make sure is in place, but people often
20:30
Speaker 3: often miss. So the biggest mistake here is just pretty
20:34
Speaker 3: pretty basic. It's just failing to review those beneficiary designations
20:39
Speaker 3: on a regular basis.
20:40
Speaker 2: Right.
20:40
Speaker 3: We know, life changes over time. People get married, they
20:43
Speaker 3: get divorced, they have kids, they retire, they relocate all
20:48
Speaker 3: sorts of different major life events. But you know, meanwhile,
20:52
Speaker 3: your retirement accounts and your life insurance policies, they often
20:55
Speaker 3: continue carrying beneficiary designations while all of those things are happening,
21:00
Speaker 3: and they generally haven't been reviewed in quite a while.
21:03
Speaker 3: So it's important to remember that beneficiary designations will frequently
21:07
Speaker 3: override instructions that are contained within a will, so that's
21:10
Speaker 3: really important there. You can write anything you like in
21:14
Speaker 3: your will, but if you have a beneficiary on your
21:16
Speaker 3: individual retirement account that is where the money is going.
21:20
Speaker 3: So this is why we encourage clients to review these
21:23
Speaker 3: beneficiaries periodically and after major life events. I can tell
21:27
Speaker 3: you more than once, and I've told listeners this before,
21:30
Speaker 3: more than once we have had to pay dollars out
21:33
Speaker 3: to a former spouse that we know good and well
21:37
Speaker 3: the client would not have wanted the funds to go
21:40
Speaker 3: to go to. So make sure we are checking on
21:42
Speaker 3: these and making sure they are up to date.
21:44
Speaker 1: Very very important stuff, and we talk about just a
21:47
Speaker 1: very vital thing to be aware of and of course
21:50
Speaker 1: take action on. As we're talking this morning with Eric
21:52
Speaker 1: Schwartz and Kyle Kaike of Class Financial Online Cossfinancial dot
21:55
Speaker 1: com that's Closs k l a A s Financial dot
21:58
Speaker 1: com And Kyle, what cure characteristics should people look for
22:02
Speaker 1: when they're choosing individuals for these for these various roles.
22:06
Speaker 4: Yeah, you've heard us talked about a couple of these
22:07
Speaker 4: throughout this show. But there's there's definitely a bunch of
22:10
Speaker 4: different qualities that you and you want to look for
22:12
Speaker 4: when you're looking to name people in these these roles
22:15
Speaker 4: that we're talking about. The first couple I think go
22:17
Speaker 4: without saying, which is just trustworthiness and organization. Right, is
22:20
Speaker 4: this person going to take care of your wishes carry
22:22
Speaker 4: out your wishes as you've outlined. The third is the
22:27
Speaker 4: ability to communicate effectively. So, as we've talked about, family
22:30
Speaker 4: situations can become emotional and strong communication can help reduce misunderstandings.
22:35
Speaker 4: And another one is availability. I just talked about this one.
22:38
Speaker 4: You know, the most qualified person may not be the
22:41
Speaker 4: best practical choice because they live in a different state,
22:44
Speaker 4: or they have a really demanding career or something like
22:46
Speaker 4: that to where they can't put through put forth the
22:48
Speaker 4: effort that really is needed. And finally, willingness. I mean
22:52
Speaker 4: this is kind of the one that people assume. You know,
22:55
Speaker 4: being named a trustee or an executor is kind of
22:58
Speaker 4: an honor, which it can be, but it is also
23:00
Speaker 4: a lot of work and there's a lot of stress
23:02
Speaker 4: that comes comes with these these different roles. And you know,
23:06
Speaker 4: I have been named to trustee for an am that
23:08
Speaker 4: passed away, and I deal with this stuff a lot
23:09
Speaker 4: more than most people do, and it's still a lot
23:12
Speaker 4: of work and a lot of things to keep track of.
23:15
Speaker 4: So don't just assume that people are prepared to take
23:17
Speaker 4: on that responsibility. Make sure they're comfortable serving in the
23:21
Speaker 4: role that you're trying to name them.
23:22
Speaker 1: For really important and unique perspective there, that is for sure.
23:25
Speaker 1: Talking with Kyle Kaiden, Eric Schwartz, our retirement planning professionals
23:28
Speaker 1: from Class Financial and Eric before we wrap up this morning,
23:32
Speaker 1: any key takeaways you want folks to to really if
23:35
Speaker 1: a couple things really stick with them, What are kind
23:37
Speaker 1: of those those high level things that they should that
23:39
Speaker 1: they should take away from the show.
23:43
Speaker 3: Yeah, I think the biggest of my takeaways is the
23:46
Speaker 3: one Kyle just touched on there, that that idea of
23:48
Speaker 3: willingness for serving in one of these roles, because these
23:52
Speaker 3: are a responsibility. And yes, it may seem like, oh,
23:55
Speaker 3: you're showing this person you know, even after you've you've
23:58
Speaker 3: passed away, that you really had a lot of trust
24:00
Speaker 3: to them and they you know, you thought they could
24:02
Speaker 3: handle this. But remember everybody, everybody is busy, everybody's everybody's
24:08
Speaker 3: life has has different responsibilities and this is just something
24:12
Speaker 3: to kind of add on top of all of that.
24:14
Speaker 3: So make sure that there's a willingness and and frankly
24:18
Speaker 3: just the time. So not a bad idea to have
24:22
Speaker 3: a discussion with the individuals you're naming to these roles
24:26
Speaker 3: before anything does happen.
24:27
Speaker 2: And if you got killed, but then.
24:31
Speaker 4: No, go ahead, Sean.
24:33
Speaker 1: And if you got kiddles, it doesn't hurt to drop
24:34
Speaker 1: them off with with the perspective perspective Guardian for a
24:38
Speaker 1: weekend or two, just.
24:39
Speaker 2: To just to see how it goes.
24:41
Speaker 3: And maybe gets a free church longer. Yeah, longer. I mean,
24:46
Speaker 3: let's not stop there, Sean. Maybe maybe a month, spend
24:50
Speaker 3: the summer.
24:54
Speaker 2: Anything else you wanted to add there, Eric, Yeah, I.
24:57
Speaker 3: Would just say, you know, just in general, we spend
25:00
Speaker 3: a significant amount of time determining you know, where assets
25:03
Speaker 3: should go and and you know what our wishes are,
25:06
Speaker 3: but we don't often spend a lot of time considering
25:08
Speaker 3: who the people will actually be to carry out those instructions.
25:11
Speaker 3: And you know this is having the right people in
25:14
Speaker 3: place can help make it a difficult process much smoother
25:18
Speaker 3: for loved ones. And that's why it's, you know, really
25:21
Speaker 3: important to not only make sure you're you're thinking through
25:24
Speaker 3: this when you originally set up all these designations, but
25:27
Speaker 3: also that you are reviewing it over time and notifying
25:31
Speaker 3: the individuals who will actually have to carry out the responsibility.
25:34
Speaker 1: A lot of great information this week in the program,
25:37
Speaker 1: one that you're definitely going to want to listen back to.
25:39
Speaker 2: Don't forget.
25:39
Speaker 1: You can do just that online coss Financial dot com.
25:42
Speaker 1: That's Class k l a as Financial dot com. Not
25:45
Speaker 1: only can you listen back to this, you can check
25:46
Speaker 1: out previous shows and subscribe to the podcast all online.
25:50
Speaker 1: Another opportunity there is to schedule a free complementary conversation
25:54
Speaker 1: at Class Financial right from the website class financial dot com.
25:57
Speaker 1: Or you can do it by calling the office right
25:58
Speaker 1: here in Madison at six eight four four to two
26:00
Speaker 1: five six three seven. Speaking of that number, hold on
26:03
Speaker 1: to it because it's time now for the Class Quiz
26:05
Speaker 1: question of the week. It works like this, In just
26:07
Speaker 1: a moment, I'll ask you the class quiz question of
26:09
Speaker 1: the week. Then if thirty minutes from the end of
26:10
Speaker 1: today's program to call the Class Financial office right here
26:13
Speaker 1: in Madison at six oh eight four four two five
26:15
Speaker 1: six three seven, and if you are the first call
26:18
Speaker 1: with correct answer, you win this week's prize, which is
26:20
Speaker 1: a twenty five dollars gift card to best five. This
26:23
Speaker 1: week's class quiz question the week? Is this true or false?
26:27
Speaker 1: The executor of your estate and the trustee of your
26:30
Speaker 1: trust must always be the same person. Is that true
26:34
Speaker 1: or is that false? Telephone number six so eight four
26:37
Speaker 1: four two five six three seven first Cost correct answer
26:39
Speaker 1: win this week's prize. Don't forget as well. That's Cost
26:41
Speaker 1: Financial's office right here in Madison. That number six oh
26:44
Speaker 1: eight four four two five six three seven. Eric Kyle,
26:48
Speaker 1: it's always great chatting with you. Thank you, guys for
26:50
Speaker 1: making even a serious topic a lot of fun and
26:52
Speaker 1: of course a lot of great information. Thank you for
26:54
Speaker 1: sharing your time this morning. You guys have a great day.
26:56
Speaker 4: Thanks Sean.
26:57
Speaker 2: Thanks Sean, Take care, guys.
26:59
Speaker 1: News comes your way next right here on thirteen ten WIBA.
27:03
Speaker 1: This is Money in Motion with Coss Financial Asset Advisors, LLC,
27:07
Speaker 1: a registered investment advisor registered with the SEC.
27:11
Speaker 2: The contents of this show are.
27:12
Speaker 1: For informational purposes only and should not be considered individual
27:16
Speaker 1: investment advice. Class Financial does not offer tax or legal advice.
27:20
Speaker 1: Any opinion offered during the course of this show is
27:23
Speaker 1: the opinion of that particular investment advisor representative, and not
27:27
Speaker 1: necessarily the opinion of Coss Financial