Latest / WCHS Network Podcasts / 09/08/2025 Retire Right Radio with Anna Price

Transcript

09/08/2025 Retire Right Radio with Anna Price · WCHS Network Podcasts

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  Speaker 1: Unlock your dream property with Meeks Realty Group, where Rich
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  Speaker 2: The views and opinions expressed on this program do not
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  Speaker 2: necessarily reflect the views and opinions of five eight WCCHS
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  Speaker 2: its employees or WVRC Media. This is Retire Right Radio,
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  Speaker 2: a weekly show from John Verdet at Fourth Avenue Financial
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  Speaker 2: that aims to answer your questions about financial planning, investing,
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  Speaker 2: and how to retire right. Fourth Avenue Financial is located
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  Speaker 2: in downtown Charleston at one seventy Court Street. More information
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  Speaker 2: online at Fourth Avenue Financial dot com. Join the conversation
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  Speaker 2: by calling three oh four three four five fifty eight
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  Speaker 3: It's a tire Rights Radio Mornings to the studio hosts
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  Speaker 3: Trooper Today one asked the expert, and normally this is
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  Speaker 3: John Burdett, as the announcer man said, with Fourth Avenue Financial,
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  Speaker 3: but we've got a second fill in today and it's
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  Speaker 3: Enterprise special counselor Bowls Rice focusing on a state planning.
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  Speaker 3: She's with us and Anna, good morning. How you doing?
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  Speaker 4: Good morning? I'm well, how are you?
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  Speaker 3: I'm great? How do we get this job? We're both
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  Speaker 3: pinch hitting today?
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  Speaker 4: That's right, Well we're lucky on a Monday. I guess.
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  Speaker 3: There you go, there you go. That's one way to
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  Speaker 3: look at it. So it's good to have you with
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  Speaker 3: us this morning. And you know, in the commercials leading
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  Speaker 3: up to this show, on a weekly basis, it talks
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  Speaker 3: about how important financial planning is, and that's something that
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  Speaker 3: your expertise. Of course, John is expertise in that he's
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  Speaker 3: on here weekly, but you're filling in here today and
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  Speaker 3: that's some of the things you want to talk about, right,
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  Speaker 3: is how important it is to have a financial planning
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  Speaker 3: as you think about the future.
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  Speaker 4: That's exactly right. So I come at this from a
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  Speaker 4: little different direction than John. I have the privilege of
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  Speaker 4: working with advisors like John to ensure that clients have
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  Speaker 4: a comprehensive estate plan with their financial plan. So John
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  Speaker 4: is the one responsible for UH maximizing the investment and
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  Speaker 4: ensuring that UH that his clients are making money, and
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  Speaker 4: I come from the other side to ensure that if
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  Speaker 4: there's catastrophe in somebody's life, you know, incompetence or incapacity
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  Speaker 4: or heaven forbid somebody passes away, that all of their
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  Speaker 4: affairs are in order and that assets are pasting as
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  Speaker 4: tax efficiently and smoothly as possible.
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  Speaker 3: Okay, that gets into a state planning, and so a
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  Speaker 3: state why don't you go ahead and discuss a state planning.
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  Speaker 3: If you just give me a kind of a definition,
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  Speaker 3: everyonell go from there.
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  Speaker 4: Sure. So, estate planning can be as simple as designating
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  Speaker 4: a beneficiary to an account or it can be as
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  Speaker 4: complex as preparing trusts and powers of attorney. But if
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  Speaker 4: I had to put a definition on it, it would
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  Speaker 4: be designating the correct people to ensure that your wishes
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  Speaker 4: are carried out upon a catastrophic event.
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  Speaker 3: And I think some people think that that's only for
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  Speaker 3: people that are very wealthy, but that's not the case.
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  Speaker 4: You're right, you're right. Some of the most in depth
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  Speaker 4: estate plans that I have done don't involve mass sums
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  Speaker 4: of assets. Instead, they're more focused on the family structure
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  Speaker 4: or just the needs of the individual or the types
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  Speaker 4: of beneficiaries that we that.
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  Speaker 3: We encounter and how can it get you kind of
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  Speaker 3: talk about the family relations How kind of messy can
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  Speaker 3: it get if this isn't done. I mean, you can
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  Speaker 3: kind of get especially if you have a lot of
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  Speaker 3: people people involved, right, and there's really no direction. It
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  Speaker 3: can get. I'm sure at times you can get messy
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  Speaker 3: and can get you know, really be an emotional thing.
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  Speaker 3: There's a death and just things just aren't laid out
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  Speaker 3: and it can get really messy.
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  Speaker 4: Sure, So I always joke that these are the Disney
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  Speaker 4: movies that are that are gone wrong. You know, we
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  Speaker 4: deal with evil stepmothers and evil step children, and a
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  Speaker 4: lot of times we deal with sons in law and
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  Speaker 4: daughters in law that don't have a good relationship with
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  Speaker 4: the client. We deal with the outside factors with those families.
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  Speaker 4: Certainly in our area, you know, we see families who
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  Speaker 4: have substance abuse, who have divorce, who have just the
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  Speaker 4: inability to manage assets. So there are a lot of
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  Speaker 4: different factors of course that can can negatively impact. And
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  Speaker 4: families are difficult, right, So that's what makes them entertaining
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  Speaker 4: on sitcoms and in movies because of the different personalities,
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  Speaker 4: and each family is different, and we are dealing with
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  Speaker 4: all of the differences of those families. We even have
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  Speaker 4: situations where certain children or family members will feel entitled
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  Speaker 4: to a certain amount of somebody's in a state because
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  Speaker 4: whether they've cared for them or they just feel that
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  Speaker 4: they should receive it above somebody else. And a lot
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  Speaker 4: of times, in addition to ensuring that there is a
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  Speaker 4: comprehensive play it, we're also ensuring that we're managing expectations
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  Speaker 4: amongst beneficiaries and amongst the client.
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  Speaker 3: And a prisis with us this morning on Fourth Avenue
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  Speaker 3: Financial Ask the experts. She's filling in for John Bredette today.
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  Speaker 3: She's a special counsel at Bush Rice and we're talking
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  Speaker 3: about a state plan planning. And it is eight twenty six,
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  Speaker 3: and so state planning would start, would it start? Where
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  Speaker 3: does it start? Does it start with a will? Making
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  Speaker 3: sure you have a will?
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  Speaker 2: Yeah?
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  Speaker 4: I think so. So you know, generally we like clients
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  Speaker 4: to fill out a questionnaire, come in and we go
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  Speaker 4: through through what your last wishes would be, but also
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  Speaker 4: designating those powers of attorney. So a will would definitely
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  Speaker 4: be a simple, great start to initiating the estate planning.
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  Speaker 3: Okay, so tell so line out the process if you would.
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  Speaker 3: Once you, guys, do you start with an initial meeting?
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  Speaker 3: Someone contact? How does that all that work?
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  Speaker 4: Yeah? So generally people contact my office, we set up
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  Speaker 4: an appointment, and when that initial appointment is set, they
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  Speaker 4: will receive a questionnaire and it asks questions about finances,
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  Speaker 4: family tree, a lot of different different and aspects that
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  Speaker 4: make your initial meeting go more efficiently. So we ask
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  Speaker 4: that you bring that questionnaire with any prior documents that
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  Speaker 4: you may have to your initial meeting. The initial meeting
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  Speaker 4: is about an hour long, and within that meeting, we
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  Speaker 4: will actually determine the structure of the plan that you
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  Speaker 4: will have. We then take about two to four weeks
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  Speaker 4: to draft up your state planning documents. We send those
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  Speaker 4: out for review. If they look great, perfect, we set
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  Speaker 4: a time to sign it. But a lot of times
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  Speaker 4: people come back and we tweak until they're completely comfortable
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  Speaker 4: with your plan. I always joke that you know, it
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  Speaker 4: doesn't matter to me what's in your state plan. So
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  Speaker 4: we want to make sure that it's something that the
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  Speaker 4: client is most comfortable with and understands. We don't want
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  Speaker 4: it to be so difficult that a client can't understand
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  Speaker 4: what they're signing.
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  Speaker 3: Yeah, that's a good point, because you know you're a lawyer.
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  Speaker 3: I think can get things, can get things can get
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  Speaker 3: into the legal leads there. So so how do you
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  Speaker 3: how do you kind of work through that? Is that
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  Speaker 3: just continue discussion and just make sure you get to
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  Speaker 3: a comfortable place and there and your client is in
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  Speaker 3: a comfortable place.
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  Speaker 4: Sure. Absolutely So. I was a teacher before I was
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  Speaker 4: an attorney, and I feel like it really goes back
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  Speaker 4: to education. It's my job as the attorney to educate
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  Speaker 4: client on understanding what they're signing, on what options are available,
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  Speaker 4: and what would work best for their family. So sometimes
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  Speaker 4: we have to go back to a little wills one
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  Speaker 4: oh one or some powers of attorney one oh one.
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  Speaker 4: And that's okay because this is not something that most
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  Speaker 4: people do every day, but it is something that I
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  Speaker 4: do every day.
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  Speaker 3: What are some of you may have tested on this
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  Speaker 3: a little bit. What are some of the components of
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  Speaker 3: an estate plan? What does that all? What does that entail?
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  Speaker 4: So the documents that I think that everyone should have,
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  Speaker 4: and I mean everyone over the age of eighteen, regardless
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  Speaker 4: of size of a state, is at the very least
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  Speaker 4: a will which ensures that your assets passed to the
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  Speaker 4: beneficiaries of your choice, a medical power of attorney, which
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  Speaker 4: would allow someone to make medical decisions for you in
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  Speaker 4: the event that you're unable to make them. And then
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  Speaker 4: a durable general power of attorney. So that document has
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  Speaker 4: a lot of names. We hear it called a financial
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  Speaker 4: power of attorney, but the point of that document is
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  Speaker 4: to allow the principle to name someone that they would
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  Speaker 4: want to handle their financial and business affairs. That document
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  Speaker 4: doesn't have to wait until someone becomes incapacitated. So if
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  Speaker 4: you have someone that you really trust and they're already
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  Speaker 4: assisting you with finances, I suggest go ahead and alleviate
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  Speaker 4: the hurdle of being deemed incompetent and allow somebody to
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  Speaker 4: be designated as your agent on that durable general financial
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  Speaker 4: power of attorney. So go ahead, go ahead.
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  Speaker 3: No, you're good, You're great.
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  Speaker 4: I was going to say, those are the three documents
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  Speaker 4: that you that I think everybody should have. Then other
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  Speaker 4: circumstances sometimes dictate certain types of trust, or some people
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  Speaker 4: prefer having a separate living will document, So there's a
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  Speaker 4: lot of there's a lot of variations within that, but
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  Speaker 4: those are the absolute three basic documents that everyone needs.
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  Speaker 3: How and you mentioned everyone over eighteen. I would imagine, though,
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  Speaker 3: just just knowing people, maybe some people wait, you know,
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  Speaker 3: you know, when they're maybe past fifty years old or
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  Speaker 3: maybe even longer before doing that. And I guess there's
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  Speaker 3: a there's a risk in doing.
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  Speaker 4: That, obviously, absolutely. I had a client come in and
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  Speaker 4: she had turned one hundred the day before and she
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  Speaker 4: is there to do her estate plans. She never had
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  Speaker 4: a will before, and she said, I'm embarrassed, I've never
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  Speaker 4: had a will before. And I said, well, you're not
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  Speaker 4: too late. So obviously without a crystal ball, we don't
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  Speaker 4: know what perfect timing would be. But I like people
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  Speaker 4: to start younger rather than later. One thing I've noticed
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  Speaker 4: is as my client's children become adults, they want them
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  Speaker 4: to get powers of attorney in place, because a lot
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  Speaker 4: of times we have clients who are paying for education,
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  Speaker 4: but their children may not be as willing to share
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  Speaker 4: those grades. So having the powers of attorney in place
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  Speaker 4: allows the parent to access information for the adult child
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  Speaker 4: in college, and.
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  Speaker 3: The price is with us. She's with Bose Rice, a
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  Speaker 3: special counsel. They're focusing on estate plannings, pinch hitting today
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  Speaker 3: for John Burdett and now ma'am for Dale Cooper today.
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  Speaker 3: Thanks for joining us here on five eight WHS. So
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  Speaker 3: there are some myster are reasons why and a people
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  Speaker 3: don't do this, maybe some of us human nature, But
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  Speaker 3: what are the other things that you're How many conversations
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  Speaker 3: have you had after you've gone through it? Someone said, well,
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  Speaker 3: that's not what I heard about this. This is easier
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  Speaker 3: than I thought.
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  Speaker 4: Oh my gosh, I think that happens all the time.
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  Speaker 4: First of all, I like to explain that I don't
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  Speaker 4: have any special deal with any higher power that once
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  Speaker 4: you sign this document, it doesn't mean that you're going
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  Speaker 4: to meet your demise sooner rather than later. So a
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  Speaker 4: lot of people are reluctant to sign because it's in place.
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  Speaker 4: The other thing is that if you think about planning
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  Speaker 4: for your whole life and what could happen over years
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  Speaker 4: and years, it can become overwhelming. But if you think
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  Speaker 4: about planning that if something happened in the next five years,
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  Speaker 4: what would it look like, it's maybe a little bit
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  Speaker 4: easier to make decisions if you're just looking at the
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  Speaker 4: next five years. So I think that those things are
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  Speaker 4: things that people makes people hesitant to start this process.
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  Speaker 4: The other thing that I think makes people wait to
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  Speaker 4: start the process is because they get some analysis paralysis.
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  Speaker 4: They don't want to make a decision quite yet. And
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  Speaker 4: that's part of my job is to ensure that I'm
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  Speaker 4: sitting down with people and I'm getting to know them
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  Speaker 4: so that I can recommend different options for decisions. And
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  Speaker 4: that's where that group approach comes in with somebody like John,
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  Speaker 4: where we like to include financial advisors and accountants and
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  Speaker 4: the different professionals in your financial life because they are
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  Speaker 4: all going to assist in helping make those decisions.
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  Speaker 3: All right, all right, that's er price. We've got more
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  Speaker 3: to talk about. We're going to take our one and
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  Speaker 3: only break. Hang on with me, okay, all right, she'll
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  Speaker 3: be with us and just a couple. It's going to
• 13:55
  Speaker 3: take our one and only break here. Oh and ask
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  Speaker 3: the expert John Burdett out today. And we're getting good
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  Speaker 3: information from at a price from bulls or Rice. He's
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  Speaker 3: a special council there with estate planning. Moving back in
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  Speaker 3: a moment, this is asked the expert on five ad WCCHS,
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  Speaker 3: the voice of Charleston.
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  Speaker 3: for dads, enter price, especially counsel laws rights. Focusing on
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  Speaker 3: the state planning, we're having a good conversation here with
• 16:35
  Speaker 3: Anna and Anna we're talking about a state planning. We're
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  Speaker 3: talking about the meetings that you have with folks, the
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  Speaker 3: documents that are important as you plan your estate. What
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  Speaker 3: if you've already kind of done that, but maybe you're
• 16:48
  Speaker 3: you know you've done some things, but maybe you don't
• 16:50
  Speaker 3: think you got some questions about them. Opportunity maybe to
• 16:53
  Speaker 3: meet with you and go over some of those things
• 16:55
  Speaker 3: and maybe correct some things.
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  Speaker 4: Absolutely, so life changes, right, and what we decide in
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  Speaker 4: our plan may change over time. And that's the beauty
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  Speaker 4: of these documents. They reflect snapshot in time, and they
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  Speaker 4: can be changed so long as you are capable of
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  Speaker 4: changing them. So we are happy to meet with clients
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  Speaker 4: to start the process from square one, or we're happy
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  Speaker 4: to assist clients in the midst of their planning. So
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  Speaker 4: if you have that old will that hasn't been touched
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  Speaker 4: for a long time, I am happy to review it
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  Speaker 4: make sure it still says what you want it to say.
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  Speaker 4: Because life changes, but so does the law, right, So
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  Speaker 4: we wanted to make sure that everything is still compliant,
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  Speaker 4: and these.
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  Speaker 3: Are very important documents because if there are mistakes, then
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  Speaker 3: that can you know, as we mentioned, call some uncomfortableness,
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  Speaker 3: but also can be costly, not only you know, emotionally,
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  Speaker 3: but can be costly financially.
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  Speaker 4: That's right, that's right. So one facet of my practice
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  Speaker 4: area probate litigation, and that is where there are those
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  Speaker 4: disputes for regarding mistakes in planning documents, and they can
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  Speaker 4: be extremely expensive and emotionally taxing. As you mentioned, it's
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  Speaker 4: a lot for someone in the wheels of justice. Although
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  Speaker 4: I have great faith in them. They turned slowly sometimes.
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  Speaker 3: What would be and we were bombarded with these ads
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  Speaker 3: and about you know, here's a will, download it, do
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  Speaker 3: it quickly, take you ten minutes, you know, those types
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  Speaker 3: of things. And I'm sure you would kind of look
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  Speaker 3: at that and say, well, you probably need to take
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  Speaker 3: a little longer than ten minutes to do this.
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  Speaker 4: Yeah, I think so. I don't think it has to
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  Speaker 4: be a super time consuming project. But these these commercials
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  Speaker 4: that you're mentioning where you can download a will or
• 18:53
  Speaker 4: get a will template online. We joke that those are
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  Speaker 4: among lawyers' favorites because they often and end up in litigation,
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  Speaker 4: which is going to result in more money in a
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  Speaker 4: lawyer's pocket than probably anybody else's. So, you know, we
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  Speaker 4: try to make the cost for all of these documents reasonable.
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  Speaker 4: There is a network of probate attorneys in West Virginia,
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  Speaker 4: and I think that the overarching goal is to make
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  Speaker 4: sure that people have wills, make sure that they've signed
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  Speaker 4: them correctly, and make sure that the documents say what
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  Speaker 4: they want. Unfortunately, a lot of those online wills just
• 19:32
  Speaker 4: don't do the trick or leave something to be desired
• 19:35
  Speaker 4: and ultimately result in cost to the family long term.
• 19:40
  Speaker 3: I'm interested in about just your interpersonal conversations with folks,
• 19:46
  Speaker 3: with your clients or people that come in and after
• 19:49
  Speaker 3: you get done with the process, just the relief on
• 19:51
  Speaker 3: their faces or you can kind of feel the tension
• 19:54
  Speaker 3: go away. I'm sure you've experienced that a number of times.
• 19:58
  Speaker 4: Absolutely, Jess. So that is that is probably what keeps
• 20:02
  Speaker 4: me going every day. It is it is the greatest
• 20:06
  Speaker 4: sense of peace when clients get this checked off their
• 20:10
  Speaker 4: bucket list. It's no longer hanging over their head and
• 20:13
  Speaker 4: they have a plan that they're comfortable with and proud of.
• 20:18
  Speaker 4: It is it is a great sense of relief, but
• 20:20
  Speaker 4: a great sense of completion as well.
• 20:23
  Speaker 3: So how you know can you let's drill down a
• 20:25
  Speaker 3: little bit on an estate planning. So say you own
• 20:28
  Speaker 3: some property, Say you own a house, so you have
• 20:29
  Speaker 3: several children, you know though some walk through some of
• 20:34
  Speaker 3: that on what you know might happen. What are some
• 20:36
  Speaker 3: of the options you know with the house or with property?
• 20:40
  Speaker 4: Sure, so real estate is something that you know is unique.
• 20:46
  Speaker 4: It's something that where a lot of West Virginians have
• 20:50
  Speaker 4: their greatest asset. And so real estate is obviously controlled
• 20:54
  Speaker 4: by a deed and there are transfer on death seeds
• 20:58
  Speaker 4: in West Virginia which allow for real estate to pass
• 21:02
  Speaker 4: outside of probate to a beneficiary that is specified and
• 21:09
  Speaker 4: that's something that can be changed over time as well.
• 21:12
  Speaker 4: But it allows the person who owns the real estate
• 21:15
  Speaker 4: to continue owning it for their entire life, but also
• 21:18
  Speaker 4: designate where it would go at their death. And wills
• 21:23
  Speaker 4: also control real estate, so if there is not a
• 21:27
  Speaker 4: transfer on death deed in place, that will would be
• 21:31
  Speaker 4: what controls that chain of title and you can designate
• 21:35
  Speaker 4: where it goes. A lot of times we see issues
• 21:39
  Speaker 4: where maybe a parent has three children and when they pass,
• 21:45
  Speaker 4: they leave the property to three kids, and maybe those
• 21:49
  Speaker 4: three kids don't get along as well as their parents
• 21:53
  Speaker 4: would hope, and sometimes that can create an issue too.
• 21:56
  Speaker 4: So a lot of times with planning, we also want
• 21:58
  Speaker 4: to consider what's the ownership going to look like after
• 22:01
  Speaker 4: the fact. Do we require that it be sold and
• 22:05
  Speaker 4: that the proceeds be split? Do we give them the
• 22:08
  Speaker 4: option to buy each other out? You know what options
• 22:12
  Speaker 4: are there. And sometimes you have a beneficiary or a
• 22:15
  Speaker 4: child who is residing with you and you want to
• 22:19
  Speaker 4: make sure that they continue to have a place to live,
• 22:22
  Speaker 4: but you want to make sure that upon their death
• 22:25
  Speaker 4: it goes back to your family. And all of those
• 22:28
  Speaker 4: are options within estate planning.
• 22:31
  Speaker 3: Enterprisis with us with bows Rice. He's in a state
• 22:33
  Speaker 3: planning expert and she's filling in for John Burdett today
• 22:38
  Speaker 3: on Fourth Avenue Financial. Let me give you a scenario. Okay,
• 22:42
  Speaker 3: I give you a scenario here on a state planning
• 22:44
  Speaker 3: Say you have a husband and wife and they don't
• 22:46
  Speaker 3: have a will. The husband dies. If I understand the law,
• 22:51
  Speaker 3: right the property goes to the wife, to the survivor.
• 22:55
  Speaker 3: Now she can come in and do a will right
• 22:57
  Speaker 3: after that for what happens after she passes.
• 23:01
  Speaker 4: Absolutely, so you know, depending on if they had children
• 23:07
  Speaker 4: or prior children from prior relationships. You know, if if
• 23:11
  Speaker 4: the assets due pass to the surviving spouse, she can
• 23:15
  Speaker 4: absolutely come in and do planning. But we do a
• 23:17
  Speaker 4: separate service as well, Jess, so we also will assist
• 23:22
  Speaker 4: in the administration of the estate. So if you have
• 23:25
  Speaker 4: a loved one die, we are equipped to untangle even
• 23:31
  Speaker 4: the messiest spider webs of a states, so we can
• 23:36
  Speaker 4: we can assist with that. We could assist that widow
• 23:40
  Speaker 4: and take that business portion off of her plate so
• 23:43
  Speaker 4: that she can focus on grieving and finding her new normal. Uh,
• 23:49
  Speaker 4: while we take care of jump to the hoops and
• 23:51
  Speaker 4: making sure that the estate is administered properly, that everything
• 23:55
  Speaker 4: has passed, that it's there are no creditors that need paid.
• 24:01
  Speaker 4: And then we can also follow up and do planning
• 24:04
  Speaker 4: for the for the wife so that she doesn't have
• 24:07
  Speaker 4: a mess on her hands after she passes.
• 24:10
  Speaker 2: Me.
• 24:10
  Speaker 3: Yes, a couple of things here. How many how many
• 24:15
  Speaker 3: folks do you get kind of like that saying you
• 24:17
  Speaker 3: know that you know they wish they had done a
• 24:21
  Speaker 3: will earlier. Now they have an Now they have they've
• 24:23
  Speaker 3: had a death, unfortunately, but now they have an opportunity
• 24:26
  Speaker 3: to do.
• 24:26
  Speaker 4: That, Jeff. Unfortunately, people come to see me because they've
• 24:32
  Speaker 4: had a bad situation. Either they have had to administer
• 24:36
  Speaker 4: in a state that didn't have a will and they've
• 24:39
  Speaker 4: said I'm never going to do this to anybody else,
• 24:42
  Speaker 4: or they've had a friend pass unexpectedly. So that happens
• 24:46
  Speaker 4: all the time more often than not.
• 24:48
  Speaker 3: I would say, okay, and they then they want obviously
• 24:52
  Speaker 3: they want to get that taken care of then right.
• 24:55
  Speaker 4: Right, and we can we can ensure that it's it's
• 24:59
  Speaker 4: not as difficult the next time. So the more planning
• 25:02
  Speaker 4: that's in place, the better the administration is going to be.
• 25:09
  Speaker 3: What those people who might be thinking about calling you
• 25:12
  Speaker 3: or having a meeting within a state planner, what are
• 25:15
  Speaker 3: some of the documents or some of the things that
• 25:17
  Speaker 3: they might need. And that's something you'll go over with them,
• 25:19
  Speaker 3: But what are some of the things that they might
• 25:21
  Speaker 3: need some information in one of those initial meetings.
• 25:26
  Speaker 4: Sure, so we like to know, of course, who your
• 25:29
  Speaker 4: family is and how each person is related. We like
• 25:34
  Speaker 4: to know if your children are working and financially stable
• 25:38
  Speaker 4: and responsible. We like to know if you have beneficiaries
• 25:42
  Speaker 4: designated to your accounts, where your accounts are, what the
• 25:47
  Speaker 4: average balance of those accounts is. We like to ensure
• 25:52
  Speaker 4: that if you have beneficiaries designated, that they are still
• 25:56
  Speaker 4: working for the plan that you have in place. We
• 26:00
  Speaker 4: like to know if somebody is on asset based government benefits,
• 26:05
  Speaker 4: if we need to plan to protect them from certain
• 26:10
  Speaker 4: liabilities leans or even just general financial catastrophes like divorce, lawsuit,
• 26:19
  Speaker 4: those types of things.
• 26:20
  Speaker 3: Okay, so that some of the things that after that
• 26:23
  Speaker 3: initial call is made to you, then you would talk
• 26:26
  Speaker 3: about that and see if they can get that information
• 26:28
  Speaker 3: to you.
• 26:30
  Speaker 4: Absolutely, so, after the initial call is made, they fill
• 26:34
  Speaker 4: out the questionnaire which asks a lot of the financial
• 26:37
  Speaker 4: information and the beneficiary designation information, and then beyond that
• 26:43
  Speaker 4: they will sit down and have a meeting with us,
• 26:46
  Speaker 4: and that's when we really get into their children and
• 26:51
  Speaker 4: the needs or whoever their beneficiaries are, and the needs
• 26:54
  Speaker 4: of those beneficiaries.
• 26:56
  Speaker 3: Because in the end, the decision on who the beneficiaries
• 27:00
  Speaker 3: are is the person you're talking to, right, some outside people, yeah,
• 27:04
  Speaker 3: some outside people might have an opinion on who they
• 27:06
  Speaker 3: should be, but they're the ones making the decision.
• 27:09
  Speaker 4: That's exactly right. The only person that you're not allowed
• 27:11
  Speaker 4: to disinherit in West Virginia is your spouse, So you know,
• 27:16
  Speaker 4: no one else is entitled to any portion of your estate.
• 27:21
  Speaker 4: Your spouse has a certain entitlement depending on how long
• 27:26
  Speaker 4: you've been married and whether or not there's a prenuptional
• 27:30
  Speaker 4: or postnuptial agreement, But everybody else is completely up to
• 27:36
  Speaker 4: the person who's writing the will.
• 27:38
  Speaker 3: One of the things you also do, and and I
• 27:40
  Speaker 3: see from your bios you work in elder law. How much, unfortunately,
• 27:44
  Speaker 3: is there of that. I mean, some are trying to
• 27:48
  Speaker 3: take advantage of someone who's elderly and if maybe if
• 27:50
  Speaker 3: they had some some of these things in place, that
• 27:53
  Speaker 3: would be more difficult to do.
• 27:56
  Speaker 4: Sure, so we do assist with the planning of runt
• 28:00
  Speaker 4: to try to ensure that there is not that undue
• 28:03
  Speaker 4: influence or that there is non exploitation of a senior.
• 28:09
  Speaker 4: But unfortunately, there is a lot uh and and it
• 28:13
  Speaker 4: is rarely a stranger, you know. Unfortunately, we see a
• 28:17
  Speaker 4: lot of situations where one child is taking advantage of
• 28:22
  Speaker 4: a parent over another child, or or just other family members,
• 28:29
  Speaker 4: and it can get it can get quite complicated, but
• 28:31
  Speaker 4: that's that's heartbreaking. But making sure that you have proper
• 28:35
  Speaker 4: powers of attorney in place, utilizing trust when necessary. We
• 28:42
  Speaker 4: we love to assist with those who need some elder
• 28:46
  Speaker 4: law planning, you know, planning for nursing, home care, uh,
• 28:50
  Speaker 4: and all those expenses that come in at the end
• 28:53
  Speaker 4: of life.
• 28:54
  Speaker 3: That those things can be confusing, right, I mean the
• 28:57
  Speaker 3: assistance is appreciated.
• 28:58
  Speaker 4: I'm sure, yes, it could be very, very confusing, and
• 29:03
  Speaker 4: subtimes there's not a perfect answer out there. You know,
• 29:06
  Speaker 4: a lot of times you're choosing between the best option
• 29:13
  Speaker 4: of several not so great options. But proper planning will
• 29:19
  Speaker 4: will increase those options.
• 29:21
  Speaker 3: And John talks about John Burdett, who's usually on this
• 29:23
  Speaker 3: show Fourth Avenue Financial talks a lot about it and
• 29:27
  Speaker 3: enterprisis with us. She's in a state planning it works
• 29:29
  Speaker 3: at Bulls Rice And to talk about that as we
• 29:32
  Speaker 3: wind it down here the next couple of minutes about
• 29:34
  Speaker 3: how now, John, if we listen to John, which we
• 29:38
  Speaker 3: do every week, you know, he tells us about how
• 29:40
  Speaker 3: important the financial side is, then how does that work
• 29:42
  Speaker 3: with what you do? How does that kind of job together?
• 29:47
  Speaker 4: Yeah, So it's a huge part because what we're planning
• 29:51
  Speaker 4: for are these assets that you're building with your financial
• 29:54
  Speaker 4: advisor like John, and so one of the things that
• 29:58
  Speaker 4: we work very closely together with are these beneficiary designations.
• 30:02
  Speaker 4: If you have a retirement account and you list your
• 30:07
  Speaker 4: son as the beneficiary of that retirement account, but your
• 30:11
  Speaker 4: will says that everything goes to your daughter, your son
• 30:15
  Speaker 4: is going to get that retirement account, so those beneficiary
• 30:18
  Speaker 4: designations do trump your will in most cases. And so
• 30:24
  Speaker 4: ensuring that your plan is completely comprehensive, that somebody has
• 30:29
  Speaker 4: sat down with you and asked what assets do you
• 30:32
  Speaker 4: have and how are they titled and who's the beneficiary
• 30:35
  Speaker 4: on that Making sure that your advisor like John, and
• 30:38
  Speaker 4: I know that John has done this and does do this,
• 30:42
  Speaker 4: is checking to say, if something happens to you, where
• 30:45
  Speaker 4: does this asset go and does that work with your
• 30:48
  Speaker 4: estate plan. Those are amongst the most important decisions that
• 30:53
  Speaker 4: you can make, because that's probably where I see the
• 30:56
  Speaker 4: greatest mistakes. And having a good team in place with
• 30:59
  Speaker 4: an a turn if, financial advisor, your accountant, making sure
• 31:02
  Speaker 4: everybody's on the same page ensures that your plan is
• 31:05
  Speaker 4: going to work together, and.
• 31:06
  Speaker 3: That can also figure in on life insurance too, right,
• 31:09
  Speaker 3: because yeah, yeah, because every year, if you know, we're
• 31:13
  Speaker 3: asked if you get life insurance through work or wherever
• 31:17
  Speaker 3: you get life insurance or asked and name the beneficiaries.
• 31:20
  Speaker 3: And sometimes we just kind of go through that and
• 31:22
  Speaker 3: check it real quick, don't think about it. But that's
• 31:24
  Speaker 3: something that should line up with what your will says.
• 31:28
  Speaker 4: That's exactly right. So many times I have a mother
• 31:32
  Speaker 4: come in and say, well, I've listed my daughter as
• 31:35
  Speaker 4: the beneficiary on all my life insurance because I'm sure
• 31:38
  Speaker 4: that she'll take care of my son. And I'm here
• 31:41
  Speaker 4: to tell you that that does not always happen. So
• 31:46
  Speaker 4: making sure that the beneficiary designations are are correct and
• 31:52
  Speaker 4: that's your plan are so important because they can really
• 31:58
  Speaker 4: undo your estate plan.
• 32:00
  Speaker 3: Said that, and there's something interesting, is that what you
• 32:03
  Speaker 3: check when there's beneficiaries trump's the will? How does that work?
• 32:08
  Speaker 4: Yeah, so if you have I love to use myself
• 32:12
  Speaker 4: as an example and say, you know, if I if
• 32:15
  Speaker 4: I list my sister as the bit officiary on all
• 32:22
  Speaker 4: of my retirement, my life insurance, my payable on death beneficiaries,
• 32:28
  Speaker 4: but I lift you know, a will or I have
• 32:30
  Speaker 4: a will that gives everything to my brother. You know,
• 32:33
  Speaker 4: my brother is going to be left with my probate
• 32:36
  Speaker 4: assets assets in my name alone, like my clothes and
• 32:40
  Speaker 4: shoes and jewelry, and my sister is actually going to
• 32:44
  Speaker 4: get the assets that are that I'm the beneficiary designation.
• 32:49
  Speaker 4: So that comes into play a couple of a couple
• 32:53
  Speaker 4: of different ways, because sometimes whoever the executor is needs
• 32:58
  Speaker 4: some liquidity in the state to ensure that funeral expenses
• 33:02
  Speaker 4: are paid, last expenses are paid, taxes are paid, and
• 33:07
  Speaker 4: if those all go through a beneficiary designation, the estate
• 33:12
  Speaker 4: does not have those assets to utilize for paying those expenses.
• 33:20
  Speaker 4: So it's very important that you're looking at it all together.
• 33:24
  Speaker 3: And you see that a lot mistakes all the time.
• 33:28
  Speaker 4: I would say at least once a week I speak
• 33:31
  Speaker 4: with somebody who says something happened with the estate. The
• 33:36
  Speaker 4: accounts were listed to somebody else, but the will says
• 33:39
  Speaker 4: that it should go here, and we have to explain.
• 33:42
  Speaker 4: I'm sorry, but those beneficiary designations are legal documents and
• 33:48
  Speaker 4: they are contracts that determine where these assets go.
• 33:51
  Speaker 3: When someone passes a fifty five and ask the expert
• 33:55
  Speaker 3: to Fourth Avenue Financial Jeff Jenkins in with you today,
• 33:58
  Speaker 3: with Enter Price with Bose Riceville in for John Burdett,
• 34:02
  Speaker 3: and just a couple more minutes here with Anna. And
• 34:04
  Speaker 3: you mentioned on some of the information I got before
• 34:06
  Speaker 3: the show, and now let's touch on this life thing.
• 34:09
  Speaker 3: The last thing you've touched on a little bit earlier,
• 34:11
  Speaker 3: but peace of mind. And so here's the question, what's
• 34:14
  Speaker 3: the simplest step somewhat could take this week to start
• 34:17
  Speaker 3: protecting their family?
• 34:20
  Speaker 4: Oh my goodness. Ensuring that the simplest step they can
• 34:24
  Speaker 4: take is ensuring their beneficiary designations are what they want
• 34:27
  Speaker 4: with their financial advisors. And then I would go a
• 34:30
  Speaker 4: step further, Jeff and say that the second step would
• 34:34
  Speaker 4: be to pull out that original will make sure you
• 34:37
  Speaker 4: have one, and if it doesn't say what you want
• 34:39
  Speaker 4: it to say, or you don't have one, make sure
• 34:43
  Speaker 4: that you are making an appointment with a licensed attorney
• 34:47
  Speaker 4: who does practice this type of law.
• 34:50
  Speaker 3: Okay, And what's the best way to get a hold
• 34:52
  Speaker 3: of you?
• 34:54
  Speaker 4: They can call me at Bulls Rice. My direct dialis
• 34:57
  Speaker 4: three zero four three four seven one one five four,
• 35:01
  Speaker 4: where they can email me at Anna A n N
• 35:04
  Speaker 4: A dot Price Price at Bollsrice.
• 35:08
  Speaker 3: Dot com and Anna, how long does the process take
• 35:10
  Speaker 3: from start to finish. If there's no major difficulties.
• 35:14
  Speaker 4: We can be finished within a month. In a month, okay, kid, yep,
• 35:19
  Speaker 4: we can meet and get you signed within one month.
• 35:21
  Speaker 3: All right, good deal. Okay, Hey, thanks for joining us
• 35:24
  Speaker 3: this morning. Pretty good pinch hitting.
• 35:26
  Speaker 4: I think, yeah, if I think so too, I think
• 35:29
  Speaker 4: I think AoE us lunch?
• 35:30
  Speaker 3: Oh do they? Okay, well, we'll see, we'll see. Anna,
• 35:33
  Speaker 3: thanks a.
• 35:34
  Speaker 4: Lot, have a good day, all right, thank you you too,
• 35:37
  Speaker 4: you too.
• 35:37
  Speaker 3: All right, Enta Price there with Bulls Rice and this
• 35:41
  Speaker 3: is again fourth Avenue Financial with John Burdett. And John
• 35:44
  Speaker 3: will be back the next time here and so we'll coop.
• 35:47
  Speaker 3: Thanks for joining us today. It's eight fifty seven O
• 35:50
  Speaker 3: five at WCHS, the Voice of Charles. Anna had to
• 35:52
  Speaker 3: run there. She's got a zoom call coming up, so
• 35:56
  Speaker 3: we let her go just a second early. But I
• 35:58
  Speaker 3: wanted to remind your programming today here on five EDWCCHS,
• 36:01
  Speaker 3: the Voice of Charleston. Don't forget coming up. We've got
• 36:06
  Speaker 3: five eight live at Dave Allen. That's right around the
• 36:08
  Speaker 3: corner after the news at nine to six, at right
• 36:12
  Speaker 3: around nine oh six this morning. At ten o six
• 36:14
  Speaker 3: this morning, it's Metro News talk Line with Dave and TJ.
• 36:18
  Speaker 3: And looked like they're going to focus a little bit
• 36:20
  Speaker 3: on the announcement that came on Friday about the Charleston
• 36:24
  Speaker 3: so the Sin West Virginia program which desires to attract
• 36:28
  Speaker 3: new people into the area a sponsored by Marshall President
• 36:32
  Speaker 3: Brad Smith and his wife at Lease. They're the main
• 36:35
  Speaker 3: sponsors there. It looks like that Marshall President Bradsmith will
• 36:40
  Speaker 3: be on talk line today to talk about that. Don't
• 36:42
  Speaker 3: forget Metro News Midday and that will head your way
• 36:46
  Speaker 3: at twelve o six Today, News of the Day, plenty
• 36:48
  Speaker 3: of informational Metro News Midday Today, Metro News Hotline with
• 36:52
  Speaker 3: Dave Weekly and Coop comings up your Way, Comes your
• 36:55
  Speaker 3: Way at three to six this afternoon, and the Metro
• 36:58
  Speaker 3: News Statewide Sports Line coming up this evening at six
• 37:02
  Speaker 3: oh six. Here on five eight WCCHS the Voice of
• 37:06
  Speaker 3: Charleston Reds Baseball Tonight on five ADWCCHS Reds another West
• 37:11
  Speaker 3: Coast swing. It was just a week before last that
• 37:15
  Speaker 3: they were on the West Coast for nine games. Didn't
• 37:17
  Speaker 3: do too well, and they have another West Coast swing
• 37:21
  Speaker 3: coming up beginning tonight in San Diego, and the Reds
• 37:25
  Speaker 3: begin the day with I think they're nineteen games left
• 37:27
  Speaker 3: in the season, They're four games out in the wildcard race,
• 37:31
  Speaker 3: and San Diego is one of those teams right ahead
• 37:34
  Speaker 3: of the red So let's see what they can do
• 37:36
  Speaker 3: with the Padres beginning tonight. Thanks for joining us today
• 37:39
  Speaker 3: on five EIGHTWCCHS, the Voice of Charleston, and stay tuned
• 37:43
  Speaker 3: to get an update from ABC News Headed your way next,
• 37:47
  Speaker 3: and then we'll get local news with Daniel Woods and
• 37:50
  Speaker 3: then five a D Live with Dave Allen Headed your
• 37:52
  Speaker 3: way this hour, then talk line at ten o six.
• 37:55
  Speaker 3: I'm Jeff Jenkins. Thanks for joining us. This is five
• 37:57
  Speaker 3: eight WCCHS, the Voice of Charleston.