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Harmony in Planning: Coordinating Estate and Retirement · Money In Motion with Klaas Financial

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And you know that funky music. Time. Now, if you've got a
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question to give us, call up to hear from this morning. If you've
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got questions for our retirement planning professionals from Class Financial, Oh I get a
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new is pickup phone now six oh eight three two one thirteen ten. We
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get you right on the air with CJ Class and Malia Quavis. As mentioned,
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they are our retirement planning professionals from Class Financial. You can learn more
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about them the team of course, learn about their separate division, sign up
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for the weekly Market Pulse newsletter, and so much more all at Clossfinancial dot
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com. That's Closs Klaas Financial dot com. Telephone number for the office right
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here in Madison six oh eight four four two five six three seven. No
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charge for that initial get to know your appointment tech Loss Financial. It will
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be complimentary to you again their number six oh eight four four two five six
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three seven. And to get on the air this morning with your question,
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it's the regular studio line six oh eight three two one thirteen ten. That's
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six soh eight three two one thirteen ten. CJ. Maleia, How you
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doing this morning, CJ. How's your day so far? It's been good
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so far, are Shawn. It's supposed to be like seventy five and sunny
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today, so gosh. I hope to get outside around lunchtime. I hope
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so. By the way, and uh, and Malia, how are you
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doing this morning? I'm doing good, staying dry. I'm gonna I was
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going to ask CJ this question, but I think this is probably one for
1:14
you. I'm looking, of course, at class financial dot com, and
1:15
I've see different summertime activities. I see golf, I see baseball. I
1:21
don't see soccer. I would have assumed, you know, they don't ask
1:25
me for approval on this. Thanks Sean, you just made me angry this
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morning. We rotate them. Come on, and as I mentioned soccer as
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well. One of the cool things you can actually get to know the folks
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that clause financial in the about section, learn about the team, and if
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you scroll over their pictures, you'll see a little little insight into some of
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their hobbies and activities. So that's a really really cool, cool feature of
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class financial dot com. We've got just an important show. We're going to
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talk of state planning, which is folks, stay that's not me. Trust
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me. You're going to want to pay a ten because it applies to a
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lot of folks. We'll get to that in just a moment. To One
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of the other cool features of the program is the Class Quiz Question the week
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your chance to win a fantastic prize. This week, our friends from Class
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financially have provided a twenty five dollars gift card to Starbucks. We'll tell you
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a little bit later on in the program how you could win that. But
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again, little tip if you listen closely oftentimes with the question and answer to
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the class quiz question we come up during the program, and before we start
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talking about a state planning, let's actually take a look back at our previous
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show and get the Class Quiz question of the week question and answer as well.
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Malia. Yeah, So last week we had a great conversation about social
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security, because that's a buzzword when people are getting close to retirement. And
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the question actually was, according to Social Security, if you were born after
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the year nineteen sixty, what does Social Security consider your full retirement age otherwise
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known as FRA to be Is this age sixty five or age sixty seven.
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So we had a lot of listeners, a lot of callers in for the
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prize, but only one can win, and that was Lisa of Madison.
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She correctly answered age sixty seven is the year considered your full retirement age if
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you were born after the year nineteen sixty. So listen back to last week's
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show if you missed it, and thanks for listening for today's question, and
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you two can be like Lisa congratulations there. Of course, talking this morning
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with Malia Quavis and CJ. Closs of Colass Financial mentioned that website class Financial
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dot com. Of course you can also listen back to this in previous shows
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podcasts right at classfinancial dot com and they're telephone number six. So eight four
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four two five six three seven, no charge for theinacial gets to know you
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appointment at Class Financially. It will be complementary to you. So today we're
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going to be tackling the topic of estate planning. I think a lot of
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folks wonder, you know, why is this so important and especially something you
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help clients with financial and retirement planning. Let's talk about how this applyes CJ.
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Yeah, So people who have listened to our show for a while have
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heard us talk about this before. But we believe that as a financial planner,
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we should be acting like the quarterback of our client's financial team and perhaps
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fix some areas where your defense line may be weak. So we like this
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analogy of quarterback and football teams. But we've also for those who have listened,
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we've also used this concept of like your primary care physician. Right,
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we're not the expert in everything. We're not the narrow deep surgeon who's going
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to do brain surgery when things go wrong, but we would be the primary
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care coordinator. So thinking of that analogy of the quarterback or the primary care
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coordinator, are looking, we're asking questions often when we meet with people around
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their insurance, they're estate planning their taxes, their investments, their mortgages there,
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I mean, everything that pertains to your financial life, and then we're
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looking where things are weak. So today we're focusing on the estate planning component
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part. And this is where sometimes planning comes into play, things like wills,
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trust, powers of attorney because many people have perhaps thought about it or
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maybe even started it, but have yet to complete it. We run into
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it all the time. Now, a quick disclaimer, we are not estate
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planning attorneys. We're not going to draft your estate planning documents. We don't
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have anybody on staff who's a JD who can do this. However, we
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do work with fabulous estate planning attorneys in the area, and so if you
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need a referral, we can refer you or we work with whoever your estate
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planning attorney is. So it doesn't matter if you work with with our favorites
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or not. The key is just that you have a good estate planning attorney
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and that you work with them. Now. One thing we learn as financial
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planners is to expect the unexpected, So now is an ideal time for all
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of us to review a just or finally complete and put into place what we
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would call basic estate planning documents, which could include, as I mentioned before,
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wills, revocable trusts, powers of attorney, and healthcare directives. And
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these documents are to ensure that all your data is up to date, accurately
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reflects your wishes, and that they're flexible enough to take into consideration potential changes
6:08
in tax law or in your family structure in the future. We believe that
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you should consistently review your financial and estate plans because as life changes, you
6:18
want to be able to adjust your goals and your portfolio to make sure they're
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working together. There are many benefits of partnering with an advisor quarterback as we
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call it, who can focus on your entire financial plan and perhaps fix some
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areas where your defense line may be weak. This is where sometimes estate planning
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can come into play. As many people, as we just mentioned before,
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they've started this, but they haven't completed it. Now, according to a
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survey as of March of twenty twenty four, so this is recent. This
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is from the Financial Advisor magazine, only about twenty six percent of American adults
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have established estate plans. Now. That percentage does rise to fifty percent for
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those with assets greater than five hundred thousand. But interestingly enough, while thirty
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two percent of men living men say they have estate plans, only twenty three
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percent of women say they do. That's surprising. It is, it really
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is. And I will add to this. You've heard us throw around different
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numbers as it relates to this topic. You've heard us talk about about fifty
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percent of people die without a will. So just so you know, there's
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different ways to measure this, and the one we're talking about today is a
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recent study from Financial Advisor magazine, but it's just a survey now of people
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who actually die. We find that a little more than I think it's around
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fifty five to sixty percent of people die without any written estate plans. And
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what we would say to you all is don't be one of those people talking
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this morning with CJ. Closs and Malia Quavis. They are our retirement planning
7:46
professionals from Class Financial. Great time right now. If you've got a question,
7:49
we'd love to hear from you. All I got to do is dial
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in six eight three two one thirteen ten. That's six oh eight three two
7:55
one thirteen ten. We'll get you on the air with CJN Malia. Don't
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forget. You can learn more about Class Financial well on their website Classfinancial dot
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com. That's colss k l aas Financial dot com and they're telephone number six
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O eight four four two five six three seven and CG. I was looking
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at looking at a graph the other day kind of showing where when it comes
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to kind of a breakdown of the different generations where the wealth is and we
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are, it looks like very top heavy, and it looks like things maybe
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kind of there's going to be obviously some some movement. There isn't there there
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is so a lot of people don't realize this, But the Baby Boomers are
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are an incredible generation. Well, we work with a lot of them,
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so I'm I'm somewhat partial or biased here. I think they're amazing. But
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the Baby Boomers built a lot of wealth. Now there's reasons for this.
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I mean, some of it is just the moment in history they were in
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what happened in the United States. They're hard work ethic. All these things
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come together right. Many of them are children of the Great Depression, and
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so they grew up with a very hard working mindset. But regardless of the
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why, the largest wave of wealth in the history of the United States is
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beginning to pass from Baby Boomers, and it will happen over the next twenty
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or so years. And the number, by the way, is about eighty
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four trillion dollars is poised to move from older Baby Boomer Americans to Gen X
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and millennials. Now, whether or not Americans prepare for this wealth transfer will
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decide how much money goes to lawyers and courts and how much we'll go to
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family and friends. If an individual has no estate plans anywhere from three to
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eight percent of the estate could be lost to unnecessary probate costs and legal fees.
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Now, I want to be cautious with this. I'm not saying that
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if you don't have an estate plan that everything's going to the state or to
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the government. That's a misnomer. That's not true. Probate is actually the
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state court ordered process to settle your estate. There's nothing necessarily evil about probate.
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But if you have no pla it's harder by definition, right Sean.
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If you pass and your spouse passes and there's no plans, all kinds of
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questions have to be asked. Sure, where does the minor child go?
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What happens to all the stuff? Does it go to the child? Does
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it go to other family member? Who's going to be the guardian, who's
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going to be the financial representative? And it just slows everything down, makes
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it more expensive. So for those of you baby boomers listening to me today,
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because I know there's a lot of baby boomers who listen to this radio
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station, make sure that you have basic plans in place, and a lot
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of you have this misnomer. Milia will talk about this in a little bit
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where it's like, well, but I don't have an estate. Yes you
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do. If you have money in a checking and savings agout, you have
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an estate. Just pay the little bit of money to a lawyer to get
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a basic estate plan in place, and then when you pass, it'll make
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life much easier for children and grandchildren. Talking this morning with CJ. Closs
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and Malia Quavis. They are our retirement plant professionals from class Financial online,
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the website class financial dot com that's k l a A S Financial dot com
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and their telephone number six so eight four four two five six three seven.
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So, Malia, what are some of the reasons then when we see folks
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that are that are going through life without a will? And how important are
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power of attorney documents when it comes to a state planning. So there's a
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lot of great reasons. I don't know if they're great, but the reasons
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why people put this off and so we look at multiple studies and the main
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reasons really starting with number one, which everyone can guess is thinking about death
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makes people uncomfortable, flat out and yet, to be honest, it's the
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most natural thing. This is the one thing we we you know, everything
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else on our show every single week we say it depends, it depends,
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it depends. There's no depending here. It's going to happen. And what
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we want to make sure is when it does happen, those those decisions have
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hopefully been pre written down, whether you know, in a state plan and
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so forth, that things transfer as you would like them to transfer. So
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it's not an if it's a win, I gonna happen. Okay, there,
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there we go. He's gotta be a heckling. The next thing is
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procrastination. They just people just simply don't get around to it. Why because
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it makes them uncomfortable or they think, well, if I make a plan
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today, then something's going to happen. And I just want the listeners to
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know there's no perfect people here on the radio station. Everything is not perfect
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in our own lives. I say this, you know, to be humble
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that you know, I did some additional estate planning four months ago and I
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personally have not signed the final document yet. Okay, so I'm not perfect
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here. None of us are a point being. Okay, I'll get around
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to it. But we're working with clients. We got to get their stuff
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done right. Like the plumber with the leaky pipes. Right. My husband
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asked me this morning, did we ever finish that? I'm like, no,
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it's on my last right. So finishing off this is just as important
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as starting it, So please do that. Many people think they don't have
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enough assets. Well, if you're listening to our show, you probably seej
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mentioned have a bank account. You have something that is an asset, could
13:16
be your real estate, could be you know, items that you have sitting
13:20
in other real estate situations in another state. Even some people have cabins.
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Maybe you have some investments left behind from a relative that you just left sitting
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in an account. Most people have something, and that's where we want to
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make sure that any asset you have has a way in which to transfer.
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People say, I don't know how to make a will or a living trust.
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Well, there are things you can do online. We're not necessarily the
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biggest fans of that, but that's where you need to direct yourself toward a
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financial planner that can direct you to perhaps an estate planner. We like to
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make sure things are completed and signed and be done. And many people say
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it, well, it's just too expensive. I just don't want to go
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that direction. This, of course can depend on what you actually need.
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We are the first people to say every single person out there does not necessarily
14:11
need a trust. You may simply need a will with instructions and making sure
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your be beneficiaries are intact. That may be enough for you, but please
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please please listen to us today, make an effort to get this completed.
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And then finally, estate planning is not just about wills and trusts. So
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wills and trusts direct how your assets, your instructions should be carried out after
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your death. But equally important is having that proper power of attorney document in
14:39
place while you're alive. So essentially, power of attorney documents allow the person
14:46
to decide in advance whom they can trust, who could act on their behalf
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if they no longer can make good decisions for themselves. So that would be
14:56
for both health care and property. Of course, property we refer to the
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financial aspect of That is so so important because I'll be honest, the cognitive
15:09
difficulties we start seeing with clients they range in age that it is not necessarily
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you know, you're ninety years old and you're starting to decline. We're seeing
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at all ages. So just having that person sitting in that position to act
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while you're still living in the event you cannot make good decisions for yourself is
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so important. And then finally remember that the difference between being a beneficiary that
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only happens once you have passed away power of attorney documents for medical and for
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property, those happen while you're still living and you can't make good decisions for
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yourself. So make sure all these documents are signed, sealed, delivered.
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And I'm going to finish up today and do mine. I've got a note
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next week to ask about. It's Malia Quavis and CJ. Coss. They
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are also our financial planning professionals from Class Financial the website Class financial dot com.
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That's Class k l a as financial dot com. Great website. There
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their telephone number six oh eight four four two five six three seven no charge.
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Then as you'll get to know your appointment Tech Coss Financial, it will
16:18
be complementary to you. So does everyone need a will? We'll get the
16:21
details on that and so much more as Money in Motion with Class Financial continues
16:25
right here on thirteen ten wib A talking with CJ. Class and Malia Quavis.
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They are our retirement planning professionals from Class Financial the website class financial dot
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com. That's k l a A S Financial dot Com telephone number six O
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eight four four two five six three seven talking this week about estate planning,
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and of course the question often comes up is does everyone need a will?
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And what about probate? Probate doesn't sound friendly, what exactly is that?
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And CJ, you're the man to answer these questions. Yeah, So usually
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when people hear of a state planning, they think of one of two things.
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They think estate planning is only for people with a lot of wealth because
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they think that word a state sounds very large, right, come to my
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humble estate or and that's, by the way, that's a misnomer. And
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then number two is they think of estate planning as only about wills and trust.
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Both of those are not true statements. So Malia just talked a moment
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ago. You know, estate planning at its core includes powers of attorney,
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which hopefully you understand if you're an adult, you really need power of attorney.
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Power attorney is I'm naming an agent to act on my behalf in the
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event that I am incapable of acting on my own right. Because you go
17:41
in for surgery and the doctor needs to give you anesthesia or you don't come
17:45
out right and they've got to do a new surgery. They want somebody besides
17:48
themselves approving these decisions because it's risky for them if you don't know this.
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Doctors have a lot of risk and they want to offload that risk to somebody
17:57
else. So anyway, going too deep into the weeds. Point is,
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state planning is not just about wills and trust It includes medical and financial powers
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of attorney, as Malia talked about. But today we want to shed some
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light on the topic and go a little bit deeper as it relates to specifically
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wills and trusts. So almost everyone, upon their death has likely accumulated some
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assets, whether it's investments, real estate, or other real property. It's
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important that upon your death you leave detailed instructions as to how you wish those
18:30
remaining assets be distributed and to whom. Those instructions ideally will be specified either
18:36
in a will or a trust or a combination thereof. Hence, estate planning
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is for everyone who owns or possesses things of value. Now, things of
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value don't have to be dollars and cents. They can actually be other human
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beings that they are responsible for. Think minor children or parents living with you
18:56
who are no longer able to take care of themselves. And remember, if
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you don't have instructions, the good news is the state that you live in
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does. The bad news is it won't say what you want it to.
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So dying without a will or a trust or any estate plans is known as
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dying intestate. I ntes tate, that is intestate, and it means that
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you've died without directions. Hence the state will dictate how your property will be
19:23
divided and distributed, which, as I said, may not be along the
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lines of what you want. Boy boys, Americans, we hate that word
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dictate, don't we, So don't have it be dictated to you now.
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Granted you won't be around to know, but don't have it be dictated to
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your children and grandchildren or whoever else is going to benefit. So we want
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to dig in. What are some of the basic differences between trusts and wills.
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First things first, both are good. Both are useful estate planning devices
19:51
that will serve different purposes, and both can work together to create a complete
19:55
estate plan. A will goes into effect only after you die. While a
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trust takes effect as soon as you create it, it directs who will receive
20:03
your property at your death, and it appoints a legal representative to carry out
20:07
your wishes. A trust can be used to begin distributing property before death,
20:14
at death, or afterwards. A trust is a legal arrangement through which one
20:18
person or an institution such as a banker law firm called a trustee, holds
20:22
legal title to property for another person called a beneficiary, and trust can help
20:27
you avoid probate. This is one of the most common reasons that we will
20:32
see people established trusts over will is. Probate is the kind of state sponsored
20:38
legal orderly process to settle your state. There's nothing wrong with probate, but
20:42
it can be costly and take some more time, and it's a public process
20:47
instead of a private process. And especially if you have properties in multiple states,
20:52
you typically want to try to avoid having probate opened up in multiple states.
20:56
And so many people just say, you know, my estate has gotten
20:57
large enough or I just don't want the complexity or the issue, and then
21:02
they establish a trust. And by the way, for those of you who
21:04
are listening right now, feel free to call in because I'll bet some of
21:07
you have gone through this process and it is only at that moment that you
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say, now I get it, right now, I get why I want
21:15
to avoid this again. Is proba bad? No? No, it's not
21:21
bad at all. But is it timely? Are there court filing fees?
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Are there like times that the estate has to be open for creditors that they
21:29
claim? Yes? And so if you can avoid those things, often people
21:33
with larger estates will choose to do so. Talking this port with CJ cost
21:37
and Moleia quaevis our retirement planning professionals from Class Financial. They're twelve number six
21:41
eight four four two five six three seven in the website Class financial dot com.
21:45
That's Class klaas Financial dot com and CJ. What about beneficiary designations?
21:51
That an important nuance there, isn't there? Yeah? So, Benett it
21:55
is. I tell people the reality is you will end up whether you have
21:59
a will based a state plan or a trust based a state plan, you
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will end up with two core estate plans. One is what do your beneficiary
22:10
designation say? The other is what does your will and or trust say?
22:15
People think that by creating a will or a trust that it just like it's
22:19
like an umbrella that covers all of their assets. That's actually not true.
22:26
The the trust or the will will govern assets that don't already have governance assigned
22:33
to them. So think of this as I have a four oh one K.
22:36
Let's say and I die. My four oh one K has beneficiary designations,
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and let's just say, hypothetically, my beneficiary designation says, give it
22:44
to my son. This is hypothetical, and actually that's that's a bad example.
22:48
Let me say, Ira, I have an IRA that says give the
22:52
money to my son, and then my trust says, give my money equally
22:56
to my children. Well, my IIRA is going to my son. It
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doesn't matter that my trust says give it equally to my children, because that
23:06
asset is already has its own designation, which is the beneficiary designation. So
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here's the idea. Most good estate plans will not only say hey, here's
23:18
what happens to the stuff that doesn't have directions on it. Think home checking
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account, savings account, rental, property, furniture, jewelry, all that
23:26
stuff, but they will also then give you something called funding instructions with that
23:30
trust. And that funding instruction is a list of things you need to retitle
23:36
and beneficiary designations you need to rename. Because a good lawyer understands what I
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am saying to you. They understand that if we don't modify your beneficiary designations
23:47
to coordinate with what we have in the estate plan, then we could come
23:52
up with something that doesn't work out the way that you want it to.
23:55
Now, that doesn't mean that your beneficiary designations should be the same as you
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trust, because you might want those retirement accounts to go to your charities as
24:04
an example, because charities don't pay taxes, by the way. But the
24:08
idea is that it needs to be a plan that works in unison, that
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it's like an orchestra that is all playing its part. So I'm getting too
24:18
deep into the weeds. I'm kind of nerding out here. Long story short,
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you want to meet with a good estate planning attorney. Understand the difference
24:26
between a will that goes through probate, which can be an expensive kind of
24:30
time time oriented process, having a trust, which can be more expensive on
24:34
the front end but possibly a little easier on the back end. Which of
24:37
those two do you prefer? Get some power of attorney documents in place and
24:41
then absolutely make sure that you are reviewing those beneficiary designations. They are super
24:48
powerful, really important information this morning. Remember back in the day, Ron
24:51
Popeel with the showtime or Tissory used to say set it and forget it.
24:55
That's not the case with this stuff. We'll talk about Ron Popeel right on
24:59
many things. That advice when it comes to estate planning not the best.
25:03
We're going to get the details from Malia and CJ. Next. As of
25:06
course, as Money in Motion with Claus Financial continues right here on thirteen ten,
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WIBA talking with CJ. Closs and Malia Quavis of Class Financial, the
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website class financial dot com teleph number six so eight four four two five six
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three seven. So we've got all this stuff in place, Malia, do
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we then just kind of leave it that way? Or I'm going to guess
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you probably should be updating things, shouldn't you. Yeah, So again,
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after my confession this morning, you know, I realized that ten plus years
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had passed since I had updated my own estate plans. And you know what,
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my kids no longer need guardians and a lot has changed. So this
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is why life happens. Sometimes we have remarriages, Sometimes kids grow up.
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Sometimes kids are estranged from their family and beneficiaries need to be adjusted, and
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that is why we really would suggest, you know, blowing the dust out
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off these documents every few years, or when you know you've had a big
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life's change, you've had your first grandchild or whatever that might be. Again,
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some people think it's going to be extra expensive just to make some changes.
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Generally, you go back to the same attorney you previously did your documents
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with. They make a few adjustments, and yes they're going to send you
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a bill, but we would recommend that you get that done, completed,
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and then again a few years later look at it again. We want you
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to review. And this is what's interesting is as we age, we tend
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to forget kind of like, well, I think I was leaving a percentage
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to my church. I think I was leaving X amount of dollars for my
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grandkids, and really looking at those details is important. So you know,
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there's births, deaths, divorce, all of these things could in fact alter
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what you want to have happen. We do see on occasion people not changing
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the beneficiaries across the board. So they've been really good, good about their
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investments and estate plans there. But when it comes to for example, old
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life insurance policies, sometimes there's names of previous spouses on those and when that
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happens, people are not always in the mood of sharing. So we really
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want to make sure it's from A to Z that everything is tight. Everything
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you think is out there has the right beneficiary listed. And please reach out
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to your your financial advisor to help you make sure everything is in accordance.
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And secondly, of course with the estate planning attorney. Really important conversations and
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of course it's a day it is like today that you want to start those
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conversations. All I got to just pick up phone, gimme call at Class
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Financial telephon number six so eight four four two five six three seven no charge
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for the initial gets to know your appointment at Class Financial. It will be
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complimentary to you. Chirels. Want to hold onto that telephone number now because
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it's time for the class quiz question the week. It works like this,
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In just a moment, I'll ask you the class quiz question the week.
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You will then have thirty minutes for today's program to call Class Financial office right
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here in Madison at six oh eight four four two five, six three seven.
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If you are the first call correct answer, win this week's prize,
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which is a twenty five dollars gift card two Starbucks. This week's Closs Quiz
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question the week is this on average, what percentage of Americans have completed their
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estate plans? Is it twenty six percent or seventy five percent? Teleph number
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six oh eight four four two five six three seven. First call with correct
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answer with the twenty five dollars gift card to Starbucks. You don't forget as
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well. That's Class Financials office right here in Madison. That number six oh
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eight four four two five six three seven. CJ. Mollia. I think
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today it would be a good day to maybe take the afternoon off, but
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I'm not the boss. So guys, you guys, enjoy it. Thank
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you. News comes your way next year. Thirty ten Wiba