You've worked hard for your money, but do you know how to make it work hard for you. You need a team with experience, vigilance, and a strategy to help you live the retirement you deserve. Find your financial safe haven with Haven Financial Group. Today you're listening to the new and improved Haven Financial Group Radio Show, where we bring you comprehensive weekly financial wisdom from the professionals. It's all about helping you solve retirement problems so you can make your
nest egg last. Your tune to the Haven Financial Group Radio Show with your host, Larry Kolvig and Kim Karrigan your guides to weekly retirement confidence. If you're interested in protecting and growing what you have, let us be your financial safe haven. The full nines are always open at six point two five four eighty four hundred. Now get your financial questions ready because the Haven Financial Group Radio Show starts now. Good morning, and welcome to the Haven Financial Group
Radio Show. I'm Larry Kolvick, founder and CEO of the Haven Financial Group. Thanks for listening this morning. Retirement topics. We got a lot to talk about today. Kim always great to be with you. It's terrific to be with you as well, sir, so retirement this week, what are we talking about this week? Well, this week we're going to talk about understanding wealth transfer in retirement. I read this incredible stat that I want to
share with you, Larry. It's estimated that roughly eighty four point four trillion that's with a t trillion dollars will be transferred from baby boomers to a younger generation in the years to come. I mean that number is staggering, and I think a lot of people may not understand exactly how that relates to their
retirement. So I thought maybe we could talk a little bit about that, get into some of the details of this what is now being called the Great Wealth Transfer, and then some details about how that really will affect retirement. Eighty four point four trillion dollars. That is a lot of zeros kim. That's a good thing, but it contentially be something you can get caught off guard. And seventy two point six of that is actually to go expected to
go directly to airs. Now, this generation is often to refer to as the silent generation, and just to get a little bit of pretext is to who are these people? You know, these people were born between nineteen twenty seven and nineteen forty seven. They grew up in the Great Depression, World War Two and tend to believe that you know, you earn your way through life through hard work, long hours. They believe career advancements should be the
result of experience and longevity and tenure and proven productivity and results. And in start contrast to the baby boomer generation, you know, this generation, the silent generation, tends to be a little bit more reserve, cautious, conservative, taking less risk, if you will. So it's a lot of it's a big wealth transfer. It should not take the place of what you and I talk about on a weekly basis of not doing anything individually because there's nothing
replaces you know, smart individual retirement savings. So having a plan no matter what your situation, but inheritance can still be a factor in your retirement plans. And sure you really shouldn't count on it, what your expectations may may not meet reality. But having good communication on this stuff to avoid some of the pitfalls, like anything, is extremely important. Absolutely, so just making it clear, just so it's eighty four point four trillion dollars of assets that's
going to be transferred from baby boomers to younger generation. And then there's the silent generation, as you've just referenced, from the twenties to the forties. They're responsible for about fifteen point eight trillion dollars of that transfer. This was
a generation, too, Larry, that saved a lot of money. Yes, oh, but definitely, and they went through some rough times of the depression, and I'm all, you know, I sit down quite off with those that have gone through that time, and there's still a comedy nominator of holding tight to the money, making sure that they have a lot in the bank, because growing up in that time there wasn't any and things were really really tough, and those that are gone that went through it, there is
that common threat and a comedy nominator, so it's difficult for them to spend money. Absolutely. Well, let's talk about whether you were just saying this, you know, I mean, yes, maybe you can rely on a certain amount of inheritance for your retirement, but if you are planning a retirement that is based solely on inheritance, that would be a pretty big mistake,
wouldn't it. Yeah, sometimes people get the idea that I don't need to worry about it because you know, I'm a trust baby and everything's just going to be handed to me on a silver platter. And I think that's a
recipe for a lot of problems that you really don't want to go. So, you know, be responsible, don't expect anything without talking to your family if you're comfortable with it, because this can be a tough position to be in because not all parents or grandparents are willing to talk about They've been private
people for most of their lives, So be respectful in this regard. But if you can have communications, you know, we're going to talk about a state planning, but it's not fun and exciting and some people don't want to share. But knowing what the expectations are and can help you maneuver and do things properly where taxes and government all the other things don't overrule anything that you think might happen. So, Larry, let me ask you looking at this
issue of inheritance from two different directions. First, those who are transferring money down, what do you tell them? How soon should they begin to talk to their families about the amount and who you know and the stipulations associated with retirement? Well, no time is better than the immediate the media time. But again, not everybody's going to want to talk about this. Maybe you have some kids that you don't want them to know. That can put you
in tough circumstances as well. But planning should start when you got married, if you're married, if you have a house, if you have kids, wealth transfer taxes is going to be this discussion, and you know we'll get into some of the things like what can you do with wills and trusts and those types of things. But any communication is better than no communication. And I know that means different things for different families. And again, every situation,
like I always say, is a different situation. And if you have people who are coming in and they're just starting to talk about their retirement plan. So let's say they're in their late fifties early sixties, their parents are still living and they have not had those conversations with their parents, do you suggest they do so? Yeah, if their parents are open to it. Tread lightly, don't be pushy, be respectful, but yes, absolutely discussed.
Maybe not down to the details of how much, even though the more details can be good. You know, understanding the capabilities of what mom and dad have put together whether it is a trust or will, how do assets get transferred, Will it have to go through probate? How do we avoid probate? Does mom and Dad at least have beneficiary interests or designations? Talking
through what those differences are. I think that's always extremely important, and just making sure as individuals that we don't take things for granted life happens, and making sure your current beneficiaries are up to date. And I see it all the time where people just have just not paid attention and that can cause some
major problems. As far as transfer of wealth, it seems to me communication really is the key here because I think those who are leaving that money, the inheritance, you know, they want to communicate what it is they want
and how they want it handled. And for those who are actually receiving it, it seems that they need to make plans associated with it, as you mentioned, tax plans and investment plans before they actually are transferred that money right right, and transferring assets can be done in really a variety of ways. Currently, when transferring to the next generation, people are using wills or trusts or again these beneficiary designations. Wills allow you to choose beneficiaries and executors to
execute when you're gone. They allow for contingency plans in the case of death. Wills do go through probate, which oftentimes people are misled, and pervadable assets are in miniata to anything that is over a total of seventy five thousand. So if you're over seventy five thousand, which it doesn't take a lot to get well, maybe that should require more discussions. And beneficiary designations great option with leading assets to mature, responsible people who all get along enough to
work together when mom and dad or when you're gone. Not the beneficiary designation is not a good option for minor children or disagreeable fighting families or maybe commingled families, because there's some there's some obligations that debts need to be paid and
expenses need to be paid. So that's where trusts come into play. They keep people out of probate, They allow a trustee to be in charge to pay the bills and get the property liquidated, and it provides more structure, which a lot of families probably are gonna need if mom and dad or somebody's gone. So again, all this sounds really complicated, but it's what we
assist folks and talk to and have that communication to. Really they inform them that a failure to do so could result in costly mistakes, families that don't get along, government interruption, and you're no longer potentially here to take care of it. Yeah. Absolutely, good planning and lots of communication before can keep families together. It does seem to me. Let's tell everybody how they
can sit down with professionals like those at Haven Financial. You can reach out at six one two five zero four eight four zero zero and set up a free consultation to come in and talk about whether it is that you have wealth that you plan to transfer and you need a plan, or if you're someone who is in anticipation of wealth coming your direction. Both are are issues that need to be taken up with a professional, and Haven Financial Group is the
group to do it with. It's six one two five zero four eight four zero zero. You can also reach out to Havenfinancialgroup dot com. So it's a complicated situation and it's one that you guys deal with I know every single day, right, Yeah, individual situation, this is your situation is going to be inherently unique. So if you have questions about how your wealth is going to transfer, and I say that small, medium, or large.
That's where we really can help people out because again it's it's an individual situation. Some people only associated with those that are super rich or wealthy, and that isn't the case. So again, knowing the rules, the regulations, how to navigate through those, Knowing the individual state laws and the estate tax laws. That's what we're there for, is to simplify the process in all of these different areas. Haven Financial Group at six' one two five zero
four eight four zero zero. Larry. When we come back, let's talk about some of these key strategies that you just mentioned, that being you know, trusts, wills, communication tips, all those kinds of things. You're listening to the Haven Financial Group Radio Show. Don't go too far. We're gathering more important insights and retirement pays. Devinent. The Haven Financial Group Radio Show will be right back. Stick around. You've got questions, We've got
answers. Your tune to the Haven Financial Group Radio Show with your host Larry Kolvig and Kim Karragan. Now back to the show. Welcome back to the Haven Financial Group Radio Show. Thanks for listening. Visit our website at Havenfinancialgroup dot com. Give us a call at six one two five zero four eight four zero zero. I'd love to hear from you whatever questions you have, and again glad you're listening. Again, Strategies for smart wealth transfer extremely important.
Doesn't have to be complicated, but again, having a partner that can walk you through this. You know, Lara, you said just before the break something that I thought was so important too. You know, I think people automatically think, well, I don't need a trust or I don't need all of this because I don't have that much money too to transfer to my kids or to my siblings or whomever it is that you're transferring your wealth to. But even the smallest amounts of money, they can be exposed to tax
issue and court issues. So it is important to come in and sit down and talk to the professionals in your office about this kind of thing. Yeah. Over the years, you know, we've had a lot of experience on the estate planning side. A couple of weeks ago, Carrie is our estate planning attorney. She knows the ins and outs of this. There's no cost for a consultation with her to find out could you benefit from a trust as a will of more important transfer on death deed. Again, there is no
talk for there's no cost for that discussion. Ultimately, legal planning does come with a cost, and of course we're very transparent. But you know the basics of trusts. People think that they're only for rich people or wealthy, and that simply couldn't be further from the truth. Trust is a finuciary arranged and allowing you know, a third party to hold assets. It's an entity to design to hold assets on behalf of a beneficiary beneficiary, so think of
it as an entity. It has a name to it, Larry and Michelle Koalvig Family Trust. It has the beneficiaries trustees that will be in charge if me and my spouse are not here. So they can be arranged in a variety of different ways. And does everybody need one? No, could you benefit from one? Potentially there's more control mechanisms with a trust. Real estate oftentimes could be the most complicated. So if you look at a plat book, you can see people that have trust because it lists the name of their
trust. And for a lot of people, In fact, eighty five percent of Americans do not have a competent estate plan, and that's scary, and a lot of folks are relying on the will, which is a legal document. It's really your wishes for the court. Is that what you really want to happen? Do you have trustworthy kids, loved ones or do you have some that are inexperienced that maybe don't get along communication. It comes back down to that if you die without a will, the state provides a will for
you. It's called intestacy. Sounds like a terrible digestive disease. But it's not a fun thing to do. Anybody that's been through it hasn't had the best experience. So again, finding out what's necessary what's not necessary is a good starting point. So, Larry, when you mentioned real estate, I have known people who talked about their plans and they've gone in and they've actually put all of their real estate into a trust, meaning the house that they
live in or their second home or whatever the case might be. Is that something that you typically see people do. Yeah, yeah, and there's a good, good reason for doing that. Now you can have a revocable trust and not have it funded. Funded is the process of putting the assets real estate, bank accounts, brokerage accounts, stocks into the trust because inevitably that's what avoids probate if something happens, So a trust can be used that way.
You can use trusts to be beneficiaries of minor children perhaps or inexperienced people that don't necessarily handle money very well. So it can be drafted in a variety of different ways. Maybe you're a cabin family cabin trust to protect those cas an interest for you, your spouse, your family. Maybe you want to keep it in the family. Maybe set aside funds for when you are gone to help pay the expenses. So there's a variety of different things can
that go into it. First of all, determine is it a benefit to have one or is having a will maybe with a transfer on death deed, is that a good thing? So again, there's lots of important factors to put into the mix when you're talking wealth transfer, real estate gets held in trust. Maybe your financial accounts beneficial interest is maybe just fine, maybe you don't need anything else. Family dynamics. Family dynamics plays a major part,
and maybe you have a lot of dynamics, little dynamics. Maybe your family gets along, maybe they don't you know there's disagreements. Even the best of families, if you're not here, can have problems. So the amount of assets. If you're over three million in the state of Minnesota, now you're exceeding the state estate tax. So now you're getting into a whole another tax discussion. So again it comes back to all of these things should be coordinated
in all part of the big plan. The different puzzle pieces of estate planning, income planning, asset management, investments, all of these things, all the retirement puzzle pieces should go together in the same puzzle and should be working together. Now, I know that when people come into your office, they can sit down and speak to carry. I would imagine that you and Carrie have met some people who are concerned about putting their assets and their real estate
in a trust because they believe they lose control of it immediately. That's not necessarily the case. Correct. No, really good point, very good point. There's a difference. There's revocable trust, meaning changeable. My wife and I are at the trustees of our trust. It's revocable, it's changeable. While we're off some mind competents still living. Assets change, property can go in, property can go out earrevocable trusts. Those are that's a different type
of trust. If it can be done for maybe elder elderly planning, but that you give up relinquished control of it. Now, the super wealthy, I'm sure have maybe multiple irrevocable but that's unchangeable. The revocable is changeable, but when you pass, then it becomes irrevocable as mom and Dad wanted it.
That's just the way it is. And I think it's important to point out that if you're passing ill liquid assets maybe that's gold, silver, collectibles, commodities, you should have a mechanism in play, a plan in play to liquidate or have a buy sell provision, just to make sure that there's not one individual or other individuals trying to take advantage of the other individuals. And if you have a tax problem, maybe then it makes sense to have
a tax a life insurance discussion. So again, sounds overwhelming, doesn't have to be if you have a good partner that can lead you, educate you, and spend time. I loved it this past week. I love when people say nobody's ever taken the time to listen to hear our story. They always just want to get us in and out and we want to air on good communication and we are going to spend the time because that's our job description. Larry in the state of Minnesota. If someone has considerable wealth and they
are planning to leave it obviously to we'll just say their children. Are there ways to distribute that wealth prior to your death that would save on taxes? Yes, in fact, if you don't give charitably for tax reasons, but when we visit and sit down with folks, we ask are you charitable? If you are charitable by nature, then that can open up some tax strategies
which we'll discuss. Like maybe you're of the age of required minimum distributions qualified charitable distributions where there's a benefit to you and the charity to have it go directly your RMDS requirement of distributions to that charity, and there's benefits there with our SWAB accounts with US or fidelity whoever you use, having donor advice funds. This is all tax strategies. It's ways to reduce taxes, minimize taxes, and if that's something you're interested in, this needs to be done in
the right way. Not everybody knows how to do it, but again it needs to be you need to be proactive with it while you're still here. Again, all these different tax strategies, but again in Minnesota, the estate estate taxes three million. On the federal level. I think it's like sixteen or eighteen billion. I don't know exactly off the top of my head, so that's a big number. But again, having an estate plan, whether
you're small, medium, or large. Sometimes people that have no kids, they think it's just going to be an automatic and things are going to go somewhere, whether they go to where you want them to go or where you don't want them to go. You have the choice while you're still here to develop a plan and make sure that it's build. And one other thing to point out on trusts, they can have incontestability provisions. They can adapt for
people that might have a drug or gambling or alcohol problem. There's lots of pieces with the trust that have control mechanisms where a will or some other beneficiary interest does not have those controls, and that's another reason while people utilize them. In addition to this might be important because we tend to be private people, most of us. If you're gone and it has to go through probate. That is a public event, and maybe you don't want your even though
you're not here, maybe you don't want your stuff public. So it's another consideration to think about. Absolutely well, what I've heard from you right now is that your best bet is to take care of these issues now versus waiting when maybe you're not as capable of making decisions or you can't make decisions at all. And the great way to do this is to sit down with people who understand and know the rules and regulations associated with the state planning, and
that is the professionals at Haven Financial. Let's give you the number because you can set up a free consultation. We heard Larry talking about Carrie. There's state attorney. You can go in, sit down and chat with her for free to find out if in fact there are some steps here that would be good for you. A number is six one two five zero four eight four zero zero six one two five zero four eight fours zero zero Havenfinancialgroup dot Com.
You can also reach them there. When you call, you want to let them know that you heard us chatting here on the air about strategies for a wealth transfer and that you'd like to come in and just have a consultation about what you need to do to make sure that wealth transfer in your family is smooth. You're listening to the Haven Financial Group Radio Show. Ready to find your financial safe haven. Your dream retirement is in reach. Don't go
away, The Haven Financial Group Radio Show will be right back. Are you worried that your financial strategy might be missing something, Well, you're in the right place. Larry Kolvig is back and ready to help you find your financial safe haven. Welcome back to the Haven Financial Group Radio Show again. I'm Larry Kolvick, Founder and CEO of the Haven Financial Group. Give us a call at six one two five zero four eight four zero zero or online Havenfinancialgroup
dot com. Check out all the different classes we have events, more tools and you know what to do with on our Haven site. Check it out and see where we're at and what we're doing. We're talking about wealth transfer today and the need for it on all this money that's going to be changing hands in the near future. And again it sounds maybe so maybe it sounds complicated. It doesn't have to be. It's individual decision and it's an individual
or a family plan that could really really help you out. It does uncomplicated, there's no two ways of about it. But a good professional can certainly make this easy for any family who comes in. I know that lots of people listening have a lot of questions. I have a lot of questions, and I think when it comes to these kinds of things, no question is a silly one, because again, this isn't what most of us do for
a living. So let me post a few of these questions to you that I have, and let's see what you have to say about it, Larry, and I'll bet you that some of the folks listening have these same questions. For example, what if you're worried that one of your beneficiaries is going to squander your inheritance. I mean sometimes you have people who don't know how to handle money, or maybe have addiction issues or other problems that would mean
that they would squander the money. Well, that discussion potentially could lead to maybe the revocable trust is a better estate plan because in there you can dictate how people receive money, how much they receive. We call it meter distribution. I'll use our example is if we have four daughters, they're twenty three twenty one one in eighteen. If something happens to my wife and I, they will only get increments there fourth at twenty five, thirty, thirty five,
forty. Now that's called meter distribution. Maybe you say that sounds steep steep, but oftentimes people at a younger age could squander it, and that if that is a concern, you're going to want to look at the trust and evaluate all the different ways you can do it. But that's where a
trust really has the control. Sure, Larry, what if you're someone who has built a retirement portfolio around the idea that you're going to receive a certain amount of money, and then you find out you didn't receive that money or not as much as you had anticipated. What do you guys do well? And then this gets a little bit sticky, you know, if you're expecting and again I don't think you should expect mom and dad to have to give it to you. And again, if they choose to, that's one thing.
But if depending upon what mom and dad or your whoever your loved one is a state plan, who's in charge. There's different things you can do if you anticipate, if there's some monkey business going on, trust can having contestability provisions. That's where a will has no control, and that's where in court people will be able to open their all the air out, all the
laundry that they possibly can. And again it's about how much control do you want, what type of assets are being passed down, what type of mechanisms have been in place to avoid these problems. You can only control what you can control. And again, dot your eyes and cross the t's to the best of your ability. Absolutely, what if you're primarily passing down ill liquid
assets as opposed to liquid assets. Yeah, if passing I liquid assets, heirlooms art as mentioned before, make sure there's an mechanism to liquidate these in a timely way or a by sell provision. Perhaps have some appraisals of available to you in your plan. You just want to have those controls because if there's if there isn't any control mechanism, then it can get out of control
and you're no longer here to get it back into control. And if you have three different if you have three kids, odds are that all three of those kids or loved ones or nieces or nephew whoever they are, are not exactly the same, and you want to make sure it's as clearly outlined as possible. What if you're getting much more money than you had anticipated in a transfer. You know, maybe mom and dad never really revealed what their worth
was until after they're gone. How does that affect It's got to be a tax issue ultimately, that would be the problem for someone correct. Well, first of all, I was sure, hope they show some appreciation and gratitude. Yeah, and hopefully they don't have any remorse as not being kind to mom and dad. So again, you should ever expect you should get it. And I'm sure listeners know that or have some sort of memory with so and so about a pickup truck before the funeral even happened. So again,
the more communication the better. But also be respectful of those that could be giving you some as an inheritance, you know, respect those wishes because at the end of the day, they didn't have to give you anything. They worked hard for what they do have. Wealth transfer isn't you know, a cookie cutter part of your retirement strategy really should be unique to what you're doing. The timeline to discuss these questions, and that's why we're having these discussions
today. If you and your family can have these discussions, there's just you're going to be on the same page and they don't all have to agree, but at the end of the day, they have to get together to be able to make decisions. So, Larry, if you do receive more money than maybe you had anticipated, so suddenly you found yourself with this newfound wealth, this is also a time to come and see you and your team because this is a great opportunity to get this money invested or put into places where
it's protected and can benefit you down the road. Correct, most definitely. I'll give you an example just this last week, one of our clients their parents have passed away now and unbeknownst to them, they were the beneficiary of mom and dad's iras and they had no idea that mom and dad had this much. Well, thankfully we got to educate and walk through what their options are, what their needs are now this is part of their retirement plan.
Thankfully, it was proved to be very beneficial and she's like so much gratitude for what she didn't know was that she now has. But we wanted to coach her through not making wrong decisions that caused you know, large tax ramifications and she's like, well, I don't do this kind of stuff, and she goes, I need some professional or partner to walk me through this. And it could be on the tax side of things, it could be on the insurance side and the investment side. Again, finding a partner to walk
you through and help you with these things. And that's where it starts with the education piece. So again, the longer I do this, the longer we do this, the more we have to help out the love ones and the kids as mom and dad passed away unfortunately. Sure heven Financial Group is where you can get more information about this, folks at six one two five zero four eight four zero zero six one two five zero four eight four zero
zero. You can go to Habnfinancialgroup dot com online to to see if Larry and his team are offering up some of these seminars that are about estate planning. Larry, I know you guys have them all the time, and I'm sure these are well attended people wanting to understand exactly the steps they need to take. Right. Yeah, it's why we just had two of this past week social security and tax classes. Very well attended, even on a beautiful
early summer spring nights. We were a near capacity both nights, so you know, obviously people are seeking education. That's why when people win the lottery, the first thing they do is make sure you find a partner or somebody that can actually walk through so you don't all of a sudden lose it all or squand and it's no difference with what you work for all these years. And again I stress, whether you have a little bit or a lot, you anticipate a little bit as an inheritance or a lot, what is the
proper way to incorporate it into your plan when that happens. And again, those are the areas where we really can walk people through it and you don't have to have a lot. And we think everybody should have the same opportunity. Not everybody needs exactly the same thing. Now, there are certain ancillary documents and certain things that everybody should have which we haven't even talked about,
the living wheel, healthcare directors, and durable powers of attorney. Those are also part of a competent estate and relevant to while you're still here and of sound mind, So very quickly, I want to go back to the seminars just so people understand by attending a seminar, certainly you can get some education. This does not mean you'll walk away with a plan. No, the classes are simply educational to highlight lots of key points a lot of people that
necessarily haven't thought of. They'll have the ability no matter if they come to our R and D Requirement of distribution classes, our dinner workshops, our community education, wealth management. So whatever class they attend or class is because we encourage our existing clientele to also come out because things change and we want people to be updated on law changes, tax code, social security rules and rigs. Just allows them to come in. It's sit down, no cost,
get to know us. We get to know you, ask questions, listen, and from there if they take it a step further and they want us to make suggestions, recommendations, it is a proprietary process. We're not in any hurry. We like to have as much fun with as serious topic as we can. But again, what one chooses to do after that, you know, we're looking to cultivate a long term relationship. There's no secret there.
But if we can be of assistance, and then the good news is if you can spread the word and let others know that we have helped. There's nothing better than a referral of people that are very, very happy and satisfying. Boy, isn't that the truth? So you can go to Havenfinancialgroup dot com to learn more about these seminars that we've just been talking about.
If you see one on there, folks that you think is of great interest to you, be sure you sign up because they do feel very quickly and to sit down in the office for a seminar or I'm sorry for a free consultation. It's six one two five zero four eight four zero zero. We've been talking about the transfer of wealth and when we come back, Larry, we're going to talk about social security and wealth preservation. That's coming up next to here on the Haven Financial Group Radio Show. Don't go too far.
We're gathering more important insights and retirement ways, Devin, the Haven Financial Group Radio Show. We'll be right back. Stick around. You've got questions, We've got answers. Your tune to the Haven Financial Group Radio Show with your host Larry Kulvig and Kim Karragan. Now back to the show. Welcome back to the Haven Financial Group Radio Show. I'm Larry Kolvig, founder and CEO
of the Haven Financial Group, and we're so glad you're listening. Give us a call at six one two five zero four eight four zero zero or Havenfinancialgroup dot com. All kinds of tools on the site very helpful. And Kim, if I could just kind of summarize in a nutshell all the things that we're talked about in the last segment as kind of a laundry list of what a state planning documents one should look at, entertain in that discussion. And
should you have a revocable trust? Do you need one to obtain your goals and objectives? Pour over wills or part of a revocable trust, or maybe just having a legal will is enough. A transfer on deathdeed is a tool designed to transfer property, but there needs to be a discussion on that if appropriate. If you have multiple children, if they're married, maybe that creates something that you don't want, and that's that the spouses now have to sign
off. So we want to have a thorough conversation. And those are documents when you're gone now the documents that should be everybody should really have, including if you're an adult eighteen years or old, is durable powers of attorney for financial, medical records, healthcare, living will. Those are all things that we're probably all going to need well while we're alive. And if you don't have them, then the government steps in and going to appoint guardianship, which
is a parent or conservatorship. They control your money. So it's kind of a laundry list of things that we'll be talked about. On the estate planning side, Carrie Renner is our estate planning attorney. As mentioned before, there is no cost to sit down to have a discussion. The beauty is we worked very close together. When clients finally get something done if they haven't, and the biggest thing we hear is we've always wanted to get something done,
but finally we just got it done. There's a sense of peace of mind that goes with that. And from there she lets us know if there's a trust involved, what assets need to be put in the trust. So again, partner, we have the partnership to make sure we're following it through and we're not letting some things go unnoticed, that your estate plan is effective as it should be. Yeah, absolutely, there must be peace in that. You know. Again, I think you've said it many many times but retirement
is not about being up at night. It's about getting things settled and then enjoying and reaping the benefits of what you've worked so hard for and believe it or not. And I know that we talk about social security here quite a bit, but your wealth situation, whether it's grown or it's inherited, can be affected by your social security strategy. So let's talk a little bit about a social security some of the rules. I know we talk about it frequently,
but I think so many people have so many questions about it. And by the way, great seminars are offered by Haven Financial Group. Go to Haven Financial Group dot com to learn more about some of the seminars coming up that might be related to social security. If this is something you have questions
about, let's talk about the rules of social security first with age. Yeah, yeah, and before I get there, you know, social security it's all about the timing, the timing and the timing and the car class is called social security, timing and taxation because they go hand in hand. The
longer you wait on social security, yes, the bigger it gets. And timing that social security income with your well strategy can really help you cover some of those costs before other parts of the plan, maybe pensions or irate distributions before they kick in. So that's where it's important to have an income and distribution plan, and that ties into the tax plan. So first off,
their earliest you can take social Security is sixty two. What's staggering is almost seventy percent of Americans turn it on right away at sixty two, which a lot of times people go, you got to be kidding me, but no, that's almost seventy percent. Now, the latest you're going to turn on Social Security is seventy one to two percent of Americas wait till seventy. Now, Susie Orman says everybody should wait till seventy. That isn't It's not the
same for everybody. It's your situation, your income. Are you working, are you not working? Yes, if you're between sixty two and sixty six, it grows by six percent plus the cost of living adjustment. From sixty six to seventy it grows by eight percent plus the cost of living adjustment. So we've had some nice increases. So those latter years you can see some major increases. They take the top thirty five years of your incomes and if you have you know, a lot of times we'll hear, well, if
I just work a couple more years, it'll make a big deal. Well maybe and maybe not if you have ten to fifteen years, because you've got to have ten years to qualify on your own merit. Now, that doesn't mean you may not qualify for up to half of your spouse depending upon when he turned he or she turns it on. So again, not everybody qualifies if you were a stay at home or whatever that might be. But if you have a short amount of years and your higher income mirrors of the ladder,
it can make a difference, but oftentimes it does not. So what other assets come into play? What are your other income streams? These are all the things we're going to talk about. And then how close are you to seventy three which is the RMD age and in eight years that will be seventy five. So if the listeners are wondering full retirement age, if you hear that term fr a full retirement age, that is when you're going to
get one hundred percent of what you paid in. And I would say this anybody born before nineteen thirty seven, your full retirement age is sixty five. From there, every year it goes up about two months, two months, two months, two months. For those that really want to know, I was born in nineteen sixty nine. Okay, yes, I'm fifty four. Got that in the open, right, kim. My age full retirement age is sixty seven, So again you could be anywhere in between there. That's
what the terminology fr a full retirement age. So when we sit down with folks that come in and they want to talk about so security, oftentimes they have this idea that they're going to turn it on in a given year, and that's fine, and our job isn't to stray them any different direction or deter them. It's does that make sense? Why does it make sense? And factor it into the big picture of income and all the other assets you
may or may have. That's why it's important to make an educated decision rather than doing what a lot of people do. While my buddy turned it out at sixty two, so I just thought everybody turned it on. So let's circle this back with the conversation that we've been having, that being the transfer of wealth. So if you are anticipating that you're going to get an inheritance, is it better to hold off on your social security or should you turn
it on. Well, that's circumstantial. Social security is income. And keep in mind when you're talking to wealth transfer, some things are going to pass the non qualified and real estate that's going to pass at the stepped up basis what it was when mom and Dad passed away, And you want to do that right, the step up base basis. Now you get it at the day after that they're gone. So the step up basis is automatic in a lot of cases. In some cases it's not. So again, don't if
you know it's coming, then it's a different situation. Now, IRA money as we're talking about that. The rules have changed with iras and legacy planning for years. Some people may have heard of the name Ed Slot. Ed Slot is an East Coast CPA. He'll talk taxes until you can't even talk taxes anymore. And I've gotten the no. Ed. He's got some great
books that were written that are now obsolete because they stretch IRA. The multi generational IRA that got changed a few years back, where now iras have to be drained by the beneficiaries in ten years. And if you are holding on to a four to win case still in retirement that if something happens, the kids would have to drain that in five years. So the rules and regulations
changed. Legacy see planning, if that's important, can still be accomplished, but you may have to go through some different avenues because these things change. So it depends upon circumstances, how much your situation. That's why you want to have a strategic plan, whether you have a large heritance or not. If you do anticipate, you may want to claim your social security early and
actually delay a little bit. Who knew social security would be, you know, such an important part of even just trying to make decisions about transferring wealth, but it always seems to be part of the conversation, doesn't Larry, Yeah, and Cam. You know, it is an election year, and you know social security has been highly politicized for years. You know, people want to to get a bad taste in their mouth and I'm just going to sock it to the government and turn it on right away, and that can
be the wrong decision with the wrong motives. You know, many people think of social security as kind of a safety net, and to some degree it is, but it is an income stream that should be highly regarded and thought through. If you have longevity in your family, obviously maybe it makes sense to wait if you're married. But we decision because when the first one passes, the higher social security stays. But it needs to support your other types
of financial decisions and retirement strategies. They go hand in hand. And I will tell you for anybody that comes to our classes or doesn't come, and maybe you're just listening and you want to take advantage of the discussion with social security, will provide based upon what you provide, a detailed maximize social Security timing report which many people find very beneficial. It's a roadmap you leave with it. It really is a roadmap, and sometimes people bring it right to
their social security offer and say this is what I want to do. So for your participation or just listening or coming to the classes, we provide a roadmap report that can be very very helpful and beneficial. Well, it seems like to me everybody needs a roadmap. And if you're someone listening right now and you need a roadmap, we want to give you some suggestions. First off, you can call six one two five zero four eight four zero zero.
That's the telephone number that we'll put you in touch with Haven Financial Group to set up a free consultation, or you can go to Havenfinancialgroup dot com and there you will learn more about their upcoming seminars and more about the Haven Financial Group as a whole. Lariy This has been so incredibly informative today. Yeah, it's a lot to go through it, so maybe may seem overwhelming,
but some things apply to everybody, so some things don't apply. So rather than bog yourself down and try to soak everything we talk about in one on one time, to boil it down in your situation, people find very very helpful. It's a laid back approach. It's an informative approach, no strings attached. You don't owe us anything, we owe you at information from that people can make good sound decisions based upon the confidence they get with having
these conversations. And on a weekly basis, I see people that have they're not getting the attention. People that they're working with and paying, by the way, are not giving them the attention. And retirement is more than just a pie chart or a meeting once or twice a year for forty five minutes to an hour. These things need to go together to create that confidence and that's our commitment to those that we sit down with. Six one two five
zero four eight four zero zero. That is the number that you need to call to reach Heaven Financial Group. It's been great being with you, Larry, you as WELLcom have a blessed week and we'll talk to you next week. Investment advisory service is offered through Guardian Well Strategies LLC. Haven Financial Group and Guardian Well Strategies LLC are not affiliated companies, and investments involve risk,
and, unless otherwise stated, are not guaranteed. Please consult with the qualified financial advisor and or tax professional before implementing any strategy discussed herein and comments regarding it safe and secure. Investments and guaranteed income streams only refer to fixed insurance products. They do not refer in any way to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claims paying ability of the issuing company.