Season 3

Estate Planning

Episode Notes

The COVID-19 pandemic has highlighted the importance of making decisions that will make it easier for others to carry out your wishes should you become physically or mentally capacitated or when you pass on. At the very least, you should assign someone you trust to serve as your health care proxy should you no longer be able to make healthcare decisions on your own. You should also formalize a living will that documents whether you want or don’t want life-prolonging treatments at the end of your life. Also consider assigning durable financial power of attorney to someone you trust to manage your finances if you’re no longer able to.

To help ensure that you, rather than a court, determines how your assets in your estate will be distributed to your heirs, make sure that you’ve completed a will that states your wishes and names an executor. Review and update your will if circumstances change. To avoid probate, consider setting up a revocable living trust and funding it with high-value assets such as your home and taxable investment accounts. You’ll need to retitle these assets in the name of the Trust. You won’t, however, need to retitle your IRA accounts and life insurance policies, since these assets will go directly to your assigned beneficiaries.

It’s highly recommended that you hire an experienced attorney to legally formalize these decisions. Since attorneys are expensive, consider working with a fee-only financial planner who can turn your decisions into an estate planning action plan at a relatively lower cost. You can then give this plan to your attorney to execute the legal requirements.

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Season 8
Annuities for Retirement Income

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Mention the word “annuity” and most investors recoil. There seem to be so many hidden secrets and costs.  And high pressure sales tactics along with "free dinners."

In today’s podcast we unravel those mysteries – with the one man who has consistently worked to educate the public to the ins and outs of annuities – as well as some of the better uses of these insurance company contracts.  Stan Haithcock’s website – www.StantheAnnuityMan.com -- is a great resource for free basic information and good advice on annuities.  And Stan is one of the most entertaining financial speakers you’ll ever meet.

So, sit back and enjoy our podcast.  We devote special attention to Multi-Year Guaranteed Annuities (MYGAs), now yielding over 5.5%.  They’re the insurance industry’s version of a bank CD, without the FDIC backing.  And they are a great way to improve yields either inside or outside your IRA.

To read more about MYGAs, here’s a link to Terry’s column on the subject:  https://www.terrysavage.com/an-annuity-that-works-for-you-myga

And if you’d like to listen to more of Stan’s terrific approach to financial markets, both Terry and Pam have recently joined him on HIS podcast.  You’ll find the links to these conversations here:

Terry Savage: The Savage Financial Truth in 2023
https://www.stantheannuityman.com/fwa-terry-savage-january-2023

Pam Krueger: Your Wealthramp to Fiduciary Advice
https://www.stantheannuityman.com/fwa-pam-krueger-february-2023

 

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Podcast Hosts

Pam Krueger

Pam Krueger

Terry Savage

Terry Savage

Richard-Eisenberg

Richard Eisenberg

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