Speaker 1: At our phone lines. They are open to you right
Speaker 1: now if you have questions for our retirement planning professionals
Speaker 1: from Class Financial. Telpe number to get on the air
Speaker 1: this morning six oh eight three two one thirteen ten.
Speaker 1: That's six oh eight three two one thirteen ten gets
Speaker 1: you on the air with Eric Schwartz and Kyle Kite
Speaker 1: of Coloss Financial.
Speaker 2: Don't forget.
Speaker 1: You can learn more about Class Financial on their website
Speaker 1: Class financial dot com. That's Closs k l aas Financial
Speaker 1: dot com. Teleph number for the office right here in Madison,
Speaker 1: six oh eight four four two five six three seven.
Speaker 1: Don't forget. No charge for that initial get to know
Speaker 1: your appointment tech Loss Financial. It will be complimentary to you.
Speaker 1: And again they're telephone number six oh eight four four
Speaker 1: two five six three seven as mentioned, joined this morning
Speaker 1: by Eric Schwartz and Kyle Kite. Eric, how you doing
Speaker 1: this morning?
Speaker 3: I am doing great. Sean, how are you doing this week?
Speaker 1: I'm doing fantastic.
Speaker 2: Great to talk with you and Kyle. How have you been.
Speaker 1: It's been a little while.
Speaker 2: It has been John, Yes, I'm doing well. Good to
Speaker 2: catch up with you again.
Speaker 1: I was on the I was at Class Class Financial
Speaker 1: dot com this morning and I was reading your bio
Speaker 1: and I noticed you have an interest in cruising Route
Speaker 1: sixty six on a motorcycle.
Speaker 2: It is it's one of those bucket list items that
Speaker 2: I'm going to do eventually.
Speaker 3: Here.
Speaker 2: I just bought myself another motorcycle last year, so we'll
Speaker 2: get it planned one of these days.
Speaker 1: That's I've taken I forty from Illinois to California, which
Speaker 1: kind of a lot of it kind of goes over
Speaker 1: that Root sixty six. But that's yeah, that's gonna be
Speaker 1: a great It's gonna be a lot of fun. As
Speaker 1: we talked this morning with Kyle and Eric, we're going
Speaker 1: to talk speaking of retirement and free time and being
Speaker 1: able to do those things. We're gonna be talking this
Speaker 1: week about estate planning and you know, one of those
Speaker 1: topics that it's a necessary topic for sure, and we're
Speaker 1: going to get into it. It's gonna be a lot
Speaker 1: of great information. Had a chance to kind of go
Speaker 1: over the notes before the show, and it's it's pretty
Speaker 1: good and important stuff. You want to pay close attention
Speaker 1: to the program for a couple of reasons. One get
Speaker 1: some great information, some great conversation. Also coming up a
Speaker 1: little bit later in the show, we're gonna have your
Speaker 1: chance to win a great prize from our friends at
Speaker 1: Class Financial with the class Quiz question of the week.
Speaker 1: I would give you a little tip listen closely. Oftentimes
Speaker 1: supposed to quite answer to the class quiz question, leak
Speaker 1: come up during the program, So again it beys, it's
Speaker 1: a great benefit to not listen just for the information,
Speaker 1: but also for an opportunity to win this week's prize,
Speaker 1: which is a twenty five dollars gift card to Starbucks.
Speaker 2: So listen closely.
Speaker 1: And before we get to this week's topic, let's actually
Speaker 1: rewind to last week's show and talk about the question
Speaker 1: and answer there.
Speaker 2: Absolutely so.
Speaker 3: Our winner last week was Alisha from Verona, and the
Speaker 3: question was true or false? Traditional defined benefit pension plans
Speaker 3: have become significantly less common due to their complexity and
Speaker 3: their cost. And the answer to that, Sean was true.
Speaker 1: And that was a great show speaking of things that
Speaker 1: are true? Was it a great show? That is a
Speaker 1: true statement as well? You can listen back at clausfinancial
Speaker 1: dot com. Of course, subscribe to the podcast sign up
Speaker 1: as well for the meat weekly Market Pulse newsletter. I
Speaker 1: was a fantastic show, and this week we got a
Speaker 1: great show as well. We're going to be tackling a
Speaker 1: state planning. Of course, the topic, then, let's be honest,
Speaker 1: is it's a very necessary, very important conversation, but a
Speaker 1: lot of folks try to kind of avoid that topic.
Speaker 2: We don't like to think about it.
Speaker 1: But let's talk about then, why it's so critical in
Speaker 1: your work when it comes to financial and retirement planning.
Speaker 2: Kyle, Yeah, great question, Sean. It is. It's not fun
Speaker 2: obviously to talk about this, but obviously it's very very important,
Speaker 2: you know, and we see ourselves as your financial quarterback
Speaker 2: in coach, so we want to help you put the
Speaker 2: work with a bunch of different professionals to make sure
Speaker 2: that everything makes sense and that the whole plan works together.
Speaker 2: And let's be honest to state planning is often one
Speaker 2: of the weaker links just because if you do set
Speaker 2: it up, you usually don't check it again for a
Speaker 2: long time because again, it's not the most fun topic.
Speaker 2: So but before we get rolling today, just remember that
Speaker 2: we're not lawyers with them. So all this stuff we're
Speaker 2: going to talk about today, try and give you some
Speaker 2: good information, but always be sure to seek out advice
Speaker 2: from your own attorney. And you know, when it comes
Speaker 2: to a state planning, you know, life happens, we like
Speaker 2: to say, and it throws you some curveballs. And estate
Speaker 2: planning is all about being prepared. So we're going to
Speaker 2: cover a lot of different things today, but some of
Speaker 2: the most common ones or your wills, your trusts, powers
Speaker 2: of attorney, and then healthcare directives. So all of these
Speaker 2: things that we're going to cover are about making sure
Speaker 2: that your wishes are on ORed no matter what happens.
Speaker 2: And you know, like I mentioned before, a lot of people,
Speaker 2: we hear it so many times. They finally get that
Speaker 2: will set up when the kids are born, and then
Speaker 2: they don't touch it for thirty plus years. Right, So
Speaker 2: that's not a good idea either. So we do believe
Speaker 2: in regular checkups. Just like your financial plan that you'd
Speaker 2: work with an advisor on, your state plan needs to
Speaker 2: evolve with your life. A good advisor helps you keep
Speaker 2: everything aligned. So we hear this all the time. Like
Speaker 2: I said, set it up when the kids are born,
Speaker 2: or you know, they didn't change it when they've had
Speaker 2: you know, maybe it's grandkids time and they've had a
Speaker 2: grandkids and all that kind of stuff. So it's definitely
Speaker 2: something that you want to continue to double check on,
Speaker 2: so in a reality check. And this is a real
Speaker 2: recent survey here, So for March twenty twenty four, Survey
Speaker 2: and Financial Advisor magazine found that only twenty six percent
Speaker 2: of Americans have estate plans. That number jumps to fifty
Speaker 2: percent for people with over five hundred thousand dollars in assets.
Speaker 2: And another surprise, thirty two percent of men have estate plans,
Speaker 2: but only twenty three percent of women do. So I
Speaker 2: know that I would not have guessed that men are
Speaker 2: better at this than women do well, for sure, that's
Speaker 2: the first it is. Yeah, and obviously this is super
Speaker 2: timely because we're we're in the midst of the biggest
Speaker 2: wealth transfer in history. There's eighty four trillion dollars that's
Speaker 2: moving from the baby boomer generation to the Gen X
Speaker 2: and millennials. So how much of that goes to your
Speaker 2: loved ones versus the lawyers and the courts depends on
Speaker 2: your planning. And without a plan, you could lose you know,
Speaker 2: three to eight percent just due to unnecessary costs and
Speaker 2: probate fees and all that, which we'll talk about here.
Speaker 2: In a minute.
Speaker 1: Really great layout this morning from Kyle Kite, of course,
Speaker 1: joined by Kyle Kite and Eric Schwartz. They are our
Speaker 1: retirement planning professionals from Class Financial the website class financial
Speaker 1: dot com. That's cost klaas Financial dot com. That's open
Speaker 1: number six So eight four four two, five, six three seven.
Speaker 1: So Eric, why do you so few people have a will?
Speaker 1: Why do they skip having that will? And let's talk
Speaker 1: about the importance of power of attorney documents.
Speaker 3: Yeah, this is a topic, and I think Kyle would
Speaker 3: agree that we spend a lot of time talking to
Speaker 3: our clients about And I always joke with clients that
Speaker 3: when I tell them, hey, it's time to either get
Speaker 3: an a state plan in place or review your state plan,
Speaker 3: it generally is about five years before they actually do it,
Speaker 3: and you know, it's just me telling them frequently over
Speaker 3: that time. But I think the reasons here are pretty simple.
Speaker 3: I mean, death is uncomfortable, nobody likes thinking about it.
Speaker 3: It's easy to just put it off and procrastinate, say
Speaker 3: I'll get to it later. I don't know where to start,
Speaker 3: I don't have enough stuff to worry about, I don't
Speaker 3: need an estate plan, or I don't know how to
Speaker 3: do it. I don't know how to make a will.
Speaker 3: It's too expensive. So these are all really common refrains
Speaker 3: that we hear from folks.
Speaker 2: But here's the kicker.
Speaker 3: Estate planning isn't just about what happens when you're not
Speaker 3: here anymore, because we often hear people say, well, my
Speaker 3: kids will have to deal with that. I guess, but
Speaker 3: it can impact you while you're still here. So power
Speaker 3: of attorney documents, as you mentioned, they're vital while you're
Speaker 3: still here. Think of it as choosing someone you trust
Speaker 3: to make decisions for you. If you can't make decisions.
Speaker 3: You can have a medical power of attorney which handles
Speaker 3: your healthcare and you're in decisions around that. And then
Speaker 3: you also have a financial power of attorney so they
Speaker 3: handle your money. You can have one person that does
Speaker 3: both of these things, or you can split it up.
Speaker 3: I would say that's pretty common to split it up,
Speaker 3: but you can choose, and remember that beneficiaries only get
Speaker 3: involved after your death. Okay, so powers of attorney they're
Speaker 3: handling things while you're still here and typically when you
Speaker 3: can't make your own decisions. So which is more likely
Speaker 3: incapacitation or early death right. In either case, you need
Speaker 3: to have a plan in place.
Speaker 1: Really and it's pretty eye opening as well. As we
Speaker 1: talked this morning with Eric Schwartz and Kyle Kite, they
Speaker 1: are retirement planning professionals from Class Financial. You learn more
Speaker 1: online Class Financial dot com. That's css k l aa
Speaker 1: S financial dot com. They're telephon number six oh eight
Speaker 1: four four two five six three seven again that's six
Speaker 1: oh eight four four two five six three seven no
Speaker 1: charge for the financial gets to know your appointment at
Speaker 1: Class Financial. It will be complementary to you. We're going
Speaker 1: to continue our conversation with Eric and Kyle. We're going
Speaker 1: to talk a bit more about about things like probate,
Speaker 1: what exactly is probate and I some people probably had
Speaker 1: a little shutter like we'll talk about what it is
Speaker 1: and UH and what you need to know there. We'll
Speaker 1: get all the details next as Money in Motion with
Speaker 1: COSS Financial continues right here on thirteen ten wib I
Speaker 1: from Class Financial, Eric Schwartz and Kyle Kite. You can
Speaker 1: learn more about Claus Financial colss financial dot com. That's
Speaker 1: COSS k l a A S Financial dot com. You
Speaker 1: can learn more about the team at Coss Financial. You
Speaker 1: can also learn about their separate divisions, how they can
Speaker 1: help you or if you're an employer, what they can
Speaker 1: do for you of course, and also a great opportunity
Speaker 1: there to sign up for the weekly Market Pulse newsletter.
Speaker 1: It's a weekly news letter that you get in your
Speaker 1: email inbox. Got a snapshot of the most recent market
Speaker 1: news as well as a link to the most recent
Speaker 1: podcasting and that available to you at cossfinancial dot com.
Speaker 1: This week, we are talking about estate planning and I
Speaker 1: mentioned that word probate. Does everyone need a will? And
Speaker 1: what is this probate thing that we often hear about?
Speaker 2: Yeah, great question, Sean, Yeah, in a you know, in
Speaker 2: the real world here, pretty much everybody needs a will.
Speaker 2: And I say pretty much, but I really mean everyone,
Speaker 2: because if you don't have a will and estate plan
Speaker 2: set up, the state that you pass away in definitely
Speaker 2: has one for you, and it might not be what
Speaker 2: you would what you would want with your assets here.
Speaker 2: So and people think that this is that a state
Speaker 2: planning and all these things that we're talking about are
Speaker 2: only for the super rich or only about wills and trusts,
Speaker 2: and that's that's a myth. So almost everybody has something
Speaker 2: of value, right You've got maybe a jewelry collection, or
Speaker 2: you've got an airloom, piece of furniture, cars, all this
Speaker 2: kind of stuff. So wills and trust kind of deal
Speaker 2: with all of these different assets that people. And because
Speaker 2: everybody has something of value, you need a plan for
Speaker 2: how it's distributed. And as I mentioned, if you don't,
Speaker 2: I don't have a play in the state does and
Speaker 2: it's probably not what you want. So let's talk a
Speaker 2: little bit about will versus a trust because we're going
Speaker 2: over a lot of different topics here today. So will's
Speaker 2: kick in after death, which means, you know, while you're living,
Speaker 2: obviously you control everything. Will's just kicking after death. But
Speaker 2: trust can kick in as soon as they're created, so
Speaker 2: you can have a trust actually own assets like bank
Speaker 2: accounts or homes that kind of stuff. And trust can
Speaker 2: also help you avoid probate. And we're going to dig
Speaker 2: into trust a lot deeper here in a couple of minutes,
Speaker 2: but probate itself proving your will and settling your estate,
Speaker 2: and it can be costly and time consuming. So the
Speaker 2: number one thing, and this is why anytime we're talking
Speaker 2: about you know, we talk a lot about four one
Speaker 2: ks and investments is that you name beneficiaries on those
Speaker 2: accounts on your bank accounts. Naming beneficiaries on accounts will
Speaker 2: bypass probate. Having a trust can also bypass probate as well.
Speaker 2: And why do we want to avoid probate Because it's
Speaker 2: a costly, time consuming process. So it can take months
Speaker 2: or even years to go through their probate process, and
Speaker 2: attorney fees obviously come into play with this. And then
Speaker 2: in Wisconsin aspect, four to five percent of your issues
Speaker 2: for probate and about half of that it's going to
Speaker 2: the attorney fees. So this is why beneficiary designations are
Speaker 2: so important. And beneficiary designations on your investment accounts often
Speaker 2: override your will or trust, so double check to make
Speaker 2: sure they line up with the directions that you wish
Speaker 2: to have happened with your assets. So this is an
Speaker 2: extreme example, but we've heard about it before. We've probably
Speaker 2: been mentioned it on this this call, before this radio show.
Speaker 2: Before is that you know, we've had that worst case
Speaker 2: scenario where you know, you go through a divorce but
Speaker 2: you never change your beneficiary of your four O one
Speaker 2: K at work from your ex spouse and one of
Speaker 2: your passes away and that xpouse ends up getting that
Speaker 2: money because it doesn't matter what your will, it's going
Speaker 2: to go based on that beneficiary designation.
Speaker 1: So really important conversation to have and a really important
Speaker 1: reminder to keep things updated. As we talked this morning
Speaker 1: with Eric Schwartz Kyle Kite, our retirement planning professionals from
Speaker 1: Class FINANCEEL So, Eric, you know, how often should we
Speaker 1: then be updating our estate plans?
Speaker 3: Great question, and I think you can imagine if it's
Speaker 3: hard enough to get people to do their initial estate plan,
Speaker 3: it's not very easy to get them to go back
Speaker 3: and update it. But the same reasons that that people
Speaker 3: put off putting a state plan together in the first
Speaker 3: place tend to be this the same reasons people don't
Speaker 3: update them regularly. So most most attorneys that I work
Speaker 3: with here locally, and I've I've asked this question of
Speaker 3: they'll say, you know, you should review your state plan
Speaker 3: at least every five years or after major life events,
Speaker 3: right birth of a child, death of a family member, divorced,
Speaker 3: as Kyle was saying, any kind of health changes. Right,
Speaker 3: these are these are generally red flags for all Right,
Speaker 3: I better, I better go back and make sure that
Speaker 3: that my wishes are still being carried out as I
Speaker 3: intended that too, And don't forget to check how your
Speaker 3: assets are titled. Okay, So getting the documents put in
Speaker 3: place is and drawn up that is one step. But
Speaker 3: actually implementing those so retitling your home or your investment
Speaker 3: account or updating your beneficiaries, they need to match your
Speaker 3: wishes as well. You can't just put the documents together.
Speaker 1: That's important, important nuance there for sure. From Eric Schwartz
Speaker 1: of course, joined this morning by Eric Schwartz and Kyle
Speaker 1: Kite from Class Financial. So Kyle, how often then excuse
Speaker 1: me until I touched on that. We got to talk
Speaker 1: though about the wills and trucks trust and kind of
Speaker 1: get a little deeper on that. So why should somebody
Speaker 1: consider a trust as part of their estate plan? And
Speaker 1: you think about you know, that being an option. Sometimes
Speaker 1: it's not always the best option. Let's talk about some
Speaker 1: of the nuances there, Kyle.
Speaker 2: And you know, this is a really really good question
Speaker 2: because in all honesty, like we say, in a perfect world,
Speaker 2: everybody would have a trust just because it gives you
Speaker 2: the most control over how you want your stuff distributed.
Speaker 2: If something order to happen to you, but realistically not
Speaker 2: everybody needs one. So the first thing that you would
Speaker 2: need to trust for is to avoid probate. So as
Speaker 2: we mentioned, trust can often bypass the probate process. This
Speaker 2: saves time, money, and can keep your state private. Probate
Speaker 2: to public process, and trusts are generally outside of the
Speaker 2: court system, meaning if you just have a will, it's
Speaker 2: actually public records, so somebody can go in there and
Speaker 2: look in and see how your stuff got divvied up. In
Speaker 2: that kind of stuff. This is especially full of different
Speaker 2: situations where I say a trust is basically a non
Speaker 2: negotiable that everybody should have one. If you have homes
Speaker 2: in multiple states or property in multiple states, you should
Speaker 2: definitely probably have a trust set up just because you
Speaker 2: would go through probate in multiple states because you own
Speaker 2: property in multiple states if this isn't one of them,
Speaker 2: and then control over asset distribution. So trust allow you
Speaker 2: to specify exactly how and when your assets are distributed
Speaker 2: to your beneficiaries. You can set conditions such as you know,
Speaker 2: distributing at certain ages or for specific purposes like cars
Speaker 2: or education, that kind of stuff. And it's especially useful
Speaker 2: for beneficiary to be responsible or if you want to
Speaker 2: protect assets for future generation. So think of this as
Speaker 2: anytime that money is going to do more harm than
Speaker 2: good to the people receiving it, you probably want to
Speaker 2: put a trust in place so that you can again
Speaker 2: have it distributed out to them on in a reasonable manner.
Speaker 2: Another one is managing assets during incapacity. So if you
Speaker 2: become incapacitated, a trust allows your trustee to manage those
Speaker 2: assets without court intervention. And this is a big advantage
Speaker 2: over a will, which only comes into effect after death.
Speaker 2: So again think of this as also like the power
Speaker 2: of attorney would do something similar, but this allows a
Speaker 2: trust see to step in and not just a power
Speaker 2: of attorney. And then tax planning, so certain types of
Speaker 2: trust can help minimize the state taxes. This is particularly
Speaker 2: relevant for those with larger estates or maybe really complex
Speaker 2: estates and things like that. And then another big one
Speaker 2: is protecting assets from creditors. So in some cases trust
Speaker 2: can provide a layer of protection against creditors, shielding assets
Speaker 2: from potential law. So this works for you, know, if
Speaker 2: you were to leave your money to your kids, and
Speaker 2: your kids inherit this money and they put it in
Speaker 2: like a joint account with their spouse, and then their
Speaker 2: spouse says, oh, but we just got a big dump
Speaker 2: of money in our checking account. Now I want a divorce. Well,
Speaker 2: if that money is co mingled, that can be a
Speaker 2: marital asset, which that spouse could obviously, you know, take
Speaker 2: half and run or something like that. So it protects
Speaker 2: from future x spouses as well as creditors. And the
Speaker 2: final one in this one is another big one too,
Speaker 2: is special needs planning. So a special needs trust can
Speaker 2: provide for a beneficiary with disabilities without jeopardizing the eligibility
Speaker 2: for government benefits. So again that's another situation where if
Speaker 2: you have a child with special needs or a grandchild
Speaker 2: with special needs, a trust is going to be something
Speaker 2: that you absolutely want to get set up for that situation.
Speaker 1: You know, it's interestings. We talk on this show, you know,
Speaker 1: each week, and sometimes you think, you know, it's it's
Speaker 1: very this stuff is very specific. And as as Kyle,
Speaker 1: as you're kind of working through some of these, some
Speaker 1: of these bullet points, you're thinking, yeah, those are all
Speaker 1: very very unique situations, things that can interact with other
Speaker 1: assets and other facets of your life. It's really important
Speaker 1: to have this conversation and to be doing this kind
Speaker 1: of work again, it's really really an important conversation, which
Speaker 1: is of course talking about a state planning as we
Speaker 1: chat with our retirement planning professionals, Eric Schwartz and Kyle Kite.
Speaker 1: Of course, Eric and Kyle, they come to us from
Speaker 1: Class Financial their website Closs financial dot com. That's Coss
Speaker 1: k l aasfinancial dot com. To tell forh number six
Speaker 1: oh eight four four two five six three seven. No
Speaker 1: charge for that initial get to know you appointment tech
Speaker 1: Loss Financial. It will be complementary to you again their
Speaker 1: number six oh eight four four two five six three seven.
Speaker 1: We'll talk about when a trust may not be the
Speaker 1: best option. Whilst our Closs Quiz question of the week
Speaker 1: that so much more. Next as Money in Motion with
Speaker 1: Coss Financial continues right here on thirteen ten WIBI This
Speaker 1: Morning with Eric Schwartz and Kyle Kite, both of them
Speaker 1: they are our retirement planning professionals from Class Financial. Don't
Speaker 1: forget if you missed any part of today's program. You
Speaker 1: want to listen back to the show, you want to
Speaker 1: share the show or get caught up on previous programs.
Speaker 1: You can, of course subscribe to the podcast right online
Speaker 1: Cossfinancial dot com. That's Coss k l aa S financial
Speaker 1: dot com. You can also learn more about the staff
Speaker 1: and the team at COSS Financial. I can learn about
Speaker 1: separate divisions at COSS Financial, as well as sign up
Speaker 1: for the weekly Market Pulse newsletter. That all available to
Speaker 1: you at cossfinancial dot com. That's Coss k l aa
Speaker 1: S Financial dot com. Delphy number six oh eight four
Speaker 1: four two five, six three seven. No charge for that
Speaker 1: initial get to know you appointment at COSS Financial. It
Speaker 1: will be complimentary to you again in the office right
Speaker 1: here in Madison six oh eight four four two five
Speaker 1: six three seven. Talking this week about estate planning, and
Speaker 1: we've left off talking about why a trust may be
Speaker 1: something that you should be using. There's also some situations
Speaker 1: where a trust might not be the best options. Tell
Speaker 1: us about that, Eric Hoop, do we have Eric?
Speaker 3: Oh?
Speaker 1: There we go, Eric, Sorry about that.
Speaker 2: We miss part of you here.
Speaker 1: Yep, you're back.
Speaker 3: Welcome to the show, all right, Guy, glad to be here. Yeah,
Speaker 3: So there's definitely some reasons you might want to think
Speaker 3: about not going the trust route. You know, it's not
Speaker 3: not the right fit for absolutely everybody. One reason is
Speaker 3: is just simply the cost. So setting up a trust
Speaker 3: is generally more expensive, and it's it's more complex too
Speaker 3: than just creating a general will, and there's there can
Speaker 3: be ongoing administrative costs associated with maintaining the trust. So
Speaker 3: that would be one one kind of roadblock to going
Speaker 3: going this route. And if you have a simpler estate
Speaker 3: your state, maybe it's relatively small and straightforward, you may
Speaker 3: be you may be just fine with the will. So
Speaker 3: if all your assets have beneficiary designations, I think like
Speaker 3: life insurance for one k's I RAS, those those beneficiary
Speaker 3: designations are are going to be sufficient to actually transition
Speaker 3: your your assets. And you may not need to have
Speaker 3: an additional trust over the top of the will asset titling.
Speaker 3: So to fully benefit from a trust, you need to
Speaker 3: retitle your assets into the trust's name. This can be
Speaker 3: a time consuming process and sometimes gets overlooked. I was
Speaker 3: kind of alluding to this earlier. You'd be surprised how
Speaker 3: many times folks will will say, hey, I finally did
Speaker 3: my estate plan after all these years, and they come in,
Speaker 3: I said, great, how do you retitle the house? Well, no,
Speaker 3: do you update the beneficiaries not yet like Okay, we're
Speaker 3: way there, We're have way there. The ongoing administration. So trusts,
Speaker 3: depending on what type they are, they can require ongoing
Speaker 3: administration like filing tax returns, maintaining accurate records. The flexibility.
Speaker 3: While while trusts offer a lot of control, they can
Speaker 3: be less flexible than a will, And once a trust
Speaker 3: is established, it can be more difficult to actually make
Speaker 3: changes and more expensive. And finally, because laws trust laws
Speaker 3: vary from state to state, it's really crucial that you
Speaker 3: work with an attorney who is familiar with your state laws,
Speaker 3: so that can you know that can introduce some additional
Speaker 3: costs and ongoing maintenance as well, So those would be
Speaker 3: maybe some of the roadblocks to establishing a trust and
Speaker 3: using it in your state plan. But the last piece
Speaker 3: I want to cover here is if you do go
Speaker 3: to the trust route, it's important to understand the difference
Speaker 3: between a revocable and an irrevocable trust. So a revocable
Speaker 3: trust can be changed or as its name suggests, revoked
Speaker 3: anytime during your lifetime. On the other hand, an irrevocable
Speaker 3: trust cannot. It's it's much less flexible. Each type has
Speaker 3: its own advantages and disadvantages. Revocable trusts are very common
Speaker 3: and are used to avoid probate. They also allow for
Speaker 3: management of assets if you're incapacitated. On the other hand,
Speaker 3: irrevocable trusts are often used for tax planning or asset
Speaker 3: protection purposes, like protecting your assets from nursing home costs.
Speaker 2: For example.
Speaker 3: So there's a lot of a lot of complexity here,
Speaker 3: and like Kyle said earlier, we are we are not attorneys.
Speaker 3: We just happen to work with them a lot. So
Speaker 3: it's it's essential to work with an experience the state
Speaker 3: planning attorney to determine whether a trust is the right
Speaker 3: fit for you in your situation and is sure that
Speaker 3: you're actually putting that together correctly.
Speaker 1: Really impactful stuff this week as we talk with our
Speaker 1: retirement planning professionals, of course, Eric Schwartz and Kyle Kite.
Speaker 1: They come to us from Class Financial the website COSS
Speaker 1: that's Colssfinancial dot com, k l aa S Financial dot com.
Speaker 1: Great website. To learn more about the teams set up
Speaker 1: for the weekly Market Pulse newsletter. Listen back to this
Speaker 1: previous shows podcast. There's just so much stuff at Cossfinancial
Speaker 1: dot com. You definitely want to check them out online again,
Speaker 1: it's Coss Financial dot com Delphy number six oh eight
Speaker 1: four four two five six three seven. No charge for
Speaker 1: that initial get you to know you appointment at Coss Financial.
Speaker 1: It will be complimentary to you again their number six
Speaker 1: oh eight four four two five six three seven. You
Speaker 1: want to hold on to that telephone number now as well,
Speaker 1: because it's time for the Coss Quiz Question of the Week.
Speaker 2: It works like this.
Speaker 1: In just a moment, I'll ask you the Class Quiz
Speaker 1: question of the week. We'll then have thirty minutes from
Speaker 1: the end today's program to call the Class Financial office
Speaker 1: right here in Madison at six oh eight four four
Speaker 1: two five six three seven. If you are the first
Speaker 1: car correct answer, you win this week's prize, which is
Speaker 1: a twenty five dollars gift card to Starbucks. This week's
Speaker 1: Coss Quiz question the week Is this true or false?
Speaker 1: Your beneficiary designations on your investment accounts will often over
Speaker 1: ride your will or trust. Is that true or is
Speaker 1: that false? Telephone number six oh eight four four two
Speaker 1: five six three seven, first Corot correct answer when that's
Speaker 1: twenty five dollars gift card Starbucks and again that's COSS
Speaker 1: Financials office right here in Madison. That number six oh
Speaker 1: eight four four two five six three seven. Eric Kyle,
Speaker 1: It's always great chatting with you, always very informative. You guys,
Speaker 1: enjoy this beautiful Dan and we'll talk real soon. Yeah,
Speaker 1: thanks Sean, see you guys. Doctor Marty Greer, she joins us.
Speaker 1: Next talk about what kind of we're going to look
Speaker 1: behind the scenes of what goes on in a vet clinic,
Speaker 1: what it takes to become a veterinarian or a vet
Speaker 1: tech or work in a veterinary clinic. We're to talk
Speaker 1: with doctor Grew about that next. Right here on thirteen ten,
Speaker 1: Wiba