2020-02

Inheritance 101: Everything You Need to Know

Whether you’re trying to build an estate plan or deciding how to invest an inheritance, there are some things you need to be aware of. Let’s look at inheritances from both sides and identify the common mistakes being made, how the SECURE Act changes planning, and Nathan’s own experience with inheritances.
 
Show notes and additional resources: https://wp.me/paIiUZ-el 
 
Today's rundown: 
1:26 – Fun fact for the show: 90% of Americans live within 10 miles of a Walmart.
2:51 – Today we’re talking Inheritance 101 and how the SECURE Act impacts that.
3:15 – What do people need to know about tax implications of inheritances?
5:01 – What are the major changes in the near future for people inheriting money?
6:16 – With the elimination of the Strech IRA, that really targets the children.
7:04 – Nathan had his own inheritance that was grandfathered in.
8:17 – Roth conversions might be great for some and not for others.
8:48 – What are some common mistakes Nathan sees people make with their estate?
9:51 – Leaving land and farms is a very common thing here and it can cause problems with children.  
11:25 – You need to be having conversations with the family and make plans ahead of time.
12:16 – What are some common mistakes for people on the receiving end of the inheritance?
13:17 – Nathan shares a client story about someone that received a $250K inheritance at 27 and it was gone within the year.
15:22 – If you receive an inheritance, what are the first steps you should take?
17:51 – Email question: My son graduated from college and his grandfather gave him $10,000 for a gift but it can only be used for investing. My son has asked me what he should do with it but I don’t know what to tell him. Thoughts?

How Often Does a Financial Advisor Answer These Questions?

How often do advisors see certain situations? Are you alone in your questions or are they common scenarios?
 
Show notes and additional resources: https://wp.me/paIiUZ-ek 
 
Today's rundown: 
2:25 - In the News: Former Wells Fargo CEO John Stumpf to pay millions in fines.
3:38 - How we respond to the market recently taking a bit of a dip, in part with the Coronavirus.
5:16 - How often do people ask, “Can I retire tomorrow?”
6:20 - How often do clients go against the advisor’s advice?
9:16 - It’s good to challenge advisors to understand the reasons for their financial advice.
9:49 - How often does a client cry?
11:23 - How often does a client say they need a million dollars before retiring?
13:48 - Mailbag: Should I sell my rental properties to pay off debt?