What to do when a parent dies?

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Welcome to something more with Chris Boyd.

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Chris Boyd is a certified financial planner practitioner

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and senior vice president financial advisor at Wealth

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Enhancement Group, one of the nation's largest registered

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investment advisors.

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We call it something more because we'd like

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to talk not only about those important dollar

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and cents issues but also the quality of

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life issues that make the money matters matter.

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Here he is, your fulfillment facilitator, your partner

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in prosperity, advising clients on Cape Cod and

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across the country.

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Here's your host, Jay Christopher Boyd.

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All right, joining me today is Jeff Perry

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and Russ Paul.

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We are all from the AMR team at

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Wealth Enhancement Group.

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Thanks for being with us.

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And today, you know, we had occasion where

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we had a client who was talking to

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us about the passing of a parent and

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the thought occurred to me that this this

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is not unique.

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We run into circumstances like this with some,

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you know, frequency.

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Not, you know, not all the time, of

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course, but, you know, where a family member

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dies and there's a need for thinking about

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some of the planning and issues that come

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out of that.

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And we thought we'd talk about that today

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on our show.

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Try to give you some helpful, thoughtful things

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to consider as you embark on that kind

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of a circumstance.

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Jeff, do you want to just comment a

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little bit about this?

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I mean, you've been through it, too, I'm

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sure.

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So I have.

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It's been five years next month since my

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mother passed.

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And, you know, I think, first of all,

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we should address kind of the emotional thing.

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I think there's a tendency when we have

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a loss of that significance to, you know,

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want to start taking care of the details

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and getting into whatever the things, you know,

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many of these things we're going to talk

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about today.

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But it's important that you allow yourself time

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to grieve.

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You allow yourself to have those emotions and

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that you surround yourself with emotional support and

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not just throw yourself into the logistics and

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the details.

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Well, that's a really good point.

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I think far too often people are prone

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to just try to maybe it's nervous energy,

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busy energy, but they tend to jump right

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into it and want to resolve everything instantaneously.

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I think it's because they're trying, you know,

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they know they can't fix the situation.

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They know they can't bring mom back and,

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you know, your dad back, whatever.

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And I know you've been you lost your

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dad.

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So you have a reference to this as

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well.

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So we kind of focus on what we

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can control.

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Right.

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And so we can control about doing paperwork.

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We can control about checking on the house

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or checking on the surviving spouse if there

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is one or whatever it is.

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And so we just throw ourself into that

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and we don't allow ourselves to really kind

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of settle into what's happened and, you know,

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the emotional side of it and taking care

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of the family members and, you know, the

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emotional side of it, not just the details,

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but the details are important.

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And I know we're going to focus on

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those.

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But yeah, I just wanted to have my

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opening thoughts about That's a great point.

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I think and I think it's too often

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we run into circumstances where people that in

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that nervous energy or whatever.

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Yeah.

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They just and sometimes it's anxiety, right?

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Sure.

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Well, maybe I you know, do we have

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enough to cover these issues?

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Is there cash?

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Is there liquidity?

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We got to get the life insurance moving.

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We got to move the IRAs or, you

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know, whatever.

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They start jumping right in and thinking, oh,

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let's let's get into crisis mode and address

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these things, right?

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And really, generally, those things that we're going

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to discuss and some that you've mentioned, they

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are not an emergency.

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I mean, there's no like, we need to

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do this today.

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It's good.

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It's good to get organized.

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It's good to move forward.

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But none of them are an emergency.

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So give yourself some, you know, give yourself

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some leeway, some grace to take care of

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the important things first and certainly get organized

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and move forward and get the details done

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and do the planning.

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But don't put extra anxiety on yourself.

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And I do think, you know, this maybe

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prelude, you know, does lead to the idea

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that it's important to do some for planning

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and forward planning in advance of some of

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these kind of circumstances when it comes to

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the estate planning, when it comes to having

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liquidity reserves, having some some important documents, maybe

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some guidance for whoever's coming in behind you,

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you know, to know what there is, where

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to find it, you know, some of those

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kind of things.

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But, you know, I think that's really a

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part of that thought process is the preparations

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that one can do for their family members.

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Well, it's an excellent point, Chris, because, you

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know, the two the two ends of this

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situation is someone who does a lot of

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planning communicates the plan to the executor, to

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the trustee, whatever it would be, to the

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family members.

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And so everybody kind of knows what the

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plan is, knows where the documents are, knows

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who the attorney is, know who the financial

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advisor is.

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And so it's that's one scenario, which is

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actually a gift you give to your family

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to to be prepared for your for your

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own death and to be clear on what

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you want, how you want things handled and

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have liquidity.

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So there's no one stressing about how the

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light's going to stay on at that house

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or mom's house versus the other the other

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scenario, which we see probably as frequently as

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the plan scenario is that no one knows

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anything.

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No one knows if there's a state plan.

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No one knows the passwords to any of

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the online accounts.

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No one knows if there's a safety deposit

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box.

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And that creates a huge amount, a lot

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of anxiety, avoidable anxiety, avoidable.

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Yeah, that's why I say it's a gift

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to your family.

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If you if you do the proper estate

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planning and you include family members where appropriate

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and really take that off of that burden,

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if you will, of putting that onto your

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family members when they're already in some type

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of grief, it is common for one partner,

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spouse, you know, to be more engaged.

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And it is common for one spouse to

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be less engaged in the financial life.

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It's not to say that's always the case.

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We run into some families where it's very

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much mutually involved.

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And, you know, Jeff, you talk about how

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you and your wife have regular a review

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of things together.

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And so there's a there's a good familiarity

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with all this stuff.

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Yes.

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But I think, you know, not everyone has

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that.

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And oftentimes when it's the surviving spouse who

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is left with the I don't I don't

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deal with this stuff.

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It's foreign to me.

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He she did all of that.

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It can be very stress filled because now

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it's suddenly I have to learn something I've

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been putting off for, you know, all these

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years and never really wanted to know because

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that was their thing, you know, so it

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can add stress.

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But it is, I think, important for there

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to be some involvement to the point where

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there's at least sufficient awareness of some of

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these things.

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And the more you can do some of

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that, even on the periphery, the better you

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are when the time comes that you step

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into that role of I now I need

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to be more involved, it's not as uncomfortable,

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maybe, or overwhelming about, you know, we've been

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dealing with volatile markets lately.

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Well, that's something that if you've never done

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it before, suddenly it becomes really anxious, ridden

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in a time when you're like, do I

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have enough?

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Will it will be able to make ends

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meet?

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And so, you know, all the things that

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people do in this time when they are

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grieving.

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So, yeah, just try to share some of

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that.

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Not only the hey, this is where my

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important documents are kept and here's a letter

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of instruction, you know, who to call when

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something happens, which is a really good idea.

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That'd be great.

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Right.

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You know, but OK, so, Jeff, Russ, I

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think you wanted to add something.

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Am I right?

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Well, I guess just to Jeff's point, I

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think there's such a level of overwhelm, whether

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it's a spouse or a parent or especially

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if it's a sudden passing, you know, there's

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so much going on.

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You have to call family members, you start

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getting letters, you you know, and then you

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have to think about funeral arrangements and these

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types of things.

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And especially if it's, you know, one person

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or a couple of people, it's it's a

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lot.

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It's a lot to deal with, let alone

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the financial.

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And the immediacy of it is, oh, we've

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got funeral arrangements.

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We've got to come up with an obituary,

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exactly, eulogies and all the things that go

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into that immediacy of.

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The passing and all the logistics involved on

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top of the emotional grief.

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Yeah, it's a lot to a lot to

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deal with.

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So so so usually the financial can take

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a backseat to that.

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It doesn't need to be addressed until after

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that has been done.

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Although I do see, by the way, it

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seems like people have a longer period from

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the time of one's passing to.

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It seems more common to me that culturally,

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you know what I mean?

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Yep, I see it like a celebration of

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life, you know, within a week or so.

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Suddenly, you know, people are going weeks and

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months between the time of passing to some

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of those very common.

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We're going to a service on Saturday and

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the lady has been deceased for probably two

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months.

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Yeah, yeah.

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Isn't that interesting?

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Well, in that case, you might be needing

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to deal with some of the financials a

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little sooner, right?

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Not in that instance, but most instances you're

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dealing with this, you know, get through the

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grieving, the immediacy of all of that.

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00:10:46,030 --> 00:10:48,710
Then let's turn our attention to some of

275
00:10:48,710 --> 00:10:51,070
the financial implications.

276
00:10:51,070 --> 00:10:54,650
Now, we can talk about maybe some of

277
00:10:54,650 --> 00:10:57,330
the things that are common things people want

278
00:10:57,330 --> 00:10:57,910
to deal with.

279
00:10:58,590 --> 00:11:00,470
I mean, probably the first and most obvious

280
00:11:00,470 --> 00:11:03,470
is you need to obtain a death certificate

281
00:11:03,470 --> 00:11:08,630
that's usually provided through the funeral home in

282
00:11:08,630 --> 00:11:09,430
the process.

283
00:11:09,670 --> 00:11:10,810
They usually provide.

284
00:11:12,130 --> 00:11:12,870
They do.

285
00:11:13,210 --> 00:11:16,790
And one piece of advice from not only

286
00:11:16,790 --> 00:11:18,830
myself, but other people that I know have

287
00:11:18,830 --> 00:11:20,650
gone through this order more than you think

288
00:11:20,650 --> 00:11:21,170
you need.

289
00:11:22,610 --> 00:11:24,850
Yeah, there's a cost for a death certificate.

290
00:11:24,990 --> 00:11:25,990
You may not be aware of this, but

291
00:11:25,990 --> 00:11:28,970
an actual embossed or whatever they are, you

292
00:11:28,970 --> 00:11:29,770
know, death certificate.

293
00:11:30,190 --> 00:11:33,190
There's a charge to obtain those.

294
00:11:33,690 --> 00:11:35,170
Some people tend to be a little bit

295
00:11:35,170 --> 00:11:36,690
hesitant to say, oh, how many do I

296
00:11:36,690 --> 00:11:37,370
really need?

297
00:11:38,130 --> 00:11:40,350
But so, you know.

298
00:11:40,730 --> 00:11:40,990
Yeah.

299
00:11:41,030 --> 00:11:44,110
Don't order one, you know, just to think

300
00:11:44,110 --> 00:11:47,550
you can photocopy it because many institutions require

301
00:11:47,550 --> 00:11:48,490
an original.

302
00:11:48,490 --> 00:11:48,990
Right.

303
00:11:50,010 --> 00:11:51,990
So who might be examples of people that

304
00:11:51,990 --> 00:11:54,390
would require a death certificate?

305
00:11:54,510 --> 00:11:54,790
Jeff?

306
00:11:55,230 --> 00:11:58,290
Well, certainly any governmental agency, you know, depending

307
00:11:58,290 --> 00:12:01,570
if you're applying for survivor benefits on a

308
00:12:01,570 --> 00:12:04,450
pension, perhaps, or maybe you're going to look

309
00:12:04,450 --> 00:12:06,590
at survivor benefits on Social Security.

310
00:12:06,710 --> 00:12:11,090
Any governmental, the Veterans Association, Veterans Administration, they

311
00:12:11,090 --> 00:12:12,590
would be they'd want originals.

312
00:12:12,790 --> 00:12:16,110
And I think there's some, you know, brokerage

313
00:12:16,110 --> 00:12:18,810
firms and other financial institutions that want to,

314
00:12:19,830 --> 00:12:22,790
you know, and just your life insurance.

315
00:12:23,090 --> 00:12:23,930
Oh, definitely.

316
00:12:24,070 --> 00:12:24,270
Yeah.

317
00:12:24,350 --> 00:12:26,090
And there's two types of by the way,

318
00:12:26,130 --> 00:12:27,330
there's two types of death certificates.

319
00:12:28,230 --> 00:12:30,150
One has the cause of death and all

320
00:12:30,150 --> 00:12:32,570
the details and one does not have that.

321
00:12:34,030 --> 00:12:34,970
So good point.

322
00:12:36,010 --> 00:12:38,810
Circumstances, maybe you don't necessarily need that information.

323
00:12:39,050 --> 00:12:39,310
That's right.

324
00:12:39,570 --> 00:12:41,470
So if that's one of your concerns about,

325
00:12:41,490 --> 00:12:43,790
you know, sharing death certificates, there is a

326
00:12:43,790 --> 00:12:45,430
short version, a long version.

327
00:12:46,190 --> 00:12:49,310
And I believe that the you know, the

328
00:12:49,310 --> 00:12:52,010
governmental agencies certainly will take a short version.

329
00:12:52,950 --> 00:12:55,030
A life insurance may require a long version

330
00:12:55,030 --> 00:12:57,090
depending on the cause of death and depending

331
00:12:57,090 --> 00:12:58,090
on the policy type.

332
00:12:58,790 --> 00:12:58,930
Right.

333
00:12:59,230 --> 00:12:59,610
Yeah.

334
00:12:59,770 --> 00:13:00,250
Not sure.

335
00:13:00,510 --> 00:13:00,970
Good point.

336
00:13:01,230 --> 00:13:03,290
That's a tidbit I hadn't even thought of.

337
00:13:03,530 --> 00:13:03,730
Yeah.

338
00:13:04,910 --> 00:13:11,190
I think there's a temptation to maybe be

339
00:13:11,190 --> 00:13:15,450
hesitant to inform the pension company and the

340
00:13:15,450 --> 00:13:19,770
Social Security that there's been a passing because

341
00:13:19,770 --> 00:13:22,970
it's like there's income coming in that might

342
00:13:22,970 --> 00:13:26,470
be changed or disrupted, but guess what?

343
00:13:27,710 --> 00:13:30,530
It's the law and Social Security is one

344
00:13:30,530 --> 00:13:34,210
of those mandated when there's a death certificate

345
00:13:34,210 --> 00:13:37,890
filed, it automatically goes to Social Security Administration.

346
00:13:38,390 --> 00:13:40,330
So there's not a lot of people 300

347
00:13:40,330 --> 00:13:41,090
years old.

348
00:13:41,490 --> 00:13:44,350
Well, I'm not saying there's not flaws in

349
00:13:44,350 --> 00:13:44,890
the system.

350
00:13:45,030 --> 00:13:45,910
I couldn't resist.

351
00:13:46,170 --> 00:13:46,470
I know.

352
00:13:46,590 --> 00:13:48,130
Or data entry mistakes.

353
00:13:48,390 --> 00:13:48,530
Right.

354
00:13:48,950 --> 00:13:49,170
Yeah.

355
00:13:50,130 --> 00:13:52,250
But yes, you have to report these things

356
00:13:52,250 --> 00:13:53,150
in a timely manner.

357
00:13:53,350 --> 00:13:54,330
And, you know, we do see in the

358
00:13:54,330 --> 00:13:57,770
news some stories that people who passed away

359
00:13:57,770 --> 00:13:59,510
and, you know, people don't report it.

360
00:13:59,630 --> 00:14:01,690
And things get Social Security fraud and it

361
00:14:01,690 --> 00:14:02,250
does happen.

362
00:14:02,390 --> 00:14:04,270
But if you go to a funeral home

363
00:14:04,270 --> 00:14:05,850
and report, you know, and ask for a

364
00:14:05,850 --> 00:14:08,530
death certificate, which it's going to get back

365
00:14:08,530 --> 00:14:11,190
to so you may as well do it.

366
00:14:11,350 --> 00:14:11,450
Right.

367
00:14:11,490 --> 00:14:12,150
And yeah.

368
00:14:12,210 --> 00:14:13,370
And just you don't want to be in

369
00:14:13,370 --> 00:14:17,010
a position where you have to pay back

370
00:14:18,010 --> 00:14:21,130
substantial sums if you, you know, delayed very

371
00:14:21,130 --> 00:14:21,570
long.

372
00:14:21,650 --> 00:14:24,290
You know, I mean, things don't necessarily happen

373
00:14:24,290 --> 00:14:26,010
instantaneously, as we said.

374
00:14:26,130 --> 00:14:28,870
But you don't necessarily want to be in

375
00:14:28,870 --> 00:14:31,930
arrears for six months or a year or

376
00:14:31,930 --> 00:14:36,310
whatever, because that gets clawed back and you're

377
00:14:36,310 --> 00:14:38,250
you know, you end up having to repay

378
00:14:38,250 --> 00:14:40,690
that money and you don't want to have

379
00:14:40,690 --> 00:14:42,350
spent it and need it and, you know,

380
00:14:42,470 --> 00:14:43,350
all that kind of thing.

381
00:14:44,110 --> 00:14:44,230
So.

382
00:14:45,830 --> 00:14:50,570
OK, so in terms of life insurance, I've

383
00:14:50,570 --> 00:14:52,430
been on the other side of this as

384
00:14:52,430 --> 00:14:54,630
a life insurance agent early in my career

385
00:14:55,450 --> 00:14:58,150
when we've had a death claim and delivering

386
00:14:58,150 --> 00:14:59,970
a check to a family.

387
00:14:59,970 --> 00:15:01,970
These days, I think mostly it comes in

388
00:15:01,970 --> 00:15:03,310
the form of some kind of an account

389
00:15:04,930 --> 00:15:07,430
that's an interest bearing account that you can

390
00:15:07,430 --> 00:15:08,810
write checks against or whatever.

391
00:15:09,010 --> 00:15:11,390
But, you know, same same concept, that notion

392
00:15:11,390 --> 00:15:16,370
of having those resources that have been planned

393
00:15:16,370 --> 00:15:16,650
for.

394
00:15:16,830 --> 00:15:19,230
And and I find that at least in

395
00:15:19,230 --> 00:15:21,950
the past, when I've been involved in this,

396
00:15:22,010 --> 00:15:24,710
it seemed to happen generally pretty quickly.

397
00:15:26,910 --> 00:15:29,250
Russ, did you have life insurance involved in

398
00:15:29,250 --> 00:15:32,050
your family story that was it something that

399
00:15:32,050 --> 00:15:35,970
happened quickly in terms of getting the death

400
00:15:35,970 --> 00:15:36,550
benefit?

401
00:15:37,410 --> 00:15:39,890
Well, you know, you need the like Jeff

402
00:15:39,890 --> 00:15:40,990
said, you need a death certificate.

403
00:15:41,190 --> 00:15:42,210
So that took a little while.

404
00:15:42,330 --> 00:15:44,590
And then if the submitted and then it

405
00:15:44,590 --> 00:15:45,790
did take it wasn't immediate.

406
00:15:45,790 --> 00:15:49,290
And I know some insurance policies offer like

407
00:15:49,290 --> 00:15:50,330
advance.

408
00:15:50,790 --> 00:15:50,990
Oh, yeah.

409
00:15:51,130 --> 00:15:52,990
But there's usually some cost associated.

410
00:15:53,130 --> 00:15:54,030
Yeah, yeah, yeah.

411
00:15:54,030 --> 00:15:56,470
So it's definitely not ideal, but it did

412
00:15:56,470 --> 00:16:00,370
take some time, probably two or three weeks,

413
00:16:00,510 --> 00:16:00,870
I would say.

414
00:16:01,710 --> 00:16:02,810
So, yeah, everything sorted.

415
00:16:03,390 --> 00:16:03,690
Yeah.

416
00:16:03,770 --> 00:16:05,110
Getting a death certificate and everything.

417
00:16:05,170 --> 00:16:06,590
I hear that and I think, well, that's

418
00:16:06,590 --> 00:16:07,050
pretty quick.

419
00:16:08,090 --> 00:16:12,210
Well, like if you need the access to

420
00:16:12,210 --> 00:16:13,970
the funds right away, if there wasn't proper

421
00:16:13,970 --> 00:16:16,190
planning done to get accounts in order and

422
00:16:16,190 --> 00:16:19,550
to get beneficiary designations on file, you know,

423
00:16:19,730 --> 00:16:21,010
it can change the dynamics.

424
00:16:21,270 --> 00:16:22,850
But it felt like a long time.

425
00:16:23,200 --> 00:16:23,470
Yeah.

426
00:16:23,470 --> 00:16:24,010
Yeah.

427
00:16:24,070 --> 00:16:26,270
When you're when you're in that moment trying

428
00:16:26,270 --> 00:16:28,350
to deal with it and plan for paying

429
00:16:28,350 --> 00:16:31,010
some bills and stuff, probably create stress.

430
00:16:34,410 --> 00:16:40,810
Banking is another topic that's challenging because it

431
00:16:40,810 --> 00:16:41,350
depends.

432
00:16:42,130 --> 00:16:42,350
Yeah.

433
00:16:42,490 --> 00:16:44,010
But on one level, you kind of want

434
00:16:44,010 --> 00:16:48,150
to keep those accounts open as funds come

435
00:16:48,150 --> 00:16:48,610
in.

436
00:16:48,610 --> 00:16:51,070
And I guess if you have a joint

437
00:16:51,070 --> 00:16:54,810
account, that can be much more efficient.

438
00:16:55,630 --> 00:16:59,850
On the other hand, you know, if you're

439
00:16:59,850 --> 00:17:04,069
getting checks made payable to a deceased person,

440
00:17:04,210 --> 00:17:05,829
how do you process those?

441
00:17:06,750 --> 00:17:08,290
Well, I think it's really important that you

442
00:17:08,290 --> 00:17:09,430
keep the bank account open.

443
00:17:10,109 --> 00:17:12,710
And, you know, even if there's money going

444
00:17:12,710 --> 00:17:15,349
out, it's the bank account can tell you

445
00:17:15,349 --> 00:17:17,450
a lot about the person's life and what

446
00:17:17,450 --> 00:17:19,210
their obligations are.

447
00:17:19,750 --> 00:17:21,690
A lot of people have auto pay set

448
00:17:21,690 --> 00:17:24,310
up for every bill that they have.

449
00:17:24,930 --> 00:17:28,470
So if nothing else, you're gaining information about

450
00:17:28,470 --> 00:17:30,350
what what you have to take care of

451
00:17:30,350 --> 00:17:32,010
if you're the executive for, you know, in

452
00:17:32,010 --> 00:17:32,490
this case.

453
00:17:33,270 --> 00:17:33,830
That's a good point.

454
00:17:35,250 --> 00:17:36,710
Auto pay, right?

455
00:17:37,150 --> 00:17:37,290
Yeah.

456
00:17:37,890 --> 00:17:39,990
These kind of things can be huge.

457
00:17:40,190 --> 00:17:43,050
I went to an FBA talk recently and

458
00:17:43,050 --> 00:17:45,230
I think we'll try to get the presenter

459
00:17:45,230 --> 00:17:47,270
as a guest sometime on our show.

460
00:17:48,030 --> 00:17:50,610
And she was talking about, you know, digital

461
00:17:50,610 --> 00:17:52,550
footprint and all this kind of thing.

462
00:17:52,730 --> 00:17:55,770
And I mean, your automatic banking is one

463
00:17:55,770 --> 00:17:58,110
example, and she was talking about a widower

464
00:17:58,110 --> 00:18:01,110
who he hadn't been paying the bills because

465
00:18:01,110 --> 00:18:02,650
it wasn't one of the bills he was

466
00:18:02,650 --> 00:18:05,690
used to paying and suddenly turned off, you

467
00:18:05,690 --> 00:18:09,630
know, and it's like, oh, yeah, that was

468
00:18:09,630 --> 00:18:11,230
paid out of her account, you know, that

469
00:18:11,230 --> 00:18:11,850
kind of thing.

470
00:18:12,790 --> 00:18:16,770
So you can imagine circumstances like that where,

471
00:18:16,930 --> 00:18:20,230
you know, if you're not keeping those accounts

472
00:18:20,230 --> 00:18:23,530
active, but better to be, you know, this

473
00:18:23,530 --> 00:18:27,110
is, again, for planning, make sure your accounts

474
00:18:27,110 --> 00:18:30,010
are joint accounts or in a trust or,

475
00:18:30,190 --> 00:18:33,310
you know, some mechanism that is appropriate for

476
00:18:33,310 --> 00:18:37,430
at your passing that can make those funds

477
00:18:37,430 --> 00:18:40,630
accessible readily, not require probate.

478
00:18:40,630 --> 00:18:43,250
You know, that kind of thing.

479
00:18:43,490 --> 00:18:46,290
One of the issues to the bank accounts

480
00:18:46,290 --> 00:18:48,270
and other accounts is passwords.

481
00:18:49,310 --> 00:18:49,470
Yeah.

482
00:18:50,210 --> 00:18:52,270
You know, more and more everything we do

483
00:18:52,270 --> 00:18:56,050
is online and passwords are something that people

484
00:18:56,050 --> 00:18:57,670
either have one and they keep in their

485
00:18:57,670 --> 00:18:59,590
head or they use a Google password or,

486
00:18:59,710 --> 00:19:02,350
you know, some other type of password management

487
00:19:02,350 --> 00:19:03,150
system.

488
00:19:03,450 --> 00:19:03,930
Right.

489
00:19:04,070 --> 00:19:06,010
They write them down on a sticky note

490
00:19:06,010 --> 00:19:07,570
somewhere that you'll never find.

491
00:19:09,230 --> 00:19:11,670
So it's because I can relate to that.

492
00:19:11,770 --> 00:19:12,330
Yeah, sure.

493
00:19:12,870 --> 00:19:14,690
It's a tricky question, though.

494
00:19:14,750 --> 00:19:18,830
I mean, we're inundated with protect your passwords,

495
00:19:19,030 --> 00:19:19,810
however, right.

496
00:19:20,250 --> 00:19:22,550
And then we're asking you, don't forget to

497
00:19:22,550 --> 00:19:24,730
share your passwords in case you pass away.

498
00:19:25,030 --> 00:19:25,230
Right.

499
00:19:25,330 --> 00:19:28,050
And don't don't write down words, but share

500
00:19:28,050 --> 00:19:28,230
your.

501
00:19:28,390 --> 00:19:29,070
Yeah, right.

502
00:19:29,190 --> 00:19:33,110
So it's possibly the virtues of one of

503
00:19:33,110 --> 00:19:36,330
those programs that helps to remind you, remember

504
00:19:36,330 --> 00:19:38,470
passwords, but does someone else know how to

505
00:19:38,470 --> 00:19:39,570
get access to that?

506
00:19:39,830 --> 00:19:41,050
And do they know that you're using it?

507
00:19:41,190 --> 00:19:41,370
Right.

508
00:19:41,490 --> 00:19:41,690
Yeah.

509
00:19:42,030 --> 00:19:44,470
So it's a it's a delicate issue, but

510
00:19:44,470 --> 00:19:46,710
it is it is a burden that you're

511
00:19:46,710 --> 00:19:50,310
putting on your executor or your heirs or

512
00:19:50,310 --> 00:19:52,070
the people that you're asking to take care

513
00:19:52,070 --> 00:19:55,790
of, you know, maybe a surviving spouses that

514
00:19:55,790 --> 00:19:58,170
you have access not just to the funds,

515
00:19:58,170 --> 00:20:00,650
but to the actual information that you need.

516
00:20:00,890 --> 00:20:01,330
Right.

517
00:20:01,570 --> 00:20:02,350
To manage.

518
00:20:02,350 --> 00:20:04,630
Well, we'll come back and do a deeper

519
00:20:04,630 --> 00:20:07,390
dive on digital assets and planning for that

520
00:20:07,390 --> 00:20:09,990
on another show, because I think that's a

521
00:20:10,910 --> 00:20:13,150
very full topic in and of itself.

522
00:20:13,710 --> 00:20:15,690
So going back to, you know, when a

523
00:20:15,690 --> 00:20:18,930
parent passes, you know, one of the obvious

524
00:20:18,930 --> 00:20:20,750
things is to make sure that the home

525
00:20:20,750 --> 00:20:21,370
is secure.

526
00:20:22,230 --> 00:20:22,430
Right.

527
00:20:22,870 --> 00:20:26,550
Who has keys besides you or do you?

528
00:20:26,810 --> 00:20:26,990
Right.

529
00:20:26,990 --> 00:20:29,470
But, you know, but making sure that you

530
00:20:29,470 --> 00:20:35,430
have that kind of limited, you know, as

531
00:20:35,430 --> 00:20:37,270
to who can access things.

532
00:20:38,270 --> 00:20:40,690
I was surprised that who had keys after

533
00:20:40,690 --> 00:20:44,130
my mother passed virtually virtually everyone.

534
00:20:46,110 --> 00:20:49,210
Yeah, well, and particularly if you have multiple

535
00:20:49,210 --> 00:20:53,730
family members, it would be natural for maybe

536
00:20:53,730 --> 00:20:56,090
multiple family members to have keys, but if

537
00:20:56,090 --> 00:20:59,430
you are the executor of the estate, you

538
00:20:59,430 --> 00:21:02,750
might want to have limits on who has

539
00:21:02,750 --> 00:21:06,710
access to what who's taking what from the

540
00:21:06,710 --> 00:21:09,530
home so that it goes by plan, you

541
00:21:09,530 --> 00:21:10,650
know, what's that?

542
00:21:10,870 --> 00:21:11,410
Change the locks.

543
00:21:11,890 --> 00:21:12,550
Change the locks.

544
00:21:12,670 --> 00:21:13,930
Yeah, probably.

545
00:21:14,190 --> 00:21:15,970
Probably the right answer, because you don't know.

546
00:21:17,210 --> 00:21:19,850
No, it could be lots of people that

547
00:21:19,850 --> 00:21:20,950
aren't family as well.

548
00:21:21,030 --> 00:21:23,010
Could be a repair person that had a

549
00:21:23,010 --> 00:21:24,230
key for a moment and no one got

550
00:21:24,230 --> 00:21:24,750
it back.

551
00:21:25,410 --> 00:21:26,310
Yeah, could be.

552
00:21:26,630 --> 00:21:27,070
Who knows?

553
00:21:27,610 --> 00:21:31,450
Secure the property and also the property, the

554
00:21:31,450 --> 00:21:32,790
valuables inside the property.

555
00:21:33,210 --> 00:21:33,850
Yeah, right.

556
00:21:34,130 --> 00:21:36,630
You know, that's also important to consider, especially

557
00:21:36,630 --> 00:21:38,990
if you don't know who has access and

558
00:21:38,990 --> 00:21:39,890
turn off the water.

559
00:21:40,630 --> 00:21:40,810
Yeah.

560
00:21:41,210 --> 00:21:42,170
Oh, good point.

561
00:21:42,510 --> 00:21:42,750
Yeah.

562
00:21:45,770 --> 00:21:49,890
Laughing because I'm I'm notoriously been bad with

563
00:21:49,890 --> 00:21:52,510
that on our own house with the change

564
00:21:52,510 --> 00:21:55,590
in seasons, much better now after learning a

565
00:21:55,590 --> 00:21:55,930
lesson.

566
00:22:00,330 --> 00:22:05,750
What about things like Medicare or the Veterans

567
00:22:05,750 --> 00:22:06,550
Administration?

568
00:22:07,830 --> 00:22:09,790
How how does one go about that?

569
00:22:12,800 --> 00:22:15,300
You know, that becomes another topic to think

570
00:22:15,300 --> 00:22:15,580
about.

571
00:22:15,680 --> 00:22:19,440
Make sure you get these, um, uh, particularly

572
00:22:19,440 --> 00:22:23,900
if there's outstanding costs with regard to medical

573
00:22:23,900 --> 00:22:26,200
expenses late, late in life.

574
00:22:28,860 --> 00:22:33,520
Find and, you know, identify legal documents.

575
00:22:35,200 --> 00:22:39,000
If there is a will, it may be

576
00:22:39,000 --> 00:22:42,660
the guidance of how things are handled for

577
00:22:42,660 --> 00:22:43,920
settling in a state.

578
00:22:44,520 --> 00:22:47,380
Um, and I think what's funny about this,

579
00:22:47,500 --> 00:22:50,060
Jeff, is that far too often people really

580
00:22:50,060 --> 00:22:52,100
don't know what they don't know when it

581
00:22:52,100 --> 00:22:54,480
comes to the settling of an estate.

582
00:22:54,840 --> 00:22:57,900
There's there's a lot involved and we tend

583
00:22:57,900 --> 00:23:00,940
to think, well, I can do this.

584
00:23:01,360 --> 00:23:03,120
You know, it's it's not that big a

585
00:23:03,120 --> 00:23:03,280
deal.

586
00:23:03,980 --> 00:23:05,640
And sometimes that's true.

587
00:23:05,700 --> 00:23:08,140
But there's oftentimes there's things that get overlooked

588
00:23:08,140 --> 00:23:10,880
in that process and there may be reasons

589
00:23:10,880 --> 00:23:13,540
it's advantageous to to deal with it.

590
00:23:13,880 --> 00:23:15,780
Give you an example of something that came

591
00:23:15,780 --> 00:23:16,360
up recently.

592
00:23:16,580 --> 00:23:19,180
The idea of some widow we were talking

593
00:23:19,180 --> 00:23:19,680
with.

594
00:23:19,980 --> 00:23:21,400
If it was a widow or widower.

595
00:23:21,900 --> 00:23:24,320
But anyway, a family we're talking with and

596
00:23:26,300 --> 00:23:31,900
the residents of the house, there was never

597
00:23:31,900 --> 00:23:35,360
anything done to address the do you remember

598
00:23:35,360 --> 00:23:35,860
who this was?

599
00:23:35,900 --> 00:23:36,580
I forgot who it was.

600
00:23:36,700 --> 00:23:38,500
Well, but just the step up in basis

601
00:23:38,500 --> 00:23:41,720
that would be benefited on the house at

602
00:23:41,720 --> 00:23:43,260
the first spouse's passing.

603
00:23:43,900 --> 00:23:49,140
There's never been any steps to make that

604
00:23:49,140 --> 00:23:54,260
notation, make that, you know, materialize that the

605
00:23:54,260 --> 00:23:56,120
virtue of how are we going to get

606
00:23:56,120 --> 00:23:57,740
that benefit of a step up?

607
00:23:57,800 --> 00:24:01,980
And this is was there any appraisal being

608
00:24:01,980 --> 00:24:03,420
done at that time?

609
00:24:03,540 --> 00:24:06,420
Was there a filing of an estate tax

610
00:24:06,420 --> 00:24:09,660
to address these kinds of issues?

611
00:24:10,440 --> 00:24:14,880
Were brokerage accounts changed so that the basis

612
00:24:14,880 --> 00:24:18,840
of investment assets that were jointly owned adjusted

613
00:24:18,840 --> 00:24:23,100
to to include half of that step up

614
00:24:23,100 --> 00:24:24,240
in basis or whatever?

615
00:24:24,640 --> 00:24:26,620
So there's a variety of different circumstances.

616
00:24:26,620 --> 00:24:28,760
So it's hard to speak generically about this.

617
00:24:29,540 --> 00:24:33,420
But these are things that oftentimes people don't

618
00:24:33,420 --> 00:24:34,500
know to do.

619
00:24:34,780 --> 00:24:40,220
But if they don't, it can undermine the

620
00:24:40,220 --> 00:24:42,160
end of paying more taxes is ultimately what

621
00:24:42,160 --> 00:24:42,620
it means.

622
00:24:42,820 --> 00:24:45,880
And they may be benefited by actually seeking

623
00:24:45,880 --> 00:24:49,460
counsel from a professional lawyer who does a

624
00:24:49,460 --> 00:24:52,960
state settlement, you know, kinds of the wills

625
00:24:52,960 --> 00:24:53,440
and trusts.

626
00:24:53,800 --> 00:24:55,900
Just that issue alone would probably save.

627
00:24:56,260 --> 00:24:57,900
And depending on the size of the asset,

628
00:24:58,220 --> 00:25:01,220
the cost of the woods, you know, the

629
00:25:01,220 --> 00:25:05,460
typical household could tip could cost you more

630
00:25:05,460 --> 00:25:07,800
by not getting professional advice.

631
00:25:07,800 --> 00:25:09,780
Yeah, it's a good example, right?

632
00:25:10,820 --> 00:25:13,900
So find those documents, identify who the relevant

633
00:25:13,900 --> 00:25:17,200
person is, who's going to essentially be used

634
00:25:17,200 --> 00:25:19,000
to call it an executor, executrix.

635
00:25:19,280 --> 00:25:19,940
What do they call it now?

636
00:25:20,020 --> 00:25:25,000
Representative, personal representative and identify that and get

637
00:25:25,000 --> 00:25:27,840
that process started, which is a lengthy process.

638
00:25:27,960 --> 00:25:33,540
It requires public notifications and inviting contests.

639
00:25:33,840 --> 00:25:35,480
And it's a judicial process.

640
00:25:35,480 --> 00:25:37,520
So it takes takes time.

641
00:25:37,880 --> 00:25:39,480
What are some other things that people need

642
00:25:39,480 --> 00:25:40,140
to think about?

643
00:25:41,680 --> 00:25:44,680
I have I wrote down one that pretty

644
00:25:44,680 --> 00:25:47,240
interesting to notify the credit bureaus and credit

645
00:25:47,240 --> 00:25:47,720
agencies.

646
00:25:47,780 --> 00:25:49,460
So there's no idea.

647
00:25:49,700 --> 00:25:52,100
Yeah, like the credit fraud.

648
00:25:52,240 --> 00:25:53,000
Yeah, exactly.

649
00:25:53,140 --> 00:25:55,140
That's one I haven't thought of, but it's

650
00:25:55,140 --> 00:25:56,160
the important one.

651
00:25:56,480 --> 00:25:56,660
Yeah.

652
00:25:56,980 --> 00:26:00,360
Sadly, I've read some articles on that.

653
00:26:00,460 --> 00:26:01,280
Russ, you're absolutely right.

654
00:26:01,280 --> 00:26:03,700
And sadly, most of the cases of fraud

655
00:26:03,700 --> 00:26:06,480
are related to the decedent.

656
00:26:07,700 --> 00:26:08,140
Right.

657
00:26:08,660 --> 00:26:10,300
You know, to that point, you got to

658
00:26:10,300 --> 00:26:13,960
cancel credit cards that aren't being used anymore.

659
00:26:14,660 --> 00:26:16,840
You've got to go through the process of,

660
00:26:17,360 --> 00:26:19,780
you know, turning off the electricity or moving

661
00:26:19,780 --> 00:26:21,820
it to a different name or whatever it's

662
00:26:21,820 --> 00:26:22,140
going to be.

663
00:26:22,200 --> 00:26:24,620
But these are things often many of these

664
00:26:24,620 --> 00:26:27,920
considerations, you know, changing the the title to

665
00:26:27,920 --> 00:26:29,740
your IRA, to the beneficiary.

666
00:26:29,740 --> 00:26:33,320
And these are things you probably should do

667
00:26:33,320 --> 00:26:37,020
after you've had that consultation with the attorney

668
00:26:37,020 --> 00:26:40,520
in case there are some decisions that, you

669
00:26:40,520 --> 00:26:44,500
know, this could have implications of the options

670
00:26:44,500 --> 00:26:47,420
of how you might handle some aspect of

671
00:26:47,420 --> 00:26:52,200
the estate, whether it's, you know, whether when

672
00:26:52,200 --> 00:26:55,560
you know what at what level do you

673
00:26:55,560 --> 00:26:58,300
consider the the value of the estate and

674
00:26:58,300 --> 00:26:59,060
what date?

675
00:26:59,060 --> 00:27:02,580
Well, some of these decisions could impact that

676
00:27:02,580 --> 00:27:05,100
prospect as an example.

677
00:27:08,440 --> 00:27:10,140
So that was a good one, I think,

678
00:27:10,180 --> 00:27:10,980
CARS.

679
00:27:12,260 --> 00:27:14,480
CARS is a tough one because it's, you

680
00:27:14,480 --> 00:27:16,600
know, even people who have family trusts, you

681
00:27:16,600 --> 00:27:17,980
know, they've done some work.

682
00:27:18,420 --> 00:27:21,220
So they've they want to avoid probate.

683
00:27:21,300 --> 00:27:22,240
They want to keep it private.

684
00:27:22,440 --> 00:27:24,640
They want an ease of transition and all

685
00:27:24,640 --> 00:27:26,420
the reasons that someone might do a family

686
00:27:26,420 --> 00:27:26,900
trust.

687
00:27:26,900 --> 00:27:27,520
Yeah.

688
00:27:28,280 --> 00:27:30,020
And they put their house into it.

689
00:27:30,060 --> 00:27:31,020
So that makes it easier.

690
00:27:31,140 --> 00:27:33,480
They put their brokerage account into it and

691
00:27:33,480 --> 00:27:34,960
then they kind of move on in life

692
00:27:34,960 --> 00:27:37,120
and say that was done and then they,

693
00:27:37,180 --> 00:27:39,280
you know, get a new car, right?

694
00:27:39,320 --> 00:27:41,660
Or they buy a boat or a mobile

695
00:27:41,660 --> 00:27:44,920
home, you know, an RV or something that

696
00:27:44,920 --> 00:27:48,240
isn't insignificant in value and does have to

697
00:27:48,240 --> 00:27:51,120
go through a process of who gets it.

698
00:27:51,260 --> 00:27:53,320
But if it's, you know, if it's not

699
00:27:53,320 --> 00:27:55,480
in the trust in my scenario here, it

700
00:27:55,480 --> 00:27:56,740
has to go through probate.

701
00:27:57,160 --> 00:27:59,520
And there is a simplified version of probate,

702
00:27:59,660 --> 00:28:01,200
you know, not a full blown probate.

703
00:28:01,340 --> 00:28:03,780
If it's just a simple vehicle, maybe and

704
00:28:03,780 --> 00:28:04,820
not a lot of assets.

705
00:28:05,060 --> 00:28:06,180
It's pretty quick, right?

706
00:28:06,560 --> 00:28:06,820
Right.

707
00:28:06,960 --> 00:28:08,000
But maybe not.

708
00:28:08,060 --> 00:28:10,920
Maybe this person has a lot of toys

709
00:28:10,920 --> 00:28:14,760
or extra things and it can create, you

710
00:28:14,760 --> 00:28:16,640
know, in the other example, I'm kind of

711
00:28:16,640 --> 00:28:19,620
going backwards here, but people create trust and

712
00:28:19,620 --> 00:28:20,420
never fund them.

713
00:28:21,200 --> 00:28:22,600
You know, they go through the whole legal

714
00:28:22,600 --> 00:28:23,060
process.

715
00:28:23,720 --> 00:28:25,460
That's that's actually a great one to bring

716
00:28:25,460 --> 00:28:25,720
up.

717
00:28:25,980 --> 00:28:26,140
Yeah.

718
00:28:26,780 --> 00:28:27,180
Yeah.

719
00:28:27,420 --> 00:28:29,720
Elaborate on that, because I think that's often

720
00:28:29,720 --> 00:28:30,080
the case.

721
00:28:30,120 --> 00:28:31,560
People go to the lawyer, they get their

722
00:28:31,560 --> 00:28:34,380
binder, put it on the shelf, kind of

723
00:28:34,380 --> 00:28:36,140
like you do with your tax return.

724
00:28:36,140 --> 00:28:38,700
And then you realize, you know, nine months

725
00:28:38,700 --> 00:28:40,380
later, you're supposed to have been doing these

726
00:28:40,380 --> 00:28:44,640
these estimates on your tax return.

727
00:28:45,380 --> 00:28:46,880
Well, there's things you got to do with

728
00:28:46,880 --> 00:28:47,600
your estate plan.

729
00:28:47,660 --> 00:28:48,600
Yeah, exactly.

730
00:28:48,600 --> 00:28:50,540
They get all the great advice and their

731
00:28:50,540 --> 00:28:54,400
lawyer spent hours and hours protecting their future

732
00:28:54,400 --> 00:28:55,280
and their heirs.

733
00:28:55,560 --> 00:28:57,940
And, you know, they they walk around and

734
00:28:57,940 --> 00:28:59,140
say, we have a family trust.

735
00:29:00,380 --> 00:29:02,460
And even if the lawyer was very, you

736
00:29:02,460 --> 00:29:05,340
know, most lawyers are very good at articulating

737
00:29:05,340 --> 00:29:07,560
like this is step one.

738
00:29:07,840 --> 00:29:09,180
You still have to do right.

739
00:29:09,280 --> 00:29:09,440
Yeah.

740
00:29:09,680 --> 00:29:09,860
Yeah.

741
00:29:09,860 --> 00:29:12,260
And here's, you know, I know attorneys who

742
00:29:12,260 --> 00:29:16,000
give their their clients worksheets like here are

743
00:29:16,000 --> 00:29:17,620
the items that should be in this trust

744
00:29:17,620 --> 00:29:20,100
and here's who to contact like I have

745
00:29:20,100 --> 00:29:21,280
a brokerage account, a Schwab.

746
00:29:21,460 --> 00:29:24,040
OK, we'll contact your financial advisor and they

747
00:29:24,040 --> 00:29:25,980
can help you put this asset into the

748
00:29:25,980 --> 00:29:28,120
trust and so forth.

749
00:29:28,220 --> 00:29:30,040
But they just think they're done when they

750
00:29:30,040 --> 00:29:32,260
left the lawyer's office, like your tax example.

751
00:29:33,100 --> 00:29:35,920
And so, you know, 10 years later, they

752
00:29:36,660 --> 00:29:40,200
pass away, unfortunately, and the loved ones know

753
00:29:40,200 --> 00:29:41,220
that they have a trust.

754
00:29:41,820 --> 00:29:42,500
But they have a plan.

755
00:29:42,760 --> 00:29:45,100
There's nothing in it, but they didn't fund

756
00:29:45,100 --> 00:29:46,140
the plan.

757
00:29:46,140 --> 00:29:49,780
So I didn't execute the plan properly, essentially.

758
00:29:50,120 --> 00:29:50,240
Right.

759
00:29:50,500 --> 00:29:53,260
So two two scenarios play out.

760
00:29:53,380 --> 00:29:54,680
One is they have a will and the

761
00:29:54,680 --> 00:29:56,380
will says everything goes to the trust.

762
00:29:56,600 --> 00:29:58,740
But that's still probate because you have a

763
00:29:58,740 --> 00:30:00,900
will cost and time and effort.

764
00:30:01,400 --> 00:30:04,180
Or the will says a whole different scenario

765
00:30:04,180 --> 00:30:05,100
than the trust.

766
00:30:05,600 --> 00:30:06,100
Yeah.

767
00:30:06,300 --> 00:30:06,640
Yeah.

768
00:30:06,700 --> 00:30:07,620
What's going to happen to.

769
00:30:07,760 --> 00:30:07,940
Right.

770
00:30:08,040 --> 00:30:08,240
Yeah.

771
00:30:08,680 --> 00:30:12,080
You know, beneficiaries ABCD and the will and

772
00:30:12,080 --> 00:30:16,860
beneficiaries ABCD EFG and the trust and there's

773
00:30:16,860 --> 00:30:17,880
no assets in the trust.

774
00:30:18,100 --> 00:30:20,140
So therefore the will is going to rule

775
00:30:20,140 --> 00:30:20,580
the day.

776
00:30:21,660 --> 00:30:23,700
And beneficiaries can be very different when it

777
00:30:23,700 --> 00:30:27,460
comes to the plan in the the trust,

778
00:30:27,660 --> 00:30:31,100
the estate plan from perhaps other types of

779
00:30:31,100 --> 00:30:33,940
assets like IRAs or the life insurance or

780
00:30:33,940 --> 00:30:34,300
annuities.

781
00:30:34,540 --> 00:30:37,100
These all have beneficiary designations.

782
00:30:37,780 --> 00:30:39,240
Sometimes they do.

783
00:30:39,240 --> 00:30:39,740
It does.

784
00:30:39,840 --> 00:30:41,840
It's like desirable to include the trust.

785
00:30:42,040 --> 00:30:44,620
Sometimes it's not desirable to include the trust.

786
00:30:44,740 --> 00:30:47,040
So these are things that usually your estate

787
00:30:47,040 --> 00:30:49,820
plan will include some guidance as to how

788
00:30:49,820 --> 00:30:53,540
the estate plan intends for these to be

789
00:30:53,540 --> 00:30:56,820
handled, but you still have to update the

790
00:30:56,820 --> 00:31:01,180
beneficiary designations to make it work in in

791
00:31:01,180 --> 00:31:04,520
concert with what the estate plan was.

792
00:31:04,520 --> 00:31:08,480
And other times people will just do things

793
00:31:08,480 --> 00:31:09,360
kind of differently.

794
00:31:09,680 --> 00:31:11,900
And then you've got these sort of two

795
00:31:11,900 --> 00:31:15,000
different plans kind of happening.

796
00:31:16,940 --> 00:31:19,820
I'm going to just touch on one quick

797
00:31:19,820 --> 00:31:21,160
thing because it's on my mind.

798
00:31:21,340 --> 00:31:23,600
We were talking about it just before coming

799
00:31:23,600 --> 00:31:26,300
in, and that is inherited IRAs.

800
00:31:26,380 --> 00:31:31,020
These are sometimes when you it's different from

801
00:31:31,020 --> 00:31:32,640
a spouse receiving an IRA.

802
00:31:32,640 --> 00:31:36,620
Typically, an individual like a child from a

803
00:31:36,620 --> 00:31:39,900
parent, you have a different kind of IRA.

804
00:31:40,100 --> 00:31:41,000
It's an inherited IRA.

805
00:31:41,240 --> 00:31:43,760
It's it doesn't roll over into your own

806
00:31:43,760 --> 00:31:44,160
IRA.

807
00:31:44,440 --> 00:31:45,580
It's its own animal.

808
00:31:46,520 --> 00:31:49,160
And similarly, when you have a distribution from

809
00:31:49,160 --> 00:31:53,900
it, which you will have presumably for every

810
00:31:53,900 --> 00:31:55,160
year after.

811
00:31:55,860 --> 00:31:57,280
Well, actually, it depends, right?

812
00:31:57,280 --> 00:32:02,900
It depends if your parent died after starting

813
00:32:02,900 --> 00:32:04,940
their required beginning date.

814
00:32:05,180 --> 00:32:06,420
They're they're they're benefit.

815
00:32:06,540 --> 00:32:08,320
They're requiring these solutions.

816
00:32:10,460 --> 00:32:13,600
Then you continue to have to have distribution

817
00:32:13,600 --> 00:32:18,000
requirements and they now have to be done

818
00:32:18,000 --> 00:32:19,000
every year.

819
00:32:20,540 --> 00:32:22,720
And you but by the end of the

820
00:32:22,720 --> 00:32:25,280
10 years, typically you have to have the

821
00:32:25,280 --> 00:32:25,980
whole amount out.

822
00:32:25,980 --> 00:32:28,160
There are some exceptions to this different rules

823
00:32:28,160 --> 00:32:30,220
for different circumstances.

824
00:32:30,220 --> 00:32:32,960
Maybe you're a sibling who inherits an IRA

825
00:32:32,960 --> 00:32:34,100
and you're within 10 years.

826
00:32:34,220 --> 00:32:35,740
That's a different tax treatment.

827
00:32:36,820 --> 00:32:40,780
But in any case, in this scenario, we're

828
00:32:40,780 --> 00:32:44,400
saying typically you have a 10 year withdrawal

829
00:32:44,400 --> 00:32:48,380
treatment, and if the distribution requirements have begun,

830
00:32:48,460 --> 00:32:50,540
you have to keep doing them and in

831
00:32:50,540 --> 00:32:52,480
past years over the last several years.

832
00:32:52,920 --> 00:32:54,520
The IRS hasn't enforced that.

833
00:32:54,520 --> 00:32:56,200
But this year they are.

834
00:32:56,420 --> 00:33:00,120
So if you have an inherited IRA, be

835
00:33:00,120 --> 00:33:03,580
sometimes called a beneficiary, a beneficiary IRA.

836
00:33:03,820 --> 00:33:06,280
If you have one of those and your

837
00:33:06,280 --> 00:33:09,960
parents were subject to RMDs, you're subject to

838
00:33:09,960 --> 00:33:13,180
RMD, make sure you're taking advantage of that.

839
00:33:13,220 --> 00:33:15,340
And the calculation of that is a little

840
00:33:15,340 --> 00:33:15,760
different.

841
00:33:15,920 --> 00:33:17,380
It's not the uniform table.

842
00:33:17,380 --> 00:33:19,580
It's a single life table and it just

843
00:33:19,580 --> 00:33:20,480
works differently.

844
00:33:20,760 --> 00:33:22,860
So get some help if you need it.

845
00:33:22,860 --> 00:33:24,800
But don't overlook it.

846
00:33:26,000 --> 00:33:27,460
Probably more to talk about there.

847
00:33:27,680 --> 00:33:29,760
But yeah, you could accelerate the RMD.

848
00:33:29,940 --> 00:33:32,800
You could you could take all the money.

849
00:33:33,000 --> 00:33:33,980
Oh, absolutely.

850
00:33:34,400 --> 00:33:35,240
Good point.

851
00:33:35,600 --> 00:33:35,700
Yeah.

852
00:33:35,760 --> 00:33:37,660
The IRS is happy for you to pay

853
00:33:37,660 --> 00:33:40,300
the tax on that at any time immediately.

854
00:33:41,160 --> 00:33:43,200
But that you have to do it within

855
00:33:43,200 --> 00:33:44,900
the 10 years for most instances.

856
00:33:44,900 --> 00:33:47,260
If it's a certain kind of trust, it

857
00:33:47,260 --> 00:33:50,940
might be five years, depending on the circumstances.

858
00:33:50,940 --> 00:33:53,560
And, you know, so there are a few

859
00:33:53,560 --> 00:33:55,620
examples of a five year payout period.

860
00:33:55,980 --> 00:33:58,940
And then there are some rare, unique examples

861
00:33:58,940 --> 00:34:00,420
where you can do it over the old

862
00:34:00,420 --> 00:34:08,320
rules, like a lifetime stretch distribution, lifetime of

863
00:34:08,320 --> 00:34:10,100
the beneficiary of the beneficiary.

864
00:34:10,219 --> 00:34:10,480
Yes.

865
00:34:10,620 --> 00:34:14,380
But those are rare now for new deaths,

866
00:34:14,520 --> 00:34:15,300
you know, that kind of thing.

867
00:34:15,600 --> 00:34:18,420
So what was it, 2020 when that changed?

868
00:34:18,420 --> 00:34:24,260
People who had inherited IRA before 2020, you

869
00:34:24,260 --> 00:34:26,940
still may benefit from the stretch IRA rules.

870
00:34:27,940 --> 00:34:29,960
Talk to a professional if you need help.

871
00:34:30,300 --> 00:34:32,560
And again, that's a good example of the

872
00:34:32,560 --> 00:34:34,860
kind of reason why you listen to the

873
00:34:34,860 --> 00:34:37,500
show and the kind of help that good

874
00:34:37,500 --> 00:34:40,199
financial counsel can provide.

875
00:34:40,580 --> 00:34:41,820
We try to help you with some of

876
00:34:41,820 --> 00:34:42,520
that on our show.

877
00:34:42,699 --> 00:34:44,620
So please share that with others.

878
00:34:44,940 --> 00:34:46,480
Good lessons learned, we hope.

879
00:34:46,480 --> 00:34:49,480
And we hope you will share it and

880
00:34:49,480 --> 00:34:52,239
like and helps people find the show.

881
00:34:52,620 --> 00:34:53,199
Share it with a friend.

882
00:34:53,900 --> 00:34:54,739
Makes a difference.

883
00:34:55,280 --> 00:34:57,100
And we hopefully you don't want to be

884
00:34:57,100 --> 00:34:59,700
that person who says late in life.

885
00:35:00,560 --> 00:35:02,440
How'd you how'd you come to do this?

886
00:35:02,500 --> 00:35:04,600
And the answer would be, I listened to

887
00:35:04,600 --> 00:35:05,460
something more.

888
00:35:06,260 --> 00:35:08,360
And why didn't you share it with me?

889
00:35:08,760 --> 00:35:09,240
Right.

890
00:35:09,500 --> 00:35:09,740
Right.

891
00:35:10,000 --> 00:35:12,900
So it's speaking of sharing, Chris, in the

892
00:35:12,900 --> 00:35:15,120
show notes, I'm going to attach a checklist

893
00:35:15,120 --> 00:35:18,340
as well as a article by Wealth Enhancement

894
00:35:18,340 --> 00:35:20,840
Group that Russ brought to our attention that

895
00:35:20,840 --> 00:35:22,780
might be a little bit more information for

896
00:35:22,780 --> 00:35:22,980
you.

897
00:35:23,320 --> 00:35:25,880
So the checklist.

898
00:35:26,200 --> 00:35:27,440
Tell about that checklist.

899
00:35:28,280 --> 00:35:30,860
It's a checklist of things that you would

900
00:35:30,860 --> 00:35:33,400
think about doing if the parent died.

901
00:35:33,560 --> 00:35:34,700
And it would, you know, a lot of

902
00:35:34,700 --> 00:35:36,300
them, a common sense that you're going to

903
00:35:36,300 --> 00:35:37,600
know about, you're going to think about.

904
00:35:37,920 --> 00:35:39,840
But some of them aren't so common.

905
00:35:40,020 --> 00:35:42,040
It might just save you some time and

906
00:35:42,040 --> 00:35:44,480
save you some stress in a very difficult

907
00:35:44,480 --> 00:35:45,220
situation.

908
00:35:45,480 --> 00:35:45,880
You know what, Jeff?

909
00:35:45,920 --> 00:35:49,840
We also have a recent checklist about a

910
00:35:49,840 --> 00:35:51,080
parent that's aging.

911
00:35:51,480 --> 00:35:51,820
We do.

912
00:35:52,280 --> 00:35:53,420
Why don't we include that, too?

913
00:35:53,500 --> 00:35:55,700
Just if it's helpful, people might be dealing

914
00:35:55,700 --> 00:35:57,620
with different stages along the way.

915
00:35:58,920 --> 00:36:00,260
This might be a tool that could be

916
00:36:00,260 --> 00:36:01,480
a resource as well.

917
00:36:01,540 --> 00:36:03,160
Yeah, we have a lot of resources and

918
00:36:03,160 --> 00:36:04,780
feel free to reach out to us.

919
00:36:04,820 --> 00:36:07,000
We can provide these resources pretty quickly via

920
00:36:07,000 --> 00:36:07,760
email to you.

921
00:36:07,960 --> 00:36:10,380
If you're watching a video and maybe don't

922
00:36:10,380 --> 00:36:11,720
have access to the show notes.

923
00:36:12,260 --> 00:36:13,420
Please reach out to us.

924
00:36:13,460 --> 00:36:14,160
We're happy to help.

925
00:36:14,520 --> 00:36:15,260
Let's just review that.

926
00:36:15,380 --> 00:36:16,940
You can find us on YouTube through the

927
00:36:16,940 --> 00:36:19,200
Wealth Enhancement Group's YouTube channel.

928
00:36:19,620 --> 00:36:21,960
You can find us on something more with

929
00:36:21,960 --> 00:36:24,120
Chris Boyd dot com, our Web page.

930
00:36:24,800 --> 00:36:26,920
And of course, you can find us through

931
00:36:26,920 --> 00:36:30,160
whether it's the audio podcast, wherever you like

932
00:36:30,160 --> 00:36:32,760
to listen to podcasts, you can find us

933
00:36:32,760 --> 00:36:33,080
there.

934
00:36:33,180 --> 00:36:35,240
Please share that wherever you like to listen.

935
00:36:35,780 --> 00:36:36,400
Share it with others.

936
00:36:36,680 --> 00:36:37,240
Thanks, everybody.

937
00:36:37,680 --> 00:36:40,180
Until next time, keep striving for something more.

938
00:36:41,720 --> 00:36:43,880
Thank you for listening to something more with

939
00:36:43,880 --> 00:36:44,580
Chris Boyd.

940
00:36:44,860 --> 00:36:47,060
Call us for help, whether it's for financial

941
00:36:47,060 --> 00:36:50,960
planning or portfolio management, insurance concerns or those

942
00:36:50,960 --> 00:36:53,000
quality of life issues that make the money

943
00:36:53,000 --> 00:36:56,180
matters matter, whatever's on your mind, visit us

944
00:36:56,180 --> 00:36:58,320
at something more with Chris Boyd dot com

945
00:36:58,320 --> 00:37:00,820
or call us toll free at eight six

946
00:37:00,820 --> 00:37:04,580
six seven seven one eight nine zero one

947
00:37:04,580 --> 00:37:07,120
or send us your questions to A.M

948
00:37:07,120 --> 00:37:10,420
.R. dash info at Wealth Enhancement dot com.

949
00:37:10,420 --> 00:37:12,540
You're listening to something more with Chris Boyd.

950
00:37:12,560 --> 00:37:15,160
Financial talk show, Wealth Enhancement Advisory Services and

951
00:37:15,160 --> 00:37:17,280
Jay Christopher Boyd provide investment advice on an

952
00:37:17,280 --> 00:37:18,860
individual basis to clients only.

953
00:37:19,000 --> 00:37:21,000
Proper advice depends on a complete analysis of

954
00:37:21,000 --> 00:37:22,200
all facts and circumstances.

955
00:37:22,460 --> 00:37:24,280
The information given on this program is general

956
00:37:24,280 --> 00:37:26,320
financial comments and cannot be relied upon as

957
00:37:26,320 --> 00:37:27,920
pertaining to your specific situation.

958
00:37:28,120 --> 00:37:30,080
Wealth Enhancement Group cannot guarantee that using the

959
00:37:30,080 --> 00:37:32,080
information from this show will generate profits or

960
00:37:32,080 --> 00:37:33,200
ensure freedom from loss.

961
00:37:33,420 --> 00:37:35,560
Listeners should consult their own financial advisors or

962
00:37:35,560 --> 00:37:37,660
conduct their own due diligence before making any

963
00:37:37,660 --> 00:37:38,420
financial decisions.