Take Point on Retirement – May 1st 2021

TAKE POINT FOR 5-01-21 FINAL.mp3: Audio automatically transcribed by Sonix

TAKE POINT FOR 5-01-21 FINAL.mp3: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker1:
The following paid program is prerecorded and sponsored by Take Point Wealth Management on the Nature Coast of Florida take point on retirement, a well rounded show from a well-rounded team leading you into retirement. Listen, Saturday mornings for an hour of simple retirement advice from your friends at take point to wealth management. Saturday mornings, seven 30. Well, good Saturday morning to you, this is a prerecorded program of take point on retirement. It's all about your retirement, a stress free retirement. It's all about your financial future from the fine folks and friends at take point wealth management up and down the nature coast within our listening area, they've got offices wherever you're at to help you either visit them or online and take point. Well, dot com. That's right. Take point. Wealth management up and down the nature coast here with free advice, financial analysis, consultations, evaluations, take point. Wealth management in a fine field of friends to help you. Well-rounded legal professionals ready standing by to assist you, including Randy Woodruff, certified public accountant with Take Point Wealth Management. Erik Arnet, lead advisor, retirement planner, busy with clients as we speak. So, Randy, the mike is your works.

Speaker2:
Well, good morning, J.W..

Speaker1:
Good morning.

Speaker2:
Actually, Eric's not with clients. He's actually taking a much needed vacation, but. Oh, well, we actually let him out of the office for a whole week, and the

Speaker1:
Cat's out of the bag.

Speaker2:
Cat's out of the bag. He's in. One of the things that Eric really enjoys doing is fishing. And he's down in the Boca grand area, I believe, and with his lovely bride and get a little fishing time in and some R and R. He's been working really hard and we had a lot of activity first of the year, especially with it being tax season. Yeah. People coming in and making some adjustments to their investments and first of the year and feel like people have knew where they call that New Year's resolutions and just new goals and plans. And so and he's really been busy the first quarter of the year. So we're going to take a much needed break.

Speaker1:
By the way, what good is life if you can't practice what you preach?

Speaker2:
Right, exactly. So it's good to be stress free every now and again, even when you're not retired yet, you know, and take a week off and enjoy so

Speaker1:
Much because your financial future is secure. You have no stress, no worry.

Speaker2:
If you know the future's bright, you can you can rest easy. So the enemy's down there doing that right now. But I thought we would do is you mentioned as we were opening up, we have a lot of friends and and colleagues and other professionals in the industry that Eric and I reach out to to help our clients achieve that stress free retirement. I thought I'd do it. Like a recap today. You have some of the people we've had on the show and talk about some of the things they do and they are and services they offer. And just to kind of remind people that there's a lot to do when you're getting ready for retirement or even just going through life in general. It's not just a know living in a vacuum. There's lots of things that you need to be considering and there's lots of options out there that can that you can take advantage of for situations that may arise in your life. I had a client the other day and we were talking and put all his properties and I was got several rentals. We got all those properties in an area in a couple of different places. And he has some hearing now that I need to trust.

Speaker2:
I'm like, yes, you need a revokable living trust because the asset protection that we did for the LLC, he's peppering those as entities that purchase properties in an in a couple different LLC to provide some asset protection was great. But that's just a portion of someone's overall say planning that they need to be doing. Certain individuals need more planning than others based on activities are involved in. But so now we're working with this gentleman. Get him or him and his wife a revokable trust set up so they do eventually pass away. One day their state will be easily transitioned to their surviving children. That's we're working on that next. So I wanted to I'll talk about that later on in the show. I want to start out with real estate. That seems to be one of the hot topics on everybody's mind right now. If you're trying to you're trying to buy a house, you realize how hard it is. I mean, we're hearing constantly where people are are putting a house on the market. Even the house goes on the market at above what might be the appraised value. And they're still getting multiple offers, multiple cash offers.

Speaker1:
Can I start off by asking a question? Yes. OK, we're talking about real estate in this reminds me because we have a listener that actually brought this question to my attention. The fact is, is he's a renter and he's also a veteran. So his fear is and now that he brought it to my attention, it's my fear as well as renters or even owners of property here in not only Hernando County, but the state of Florida. What if we get pushed out to the extent to where the raise of taxes, maybe the as far as the renter is concerned, the owner decides to sell because he has an offer he can't refuse? And how can we prepare for something like that? Is that ever going to happen here in Florida? Well, I

Speaker2:
Think we're seeing a little bit of that happen right now. Really? Yeah. If you've been around the world's issues, the Nature Coast area as a topic, a talking point, you know, rents have steadily increased over the last five years. And, you know, coming out of the Great Recession, you know, there was a lot of excess property in the market. That property got snapped up by investors and or people that were looking to buy a buy a new home. Values have gone up, as have rents. So, you know, a person that is on a fixed income and their income hasn't kept up with, I'll say, inflation and or and the rising interest and the rising rental rates. And that person could find themselves out of a home.

Speaker1:
And my fear is being a homeowner is my mortgage rate goes up. It's already gone up and may continue to go up. And they went along with taxes and everything else. I can't afford it. I mean, I've got about. But I got to live by and I expect that payment every month to be there, and when they raise it, it hurts in other areas.

Speaker2:
So talking about mortgage rates going up, if you have a mortgage rates, that's not if you have a mortgage, it's not locked in. I was going to talk about that a little later on, but we'll talk about it now. If you have a mortgage that your rate is not fixed, I would definitely get with us. We've got some mortgage originators that we can put you in contact with that want to be on the show in the past. Rob Rodriguez. Right. We need to take a look at your mortgage and see if it's the best mortgage to suit your needs. Right now, mortgage rates are at or near historic lows. And so now would be the time I talked to my friends that are in the mortgage business or businesses. I mean, they're just they're so busy not just with resales or new purchases, but refinancing is really driving a lot of the volume right now because, again, rates are at historic lows. So they're they still there. And so if you if you have a if you're worried about if you have an interest rate that's not locked in, you should definitely let us take a look at helping you get that refinanced. Let's lock in those historic low rates right now so you don't you can here again feel less stressed about your future.

Speaker2:
Now, your insurance may go up, your property taxes may go up on a minimal basis. If your home if you have homestead on your property, on your residential, your for your primary residence, you get homestead on it. Your your tax value should go up very, very small every year. You got commercial property or other investment property, then you will see your taxes will move with the market in terms of the real estate market that the prices and values continue to climb, you know, there are going to constantly be reassessing values in the area. And you're going to you're going to see those real estate taxes go up. And if you're a tenant in a commercial building, unless you got some kind of a lease worked out with the landlord for a long term fixed rate with gradual escalators, if you have a triple net lease or where your landlord can pass on the taxes to you as the tenant, you may see some increases in rent also going forward. So we may see some increases in insurance to you and you just never know. That's that's all based on risk and all that. Good thing. We haven't had any I guess I say we haven't. We had some here in the Nature Coast. Our last hurricane was Irma that came through here and it wasn't well, it was unpleasant.

Speaker2:
It wasn't as bad as it was for other folks in certain parts of the state. Back to the real estate market, if you are trying to buy a house, you definitely want to make sure you're pre-approved. That's that's a given. I mean, if you're trying to buy a house, don't even bother trying unless you've already been pre-approved for your mortgage because there's so much competition out there for a house. You know, we're telling our sellers that they're as they're evaluating offers depending on the offers that come in. But almost all of them get so many offers that anybody that doesn't come in, this prequalified anybody that comes in with any kind of financing contingencies. It's almost the highest and best. And lots of times it's cash. I had somebody that was telling me that they had a client selling a house, that I could get the house prices to say it was too tight to five by the time they got all the offers came in, all the give us your best offer process went through. It sold for close to three hundred fifty thousand dollars cash. Yeah. So there's that much competition out there for housing. So if you're buying your again, make sure you're pre-approved and make sure you almost plan on having to go above the listing price because that's what's price was going to take to buy the house if you sell your home.

Speaker2:
Even more importantly, you want to make sure that you have a place to go. And so just like it's and it's not just this this real estate hype that's happening here in Florida is happening other parts of the country as well. So you want to make sure you know the market that you're moving into and that you have a place to go, because if you don't have that planned out ahead of time, you may find yourself out on the street once you sell your home, because it is, you know, in other parts of the country like Florida, housing is in high demand. Eric sent me an article last week that things from The Wall Street Journal, there's an estimated four million homes that are there's there's a lack of supply of homes to the tune of four million homes in America. That's a lot of homes, four million homes. Here again, if you if you're if you're you're selling your home, you're plan on moving somewhere, make sure you got something secured before you actually put your home up for sale and execute a sales contract because you may find yourself without a place to go when you sell your house.

Speaker1:
All right. Two quick questions on the preapproval qualification that's only good for so many days, right?

Speaker2:
I think it's good for 30 days. I think that the timeline you want to

Speaker1:
Time it just right?

Speaker2:
Yes. Yeah, yeah. And check with your lender or whoever you're getting your loan through, they'll be able to give you the guidance on that. But you definitely hear again, if I was working with a client selling their home, if I did see a preapproval letter that was dated and I would say more than 30 days, I would I would definitely discount that offer in terms of what we're looking at. We'd present all the offers to my client, but I would definitely be, you know, concerned that that offer may no longer be out or that preapproval Letterman no longer be valid. So if you're if you're looking for a home, I don't have a full cash offer. Definitely get pre-approved and definitely make sure you keep that constantly updated.

Speaker1:
Ok, and second question, being a homeowner, like I said, a landowner here in Hernando County and having a mortgage on that home, if I want to consider these lowest rates in history, if I refinance, does every refinance process have to include a survey and an inspection here?

Speaker2:
Again, I would say mortgage companies are different. You know, typically, if you're refinancing with the with your current lender, then it should not inspection. I don't know the answer to that either. You know, Rob, if he was here, he's where my business partner should be able to answer that question here. Again, it may be a a mortgage company specific question as well as far as a survey know, there was they would having a survey pull with your original loan? I don't think they're going to ask for a a a new survey. But they but they might. Again, I would leave that up to them and their underwriting process to ask all those questions. But I would say be prepared, because here again, those those are two things. Inspectors and surveyors are are two services that are in high demand right now. So if if you are looking to refinance, be prepared to say, wait this out to some degree, because there's only so many of those specialists to go around in those fields and other fields that aren't even getting getting homes closed isn't in terms of title companies. It's that's not easy to hold up. I mean, sometimes it's the getting the title insurance underwritten, and that's not the fault of the local folks that usually they're the companies that that write the insurance, the insurance company. But again, some of the some of these services are I want to say they're holding up deals intentionally, but they're just there's too much work to do right now. But great question.

Speaker1:
Well, that's great information and education from the professionals that are in the studio today. That's why we call them in on a regular basis every week. By the way, every Saturday, seven thirty eight thirty take point well to management in the studio where there's a prerecorded program called Take Point on retirement. We address the issues, anything and everything to do with your retirement, your financial future, your stress free future. We address it right here on this program every Saturday, once again brought to you by your fine friends in mind at take point. Wealth management, by the way, the number to call them is three five to six one six zero five one one nine three five to six one six zero five one one. If you recognize that area code, that's because it's a local one and you should recognize it. That's right. They are a local fiduciary service with a slew of professionals ready to take action for you and to take point on your stress free financial future with everything from A to Z, all you gotta do is ask three five to six one six zero five one one take point wealth management. Eric Arnet, lead advisor, retirement planner, and Randy Woodruff in the studio with us this morning, certified public accountant. Part of that take point wealth management team will be back, folks, after this. Do you think taxes are going up in the future? If so, you should learn how to build tax free income during your retirement. Now is the best time to start with a sound tax advantaged financial plan with take point wealth adviser for the Nature Coast visit take point wealth dotcom to schedule your free financial consultation with Eric Arnet, host of the local Take Point on retirement show Saturday Morning 730 visit take point wealth dotcom bitcoin wealth management as an Investment Advisor, Representative of Retirement Wealth Advisors Inc.

Speaker1:
and says he registered advisor. And that show that was mentioned right there, take point on retirement, well, you've got it, that's where we're at right now on this station at this time, every single Saturday take point on retirement brought to you by take point wealth management, check them out online. Just throw them in that old search engine right there on the computer or go straight to the website, take point wealth dot com. It'll bring you to my friends and your friends at take point wealth management up and down the Nature Coast, the local judiciary service ready to take action and to take points for you. Once again, take point on retirement, a program brought to you by Take Point Wealth Management. In last segment, we were talking about mortgages in the real estate market and we had some great questions there addressing a certified public accountant, Randy Woodroffe, part of that Big Point wealth management team. And he's here to field more questions and to address those concerns, especially about the real estate market that's so hot right now in mortgages. Randy, what about reverse mortgages?

Speaker2:
Great question, J.W. And we had a friend of ours name out on the show six, seven months ago. And that's all he's done for many, many years is reverse mortgages. And, you know, for years, reverse mortgages, like we talked to on the show about annuities way back in the day, annuities kind of had some bad actors in the industry that take advantage of people's lack of knowledge, maybe, maybe their situation, and maybe put them in products that were not suitable for their needs. And the same thing was done with with folks with reverse mortgages. Well, that industries also has grown up. It's got a lot more compliance around it. And I was one of the ones that was always writing good business and still does. But the reverse mortgage is a way where somebody can you know, we've seen this happen sometimes, Eric and I do. We have somebody come in and a lot of their equity is tied up or wealth is tied up in their house is the house they've lived in for 30, 40, 50 years. And it's grown in value. It's paid off and they don't want to leave their house and their last few years they have here on Earth. And so they want to find a way to keep the house, but at the same time still have some retirement income.

Speaker2:
They want to enjoy themselves. So reverse mortgages is a great way to be able to do that. So basically how reverse mortgage works is the reverse mortgage company basically begins giving you a monthly check, if you will, almost like an annuity payment or a pension becomes like another pension, if you will. And so every month you get a check from the reverse mortgage company based on the value of your home and based on your life expectancy. You know, so and then at the end of the reverse mortgage, they don't just come in and take your home. The home becomes part of your state and your heirs can sell the estate off, pay off the first mortgage, and they get to keep the balance. So it just has to be a very attractive cash flow features for seniors who may not have the flexibility with their other income streams or have enough income streams to be able to meet their retirement goals. So so we have recommended a couple of different occasions that people use these reverse mortgages and and have had good results with them.

Speaker1:
Wow. Sounds like some great changes there because it has gotten a black eye over the years and a bad reputation. But reverse mortgages are not what they used to be. And there's a lot of changes there. Good changes for our senior citizens and those that are retired that need that cash flow. The great information once again in education by certified public accountant Randy Woodruff would take point. Wealth management.

Speaker2:
Yes, I want to before we transition on to another topic, I want to remind everybody that in addition to being a certified public accountant, I'm also a realtor and I've got a team of professionals that I work with, a Berkshire Hathaway, my two teammates, two team partners in the Suncoast team, Rob Rodriguez, Anthony Canary's, both highly skilled professionals. And we're and there are both duly licensed. And Anthony Canaris is a residential real estate appraiser. Ben, so in this county, I think since 1995 or 96 and in that time frame appraised thousands of homes over his career, have been a realtor since, I must say, 14 or 15, does an amazing job with customers. Rob Rodriguez, also a real estate agent and also a mortgage originator with used to be patriot. Now it's a first lending and Iran does a great job helping out clients with their mortgage needs. Yes. We're going to recommend you go to J.W.. I would show to talk to him about your mortgage and see what he can do for you as well. Let's transition on to estate planning and trust planning. We had a couple of different attorneys on the show over the over the years, Sean Hankus Spark. I say over the years with a few months, maybe a year or two necessary on the show, but. Right. Sean hangs back and Daryl Johnston, both attorneys that I work with here in the Nature Coast, both do a great job.

Speaker2:
We as CPA said, we're working with our clients, I say in the 90s and early 2000s to help them avoid estate taxes, and we still do that. But the IRS, starting in 97, 98, started raising the estate, say limits. And by that I mean basically what your estate value could be when you passed away and paid no estate tax for years. It was six hundred thousand dollars. And then around 97, 98, they began raising it to where? In 2021, it's eleven. Million seven hundred thousand dollars, so basically in the course of 13, 14 years, it went from 600000 to 11 million, 700000. Wow, that's a huge increase. So so you can see where 600000 dollars, you know, and if you structure everything properly, you and your wife can both have that value, 600000 dollars each or one point two million for a married couple. And if you're under that, you paid no state tax. If you're with that, you begin to start paying a state tax. Well, now it's eleven point seven million dollars here. Again, you can double that combined, if you will. Now it's over 23 million dollars. So I think we all know somebody in our circle of friends that probably has between husband or wife couple are worth a million to a million three, but may maybe not so that we have a similar our circle that's worth 23 plus million dollars as a couple.

Speaker2:
So, you know, for us, you're going to CPAs are planning has went from mostly you usually we're really worried about people paying estate taxes. Now we're basically trying to help them transition their state in a very efficient way, both for time and cost to their surviving beneficiaries, children or other family members. And so so estate planning for us as a profession being CBUS has evolved more into trust planning, if you will, and that setting up structures to avoid probate. As we we've had people on the show, guests on the show talking about trust and estate planning. One of the subjects that came up was Lady Bird. Yes. And that's something that hasn't been around forever, has been around I'm I guess, around 15, 20 years. And I think for certain people based on their there I'll say they're a state level. A lady bird can be a very efficient way to transfer property to death and allow that person to retain control of that property while they're still alive. And and this is a big important and and get the step up in basis when when that person passes away like any planning, when it comes to estate planning, a trust planning, you know, the more complicated your estate is, the more costly it is. And the for the less less complicated it is, the least costly it could be.

Speaker2:
And here again, people that are on in lower incomes, lower estate values, are looking to for ways that they can still retain control. Transfer their assets to their beneficiaries in a very cost efficient manner and get them a step up in basis and a lady bird does that. So for our our listeners out there who are worried about giving up control. Lady Bird can be it can effectively do that. One of the things I see seniors do and as they get closer and closer to passing away is they they they start putting everything in their kids' names up, put their checking account, their kids names, their security account, their kids names are home and the kids names and and in that way, it's it's already it's a joint ownership. And so when that parent dies or five member passes away, it's easy for the person they just to take over that asset and and properly dispose of it or sell it and split the other, split the proceeds with the other beneficiaries, whatever the arrangement was. But, you know, there can be some pitfalls to doing that, as I mentioned earlier, step up in basis. So, for instance, I'll give you an example. So let's say someone buys a house. I say they moved here to Florida in 1995 and they bought a home for, let's say, two hundred and twenty five thousand dollars.

Speaker2:
And they made some improvements to the home over the year for that to the home now 25, 26 years. And they're getting close to passing away. Let's say the home was worth now. Four hundred and fifty thousand dollars, I say has doubled in value. Let's just say as an example. Well, the home, the basis in the home was 225. Let's say the person who to put another 25000 into it improvements and now it's worth now another basis is 250. Well, if they retain control of that home and don't transfer any ownership than anybody else, when they pass away their beneficiaries, their basis becomes four fifty, which is the fair market value on the date of death of the person that owned the home or the decedent. So if they start putting people on the deed prior to death, now they've gifted part of their home. And when you gift, when you when you make a gift, you gift your basis as well. So here again, it's very important when you're in, you're doing your estate planning to make sure that you structure things that you're getting. Work to maintain your control while while you're still alive, I give you the income that you need, but also effectively pass your assets on to your beneficiaries in a very tax efficient manner. And here again, a lady bird dog is one of the ways that can be done on someone's primary residence.

Speaker2:
They have a more complicated and if you have cash, if you have checking accounts and things like that, there's no risk as the risk of basis with cash, cash, cash is a buck, a dollar and cash is worth a dollar or so. But if you have securities accounts, you say you have an account at or say account with Eric and I or an account and another financial services adviser. You know, if you have held those securities for a while, you know, your fair market value of the account may be significantly more than what you actually paid for those securities. So he could get on a securities account like real estate. You don't want to put somebody else's name on there prior to you passing away because now you transferred your basis to that person as well. So that's where trusts come into play so often. And so we as I mentioned earlier, we've been we have CPAs have been transitioning out of estate planning. I guess they're still estate planning. The proper passing of someone's estate still is estate planning. But but definitely encouraging everybody to even though they're not worried about paying estate taxes, be worried about probate cost and also just how easy it is if you have a trust to settle your estate.

Speaker1:
Yeah, and that's the key word there. Trust. And that's why they call it a trust. Yes. Yeah, very

Speaker2:
Good. And so the the trust can be there's a lot of almost as what you put in the trust, whatever you can imagine, it can pretty much go in there. So if you want to if you want to really make sure you have some very specific directives for your trustee and for the how your assets are distributed upon your death, all those things, they can all be incorporated into that.

Speaker1:
Let me ask you this. What about your primary residence? If you have a reverse mortgage on it, can that go into the trust? OK, wonderful.

Speaker2:
So, again, I just I want to I want to stress and I see it happen so often is is that make sure that if you're, you know, thinking about how you can settle your estate plans and you're starting to get into that estate planning and sit down with a professional, you know, that understands estate planning and then specializes in this area kind of incumbency. Eric and I, we can we can work with you through that process. And we can also recommend some professionals in the area that can help us draft the proper documents to make sure that your wishes are carried out both while you're alive. Then once you pass and then that's very important. But here again, I want to stress again that step up in basis. I see it happen way too often where people potentially Audu lose their step up in basis because they just take the shortcut and just start adding people to accounts or to deeds. And that's and that's not by anyway, the most tax efficient way to do that.

Speaker1:
I got you. And I always say they have a slew of professionals, a whole corale of professionals that they can refer to or recommend. But the first step is to contact take point wealth management. We're talking with Randy Woodruff, certified public accountant, real estate agent here with the Take Point Wealth Management team in our studio this morning. So three five to six one six zero five one one is the phone number or check them out online. Take point. Well, Dotcom, I did. You can to about a minute left before we take a break and hear from our sponsor, Randy. If I want to leave us with something before we go, that'd be great.

Speaker2:
Yeah. So here again, I want to leave you everybody, with the fact that, you know, estate planning, trust planning isn't just for the wealthy. Even people with the smaller values under a million definitely still have a lot to plan for. You know, don't don't don't think that trust estate planning is just for the ultra wealthy. All of us have a legacy. All of us have assets. We want to make sure we get properly distributed to our heirs. And the last thing we want to do is leave that to chance for someone else to make those decisions for us. And trust and proper estate planning will make sure that your wishes get carried out properly.

Speaker1:
And there you go. That's why we trust the professionals and that's why we call on them to come in the studio each every week to bring you the information that you deserve, the information that you need, the education that you expect from our family and friends that take point. Wealth management, your friends do just give them a call, see how friendly they are. Take point. Wealth Management three five to six one six zero five one one GW here with you and you've heard me before say it. I go to take point and they take care of my financial future. A stress free future, by the way, you two can have the same results. Just reach out to take point. Wealth management, they're there for you up and down. The nature goes with it. Our listening area. And we'll be back, folks, right after this. Are you looking for financial peace of mind, simple investment advice, planning a portfolio management estate, trust retirement, look no further than take point wealth management, investment and tax advisors to lead you into retirement and beyond. Protect your assets. Investments in retirement dreams taking point in your financial future. Take point. Wealth management is ready to take point on your retirement, leading you every step of the way. Take point wealth dotcom. Let's take a pause for station identification. You're listening to 1999 Filmworks, Jabe, Homosassa. Well, can't say it enough to point wealth management, the folks you need to see up and down the Nature Coast, tell them you heard it here on this station every Saturday, seven, 730 day thirty.

Speaker1:
The professionals are in the studio to address those concerns about your financial future. That's right. If you disagree, services and so much more. Eric Arnet, lead advisor, retirement plan or not, in the studio this morning. But we do have a certified public accountant. Randy Woodruff also dabbles in real estate and other things as part of that take point wealth management team, corral of professionals here to assist you into your stress free financial future, just like they did myself. That's right. J.W. does go to take point wealth management. And I'm looking at my stress free retirement. Well, financial analysis, evaluations, they're all right. They're free. A fifteen hundred dollar value. It's the take point on retirement blueprint for your retirement. Just ask for it. A fifteen hundred dollar value yours free if you tell him you heard it here on this station, three five to six one six zero five one one three five to six one six zero five one one. Take advantage of it now. Plus, what is your financial speed? That's a book that Eric Arnet wrote and he wants to send it to you along with other vital information like dos and don'ts of annuities, annuities, 360. So much more stress free retirement. That's all right there. Take point. Wealth management, check them out online or give me a call, three five to six one six zero five one one. Randy Woodruff.

Speaker2:
Thank you, J.W.. You know, last year we had especially probably in August, September, leading into open enrollment for Medicare. We had a guest, Sean Smith, on the show with us a few times and talking about Medicare insurance. And this is such an important part of everyone's as you retire, it's a big decision. Been in the private sector working. You probably have had health insurance from an employer or you've had your own and now you're going on Medicare. And it's important that you make sure you pick the right plan. And and I learned a lot about Medicare insurance through Sean. You know, I've never really since I'm not at that age to need Medicare yet, thankfully. But I

Speaker1:
Remember

Speaker2:
That. I know it's in the future at some point. But but, you know, having spent some time with him, I really got a good grasp on Medicare insurance and and learned the difference between an advantage plan and a supplement plan. Yeah, there are some differences there. And it's it's I didn't realize that open enrollment was was I knew open enrollment was once a year, but I didn't know that once you made a decision on the plan you wanted, you really couldn't change until the next open enrollment. You got a major life change. So that was interesting to find out. So knowing that it's important, knowing that and that being the fact that once you make a decision, you're pretty much stuck with it for a year, it's important that you pick the right plan for you and make sure you pick the right plan and get the right right doctors, the right coverage, the right other, I'll say ancillary services, meaning diagnostic services, other support services that you can get the care you need a retirement. Because here, again, as we talked about Eric and I on this show and on a regular basis weekly is you want to make sure that your retirement is stress free and so many things grow into go into reducing stress, just like creating stress.

Speaker2:
As we were talking earlier in the show about, you know, real estate, real estate is typically a part of someone's portfolio that usually makes up one of their biggest asset classes because it's their personal residence. And so they're, again, just like real estate or, you know, if you have a mortgage on your on your home, you make sure it's a mortgage that you can afford. You've got the lowest rate possible locked in. Same thing with insurance to make sure you've got good insurance in terms of your Medicare Advantage plan, then, you know, depending upon what your goals and needs are and what you want to retire, maybe you're going to get a supplement and supplement should have some different advantages to them in terms of maybe some more options that you're that you're eligible for. And one of the things that you're going to try to do with our with our seniors that are on on Medicare is as find out if they're happy with their advantage plan, if they're on one, if they like to look for a supplement, maybe give them some more options. We take a look at their portfolio and see if we can make some arrangements to their portfolio to provide some more cash flow so they can afford that supplement plan.

Speaker2:
So if you're going if you're if you're out there and you have an advantage plan, you like to have a supplement plan, come in and talk to Eric and I and we can see if we can make some adjustments to your portfolio to provide you more income. What are the things we find so often with some of our seniors and retirees that they have just have a lot of money sitting in cash because they don't know what to do with it. You know, they don't know who to trust. They don't know what to believe. If you watch TV, you can become more confused than than actually getting any guidance or direction because there's so many different opinions and talking heads out there that were just are just rambling on about whatever they believe. And most times it's not even true or partially true. So, you know, so if you're looking for some direction and with your with you have any any excess cash you on what to do with, please come see Erica. Now, here again, if if looking for a different Medicare plan, something you're also interested in, you know, please come talk with us. So we can make some recommendations to the insurance agent that can can help you make those decisions,

Speaker1:
You know, suggestions, recommendations, tips, ideas can all be found to take point wealth management. Last thing you want to do is let that cash is sit around and not build any any income, any income. Right. Yeah, it's just sitting there. It's not doing anything. Let it work for you. You work so hard for it now. Let it work for you. And the best thing to do, of course, especially if you have beneficiary's, is to pass that on to them. Exactly. And also, speaking of insurances, I mean, to interrupt you there, I don't know if you were done with the Medicare products or not, but Jessica Banville was on here as well, and she brought up some great ideas about long term care plans you can consider as well.

Speaker2:
Absolutely. And that's where I was going to try to try and transition to next year. Jessica is a great business partner of ours and a good referral source, and she really knows her her product and what she does very well. She has a great staff over there and they cover all different areas of, I'll say, personal insurances, long term care, Medicare, health insurance group, health insurance. And, you know, long term care insurance is something that everybody needs to at least consider and determine if they need it or not. You know, cost of health care and unfortunately has not gone down in this country. It's only going to continue to go up. And as we age, you know, our need for health care becomes greater and greater and the health care we need is also more expensive. So at a time in our life when are are coming out of our earnings years and we're living on what we save for retirement, one of the biggest cost increases that I see for seniors is the cost of potential health care costs. Medicare does a good job of covering there again, and I say good job depending upon the advantage plan or such a plan you have. But most insurance plans don't cover dental and retirement. They don't cover vision and other things. And so as we age, we all know everything starts to fall apart. And so I have seniors sometimes that come in during tax season to get their taxes done and will be going to expenses. And I see just it will be year after year, but I'll see a couple that I've been working with for 20 years. And in retirement, I see, you know, fifteen or twenty thousand dollars in health care costs in one year.

Speaker2:
And I'm like, what happened? And like, well, so-and-so had to get some major dental work done. They had to have cataract surgery or whatever the case is. So here again, you want to make sure that that that you going back to long term care insurance costs are going up. And so one thing you don't want to do is, is straddle your your heirs or beneficiaries, your family or friends with taking care of you, especially in the later years of life. Because, you know, as we get as we age, our care become our care needs to become more and more constant. The things we need become more and more intense in terms of the care we need. So I think you want to do would be relying upon family and friends to provide that for you. So the earlier you plan for long term care insurance surance in your life, the cheaper it is. And so I encourage everybody listening to just be thinking about that, you know, what are your and here again, I'm 50. I'm in great shape to take care of myself, but I'm starting to think about my long term care, you know, and I don't have to rely upon family and friends. Take care of me. I'm having kids and I won't put that burden on them, maybe even if I did. So it's something I've been thinking about. But now that I hear again, is a major marker for all different kinds of things in our life. And so I'm going to be looking to get some long term care insurance here pretty quick.

Speaker1:
I'm in the same boat there, Randy, with you right there with you. Take point wealth management. Randy Woodruff, certified public accountant with the Take Point Wealth Management Team in the studio with us this morning. Once again, a program called Take Point on Retirement, where just the issues that concern you and your stress free retirement. And that's what we're talking about today, introducing a lot of guests that we've had over the past shows right here on this station at this time, of course, addressing the issues that mean the most to you with some education thrown in as well. And that's what you can expect from point wealth management. And speaking of, you brought it up a good point about not having to pass these expenses on or debt on to your relatives or heirs. What can we do to, I mean, any kind of tips or any suggestions that we can do, especially say as a married couple and I don't have kids either. So let's just say my wife and I, when we get to that point, say I'm deceased first and I don't want to leave my wife with all this debt. I don't want to leave her with all, you know, say, credit card debt or, you know, anything else that I may carry with me. Just medical debt. Is there a tip or something or a suggestion that we can use maybe putting everything in one's name or another or what? Can you can you give us a tip or a suggestion? Sure.

Speaker2:
Ok, I think, you know, the best thing to do is to have a budget, OK, know, and not just have a budget every time you start budgeting today, OK, you know, budgeting is a discipline and it's some some of the unfortunately, the things in life that are sometimes the best for us are the things that are hardest to do, like healthy eating, diet, exercise, budgeting, you know. And so they all take discipline and they and then they take that discipline every day. You can't just become financially responsible, you know, one month out of the year, you need it needs to be a lifestyle just like your your your diet and your health needs to be a. Lifestyle, yes, I'd recommend that everybody listening, listening to me on this show start budgeting, even though it doesn't have to be a budget that you presented in a boardroom for a major Fortune 500 company. Just, you know, put some money to start somewhere, just start. And I know that you're looking at that blank piece of paper. It's like having this big, huge canvas as an artist. And you had to put that first dot on the canvas of where you want to start your portrait or you're painting it here again and trying to make a budget like a painting or art by any means. But it's just that what I find so often is just starting it just getting started to start. And even if it doesn't look, even if it's not what you think is good at first to start with income, you know, what is my income list, your income source, and then just go through your expenses and all your income up what? Your total income and your expenses up what? Your total income.

Speaker2:
And hopefully you got something with. Yeah. That's positive left left over at the end. And then same thing with you mentioned at the end of life, if you were to for the first one to pass away, you kind of have a plan for over the next five, 10, 15, 20 years, how are you going to retire all of your debt and without accumulating any new debt? So when you do get into retirement and what have you goes first, that's surviving. Spouse doesn't have any debt because typically what happens is when one spouse passes away, some of their income streams pass away as well with them. So you want to make sure that that the debt that you and your spouse were supporting together while you were alive is not going to be supported by one person in death because typically that's not going to work. So you're getting long term planning, long term budgeting. Forecasting is very beneficial. And one of the things I'll transition back to health insurance and Jessica Banville, one of the things that I see it gets back into planning is I see some of my clients that have owned their own business or work for somebody for a long time.

Speaker2:
And I say there are 62, 63 and they want to retire, but there are two or three or four years out from getting Medicare. And so now they they want to they've got the market and try to find insurance and oh, my God, it's brutally expensive, especially at that age. So here again, I want to recommend if you if you're looking for insurance, if you're young, middle age or a senior looking to retire, even if you are, again, Jessica Barnesville, they do Medicare insurance as well. Insurance for all ages, you know, definitely want to go see them. But here again, one of the things I notice in hearing, it's a planning point. If you're looking to retire before you reach the age of Medicare, make sure you have thought about what you're going to do for your health insurance. And I and going there or going without insurance is probably not the best option to make sure you've got some money saved up. Or maybe if you want to retire and maybe work a part time job just to be able to afford the cost of your health insurance for a few years and to get the Medicare, that's an option. But here again, I think you definitely want to price out the cost of health insurance when you get into your late 50s and 60s, I think will be an unpleasant surprise and how expensive it really is.

Speaker1:
And that's all part of that plan because of failure to

Speaker2:
Plan is a plan to fail.

Speaker1:
There you go. It all begins with one, just one. The very first brush stroke. Folks, as you paint that masterpiece and you eventually end up with a Bob Ross, then that's what you want.

Speaker2:
So what are the what's the Kincade what's the guy's name that does all those, like, paintings,

Speaker1:
Thomas, Thomas

Speaker2:
Gages, anything? Those are those are nice ones as well. You better

Speaker1:
Believe it. Well, we're going to be right back. We got to catch our breath, take a drink or two and be right back with our friends and yours that take Boyd. Well, I mean, it's not alcoholic drink, but we're going to grab some water just to just to wet our whistle here. Yeah. As we continue and finish up this program, take point on retirement every Saturday at this time at on this station from our friends at take point wealth management folks. We'll be back right after this. And Randy, what are we going to wrap up with? By the way? What are you got in store for us?

Speaker2:
We're going to talk about Eric's lovely bride, Erica. OK, I believe she was in the radio station going to hear that a couple of weeks with the CEO. And she is involved in something very near and dear to my heart that's healthy eating and healthy living, healthy lifestyle. And they were going wrap up with some taxes, look

Speaker1:
Forward to it from a certified public accountant, Randy Woodruff. A major part of that take point, wealth management team, folks, easier at your disposal and for your stress free financial future. We'll be back, folks, after this. Eric Arnet is an investment advisor, representative of Retirement Wealth Advisors LLC and SEC registered advisor, Take Point Wealth Management. This station and RWA are not affiliated. Exposure to ideas and financial vehicles discussed should not be considered investment advice or recommendation to buy or sell any financial vehicle. Any comments regarding safe and secure investments in guaranteed income streams refer only to fixed insurance products. They do not refer in any way to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claims paying ability of the issuing company and are not offered by retirement wealth. Advisors Take Point on Retirement, a well rounded show from a well-rounded team leading you into retirement. Listen Saturday mornings for an hour of simple retirement advice from your friends at take point to wealth management. Saturday mornings seven thirty. Well, look at the year we've almost run out of time. Has, with every good thing, has to come to an end at one point or another.

Speaker1:
But that's OK. We'll be back next week with our friends from Take Point Wealth Management every Saturday at seven thirty to eight thirty right here on this station and only on this station. Once again, take point. Wealth management. You can check them out online. Just throw it in the old search engine there on the computer check point wealth. Or you can go to take point to wealth dotcom. That's take point wealth management up and down the Nature Coast with several offices to serve you or they'll meet you anywhere and everywhere. But they are at your disposal and available for you at any time. Three five to six one six zero five one one. We've talked a lot about the information that we've shared on our past programs, so we're not done yet. And we still got some more to share with you. And here to coaches right along is Randy Woodruff, certified public accountant and friend of the show, as well as a major team member of the Take Point Wealth Management team. Once again, Randy,

Speaker2:
We're going to close out this last session here with what you choose the topic of coaching. All right. Let me touch on taxes there towards the very end. But a couple of different people with how the show has shown me on the show probably three months ago or something like that. Shawn is a business coach. I've known Shawn for several years, and Shawn is a young entrepreneur that's had success in several different businesses and does very well. And he's got a a good approach to working with clients, any business coach. And Shawn definitely has this is not going to tell you what you want to hear, but tell you what you need to hear. Yeah, Shawn can be very good at that. And plus, sometimes someone that's not involved in the week to the day to day of someone's business can take a step back and kind of pan out, if you will, and kind of take a look at everything going on and make some good recommendations. And Shawn can definitely do that, having run and own several of his own small businesses. Right.

Speaker1:
That's the interpretation I got when he was in the studios.

Speaker2:
Yeah. And he's done some work with Eric and and has his financial services licenses as well. So he's got a financial services background and a money background. And I just have a good grasp on business. And so I highly encourage you if you if you are new to business or a year, you've been in business for a while, you've kind of reached that that point to where you're plateaued and maybe not your business has plateaued, but you've plateaued. That's what we're talking about, is you can't do anymore. And sometimes you need someone who has been there and who knows how to grow and scale a business. Take a look and see what you need to do to help you get to the next level. And having someone to help you do that, it doesn't have to be a long, drawn out, elaborate five year process. Can be three, four or five, ten sessions, whatever you need. Yeah, usually these coaching sessions are scaled and modified to what the client needs are so and so you can help set the tone on what what that is. But again, sometimes just getting an outsider's perspective, somebody doesn't live it every day like you are. That can can can I give a fresh perspective can be very helpful if you're in business or, you know, someone that's in business and just you think you think they they kind of reach their potential. They think they've reached their potential. But, you know, they had that they just need some direction to get to the next level. So that's where a business coach can come in to come into place.

Speaker1:
Yeah. Success not only in business and in life, but in retirement. And that's what it's all about, would take point wealth management and go along with that. Marketing is a big part of it. And we had side by side marketing in this past year as well. We did,

Speaker2:
Yeah. And we've read it and I have become good friends and recognized his potential right away. So that's why I want to partner up with him and be in business. And for my CPA firm, we done some a lot of marketing during tax season is definitely paid off here. Again, I did a marketing coach because I am a social media, I'll say moron for a year and I really yeah. I don't know how to use social media, but I, I knew I needed to use it. I kind of been pushing back at it for years. But now that I've used it, embrace is definitely paying off for me and I'm going to really start getting through my businesses a lot more active in it. And Breton's helped me do that. Yeah. And here again, I'm just saying I have a I have an appreciation for it. I don't want anyone really use it personally. I don't have the time. But I think for business it can be a great tool. So here again, I knew I needed help. I knew I had to. I get lots of deficiencies. But when they came to digital marketing, I knew in social media I knew I had definite deficiency. So I found someone that is helping me overcome that. And it's actually working out. Very well, and we're taking on clients side by side marketing to actually be able to help some clients can grow their businesses as a very happy about that.

Speaker1:
Oh, I believe it. I believe it. And it's all about growth. It's all about success. It's all about your future. And that's the discussion that we're having here this morning with, of course, Randy Woodruff, certified public accountant with Take Point Wealth Management, sharing all the team members that are part of that well-rounded team of professionals that take point wealth management and another team member and maybe the one of the main team members, of course, Eric Arnet, lead advisor, retirement planner, who I understand is on a new physical regiment.

Speaker2:
He is his his wife, Erica is amazing. And she is has got him in the gym and eating very healthy and clean and is making a difference in him. He's losing some weight and and he knows he's need to do this for a long time, getting very healthy and looking good. So. And here again, a good woman to do that to you. So she's definitely doing that. Erica is a is a health coach. Yeah. I mean, she's been doing this for 20 plus years and she's actually helped me on some things as well. I've been on a healthy trend myself for twenty plus years and always can learn more. And she's worked up a meal plan for me. I'm training for a big event in November. I worked at meal plan for me as I and we'll be working with me up until that point so I can make sure I stay on track so I can make sure I perform well in November. But here again, I think I and my friends that know me well will know that I eat very, very healthy and clean and and but I here again, I knew I had something big coming up and a little extra extra push and extra help and guidance. So I set out Erica's help. But yeah, we talk about having a stress free retirement home and talking about talked about money, talked about estate planning, talked about real estate. I talked about mortgages, insurances and everything, but also your health. You can't I can't say enough about how important your health is to having a stress free retirement. You know, and here again, being healthy doesn't start when you turn 65. It starts early in life. And again, you build that discipline, you build that into your your your daily habits. And as you retire, I can I'm sure we all know people that are in their 80s and 90s that have been healthy their entire life. And it shows, yeah, they look ten, fifteen years younger. They act ten, fifteen, sometimes twenty or thirty years

Speaker1:
Younger and run circles around me,

Speaker2:
And they're very active. So so I think that whether no matter what age you are of being healthy is the benefits cannot be expressed or talked about enough. Here again, Erica, as part of our team, she isn't on the team with us. And for our listeners out there and our Take Point clients, you know, she's available, willing to help you work towards a healthier lifestyle here again, as we age and get older, some of those changes are harder and harder to come by because we're kind of older and set in our ways. But, you know, you're never too old to learn, never to old to make changes. And the benefits of making those changes will definitely pay off. So you can highly recommend if you're looking to make some changes in your diet, your exercise routine, get with Erica, especially on the diet. And she really is good about structuring a diet that will that will definitely help you. Yeah, we had a lot of our upline, if you will, with it, with Eric and I, one of the companies we work with, one of the guys that works there, Erica put together, he was just he reached the plateau. Really. So you he plateau with with his health and fitness. Eric Erica took a look at his his diet and have totally revamped his diet. Yep. Big breakthroughs. Yeah. Just by diet. And it's amazing how our bodies are so complex and we take it for granted because they just function, you know, until they start breaking on a regular basis. We take and we take it for granted how complicated, how complex they are and how interrelated everything inside of our bodies is with the food we eat and how we drink and. Yeah, and just exercise. All that makes a big difference.

Speaker1:
I remember the impact when she came into the studios to talk with us along with Eric and the impact that she had just from the words that she's spoken in the experience that she's been through and that client, like you said, that she totally turned around and she could do that for you, too. All your retirement warriors out there, she's at your disposal as part of the Take Point wealth management team.

Speaker2:
Yep. Well, it's all about here again. You're happy you are in retirement. It's going to come from, you know, having enough money to retire on and being happy and being happy comes from being healthy.

Speaker1:
Yeah, being healthy to enjoy that. And that's why they call it the golden years at all.

Speaker2:
So absolutely. I thought we wrap up today's show with taxes, you know, not not to be a downer about taxes. And we talked about all these great things. And taxes are still something that we need to be be concerned about. And er, can I on the show over the last year or two, have talked about how we think and other professional advisors think taxes are going to be going up. We talked about how our our national debt is now probably hovering around 30 trillion and I can't keep up with it. It keeps going up so rapidly nowadays with with all these stimulus plans we're passing. But let's just assume we're thirty trillion or close to it will be in the near future. You know, that's a lot of money. It's a lot a lot of money. I mean, a million dollars, a lot of money. A billion. A trillion. Now we had thirty trillion dollars in debt just to. A lot of money and, you know, we've all have heard the expression that it doesn't take long to get yourself in a bad situation. It takes a lot longer to get out than it did to get in. So, you know, I can't mention on the show a couple of different times, 40 years ago, back in 1980, we had one trillion dollars in national debt. Now we're at 30, you know, so I think it's basically 40 years to go from one to 30, 40 years.

Speaker2:
It's been a long time to go from one to 30 trillion dollars of debt. And so basically trillion. And basically just to just to level that off, just to maintain, you know, we we have been maintaining that for decades and we have to get back to where we're maintaining and then hopefully one day paying it down. But it doesn't matter whether it's taxes or whether it's debt or any other kind of of situation you find yourself into. You know, when it comes to if there's a building project going on in the community for a new non-profit or existing non-profit, there's a new church construction project going on. The people reach out to the people that have money. You know, it's kind of that's kind of our mindset, whether it be for a philanthropy project. But it's also going to be true when it comes to taxes. It is true when it comes to taxes. You know, the wealthier people pay by far the greater share of the tax burden out there in the U.S. And as our debt grows and as our moneys, as our need for cash flow grows, they're going to be coming after us as citizens to pay more and more that their fair share. And so it's important that that as we plan that you think about taxes, your taxes have been relatively low.

Speaker2:
We've kind of been ever since, basically, I'll say George Bush Jr., president number 43, got in office after the dotcom bubble burst and 9/11, there was some, you know, some good tax changes that happen in terms of basically for retirees or people with money that have investments, capital gains drop down significantly and tax on dividends dropped down significantly. So and we've kind of been in that situation for 20 years. So we've gotten used to it. Yeah. And so eventually and they're already talking about it, that those that those tax favorable items are going to be going away. In fact, they're talking about, you know, one of the proposals that Biden has is to is for people making over a million dollars a year that that there there is going to be going to be no preferential capital gains treatment. That's going to be pretty ordinary income. So if you live in a a state that has a state tax as well, time you pay the federal income tax, there's an excise tax over a certain dollar amount and you pay your state income tax, you're paying over 50 percent of your income is going to be going to taxes when you have a capital gain. If you're making over a million dollars a year, that's a lot of money. It is in. A lot of people think, well, I'm not making a million dollars, so that doesn't impact me.

Speaker2:
Well, we don't live in a vacuum as as a society. So if something is impacting a group of folks somewhere else, it's going to eventually have an impact on us somehow, some way. So we all need to be concerned about that. It's not just a problem for the wealthy, it's a problem for all of us as America, our spending and our debt and how we're going to cope with it. We're all going to have to somehow deal with it. And the sooner we deal with it, the sooner the better. But at the same time, if you're listening to the show, planning on taxes going, if you plan on, tax it here again, if you plan for it and you know about it well in advance when it gets here, it's no big deal because you're ready for it. And so we were talking here on this show for months and months about taxes going up. We've had a lot of folks talk about Roth IRA conversions coming in the office, had some folks doing quite a bit of that. And we continue folks to continue to do that and talk to our younger folks out there listening, put money into a Roth IRA, start as early as you possibly can, because tax free income in the future is going to become more and more valuable. I agree.

Speaker1:
Yeah. And plus that annuities has been a hot topic as well lately.

Speaker2:
Annuities as as has life insurance. Yes. So and here again, life insurance is another way to create some tax free income in retirement. So I want to I want to thank our listeners today. I wanted to without Eric here, I wanted to kind of deviate from our normal format and pivot to just kind of a recap of some of the folks we've had. We talked about how we do have all these professionals who brought them on the show. We remind you that we have a broad range of professionals that are here to help you. So we want you to think of it. If you have a need in retirement, we want you to turn to us first and we can point you in the right direction to work with professionals that we work with, don't trust and have had good success for our clients.

Speaker1:
Yeah, and that's where it starts. It starts with take point wealth management. I did. You can we all can have that stress free financial future, stress free retirement. This is take point on retirement. And after all, the name take point comes from that same concept where they're taken point, they're taking the lead. They're going out in front and clearing the area for you, for you to enjoy. So if I can say it that way, right.

Speaker2:
We put it OK and there we go. And that was Eric's idea. That name was his idea. And I loved it. We were searching for the longest time for a name that wasn't taken. And and we just hated Bob's military background. And take point was we want to do anyhow. That's what we're trying to accomplish. And so the name just made so much sense. I heard I was like, yes, yes, the one

Speaker1:
Yeah, it's a war zone out there. And take point, wealth management will take the lead on your financial future. So it's not at war. But we'll be back. Vokes next week we take point on retirement and show brought to you by take point wealth management. Just a reminder, check them out online and take point wealth, dotcom, Google or put it in a search engine. Take point. Wealth management up and down the nature coast of Florida offices to serve you their phone number three five to six one six zero five one one. As we looked back at several shows this past year, we take point wealth management and take point on retirement. The several guests that we have had, including, of course, Randy Woodruff, certified public accountant with Take Point Wealth Management, three five to six one six zero five one one will see you next week. But God bless. Have a wonderful weekend. This material is provided for informational purposes only and should not be construed as investment adviser and offer for solicitation to buy or sell securities. All data believed to be reliable but not guaranteed are responsible for reliance on this data. Take point on retirement, a well rounded show from a well-rounded team of experts leading you into retirement. Listen, Saturday mornings for an hour of simple retirement advice from your friends at take point to wealth management, Saturday mornings seven 730.

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