Rubino & Liang 8/20/17

Weekend Shows
Sunday, August 20th

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

This is that just don't lose the money radio show with your host attorney Richard Murphy no and Sam lag. For over twenty years rich and Sam have been broadcasting to the Boston area. Explaining how you can protect your lifesaving. Rich and Sam's highly regarded and sought after guidance has been featured on Fox Business news and fortune and money magazines now you're hosts that just don't lose the money guys. Richard Murphy no and Sam black hello everyone and welcome to just don't lose the money radio I'm seeing play out Richard Levine thanks again for joining us is wonderful weekend. Hopefully you're having. Every good one I don't know Summers pay its this summer is that a great summer things families think been a great summer for the weekend seemed to be sort of just okay war. Middle of the week. In a Monday seemed to be bright and sunny but it seems like when we don't have to work it's not. Terrific but anyway well as this has been not working a lot so they're well every day every bit as a matter for you right right. So the question is really going forward what what do we have to sort of think about the weather you know you look at the weather. In fact I was playing golf up in Vermont for a few days last week. And the weather wasn't great yeah so you know you're checking your phone should is it what's the chances of funders it's 60% chances of 30% chance. Don't bring an umbrella door remembering coat. I mean. That's when your most sort of I'll give looking for solutions you know when it's sunny out you don't cages go out it is a risk to everything you know you you take a week off in July and the risk is it's gonna rain it was going to be sunny his risks in life by the wastes speaking of the weather I think it's the only job in America that you can be wrongness of it paid you know bringing out. Everything has risks and have so today we're gonna talk about some risk. Not in the weather but in retirement and really how to cover them. So let's get started we have great show for you today and I'm rich and I both very happy you would us very quickly if you like to learn more about what it is that we do. How we can possibly help you we follow these two rules rule number one. Just don't lose the money and move mama two don't forget we're mobile while website newly designed who are very proud of it checked it out it's. I just don't lose the money dot com. Full of great information very educational stuff that you can use so go check it out. Just don't lose the money. Dot com are let's take on first question Jonathan and Paul are emails us this enrich. We have both engineers on the what are engineers engineers are our own engineers are good and they just very detailed picture perfect. And we have started to put together a retirement plan. Like most engineers we wanna cover any contingency. Dike of possibly. Go wrong or possibly happen one of our concerns is long term care insurance. We looked into it. And one of the problems we have is that it's hard to budget. For its how to budget for since the premiums can go up we've read that they generally do go up in the future how do we cover this risk. Well you know that's. They've been through it there really right on Sam with long term care insurance premiums have gone out. Ended he wouldn't be you have risk. Most risk is covered with insurance and these people are looking into we have insurance and house have insurance on your life when your car. He you have insurance and the engineers who wanna make sure everything's covered so and that you it's hard to ensure. Well I think it's hard to ensure the long term care what do you think. Well you know you got a couple of moving targets in mean long term care insurance. Listen. Are you a fan of insurance yes. I AM yes and no I like to have insurance or something goes wrong I sort of pay force. So long term care insurance is one of those very expensive insurance policies that you buy. But hopefully never have to use so I think that's that's a problem for a lot of people feel problem is that. Sometimes you can't get it you have to be you know medically qualified for you can't get it and I think. The biggest problem is that people pay for this and they say you don't want to cut pay for for twenty years and I cancel it or. Or I just don't need it I don't get any of my money back but first the budget it you know you buy a policy today. And you keep it for twenty years you know the premiums that would be the same twenty years from now well that's the problem I mean it's it's like health insurance you know what health insurance plan to you know. Having been in business for over 25 years every year come December went off blue cross blue shield plans going I was amazed as we just know what goes up. So same thing what long term care insurance that don't go up every year the chances are when they go up. It's not a little but it's a lot it's like 2030%. Increase supremes it's a lot we seen that happen. So here's an alternative to people to consider in fact I've employed this strategy. About ten years ago. I didn't do it really for long term care insurance I did it because I need to traditional life insurance planning but I did it because knowing. Doing the right thing now going forward if you have that risk covered. Then you ought to worry about it when you get older. So. People can look at today our life insurance policies with what we call living benefits. As an example I have a million dollar. Traditional life insurance policy. That builds cash value. If I put in the minimum premium all I have is the though the benefit of that life insurance million dollar insurance policy by putting more than a minimum minimum premium than the excess money that I put it. Grows out of interest rate pretty nice interest rate in fact. It gross tax deferred I can use it for income wait ironic you've taken on income tax free. In fact last month's new additions of four for a supplemental retirement income yeah we got you just that are workshop on that and we had about seven people. That all came. Because there either Macs and all of their 401K. They don't qualify for rock fire ray in the when save some more but they just want the funny Smart and wise way of saving. But nonetheless. It's a great tool to help you supplement your retirement income. But in addition to that that million dollar life insurance policy. Which is traditionally traditionally been used obviously want to die. I can double that as long term care insurance also what does that mean has over the million dollars is there's not my money's the insurance companies money. But going forward let's say thirty years from now if I get sick to the to tune and I cannot perform. To of the six traditional. Activities of daily living you know like you can't be just so happened dress yourself and feed yourself. I can put McClain. In the insurance company wants approved would pain me up to 2%. Per month. Of that face value so to a zillion billion dollars or 10% and the million dollars is 20000 dollar per month. And I can advance from that million dollars 20000 dollars a month to permit from the dome health care you know nursing home. But I'm using their money not my money. Innocent track that from the million bucks when I pass went so if you use approved ten months to 1000 dollars. I'd die and then you guide my ears my wife would get 800000 dollars and on a million bucks 'cause I used it already use a bit but here's here's here's. The way to fix this Jonathan Paul is concerned that concern about the premiums going up. The premiums I pay their money in my insurance policy is the premium that doesn't go right isn't going to say it's the same. For the rest of you are easy to budget for and I don't have to worry about having to things like I'm about life insurance and I don't wanna buy long term care insurance. I can't use that you know to kill two birds one slow its own with that combo or product somebody's gonna get the money. Precisely the Livan you get the money or you die if you can get when during my lifetime if I've built up in the net cash value I can take their money out so. You know it's one of those things is not a everybody. But the reality is that I think if you're looking at a insurance you owe it to yourself to look at some options. Which is precisely. Why we are here every Sunday rich and I take some time to. Educate our listeners and by the way thank you for listening. We've been in business over 25 years we've been on the radio in the wavelengths where on the airwaves for over 22 years. And we met thousands of people. That have sort of you know. Cherish and value what it is that we do. While we're not all things all people it's not about you know how to grow your money very quickly a double overnight it's about protecting what you have. And like this engineer writes in you know. If we can make sure that we have contingencies. In place when things go wrong. Senior and events in Europe absolutely you know so learn more about us and I think one of the things that people can take home today. That won't. More take a lot of effort if you go onto our website we've. Purposely. Designed that web site to be very educational. And really all aspects. And one of the things is that if you nearing retirement not quite shore. You know if if if you're a good spot if you're way behind appearing under the curve you can take your retirement test. Right online. At our website or take all of no no more than five minutes you watch your video above three of those minutes take a test takes about two minutes. And you'll you'll know PR recruits could shape or not so check out chart check out that. Retirement test on our website at. Just don't lose the money dot com. If you scroll down to the bottom of every page it's on the left hand corner he's going and click take the test and boom there you go. Learn more about what it is that you need to do in retirement. Once again check out just don't lose the money. Dot com you don't actually gonna talk about one of though probably if not the most important thing in America today as it comes to retirees which is the risk. Of running out of money. What to do next stay tuned. Hi I'm Bobbie office manager for Richard Rubino and Sam lane to schedule an appointment with rich and Sam call me now. 8776308787. That's 87763087. And eight southern. You're listening to just don't lose the money which amount. I thought this company 25 years ago to really concentrate on the people that our viewing time for our entire. So we've taken to pretty much of the most important disciplines of the time one obviously having enough money to retire and it's true. As they say getting reduction in the world with your state plan. Now back did just don't lose the money just don't lose the money understand why commerce can prevail thanks for joining us wonderful Sunday again Richard night. Very happy that you're here in north summertime so we've got to go far too little bit take a little bit of time off. I'm riches absence class couple weeks Susan Warrick was here gases those years it was here. Com fill in in your shoes we talked we talked all while we had a lot of fun on that show. And then previously that. A good friend of mine Damon went Tanzi what I called -- the smartest guys I know but those UV that visited with us at the workshop you know that. Damien he's got a lot of great great answers you don't want easily knows his stuff and I mean he's like that's smarty pants and with the tail and then Babson NBA and he's just he's an he's not only is he a great person he's just full knowledge. So we'll have a back on the show later on this year what happened probably back of one of our workshops would want but you know one of the things that. You when I have resided riches that we don't have the corner and everything we always have the right answer is so we surround ourselves with. The best talent. When it comes to things that we're not capable helping clients and that's why we've developed would be norm Langer we have what I call teammates. Which is essentially our company. That that that. Based on your need ruled formally that team for you so it's a wonderful way to approach return well and it's all about these guys go preservation of assets whether it's legally whether it's financially whether it's. Nursing homes whether it's a state taxes whether it's probate. Weather's not running out of money it it's all about covering your risk in making life. Less stressful you know we talk a boat we talk a whole lot about retirement business we obviously what we do. And I think one of the most important things. That you really need to go to keep get a good handle on is how much money you need per month. In retirement you'd be surprised. At how many times when I ask somebody down when they won't sit down for their first meeting. I don't know what percentage maybe 2530%. Of the people that I meet they don't know myself well how much money be spent a month. And the answer is why don't really know I never sat down for you though I've no idea. And and that's. That's OK I guess why you working. But certainly it's kind of dangerous when you're not working well it's really not okay menu Rio people have habits and you have a habit of not knowing what you spend that happened less than the rest. Diversity election so here's how we would share with you and how to fix it. We have a core rate giveaways this week it's entitled the income gap booklet rich not put that together. It's a place where you can list down all your essential expenses that must haves. And then also please you list your lifestyle experience what you like to have. In terms of you know vacations when have you. In a lot of times people just haven't gone to that exercise. So gonna make it nice and easy for you I'll give away this week. Is that booklet to help you go through that exercise if you log onto a website just don't lose the money dot com you can download your own part B. Of the income gap booklet. If you like to call for your own income to apple quit you can call this number is 877. 630. 87. 87. And then income gap booklet will be very helpful. Four cowgirl who writes in and Welch on everybody's primary dissent carrots in their rich and Sam. My best friend retired about five years ago and chose to take a lump sum for her retirement account. Instead of a lifetime pension. Over that period of time in his last five years she spent most of the money. Now have to live on our social security and a small amount of savings that's a problem are the same choice both but I wanna leave something for my children. And know that when I pass away the pension will go away. Along with the money what are why do so she sort of want to take Deedee she wants. She was a lifetime pension that you want to lump sum also. Well you know every all comes down to have the first thing you get a Jewish can't just guess why do these workshops sometimes at the end of the workshop people pull me aside and say hey you know what. I have an option of taking along some more taken her. Taken an annuity payment from the company what do you think I should do. What the answer is I don't really know till I ask you a whole bunch of questions. To see what you can afford to do. And if you don't and sometimes once in awhile. No matter what you do is knock on workers' interest and save enough money but I think that the crucial thing is to take some time. Make an effort to make sure that you know all the options and chances are I are wars all the time most of the time. Taking the pension next season taking the lump sum it creating your own pension. Is better than taken the company's pension right little variety of reasons as you take the company's pension you once you take that make that choice you can't. Change it yesterday rebel go vote decision in 44. In these two scenarios it doesn't work and listen to you live a long time it's probably a great deal. But let's say you took that company pension. And five years from now you when your wife getting to a car accident past the way well you could've had a ball more money coming. In those waiting years that neither you would've spent the would you or better yet maybe you would have liked to leave that to your children you can't do that it's gone. So you could create your own pension that we use. Create your own pension and you died in that car career shift at two years. What happens the rest them around this goes GA years it's that simple our panel so though that that creating I don't pension use of fixed annuity. And oh by the way every pension and America's an annuity so there right reasons to use an annuity and there are wrong reasons to use an annuity. If you're looking for a lifetime income stream like a pension that's a great reason to consider and in a week interviews the right kind how works is very simple. You take the lump sum. Yeah out on all the interest that you made over the years many of those annuities come with bonuses upfront bonuses they add down onto. This subtract whatever you've taken out so listen you did. You passed away in two years and you took money offered 24 months with a subtract out from the lump sum plus the bonus policy interest. So attractive. The the withdrawals and balance. Ghost you beneficiaries in in this is all NA it's still entire race and the artist or taxes to make that choice none no of course not I don't know did you Ayers might have to pay some taxes but that's you know that's that's why it's a rollover you do rollover though on some the other thing. That is important is if you chose a pension traditional pension from either the stayed or your employer. And let's say yet it's husband wife husband's getting the pension. And two years from now you don't darn that car accident but god forbid you needed long term care. You're you know you're sick to the point where you need to go to a alzheimer's union you unit. At the at the local nursing home. What that pension payment every month will go to the national. If you create your own pension. Nine out of ten times. There are ways you'd save them money for use stay at home spy who should stop to pensioners and inept and turn back into whatever yeah you know we tried to describe it over the airwaves or get a little muddy and people get confused but just understand the duo correctly. It could be a game changer in very powerful way for you to protect that money for your loved ones have so. You know do you do lump sum Carol. Do you take a pension. I don't really know until we have a further discussion Soviet listening we would love to help you with that if you log onto just don't lose the money dot com. You can get a ride the questions answered we deal with. Risk management we talk about how do you create an income stream just like now we talk about every time it. How you can actually keep your money safe Susan warn it cannot have done a series of videos that I'm a very educational. They're quick and short easy to follow so check us out at just don't lose the money dot com. And then why you there. You say to yourself you don't want. I I I I haven't really taken a lot of time. To make sure that I'll be OK and retirement and I I I spent the last two. We're going on vacation or spent two hours researching more flights and one hotels on the stay out. But it seems like I spend no more than five minutes Lincoln about my next thirty years but so if you're on our web site news concluded to yourself that. Hey maybe you should look some options. Maybe she get a second opinion. Maybe Europe the other person you just procrastinated for many years and am done anything. And you like to take that first step. Right there is when you can do precisely that you can ask for a free consultation. Click on the free consultation tab. And it's really that easy. You can make your reservation to come see me for retirement planning consultation. Free of charge there will be no hard sell. At that medium get to know your situation. We'll figure out if the shoe fits and it is something we can do feel. So again check us out on just don't lose the money dot com click another free consultation tab or you like to call. For your free retirement planning meeting call this number 877. 630. 8787. Again the numbers 87763087. 87. Next we'll talk about how to protect your retirement savings from a wolf. Crash. You're taking the first step to a sound financial retirement this is just don't lose them money radio. Feel free to visit us at just over the money dot com. Making retirement fund comes Sam line and I'm season warning that doesn't sound like Richard you know that's that's the push from Richmond right out of the are you guys I'm doing that. Just don't lose. Just don't lose the money on Sam why then I'm Richard Rubino welcome back to just don't lose the money and you know we sit that over and over again in fact rich. And you went around that day at the office but one gentlemen came in. And I think he came to me three times enter door some business really nice guy business owner in signal wanted to some common field. I'm kind of tired of listening to you I know I get my car here commercial. Again and sunny mornings I hear the radio show and you say just don't lose them on site so many times over and over again. And I comic giggle a little bit. And and I said you're right nice I do say analog but you know if more people just follow that simple rule. New life would be to summertime it's it's it's more than just about money Sam it's about. Legal stuff it's protecting stuff for families protecting stuff these spats to protect himself. Threw for yourself so our view our structure in our business is really twofold one is making sure we have enough money list the rest elect. And two is protecting your assets protecting your state. From people that wanna take it the federal government the state government nursing homes howdy do all that stuff so just don't lose the money is and covers a lot of diplomatic license a very powerful phrase generous so hence our website is just don't lose the money dot com it's full of information. Take a minute or two O five and learn more about some of your options okay so let's take our next question offer our third writes in deer rich and sand. I follow the market every day and I feel that it cannot continue to go up forever. I'm mobile for years away from retirement and I wanna protect my retirement accounts from a crash. I don't wanna put my money in them I don't wanna simply just put my money in the money market in have heard you guys talk about indexing. How might this workforce could well you know authors write him in the bull market is what nine years old it's not gonna last forever you know a few weeks ago. You know trump comes out with this thing about. Well could you know North Korea about a watch out I'm gonna go after a moment drew a line in the same girl I understand all of a sudden the market goes down they think it's going to be in the regular war. Willis I mean. I don't care if you're twenty years old a seven years old unless you've been living in caves. If you watched any news there's like nothing good to talk about but other than. Ya know the market went up ten days in a row and then it stopped but you know series so here's the good news. This person's right from the market's gone off about nine years now. The good news is that it's gone off about nine years well the bad news is it's also gone for nine years which means it might come back down. You know where have business of helping people so to choose this mutual fund Versa mutual fund that is not how business make no mistake about it. But it's common sense. And and if you're listening in live through 2008. You remember Howard how how horrible. That was not only should you got but when you look at your statements you wanted to look like. Believe it's not happening in your four years away from retirement he can't. Take it very generous again yeah so there are methods yet and yes indexing is something that you can get. Wish a variety of different insurance companies either and I you wells which is called index universal life which is a tool. That you can put money into that you can take help free 59 and a half. There's no really restrictions how much input and I mean there are restrictions for those restrictions are very very top heavy. In you can grow your money. With zero risk to principle that is and that's indexing that's indexing it and we'll get also lets you can also off to that. In annuities. Where you can do essentially the same thing so rich you are not trying to say hey let's give an example so let me give you an example of networks are very simple. So there a variety of companies out there. That work quite decision look. We're gonna decide on what. The allocation is going to be we feel that the economy's cranking. So we're comfortable putting in 60% of the money to look like the S&P. And 40% of the money to look more like something stable and fixed or they might say. He we feel the economy is gonna go the other way were not very comfortable. So we might change allocation to 30%. In the S&P and 7% in something safe. The downside is that you don't decide on how that stuff. Because these people manage billions and billions of dollars that's they job. They know how to do it quite well. So whatever it goes up by they take a little slice generally about 1% over one up by say 10% you get nine opponent by 28 and nineteen. It went up by you know six point 29 you get five point tuner pretty simple. The difference the major differences. If there wrong. In it goes down. You don't. Oh anything you don't lose any money you don't lose any miles of the index like the S&P is the S&P goes up at nine and that portion is you get eight. But it appears to be goes down ten. You don't lose any money out of whatever the whatever the allocation is that they've they've done. Let's say it comes out to an average of you know minus six point five. How can you lose nothing for her so that's the important thing was also with the the other important thing is. Is let's say ass out of 100000 dollars I have three years of good gains and now it's worth a 130. And then a fourth year it goes down well my principal amount is 130 not hundreds why keep all the interest that I made in the past. That and by the way in full disclosure has nothing to do with the stock market even though they're mirroring the stock market your money is never in the stock market it's never risk. Maybe you don't make this much is maybe they're a little gun shy and Abu a small percentage in the S&P. But make no mistake about it. If it goes down. You lose nothing which is what author's concern about disease for years away from retirement. The last thing he needs to do is to go back is listening that's right this can't lose the money and yes they sometimes feel so well you know how can he do that it sounds too good to be true. Well if all things were equal yeah that is too good to be true. But the way they can do what is that. The did what you give up with a tradeoff is that you can't take all the money out tomorrow so generally speaking most annuities. You can have access to 10%. Of your money. Per year without. Paying a penalty to get actual money we're also you could turn into a lifetime income stream Buchanan but there but understand if you put in a hundred grand tomorrow you can't take back on a hundred Greenberg take a portion of your money back. About hundred group 400 you can take off 400 but you can ABC you know what I need. 35000 dollars form no problem. So the tradeoff is it's not 100% liquid. But for many people about a listening hey listen you know you've heard that old saying never put all your eggs in one basket right. So if you have a million dollars he should have some money in the bank if you have some money in the stock market you're comfortable that's fine by all means. You know have a have a good time hopefully they do it grows and it goes up a whole lot. But as you get close to retirement. Whatever you have a brisk. Should be small you have so that's where this indexing methodology can really come into play. To learn more about that couple things that you can do go on our website just don't lose the money dot com. It has a variety of different tools that you can take advantage of one of them and one of the things that I. Really encourage people to do is. You know she get close to retirement now that you have to have a reality check in you should if you haven't. Make sure that you're in the right place. If it's not us it's somebody else. But just do which make sure you get some good advice on that so one of things that I like to suggest and offers that. We provide an opportunity for people listening to have that second opinion. Or to do something. Every week in the armed busy rich is busy world is just like you but every week we allocate at least four slots force slots each slot as an hour long. So every week we have four hours. Set aside for. For bringing new people prospects that might. Find our services. Helpful to you. So if you haven't taken an approach you haven't taken that. Next step. We love that opportunity if you'd take foremost slot so in the next two weeks with eight slots for people to come in CS if you call this number 877. 6308787. Tell the operator you would love to have a free. No pressure no you know no hard sell retirement planning meeting with me. Somebody give that the don't give them up there pertinent information and somebody will call you back tomorrow on Monday. To find it convenient time Peter come and see us again it's 877630. 8787. Or you can ask for your all your. Free consultation right online at. Just don't lose the money dot com again it's just don't lose money dot com next we switch to risks you can solve where they. Great legal strategy. Hi somebody office manager ever feel like I know regions and scheduled better than I know my owned and their calendars getting full. If you'd like to meet with rich and Sam coming out. A graduate the head of the line but promise not to tell 8776308787. You call I'll answer it 776308787. Stars and celebrities you never know who's gonna stop by just don't lose the money special guests on the show Frank Luntz thanks Sam. The name of your show just don't lose the money that's how people feel that they're nervous that's because of the economic conditions that exist today may action could. Lose their retirement Mastec and that's where people like you are so important now let's get back to just don't lose the money. Just don't lose the money on same way and I'm Richard were being made thanks again for joining us wonderful Sunday you know rich. It. It always happens as soon as like. August 1 comes ball B Felix summer's over there now so for those few that have. Had a great summer fantastic but you know we get three months left to go to the end of the year. In this is usually when people think about hey you know how's my stuff doing in my in the right place. This take this next three months to take some time to make sure that you are on track for retirement we really encouraged at how business has. As been in business for over 25 years helping people that are nearing retirement or are in retirement in joy. Retirement enjoy where every free retirement naturally our strategy so on that note let's take this next question your editor what you ready. Martha right Cynthia Richardson and my husband and I planed to retire in about two years. We have retirement savings. And he will get a pension. My concern is making sure that our children and great grandchildren. Yet part of our state if we get sick or when we passed away. Our state has little over three million. And that includes our own money into homes what's steps should we be taken to make sure that our family is protect. Well I think the you know like you really took the first step the first step is saying this is what I want to happen. And this is about how much money we have so and you're not an unusual situation. One of the issues they have is. A state tax and much should these people have trusts or not trust. But pretend they don't have trust just don't have the trust so let's say. You know husband this is a way first. And you wind up with three million dollars. If you're a resident of Massachusetts. Massachusetts as a tax credit of a million dollars per person. So one million dollars in go to your heirs tax rate the other two. Will go to them. Taxable so you're saying that the husband passed away left everything on the wife and have some day later. The white passes away now she has that three million dollars is they remain Allison humiliate them that is exposed to mass state to that's right let's write a so so now if you put that in trust and you split up your assets are appropriately. You could save the state taxes on a million. Docile and meet this quantify that for everybody and it's NASA state tax on two million boxes use 10%. That's. Tutorial as a tuna thousand dollars. So he saved. Taxes on half about you to save yourself a hundred green right. Right so that's a lot of money that's a lot of money well so you know once you want to Stanley starts to grow there's your children is your grandchildren is it these different ages. Include different ages and different personalities whether they are spenders not spenders he needs some rules to how they gonna get the money when they would get the money with the monies for. Wouldn't trust does is it establishes rules of how that money is distributed. Through the different generations they also on month currencies mop also mention that if we get sick. We wanna make sure that we're protected as well so let me give you a little bit of some insight on what we did for my parents. My mom both my parents are deceased my mom died recently this past year. 95 years old with a great life. Previous that my dad died in 97 he also with a fantastic life but I don't know some fifteen years ago we put the home. Into any rebel global trust he reputable which means they can change their mind. But the person left in charge was me I was the trustee. They had a life estate. They were able to meet maintain their their stand living nobody can have the full amount of the house while their lives they lived their for many many years. In a one mother mama mama never went to nursing home but if she did. That house who would've been completely protected. Because we did fifteen years ago but we did the same thing with my mother in law my father in law passed away about eight years ago. That is that we put the house and her house and to an irrevocable trust she is who currently in a nursing home. That house which has since been sold to my daughter and son in law. Now there's money in that irrevocable trust that cannot be touched so when you guys. Put your mother must host and trust. Many years ago. Ultimately they sold that house to your daughter know there was in on the sailed host. Represented. The sale house plus some additional cash that was stayed in the trust now she's nursing home the nursing home can't touch directly with Obama so now so. I mean if you think about that's what people wanna do. You know there's tradeoffs we do certain things and everything and everything in life is good and bad and the reasons to do this pros and cons so agency Don Imus in the trade offs. And the trade arsonists if you have a good family you have good children. And you trust them. Chances are there's a whole lot you can do with where those in trusts and formally a proper state plan on only protect children to protect them and your grandchildren. You know and I know rich you have four great fight but no I average 33 Richard sorry it's sometimes it seems like six what sir I was gonna say Iran and around every stations that you do something when you went through laws. There but you know. I would and I'm just saying this is I assume but I assume that you would love to have the opportunity to see if some country great while we've. On and we did we I listen you know but among the Shoemaker is dead has actually moved shoes. I have very vocal coach trusts have an irrevocable trust. I have my wife and I have a the second and die insurance policy. To pay the taxes amusing part of my RRD's. In order to pay that premium. You know CM if done all I got. Everything I don't know. Cause if a quick second bush talked about a second and our life insurance we have a lot of clients that are quite wealthy. And it is safe plane is great but nobody in their right mind is gonna put everything in trust lose control and sometimes no matter what you do your state is bigger than one or trust can protect chew wood so there are still. Times when people happen estate tax and borrowing life insurance a second to die life insurance to pay for that estate tax. Is the most cost efficient way owner of paying taxes you generally it's about. That's a rule farming be thirty to forty cents on the dollar. So you can. You can if it's a million dollar tax you might only in my own cautious 300 green and paid a million dollar tax so something or explore something to consider. On and on and off the radio shows the right time doing probably in person is so is a couple things that you can do. We talked a little bit about retirement playing in fact not a whole lot about retirement planning and if you haven't. Done anything the first thing that you need to do is to figure out how much money you need per month. In retirement we've made it really easy for you to to figure that out. We've put together a fantastic booklet called the income gap. We like to share that with you free of charge. It's a place where. We can jar your memory a little bit and help you Figaro what you are essential expenses are as well as your lifestyle expenses. You can get that's free of charge. By calling 877. 630. 8787. Ask your free copy of the income gap. Booklet or logon to just don't lose the money dot com where you can download your own free copy why did there. Please take minute to take the retirement test see if you're in good shape. Not ever at the bottom of every page of our website on the bottom left hand corner. You can click. On to that retirement test on the right hand corner you can click for free consultations we love to have that opportunity. If you have been listened to show for some time you've been on the website you feel that what we do is something that you like to learn more about would love to have that opportunity so click on the free consultation. Quite enough for what the website thank you for listening don't go anywhere we have some ending comments we come back. Just lose the money radio will be right back if you have questions I would like to schedule a no obligation meeting with attorney Richard thirteen hours in line please give officer Paul. 6176308787. Or visit just don't lose the money dot com. Ever wonder how rich in Santa get all their work done they start by calling me I'm Bobby office manager pat Phelan. You can secure your financial future the same way by calling me you call I'll answer 87763087. Eighths up. 8776308787. Just don't lose money on sand while I'm Richard OK okay so much for joining us is wonderful weekend hopefully. He's doing something fun so we right after the show you're gonna relax and and to do something fun but on that note. Many people have said to us we've been very helpful them over the years I have in the show. And that's precisely why we're here to educate people on what you need to do what you shouldn't do to stay away from where you actually have to do. When it comes to retirement plan so thank you for that and we do all those states. By following not very old but very worthy and tried and true rules rule number one. Just don't lose the money and move number two don't forget rule number one OK so on that note signing off. Havel fantastic rest of your weekend saying goodbye nonsense while I'm Richard Rubino take care. The information on this program is not intended to provide legal accounting tax and investment advice and is not intended to constitute an offer to sell or serve as solicitation connection with the private security or surface this program is a servicer for Tino playing I don't know see at Massachusetts not affiliates. Yeah or old by any financial company. Revealing my LLC sandbags and Richard reveal our non investment advisors your registered his son John Conley and Brian marks to our investment advice or representatives or. Retirement wealth advisor. 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