What Can We Learn From The Musicians Who Died Young

Financial Symphony
Saturday, August 18th
Answers to your financial questions, and what do the deaths of young muscians teach us about finance.

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

The following is a sponsored program on WBT. No financial symphony. Helping you can. Harmonious financial plan and getting your portfolio into it so sit back while always strike up the the financial simple it's starts now. Hello and welcome to the program this is the financials symphony. Was Richard future rarely investment advisor representative at Carolina retirement resources. Serving you here in the Charlotte metro area from his office and hunters hill North Carolina. And or Rock Hill South Carolina Richard welcome it sir how aria. Don't agree mark curry you. And a pretty good today thank you for asking appreciate your time is always on the show Hokies had a good week aren't out well that's a fantastic. If we always do our show was starting off that you know if you email questions and things around an area people send in an. And I know that she recently just got back from a trip but I won't forget and that is when asked if you have a good time when your chip I think you mentioned some snorkeling before you on here now we do we were relaxed to none and not active at the same time so really nice trip primary injury recharge your batteries hold. I don't know I need to risk. Either as the Slidell when they go bully give other solar real quick and we'll get into your emails and be like to talk with a Richard. About your own retirement journey your own financial situation make sure that you are on the right path to end three retirement. Purchase a great resource to tap into here and area 806465996. That's the number to call Megan had an 8064659. 96. RO get an email question for you read from Betty in Charlotte. And unfortunately Reddy says I'm going through the middle of a divorce Richard after thirty years of marriage. Do you think I might be better off to get half of my husband's 41 K. Or half of his pension alike the idea of a guaranteed income but I won't be retiring myself for another ten years so it's not like I need to pension right now what's your thoughts. Well the body marital asses. Iraq India difficult the task faced by the forcing couples and state laws vary so it's vital to understand your State's exact clause on assets into war. For example and community property states. Spouse and retain ownership of anything owned before marriage. Including inheritance wal all states have adopted regulations that apply to the fair distribution of marital property. Remember fairer distribution does not always mean that it's going to be equal. However North Carolina. It's an equitable distribution state and not a community property state meaning that all Merrill properties subject to an equitable split. And not necessarily an equal split and when it comes to pension or retirement benefits investors or non vested. Acquired or an American North Carolina the law states that is considered marital property and subject to an equitable distribution or divorce show. If it's deemed an equitable split on her North Carolina law I'm going guest. That taken the 41 K and invest in that form would take into it I deferred annuity for future guaranteed income. May be your best options specialist that you won't need income for another ten years Betty but to be sure you would benefit from sitting down with a advisor and examine your entire financial situation before finalizing your decision. Well thank you for the question Betty we certainly appreciate it and if he'd like to reach out to Richardson talked Warren deathly LB should just give them a call 80646. 5996806465996. For the question for you hear from Jennifer in hunter's bill. And that Jennifer says if interest rates finally start going back up. Should I change how I'm saving I don't have a lot in the bank right now because rates have been solo. When you know regardless of the economic environment saving for retirement should be a top priority for everyone mark if you want to maintain your family live in after retirement. That plan and is very very important able ensure steady flow of income. Post retirement and ensure that you'll never run out of money. In retirement so that earlier you start to better. You know second you know it's very important to have an emergency funding case you lose your job you know if you get sick or have a major financial expense. He should have at least I'm gonna say three to six months of income saved in cash and keep it at the bank. You know your emergency fund needs to be any cash or cash equivalents. It should not include investments like real estate or other assets that you would have to sell if you needed your emergency fund needs to be liquid and easily accessible through with that said. When interest rates rise you should have a plan in place to protect your portfolio want to understand which types of investments better weather rising rates. You conform planned and executed. For example if freaks or garage who might want to consider defensive stocks because they have low price earnings ratios compared to cyclic stocks. In of these stocks have a low beta which means they tend to perform better roku two cyclists thoughts and bad times so for portfolio relief in time to rise in rates. You want those defensive stocks which include things like utilities boy oh real estate food. Beverage tobacco. Consumer staples and even pharmaceuticals. You know these stocks or in non cyclic Stoxx sectors and often do not doing well in an appreciating markets you know they may however deliver better protection and rising rate environment. In a can also consider maybe upon latter. You know as a portfolio were bond maturities or latter or staggered. To give you a concert return over a given period for instance one of five years the strategy gives you exposure to different points in the U current. Also is rates increase or decrease over the duration of your bond exposure he gets from price protection or briefs become more volatile. So and rising interest rate environment. Yeah it will be necessary to reallocate your portfolio moved to more defensive positions. So Jim Bergen great question thank you so much for cementing that 806465996. That's your number to call 806465. A nine. 96 to talk with Richard which really you are listening to the financial symphony with Richard crucial early investment advisor representative here. In the Charlotte metro area 8064659. 96 final question this week for you Richard is from Kathy in Iraq kill. And all the ladies submitted this week she says my husband and I argue about money almost all the time and I think it's because we haven't done a great job planning for retirement. It's starting to stresses both Al is this a normal thing you see or do we need serious help. One of the most common sources of conflict in marriages money in fact I think that most divorces. Can be traced back to money issues. You know how are you gonna spend it how are you gonna say for things are really matter like retirement. For marriage to be wealthy you know you need to have more money coming in thing going out. It's just addition and subtraction you know debts need to be eliminated and money needs to be saved investors for retirement so review your partner followed a tool. You'll have no financial issues for the rest of your lives so you're attempting to create a financial plan. And it creates conflict between you and your husband. Then you know higher retirement income planning may be the answer to your overall wellbeing and you know your relationship stability in your physical health hiring a financial advisor do you think he can act Hershey can act as a personal mediator for you and your husband so when you work with a planner. They'll help to ensure that your retirement plan reflects your retirement goals. But be careful there're there are many advisors that would love to manage your money but not everyone is qualified to handle in the way. That leads to a holistic approach to creating a sour retirement plan. So it's important look for an advisor to put your interest first and actively wants to help you meet your goal and objectives you know oftentimes the products someone's cell if you matters less. Then their dedication to making surely you have a plan that we sure needs. In a professional take your entire financial picture in a consideration. They make plans that adjuster risk exposure they invest in cool to secure your required income. And create investment strategies that allow you to continue accumulating wealth or your retirement so you can use it later or to contribute your legacy so I recommend. Kathy that you seek the services. Qualified professional help you with your plan and knees. The only memories it's easy to pull off something as important as your personal retirement income plan. Not to build any thing he need to have three things you need to have a plan you need to have a process and you certainly need the help of a professional. Most people spend more time planning your vacations and expend plan for their retirement. And the reason for this is that most of you have a big understand and what you need to do for retirement. So what to do you put off until later unfortunately sometimes later never comes. He know it all boils down the fact that. All the pieces of your financial puzzle need to fit together so I'd like to offer you the opportunity come in for complete financial review. And I'll offer this review for free to all listeners who have at least 2000 dollar save for retirement. I'll talk you through the different puzzle pieces that you need to consider. You know for instance how much risk you take in your portfolio and as that of our risk appropriate for your agent for the return Richard Gannon. How much are you paying in fees and commissions and your current plan. What about the tax implications of your statement is there a way to save money in taxes down the road by a planet proactively today. Do you have an income plan in place to be sure that you aren't in danger run out of money if you end up living thirty more years of retirement. Q how planned to address inflation in future decades as a cost of everything continues to Iraq. Obviously. There's a lot that we need to discuss and we found that most people. Haven't planned for early enough to address these issues again. This review is complementary to anyone who has at least sooner though mark saved for retirement. But the calendar does fill up quickly so go ahead and give us a call right now that we can be sure to get as far reserved for you. And I had to do take advantage is dial 8064659. 96 that's 806465996. To go ahead and grab one of those slots on the calendar Richard mentioned. At Carolina retirement resources. Where can reach out today 806465996. No cost or obligation to get started with Richard culturally investment advisor representative. At Carolina retirement resources that says the financial symphony. More to come the day on the program what Richard so stick around. Timing is everything. In music as well as life. Having the right tempo and rhythm helps all the musicians in the connector locked into place and ensures smooth and steady performance. The same can be said for your financial future where timing is everything. Having the right person to guide you through your financial concerto can make all the difference. Timing and tempo in life in music in retirement. Is everything. Come visit with your financial maestro and Richard Richard Elliott. Serving the Charlotte metro area. Call 806465996806465996. It's time for another musical connections where we've learned the worlds of music can finance together. Here's friend of the show financial advisor and musician mark lawyers. Withdrawn stunts it's time for another musical connections so mark's ploy let's talk about some people who are. Gone too soon. No shortage of musicians out there who died younger than they should have been. You know when they're in the world of rock and roll you know sometimes that happens because of several different reasons Vick. You know some of its self inflict this can't exactly what exactly is it a day in a similar ones that come to mind for me John Lennon now. You know he was shot to death as we know. At the age of forty I mean do you remember what you were doing what he was shot to death but when you actually heard the news. That he had been shot what you're doing at that time I know what I was doing at that time I was working in a radio station I know that and I'm at that hour and that hour or what time was organized until my time yet yet know how was an award then but I know that I was employed in the radio business of course. And I remember getting so upset. It was during Monday Night Football was and not. When that's what I was doing I was actually watching you Monday Night Football and it was Howard Cosell that told John Lennon had been shot dot man that's just dead really got to me because you know he had so much more to do. And I had so much more music and some others that have upset me that they died too soon Sam Cooke. Marvelous Marvin Gaye. Both of them were shot yes well aren't harping Otis Redding died with a Martin great shot by his father he was here's what the situation very sad and Otis Redding done in a plane crash. Jimi Hendrix and that was kind of self inflicted. Janis Joplin pretty much the same what. Buddy Holly yeah what are you remember well you know Elvis how keen operate here in it that Elvis had died. It was amazing the album that came out right after his death just you know sold a lot of copies and had that. What was the name of the song blue something cot ticket member of it but I remember when he died. We went out immediately a multi album. In his last album that is. Well I can't remember the name of the but it was with his last hit that he had. It was sad what he had done to his body. Yeah and I remember Roy Orbison when he died you know they released this new web album right after that may have happened he had a heart attack. Same thing with the some of the other artists we're talking about here what we talked about earlier Tom Petty and yet again gas man I loved Sunday. What can we learn from all that tragedy and all that heartache. Well you know in the most of all those cases somebody was left with a financial disaster on their hands because when you have unexpected death at any situation any family situation prince is a good example of brits gas prices are great example. Didn't have a plan in place you know what happens if you die young. You know family members are band members are often left in dire straits in cases like this you know. But it indicates so just a regular average folks out here listen to us on the radio today. You know if you lost if the breadwinner of your family died tomorrow. Is there enough life insurance. It take care of the family for the foreseeable future with to make up for that salary that's lost. Some folks you know need a hefty amount of life insurance and there are a lot of folks I see that are sometimes underinsured. You know we have insurance professionals right here in our firm that looks at bash notes it's part of financial planning to make sure that in case of the death. That there's enough to steal money if there's not enough savings and not enough retirement there's something else to replace that income. You know the game comes gone. And in a lot of cases maybe the surviving spouse wouldn't be able to go out and make that kind of money that the spouse who died you know who was making. And maybe they're still kids that have to be. Educated and paid for yields for college education is a lot of factors out here and you gotta make sure you have enough life insurance or at least a knock out system. To take care of it. You know one thing I like is that sitting down and doing all the what it's you know it's better to talk about it before something happens. So let's we're doing our financial road map sometimes won't use the example what if we had a death. And then I show the probability of the money lasting. Based on losing that. That salary losing that second Social Security check losing a chunk of the pension what kind of impact does that do on the surviving spouse in the rest of the family members. And you know any time you'd be in the case of these musicians. We hear all the time where like you mentioned earlier prince prince didn't have a state plan. Lord have mercy what the other taxman is. Is taking advantage of that right pass right and loyal and then you've got people fighting over the assets. So everybody listening out drama playing a lawyer I didn't say it a Holiday Inn express a much try to play below if you're ready to take action but you just common sense you need to have a well. We needed to have a power returning for financial you do have a power of attorney for health care at if you have a special situation in your family you might wanna consider some kind of trials to make sure that your money goes and takes care of the people that you wanted to take care up another thing is double checking your beneficiaries on your retirement accounts making sure that that's accurate making sure you have beneficiaries on your life insurance policies all of this is all part of putting together a holistic plan. And it OK showed already know that we're that's what we do. We'd look at all of this for our clients we wanna make sure. I had a situation this week where one of my clients via email me Rhonda told me that. They're under hospice and gave me the grandsons name who's gonna be taking care of the estate which already had known that a new who's gonna be taken care of their stakeout order review their state plan. But now it's come to reality of this person's been with me for fifteen years. Are green and over this person right now. They've been a valued client of mine for over fifteen years and she's going to hospice. But the neo that they not can feel good about there the financial houses in order. And we made sure that years ago I make sure we went over with the young future exacted her her state exactly what's gonna happen to all the accounts. How we haven't structured. I feel like you know this is what she hired before fifteen years ago to make sure the stuff was done. I think one reason why you may wanna consider using. A holistic financial advisor is gonna take care of all of this. So Ron tell the folks that they don't have all the straightened out and organize and and they have a plan in place share with a folks what they need to do to reach out to. Us distribute the following call 806465996. That's 806465996. You can get a complimentary review of your financial plan. Just call now to take advantage 806465996. Or. It's time for a fireside chats. As we get to know you're local financial symphony maestro. Well it's getting to know you time here on the financial symphony with Richard future really of Carolina retirement resources. We like to step away from the financial talk for a minute and just type pick Richards brain didn't know a little bit better. Outside the financial realm in Richard I guess this is as simple question but I guess maybe nowadays it's not so symbols and Sally kind of can incite people to go one way or the other but where do you enjoy getting your news sources from well I. All the news sources mostly through web and digital media and we're perspective finances. You know I subscribe to numerous publications. And I'm by a lot of books but primarily I read most of what interest me on the Internet. Yea you know ot it's funny until I actually still enjoy papers but I guess talk island and a small towns and hasn't had a lot of options anyway. I just get the one paper but I think it's one of those dying things for a lot of people that they you know I just kind of enjoy sitting down with a newspaper from time to time but. And less like travel someplace anomaly have a lot of options other than my hometown gazette if you will. But I gave up newspapers awhile back when after I was done with them my hands were black. I think the that's a good point if you had story. I does I guess they get a cattle like the feeling of a Polly was the way I was raised. But there was a big newspaper reader you know when I was younger so I think that kind of trickles down sometimes but. They go no matter where you get your news sources from there's certainly no shortage nowadays where you can find a semester or getting in you this week here. On the financial symphony way Richard who's really more to come after this soaps they didn't. We all see the finished product to the music superstar. The sold out performances the TV and magazine covers and the eventual acceptance speech have been dreaming. Like you don't often see is what it takes to get to that stage and hours and hours of practice been traveling the critics see improvement. All those little details have been in the background without us noticing and you know like to your financial maestro puts together a financial plan for you in much the same way they make the process it's easy for you on the surface. And you'll get some marveled at the finished product. You're playing now. But don't forget about the all important these children in Africa and going on in the background to wrap your financial masterpiece. And remember your plan should be coming beauty come visit with your financial my stroke Richard preacher yelling and serving as Charlotte metro area. Call 806465996. 80646. KB 996. Yeah. Your financial plan shouldn't be a one hit wonder everybody. Make sure it'll be considered part of the greatest test by a working with your local financial my stress. Back here with us on the financial symphony would Richard who's who really investment advisor representative at Carolina retirement resources. Here in the Charlotte metro area 80646. 5996. Your number to call to get yourself on the appointment calendar for no cost no obligation. Chit chat with Richard about your own financial. Here on the program from time to time but I think if its were ready to go revisited from time to time and discuss a few different things and a lot of people out there assume that it's just you know it's just the thing that they need while they're working maybe to have the kids at home their younger that type of situation. But there are a lot of other reasons that life insurance might be useful part. On your retirement plan that we can explore today so let's talk about a few of these for example will start with income replacement. Hey you know many of our listeners don't view life insurance is in the central part of retirement income plan. You know you see life insurance primarily to correct your family's from early loss of a breadwinner during your working years. However electric current has the potential to be so much more properly utilized in a comprehensive retirement income planning back. In my opinion life insurance needs to be the foundation of any solid retirement plan after families certainly depends on your retirement income. You know you can't invest your way out of an untimely death. And when one spouse passes away in retirement the surviving spouse often struggled to meet their income needs in a while expensive might be lower. A decrease in expenses rarely officers to decrease in income and so at a minimum. One of the true Social Security benefits that you were receiving won't go away. So for many of you life insurance can be used to ensure that there's enough money to replace any lost Social Security or other retirement income. And in this way the surviving spouse to maintain his or her current standard of living throughout retirement. Has frequently. In the ten years leading up to retirement. Many of you find yourself playing catch up on your retirement savings you know and doing this period. If one spouse dies the surviving spouse could end up being short really short on retirement savings shelf for this reason. I recommend new life insurance on both spouses prior to retirement to protect your retirement savings plan. Well we're on talk about a few different good things to think about and consider whether or not life insurance may be a good fit for your retirement plans assistance they are part of your tower playing there's a lot of pieces that go and of this that was in camera placement what about a state liquidity. Richard that might be something when people think about. That's there well it's the last thing that most people experience a life and no beneficiaries of this state especially one that's largely consists of real estate. Often have a lot of taxes that they're responsible for an in my opinion life insurance is the most efficient and least expensive way to obtain the cash needed to settle a state. Hands down. You know out of the four potential methods to accomplish the state liquidity only the use of life insurance or voice on assets borrow wind or maintaining large amounts of cash. So by fun along life insurance policy early on. He solve several problems at the same time first the life insurance proceeds can be excluded from your tactical state if you properly structure. Are you an irrevocable life insurance trust. And his second you can create a liquid pool of tax free cash that can be used to construe any cure occasion finally that same pool of cash. Can buy some time to properly sell off your real estate portfolio. Nor wants a few plan and errors that cost their family tens or hundreds of thousands of dollars I could have been used by future generations. And this is why it's important to have an estate liquidity plan in place especially one backed by a strong life insurance policy if you instead fall into the trap of inefficient resource allocation. The government will take a huge bite. After you've passed away. We listening to the financial symphony was Richard who surely we're talking about some reasons to consider life insurance as a portion. Where part of your retirement plan your retirement journey and one more here on the singer Richard before we take a break. Locking in those lower premiums. You with some things to think about here. Well you know we're very few exceptions those younger you are when you buy a life insurance policies the less fuel economy. You know although hundreds of factors determine life insurance premiums ages one of the most critical components. And it makes a strong case for my life insurance is early in life as possible. And a third one factor that's more important and age in determining your life insurance risk could sure help. You know statistically speaking in a person who is an excellent health is considerably less likely to see an early death the one who isn't or help. This is why life insurance companies pay particular attention to your medical history. Went on a random policy and why life insurance premiums for smokers. Can be ten times the premiums for nonsmokers. And since most diseases and impairments tend to develop later in life excellent health and use our closely connected. At least part of the reason why you should get life insurance when you're very younger so that you can get it. Before any chronic health conditions developed you know conditions like high blood pressure. Or high cholesterol. Yeah these things are calm and so as you can get your life insurance policy before any of these conditions develop. You'll pay substantially lessen premiums so age and health are strong reasons to buy life insurance before you have in the current need and walk in the lowest creamy as possible. If so it's important to you investigate the ways life insurance can spend your retirement plan. You know not everyone's needs are the same you know some might benefit from term life insurance while others might benefit more from permanent life insurance. Still others might not have a significant need for additional insurance. Then there are those who already have insurance who may be underinsured. Generally been much risk on the table by not having the proper amount or their proper type of life insurance. After those of you concerned life insurance to assure you get it the better. You know that's why I'm very passionate about my believed that you deserve to secure independent retirement. And that's why I offer free consultation from our radio listeners to help keep you on that path. If you call the next fifteen minutes and have at least 200000 mark Schafer retirement. I'll offer you this free consultation help you determine how prepared you are handled retirement pitfalls like inflation. Health emergencies. Stock market volatility and taxation. You've worked hard for your money so all work just as hard to help you protect and grow it. There are wide variety of tools and services available in the financial world I'll show you how harder so cool and services to create a plan that's tailored just for you. And I'll show you how to achieve. A lifetime of security thanks to a lifetime paying come so let's get to work now so that you can get that back based approach that you deserve and get better interest your financial challengers and objectives. Give us a call on the next fifteen minutes and all work together we feud could join our road to financial security and independence. And the number to call to make that heaven is 80646. 59 and 96 at 80646159. And 1960 has started today with Richard coach derailing investment advisor representative at Carolina retirement resources. It's got an office and hunters go North Carolina and Iraq kill South Carolina and a great resource for you to tap into here in the Charlotte metro area just reach out today grab one on this calendar slots. And get started no cost or obligation 806465996. Later contact information richards' team we'll get back review is scheduled time it's convenient for you to command for consultation. 806465996. This is the financial sense anymore come with Richard in just a moment. It's remarkable sometimes the emotions and feelings music brings to our daily lives. It was there for graduation. On her wedding day. And sometimes even resonates on our darkest days. So as you look back on life and remember the music strikes yeah. Take a moment to look forward to your retirement. In the meantime ripe with uncertainty. Over the time of Julie. If you're in a spot now where you don't think your current plan deserve that kind of celebration when you reach retirement. Think it's time to get a second opinion. Come visit with your financial maestro Richard materially. Serving the Charlotte metro area. Call 806465996806465996. It's in the news time here on the financial symphony and I would like to grab a headline is making its way around the on the interwebs to work. The news channels or whatever pays his steel workers to take on this. The Richard Seattle recently implemented a soda tax. At the beginning of the year so far it's brought in like ten million dollars in revenue. What's your opinion of taxes like this that are designed to change people's buying habits I guess the ideas they hope attacks will curtail people's use of soda. If that we're the reason why they did then I might say well maybe. But I don't believe that's literacy there today via. You know as an FYI. You know the new law is not technically a sales taxes and excise tax. Or tax on businesses. It's applied to the distribution of these beverages for retail sale which means. The attacks occurred between wholesale and retail you know law as it's written makes it clear that distribution doesn't mean our retail sales to a consumer. But whether re killers choose to pass the burden of attacks on the consumers as their choice. And unsurprisingly what many of them have done just that so. You know what I believe is going on theories is that the state lawmakers. Are getting more creative. When it comes to increase from revenue and their turn to businesses to foot the bill. You know I think it's completely absurd and many people will avoid attacks by simply traveling to another on tax location to purchase beverages you know Costco. Is even telling your customers about locations outside the city they're not subject to the beverage can well. So that tax will have limited success and it will not only heard two businesses in the city of Seattle. But it just doesn't make sense to me. Now and just thing you know there's definitely I've never been a shortage of creative ways for them to come up of taxes of some former fashion. Well that's our new segment here on the financial symphony that. And we back with more conversation with a Richard right after this so stated this is the financial symphony. Wherever you go there I had. Following lurking stinking alone continuously nibbling away your hard work and. We need. Don't be afraid of hidden fees in your portfolio. Come in to meet with their financial maestro for review of all the fees in your current plan. Let's see if we can eliminate those pesky. Yeah okay. I'm. Come visit with your financial maestro and Richardson to LE sipping the Charlotte metro area. Call 806 point 65996806465996. Children who is studying music tend to have a larger vocabulary and more Indians reading skills than peers. Don't get pissing us off when you meet with a local financial might stress. It's an education about the financial world that will enable an equipped to better understand how markets work and pound your portfolio can work for you. And how you can retire with a more peace of mind and those around and they were using tired outdated strategy. Get on track to retire with confidence and knowledge come visit with US financial my strength Richard Richard Allen serving as Charlotte metro area. Call 806 point 65996. 800 6468. 996. The financial symphony is reaching its crescendo. Your local financial maestro and coming up next. Lower cruising down the homestretch here today on the financial simply reverted to literally. We're gonna wrap up our conversation continuing along with reasons to consider life insurance as they. Portion of your retirement plan the before we get to that and remind either Richard is an investment advisor representative. And a great resource for you here in the Charlotte metro area he's got an office and hunters go North Carolina. And Rock Hill South Carolina and he's available to you and 806465996. The best part raising call this number yourself on the calendar and just talked Richard about what's important you he'll help you out and certainly whatever way that he can't. 806465996. 8064659. Many six Richard let's finish off that life insurance conversation we were talking about. We covered a few good things income replacement may be a state liquidity locking in those lower premiums some reasons to consider on the prior segment. How about transferring family wealth another place where we can use life insurance. Absolutely you know recently I met with two separate clients who had a similar net worth. I don't want client had already leveraged like insurance in her state plan while the other had you considered life insurance yet. As a result the first climb was set to leave substantially more money to her nurse. Then the second client and there is just one example of how the strategy chosen to transfer wealth from one generation to the next can make a big difference and I found. That those of you look corporate life insurance into your state plans you know you've come away with a level of tax efficiency. That's unmatched with other alternatives and you also avoid much of the volatility and overall uncertainty associated with traditional stock and bond investment. You know the objectors you're clear you're trying to take your hard earned money and make you create as much generational wealth is possible. Doing that by simply passing away with the money in your name may subject those funds to astronomical tax rates. That may limit your inheritance just one or two generations. So why not plan a little bit more carefully to know that you've created a legacy that will stretch all the way down here great grandkids. OK so obviously you know a lot of uses here or life insurance and a lot of times I think again. You know we started this conversation saying sometimes people just think about well I Neil when I ram in in my family's young and things of that nature of the typical reasons we think about so. We're trying to provide a few other. Topics to discuss when it comes to reasons to consider life insurance and what about for small business owners Richard does something we don't probably talked about enough here. Business succession Kim life insurance be helpful here. Absolutely if you all the small business the succession plan. I may include a buy sell agreement that requires someone to purchase of significant share of the company. Conditions were life insurance can provide those funds. In or properly designed by so agreement can guarantee a market in fair price for a deceased. Disabled. Or withdrawn only business interest. In short control over the business by the survive and remain in owners and set the value of the business interest aside for state tax purposes. No life insurance is the best way to provide the cash necessary for the business will survive and owners to purchase of the fees donors' interest. In many instances the cash surrender value unlike the current policy. Can also be used tax free to help pay for a lifetime purchase of business owners interest. There are other ways in which life insurance can be integrated with the many of the cool techniques and strategies commonly used. In business succession plan and unfortunately most business owners believe that their family or the family of their business partners will still be manage and their company in the future. But the numbers tell a different story most closely held small businesses do not survive the transition to the next generation of ownership. The failure in many cases is due to a lack of a viable written succession plan that includes life insurance. Boy you're listening to the financial symphony was Richard future really recovering some reasons to consider life insurance and a different things that you may or may not be aware of when it comes to a potential things that may work for you in. Please check with a qualified professional before you do take any action but Richard is available to you to ask some questions bounce some ideas off of them an 8064659. 96 the final two here Richard probably are the ones a lot of people have been asking about lately release comes to the top of mind for many retirees and pre retirees. This first one is tax free income. How can that work with life insurance and we've heard that before. And I you know it surprised a commanding that you can purchase is the appropriate. And properly structured life insurance contract. That will provide tax free income later in life. You know for high income murderers who can't contribute to a Roth tirade. You know cash value policy come broader way to save and invest for tax free income down the road. You know I called the strategy to rich people Roth. You know again most people don't think of life insurance is a part of their retirement plan and some believe it isn't needed in retirement. However this can be a wonderful tool to bridge the gap to financial freedom if you are married have kids have maxed out contributions to your retirement accounts were. You're in a higher tax bracket. Are we list all the benefits of life insurance except that some policies have benefits that you can enjoy before you die. Perhaps more importantly. Is the potential for tax free income in retirement. You know so I believes. They should think of life insurance as another asset class for your retirement and tax plan. Essentially you can set up this account like a Roth IRA without income were contribution limits he won't get a tax deduction for your premiums. But the money will grow tax free. And it handled properly it will come out tax free. More importantly. All these accounts one incur higher penalties for a broad before you reach 59 and half so this can be a huge bonus for people looking to retire early. You know I don't have a crystal ball but it wouldn't surprise me. If taxes went up in the future given the current deficit he underfunding of social security. And the longevity of today's retirees so. You all need to develop a plan to reach your financial goals for comparable retirement. And happened more options on how you can get taxed on your retirement may come we'll help make that much much easier. Clark final one this week Richard is the long term care coverage options. Are a lot of people you know very concerned about this obviously is so can life insurance help us with that long term care coverage. You know many life insurance contracts have what is known as an accelerated death benefit of cat and an accelerated death benefit is of benefit them and enable the policyholder receive cash advances against the death benefit in the case of being diagnosed with a chronic illness are critical illness. Or if you need to be in a nurse from home on top of traditional death benefits fear beneficiaries. And any amount received on her life insurance contract on the life of a terminally ill insured or chronically ill and short. Will be treated as an amount paid by reason of death of the ensure. And since my amounts received under life insurance contract by reason of death of the insured or not include mobile and gross income. The accelerated death benefit will be received free of income tax so. The accelerated death benefit writer can be a valuable feature of your life insurance contract should you become ill. Proceeds can be used to pay related medical expenses two prepaid funeral expenses. Quarter so any other outstanding issues before an anticipated death of course he may never choose to use the writer which. May be the best scenario. Opel you know have a McCourt type of life insurance mark and the appropriate amount of life insurance coverage and retirement. You know what's gonna accomplish multiple jobs it can help protect your income. Provide tax free cash flow help manage taxes provide peace of mind and even improve the total return troubled portfolio. I'm really passionate. About life insurance as part of your comprehensive retirement income plan. And I really passionate about our community be well prepared for retirement. And and I'd like to extend an opportunity to all of you right now. To help be sure that you will prepare a moth on the concrete financial review do you if you can call in the next fifteen minutes and have at least 2000 more faithful retirement. I'll talk about your retirement income needs. We're at an income is going to come from. How you'll outpace inflation pay as little as possible and taxes and make sure you don't outlive your money. Now you might say I don't really have to comb next fifteen minutes and yes it's true you could probably take care of it next week or even next month. But here's the deal I think coaching people on retirement plan for a long time and I've learned is really easy to procrastinating get distracted. So if you don't start the process now there's a very good chance that she won't do it at all. So the first coach and that we're going to give you is to encourage you take that first step right now. For almost everybody that's the hardest par from there it's really not a painful process so if you're ready to finally get a plan in place and give us a call right now. And that number is 80646159968064659. 96 is Richard said it's really not a painful process the hardest part is just reaching out to start with. And so grab a cell phone and I know was nearby take ten seconds and call right now 80646. 159 and 96 if you're driving pleased and alcohol while driving but. 806465996. Jot that number Dan if you need to believe strongly encourage you to reach out. Get on the calendar in command and have a conversation with Richard coach rally investment advisor representative here and the Charlotte metro area at Carolina retirement resources you can find him and his office and hunters hill North Carolina. And Rock Hill South Carolina so he's very convenient for you to reach out to get on the counter come in and seen him. And get that process started make sure you're gonna be heading to and through your retirement journey the way you'd like to be 806465996. To have that conversation. This has been the financial symphony Richard as always thank you for being here I know you're trooper and a European little under the weather so I appreciate your time. Thank you mark when we made it absolutely the world through it all again next week here on the financial serving with Richard to a thrilling comeback. A registered investment advisor. BCM and Carolina retirement resources are independent of each other.