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Financial Symmetry: Balancing Today with Retirement

When considering retirement, do you wonder what financial opportunities you may be missing? Busy lives take over and years pass without taking advantage. In this retirement podcast, Chad Smith and Mike Eklund unveil financial opportunities, to help you balance enjoying today so you are ready to retire later. By day, they are fiduciary fee-only financial advisors who answer questions about tax savings, investment decisions, and how to save more. If you’ve been putting off your financial to-do list or are just not sure what you’ve been missing, subscribe to the show and learn more at www.financialsymmetry.com. Financial Symmetry is a Raleigh Financial Advisor. Proudly serving clients in the Triangle of North Carolina for over 20 years.
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Now displaying: April, 2018
Apr 23, 2018

Do you know what the number one most avoided financial subject is? On this episode of The Financial Symmetry Podcast, we are diving deep into estate planning where you'll learn why it is so avoided and why you really shouldn't avoid it. Cameron Hendricks joins us on the show today to help us navigate this touchy subject. Estate planning is easy to forget to do and so many people end up putting it off so that it is actually the most avoided subject when it comes to financial planning. If you don’t have a proper estate plan you need to be sure to listen to this episode as Cameron lays out many of the possibilities that could happen if you have no will in place.

Why have an estate plan?

What is the purpose of an estate plan? The purpose is to look out for your family and loved ones. You want to make sure that the people you want to receive your inheritance actually receive it. This also simplifies matters for your beneficiaries. It reduces family conflicts and confusion during an already emotional time. Because of this emotional roller coaster, planning your estate can be very challenging, but it's arguably one of the most expensive financial mistakes you can make.

What happens to your estate if you have no will in place?

Cameron Hendricks joins us to walk us through different scenarios so that we can understand what happens to our estates if we don't even have a simple will in place. You may be at a time of life where you don’t have any dependents and so you may think that it doesn’t matter if you have a will in place. Would you like to leave your money to the state? If so, then there’s no need to do anything, but if you want to have any say in where you’re money will go when you are gone then you need to have proper beneficiaries named. Listen to this episode to hear what could happen to your money after you are gone.

When is the most important time in life to have a will in place?

Many people that have families still avoid proper planning of their estate. The reasons are usually emotional. No one wants to think about what will happen to their children when they pass. If you are a stepparent, you probably haven’t thought about what might happen to your estate regarding your stepchildren if you haven't planned your estate properly. You’ll definitely need to hear this episode if you are the parent of a blended family. Make sure you don’t miss this episode on estate planning so that you can understand all the ramifications of improper estate planning.

Family conflicts are the biggest threat to estate planning

No one wants to think about what life will be like after they are gone. Making decisions about what happens after your passing is emotional and not much fun. Estate planning is one of those difficult tasks that we just have to get done for the sake of our families. After a loved one’s passing many families experience rough times. Family relationships are already challenging enough. Don’t let your lack of estate planning make them worse. Listen to this episode to hear how important it is to properly plan your estate no matter what stage of life you’re in.

Outline of This Episode

  • [3:18] Estate planning is usually the number one thing that people haven’t done yet
  • [4:19] Why have an estate plan?
  • [9:00] Unmarried individual with no children
  • [12:25] Married couple with no children
  • [15:45] Married couple with children
  • [21:11] Blended families
  • [24:06] No spouse, no children, no parents

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Connect With Chad and Mike

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Apr 9, 2018

Allison Berger and Grace Kvantas are stepping in for Mike on this episode. They join us to talk about how to navigate through a life crisis, specifically financial considerations after the death of a spouse. It’s hard to think financially after such a terrible emotional blow, but proper financial planning can help ensure that you will have less to worry about in the years to come. Listen to this episode to hear our top 5 financial planning opportunities to think about after the death of a spouse.

How to prepare your taxes after the death of a spouse

There are so many financial questions after the death of a spouse. This is an overwhelming time and it can be scary to move forward on your own. Having a checklist of things that need to be done is a fantastic idea. One area of confusion for widows and widowers is how to file your taxes. In the year of the death of a spouse, it is important to continue to file married filing jointly to take advantage of the lower taxable income rate. If you are interested in hearing about how to save money on your taxes for two more years after the death of a spouse then listen to this episode of Financial Symmetry.

This exemption often goes overlooked

Many people don’t even realize that they should file for portability of the deceased spousal exemption, but even if you’re not a millionaire you should still file. This exemption doubles the rate that your heirs will be taxed so that when you pass they have a larger amount of tax-free inheritance. You may not have this kind of money now, but you never know what the future may bring. It’s always a good idea to be on the safe side and file this exemption while you have the opportunity. Listen to this episode to hear all the details why and how you should file for this exemption.

What should you do with life insurance proceeds?

It can be tempting to pay off all your bills and even the house with the proceeds of life insurance. But before you do this, you should look at some alternatives. What kind of savings do you have set up for your future? Would the proceeds be more beneficial to you by maxing out your 401k contributions or even a put into a 403b? This is a good time to build your net worth as tax-free as possible. If you have surviving minor children ensure that there is a trust provision in place for them so that they don’t receive a large sum at the still so young age of 18. If you are wondering what you should do with life insurance proceeds, then listen to this episode of Financial Symmetry to get some ideas.

How much are you eligible to receive through social security?

You can never assume that the social security administration is giving you the right amount of money so it is important that you ensure that you are receiving the correct amount of spousal social security benefits. If you have surviving children many widows and widowers feel the need to save this money for when they are older. But the social security administration would actually prefer that you use the money to care for your children’s needs right now. If you have any questions about social security, this episode of Financial Symmetry may provide the answer. Make sure you listen in to hear all about social security as well as 4 other important financial concerns to consider after the death of a spouse.

Outline of This Episode

  • [1:27] What are the top 5 planning opportunities for widows
  • [3:40] How to file your taxes
  • [5:48] File for portability
  • [9:48] Life insurance proceeds
  • [14:29] Survivor benefits for social security
  • [18:49] To pay off the house or not?

Resources & People Mentioned

Connect With Chad and Mike

Subscribe To This Podcast

Apple Podcasts <> Stitcher <> Google Play

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