Most people think a will keeps their family out of probate. It doesn’t. A will is a set of instructions for the probate judge. Your family still goes through court. That’s why a will is only half the estate plan.

Prince left no will. Aretha Franklin’s family found handwritten papers under her couch cushions. Both estates spent years in court. Your estate may be smaller, but the same problems can still show up for your family.

In this episode, Stewart Smith, LUTCF®, RICP® and Mitch Davies, CFP® keep estate planning simple. They explain what probate is and what happens in South Carolina when someone dies with no will. They also cover why a living revocable trust may be the easiest way to skip probate, and what that trust can’t do until you fund it.

Funding means moving your house and accounts into the trust.

In This ClearPath Retirement Radio Episode:
→ Probate: what it is and why a will doesn’t skip it
→ No will in South Carolina: why the state’s split may not be the one you’d choose
→ Waiting: why a house may sit tied up while the bills keep coming
→ Other states: why a second home may mean a second probate
→ Living revocable trust: what it is and why you keep control
→ Incapacity: who steps in if you can’t make your own decisions
→ Control: how a trust can pay out over time instead of all at once
→ Privacy: why probate is public and a trust is not
→ Who may not need a trust: accounts with named beneficiaries
→ Funding: why a trust does nothing until your house and accounts are in it
→ Pour-over will: the backup will built into the trust
→ Mortgage and insurance: the two phone calls to make first
→ Old wills: why a will that’s 22 years old may be a problem
→ Beneficiary review: the first step anyone can take this week

Timestamps:
→ [00:00] Prince Left No Will
→ [01:36] What “Estate” Really Means
→ [02:54] Who Gets What Without a Will
→ [05:59] A Will Doesn’t Skip Probate
→ [08:48] One Mountain House, Two Probates
→ [10:24] The Simple Fix
→ [13:44] Who Decides If You Can’t?
→ [15:51] Control Your Money After You’re Gone
→ [17:24] Probate Is Public. Trusts Aren’t.
→ [18:45] Do You Actually Need One?
→ [22:32] A Trust Does Nothing Until Funded
→ [24:37] Revocable vs. Irrevocable
→ [26:25] Mortgage? Call Your Insurer
→ [29:03] Is Your Will Too Old?
→ [32:26] Who Is Your Successor Trustee?
→ [34:48] Start With a Beneficiary Review

Taxes and estate planning go hand in hand. Our free virtual event on moving money to a Roth account is available here https://event.webinarjam.com/channel/clearpath

Ready to build your retirement plan?

ClearPath Retirement Planning, LLC helps retirees and pre-retirees in the SC area create tax-efficient strategies for retirement income.

📍 300 Executive Center Drive, Suite 104 | Greenville, SC 29615
📞 (864) 775-5033

Schedule your ClearPath Retirement Review today www.clearpathretirement.com

Subscribe & Connect:
YouTube: @ClearPathRetirementPlanning
Facebook: https://www.facebook.com/ClearPathRetirement
LinkedIn: https://www.linkedin.com/company/clearpathretirement

Important Disclosure:

Investment advisory services offered through Alphastar Capital Management, LLC, a SEC-registered investment adviser. SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the adviser has attained a particular level of skill or ability. Fixed insurance products are offered through Clearpath Retirement Planning, LLC and Alphastar Capital Management is not involved in the offer, recommendation, sale or management of commission-based fixed Insurance products. Alphastar Capital Management and Clearpath Retirement Planning, LLC are separate ...

As you approach retirement or as a retiree, have you ever said this to yourself...

“My neighbor has $2 million saved. I only have half that. Am I behind?”

“Every ad I see asks if $2 million is enough. Is it enough for me?”

“Am I making the right choices? Am I picking the right investments?”

If any of that sounds familiar, this episode is for you.

“Have I saved enough?” is the question Stewart Smith and Mitch Davies hear more than any other. But it may be the wrong one to ask.

Your neighbor’s number, a headline, or a YouTube video can’t tell you much about your own retirement. Your own numbers can.

In this episode, Stewart and Mitch go through the questions that matter more.

→ Your monthly number: what your basic bills cost versus your fun money
→ Income sources: pensions, IRAs, and when Social Security starts
→ Healthcare: why retiring before 65 can make it one of your biggest costs
→ Taxes: why they may not drop once the paychecks stop
→ Lifestyle: why your neighbor’s retirement may look nothing like yours
→ AI tools: what ChatGPT can’t know about your situation
→ Life changes: why a one-time plan can go out of date in months
→ The better question: what do you want retirement to look like, and what will it cost?

Timestamps:
→ [00:00] The Question That Keeps You Up
→ [02:40] Start With Your Monthly Number
→ [03:50] Where Your Paycheck Comes From
→ [05:15] The Cost Nobody Plans For
→ [07:10] Taxes Don’t Retire With You
→ [09:15] Your Neighbor Lives Differently
→ [11:50] The Family Vacation Test
→ [12:45] What ChatGPT Can’t Know
→ [18:15] Why One-Time Plans Go Stale
→ [21:15] Don’t Retire to a Full-Time Job
→ [22:55] The Better Question to Ask

With Stewart Smith, LUTCF®, RICP®, and Mitch Davies of ClearPath Retirement Planning.

Ready to build your retirement plan?

ClearPath Retirement Planning, LLC helps retirees and pre-retirees in the SC area create tax-efficient strategies for retirement income.

📍 300 Executive Center Drive, Suite 104 | Greenville, SC 29615
📞 (864) 775-5033

Schedule your ClearPath Retirement Review today www.clearpathretirement.com

Subscribe & Connect:
YouTube: @ClearPathRetirementPlanning
Facebook: https://www.facebook.com/ClearPathRetirement
LinkedIn: https://www.linkedin.com/company/clearpathretirement

Important Disclosure:

Investment advisory services offered through Alphastar Capital Management, LLC, a SEC-registered investment adviser. SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the adviser has attained a particular level of skill or ability. Fixed insurance products are offered through Clearpath Retirement Planning, LLC and Alphastar Capital Management is not involved in the offer, recommendation, sale or management of commission-based fixed Insurance products. Alphastar Capital Management and Clearpath Retirement Planning, LLC are separate ...

In this episode of ClearPath Retirement Radio, Stewart Smith, LUTCF®, RICP® and Mitch Davies of ClearPath Retirement Planning in Greenville, South Carolina, explain why the advisor who helped you save for retirement may not be the right fit for turning your savings into income.

If you’re retiring in a year or two, you may have wondered...

“Would moving money into a Roth account help me save on taxes?”

“I feel loyal to my advisor. How could I ever tell them I’m moving my money elsewhere?”

“We talk once a year. They show me how my investments did. Is that enough now that I’m retiring?”

If any of that sounds familiar, this episode is for you.

You spent years building your savings. Now you need that money to turn into income. The advisor who helped you save may have been built mainly for one job. Retirement income is a different job.

Quick Answers:

Why might my longtime advisor not be the right fit in retirement?
Many advisors are built to help you save and grow money. Retirement income is a different job. It includes tax planning, Social Security timing, Medicare, and turning savings into income. Stewart and Mitch say an advisor who is great at growing money may not focus on those questions.

What is the retirement red zone?
The retirement red zone is the stretch right before and early in retirement. New questions show up. Have I saved enough? When do I start Social Security? What Medicare plan fits me?

Is it disloyal to change advisors?
Stewart and Mitch say no. Your advisor may have done a great job helping you grow your money. You may now be in a new phase that needs a different skill set.

What is a good tax question to ask my advisor?
Ask when they last went through your tax return with you. Stewart says many people who come to ClearPath from another advisor tell him the answer is never.

Do Roth conversions always make sense?
No. A Roth conversion means moving pre-tax money into a Roth account and paying the tax now. Stewart and Mitch say whether a Roth conversion fits depends on your goals, such as paying less tax or leaving tax-free money to your heirs.

In This Episode:
→ Family doctor comparison: when a specialist makes sense
→ Taxes: what changes when the paycheck stops and you pull from IRAs
→ Reviews: why a plan may need updates every year, like when a new roof changes your plans
→ One team: why your tax planning and your tax return may work best with people who talk to each other

Timestamps:
→ [00:00] When Loyalty Meets the Red Zone
→ [02:05] Saving vs. Income: Two Jobs
→ [03:06] Family Doctor or Specialist?
→ [04:06] Loyalty Without the Guilt
→ [06:11] When the W-2 Goes Away
→ [08:13] The Once-a-Year Investment Call
→ [09:17] The Tax Return Question
→ [10:23] When Roth Rules Don’t Fit
→ [14:29] Planning Is Year-Round Work
→ [15:31] The New Roof Problem
→ [18:32] Planning and Taxes, One Team
→ [24:43] It’s Okay to Move On

Catch ClearPath Retirement Radio every Saturday at 10 AM or find us on Apple Podcasts and Spotify. Call 864-775-5033 or visit clearpathretirement.com to schedule a conversation.

Ready to build your retirement plan?

ClearPath Retirement Planning, LLC helps retirees and pre-retirees in the SC area create tax-efficient strategies for retirement income.

📍 300 Executive Center Drive, Suite 104 | Greenville, SC 29615
📞 (864) 775-5033

Schedule your ClearPath Retirement Review today www.clearpathretirement.com

Subscribe & Connect:
YouTube: @ClearPathRetirementPlanning
Facebook: https://www.facebook.com/ClearPathRetirement
LinkedIn: https://www.linkedin.com/company/clearpathretirement

Important Disclosure:

Investment advisory services offered through Alphastar Capital Management, LLC, a SEC-registered investment adviser. SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the adviser has attained a particular level of skill or ability. Fixed insurance products are offered through Clearpath Retirement Planning, LLC and Alphastar Capital Management is not involved in the offer, recommendation, sale or management of commission-based fixed Insurance products. Alphastar Capital Management and Clearpath Retirement Planning, LLC are separate ...