High net worth individuals have a number of strategies they can use to lower the tax burden on themselves and their heirs. Estate planning attorney Shad Brown rejoins us to break these strategies down.

• We start with a CRT (Crut) - Charitable Remainder Trusts and Charitable Lead Trusts. Shad explains how you can leverage charitable distributions for tax benefits in the short and long term.
• Next, the ILIT - or Irrevocable Life Insurance Trust.  With ILITs, you can take assets like term life insurance, and move it out of your estate and into a trust.  Shad walks us through this process, and its benefits.
• A QTIP  Trust - or Qualified Terminable Interest Property Trust - may be useful for spouses who are re-married but want control over where their assets go upon their passing.
• Intentional Defective Trusts have a place as well - Shad explains that strategy, as well as the difference between grantor and non-grantor trusts.
• Kevin and Shad also dive into the idea of Family Limited Partnerships, and when that might be useful as your family's wealth grows.

More info:

Shad Brown, The Law Firm of Brown and Jensen

https://www.bncjlaw.com/

sbrown@bncjlaw.com

(480) 447-7107

Kevin Dick, KDI Wealth Management

https://www.kdiwealth.com/

kevin@kdiwealth.com

(928) 474-4350

Why do I need a living trust?  In the first of a two-part series, our guest is Shad Brown.  Shad is an estate planning attorney who used to work for the IRS, answering correspondence from members of Congress.  And if he can explain taxes to them, we know he can explain them to us.

Shad explains the benefits of a trust.  First and foremost, it can eliminate the need for probate hearings upon your death.  If your estate and possessions are owned by a trust, not a deceased person, it can be distributing according to your wishes. A trust is a legal entity, like a corporation.  Further, you can control what happens to your wealth -and when - after you've passed. This can be especially useful in situations involving minor children or others who will need help managing money and assets.

A will can be used to cover specific items that you haven't put in a trust - Shad explains how these two concepts can work together.

Since Shad worked in Washington, D.C. for a number of years, Kevin has him cover the outlook for our financial futures.  The media have made a lot out of future tax plans, but who really needs to be concerned -and to what degree?  Estate tax exemptions are explained.

More info:

Shad Brown, The Law Firm of Brown and Jensen

https://www.bncjlaw.com/

sbrown@bncjlaw.com

(480) 447-7107

Kevin Dick, KDI Wealth Management

https://www.kdiwealth.com/

kevin@kdiwealth.com

(928) 474-4350

What is a trusted contact?  It's someone that your financial advisor can reach out to if something seems unusual with your situation.  FINRA has recently emphasized the importance of having one.  Today, Kevin Dick and Jon Gay walk through the process of choosing a trusted contact and why it's so important.

A trusted contact isn't going to be someone that has access to your finances.  Rather, it's someone who figures prominently in your life and knows you very well.  This could be a neighbor, a best friend, or even a relative (but it doesn't have to be). If something is amiss, it's easier to reach out to a friend than it is to alarm a family member.  But if something serious is happening, your trusted contact may know about it.

We also spend some time discussing the numerous scams that are targeting pre-retirees and retirees.  A trusted contact may be away to avoid falling victim to some of these crooks.  Kevin shares some examples.

To contact KDI Wealth for help with YOUR retirement future:

Call: (928) 474-4350. 

Or email Kevin: kevin@kdiwealth.com

When a couple comes together, it can be difficult to merge finances and co-manage your money.  Today, Kevin Dick from KDI Wealth and Jon Gay walk through how to best manage your finances as a couple.

We each bring our own life experiences to this dynamic, and communication is key.   We give some real life examples of everything from televisions to vacations to even fast food.

After communication comes prioritization.  Have a conversation about what's really important.  Get that emergency savings account going.   And create a plan.

That's where having a financial advisor comes in.  They can look at your situation, objectively, and take the emotions out of the decision making process.  Most advisors can manage your investments, but the best advisors understand your priorities, personalities, and what makes you tick.  That's where Kevin and Carrie Dick, and the team that KDI wealth comes in.

To contact KDI Wealth for help with YOUR retirement future:

Call: (928) 474-4350. 

Or email Kevin: kevin@kdiwealth.com

When you think of a financial advisor, you may think of someone sitting at a desk, watching the stock market, crunching numbers.  However, investor psychology is actually a much larger part of overall strategy.  Today, Kevin Dick from KDI Wealth explains.

How aggressive is an investor? It may depend on when you ask the question - is the market up or down? Were they burned by a downturn in the past?  What are their overall concerns?   Kevin shares a great analogy from a driving lesson with his dad - what's in front of you is much more important than what's behind you.   Also, while our personal "peaks and valleys" sometimes make for our most significant memories, the majority of our lives are spent somewhere in the middle.  This is why timing the market is never a good idea.

Finally, we look at the advantages of saving for retirement now.  Giving up that morning coffee and investing that money for your future could pay dividends later - both literally and figuratively.

To contact KDI Wealth for help with YOUR retirement future:

Call: (877) 474-4350. 

Or email Kevin: kevin@kdiwealth.com

We all know that diversification and allocation are important terms and ideas when it comes to investing. But what do they actually mean?  What's the difference between the two?  Kevin Dick of KDI Wealth joins Jon Gay in today's episode to discuss.

Having 10 different stocks does not mean you are diversified!  It comes down to types of stock, and classifications - to make sure you are spreading your wealth out.   And you need to be in more than just stocks.

Also, as you get closer to retirement, you'll want to change how you are diversified.  Like Kevin points out, you wouldn't stay in the fast lane, then cut across 5 lanes right before your exit.  The results would be disastrous.   And don't be too conservative though - bonds, savings accounts, and the proverbial "mattress" strategy can lose money with inflation.

To contact KDI Wealth for help with your financial future:

Call (877)-474-4350

Or email Kevin: kevin@kdiwealth.com

401k plans can be very confusing.  At KDI Wealth, Carrie Dick is the resident expert on the subject, and she joins co-host Jon Gay today.

Carrie explains what a 401k plan is, the differences between a traditional plan and a Roth Plan, and the tax implications for each.

We also talk about social security - and its original design as only a security blanket.  It wasn't designed to be retirees' primary source of income, as it often is today.  This is why it's so important to contribute to your retirement plans  as early as possible - it's "the power to time."

Carrie also explains why clients often have plans for their retirement, but their "golden years" aren't always what they expect.  With that in mind, we wrap up with the three things to review every year to keep your 401k on track.

Resources:

KDI Wealth  -https://www.kdiwealth.com/

• Call (877) 474-4350
• Email: kevin@kdiwealth.com

KDI Wealth prides itself on its professional relationships that can help you in financial planning.  Today, Linda Jackson of Accounting For You, LLC, joins Kevin Dick and Jon Gay to talk taxes.

Tax season is here – what can you be doing to best help your tax preparer file your taxes?

We are a month into the new year and we are a planning practice– what can individuals and businesses be doing in the new year to PLAN for 2021 taxes?

We had a lot of tax regulation last year – Secure Act, Covid Relief ACT – and now a new administration.  What are the  things for which we need to be aware?

Resources:

KDI Wealth  Website-https://www.kdiwealth.com/

Kevin's Blog Post - Has Washington Turned Blue? https://www.kdiwealth.com/blog/has-washington-gone-blue

Kevin's Blog Post on January 2021 Markets:

https://www.kdiwealth.com/blog/january-11-2021-markets-start-2021-on-a-high

• Call (877) 474-4350
• Email: kevin@kdiwealth.com

Accounting For You - https://afyllc.com/

Call: (928) 468-6107

Email: MyTeam@AFYLLC.com