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Speaker 1: It's coming to us, So ladies and gentlemen, welcome to

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Speaker 1: Safe Money Strategies on WRKO. I'm William Kelly and it's

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Speaker 1: an honor to carry on a family legacy rooted in

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Speaker 1: real world values and practical advice. Kelly Financial was founded

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Speaker 1: in two thousand and three by my parents, my late

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Speaker 1: father Bill Kelly and my mother Kelly Kelly and Braintree

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Speaker 1: and Burlington, Massachusetts. Just two years later, Dad launched Safe

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Speaker 1: Money Strategies on WRKO as a no nonsense call in

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Speaker 1: radio show focused on common sense planning and protecting wealth.

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Speaker 1: Over the past two decades, Dad became a pillar in

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Speaker 1: New England finance, an engineer turned entrepreneur, author and philanthropist

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Speaker 1: who believed in giving back and walking the talk. Since

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Speaker 1: our show has remained a Saturday morning staple, offering insight

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Speaker 1: and empowerment. Here at Kelly Financial, we help steward over

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Speaker 1: seven hundred million dollars across our affiliated business, including more

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Speaker 1: than five hundred million dollars managed by our sec registered

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Speaker 1: investment advisory, where fiduciary care and our family first philosophy

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Speaker 1: guides us on safe money strategies. You'll hear candid conversations

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Speaker 1: with the team, my mother Kelly, myself, advisors Charlie Gable,

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Speaker 1: Mike Ducett, Greg Workman, Greg Murray, my sister Mary Madeline,

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Speaker 1: and Tom Schlager. We live by two rules, never quit

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Speaker 1: and carry on, and we're here to help you do

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Speaker 1: the same when it comes to your money. Stick around,

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Speaker 1: take notes and join the conversation. To learn more or

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Speaker 1: get our free guides or schedule consultation, visit Kelly Financial

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Speaker 1: dot org or call us at eighty eight eight eight

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Speaker 1: hundred one eight eight one.

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Speaker 2: This is Safe Money Strategies.

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Speaker 1: Next up Forever Young with Kelly Kelly and myself William

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Speaker 1: Kelly Junior.

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Speaker 3: Safe Money Strategies with William Kelly and Kelly Kelly eight

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Speaker 3: eight hundred eighteen eighty one.

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Speaker 4: Each week on Safe Money Strategies, we take a moment

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Speaker 4: to step back from the headlines and have a real conversation,

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Speaker 4: the kind you might have around the kitchen table. This

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Speaker 4: is a part of the show we call Forever Young

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Speaker 4: is where I sit down with my son William Kelly Junior,

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Speaker 4: and we talk about life, what's going on in the world,

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Speaker 4: and our family and what really matters most when you're

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Speaker 4: planning for the future, sometimes is light, sometimes is thoughtful,

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Speaker 4: but is always real. Good morning, William, how are you Mom?

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Speaker 2: I'm great?

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Speaker 1: And today we have a fantastic toy drive we're going

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Speaker 1: to talk about.

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Speaker 2: We have Georgia in the studio with us. Now she's

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Speaker 2: dead asleep.

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Speaker 1: We have to head out on a little bit because

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Speaker 1: in Braintree and Burlington we're going to be having our

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Speaker 1: Kelly Financial Toy Drive.

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Speaker 2: We did this one time before and it was super.

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Speaker 1: Successful and I'm very excited to see some folks in Burlington. Specifically,

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Speaker 1: I'll be there signing books and there will be a

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Speaker 1: gift bag with some goodies in there.

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Speaker 2: So I'm looking forward to that and super excited. And

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Speaker 2: other than that, life has been good. Mom. How are you.

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Speaker 4: I'm good, I'm good. And we have a greeter at

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Speaker 4: the door. Do you want to tell them about the greeter?

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Speaker 1: So, ladies and gentlemen, I'm sure many of you, especially

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Speaker 1: avid listeners, are familiar with Mary Madaline's boyfriend who in

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Speaker 1: which we refer to as Timmy.

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Speaker 2: Timmy will be greeting at Burlington.

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Speaker 1: And so if you want to see the man who

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Speaker 1: is taking care of Mary Madaline, the love of her life.

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Speaker 2: One of the greatest guys ever. I'll say that he

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Speaker 2: just is the perfect man for her.

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Speaker 1: If you want to meet him, then come on over

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Speaker 1: to Burlington.

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Speaker 2: You'll see me, you'll see him.

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Speaker 1: So tell me a little bit about what you've been

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Speaker 1: doing in terms of production lately.

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Speaker 2: You've been working hard, like I don't even think you

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Speaker 2: take a day off.

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Speaker 1: The only day you took off is Thanksgiving to eat

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Speaker 1: and you probably work that day a little bit too.

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Speaker 2: Wow, well, I had to prepare for Thanksgiving. You know.

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Speaker 1: I think people don't even realize to the extent you

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Speaker 1: go to for our clients. And I think you should

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Speaker 1: share a little bit of the work you do because.

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Speaker 2: Folks, it's beyond me.

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Speaker 1: Keep in mind, she's the CEO of Kelly Financial Services.

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Speaker 1: It's beyond me that she does all of this stuff.

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Speaker 2: And I honestly it's very impressive.

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Speaker 4: It's something I enjoy doing, William, and you know it

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Speaker 4: is something that I do in the evenings on weekends

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Speaker 4: and you know that. But I have it all streamlined,

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Speaker 4: so it's not so that's right. As a fact you

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Speaker 4: know year round is if anyone is a client of

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Speaker 4: Kelly Financials, they receive a birthday gift of chocolate.

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Speaker 2: In a note.

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Speaker 1: And so we have let's see you hire helpers. You

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Speaker 1: have a couple of kids on your payroll who are

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Speaker 1: helping you right now, and a mother. You have Georgia,

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Speaker 1: who's your assistant, keeps things organize. The entire basement is

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Speaker 1: a factory. We don't have a basement anymore. Ladies and gentlemen,

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Speaker 1: let's see you are just you're signing a million cards.

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Speaker 1: You're writing personal messages to every single person. You're sending

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Speaker 1: out handmade confection chocolate to every single person.

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Speaker 2: It's incredible to me.

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Speaker 1: I don't even know a CEO who even goes as

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Speaker 1: far as to write detailed, you know, handwritten cards.

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Speaker 2: It's very impressive. It's my love language, it is.

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Speaker 1: And I think one time we should film what goes

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Speaker 1: on down here. Like I remember when we were in

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Speaker 1: the basement earlier. I was, I was sitting at the

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Speaker 1: table while you were working. You were having trouble printing

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Speaker 1: some stuff, and I just look over to my right

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Speaker 1: and I just see fifty boxes just on the bench,

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Speaker 1: and then I look to my left and then there's

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Speaker 1: like two rolls.

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Speaker 2: Of bubble wrap, and then you know, I look in your.

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Speaker 1: Office and I see a bunch of empty boxes and

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Speaker 1: it's like, my gosh, I think you do hundreds more.

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Speaker 2: Probably this is this is just my ex extra activity.

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Speaker 1: Yeah, which is incredible to me. And I think that

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Speaker 1: you deserve all the appreciation.

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Speaker 2: Well, thank you. I enjoy doing it. That's great.

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Speaker 4: Well, we have a special guest coming to visit us

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Speaker 4: on Wednesday.

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Speaker 2: That's true.

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Speaker 4: Tell my father and I know he's a little nervous

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Speaker 4: about flying and making the tramp, but he's excited as well.

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Speaker 4: And we have Carter. Many of you know Carter will

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Speaker 4: be bringing him. Carter and her husband.

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Speaker 1: Carter carries the company one phone call at a time.

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Speaker 1: She's incredible.

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Speaker 2: Yes, she is. Her and her husband will be up here.

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Speaker 2: They'll get a break from the kids.

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Speaker 1: These kids are crazy, they're wild, they're destructive.

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Speaker 2: Yeah, we have a company dinner they're coming for.

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Speaker 4: And when I asked her if she could bring her grandfather,

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Speaker 4: my dad, she didn't hesitate.

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Speaker 2: She said absolutely. Wow, it's my pleasure. This isn't that wonderful.

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Speaker 2: I know, blessed to have family like this.

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Speaker 1: And best part is we get to stay close with

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Speaker 1: her because she works with us.

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Speaker 3: I know.

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Speaker 2: It's just awesome.

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Speaker 4: And Dad'll be staying for until the after the first

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Speaker 4: of the year.

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Speaker 2: Crazy. Yeah, I can't believe that that'll be nice. I know,

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Speaker 2: I'm really excited.

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Speaker 1: And it's like, you know, he lives a thousand miles

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Speaker 1: south and now he comes back up here to spend

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Speaker 1: time with us, and it's like it feels nice.

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Speaker 2: I know it does.

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Speaker 4: Now that he's out of farming and retired this year,

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Speaker 4: now he can come and visit.

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Speaker 1: So you made a huge purchase for him out of

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Speaker 1: the blue ray Vilan, and I thought, We're like, what's

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Speaker 1: it this impulse buy.

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Speaker 2: Putting impulse by I've been thinking about.

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Speaker 1: My mom's going to explain what she bought, and I

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Speaker 1: want you to know. I want you to I want

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Speaker 1: your opinion if it was an impulse buy or not.

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Speaker 1: I want you know, thinking it was not an impulse spot,

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Speaker 1: just explain it to our listeners.

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Speaker 2: Well, so my dad will be here for Christmas.

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Speaker 4: Prior to Christmas, and he enjoys a good recliner. So

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Speaker 4: and you know, he's eighty six, almost eighty seven, so

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Speaker 4: I'm thinking I don't really have a really good recliner

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Speaker 4: for him. So I find one on Wayfair that you know,

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Speaker 4: and I don't know how true this is, but I

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Speaker 4: question this. But the price, the retail price was eighteen

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Speaker 4: hundred dollars, and it was actually it happened to be

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Speaker 4: not on Black Friday, but on was it.

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Speaker 2: Black Friday, I think before a couple of days before.

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Speaker 4: Yeah, yeah, anyway, they had this big sale. I got

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Speaker 4: it for three hundred dollars and it massages, it has heat.

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Speaker 4: It will lift up slowly, so that will help him

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Speaker 4: case heos a lot slower.

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Speaker 2: You both day. Basically a chair worth one thousand dollars.

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Speaker 2: It says eighteen eighteen hundred for three hundred with all

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Speaker 2: these gives shipping, free shipping.

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Speaker 1: Hey, it's good, right, So I mean, hey, I think

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Speaker 1: that's a great mindset to go into Christmas because you'll

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Speaker 1: impulse buy nice stuff for your kids. And it's funny

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Speaker 1: because we were talking about on our last segment about

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Speaker 1: like being careful I know Black Friday.

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Speaker 2: I remember when you did that. We were like kind

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Speaker 2: of laughing a little bit about.

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Speaker 4: That it was not an impulse buy already. It just

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Speaker 4: happened that it was on sale. I knew what I

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Speaker 4: was going to purchase. It didn't like I'm not like

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Speaker 4: looking and then, but for a sudden I see a

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Speaker 4: recliner this on sale and.

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Speaker 2: You impulsely bought it. No, it was a sale impulse.

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Speaker 2: I want to do it. No, I was buying a

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Speaker 2: recliner from my foot.

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Speaker 1: I wouldn't worry about it, because they have therapists for

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Speaker 1: this kind of stuff to help come these kind of ailments.

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Speaker 2: But I think overall it'll be a good choice. I

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Speaker 2: think it's gonna help pop you a lot.

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Speaker 1: So I'm excited to see everybody at the toy drive today.

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Speaker 4: Oh, I know, we have so many wonderful clients who

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Speaker 4: are so generous.

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Speaker 2: And yes, it's gonna be great.

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Speaker 4: We can hug our clients, shake hands, and you can

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Speaker 4: sign some books.

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Speaker 5: Will Yam.

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Speaker 2: I'm stoked. I'm very We've got all the books. Yes,

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Speaker 2: we've been a long wait.

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Speaker 1: It has, but it's finally here. It's on Amazon. We

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Speaker 1: have all the copies. It's been a long time coming

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Speaker 1: and I'm super happy.

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Speaker 2: Yeah, and we've got plenty uh to give out.

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Speaker 4: You have started mailing them and uh even.

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Speaker 2: You got you got a lot to mail out, William.

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Speaker 4: But first, uh, yeah, you're going to hand them out

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Speaker 4: here at our toy drive.

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Speaker 2: Wonderful. Yeah.

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Speaker 4: And they're also they're also in our brain tree office.

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Speaker 4: You you pre signed those, so they're they're in their

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Speaker 4: gift bags waiting beautiful.

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Speaker 2: Yeah. We hope everybody has a wonderful chriss is common up,

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Speaker 2: common up.

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Speaker 1: It's going to be wonderful. And it's the giving season now,

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Speaker 1: it sure is.

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Speaker 2: It sure is. Do keep us on your dial.

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Speaker 4: We've got a lot of great content coming your way.

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Speaker 4: Mike dust and Greg Workman will take a deep dive

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Speaker 4: into smart inheritance planning this week with real life case

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Speaker 4: studies and the steps every family should understand. Mary Madeline

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Speaker 4: Kelly and Greg Murray will break down the biggest tax

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Speaker 4: traps of inheriting retirement accounts and the smart year in

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Speaker 4: steps every family should take to protect their legacy.

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Speaker 2: William and I.

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Speaker 4: Will return with a Faith and Finances conversation on how generosity, legacy,

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Speaker 4: and living your principles and some smart tax strategies can

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Speaker 4: help you build a retirement you're truly proud of. And

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Speaker 4: of course we'll close the hour with some wit and

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Speaker 4: wisdom from the late Bill Kelly. His words continue to

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Speaker 4: inspire and guide us. That's a wrap for forever, Young

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Speaker 4: thank you for listening, and William, thank you for joining me.

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Speaker 4: We'll be back with more great content. I love you, Honey,

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Speaker 4: I love you too, Mom.

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Speaker 1: And ladies and gentlemen, remember no impulse by.

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Speaker 6: Folks. Kelly Financial is opening their doors for a special

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Speaker 6: Christmas drop by.

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Speaker 2: And you're invited on.

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Speaker 6: Saturday, December sixth, from eleven am to one pm. Both

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Speaker 6: their Burlington and Braintree offices will be celebrating the season

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Speaker 6: by honoring the generosity and legacy of Bill Kelly. They're

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Speaker 6: hosting a holiday toy drive and they'd love for you

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Speaker 6: to stop in with a new unwrapped toy to help

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Speaker 6: brighten Christmas for local children. Just drop by, say hello

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Speaker 6: to their team, and enjoy a little treat while you're there.

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Speaker 6: It's a simple way to give back and to carry

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Speaker 6: forward the spirit Bill Kelly brought.

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Speaker 2: To the community.

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Speaker 6: And if you're near Burlingtonilliam Kelly will be there signing

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Speaker 6: copies of his new book, Only the Good invest Young

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Speaker 6: a wonderful Christmas gift for a child, a grandchild, or

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Speaker 6: anyone beginning their financial journey. So mark your calendar Saturday,

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Speaker 6: December sixth, eleven to one in both Burlington and Braintree,

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Speaker 6: Bring a toy, spread some joy and celebrate Christmas with

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Speaker 6: Kelly Financial. For more details, call eight eight eight eight

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Speaker 6: hundred eighteen eighty one or email Kelly at Kelly Financial

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Speaker 6: dot org.

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Speaker 2: Welcome back to Safe Money Strategies.

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Speaker 7: I'm Mike, you said, chief operating officer at Kelly Financial.

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Speaker 7: In joining me as always is our investment advisor, Greg Workman.

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Speaker 8: I'm happy to be here, Mike. Today's show is a

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Speaker 8: big one. We're talking about inheritance planning, and not just

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Speaker 8: the legal documents. We're talking about what happens after you

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Speaker 8: receive in inheritance, the tax rules, the investment decisions, the

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Speaker 8: timing of withdrawals, and all the things that most families

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Speaker 8: never had to deal with until they're suddenly in the

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Speaker 8: thick of.

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Speaker 2: It, exactly.

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Speaker 7: And we've built this entire episode around a case study

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Speaker 7: Bill and Cheryl because this is a situation. We're seeing

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Speaker 7: more and more parents who accumulated meaningful assets, lived a

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Speaker 7: long life, and when the second parent passes, the kids

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Speaker 7: suddenly find themselves managing accounts they didn't build and aren't

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Speaker 7: sure how to handle.

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Speaker 8: Right, Mike, let's introduce Bill and Cheryl. Bill is sixty

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Speaker 8: five just retired last year. Cheryl is sixty two and

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Speaker 8: still working part time. And a few months ago Bill's

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Speaker 8: mother passed away. His father had passed away two years prior,

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Speaker 8: but the estate was not distributed at that time. Because

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Speaker 8: everything flowed to his mother. Bill didn't inherit anything until

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Speaker 8: she passed away.

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Speaker 7: And when everything finally settled, Bill ended up receiving a

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Speaker 7: one million dollar inheritance. But it came in two very

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Speaker 7: different forms, and each one has its own tax rules.

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Speaker 8: Half of the inheritance, about five hundred thousand, came as

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Speaker 8: an inheritance IRA. The parents had already been taking their

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Speaker 8: required minimum distributions, so this is not a spouse to

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Speaker 8: spouse rollover. It's a beneficiary IRA with the ten year

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Speaker 8: withdrawal rule.

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Speaker 7: And the other half, the other five hundred thousand came

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Speaker 7: through a taxable brokerage account. And this is where things

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Speaker 7: get interesting because the portfolio Bill inherited was built decades

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Speaker 7: ago by his parents, mostly blue chip stocks, great companies,

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Speaker 7: but highly appreciated and highly concentrated.

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Speaker 2: Yes, and here's the key point.

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Speaker 8: Because Bill inherited these assets after the second parent passed,

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Speaker 8: he received a step up in cost basis, meaning the

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Speaker 8: unrealized gains his parents built up over thirty or forty years,

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Speaker 8: essentially reset for tax purposes. It's as if Bill bought

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Speaker 8: the stock at today's value, which.

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Speaker 7: Is a huge advantage for diversification because one of the

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Speaker 7: biggest problems Bill.

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Speaker 2: Had was that his dad had been a buy in

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Speaker 2: hold forever investor.

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Speaker 7: Wonderful discipline, but he ended up with roughly eight stocks

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Speaker 7: making up almost the entire portfolio.

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Speaker 8: And since Bill and Cheryl don't need the inheritance for

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Speaker 8: income right now, the big question became, how do we

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Speaker 8: restructure this in a tax efficient, long term, lower risk way,

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Speaker 8: and also what should we do with that inherited IRA

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Speaker 8: over the next decade.

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Speaker 7: Let's start with the inherited IRA because this is where

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Speaker 7: most people get tripped up.

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Speaker 2: Bill's parents were already taken rmds.

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Speaker 8: That matters a lot because when the original owner was

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Speaker 8: already taking rmds, the IRS says the beneficiary has two

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Speaker 8: obligations they need to meet. Number one, take any remaining

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Speaker 8: R and D for the year that the owner passed away,

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Speaker 8: and number two empty the account by December thirty first

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Speaker 8: of the tenth year following that person's death. So since

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Speaker 8: Bill inherited the IRA in twenty twenty four, he has

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Speaker 8: until the end of twenty thirty four to withdraw the

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Speaker 8: entire account.

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Speaker 7: And there's more confusion here than ever. Some people still

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Speaker 7: think they have to take required withdrawals in years one

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Speaker 7: through nine.

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Speaker 2: Some people have heard that they don't.

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Speaker 7: The IRS has changed the interpretation multiple times.

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Speaker 8: Right as of today, the rule for a non eligible

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Speaker 8: designated beneficiary inheriting from someone who was already taking rmds

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Speaker 8: is that annual required minimum distributions are required in years

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Speaker 8: one through nine, and the account must be fully drained

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Speaker 8: down to zero by year ten, and those distributions are

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Speaker 8: one hundred percent taxable as ordinary income.

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Speaker 7: And this is where planning comes in, because if Bill

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Speaker 7: has no taxable income.

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Speaker 2: Need right now, we have options.

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Speaker 7: He can spread with draws out evenly, he can take

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Speaker 7: advantage of lower income years.

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Speaker 2: He can even coordinate with.

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Speaker 7: Drawros with Cheryl's future security claim exactly.

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Speaker 8: And that's the beauty of having a decade long window.

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Speaker 8: You can plan the tax bill instead of being surprised

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Speaker 8: by it.

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Speaker 7: Now, let's talk about the brokerage account, the portion Bill

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Speaker 7: inherited with highly appreciated stock.

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Speaker 8: The important piece here is the step up in cost basis.

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Speaker 8: Bill's parents bought some of these stocks in the seventies

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Speaker 8: and eighties. Their basis might have been four thousand on

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Speaker 8: something now worth ninety thousand. Without a step up, selling

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Speaker 8: those positions would trigger huge capital gains.

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Speaker 2: But because Bill inherited after the.

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Speaker 7: Second death, the cost basis resets to the market value

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Speaker 7: on the date of death, which means Bill can sell

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Speaker 7: these positions with little to no tax liability.

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Speaker 8: This is incredibly valuable because Bill's dad loved companies like Ge, Exxon, IBM,

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Speaker 8: but the weights were way out of balance. Four stocks

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Speaker 8: made up almost seventy percent of the entire account value.

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Speaker 7: And here's the thing. Bill actually has a high risk tolerance.

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Speaker 7: He's a confident investor, but even he admitted that if

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Speaker 7: one of those companies stumbled, it could wipe out a

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Speaker 7: significant portion of the portfolio.

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Speaker 8: Which led to a conversation about sector diversification, modern portfolio construction,

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Speaker 8: and repositioning some of this into areas. His dad had

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Speaker 8: never invested in technology, healthcare, consumer discretionary industrials, even some

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Speaker 8: international exposure.

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Speaker 7: We asked Bill a very important question, do you want

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Speaker 7: to honor the way your parents invested, or do you

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Speaker 7: want to honor what they built by making it work

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Speaker 7: for you?

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Speaker 8: In Cheryl and Bill said something powerful. He said, my

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Speaker 8: parents didn't buy these stocks so I would keep them.

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Speaker 8: They bought them so I would have options. So let's

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Speaker 8: do this right.

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Speaker 7: The first step was to analyze the step up values

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Speaker 7: so we could determine which positions could be sold with

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Speaker 7: minimal tax impact. In Bill's case, almost everything had a

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Speaker 7: full step up, which gave us a clean slap.

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Speaker 8: Then we created a multi year withdrawal plan for the

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Speaker 8: inherited IRA, not because Bill needed the money he didn't,

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Speaker 8: but because controlled, intentional withdrawals are far more tax efficient

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Speaker 8: than waiting until the end and being forced to take

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Speaker 8: a giant lump sum.

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Speaker 7: And the last major step was building an investment model

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Speaker 7: that aligned with Bill's risk tolerance, but wasn't overly concentrated,

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Speaker 7: more balanced, more diversified, more modern.

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Speaker 8: Exactly, it kept the spirit of what his dad built,

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Speaker 8: but it upgraded the strategy so Bill and Cheryl can

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Speaker 8: use this inheritance to strengthen their retirement.

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Speaker 2: Not stress about it.

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Speaker 7: All right, Greg, let's pause here for our mid show break.

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Speaker 7: When we come back, we'll walk through the actual planning

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Speaker 7: steps we recommended, from tax efficient withdrawals to restructuring concentrated

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Speaker 7: stock positions, and how Bill and Cheryl turned this inheritance

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Speaker 7: into a long term retirement asset.

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Speaker 2: We'll be right back.

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Speaker 3: Services eight hundred eighteen eighty one.

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Speaker 2: Hi, everyone, this is William Kelly. If you've ever wished

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Speaker 2: you'd learn.

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Speaker 1: About money sooner, that's why I wrote Only the Good

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Speaker 1: invest Young, a simple, encouraging.

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Speaker 2: Guide with real world steps anyone can follow.

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00:21:18,359 --> 00:21:21,479
Speaker 1: I kept seeing the same thing people wishing someone had

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00:21:21,520 --> 00:21:25,160
Speaker 1: explained to basics earlier, how to save, build good habits,

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00:21:25,359 --> 00:21:30,919
Speaker 1: avoid costly mistakes, and create momentum even when you're starting small, whether.

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Speaker 2: You're eighteen or eighty.

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Speaker 1: This book is about confidence, clarity, and taking action that

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Speaker 1: With the holidays coming up, Only the Good invest Young

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00:21:38,920 --> 00:21:42,040
Speaker 1: makes a great Christmas gift for a child, a grandchild,

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00:21:42,359 --> 00:21:44,120
Speaker 1: or anyone who needs that nudge.

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Speaker 2: To start strong.

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Speaker 1: For our listeners, we're sending out complimentary copies. Just call

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Speaker 1: eight eight eight eight hundred twenty one or email Kelly

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00:21:52,040 --> 00:21:54,600
Speaker 1: at Kellyfinancial dot org and we'll send you one.

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Speaker 2: At no charge.

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Speaker 1: You can also purchase a softcover on Amazon or an

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Speaker 1: ebook on Kindle. I'm William Kelly, and I hope this

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Speaker 1: book helps someone you love to take their first step.

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Speaker 4: I'm Kelly Kelly from Kelly Financial. Is your financial advisor

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Speaker 4: a fiduciary? In other words, are they legally required to

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00:22:12,280 --> 00:22:16,560
Speaker 4: act in your best interest? My complimentary book, Retire Your Fear,

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00:22:16,680 --> 00:22:20,160
Speaker 4: Plan Your Future, explains what a fiduciary is and will

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00:22:20,200 --> 00:22:23,879
Speaker 4: help you understand if an advisor is really putting you first.

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Speaker 4: For the book, call eight eight eight eight hundred and

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Speaker 4: eighteen eighty one or email Kelly at Kelly Financial dot org.

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Speaker 4: We're Kelly Financial. Come retire with us.

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Speaker 3: The Money Wrap with Kelly Financial Advisors Greg Murray and

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Speaker 3: Mary Madeline Kelly.

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Speaker 9: Hello, this is Greg Murray, Senior Vice President dan chief

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Speaker 9: Compliance Officer at Kelly Financial Services. Joining me today is

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Speaker 9: Mary Meddeline Kelly, one of our wealth advisors.

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Speaker 2: How are you doing today?

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Speaker 10: Hi?

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Speaker 11: Greg?

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Speaker 10: I am doing well. I can't believe we're already into December.

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Speaker 10: Twenty twenty five came and went so fast, and how

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Speaker 10: we're already buying twenty twenty six calendars. It was a

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Speaker 10: great year and I'm excited for what the next one

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Speaker 10: will bring.

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Speaker 9: I know exactly what you mean. This year really flew

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Speaker 9: by December always has a way of sneaking up on us,

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Speaker 9: but it also gives us a chance to look back

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Speaker 9: and appreciate everything that's happened. And like you said, it's

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Speaker 9: a great time to start thinking about the year ahead

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Speaker 9: and making sure all of our financial ducks are.

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Speaker 2: In a rouw.

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00:23:21,680 --> 00:23:23,600
Speaker 10: And speaking of the end of the year, it's that

449
00:23:23,760 --> 00:23:26,560
Speaker 10: time when a lot of people are reflecting on family

450
00:23:26,680 --> 00:23:29,440
Speaker 10: and legacy, which makes us the perfect time to talk

451
00:23:29,480 --> 00:23:33,040
Speaker 10: about what happens when you inherit a retirement account, because

452
00:23:33,080 --> 00:23:35,280
Speaker 10: there are some real tax traps that people need to

453
00:23:35,280 --> 00:23:35,800
Speaker 10: be aware of.

454
00:23:35,960 --> 00:23:36,400
Speaker 2: That's right.

455
00:23:36,520 --> 00:23:38,679
Speaker 9: A lot of folks think inheriting in IRA or a

456
00:23:38,720 --> 00:23:40,640
Speaker 9: four to oh one K is simple. You just take

457
00:23:40,680 --> 00:23:42,920
Speaker 9: the money and move on, but in reality, there are

458
00:23:42,920 --> 00:23:45,760
Speaker 9: complicated rules that can lead to big tax surprises if

459
00:23:45,760 --> 00:23:47,360
Speaker 9: you don't handle it correctly.

460
00:23:47,119 --> 00:23:50,400
Speaker 10: Exactly, and part of the confusion comes from the Secure Act,

461
00:23:50,640 --> 00:23:53,480
Speaker 10: which changed the rules a few years ago. Before that,

462
00:23:53,680 --> 00:23:57,960
Speaker 10: non spouse beneficiaries could stretch those inherited accounts over their lifetime,

463
00:23:58,400 --> 00:24:01,639
Speaker 10: meaning they could spread out withdrawals and taxes over decades.

464
00:24:01,760 --> 00:24:04,919
Speaker 9: But now under the current law, most non spouse beneficiaries

465
00:24:05,000 --> 00:24:07,960
Speaker 9: have to empty the entire account within ten years of

466
00:24:08,000 --> 00:24:09,359
Speaker 9: inheriting it, and that's.

467
00:24:09,200 --> 00:24:11,960
Speaker 10: Where the trouble starts, yes, because if you wait too long,

468
00:24:12,080 --> 00:24:13,879
Speaker 10: all of that money has to come out by the

469
00:24:14,000 --> 00:24:17,320
Speaker 10: end of that tenth year, and its tax as ordinary income.

470
00:24:17,640 --> 00:24:21,840
Speaker 10: Imagine inheriting a five hundred thousand dollars IRA, letting it

471
00:24:21,880 --> 00:24:24,280
Speaker 10: grow for a few years, and then realizing you need

472
00:24:24,320 --> 00:24:26,520
Speaker 10: to pull it all out at once. You could easily

473
00:24:26,560 --> 00:24:29,440
Speaker 10: push yourself into the highest tax bracket exactly.

474
00:24:29,720 --> 00:24:32,199
Speaker 9: That can mean losing thirty or even forty percent of

475
00:24:32,240 --> 00:24:35,760
Speaker 9: that to inheritance tax. And that's not what most grandparents

476
00:24:35,840 --> 00:24:38,640
Speaker 9: or parents had in mind when they were saving that money, right, And.

477
00:24:38,760 --> 00:24:41,560
Speaker 10: That's why planning is so important, not just for the

478
00:24:41,600 --> 00:24:45,600
Speaker 10: person inheriting the account, but also for the person leaving it,

479
00:24:45,680 --> 00:24:48,680
Speaker 10: because how you name your beneficiaries can affect how much

480
00:24:48,680 --> 00:24:50,679
Speaker 10: of that wealth actually stays in the family.

481
00:24:50,880 --> 00:24:53,760
Speaker 9: Let's break down the main groups of beneficiaries because the

482
00:24:53,840 --> 00:24:56,680
Speaker 9: rules are different depending on who inherits it. For example,

483
00:24:56,920 --> 00:24:59,760
Speaker 9: if a spose inherits a retirement account, they usually have

484
00:24:59,800 --> 00:25:02,520
Speaker 9: them most flexibility. They can roll it into their own

485
00:25:02,560 --> 00:25:04,200
Speaker 9: IRA and treat it like they're wrong.

486
00:25:04,160 --> 00:25:07,280
Speaker 10: Yes, and that means they can delay required minimum distributions

487
00:25:07,359 --> 00:25:12,240
Speaker 10: until they reach RMDH currently seventy three, so spouses have options,

488
00:25:12,600 --> 00:25:16,560
Speaker 10: but for non spouse beneficiaries like adult children, siblings, or

489
00:25:16,560 --> 00:25:20,160
Speaker 10: even trusts, the ten year rule almost always applies.

490
00:25:19,960 --> 00:25:22,600
Speaker 9: And that's where a lot of confusion has popped up recently.

491
00:25:22,800 --> 00:25:25,000
Speaker 9: Some people thought they could wait the full ten years

492
00:25:25,000 --> 00:25:27,200
Speaker 9: and take everything at the end, but the IRS is

493
00:25:27,240 --> 00:25:29,960
Speaker 9: clarified that in many cases you have to take annual

494
00:25:30,000 --> 00:25:32,840
Speaker 9: withdrawals along the way if the original owner has already

495
00:25:32,840 --> 00:25:34,879
Speaker 9: started their rmds exactly.

496
00:25:35,240 --> 00:25:38,320
Speaker 10: It's another example of how complicated these rules have become,

497
00:25:38,720 --> 00:25:41,360
Speaker 10: which is why it's so important to get professional guidance

498
00:25:41,400 --> 00:25:42,680
Speaker 10: before you touch the account.

499
00:25:42,800 --> 00:25:45,359
Speaker 9: Another common mistake we see is people failing to update

500
00:25:45,359 --> 00:25:49,200
Speaker 9: their beneficiary designations. Maybe the accounts still list the deceased

501
00:25:49,200 --> 00:25:52,240
Speaker 9: relative or an ex spouse. That's one of those details

502
00:25:52,240 --> 00:25:55,200
Speaker 9: people forget about, but it can completely change to inherce

503
00:25:55,240 --> 00:25:56,920
Speaker 9: the money and how it's taxed.

504
00:25:57,040 --> 00:25:59,800
Speaker 10: Yeah, and it's so easy to fix while you're alive,

505
00:26:00,200 --> 00:26:03,520
Speaker 10: nearly impossible for your family to correct afterward. So one

506
00:26:03,520 --> 00:26:05,800
Speaker 10: of the simplest pieces of advice we can give is

507
00:26:06,200 --> 00:26:10,160
Speaker 10: check your beneficiary forms every year, especially around your end

508
00:26:10,240 --> 00:26:11,600
Speaker 10: when you're reviewing your accounts.

509
00:26:11,760 --> 00:26:14,120
Speaker 9: Let's stock strategy for a moment. If you're the one

510
00:26:14,119 --> 00:26:16,240
Speaker 9: doing the planning, there are always ways to reduce these

511
00:26:16,280 --> 00:26:19,040
Speaker 9: tax traps for your heirs. One option is to convert

512
00:26:19,119 --> 00:26:22,160
Speaker 9: part of your traditional liarray to a rough diarray while

513
00:26:22,160 --> 00:26:22,800
Speaker 9: you're still alive.

514
00:26:22,960 --> 00:26:26,520
Speaker 10: Exactly, You'll pay the taxes now when rates might still

515
00:26:26,560 --> 00:26:29,960
Speaker 10: be relatively low, and then your heirs inherit that money

516
00:26:30,000 --> 00:26:32,880
Speaker 10: tax free. They'll still have to follow the ten year rule,

517
00:26:33,160 --> 00:26:35,880
Speaker 10: but at least the withdrawals won't create a tax bill

518
00:26:35,920 --> 00:26:36,280
Speaker 10: for them.

519
00:26:36,440 --> 00:26:39,320
Speaker 9: Another strategy we sometimes discussed is using a portion of

520
00:26:39,359 --> 00:26:43,000
Speaker 9: your IRA to purchase life insurance. It sounds counterintuitive, but

521
00:26:43,119 --> 00:26:46,200
Speaker 9: by taking small withdrawals each year, paying the taxes gradually,

522
00:26:46,359 --> 00:26:48,760
Speaker 9: and using the after tax dollars to fund a policy,

523
00:26:48,880 --> 00:26:52,120
Speaker 9: you can pass along tax free money instead of taxable assets.

524
00:26:52,359 --> 00:26:54,320
Speaker 10: That can be a great fit for people who want

525
00:26:54,359 --> 00:26:57,400
Speaker 10: to leave a legacy without leaving a tax burden. It's

526
00:26:57,400 --> 00:27:00,800
Speaker 10: really about turning a taxable asset into a tax free one.

527
00:27:00,880 --> 00:27:03,240
Speaker 9: So to recap for our listeners, the big tax traps

528
00:27:03,240 --> 00:27:06,199
Speaker 9: of inheriting retirement accounts are not an understanding of the

529
00:27:06,240 --> 00:27:08,920
Speaker 9: ten year rule, Waiting too long to take patraals and

530
00:27:08,960 --> 00:27:12,520
Speaker 9: facing a big tax hit, failing to update beneficiary forms,

531
00:27:12,640 --> 00:27:16,320
Speaker 9: missing opportunities like roth conversions or life insurance strategies.

532
00:27:16,440 --> 00:27:17,320
Speaker 2: That's a perfect.

533
00:27:17,000 --> 00:27:19,879
Speaker 10: Summary, and the good news is all of these issues

534
00:27:19,920 --> 00:27:23,560
Speaker 10: can be avoided with proactive planning. Whether you're inheriting an

535
00:27:23,600 --> 00:27:26,760
Speaker 10: account or planning to leave one behind, it's worth taking

536
00:27:26,800 --> 00:27:28,359
Speaker 10: the time to get it right because.

537
00:27:28,160 --> 00:27:30,280
Speaker 9: At the end of the day, this isn't just about money.

538
00:27:30,280 --> 00:27:32,760
Speaker 9: It's about protecting your family and making sure your legacy

539
00:27:32,800 --> 00:27:35,920
Speaker 9: goes where you want it to go, not to taxes exactly.

540
00:27:36,119 --> 00:27:39,080
Speaker 10: And we help families with this every week, figuring out

541
00:27:39,119 --> 00:27:42,119
Speaker 10: the best way to transfer wealth efficiently and minimize the

542
00:27:42,240 --> 00:27:43,080
Speaker 10: tax impact.

543
00:27:43,280 --> 00:27:45,600
Speaker 9: That's going to wrap things up today. If you've inherited

544
00:27:45,600 --> 00:27:48,719
Speaker 9: a retirement account recently, or you're planning to leave one behind,

545
00:27:48,960 --> 00:27:50,800
Speaker 9: give us a call. We'll walk you through the rules

546
00:27:50,800 --> 00:27:53,160
Speaker 9: and help you make smart, tax efficient decisions.

547
00:27:53,440 --> 00:27:56,720
Speaker 10: Absolutely well, Greg, enjoy the rest of your weekend.

548
00:27:56,560 --> 00:27:57,560
Speaker 2: And I will see you soon.

549
00:27:57,840 --> 00:28:01,080
Speaker 3: To get in touch with Greg Murray, All, Madeline Kelly,

550
00:28:01,400 --> 00:28:04,680
Speaker 3: or any member of the Kelly Financial Team, call eight

551
00:28:04,960 --> 00:28:12,359
Speaker 3: eight eight hundred, eighteen eighty one Safe Money Strategies with

552
00:28:12,480 --> 00:28:16,200
Speaker 3: William Kelly and Kelly Kelly Call the team on eight

553
00:28:16,040 --> 00:28:20,520
Speaker 3: eight eight hundred, eighteen eighty one, Take care.

554
00:28:23,280 --> 00:28:28,320
Speaker 4: Welcome back to Safe Money Strategies Today. We're grounding this

555
00:28:28,440 --> 00:28:33,080
Speaker 4: hour in something deeper than markets, deeper than headlines or

556
00:28:33,280 --> 00:28:40,000
Speaker 4: even financial tools. We're talking about faith, values, stewardship, and

557
00:28:40,000 --> 00:28:43,440
Speaker 4: how those principles guide your retirement decisions.

558
00:28:44,000 --> 00:28:45,400
Speaker 2: Your values are the.

559
00:28:45,280 --> 00:28:49,360
Speaker 4: Compass, your money is simply the map, and when your

560
00:28:49,440 --> 00:28:53,840
Speaker 4: financial life reflects who you are, the world feels a

561
00:28:53,920 --> 00:28:56,200
Speaker 4: whole lot less uncertain.

562
00:28:56,040 --> 00:28:59,040
Speaker 2: Mob You and I see this every week. The noise

563
00:28:59,040 --> 00:28:59,840
Speaker 2: out there is loud.

564
00:29:00,360 --> 00:29:03,000
Speaker 1: Almost two thirds of Americans say they worry more about

565
00:29:03,080 --> 00:29:05,360
Speaker 1: running out of money than they do about dying.

566
00:29:06,000 --> 00:29:08,120
Speaker 2: That tells you how much pressure people feel.

567
00:29:08,400 --> 00:29:14,240
Speaker 4: Absolutely and fear drives bad decisions. It makes people freeze

568
00:29:14,640 --> 00:29:20,240
Speaker 4: or panic or underspend and deprive themselves. But your values,

569
00:29:20,600 --> 00:29:26,680
Speaker 4: your faith, your sense of purpose, your priorities, those create clarity.

570
00:29:27,200 --> 00:29:30,720
Speaker 4: When you make decisions through the lens of does this

571
00:29:30,800 --> 00:29:33,320
Speaker 4: align with who I am and what I stand for?

572
00:29:33,680 --> 00:29:37,360
Speaker 4: The stress drops dramatically and it becomes a foundation.

573
00:29:37,720 --> 00:29:41,120
Speaker 1: Value centered living isn't political and it's not about doctrine.

574
00:29:41,160 --> 00:29:46,520
Speaker 1: It's about purpose, honesty, consistency, and gratitude. Those things create

575
00:29:46,600 --> 00:29:48,600
Speaker 1: confidence even when the markets don't.

576
00:29:48,680 --> 00:29:52,760
Speaker 4: Exactly and once the compass is set, we naturally move

577
00:29:52,800 --> 00:29:57,160
Speaker 4: into something that's been part of financial wisdom for thousands

578
00:29:57,200 --> 00:30:02,840
Speaker 4: of years, stewardship. Stard Wardship is simply managing what you

579
00:30:03,120 --> 00:30:04,840
Speaker 4: have with intention.

580
00:30:04,800 --> 00:30:08,760
Speaker 1: And stewardship is not perfection. It's awareness. It's knowing what's

581
00:30:08,800 --> 00:30:12,200
Speaker 1: coming in, what's going out, and what's at risk. One

582
00:30:12,240 --> 00:30:15,280
Speaker 1: study found that people with a written financial plan report

583
00:30:15,320 --> 00:30:19,040
Speaker 1: more than sixty percent higher confidence about retirement.

584
00:30:19,760 --> 00:30:21,720
Speaker 2: That's the power of intentionality.

585
00:30:21,960 --> 00:30:26,120
Speaker 4: One of the best examples is our Tax Explorer Guide.

586
00:30:26,560 --> 00:30:30,840
Speaker 4: Many retirees don't realize that the placement of their interest

587
00:30:30,960 --> 00:30:36,320
Speaker 4: and dividends where those assets are held can quietly increase

588
00:30:36,600 --> 00:30:37,880
Speaker 4: or decrease.

589
00:30:37,440 --> 00:30:38,400
Speaker 2: Their tax bill.

590
00:30:38,880 --> 00:30:41,800
Speaker 4: You can be paying taxes on money you're not even

591
00:30:41,880 --> 00:30:45,600
Speaker 4: spending simply because is positioned inefficiently.

592
00:30:46,120 --> 00:30:51,400
Speaker 1: That's stewardship. It's not flashy, it's not complicated. It's just responsible,

593
00:30:51,680 --> 00:30:52,960
Speaker 1: thoughtful management.

594
00:30:53,320 --> 00:30:57,200
Speaker 4: And if you'd like a complementary copy of our Tax

595
00:30:57,320 --> 00:31:00,600
Speaker 4: Explorer Guide, you can give us a call at eight

596
00:31:00,640 --> 00:31:05,160
Speaker 4: eight eight eight hundred eighteen eighty one or email Kelly

597
00:31:05,280 --> 00:31:11,080
Speaker 4: at kellyfinancial dot org. It's simple as visual and easy

598
00:31:11,120 --> 00:31:11,760
Speaker 4: to follow.

599
00:31:12,200 --> 00:31:15,000
Speaker 1: Let's talk about budgeting because this is where values really

600
00:31:15,000 --> 00:31:19,040
Speaker 1: show up. Housing, healthcare and essential spending already take a

601
00:31:19,080 --> 00:31:22,880
Speaker 1: big part of retirement budget. When those fixed expenses rise,

602
00:31:23,240 --> 00:31:26,959
Speaker 1: it's even more important that your discretionary dollars, the fund money,

603
00:31:27,240 --> 00:31:28,680
Speaker 1: reflect what matters most.

604
00:31:29,160 --> 00:31:32,000
Speaker 4: And we see this in planning meetings all the time.

605
00:31:32,120 --> 00:31:37,000
Speaker 4: When retirees align their spending with their values, money becomes

606
00:31:37,080 --> 00:31:41,000
Speaker 4: a tool for purpose instead of pressure. They feel good

607
00:31:41,000 --> 00:31:42,800
Speaker 4: about where their dollars are going.

608
00:31:43,320 --> 00:31:46,760
Speaker 1: Of values based budget asks what deserves the first claim

609
00:31:46,800 --> 00:31:51,840
Speaker 1: on my discretionary dollars, family, travel, health, charity. When people

610
00:31:51,880 --> 00:31:55,480
Speaker 1: answer that honestly, everything flows more smoothly.

611
00:31:55,360 --> 00:32:00,440
Speaker 4: Exactly, and again, stewardship plays a huge role here. If

612
00:32:00,480 --> 00:32:04,400
Speaker 4: you know your tax situation and you're thoughtful about withdrawals,

613
00:32:04,920 --> 00:32:07,880
Speaker 4: you preserve more of your dollars for the things that

614
00:32:08,000 --> 00:32:08,719
Speaker 4: matter most.

615
00:32:09,240 --> 00:32:12,920
Speaker 1: That naturally brings us to legacy and mom. This is

616
00:32:12,920 --> 00:32:16,080
Speaker 1: something you talk about all the time. Legacy is more

617
00:32:16,160 --> 00:32:16,720
Speaker 1: than well.

618
00:32:16,920 --> 00:32:21,600
Speaker 4: Yes, legacy is the example you set, It's the story

619
00:32:21,680 --> 00:32:26,400
Speaker 4: your life tells Many retirees worry about the next generation

620
00:32:26,640 --> 00:32:32,520
Speaker 4: facing higher expenses, fewer pensions, and more uncertainty. But you

621
00:32:32,560 --> 00:32:45,080
Speaker 4: can pass down something far more meaningful than money. Values, discipline, gratitude, consistency, work, ethic, faith, generosity,

622
00:32:45,920 --> 00:32:46,280
Speaker 4: and it.

623
00:32:46,160 --> 00:32:49,280
Speaker 1: Doesn't have to be complicated. Even a one page family

624
00:32:49,400 --> 00:32:52,440
Speaker 1: values letter can be powerful. It can say here's why

625
00:32:52,480 --> 00:32:55,120
Speaker 1: we live the way we do, here's what matters to us,

626
00:32:55,280 --> 00:32:57,080
Speaker 1: and here's the heart behind our decisions.

627
00:32:57,320 --> 00:33:00,640
Speaker 4: And I will tell you those letters often mean more

628
00:33:00,680 --> 00:33:04,400
Speaker 4: to family members than the inheritance itself.

629
00:33:04,720 --> 00:33:07,720
Speaker 1: Generosity is one of the clearest expressions legacy.

630
00:33:08,440 --> 00:33:10,040
Speaker 2: Americans continue to give at.

631
00:33:10,040 --> 00:33:13,280
Speaker 1: Incredible levels, and one of the most overlooked parts of

632
00:33:13,280 --> 00:33:15,560
Speaker 1: generosity is how to give in a way that stretches

633
00:33:15,600 --> 00:33:17,720
Speaker 1: your dollars further exactly.

634
00:33:18,160 --> 00:33:23,840
Speaker 4: Our tax Explore guide explains how strategies like donating appreciated

635
00:33:23,920 --> 00:33:28,640
Speaker 4: stock can help avoid capital gains tax, meaning the charity

636
00:33:28,760 --> 00:33:32,160
Speaker 4: receives the full value and you don't lose part of

637
00:33:32,200 --> 00:33:33,440
Speaker 4: the gift to taxation.

638
00:33:34,200 --> 00:33:37,120
Speaker 2: It's a win win, and most retirees aren't aware of it.

639
00:33:37,560 --> 00:33:40,440
Speaker 1: But when you follow a generosity strategy that aligns with

640
00:33:40,480 --> 00:33:43,520
Speaker 1: your values, the impact is much greater.

641
00:33:44,000 --> 00:33:48,360
Speaker 4: Generosity is gratitude with purpose and is one of the

642
00:33:48,400 --> 00:33:50,760
Speaker 4: most meaningful parts of retirement.

643
00:33:51,440 --> 00:33:54,760
Speaker 1: And this is where good guidance matters. A strong fiduciary

644
00:33:54,800 --> 00:33:58,240
Speaker 1: advisor doesn't just talk about numbers. They ask about purpose.

645
00:33:58,600 --> 00:34:01,400
Speaker 1: They listen to your fears, your hopes, your values and

646
00:34:01,440 --> 00:34:03,120
Speaker 1: align with your plan accordingly.

647
00:34:03,480 --> 00:34:07,520
Speaker 4: Our advisors work with tax professionals too, so when you're

648
00:34:07,560 --> 00:34:13,520
Speaker 4: making decisions around withdrawals or charitable gifts or legacy planning,

649
00:34:13,840 --> 00:34:17,160
Speaker 4: you're not doing it alone. You have a team helping

650
00:34:17,200 --> 00:34:21,600
Speaker 4: you honor your values while protecting your long term security.

651
00:34:21,920 --> 00:34:25,280
Speaker 1: And the Tax Explorer Guide helps you have those conversations

652
00:34:25,280 --> 00:34:28,200
Speaker 1: with clarity. And if you like a free copy again,

653
00:34:28,440 --> 00:34:30,719
Speaker 1: just call eight at eight eight hundred one eighty one

654
00:34:31,000 --> 00:34:33,399
Speaker 1: or email Kelly Kelly Financial dot org.

655
00:34:33,719 --> 00:34:38,440
Speaker 4: Good planning is simply your values expressed through your choices.

656
00:34:38,840 --> 00:34:41,520
Speaker 1: More insights coming your way. Next, you're listening to save

657
00:34:41,600 --> 00:34:44,480
Speaker 1: money strategies right here on the RKO.

658
00:34:47,080 --> 00:34:51,120
Speaker 3: Save Money Strategies brought to you by Kelly Financial Services.

659
00:34:51,320 --> 00:34:55,120
Speaker 3: Call eight eight eight eight hundred eighteen eighty one or

660
00:34:55,200 --> 00:34:57,120
Speaker 3: visit Kellyfinancial dot org.

661
00:34:57,719 --> 00:35:01,080
Speaker 11: Ready to enjoy your golden years without worry at Kelly

662
00:35:01,120 --> 00:35:04,919
Speaker 11: Financial We know retirement planning can be overwhelming. With more

663
00:35:04,920 --> 00:35:08,000
Speaker 11: than twenty two years of experience, our friendly team of

664
00:35:08,080 --> 00:35:11,680
Speaker 11: advisors makes it easy and stress free. Trust us to

665
00:35:11,760 --> 00:35:15,080
Speaker 11: help you create a secure and enjoyable future. For a

666
00:35:15,120 --> 00:35:19,200
Speaker 11: free initial retirement consultation called eight eight eight eight hundred

667
00:35:19,320 --> 00:35:23,480
Speaker 11: eighteen eighty one or email Kelly at Kellyfinancial dot org.

668
00:35:23,719 --> 00:35:26,000
Speaker 11: We're Kelly Financial. Come retire with.

669
00:35:26,080 --> 00:35:31,000
Speaker 3: Us Safe Money Strategies with William Kelly and Kelly Kelly.

670
00:35:31,239 --> 00:35:35,440
Speaker 3: Call the team on eight eight eight hundred eighteen eighty one.

671
00:35:36,120 --> 00:35:44,320
Speaker 4: Thank Welcome back to Safe Money Strategies. In this second segment,

672
00:35:44,520 --> 00:35:49,719
Speaker 4: William and I are continuing our conversation about faith, values

673
00:35:49,800 --> 00:35:53,319
Speaker 4: and building a retirement that reflects who you are. A

674
00:35:53,520 --> 00:35:58,840
Speaker 4: meaningful retirement isn't luck, and it isn't timing. It's intentionally

675
00:35:59,080 --> 00:36:03,280
Speaker 4: aligning your mind with your purpose, day after day, year

676
00:36:03,400 --> 00:36:06,000
Speaker 4: after year, exactly and mom.

677
00:36:06,120 --> 00:36:08,760
Speaker 1: One of the strongest themes you and I see both

678
00:36:08,760 --> 00:36:11,240
Speaker 1: on the radio and in the office is that people

679
00:36:11,280 --> 00:36:15,040
Speaker 1: want a retirement that feels meaningful. A recent study found

680
00:36:15,080 --> 00:36:18,600
Speaker 1: that two thirds of Americans want to live more intentionally

681
00:36:18,760 --> 00:36:23,919
Speaker 1: in retirement. They want purpose, connection, structure, and clarity, not

682
00:36:23,960 --> 00:36:26,200
Speaker 1: just a financial plan, but a life plan.

683
00:36:26,160 --> 00:36:30,480
Speaker 4: And purpose becomes incredibly important because life doesn't always go

684
00:36:30,600 --> 00:36:35,360
Speaker 4: in a straight line. Markets go up and down, families change,

685
00:36:35,800 --> 00:36:40,080
Speaker 4: health changes, the news cycles move fast and often create

686
00:36:40,160 --> 00:36:43,759
Speaker 4: a lot of unnecessary anxiety. But when you have a

687
00:36:43,920 --> 00:36:47,640
Speaker 4: clear purpose, when you know what your retirement is for,

688
00:36:48,200 --> 00:36:52,919
Speaker 4: your money becomes easier to manage. You make better decisions,

689
00:36:53,160 --> 00:36:54,719
Speaker 4: you stick calm right.

690
00:36:55,120 --> 00:36:58,279
Speaker 1: Purpose is every dollar a job, and that's why this

691
00:36:58,320 --> 00:37:01,359
Speaker 1: theme of faith and finances is that's so important. When

692
00:37:01,400 --> 00:37:05,279
Speaker 1: your decisions reflect your principles, you can weather uncertainty with

693
00:37:05,360 --> 00:37:06,600
Speaker 1: a lot more confidence.

694
00:37:06,880 --> 00:37:12,960
Speaker 4: Let's talk about how purpose influences investing values. Guided investing

695
00:37:13,080 --> 00:37:17,400
Speaker 4: doesn't mean choosing a specific product or trying to find

696
00:37:17,480 --> 00:37:22,279
Speaker 4: something perfect. It means choosing an approach that respects your

697
00:37:22,320 --> 00:37:26,160
Speaker 4: comfort level, your goals, and your principles.

698
00:37:26,560 --> 00:37:29,480
Speaker 1: And this matters because emotional investing is one of the

699
00:37:29,480 --> 00:37:31,280
Speaker 1: biggest risks retirees face.

700
00:37:31,840 --> 00:37:32,920
Speaker 2: Fear and greet.

701
00:37:33,400 --> 00:37:38,120
Speaker 1: Those two emotions are terrible portfolio managers. Nearly forty percent

702
00:37:38,120 --> 00:37:41,799
Speaker 1: of retirees worry about outliving their savings, and when fear

703
00:37:41,880 --> 00:37:44,839
Speaker 1: is high, people tend to make short term decisions that

704
00:37:44,960 --> 00:37:46,080
Speaker 1: hurt them in the long run.

705
00:37:46,680 --> 00:37:51,240
Speaker 4: Exactly. That's where clarity makes such a difference. When people

706
00:37:51,520 --> 00:37:56,200
Speaker 4: understand the purpose behind their investments, they make decisions based

707
00:37:56,239 --> 00:37:58,879
Speaker 4: on values, not headlines, and.

708
00:37:58,800 --> 00:38:02,480
Speaker 1: This is where our Toxicslarer Guide becomes helpful. It shows

709
00:38:02,640 --> 00:38:07,680
Speaker 1: in very simple visuals how different accounts traditional iras, roth irays,

710
00:38:07,840 --> 00:38:11,719
Speaker 1: brokerage accounts determine how much of your return stays with

711
00:38:11,760 --> 00:38:15,920
Speaker 1: you versus how much goes to taxes. Most people underestimate

712
00:38:15,960 --> 00:38:17,760
Speaker 1: how much location matters.

713
00:38:18,200 --> 00:38:18,439
Speaker 2: Right.

714
00:38:18,600 --> 00:38:21,520
Speaker 4: You might own great investments, but if they're in the

715
00:38:21,560 --> 00:38:25,640
Speaker 4: wrong type of account or withdrawn in the wrong order,

716
00:38:26,160 --> 00:38:30,360
Speaker 4: you lose unnecessary dollars to taxes. And that's where a

717
00:38:30,360 --> 00:38:35,319
Speaker 4: fiduciary advisor really helps. We bring strategy and structure to

718
00:38:35,440 --> 00:38:36,560
Speaker 4: those decisions.

719
00:38:36,960 --> 00:38:40,480
Speaker 1: Another value that shows up again and again is simplicity.

720
00:38:40,960 --> 00:38:44,200
Speaker 1: Many retirees tell us they wish they it'd simplified sooner.

721
00:38:44,520 --> 00:38:48,680
Speaker 1: They're tired of having ten accounts, five custodians, different passwords,

722
00:38:48,840 --> 00:38:52,239
Speaker 1: piles of statements, and it's because it becomes overwhelming.

723
00:38:52,680 --> 00:38:58,600
Speaker 4: Simplicity is powerful. It creates peace and clarity, It lowers risk,

724
00:38:59,120 --> 00:39:05,360
Speaker 4: It helps prevent and missed rmds, forgotten accounts, or unnecessary fees.

725
00:39:06,120 --> 00:39:09,000
Speaker 4: And it allows you to see the big picture instead

726
00:39:09,000 --> 00:39:11,719
Speaker 4: of always feeling like you're trying to catch up.

727
00:39:11,880 --> 00:39:15,640
Speaker 1: And simplicity also reinforces values because it frees your energy

728
00:39:15,680 --> 00:39:18,959
Speaker 1: for family, for health, for volunteering, and for the things

729
00:39:19,000 --> 00:39:20,000
Speaker 1: you truly care about.

730
00:39:20,160 --> 00:39:24,640
Speaker 4: Exactly when we help families consolidate a handful of old

731
00:39:24,680 --> 00:39:28,960
Speaker 4: accounts into one well managed structure, you can see the

732
00:39:29,040 --> 00:39:30,400
Speaker 4: relief instantly.

733
00:39:30,719 --> 00:39:35,480
Speaker 1: It restores confidence. Now let's talk about generosity. Despite economic

734
00:39:35,640 --> 00:39:40,400
Speaker 1: ups and downs, Americans continue to be incredibly generous giving.

735
00:39:40,440 --> 00:39:44,080
Speaker 1: Tuesday saw billions in donations again this year, and for

736
00:39:44,200 --> 00:39:47,320
Speaker 1: many retirees, giving is one of the most meaningful ways

737
00:39:47,400 --> 00:39:48,800
Speaker 1: they can express their values.

738
00:39:49,040 --> 00:39:53,120
Speaker 4: Yes, and generosity doesn't have to be large to be impactful.

739
00:39:53,640 --> 00:39:57,480
Speaker 4: What matters is that it reflects your heart. But there's

740
00:39:57,680 --> 00:40:01,839
Speaker 4: also strategy involved in making sure your giving goes as

741
00:40:01,920 --> 00:40:07,080
Speaker 4: far as possible. For example, donating appreciated stock instead of

742
00:40:07,120 --> 00:40:11,920
Speaker 4: writing a check can help avoid capital gains taxes while

743
00:40:12,040 --> 00:40:14,960
Speaker 4: still giving the full value to the charity.

744
00:40:15,280 --> 00:40:19,000
Speaker 1: And tools like donor advise funds help people give more consistently.

745
00:40:19,440 --> 00:40:22,160
Speaker 1: Instead of guessing each year or scrambling at your end,

746
00:40:22,200 --> 00:40:25,120
Speaker 1: families can set aside dollars once and then contribute gifts

747
00:40:25,120 --> 00:40:27,319
Speaker 1: to nonprofits or churches throughout the year.

748
00:40:27,920 --> 00:40:30,320
Speaker 2: It brings structure and attention to their giving.

749
00:40:30,640 --> 00:40:36,239
Speaker 4: And again, our Tax Explore Guide makes these concepts very

750
00:40:36,360 --> 00:40:40,560
Speaker 4: easy to understand. If you would like a complimentary copy,

751
00:40:40,719 --> 00:40:43,760
Speaker 4: you can call us at eight eight eight eight hundred

752
00:40:44,000 --> 00:40:49,360
Speaker 4: eighteen eighty one or email Kelly at Kellyfinancial dot org

753
00:40:49,719 --> 00:40:51,319
Speaker 4: and we'll send it out to you.

754
00:40:51,680 --> 00:40:55,120
Speaker 1: Legacy is another major thing we hear about constantly. Many

755
00:40:55,160 --> 00:40:58,600
Speaker 1: retirees worry the financial challenges. The next generation is facing

756
00:40:58,880 --> 00:41:02,719
Speaker 1: higher prices, higher taxes for your pensions, and that's why

757
00:41:02,760 --> 00:41:03,480
Speaker 1: passing down.

758
00:41:03,360 --> 00:41:05,279
Speaker 2: Principles is so important.

759
00:41:05,520 --> 00:41:10,000
Speaker 4: Absolutely, Legacy isn't just the assets you leave, is the

760
00:41:10,239 --> 00:41:15,600
Speaker 4: meaning behind those assets. It's your work ethic, your discipline,

761
00:41:15,880 --> 00:41:21,480
Speaker 4: your faith, your generosity, your approach to money. Those lessons

762
00:41:21,680 --> 00:41:25,000
Speaker 4: often become the strongest inheritance of all.

763
00:41:25,239 --> 00:41:27,959
Speaker 1: Families sometimes think they need to sit down and open

764
00:41:28,040 --> 00:41:30,719
Speaker 1: up every account statement to have a legacy conversation, but

765
00:41:30,760 --> 00:41:34,680
Speaker 1: that's not true. You can simply share your values, your expectations,

766
00:41:34,719 --> 00:41:36,279
Speaker 1: and the story behind your decisions.

767
00:41:36,560 --> 00:41:41,200
Speaker 4: And we've seen families create wonderful traditions like choosing a

768
00:41:41,320 --> 00:41:46,320
Speaker 4: charity together during the holidays, or reviewing a family values

769
00:41:46,440 --> 00:41:50,399
Speaker 4: letter each year. These things shape the hearts of your

770
00:41:50,520 --> 00:41:54,719
Speaker 4: children and grandchildren in ways money never will.

771
00:41:55,000 --> 00:41:58,239
Speaker 1: And this is where a fiduciary advisor plays an important role.

772
00:41:58,520 --> 00:42:01,040
Speaker 1: We help families think through the questions that really matter.

773
00:42:01,600 --> 00:42:03,480
Speaker 1: What do we stand for? What do we want our

774
00:42:03,480 --> 00:42:07,000
Speaker 1: money to say? How do we give meaningfully without jeopardizing

775
00:42:07,040 --> 00:42:08,200
Speaker 1: our long term security.

776
00:42:08,600 --> 00:42:14,600
Speaker 4: Our advisors also coordinate with tax professionals so everything works together.

777
00:42:15,120 --> 00:42:20,279
Speaker 4: You're giving your withdrawals, your taxes, your legacy, so no

778
00:42:20,360 --> 00:42:23,480
Speaker 4: one should have to navigate those decisions alone.

779
00:42:23,760 --> 00:42:26,760
Speaker 1: And the Tax Explorer Guide is a great starting point.

780
00:42:27,080 --> 00:42:29,359
Speaker 1: It's not a do it yourself manual, but it gives

781
00:42:29,400 --> 00:42:31,839
Speaker 1: you the right framework and questions to bring into your

782
00:42:31,840 --> 00:42:33,000
Speaker 1: planning conversations.

783
00:42:33,160 --> 00:42:36,919
Speaker 4: And if you'd like your complementary copy again, you can

784
00:42:36,920 --> 00:42:40,920
Speaker 4: call eight eight eight eight hundred eighteen eighty one or

785
00:42:41,080 --> 00:42:44,480
Speaker 4: email kellifinancial dot org.

786
00:42:44,920 --> 00:42:46,760
Speaker 2: We'll be happy to send it along.

787
00:42:47,239 --> 00:42:52,280
Speaker 1: And when your finances reflect your values, retirement becomes richer, calmer,

788
00:42:52,440 --> 00:42:53,440
Speaker 1: and more meaningful.

789
00:42:53,640 --> 00:42:58,360
Speaker 4: It becomes a life you're proud of, not just financially

790
00:42:58,800 --> 00:42:59,759
Speaker 4: but personally.

791
00:43:00,200 --> 00:43:03,200
Speaker 2: More insights coming your way. Next, you're listening.

792
00:43:02,880 --> 00:43:06,040
Speaker 1: To Safe Money Strategies right here at WRKO.

793
00:43:08,560 --> 00:43:12,680
Speaker 3: Safe Money Strategies brought to you by Kelly Financial Services.

794
00:43:12,840 --> 00:43:16,959
Speaker 3: Call eight eight eight hundred eighteen eighty one or visit

795
00:43:17,080 --> 00:43:18,680
Speaker 3: Kelly Financial dot org.

796
00:43:20,080 --> 00:43:22,640
Speaker 7: Welcome back to safe Money Strategies, Mike, you said here

797
00:43:22,680 --> 00:43:25,160
Speaker 7: with Greg Workman, and we're picking up right where we

798
00:43:25,280 --> 00:43:28,200
Speaker 7: left off with Bill and Cheryl, a couple who recently

799
00:43:28,200 --> 00:43:32,040
Speaker 7: inherited a million dollars after Bill's mother passed away. If

800
00:43:32,080 --> 00:43:35,440
Speaker 7: you missed part one, Bill received half in an inherited

801
00:43:35,480 --> 00:43:39,040
Speaker 7: IRA in half in a taxable brokerage account filled with

802
00:43:39,120 --> 00:43:43,879
Speaker 7: highly appreciated and highly concentrated blue chip stocks. Today we're

803
00:43:43,920 --> 00:43:46,920
Speaker 7: diving into the actual planning steps we took to help

804
00:43:46,960 --> 00:43:50,400
Speaker 7: them turn this inheritance into a reliable, long term asset.

805
00:43:50,600 --> 00:43:53,360
Speaker 8: That's right, Mike and I want to start with something

806
00:43:53,400 --> 00:43:57,640
Speaker 8: we say often receiving an inheritance is not a strategy.

807
00:43:57,920 --> 00:44:01,960
Speaker 8: What you do next is Bill and Cheryl didn't need

808
00:44:02,000 --> 00:44:04,480
Speaker 8: the money for income. They could have left the IRA

809
00:44:04,640 --> 00:44:07,560
Speaker 8: untouched for years and done nothing with the brokerage account.

810
00:44:07,600 --> 00:44:11,719
Speaker 8: But doing nothing almost leads to one of two outcomes,

811
00:44:12,040 --> 00:44:17,280
Speaker 8: unexpected taxes or unnecessary risk. So we put a real

812
00:44:17,400 --> 00:44:19,760
Speaker 8: plan together. Let's talk about the inherited IRA.

813
00:44:19,960 --> 00:44:21,880
Speaker 2: First. The rules are pretty clear.

814
00:44:22,160 --> 00:44:25,919
Speaker 7: Because Bill's parents were already taking rm ds, he must

815
00:44:26,000 --> 00:44:29,799
Speaker 7: take annual R and ds and empty the entire account

816
00:44:29,840 --> 00:44:30,720
Speaker 7: by year ten.

817
00:44:30,960 --> 00:44:34,479
Speaker 8: Right, And this creates an opportunity, not a burden, if

818
00:44:34,520 --> 00:44:37,800
Speaker 8: you plan correctly. We sat down with Bill and Cheryl

819
00:44:38,200 --> 00:44:41,919
Speaker 8: laid out every year between now and twenty thirty four,

820
00:44:42,320 --> 00:44:45,520
Speaker 8: which is when the account must be fully depleted, and

821
00:44:45,600 --> 00:44:45,920
Speaker 8: what we.

822
00:44:45,920 --> 00:44:48,800
Speaker 7: Found was that the next five years, the window before

823
00:44:48,920 --> 00:44:52,279
Speaker 7: Cheryl claimed Social Security and before Bill's own R and

824
00:44:52,360 --> 00:44:55,719
Speaker 7: d's kick in, were actually ideal years to take more

825
00:44:55,760 --> 00:44:59,120
Speaker 7: than the required minimum from the inherited IRA exactly.

826
00:44:59,160 --> 00:45:01,800
Speaker 8: The idea was too fill up the lower tax brackets

827
00:45:01,840 --> 00:45:04,480
Speaker 8: now so that in later years they're not forced to

828
00:45:04,520 --> 00:45:07,880
Speaker 8: take larger withdrawals in a potentially higher bracket. This not

829
00:45:07,920 --> 00:45:10,919
Speaker 8: only manages the tax hit, it smooths it out over

830
00:45:10,960 --> 00:45:11,920
Speaker 8: a decade.

831
00:45:11,880 --> 00:45:13,440
Speaker 2: So there are no surprises.

832
00:45:13,560 --> 00:45:15,759
Speaker 7: Now, let's talk about the brokerage account, the half of

833
00:45:15,760 --> 00:45:19,640
Speaker 7: the inheritance that had all the highly appreciated concentrated stocks.

834
00:45:19,840 --> 00:45:23,200
Speaker 8: We looked at each position and asked two questions. The

835
00:45:23,239 --> 00:45:26,520
Speaker 8: first was does this stock fit into Bill and Cheryl's

836
00:45:26,520 --> 00:45:30,120
Speaker 8: long term goals and the second question, does this stock

837
00:45:30,440 --> 00:45:34,560
Speaker 8: introduce concentration risk that could derail their plan?

838
00:45:34,760 --> 00:45:37,719
Speaker 7: And the answer to the second question was almost always yes.

839
00:45:38,200 --> 00:45:41,880
Speaker 7: Bill's dad loved industrial stocks and energy stocks, but they

840
00:45:41,920 --> 00:45:43,799
Speaker 7: made up more than half of the portfolio.

841
00:45:44,040 --> 00:45:46,560
Speaker 8: Once we confirmed the new stepped up basis, we were

842
00:45:46,600 --> 00:45:50,520
Speaker 8: able to reposition much of that into a more balanced mix.

843
00:45:51,000 --> 00:45:54,600
Speaker 8: This turned a dad built portfolio into something that fit

844
00:45:54,760 --> 00:45:57,359
Speaker 8: Bill and Cheryl's retirement priorities.

845
00:45:57,480 --> 00:45:59,920
Speaker 7: And that's the critical part. It couldn't just be an

846
00:46:00,040 --> 00:46:03,880
Speaker 7: inheritance plan. It had to be a retirement plan exactly.

847
00:46:03,920 --> 00:46:07,400
Speaker 8: So we looked across all of their assets and we asked,

848
00:46:07,719 --> 00:46:11,439
Speaker 8: what's the most tax efficient order to draw from these

849
00:46:11,480 --> 00:46:12,920
Speaker 8: assets in retirement?

850
00:46:13,040 --> 00:46:16,000
Speaker 7: Because withdrawal sequence matters, and it matters a lot.

851
00:46:16,239 --> 00:46:19,799
Speaker 8: It does, and in their situation, the strategy became use

852
00:46:19,880 --> 00:46:24,080
Speaker 8: the inherited IRA strategically over ten years to avoid future

853
00:46:24,120 --> 00:46:29,400
Speaker 8: tax spikes. Let Bill's own IRA continue growing tax deferred

854
00:46:29,600 --> 00:46:33,120
Speaker 8: until his R and DS begin, use the brokerage account

855
00:46:33,160 --> 00:46:38,840
Speaker 8: for flexibility, tax loss harvesting, and opportunistic rebalancing, and finally

856
00:46:39,080 --> 00:46:42,839
Speaker 8: position Bill and Cheryl for future ROTH conversions in their

857
00:46:42,920 --> 00:46:44,120
Speaker 8: lower income years.

858
00:46:44,239 --> 00:46:46,480
Speaker 7: I want to spend a moment on ROTH conversions because

859
00:46:46,480 --> 00:46:48,880
Speaker 7: this is something a lot of listeners ask about.

860
00:46:49,080 --> 00:46:51,680
Speaker 8: Yes, And in Bill and Cheryl's case, the inherited IRA

861
00:46:51,880 --> 00:46:55,960
Speaker 8: itself cannot be converted to a WROTH, but their IRA

862
00:46:56,080 --> 00:46:56,719
Speaker 8: accounts can.

863
00:46:57,160 --> 00:47:00,720
Speaker 2: The key question was should we and the answer was maybe,

864
00:47:00,920 --> 00:47:02,440
Speaker 2: depending on the year exactly.

865
00:47:02,480 --> 00:47:06,319
Speaker 8: Because Bill was already sixty five and freshly retired, his

866
00:47:06,440 --> 00:47:10,480
Speaker 8: income was low in certain years, while Cheryl continued part

867
00:47:10,520 --> 00:47:14,279
Speaker 8: time work that created windows where converting a slice of

868
00:47:14,320 --> 00:47:17,400
Speaker 8: their own IRA into WROTH made a lot of sense

869
00:47:17,760 --> 00:47:20,640
Speaker 8: as long as it didn't push them into an unnecessarily

870
00:47:20,719 --> 00:47:25,600
Speaker 8: high tax bracket. The inheritance didn't eliminate ROTH opportunities. It

871
00:47:25,680 --> 00:47:30,080
Speaker 8: simply meant we had to coordinate withdrawals and conversions very carefully.

872
00:47:30,239 --> 00:47:33,880
Speaker 7: So what happens when Bill and Cheryl eventually pass assets

873
00:47:33,880 --> 00:47:36,360
Speaker 7: to their own kids? This is something Bill asked about

874
00:47:36,480 --> 00:47:38,200
Speaker 7: that I think listeners might appreciate.

875
00:47:38,480 --> 00:47:43,240
Speaker 8: Yes, because when you inherit assets, you immediately begin thinking

876
00:47:43,239 --> 00:47:45,960
Speaker 8: about your own estate and the answer depends on the

877
00:47:45,960 --> 00:47:50,000
Speaker 8: account type inherited IRA. Once Bill drains it over ten years,

878
00:47:50,280 --> 00:47:54,080
Speaker 8: there's nothing left to pass their own IRA their kids

879
00:47:54,200 --> 00:47:58,480
Speaker 8: inherited under today's ten year rules their brokerage account, their

880
00:47:58,560 --> 00:48:01,280
Speaker 8: children get a step up in base and the roth

881
00:48:01,520 --> 00:48:05,400
Speaker 8: their kids inherited tax free, but still must empty the

882
00:48:05,440 --> 00:48:07,360
Speaker 8: account inside of ten years.

883
00:48:07,520 --> 00:48:10,080
Speaker 7: And this helped Bill and Cheryl think more clearly about

884
00:48:10,120 --> 00:48:13,240
Speaker 7: how to position assets during their lifetime so the next

885
00:48:13,239 --> 00:48:16,080
Speaker 7: generation can receive them in the most tax efficient way.

886
00:48:16,239 --> 00:48:19,719
Speaker 8: Once we had the investment strategy, the diversification plan, and

887
00:48:19,880 --> 00:48:23,640
Speaker 8: the tax strategy figured out, the final step was projecting

888
00:48:23,680 --> 00:48:28,480
Speaker 8: their entire retirement forward. We mapped out income needs, inflation,

889
00:48:28,920 --> 00:48:33,360
Speaker 8: social security timing for both Bill and Cheryl, Medicare premiums

890
00:48:33,360 --> 00:48:37,880
Speaker 8: and IRMA thresholds are mds in their seventies, the full

891
00:48:38,120 --> 00:48:42,520
Speaker 8: ten year inherited IRA plan, and finally, long term market

892
00:48:42,560 --> 00:48:46,040
Speaker 8: returns under different sets of market conditions.

893
00:48:46,239 --> 00:48:47,520
Speaker 2: And the result was encouraging.

894
00:48:47,680 --> 00:48:51,600
Speaker 7: With the inheritance properly optimized, Bill and Cheryl went from

895
00:48:51,800 --> 00:48:56,200
Speaker 7: we think we're okay to we have margin, flexibility, and confidence.

896
00:48:56,360 --> 00:48:59,560
Speaker 7: The inheritance didn't just add dollars, it added options and

897
00:48:59,640 --> 00:49:01,120
Speaker 7: options at peace of mind.

898
00:49:01,400 --> 00:49:05,000
Speaker 8: Look, if you're listening and you've recently inherited money or

899
00:49:05,000 --> 00:49:07,359
Speaker 8: you expect to in the coming years, please don't wait

900
00:49:07,440 --> 00:49:11,000
Speaker 8: until the last minute to make these crucial decisions. The

901
00:49:11,040 --> 00:49:14,120
Speaker 8: tax rules for inherited i arraise, step ups and bases

902
00:49:14,440 --> 00:49:18,360
Speaker 8: and capital gains are complicated. You only get one chance

903
00:49:18,680 --> 00:49:20,040
Speaker 8: to handle it all correctly.

904
00:49:20,160 --> 00:49:23,120
Speaker 7: Call the office, request the workbook, and let's schedule a

905
00:49:23,160 --> 00:49:27,640
Speaker 7: complimentary review to walk through your inheritance or retirement plan together.

906
00:49:27,800 --> 00:49:29,600
Speaker 2: This stuff doesn't have to be confusing.

907
00:49:29,680 --> 00:49:33,080
Speaker 8: With the right plan, it can actually be an opportunity

908
00:49:33,280 --> 00:49:35,720
Speaker 8: to strengthen your retirement roadmap.

909
00:49:35,880 --> 00:49:39,320
Speaker 7: Well said, and that wraps up today's show for Greg Workman.

910
00:49:39,520 --> 00:49:41,759
Speaker 7: On Mike fu said, have a great week and we'll

911
00:49:41,760 --> 00:49:43,920
Speaker 7: see you next time on Safe Money Strategies.

912
00:49:48,680 --> 00:49:54,080
Speaker 3: Safe Money Strategies A eight eight hundred one eight eight one.

913
00:49:55,560 --> 00:50:00,520
Speaker 4: Bill Kelly believed in hard work, gratitude, and building life

914
00:50:00,560 --> 00:50:05,120
Speaker 4: with purpose. In today's segment, he opens a window into

915
00:50:05,200 --> 00:50:09,359
Speaker 4: a day in his life, the routines he followed, the

916
00:50:09,480 --> 00:50:14,040
Speaker 4: values he lived by, and the heart behind this firm.

917
00:50:14,120 --> 00:50:15,440
Speaker 4: Here's Bill Kelly.

918
00:50:18,160 --> 00:50:20,600
Speaker 5: Someone called me from the Wall Street Journal the other day.

919
00:50:20,840 --> 00:50:23,200
Speaker 5: They wanted to know how I ran my practice, and

920
00:50:24,040 --> 00:50:26,160
Speaker 5: what would a day in the life of Bill Kelly

921
00:50:26,200 --> 00:50:27,560
Speaker 5: b It's quite.

922
00:50:27,400 --> 00:50:29,040
Speaker 2: A fun life for me. I enjoy it.

923
00:50:29,520 --> 00:50:31,920
Speaker 5: My day starts at about four thirty AM when I

924
00:50:32,000 --> 00:50:34,960
Speaker 5: check the overnights and developing news can you believe that?

925
00:50:35,400 --> 00:50:37,000
Speaker 5: And then I have to work on prep for my

926
00:50:37,120 --> 00:50:39,600
Speaker 5: radio show, and I do that for about an hour

927
00:50:39,640 --> 00:50:41,319
Speaker 5: hour and a half. I go back to sleep at

928
00:50:41,320 --> 00:50:43,400
Speaker 5: about five point thirty and then pop out a bed

929
00:50:43,480 --> 00:50:46,600
Speaker 5: about six forty five and I head out for work

930
00:50:46,600 --> 00:50:49,080
Speaker 5: at eight fifteen believe it or not. And I have

931
00:50:49,120 --> 00:50:52,239
Speaker 5: an iPad and iPhone in the car that allows me

932
00:50:52,320 --> 00:50:55,719
Speaker 5: to do phone appointments until I arrive at work at

933
00:50:55,840 --> 00:50:59,400
Speaker 5: nine fifteen, check in, get ready for the open. What

934
00:50:59,480 --> 00:51:02,000
Speaker 5: are the first activities of my day in the office,

935
00:51:02,080 --> 00:51:05,000
Speaker 5: ladies and gentlemen, Well, we check key accounts, We check

936
00:51:05,040 --> 00:51:08,960
Speaker 5: our portfolio models against the overnights and the open. Then

937
00:51:09,000 --> 00:51:11,719
Speaker 5: we return all the calls from the previous evening that

938
00:51:11,800 --> 00:51:14,759
Speaker 5: are left before ten o'clock. We do that. Then I

939
00:51:14,800 --> 00:51:17,880
Speaker 5: go down to my advisors who are doing my trades,

940
00:51:18,520 --> 00:51:20,960
Speaker 5: and then we want to consult with the CRMs and

941
00:51:21,000 --> 00:51:23,839
Speaker 5: my controller. We want to review the schedule for the day.

942
00:51:24,440 --> 00:51:26,920
Speaker 5: I go over some of these segments and do some

943
00:51:26,960 --> 00:51:30,000
Speaker 5: more prep for my radio show, and then it's client

944
00:51:30,080 --> 00:51:32,920
Speaker 5: meetings from ten to noon, so that's a pretty packed

945
00:51:33,200 --> 00:51:35,600
Speaker 5: beginning of the day. At lunch, I have another book

946
00:51:35,600 --> 00:51:38,120
Speaker 5: that I'm writing, aside from the one I give away

947
00:51:38,160 --> 00:51:40,640
Speaker 5: on the show, and I generally work on that for

948
00:51:40,680 --> 00:51:43,520
Speaker 5: twenty or thirty minutes, go over news of the day.

949
00:51:44,239 --> 00:51:46,360
Speaker 5: I eat It's salad as chicken salad, and then I

950
00:51:46,400 --> 00:51:49,640
Speaker 5: eat potato chips, which I'm not allowed to eat. And

951
00:51:49,680 --> 00:51:52,400
Speaker 5: then I return the calls that I've received that morning,

952
00:51:52,440 --> 00:51:56,719
Speaker 5: and one to six is client prospect reviews meetings. At

953
00:51:56,760 --> 00:51:59,520
Speaker 5: four pm is the market close. Then we have to

954
00:51:59,680 --> 00:52:02,400
Speaker 5: see how we feel about that in a very short

955
00:52:02,440 --> 00:52:06,120
Speaker 5: meeting with some of my iars here, and then we

956
00:52:06,200 --> 00:52:09,440
Speaker 5: review the calendar for the day. Six to seven, I finish.

957
00:52:09,800 --> 00:52:12,719
Speaker 5: Eight fifteen, I'm home. Eleven thirty, I'm in bed, spend

958
00:52:12,760 --> 00:52:14,560
Speaker 5: about an hour and a half with my four year old.

959
00:52:14,600 --> 00:52:17,359
Speaker 5: Believe it or not, he stays up late. So what

960
00:52:17,400 --> 00:52:19,000
Speaker 5: do I do to unwind at the end of a

961
00:52:19,040 --> 00:52:22,200
Speaker 5: long day. That's pretty much it wrestle with my son William,

962
00:52:22,440 --> 00:52:25,200
Speaker 5: and we play Chuzzles, which is a game of little

963
00:52:25,239 --> 00:52:26,680
Speaker 5: fuzzy people on the iPad.

964
00:52:27,000 --> 00:52:27,480
Speaker 2: We do that.

965
00:52:27,600 --> 00:52:30,880
Speaker 5: We Thomas the tank, well sometimes we do the little

966
00:52:30,920 --> 00:52:33,760
Speaker 5: engine that could we really like that. It's a great story,

967
00:52:33,800 --> 00:52:36,080
Speaker 5: by the way, if you have children and grandchildren. So

968
00:52:36,160 --> 00:52:38,120
Speaker 5: what do I like best about this? I get to

969
00:52:38,160 --> 00:52:41,160
Speaker 5: choose my own hours, and right now I'm choosing about

970
00:52:41,200 --> 00:52:44,880
Speaker 5: sixty two hours a week because I have young children.

971
00:52:45,360 --> 00:52:47,720
Speaker 5: Another thing he asked me was what do you dislike

972
00:52:48,040 --> 00:52:51,960
Speaker 5: about being a financial advisor? And I not a damn thing.

973
00:52:52,640 --> 00:52:55,880
Speaker 5: Excuse my French. And what made me decide to do this?

974
00:52:56,000 --> 00:52:58,200
Speaker 5: My brother brought me into this business, believe it or not,

975
00:52:58,680 --> 00:53:01,160
Speaker 5: in nineteen eighty four. There was a stroke of luck.

976
00:53:01,200 --> 00:53:03,920
Speaker 5: It was a blessing. And what else did he ask me?

977
00:53:03,920 --> 00:53:05,719
Speaker 5: He asked me, how would I describe what I do

978
00:53:05,800 --> 00:53:09,080
Speaker 5: in one line? Well, I create safe money plans for

979
00:53:09,200 --> 00:53:13,520
Speaker 5: seniors to project income, potentially beat the market, and hopefully

980
00:53:13,560 --> 00:53:18,080
Speaker 5: to protect against downside risk that minimizes income taxes and

981
00:53:18,160 --> 00:53:23,520
Speaker 5: generally eliminate strategies that generally eliminate estate taxes. And they said,

982
00:53:23,520 --> 00:53:26,440
Speaker 5: what advice would I give someone just starting out in

983
00:53:26,440 --> 00:53:29,680
Speaker 5: the business or midway through who wants to be a

984
00:53:29,719 --> 00:53:32,120
Speaker 5: financial advisor? And I would tell you, if you take

985
00:53:32,160 --> 00:53:35,239
Speaker 5: a greedy person's money, they will dominate you until you

986
00:53:35,280 --> 00:53:38,520
Speaker 5: fire them or they fire you or they file a complaint,

987
00:53:38,800 --> 00:53:42,359
Speaker 5: So be careful choose your own. If you prospects who

988
00:53:42,400 --> 00:53:45,440
Speaker 5: ask the most questions become the best clients. How do

989
00:53:45,440 --> 00:53:47,560
Speaker 5: you like that, Ladies and gentlemen, People that spend the

990
00:53:47,640 --> 00:53:51,960
Speaker 5: most time investigating me become my best clients. Another thing

991
00:53:51,960 --> 00:53:54,839
Speaker 5: about this industry, it's the highest paid hard work there

992
00:53:54,920 --> 00:53:58,400
Speaker 5: is on the planet, and it's the lowest paid profession

993
00:53:58,480 --> 00:54:01,760
Speaker 5: for lazy people. Every Monday morning is a new commitment,

994
00:54:01,840 --> 00:54:04,160
Speaker 5: ladies and gentlemen. If you own your own business, you

995
00:54:04,200 --> 00:54:06,319
Speaker 5: have to make a decision every Monday morning. Do you

996
00:54:06,360 --> 00:54:09,680
Speaker 5: start the engine, do you turn the key in the door,

997
00:54:09,760 --> 00:54:11,600
Speaker 5: do you open it up? Or do you stay in bed.

998
00:54:12,120 --> 00:54:15,360
Speaker 5: Another thing I recommend is stand for something, create a solution,

999
00:54:16,360 --> 00:54:19,319
Speaker 5: find something that works for some of the people all

1000
00:54:19,360 --> 00:54:22,120
Speaker 5: of the time, and then find the people that fit

1001
00:54:22,160 --> 00:54:24,560
Speaker 5: the solution and you're going to have a great fit.

1002
00:54:25,000 --> 00:54:28,280
Speaker 5: So you try to stand for everything. We don't chase money.

1003
00:54:28,400 --> 00:54:30,799
Speaker 5: People throw it on the table all the time to

1004
00:54:30,800 --> 00:54:33,279
Speaker 5: see if I jump and I don't, and it makes

1005
00:54:33,320 --> 00:54:36,879
Speaker 5: them very uncomfortable, and generally they leave after a little

1006
00:54:36,920 --> 00:54:39,120
Speaker 5: while when I don't jump. Because we don't want to

1007
00:54:39,160 --> 00:54:42,040
Speaker 5: do that. We don't change our practice of who I

1008
00:54:42,160 --> 00:54:44,759
Speaker 5: deal with. I will not change it in order to

1009
00:54:44,840 --> 00:54:48,560
Speaker 5: have one large client or one different person. So you

1010
00:54:48,600 --> 00:54:53,439
Speaker 5: can't stand for everything because you'll eventually be doomed to mediocrity.

1011
00:54:54,080 --> 00:54:56,279
Speaker 5: So if your clients are down for two years in

1012
00:54:56,320 --> 00:54:59,040
Speaker 5: a row, you probably need to do both of you

1013
00:54:59,120 --> 00:55:02,320
Speaker 5: a favor and get your self a money manager, because

1014
00:55:02,400 --> 00:55:04,640
Speaker 5: you've got to make some gains for people. If you're

1015
00:55:04,680 --> 00:55:07,120
Speaker 5: not turning away a couple of people a month, you're

1016
00:55:07,120 --> 00:55:09,200
Speaker 5: not doing enough marketing. If you're out there trying to

1017
00:55:09,239 --> 00:55:12,319
Speaker 5: do this. If I don't like loaded products, there are

1018
00:55:12,360 --> 00:55:14,920
Speaker 5: five hundred stocks in the S and P ladies and gentlemen,

1019
00:55:15,040 --> 00:55:18,640
Speaker 5: and it's fifteen thousand mutual funds, So that's a lot

1020
00:55:18,719 --> 00:55:21,640
Speaker 5: of people sharing the same bath water. I don't like it.

1021
00:55:22,400 --> 00:55:25,359
Speaker 5: So basically I respect anyone that comes in. We try

1022
00:55:25,400 --> 00:55:28,840
Speaker 5: to help those people. I respect money very much. We

1023
00:55:28,880 --> 00:55:31,000
Speaker 5: don't want to lose it. We don't want it to

1024
00:55:31,080 --> 00:55:34,799
Speaker 5: go away. Very fortunate in our practice that we can

1025
00:55:34,840 --> 00:55:39,000
Speaker 5: pretty much pick and choose with whom we work, and

1026
00:55:39,040 --> 00:55:41,759
Speaker 5: that's not always the case. When you're struggling, you have

1027
00:55:41,800 --> 00:55:44,600
Speaker 5: to make a lot of compromises. I think which we

1028
00:55:44,640 --> 00:55:45,240
Speaker 5: don't do.

1029
00:55:49,400 --> 00:55:49,600
Speaker 1: Cale.

1030
00:55:49,760 --> 00:55:54,880
Speaker 3: Kelly Financial Services eight hundred, eighteen eighty one.

1031
00:55:55,120 --> 00:55:59,040
Speaker 4: I'm Kelly Kelly from Kelly Financial. Retirement is the time

1032
00:55:59,080 --> 00:56:01,840
Speaker 4: to enjoy the f of your labor, but is also

1033
00:56:01,920 --> 00:56:05,960
Speaker 4: a period when financial stability becomes more critical than ever,

1034
00:56:06,239 --> 00:56:11,360
Speaker 4: so seeking expert financial advice is essential regardless of your age.

1035
00:56:11,560 --> 00:56:16,480
Speaker 4: Professional guidance insures your assets are allocated wisely, helping your

1036
00:56:16,520 --> 00:56:19,640
Speaker 4: money last as long as you need it. The advisors

1037
00:56:19,680 --> 00:56:22,480
Speaker 4: at Kelly Financial will help you take charge of your

1038
00:56:22,520 --> 00:56:26,480
Speaker 4: financial future and preserve your hard earned wealth to enable

1039
00:56:26,560 --> 00:56:29,680
Speaker 4: you to focus on the retirement you've dreamed of. We

1040
00:56:29,800 --> 00:56:33,920
Speaker 4: have a free investor guide called designing your Fiscal House

1041
00:56:34,000 --> 00:56:37,440
Speaker 4: to Weather the Elements, which highlights the steps needed to

1042
00:56:37,520 --> 00:56:41,000
Speaker 4: build a balanced portfolio. For the guide and a free

1043
00:56:41,040 --> 00:56:44,759
Speaker 4: consultation with a Kelly advisor, call eight eight eight eight

1044
00:56:44,840 --> 00:56:49,920
Speaker 4: hundred eighteen eighty one or email Kelly at Kellyfinancial dot org.

1045
00:56:50,239 --> 00:56:53,360
Speaker 4: We're Kelly Financial. Come retire with us