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Speaker 1: It is coming to us, So.

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Speaker 2: Ladies and gentlemen welcome to Safe Money Strategies on WRKO.

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Speaker 2: I'm William Kelly and it's an honor to carry on

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Speaker 2: a family legacy rooted in real world values and practical advice.

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Speaker 2: Kelly Financial was founded in two thousand and three by

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Speaker 2: my parents, my late father Bill Kelly and my mother

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Speaker 2: Kelly Kelly and Braintree and Burlington, Massachusetts. Just two years later,

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Speaker 2: Dad launched Safe Money Strategies on WRKO as a no

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Speaker 2: nonsense call in radio show focused on common sense planning

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Speaker 2: and protecting wealth. Over the past two decades, Dad became

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Speaker 2: a pillar in New England finance, an engineer turned entrepreneur,

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Speaker 2: author and philanthropist who believed in giving back and walking

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Speaker 2: the talk SWO thousand and five. Our show has remained

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Speaker 2: a Saturday morning staple, offering insight and empowerment. Here at

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Speaker 2: Kelly Financial, we help steward over seven hundred million dollars

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Speaker 2: across our affiliated business, including more than five hundred million

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Speaker 2: dollars managed by our sec registered investment advisory, where fiduciary

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Speaker 2: care and our family first philosophy guides us on safe

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Speaker 2: money strategies. You'll hear candid conversations with the team, my mother, Kelly, myself,

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Speaker 2: advisors Charlie Gable, Mike Ducett, Greg Workman, Greg Murray, my

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Speaker 2: sister Mary Madeline, and Tom Schlager. We live by two rules,

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Speaker 2: never quit and carry on, and we're here to help

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Speaker 2: you do the same when it comes to your money.

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Speaker 2: Stick around, take notes and join the conversation. To learn more,

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Speaker 2: or get our free guides, or schedule a consultation, visit

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Speaker 2: Kelly Financial dot Org or call us at eighty eight

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Speaker 2: eight eight hundred one eight eight one. This is Safe

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Speaker 2: Money Strategies. Next up Forever Young with Kelly Kelly and

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Speaker 2: myself William Kelly Junior.

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Speaker 3: Or.

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Speaker 4: Safe Money Strategies with William Kelly and Kelly Kelly eight

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Speaker 4: hundred eighteen eighty one.

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Speaker 5: Each week on Safe Money Strategies, we take a moment

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Speaker 5: to step back from the headlines and have a real conversation,

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Speaker 5: the kind you might have around the kitchen table. This

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Speaker 5: is a part of the show we call Forever Young

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Speaker 5: is where I sit down with my son, William Kelly Junior,

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Speaker 5: and we talk about life, what's going on in the world,

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Speaker 5: and our family and what really matters most When you're

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Speaker 5: planning for the future. Sometimes it is light, sometimes is thoughtful,

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Speaker 5: but it's always real. Good morning, William, how are you.

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Speaker 6: I'm fine, Mom, and yourself.

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Speaker 1: I'm doing just dandy.

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Speaker 6: That's great. I'm happy to hear that. Man. Today is

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Speaker 6: a big day for me, Yes, it is.

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Speaker 2: Today is my second powerlifting competition with the United States

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Speaker 2: Powerlifting Association, and I plan on setting some more records today.

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Speaker 6: Hopefully I'll be able to hit the following numbers.

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Speaker 2: Hopefully I'll be able to squat at least five ten,

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Speaker 2: Hopefully I'll be able to bench three fifteen, and then

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Speaker 2: hopefully I'll be able to deadlift over five sixty five.

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Speaker 2: Those are my three goals. I've hit them before during training.

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Speaker 2: We're going to see if I can hit them in competition.

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Speaker 2: Please pray for me if you have a moment.

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Speaker 6: So are you nervous? I will say that definitely, there's

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Speaker 6: a bit of nerves going on for sure. I'm very excited. Though.

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Speaker 5: Well, you've prepared for it, you know, what are some

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Speaker 5: of the steps? Tell our listeners, what are some of

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Speaker 5: the steps you've been taking since preparing for this meat, Well,

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Speaker 5: I have.

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Speaker 2: To eat over two hundred and fifty grams of protein

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Speaker 2: a day, so eating is quite substantial.

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Speaker 1: Yeah, I witnessed that.

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Speaker 2: My mom loves that, Ladies and gentlemen, she loves the

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Speaker 2: yogurt container she finds, and you know the steak that

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Speaker 2: I cook almost every day. I need to get eight

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Speaker 2: hours to sleep at night. So I have a red

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Speaker 2: light bulb. And if you have a good, non flickering

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Speaker 2: red light bulb, it promotes melatonin.

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Speaker 6: It's very healthy. It winds you down. So is this

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Speaker 6: red light bulb. It's on the lamp in my bedroom. Oh,

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Speaker 6: I turn it on, the whole room goes red. You

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Speaker 6: gotta set up all the light on.

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Speaker 2: No, no, no, so you don't sleep with any light

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Speaker 2: on or rephrase, so you don't sleep with it on,

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Speaker 2: but fifteen minutes before you go to bed. It's red

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Speaker 2: light therapy. It's a very real thing. Okay, ladies and gentlemen.

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Speaker 2: I make sure that I do a bunch of workouts

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Speaker 2: days before. We'll not a bunch, but very light workouts

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Speaker 2: because my nervous system has been fatigued from lifting so

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Speaker 2: heavy for the past We'll say eight to twelve weeks,

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Speaker 2: so I need a week to wind.

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Speaker 6: Down before competition.

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Speaker 2: And then once competition hits, my nervous system will be primed.

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Speaker 2: So think of your nervous system kind of like something

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Speaker 2: that you expend, and let's say you expend it faster

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Speaker 2: than it regenerates or re energizes. Sometimes when you get

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Speaker 2: to the end of a program, you need to wait

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Speaker 2: for it to re energize and to recover. Just like

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Speaker 2: our muscles, it's a whole other field of things that

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Speaker 2: we don't think about because we often only think.

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Speaker 6: About our muscles.

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Speaker 2: So once your nervous system has recovered, that's the primary

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Speaker 2: thing you've got to focus on. And then by the

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Speaker 2: time you get the competition, you'll be primed and ready,

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Speaker 2: which would be today.

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Speaker 6: So it's been a long time coming.

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Speaker 2: I hope I set some more records and I beat

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Speaker 2: my previous ones.

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Speaker 6: I'll be going up aleweight class.

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Speaker 2: I decided just because it's too soon to cut any weight,

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Speaker 2: and I think that I don't care if competing up

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Speaker 2: that's fine with me.

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Speaker 1: Yeah, I'll be there cheering you on, that's right.

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Speaker 2: And a couple other people will be there too that

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Speaker 2: have texted me, so I'm excited to see them.

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Speaker 6: Good.

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Speaker 2: But yeah, no, that's been the primary thing going on.

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Speaker 1: So what else?

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Speaker 5: Oh, we have we have the dav Radiothon coming up.

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Speaker 1: That's right, Friday, almost seventh.

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Speaker 6: I can't believe that's going to happen already.

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Speaker 1: Yeah, and you'll be there right in early.

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Speaker 6: That's right. I'm going to wake up at five forty

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Speaker 6: five in the morning.

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Speaker 7: Right, Oh, you'll be leaving, leaving at five forty You

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Speaker 7: don't wake up.

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Speaker 1: At five forty five, William.

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Speaker 6: My gosh, it's horrible.

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Speaker 1: Yeah, no, I believe that's what time you have to leap.

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Speaker 2: Because I might, I might botch the whole thing. I'll

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Speaker 2: be so tired, I'll fall asleep in the middle of

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Speaker 2: my set. Last year, Oh, how I remember I only

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Speaker 2: had four hours of sleep, And ladies and gentlemen, doing

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Speaker 2: radio work on little sleep is not a fun activity.

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Speaker 1: You did great, you represent it.

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Speaker 5: You've been you know what, You've been doing this for

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Speaker 5: since you were twelve.

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Speaker 2: Oh yeah, it's a pleasure, it's a it's an honor

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Speaker 2: and a privilege to be able to do it, for sure.

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Speaker 1: Typically you call in what it was before school?

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Speaker 5: That's so easy, and this is before you graduated.

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Speaker 1: And last year was the first you were able to

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Speaker 1: be there.

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Speaker 6: In person, which was awesome. I am great.

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Speaker 5: They they videoed the entire segment with you, and I.

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Speaker 2: Met Paul Wahlberg, who is a very nice guy, I

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Speaker 2: will say. And his burgers are delicious. Wahburgers are very

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Speaker 2: They had them them there. Yeah, for the vets as well.

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Speaker 2: Oh that is son not Oh no, it was great.

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Speaker 2: It was fantastic. Yeah, so Paul, thank you for the burgers.

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Speaker 2: They were excellent. And if you come aground a second time,

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Speaker 2: I very will so potentially having more.

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Speaker 1: Yeah, they're like us, they're there every year. Really, we

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Speaker 1: were the first. Really, Yes, Dad was one of the first.

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Speaker 6: That's amazing for the Massachusetts branch.

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Speaker 2: Yeah.

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Speaker 5: I can't wait to hear the conversation and to see it.

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Speaker 6: Yeah, me too.

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Speaker 1: They will film it.

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Speaker 2: Jeff is very He's just such a great guy to

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Speaker 2: talk to on air because he is just such like

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Speaker 2: I'm very comfortable with him. And I remember when Dad

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Speaker 2: passed and I did the Kelly Zone. For those who

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Speaker 2: are longtime listeners, I'm sure you remember that. I was

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Speaker 2: thirteen fourteen when we started doing that.

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Speaker 5: I think you were twelveth it was your it was

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Speaker 5: your twelfth birthday.

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Speaker 6: Well yeah, moly, so I was twelve years old, and uh, I.

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Speaker 1: Think it helped in my mind.

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Speaker 5: You know, it was right after dad passed, and this

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Speaker 5: was your connection with Jeff and every Wednesday morning you

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Speaker 5: would record with him.

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Speaker 2: At five thirty and we would genuinely we would talk

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Speaker 2: about just on before the fourtiest show, right, we would just.

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Speaker 6: Talk about like current events.

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Speaker 2: Yes, that's primarily, and like you know, I was up

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Speaker 2: to date and he was up to date. He was

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Speaker 2: more up to date because he, you know, watched the

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Speaker 2: news a lot more frequently, and we would just kind

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Speaker 2: of quickly go over, Okay, what do we want to

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Speaker 2: talk about, and then we just would have a great conversation.

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Speaker 6: Wait, I miss those days.

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Speaker 5: We featured the Kelly Zone in our radio show, that's right,

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Speaker 5: every week, and you stopped during the pandemic.

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Speaker 6: That's right.

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Speaker 2: The pandemic threw everything off. The pandemic was not the

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Speaker 2: greatest time for a lot of people. I really threw

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Speaker 2: a lot of plans off.

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Speaker 6: But so you did it.

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Speaker 1: I'm thinking back, I haven't thought about the Kelly Zone

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Speaker 1: in a long time.

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Speaker 5: If you did this for three years, yeah, so you stopped.

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Speaker 1: I guess you were like fifty years old.

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Speaker 6: Must have been. I wouldn't mind recontinuing.

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Speaker 1: I know we need to pull up some of those

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Speaker 1: old segments.

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Speaker 6: We should, we should. I have not thought about the

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Speaker 6: Kellyson nor have I I kind of.

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Speaker 2: I mean it's been in the back. This has been

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Speaker 2: the replacement for the Kelly Zone. Yeah, our segment together.

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Speaker 2: But I remember I would wake up every Wednesday and

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Speaker 2: I'd have to do it before school because you know,

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Speaker 2: it was in grade school. You can't miss it. And

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Speaker 2: I would wake up at four forty five. I'd be

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Speaker 2: half asleep and Mom would force feed me coffee.

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Speaker 6: I think that is terrible twelve years old. My mother.

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Speaker 6: She wanted to make me work.

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Speaker 2: I was a mule for Kelly Financial, and I had

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Speaker 2: to I had to chug.

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Speaker 6: A cup of coffee. Sometimes it got so bad that

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Speaker 6: I'd be laying on the couch.

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Speaker 2: I'd be talking, but my eyes would be closed because

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Speaker 2: I just want to sleep so bad. But I mean

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Speaker 2: we would always have great conversations though, And you know

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Speaker 2: what it was, Uh.

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Speaker 1: It was we can visualize the whole thing.

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Speaker 6: It was stamina. You needed stamina to do it.

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Speaker 1: Yeah, Britney was so sweet, Yes she was.

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Speaker 6: Brittany was great.

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Speaker 2: I wonder what she's up to now, but she was

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Speaker 2: very helpful and yeah, yeah.

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Speaker 1: I know, yeah, a lot of memories those are.

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Speaker 6: The days, so yeah, but the Kelly Zone.

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Speaker 2: I know, it's it's honestly, it's been a long time

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Speaker 2: because I used to do a lot of political commentary

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Speaker 2: on say funny strategies, and I mean, you know, I

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Speaker 2: talk about politics still, but I.

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Speaker 6: Have really veered away.

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Speaker 2: And I'm sure a lot of you have noticed that

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Speaker 2: my generation may seem uninvolved or non caring. But I mean,

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Speaker 2: can you really blame them? With how saturated everything is,

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Speaker 2: you know, it's very tough for people to sort of

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Speaker 2: get a grip on what they believe. But I think

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Speaker 2: we're very hard working. I think we genuinely care. We

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Speaker 2: may not be formal and traditional in a lot of ways,

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Speaker 2: but I think a lot of Generation Z cares about

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Speaker 2: the same things that Baby boomers and Gen X too.

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Speaker 6: Yeah, Millennials not so much.

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Speaker 2: Nothing, not that I disrespect millennials, but as a generalization,

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Speaker 2: they're very different than Gen Z and how they think.

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Speaker 2: And that's totally fine. But Gen Z is certainly unique

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Speaker 2: in the respect that, well, you're a hard worker.

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Speaker 5: I know that.

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Speaker 1: I know that I see that every day.

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Speaker 6: That's because of you and Dad, you know, and very Madeline.

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Speaker 6: You know she kind of works.

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Speaker 5: But you know, William, do keep us on your dial.

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Speaker 5: We've got a lot of great content coming your way.

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Speaker 5: Mike do Set and Greg Workman will share practical strategies

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Speaker 5: for navigating the sale of a highly appreciated asset so

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Speaker 5: you can make smart tax moves and turn one time

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Speaker 5: profits into lasting retirement income. Mary, Madeline Kelly and Greg

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Speaker 5: Murray will break down the tax traps of inheriting retirement

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Speaker 5: accounts and how smart planning can move more of your

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Speaker 5: legacy in the family.

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Speaker 1: I'll be back with William.

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Speaker 5: We will share how generosity and gratitude can create lasting

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Speaker 5: impact without putting your retirement at risk. And of course

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Speaker 5: we'll close the hour with some wit and wisdom from

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Speaker 5: the late Bill Kelly. His words continue to inspire and

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Speaker 5: guide us. That's a wrap for forever, young Thank you

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Speaker 5: for listening, and William, thank you for joining me.

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Speaker 1: We'll be back with more great content.

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Speaker 5: I love you, honey, I love you too.

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Speaker 4: Kelly Financial Services eight hundred eighteen eighty one.

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Speaker 8: Okay, my friends, let me tell you about Kelly Financial Services.

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Speaker 8: You know me, I don't sugarcoat anything. If you're heading

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Speaker 8: into the holidays without a plan, you're flying blind. And

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Speaker 8: that's why the team at Kelly Financial put together something

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Speaker 8: every listener needs.

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Speaker 6: They're free year.

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Speaker 8: End checklist and action plan, and this one.

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Speaker 8: It's packed with powerful practical steps to protect your savings,

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Speaker 8: your family, and your peace of mind before December thirty.

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Speaker 8: First review your beneficiaries. Make sure your retirement distributions are

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Speaker 8: on time. Double check those cash reserves. These are the

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Speaker 8: smart moves that separate the planners from the panickers. Kelly

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Speaker 8: enterteam of fiduciary advisors. They live for this stuff. They

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Speaker 8: have helped families all across Massachusetts build real financial momentum.

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Speaker 8: And you know what momentum is everything, So don't wait.

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Speaker 8: Get your free copy now. Call eight eight eight eight

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Speaker 8: hundred eighteen eighty one eight eight eight eight hundred eighteen

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Speaker 8: eighty one or email Kelly at Kelly Financial dot org.

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Speaker 8: That's Kelly at Kelly Financial dot org.

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Speaker 9: Welcome back to Safe Money Strategies. I'm Mike du said,

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Speaker 9: chief operating officer at Kelly Financial Services, joined as always

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Speaker 9: by Greg Workman, one of our investment advisors.

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Speaker 6: Good to be here, Mike.

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Speaker 10: Last week we started a conversation about selling a large asset.

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Speaker 10: For many of our listeners, well, that asset might be

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Speaker 10: your home. We covered some of the emotional and financial

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Speaker 10: decisions involved. Today we're going to focus on what happens

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Speaker 10: after the sale of that appreciated asset, especially the tax

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Speaker 10: planning implications.

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Speaker 9: Right selling your home or another major asset can have

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Speaker 9: big tax consequences, and understanding them ahead of time can

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Speaker 9: make a world of difference.

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Speaker 6: Exactly, and we'll say this upfront.

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Speaker 10: While we at Kelly Financial are tax planners, we are

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Speaker 10: not tax preparers, so always consult with your CPA or

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Speaker 10: tax professional before making any moves. Our role is to

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Speaker 10: help you think strategically how different decisions fit into your

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Speaker 10: retirement plan and your long term goals.

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Speaker 9: Let's start with one of the most common questions we get.

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Speaker 9: Do I have to pay tax when I sell my home.

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Speaker 10: That's where the home sale exclusion comes in. Under current

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Speaker 10: tax law, if you sell your primary residence, you can

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Speaker 10: excit excluded up to two hundred and fifty thousand of

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Speaker 10: capital gains from taxes if you're single, or up to

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Speaker 10: five hundred thousand if you're married.

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Speaker 6: Filing jointly.

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Speaker 9: So if you bought your home for three hundred thousand

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Speaker 9: and sold it for eight hundred thousand, that's a five

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Speaker 9: hundred thousand dollars gain. If you're a married couple, you

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Speaker 9: could exclude that entire amount, meaning no capital gains tax exactly.

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Speaker 10: But you have to meet what's called the ownership and

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Speaker 10: use test. You must have owned and lived in that

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Speaker 10: home as your primary residence for at least two of

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Speaker 10: the last five years prior to the sale.

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Speaker 9: Now here's where things get interesting. People sometimes ask, can

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Speaker 9: I just keep doing this every couple of years? Great question,

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Speaker 9: and we actually hear it a lot. The answer is yes,

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Speaker 9: but with an important caveat. You can generally use this

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Speaker 9: exclusion once every two years. So in theory, if you've

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Speaker 9: met all the ownership and use tests again, you could

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Speaker 9: qualify again after two years.

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Speaker 6: But let's talk about a common scenario.

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Speaker 9: Suppose you sell your primary home, then move into your

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Speaker 9: vacation home and live there for two years. Could that

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Speaker 9: vacation home then qualify for the exclusion when you sell it.

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Speaker 10: Potentially yes, but it's not always straightforward. If you convert

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Speaker 10: that vacation property into your primary residence, and live there

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Speaker 10: for at least two years, you might qualify.

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Speaker 6: But since two thousand and.

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Speaker 10: Eight, the IRS has made it a little trickier, right.

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Speaker 9: They now look at what's called non qualified use. Basically,

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Speaker 9: if you used that second home as a vacation property

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Speaker 9: for several years before moving in, only the portion of

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Speaker 9: ownership when it was your primary residence counts towards the

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Speaker 9: exclusion exactly.

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Speaker 10: So, if you owned it for ten years but only

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Speaker 10: lived in it for two, only a fraction of your

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Speaker 10: gain might qualify for the exclusion. The rest it could

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Speaker 10: be taxable.

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Speaker 9: And again that's where it's crucial to run the numbers

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Speaker 9: with a tax profession. The rules are detailed in Getting

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Speaker 9: the timing right can make a.

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Speaker 6: Huge difference in how much you owe or save.

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Speaker 10: Let's bring this to life with a quick example. Remember

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Speaker 10: Joe and Maria from last week. They decided to downsize

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Speaker 10: after selling their family home of thirty years.

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Speaker 6: Right.

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Speaker 9: They bought it decades ago for two hundred thousand and

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Speaker 9: just sold it for eight hundred and fifty thousand. That's

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Speaker 9: a six hundred and fifty thousand dollars gain.

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Speaker 10: Because they're married, they can exclude five hundred thousand of

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Speaker 10: that gain, so only one hundred and fifty thousand would

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Speaker 10: be subject to capital gains tax, and even that might

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Speaker 10: be offset by improvements, selling costs, or other deductions.

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Speaker 9: But let's say they also own a lake house that

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Speaker 9: they've used as a vacation spot for years. They're thinking,

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Speaker 9: let's move there full time for a couple of years

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Speaker 9: and then sell it to That's.

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Speaker 10: Doable, but remember what we said, the portion of ownership

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Speaker 10: when it was a vacation home may not qualify, so

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Speaker 10: the exclusion might only.

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Speaker 9: Apply partially in the irs, So close eye on those situations.

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Speaker 9: The key takeaway is to plan ahead, not after the fact.

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Speaker 10: Now let's touch on two other strategies that can sometimes

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Speaker 10: help reduce or defer taxes, installment.

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Speaker 6: Sales and ten thirty one exchanges.

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Speaker 9: Right, with an installment sale, instead of receiving all the

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Speaker 9: money at once, you agree to receive payments over several years.

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Speaker 9: That spreads out your capital gains so you may avoid

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Speaker 9: being bumped into a higher tax bracket in one year.

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Speaker 10: And with a ten thirty one exchange, you can defer

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Speaker 10: paying capital gain tax altogether, but only if you reinvest

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Speaker 10: the proceeds into a quote unquote like kind property, typically

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Speaker 10: another investment or rental property.

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Speaker 6: The catches.

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Speaker 9: You can't use a ten thirty one exchange on your

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Speaker 9: primary residence. It's meant for investment or business properties, but

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Speaker 9: if part of your home was rented out or used

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Speaker 9: for business, you may be able to apply it to

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Speaker 9: that portion. Again, a great reason to have a tax

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Speaker 9: as it involved early in the process.

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Speaker 10: Absolutely, timing, paperwork and IRS deadlines are critical with ten

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Speaker 10: thirty one exchanges. It's not something you can decide to

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Speaker 10: do after the sale. It has to be structured before

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Speaker 10: you close.

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Speaker 6: So to sum up.

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Speaker 9: Selling a large asset like your home can be a

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Speaker 9: tremendous opportunity, but it also comes with a lot of

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Speaker 9: tax considerations.

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Speaker 6: That's right.

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Speaker 10: Understand your exclusion, know the timing rules, and if you're

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Speaker 10: thinking about moving into another property to qualify later, make

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Speaker 10: sure you understand the limits.

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Speaker 9: And remember at Kelly Financial where tax planners not tax preparers.

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Speaker 6: We help you think strategically about how.

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Speaker 9: These moves fit into your broad a financial plan, but

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Speaker 9: when it comes to filing and fine tuning the numbers,

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Speaker 9: your CPA is your best friend.

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Speaker 10: Next, in Part two, we'll continue this conversation and talk

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Speaker 10: about what to do with the proceeds after you sell,

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Speaker 10: how to reinvest, create income and make sure that money

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Speaker 10: lasts throughout you retirement.

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Speaker 9: That's right, turning a one time sale into long term

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Speaker 9: financial security.

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Speaker 6: You won't want to miss it.

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Speaker 9: And as always, if you'd like a copy of our

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Speaker 9: Safe Money Strategies workbook, give us a call or visit

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Speaker 9: Kelly Financial dot org.

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Speaker 6: It's a great resource to help you start planning smarter.

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Speaker 9: Today, we'll take a quick break and we'll be right

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Speaker 9: back with more Safe Money Strategies.

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Speaker 4: Kelly Financial Services eight eight hundred eighteen eighty one. I

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Speaker 4: believe that this nation should commit itself to achieving.

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Speaker 1: The goal of landing a man on the moon and

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Speaker 1: returning him safely to the Earth sixty.

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Speaker 11: Five or three two one zero all engine.

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Speaker 4: Rock Look, look Dott Apollo eleven.

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Speaker 11: Remember those Apollo Moon missions. One of America's greatest adventures

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Speaker 11: and achievements too. The nation set a goal and then

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Speaker 11: realized it. What are your goals? At Kelly Financial Services,

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Speaker 11: We've got the right team and technology to help launch

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Speaker 11: your retirement planning. Let us help you set and reach

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Speaker 11: your goals for your greatest adventure and achievement. Call us

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Speaker 11: at eight eight eight eight hundred eighteen eighty one or

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Speaker 11: visit us at Kelly Financial dot org. Where do you

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Speaker 11: want to land perthit tanguality behavior be.

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Speaker 1: Angle, I landed.

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Speaker 11: We are Kelly Financial Services. Come retire with us.

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Speaker 5: I'm Kelly Kelly from Kelly Financial. Is your financial advisor

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Speaker 5: a fiduciary? In other words, are they legally required to

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Speaker 5: act in your best interest? My complimentary book, Retire Your Fear,

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Speaker 5: Plan Your Future explains what a fiduciary is and will

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Speaker 5: help you understand if an advisor is really putting you first.

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Speaker 5: For the book, call eight eight eight eight hundred eighteen

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Speaker 5: eighty one or email Kelly at Kelly Financial dot org.

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Speaker 1: We're Kelly Financial. Come retire with.

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Speaker 4: Us The Money with Kelly Financial Advisors Greg Murray and

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Speaker 4: Mary Madeline Kelly.

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Speaker 6: Hello.

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Speaker 7: This is Greg Murray, Senior vice president and Chief Compliance

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Speaker 7: Officer at Kelly Financial Services. Joining me today is Mary

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Speaker 7: Madeline Kelly, one of our wealth advisors. How are you

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Speaker 7: doing today?

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Speaker 10: Hi?

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Speaker 2: Greg?

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Speaker 12: I am doing great. I have a busy weekend ahead

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Speaker 12: as I'm cheering on my friend during the New York

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Speaker 12: Marathon tomorrow. I've only ever attended one other marathon in

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Speaker 12: London earlier this year, so I'm definitely excited to be

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00:22:28,600 --> 00:22:30,119
Speaker 12: there and be a part of the crowd.

448
00:22:30,359 --> 00:22:31,280
Speaker 6: That's pretty exciting.

449
00:22:31,440 --> 00:22:33,920
Speaker 7: I bet you have some pretty fun signs already created.

450
00:22:33,640 --> 00:22:34,200
Speaker 6: To cheer her on.

451
00:22:34,600 --> 00:22:38,399
Speaker 12: Absolutely, However, I won't have any embarrassing ones like my

452
00:22:38,480 --> 00:22:40,000
Speaker 12: brother did for me at my race.

453
00:22:40,560 --> 00:22:41,240
Speaker 4: I'm not like that.

454
00:22:41,840 --> 00:22:44,639
Speaker 12: So our topic for today is the tax traps of

455
00:22:44,760 --> 00:22:48,200
Speaker 12: inheriting retirement accounts, because this is one of those areas

456
00:22:48,200 --> 00:22:51,080
Speaker 12: where people can make costly mistakes without even realizing it.

457
00:22:51,200 --> 00:22:52,000
Speaker 6: You're exactly right.

458
00:22:52,200 --> 00:22:54,760
Speaker 7: A lot of folks assume that inheriting a retirement account

459
00:22:54,840 --> 00:22:57,000
Speaker 7: like an IRA or four oh one K is simple.

460
00:22:57,240 --> 00:22:58,560
Speaker 6: You just take the money and you move on.

461
00:22:58,800 --> 00:23:00,760
Speaker 7: But the reality is there are a lot of tax

462
00:23:00,840 --> 00:23:03,760
Speaker 7: rules around these accounts, and if you don't follow them carefully,

463
00:23:03,800 --> 00:23:05,840
Speaker 7: you could lose a big chunk of that inheritance to

464
00:23:05,920 --> 00:23:06,520
Speaker 7: the irs.

465
00:23:06,840 --> 00:23:09,639
Speaker 12: Yes, and it's especially important since the rules changed a

466
00:23:09,680 --> 00:23:12,560
Speaker 12: few years ago under the Secure Act. Before that law,

467
00:23:12,760 --> 00:23:17,720
Speaker 12: non spouse beneficiaries like adult children, could stretch the required withdrawals.

468
00:23:17,280 --> 00:23:18,080
Speaker 6: Over their lifetime.

469
00:23:18,320 --> 00:23:21,280
Speaker 12: Now, most people who inherit have to withdraw the entire

470
00:23:21,320 --> 00:23:22,879
Speaker 12: account within ten years.

471
00:23:22,800 --> 00:23:25,399
Speaker 7: And that ten year rule is where people get tripped up.

472
00:23:25,680 --> 00:23:27,520
Speaker 7: They think, I don't need the money right now, I'll

473
00:23:27,560 --> 00:23:29,440
Speaker 7: just let its set. But by year ten, if you

474
00:23:29,480 --> 00:23:32,200
Speaker 7: haven't taken it out gradually, you might face a huge

475
00:23:32,320 --> 00:23:34,160
Speaker 7: tax bill all at once exactly.

476
00:23:34,400 --> 00:23:37,119
Speaker 12: Let's put that in real numbers. Suppose someone inherits a

477
00:23:37,200 --> 00:23:40,080
Speaker 12: five hundred thousand dollars IRA from a parent. If they

478
00:23:40,160 --> 00:23:42,439
Speaker 12: wait ten years and take the full amount in one

479
00:23:42,560 --> 00:23:45,600
Speaker 12: lump sum, that five hundred thousand dollars gets added to

480
00:23:45,640 --> 00:23:48,920
Speaker 12: their taxable income for that year, possibly pushing them into

481
00:23:48,920 --> 00:23:50,119
Speaker 12: the highest tax bracket.

482
00:23:50,280 --> 00:23:52,800
Speaker 7: That's a great example. They could easily mean losing well

483
00:23:52,840 --> 00:23:55,520
Speaker 7: over thirty percent of that inheritance the taxes. But if

484
00:23:55,560 --> 00:23:57,680
Speaker 7: you spread it out over several years, you can manage

485
00:23:57,680 --> 00:23:59,879
Speaker 7: the impact and potentially keep more of what your love

486
00:24:00,080 --> 00:24:01,080
Speaker 7: one intended.

487
00:24:00,760 --> 00:24:03,040
Speaker 6: For you to have. And it's not just federal taxes.

488
00:24:03,280 --> 00:24:05,680
Speaker 12: Depending on where you live, you could owe state income

489
00:24:05,800 --> 00:24:08,560
Speaker 12: taxes too, So the planning piece is really critical.

490
00:24:08,760 --> 00:24:11,520
Speaker 7: Now, there are exceptions. If you're inheriting from a spouse,

491
00:24:11,560 --> 00:24:14,359
Speaker 7: you usually have more flexibility. You can roll the IRA

492
00:24:14,480 --> 00:24:17,280
Speaker 7: into your own and continue taking distributions basing your own

493
00:24:17,320 --> 00:24:20,600
Speaker 7: retirement timeline. But for non spouse airs like children, nieces

494
00:24:20,640 --> 00:24:22,840
Speaker 7: and nephews. The ten year rule is the norm.

495
00:24:23,080 --> 00:24:25,879
Speaker 12: That's right, And here's another trap people fall into not

496
00:24:26,119 --> 00:24:30,200
Speaker 12: updating their beneficiary designations. We've seen cases where someone's ex

497
00:24:30,240 --> 00:24:33,239
Speaker 12: spouse or even a deceased relative is still listed as

498
00:24:33,240 --> 00:24:36,080
Speaker 12: a beneficiary. In those cases, the money may not go

499
00:24:36,200 --> 00:24:39,080
Speaker 12: where you expect, and fixing that mistake after death is

500
00:24:39,160 --> 00:24:40,000
Speaker 12: nearly impossible.

501
00:24:40,160 --> 00:24:43,359
Speaker 7: Such a good point keeping beneficiary information current is one

502
00:24:43,400 --> 00:24:46,640
Speaker 7: of the simplest but most overlooked pieces of financial planning.

503
00:24:46,440 --> 00:24:49,240
Speaker 12: And greg we should mention raw iras too. They're still

504
00:24:49,320 --> 00:24:52,480
Speaker 12: subject to the ten year rule for beneficiaries, but withdrawals

505
00:24:52,480 --> 00:24:55,200
Speaker 12: are usually tax free, which can make a huge difference

506
00:24:55,240 --> 00:24:58,600
Speaker 12: for airs. Converting a traditional IRA to a raw while

507
00:24:58,640 --> 00:25:01,240
Speaker 12: you're still alive can be a great strategy for passing

508
00:25:01,280 --> 00:25:02,360
Speaker 12: on wealth more efficiently.

509
00:25:02,560 --> 00:25:06,040
Speaker 7: Yes, roth conversions can help families manage tax across generations.

510
00:25:06,240 --> 00:25:08,680
Speaker 7: You pay the tax now at possibly a lower rate,

511
00:25:08,960 --> 00:25:11,080
Speaker 7: and your errors get the benefit of tax free growth

512
00:25:11,119 --> 00:25:11,920
Speaker 7: and withdrawals later.

513
00:25:12,240 --> 00:25:15,399
Speaker 12: Another strategy would sometimes discuss is using part of a

514
00:25:15,480 --> 00:25:19,720
Speaker 12: retirement account to fund life insurance. It sounds counterintuitive, but

515
00:25:20,000 --> 00:25:23,960
Speaker 12: in some cases, taking control withdrawals, paying the taxes gradually

516
00:25:24,200 --> 00:25:27,040
Speaker 12: and using the proceeds to purchase life insurance can allow

517
00:25:27,119 --> 00:25:30,560
Speaker 12: you to pass along tax free dollars instead of taxable ones.

518
00:25:30,720 --> 00:25:33,520
Speaker 7: That's a really smart approach for certain families, especially when

519
00:25:33,560 --> 00:25:35,720
Speaker 7: the goal is leaving money the kids are grandkids in

520
00:25:35,800 --> 00:25:37,480
Speaker 7: the most tax efficient way, so.

521
00:25:37,760 --> 00:25:38,520
Speaker 6: To summon up.

522
00:25:38,720 --> 00:25:42,119
Speaker 12: The key tax traps of inheriting retirement accounts are not

523
00:25:42,400 --> 00:25:45,160
Speaker 12: understanding the ten year rule, waiting too long to take

524
00:25:45,200 --> 00:25:48,720
Speaker 12: withdrawals and facing a huge tax hit, failing to update

525
00:25:48,800 --> 00:25:53,440
Speaker 12: beneficiary information, and missing opportunities like roth conversions or life

526
00:25:53,480 --> 00:25:54,359
Speaker 12: insurance strategies.

527
00:25:54,520 --> 00:25:57,000
Speaker 7: Perfect summary, and the good news is all of these

528
00:25:57,080 --> 00:25:59,080
Speaker 7: issues can be avoided with a little bit of planning

529
00:25:59,200 --> 00:25:59,760
Speaker 7: and guidance.

530
00:26:00,080 --> 00:26:00,560
Speaker 6: Absolutely.

531
00:26:00,760 --> 00:26:04,080
Speaker 12: At Kelly Financial we help families navigate these transitions so

532
00:26:04,160 --> 00:26:06,240
Speaker 12: they can keep more of what their loved ones worked

533
00:26:06,320 --> 00:26:08,800
Speaker 12: hard to build instead of handing it over to the irs.

534
00:26:09,040 --> 00:26:11,000
Speaker 7: Because at the end of the day, good estate and

535
00:26:11,200 --> 00:26:14,240
Speaker 7: tax planning isn't just about numbers. It's about honoring someone's

536
00:26:14,320 --> 00:26:16,560
Speaker 7: legacy and making sure their wishes are carried out the

537
00:26:16,640 --> 00:26:19,080
Speaker 7: right way. Well said Greg, that's going to wrap things up.

538
00:26:19,240 --> 00:26:21,960
Speaker 7: If you've recently inherited a retirement account, or you're planning

539
00:26:22,040 --> 00:26:22,760
Speaker 7: leaving one behind.

540
00:26:22,880 --> 00:26:23,720
Speaker 6: Please give us a call.

541
00:26:23,880 --> 00:26:25,560
Speaker 7: We'll walk you through the tax rules and help you

542
00:26:25,640 --> 00:26:27,119
Speaker 7: make smart, informed decisions.

543
00:26:27,280 --> 00:26:30,440
Speaker 12: We certainly will well. Greg, enjoy your weekend and I

544
00:26:30,480 --> 00:26:31,320
Speaker 12: will see you next week.

545
00:26:31,400 --> 00:26:32,240
Speaker 6: Have fun in New York.

546
00:26:32,840 --> 00:26:36,080
Speaker 4: To get in touch with Greg Murray or Mary, Madeline Kelly,

547
00:26:36,440 --> 00:26:39,760
Speaker 4: or any member of the Kelly Financial team, call at

548
00:26:39,960 --> 00:26:42,920
Speaker 4: TATE eight hundred eighteen eighty one.

549
00:26:46,520 --> 00:26:49,280
Speaker 11: I'm John Boudris, and welcome to a new edition of

550
00:26:49,400 --> 00:26:52,920
Speaker 11: Kelly Financials. What would Bill say? The wit and wisdom

551
00:26:53,000 --> 00:26:57,160
Speaker 11: of the late Bill Kelly. Today we'll address fact from fiction.

552
00:26:57,720 --> 00:27:00,240
Speaker 13: You can always make money. If you haven't, you lose

553
00:27:00,320 --> 00:27:02,760
Speaker 13: it all. It's very difficult to do that, so you

554
00:27:02,840 --> 00:27:05,520
Speaker 13: have to have a plan. If the market goes up

555
00:27:05,600 --> 00:27:07,760
Speaker 13: quite a bit or down quite a bit, you have

556
00:27:07,880 --> 00:27:10,639
Speaker 13: to be ready. And how do you sort fact from fiction?

557
00:27:11,000 --> 00:27:15,480
Speaker 11: Download Kelly Financial's Consumer Guide simply called the value of

558
00:27:15,520 --> 00:27:18,920
Speaker 11: an objective opinion. With so much at stake with your

559
00:27:19,000 --> 00:27:23,399
Speaker 11: retirement future, you don't just want any financial advice, but

560
00:27:23,640 --> 00:27:28,639
Speaker 11: objective financial advice. And as a fiduciary, Kelly Financial puts

561
00:27:28,840 --> 00:27:33,280
Speaker 11: your interests above all else. Go to Kellyfinancial dot Org

562
00:27:33,640 --> 00:27:36,480
Speaker 11: or call eight eight eight eight hundred and eighteen eighty

563
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Speaker 11: one to get the guide.

564
00:27:37,960 --> 00:27:40,200
Speaker 6: Ladies and gentlemen, sort fact from fiction.

565
00:27:40,440 --> 00:27:42,240
Speaker 11: We are Kelly Financial Services.

566
00:27:42,520 --> 00:27:43,679
Speaker 6: Come retire with.

567
00:27:43,840 --> 00:27:49,399
Speaker 4: Us Safe Money Strategies with William Kelly and Kelly Kelly.

568
00:27:49,680 --> 00:27:53,920
Speaker 4: Call the team on a eight eight hundred eighteen eighty one.

569
00:27:57,880 --> 00:28:02,480
Speaker 5: Welcome back to Save Money Strategies. I'm Kelly Kelly here

570
00:28:02,520 --> 00:28:06,760
Speaker 5: with my son, William Kelly Junior, and we're so glad

571
00:28:06,840 --> 00:28:10,920
Speaker 5: you're with us today. This time of year always reminds

572
00:28:11,040 --> 00:28:15,680
Speaker 5: us of how much gratitude and generosity shape a good life.

573
00:28:16,359 --> 00:28:20,720
Speaker 5: Today we're talking about the heart of generosity, why giving

574
00:28:20,880 --> 00:28:25,240
Speaker 5: still matters, and how retirees can give back without breaking

575
00:28:25,400 --> 00:28:25,800
Speaker 5: the bank.

576
00:28:26,480 --> 00:28:29,080
Speaker 6: It's amazing how strong the spirit a giving still is.

577
00:28:29,520 --> 00:28:32,840
Speaker 2: According to Giving USA, twenty twenty five, Americans donated more

578
00:28:32,920 --> 00:28:35,800
Speaker 2: than five hundred and ninety two billion dollars last year,

579
00:28:36,080 --> 00:28:39,320
Speaker 2: and older Americans led the way. That tells us that

580
00:28:39,440 --> 00:28:41,719
Speaker 2: generosity is still at the core of who we are.

581
00:28:42,160 --> 00:28:45,880
Speaker 2: Another study from Fidelity Charitable found that nearly eighty percent

582
00:28:45,960 --> 00:28:49,360
Speaker 2: of pre retirees and retirees say charitable giving remains a

583
00:28:49,440 --> 00:28:51,280
Speaker 2: priority It really.

584
00:28:51,160 --> 00:28:55,480
Speaker 5: Does come from a deep place gratitude, faith, and the

585
00:28:55,600 --> 00:28:58,640
Speaker 5: desire to make a difference while we can, and that

586
00:28:59,000 --> 00:29:02,120
Speaker 5: doesn't always mean in writing a big check. I know

587
00:29:02,280 --> 00:29:06,520
Speaker 5: a retiree who tutors elementary school children twice a week.

588
00:29:07,040 --> 00:29:10,400
Speaker 5: She once told me my time is worth more than

589
00:29:10,440 --> 00:29:16,280
Speaker 5: my checkbook. Sometimes the greatest present, truly is your presence.

590
00:29:17,160 --> 00:29:21,360
Speaker 2: That captures it perfectly. Generosity is about meaning, not magnitude.

591
00:29:21,560 --> 00:29:23,600
Speaker 2: You don't have to give a fortune to make a difference.

592
00:29:24,040 --> 00:29:25,600
Speaker 2: You just have to give with intention.

593
00:29:26,240 --> 00:29:29,440
Speaker 5: But we should talk about the common pitfalls. A lot

594
00:29:29,520 --> 00:29:32,560
Speaker 5: of people give from the heart, but not from a plan.

595
00:29:33,280 --> 00:29:36,280
Speaker 5: It's easy to get caught up in what I call

596
00:29:36,640 --> 00:29:41,360
Speaker 5: holiday guilt. Giving a commercial tugs at you, a letter

597
00:29:41,520 --> 00:29:44,520
Speaker 5: comes in the mail, and before you know it, you've

598
00:29:44,600 --> 00:29:49,520
Speaker 5: spent more than you intended. Others over volunteer because it

599
00:29:49,600 --> 00:29:53,360
Speaker 5: feels good, and suddenly they're worn out or neglecting their

600
00:29:53,440 --> 00:29:59,840
Speaker 5: own health. Generosity without guardrails can threaten your long term independence,

601
00:30:00,360 --> 00:30:04,040
Speaker 5: and many retirees aren't aware of the most tax efficient

602
00:30:04,160 --> 00:30:07,680
Speaker 5: ways to give. Only about a third know how to

603
00:30:07,800 --> 00:30:11,520
Speaker 5: do it properly, which means they might take funds from

604
00:30:11,560 --> 00:30:12,400
Speaker 5: the wrong account.

605
00:30:12,720 --> 00:30:17,520
Speaker 3: Or miss valuable deductions. That's where planning makes such a difference.

606
00:30:18,040 --> 00:30:19,840
Speaker 3: You can still give with a full heart, but in

607
00:30:19,920 --> 00:30:22,480
Speaker 3: a way that supports your future instead of straining it.

608
00:30:23,080 --> 00:30:25,960
Speaker 3: The right structure keeps generosity sustainable.

609
00:30:26,520 --> 00:30:30,640
Speaker 5: Let's talk about practical ideas, because giving doesn't have to

610
00:30:30,760 --> 00:30:32,440
Speaker 5: mean spending large sums.

611
00:30:32,920 --> 00:30:34,280
Speaker 1: You can volunteer your.

612
00:30:34,280 --> 00:30:39,400
Speaker 5: Time or skills, mentor coach, or serve on a community

613
00:30:39,640 --> 00:30:43,800
Speaker 5: or church board. You can set a giving cap, maybe

614
00:30:44,080 --> 00:30:47,160
Speaker 5: one or two percent of your annual income or a

615
00:30:47,440 --> 00:30:48,880
Speaker 5: fixed monthly amount.

616
00:30:49,720 --> 00:30:53,720
Speaker 2: Automating small donations makes a huge difference. Setting up recurring

617
00:30:53,800 --> 00:30:57,600
Speaker 2: twenty five dollars fifty dollars monthly gifts makes generosity part

618
00:30:57,640 --> 00:31:00,480
Speaker 2: of your budget instead of an afterthought. You can also

619
00:31:00,520 --> 00:31:04,000
Speaker 2: give in kind, donate gently used items, off professional services,

620
00:31:04,160 --> 00:31:07,680
Speaker 2: or support local efforts through neighborhood or faith based giving circles.

621
00:31:08,080 --> 00:31:12,560
Speaker 5: And For retirees with iras, one of the smartest options

622
00:31:12,880 --> 00:31:19,040
Speaker 5: is a qualified charitable distribution or QCD. You can donate

623
00:31:19,280 --> 00:31:23,640
Speaker 5: directly from your IRA to a qualified charity, count it

624
00:31:23,760 --> 00:31:28,040
Speaker 5: towards your required minimum distribution, and pay no tax on

625
00:31:28,120 --> 00:31:32,000
Speaker 5: that amount. If you're over seventy and a half, that's

626
00:31:32,040 --> 00:31:36,120
Speaker 5: an incredibly effective way to give while keeping your retirement

627
00:31:36,240 --> 00:31:37,280
Speaker 5: plan intact.

628
00:31:37,680 --> 00:31:41,480
Speaker 2: Morning Star recently highlighted that approach too, emphasizing that small,

629
00:31:41,640 --> 00:31:45,200
Speaker 2: steady generosity often creates more long term impact than one

630
00:31:45,320 --> 00:31:46,360
Speaker 2: time grand gestures.

631
00:31:47,160 --> 00:31:52,840
Speaker 5: Exactly, consistency builds legacy. When giving is part of your

632
00:31:52,920 --> 00:31:57,560
Speaker 5: regular plan, it becomes a reflection of your life's values,

633
00:31:58,120 --> 00:31:59,880
Speaker 5: not a seasonal impulse.

634
00:32:00,680 --> 00:32:02,840
Speaker 6: Let's touch on protecting retirement while giving.

635
00:32:03,440 --> 00:32:06,080
Speaker 2: Even the kindest intentions can cause problems if they lead

636
00:32:06,120 --> 00:32:08,880
Speaker 2: to overspending. If you're safe with jewel rate is about

637
00:32:08,920 --> 00:32:11,440
Speaker 2: four percent a year, make sure your charitable giving fits

638
00:32:11,480 --> 00:32:13,560
Speaker 2: inside that rate, not beyond.

639
00:32:13,320 --> 00:32:17,800
Speaker 5: It, and revisit your giving plan as markets or medical

640
00:32:17,920 --> 00:32:21,360
Speaker 5: expenses change. Some years, you may give a little more,

641
00:32:22,040 --> 00:32:25,800
Speaker 5: others you might scale back. Whatever you do, never dip

642
00:32:25,920 --> 00:32:30,480
Speaker 5: into your emergency fund or use credit cards to make donations.

643
00:32:31,040 --> 00:32:34,320
Speaker 5: True generosity brings peace, not pressure.

644
00:32:34,960 --> 00:32:36,080
Speaker 6: That's such a good reminder.

645
00:32:36,240 --> 00:32:38,880
Speaker 2: Financial peace of mind and charitable peace of mind really

646
00:32:38,920 --> 00:32:40,080
Speaker 2: do go hand in hand.

647
00:32:40,680 --> 00:32:44,800
Speaker 5: This is also where a fiduciary advisor can add real value.

648
00:32:45,400 --> 00:32:51,080
Speaker 5: They can help calculate sustainable giving levels, identify which accounts

649
00:32:51,600 --> 00:32:56,840
Speaker 5: taxable IRA or donor advised makes the most sense and

650
00:32:57,000 --> 00:33:00,840
Speaker 5: create a charitable giving schedule that fits neat into your

651
00:33:00,960 --> 00:33:01,959
Speaker 5: retirement budget.

652
00:33:02,320 --> 00:33:05,120
Speaker 2: And having that accountability partner helps you stay disciplined. It

653
00:33:05,240 --> 00:33:08,560
Speaker 2: ensures that emotion doesn't override strategy, so your giving feels

654
00:33:08,600 --> 00:33:09,520
Speaker 2: good and it makes sense.

655
00:33:10,240 --> 00:33:13,840
Speaker 5: We've put together a complementary guide that ties all of

656
00:33:13,960 --> 00:33:18,880
Speaker 5: this together. It's called The Greatest Gift. Outline your wishes

657
00:33:19,080 --> 00:33:24,240
Speaker 5: with an estate plan. Inside you'll discover how generosity fits

658
00:33:24,400 --> 00:33:28,440
Speaker 5: naturally into your retirement and a state planning, how to

659
00:33:28,560 --> 00:33:32,800
Speaker 5: protect your family's future, and how to document your charitable

660
00:33:32,920 --> 00:33:37,200
Speaker 5: intent so your loved ones know your wishes clearly when you.

661
00:33:37,240 --> 00:33:40,360
Speaker 2: Plan ahead, and your generosity continues far beyond your lifetime,

662
00:33:40,440 --> 00:33:41,920
Speaker 2: and that's one of the greatest gifts.

663
00:33:41,720 --> 00:33:42,120
Speaker 6: You can give.

664
00:33:42,560 --> 00:33:46,480
Speaker 5: As we step into this season of gratitude, remember this

665
00:33:47,400 --> 00:33:51,280
Speaker 5: gratitude is not measured by how much you give, but

666
00:33:51,600 --> 00:33:55,640
Speaker 5: by how wisely you give it. A thoughtful plan turns

667
00:33:55,760 --> 00:33:58,520
Speaker 5: generosity into your greatest gift of.

668
00:33:58,600 --> 00:34:00,000
Speaker 6: All, beautifully self.

669
00:34:00,480 --> 00:34:02,760
Speaker 2: While we return, we'll keep that theme going with our

670
00:34:02,840 --> 00:34:07,720
Speaker 2: next conversation, Gratitude and Giving, turning purposeful giving into greatest gifts.

671
00:34:08,360 --> 00:34:09,040
Speaker 1: Stay with us.

672
00:34:09,280 --> 00:34:13,480
Speaker 5: You're listening to Safe Money Strategies on WRKO.

673
00:34:17,080 --> 00:34:21,040
Speaker 4: Safe Money Strategies brought to you by Kelly Financial Services.

674
00:34:21,360 --> 00:34:25,120
Speaker 4: Call eight eight eight eight hundred eighteen eighty one or

675
00:34:25,200 --> 00:34:27,040
Speaker 4: visit Kellyfinancial dot org.

676
00:34:27,719 --> 00:34:31,680
Speaker 11: Ready to enjoy your golden years without worry. At Kelly Financial,

677
00:34:31,800 --> 00:34:35,120
Speaker 11: we know retirement planning can be overwhelming. With more than

678
00:34:35,200 --> 00:34:38,839
Speaker 11: twenty two years of experience, our friendly team of advisors

679
00:34:38,960 --> 00:34:42,120
Speaker 11: makes it easy and stress free. Trust us to help

680
00:34:42,160 --> 00:34:45,600
Speaker 11: you create a secure and enjoyable future. For a free

681
00:34:45,719 --> 00:34:50,000
Speaker 11: initial retirement consultation, called eight eight eight eight hundred eighteen

682
00:34:50,080 --> 00:34:53,759
Speaker 11: eighty one or email Kelly at Kelly Financial dot org.

683
00:34:54,040 --> 00:34:56,239
Speaker 11: We're Kelly Financial. Come retire with.

684
00:34:56,400 --> 00:35:01,280
Speaker 4: Us Safe Money Strategies with William Kelly. I'm Kelly Kelly.

685
00:35:01,560 --> 00:35:05,799
Speaker 4: Call the team on eight eight hundred eighteen eighty one.

686
00:35:06,520 --> 00:35:12,920
Speaker 5: Take care, Welcome back to Sake Money Strategies. I'm Kelly

687
00:35:13,080 --> 00:35:17,360
Speaker 5: Kelly here with my son, William Kelly Junior, and today

688
00:35:17,520 --> 00:35:22,279
Speaker 5: we're continuing our conversation about gratitude and giving and how

689
00:35:22,440 --> 00:35:25,680
Speaker 5: both can become a part of a lasting legacy.

690
00:35:26,400 --> 00:35:28,319
Speaker 2: You know, Mom, When we think about legacy, a lot

691
00:35:28,400 --> 00:35:30,920
Speaker 2: of people picture a will or trust, or maybe a

692
00:35:31,000 --> 00:35:33,879
Speaker 2: house with an investment account but legacy is also about

693
00:35:34,040 --> 00:35:36,680
Speaker 2: values and what we teach our family to stand for.

694
00:35:37,360 --> 00:35:38,800
Speaker 2: Gratitude is a big.

695
00:35:38,920 --> 00:35:39,320
Speaker 6: Part of that.

696
00:35:40,239 --> 00:35:44,480
Speaker 5: Absolutely, gratitude isn't just a feeling, it's an action.

697
00:35:45,200 --> 00:35:46,600
Speaker 1: It's what happens when.

698
00:35:46,480 --> 00:35:49,840
Speaker 5: You take what life's given you and you decide.

699
00:35:49,440 --> 00:35:50,360
Speaker 1: To pay it forward.

700
00:35:50,960 --> 00:35:56,239
Speaker 5: According to Giving USA twenty twenty five, retires sixty five

701
00:35:56,360 --> 00:36:00,640
Speaker 5: and older remain the backbone of charitable giving in America.

702
00:36:01,400 --> 00:36:06,000
Speaker 5: They account for most planned gifts, which shows that gratitude

703
00:36:06,120 --> 00:36:08,120
Speaker 5: really does grow with age.

704
00:36:08,520 --> 00:36:11,080
Speaker 2: And it's interesting for a lot of families, the octs

705
00:36:11,120 --> 00:36:14,040
Speaker 2: of giving is what teaches the next generation what really matters.

706
00:36:14,600 --> 00:36:16,640
Speaker 2: You can leave money, but if you don't explain the

707
00:36:16,719 --> 00:36:20,080
Speaker 2: why behind your giving, that message can get lost. That's

708
00:36:20,080 --> 00:36:23,359
Speaker 2: why some families write legacy letters or include personal notes

709
00:36:23,400 --> 00:36:24,360
Speaker 2: in their estate plans.

710
00:36:24,880 --> 00:36:25,360
Speaker 6: Exactly.

711
00:36:25,600 --> 00:36:28,720
Speaker 5: A simple letter that says this is why we support

712
00:36:28,840 --> 00:36:31,960
Speaker 5: this cause, this is what it means to our family

713
00:36:32,600 --> 00:36:36,160
Speaker 5: can do so much to prevent confusion and even conflict

714
00:36:36,280 --> 00:36:40,160
Speaker 5: down the road. It turns a donation into a story

715
00:36:40,320 --> 00:36:41,560
Speaker 5: that keeps living on.

716
00:36:42,400 --> 00:36:43,920
Speaker 6: And there's also strategy behind this.

717
00:36:44,120 --> 00:36:45,839
Speaker 2: A lot of people don't realize how there are many

718
00:36:45,880 --> 00:36:49,560
Speaker 2: ways to give smartly and tax efficiently. One great example

719
00:36:49,680 --> 00:36:53,560
Speaker 2: is something called a qualified Charitable distribution or QCD. If

720
00:36:53,600 --> 00:36:55,239
Speaker 2: you're over seventy and a half, you can give up

721
00:36:55,239 --> 00:36:58,200
Speaker 2: to one hundred and five thousand dollars directly from your

722
00:36:58,239 --> 00:37:00,560
Speaker 2: IRA to a charity in twenty twenty five.

723
00:37:01,040 --> 00:37:04,400
Speaker 6: It's tax free, and it counts towards your required minimum distribution.

724
00:37:05,120 --> 00:37:08,400
Speaker 5: And that's a big one because so many retirees tell us,

725
00:37:08,840 --> 00:37:11,359
Speaker 5: I don't need all my RMD, but I don't want

726
00:37:11,400 --> 00:37:15,760
Speaker 5: to increase my taxes. While a QCD is a perfect solution,

727
00:37:16,719 --> 00:37:20,080
Speaker 5: you help a cause you care about and potentially reduce

728
00:37:20,200 --> 00:37:21,400
Speaker 5: your taxable income.

729
00:37:22,239 --> 00:37:25,319
Speaker 2: Then there are donor advice funds or DAFs. That's where

730
00:37:25,360 --> 00:37:28,040
Speaker 2: you can make a one time contribution, take the deduction

731
00:37:28,200 --> 00:37:30,600
Speaker 2: this year, and then decide leader what charities to support.

732
00:37:31,040 --> 00:37:33,120
Speaker 2: It's a great way to plan ahead while still being

733
00:37:33,160 --> 00:37:34,440
Speaker 2: strategic about timing.

734
00:37:35,040 --> 00:37:40,640
Speaker 5: Morning Star recently highlighted something called bunching donations that means

735
00:37:40,719 --> 00:37:43,759
Speaker 5: you combine two years of giving into one so you

736
00:37:43,920 --> 00:37:48,120
Speaker 5: can exceed the standard deduction and get the tax benefit.

737
00:37:48,680 --> 00:37:52,440
Speaker 5: So instead of donating ten thousand dollars every year, you

738
00:37:52,640 --> 00:37:56,760
Speaker 5: might donate twenty thousand dollars in one year and skip

739
00:37:56,880 --> 00:38:00,759
Speaker 5: the next. You still give the same amount overall, but

740
00:38:00,960 --> 00:38:02,600
Speaker 5: you save more in taxes.

741
00:38:03,320 --> 00:38:05,680
Speaker 2: And if you own appreciated assets like stocks that have

742
00:38:05,800 --> 00:38:08,719
Speaker 2: grown a lot, you can donate those directly. That way,

743
00:38:08,760 --> 00:38:11,360
Speaker 2: you can avoid capital gains taxes and still get a

744
00:38:11,440 --> 00:38:14,800
Speaker 2: deduction for the full value of the gift. Franklin Templeton

745
00:38:14,960 --> 00:38:17,920
Speaker 2: calls out one of the most underused tools for retirees.

746
00:38:18,640 --> 00:38:22,160
Speaker 5: These are smart ways to give with purpose while protecting

747
00:38:22,239 --> 00:38:26,200
Speaker 5: your retirement income. And when you add those strategies to

748
00:38:26,320 --> 00:38:32,000
Speaker 5: your estate plan, that's where gratitude truly becomes a legacy right.

749
00:38:32,320 --> 00:38:35,160
Speaker 2: You can even add charitable beneficiaries to an IRA or

750
00:38:35,200 --> 00:38:38,359
Speaker 2: a life insurance policy, or include a nonprofit in your

751
00:38:38,440 --> 00:38:40,239
Speaker 2: will for a small percentage of your estate.

752
00:38:40,920 --> 00:38:43,719
Speaker 6: You donate millions to make a difference, and you.

753
00:38:43,760 --> 00:38:48,280
Speaker 5: Can use the annual gift tax exclusion that's eighteen thousand

754
00:38:48,360 --> 00:38:52,239
Speaker 5: dollars per person in twenty twenty five to support your

755
00:38:52,280 --> 00:38:56,120
Speaker 5: family right now without affecting your estate. It's a great

756
00:38:56,160 --> 00:38:58,719
Speaker 5: way to help kids or grandkids when they need it

757
00:38:58,840 --> 00:38:59,239
Speaker 5: the most.

758
00:39:00,120 --> 00:39:03,879
Speaker 2: For some families, a charitable Remainder trust or CRT could

759
00:39:03,880 --> 00:39:06,640
Speaker 2: be an option too. It lets you receive income from

760
00:39:06,680 --> 00:39:09,680
Speaker 2: life and leave what's left to a charity. That kind

761
00:39:09,719 --> 00:39:12,359
Speaker 2: of strategy lets you see your impact while you're still here.

762
00:39:12,760 --> 00:39:15,960
Speaker 5: And the key to all of this is alignment, making

763
00:39:16,160 --> 00:39:20,080
Speaker 5: sure your giving plan fits your family goals and your

764
00:39:20,160 --> 00:39:25,040
Speaker 5: financial plan. We've seen families avoid so many conflicts by

765
00:39:25,280 --> 00:39:28,040
Speaker 5: just having these conversations ahead of time.

766
00:39:28,800 --> 00:39:31,520
Speaker 2: That's true because the legacy isn't just what you leave behind,

767
00:39:31,920 --> 00:39:34,160
Speaker 2: it's how you prepare the people you love to receive it.

768
00:39:34,520 --> 00:39:37,240
Speaker 2: If you teach them values beyond your giving that carry

769
00:39:37,239 --> 00:39:38,240
Speaker 2: those lessons forward.

770
00:39:38,840 --> 00:39:41,319
Speaker 5: I love that, and you don't have to stretch your

771
00:39:41,400 --> 00:39:46,440
Speaker 5: finances to make a difference. Sometimes volunteering or serving in

772
00:39:46,560 --> 00:39:50,160
Speaker 5: a leadership role with a local charity can have just

773
00:39:50,280 --> 00:39:54,520
Speaker 5: as much impact as a large donation. It's about showing

774
00:39:54,640 --> 00:39:57,279
Speaker 5: up consistently, not just occasionally.

775
00:39:58,040 --> 00:40:00,719
Speaker 2: That's so true when you folks thanks for giving on

776
00:40:01,000 --> 00:40:03,360
Speaker 2: causes where you can see the results in your community.

777
00:40:03,880 --> 00:40:05,040
Speaker 6: It keeps you connected.

778
00:40:05,440 --> 00:40:07,440
Speaker 2: And if you review your plan once a year, just

779
00:40:07,520 --> 00:40:10,040
Speaker 2: like you review your ashirement plan, you can adjust based

780
00:40:10,080 --> 00:40:12,480
Speaker 2: on your income, the markets, or new priorities.

781
00:40:13,120 --> 00:40:17,920
Speaker 5: A financial advisor can really help with that process. Integrating

782
00:40:18,120 --> 00:40:23,279
Speaker 5: charitable gifting into your estate and tax plans, coordinating with

783
00:40:23,480 --> 00:40:28,440
Speaker 5: attorneys or accountants, and helping determine which assets make the

784
00:40:28,520 --> 00:40:31,239
Speaker 5: most sense to gift now versus later.

785
00:40:31,960 --> 00:40:36,000
Speaker 2: They can also facilitate those family conversations so everyone understands

786
00:40:36,040 --> 00:40:38,799
Speaker 2: the plan and no one feels left out. That's how

787
00:40:38,840 --> 00:40:41,760
Speaker 2: you protect both your errors and the charities you care about.

788
00:40:42,239 --> 00:40:44,560
Speaker 5: And we have a wonderful tool to help you get

789
00:40:44,680 --> 00:40:50,320
Speaker 5: started our complementary guide, the Greatest Gift, How to Outline

790
00:40:50,400 --> 00:40:53,880
Speaker 5: your wishes with an estate Plan. It will walk you

791
00:40:54,080 --> 00:40:58,000
Speaker 5: through how to map out your wishes, identify the people

792
00:40:58,200 --> 00:41:02,280
Speaker 5: you trust to carry them out, and blend your charitable

793
00:41:02,400 --> 00:41:04,480
Speaker 5: intent with your family goals.

794
00:41:05,280 --> 00:41:07,839
Speaker 2: It really is about clarity and care. When you put

795
00:41:07,880 --> 00:41:10,799
Speaker 2: those plans in writing, you remove uncertainty and give your

796
00:41:10,880 --> 00:41:12,120
Speaker 2: loved ones peace of mind.

797
00:41:12,640 --> 00:41:15,640
Speaker 5: So if you'd like to request your copy of that guide,

798
00:41:16,239 --> 00:41:18,799
Speaker 5: just give us a call at eight eight eight eight

799
00:41:18,960 --> 00:41:25,360
Speaker 5: hundred eighteen eighty one or visit Kellyfinancial dot org. Again,

800
00:41:25,680 --> 00:41:29,800
Speaker 5: that's the greatest gift, how to outline your wishes with

801
00:41:29,960 --> 00:41:30,799
Speaker 5: an estate.

802
00:41:30,680 --> 00:41:33,920
Speaker 2: Plan, Because your greatest gift isn't what you leave behind,

803
00:41:34,080 --> 00:41:35,920
Speaker 2: it's the clarity and care you leave it with.

804
00:41:36,880 --> 00:41:41,040
Speaker 5: Beautifully said William and That wraps up our conversation on

805
00:41:41,280 --> 00:41:42,760
Speaker 5: gratitude and giving.

806
00:41:43,200 --> 00:41:43,920
Speaker 4: Stay with us.

807
00:41:44,200 --> 00:41:48,399
Speaker 5: There's more financial insight ahead on safe money strategies.

808
00:41:51,000 --> 00:41:54,960
Speaker 4: Safe Money Strategies brought to you by Kelly Financial Services.

809
00:41:55,280 --> 00:41:59,040
Speaker 4: Call eight eight eight eight hundred eighteen eighty one or

810
00:41:59,120 --> 00:42:00,920
Speaker 4: visit Kelly Fine dat Hole.

811
00:42:02,360 --> 00:42:03,920
Speaker 6: Welcome back to Safe Money Strategies.

812
00:42:03,920 --> 00:42:07,719
Speaker 9: I'm Mike du said, chief operating officer at Kelly Financial Services,

813
00:42:07,960 --> 00:42:10,360
Speaker 9: with Greg Workman, one of our investment advisors.

814
00:42:10,480 --> 00:42:11,399
Speaker 6: Great to be back Mike.

815
00:42:11,520 --> 00:42:15,000
Speaker 10: Before the break, we covered some key tax planning implications

816
00:42:15,239 --> 00:42:17,800
Speaker 10: when selling a large asset like your home, from the

817
00:42:17,880 --> 00:42:22,120
Speaker 10: primary residence exclusion to installment sales and even ten thirty

818
00:42:22,160 --> 00:42:22,920
Speaker 10: one exchanges.

819
00:42:23,120 --> 00:42:23,520
Speaker 6: That's right.

820
00:42:23,680 --> 00:42:26,319
Speaker 9: Now, let's talk about what comes after the sale. You've

821
00:42:26,400 --> 00:42:28,960
Speaker 9: sold your home, you've planned around the taxes, and now

822
00:42:29,000 --> 00:42:30,720
Speaker 9: you're sitting on a large sum of money.

823
00:42:30,920 --> 00:42:34,040
Speaker 6: The big question becomes what's next. We see the situation

824
00:42:34,160 --> 00:42:34,640
Speaker 6: all the time.

825
00:42:34,920 --> 00:42:37,840
Speaker 10: Someone sells a property, maybe they've downsized, maybe it was

826
00:42:37,880 --> 00:42:41,440
Speaker 10: an investment, and suddenly they're holding five hundred thousand, eight

827
00:42:41,520 --> 00:42:43,880
Speaker 10: hundred thousand, sometimes more in cash.

828
00:42:44,040 --> 00:42:46,400
Speaker 9: It can feel like both a relief and a burden.

829
00:42:46,600 --> 00:42:49,120
Speaker 9: On one hand, that's a big chunk of liquidity. On

830
00:42:49,239 --> 00:42:52,680
Speaker 9: the other it's a major planning responsibility because if that

831
00:42:52,840 --> 00:42:57,399
Speaker 9: money isn't handled correctly, taxes, inflation, and poor investment time

832
00:42:57,480 --> 00:42:58,880
Speaker 9: and can quickly eat into it.

833
00:42:59,160 --> 00:42:59,680
Speaker 6: Exactly.

834
00:43:00,000 --> 00:43:02,359
Speaker 10: The first step is to treat the proceeds as part

835
00:43:02,400 --> 00:43:07,080
Speaker 10: of your overall retirement plan, not as quote unquote extra cash.

836
00:43:07,520 --> 00:43:10,160
Speaker 10: It's tempting to leave it sitting in the bank, especially

837
00:43:10,239 --> 00:43:13,520
Speaker 10: in today's interest rate environment, but that's usually just a

838
00:43:13,600 --> 00:43:15,080
Speaker 10: temporary solution, right.

839
00:43:15,239 --> 00:43:18,920
Speaker 9: You want that money working for you, generating income, maintaining

840
00:43:18,960 --> 00:43:21,840
Speaker 9: purchasing power, and positioned for long term goals.

841
00:43:22,120 --> 00:43:24,800
Speaker 6: Let's go back to our couple Joe and Maria.

842
00:43:25,200 --> 00:43:27,160
Speaker 10: Last week, they sold their home for eight hundred and

843
00:43:27,239 --> 00:43:31,000
Speaker 10: fifty thousand and used their five hundred thousand exclusion to

844
00:43:31,120 --> 00:43:34,040
Speaker 10: avoid most of the tax hit. After paying off their

845
00:43:34,080 --> 00:43:37,320
Speaker 10: mortgage and some expenses, they're left with about six hundred

846
00:43:37,360 --> 00:43:38,560
Speaker 10: thousand dollars in cash.

847
00:43:38,760 --> 00:43:40,840
Speaker 6: Their next question is what do we do with it.

848
00:43:41,000 --> 00:43:43,200
Speaker 9: They've already moved into their lake house and now they

849
00:43:43,280 --> 00:43:45,719
Speaker 9: want to make sure that six hundred thousand supports their

850
00:43:45,800 --> 00:43:46,800
Speaker 9: retirement lifestyle.

851
00:43:47,000 --> 00:43:49,360
Speaker 10: So we help them look at their income picture between

852
00:43:49,480 --> 00:43:52,680
Speaker 10: social Security, a modest pension and some savings.

853
00:43:53,000 --> 00:43:55,640
Speaker 6: They were covering the basics, but they wanted more of

854
00:43:55,680 --> 00:43:56,200
Speaker 6: a cushion.

855
00:43:56,480 --> 00:43:59,480
Speaker 10: That's where this six hundred thousand becomes part of their

856
00:43:59,600 --> 00:44:00,680
Speaker 10: income strategy.

857
00:44:00,840 --> 00:44:05,279
Speaker 9: We started by segmenting the money into three buckets, short term, intermediate,

858
00:44:05,440 --> 00:44:06,080
Speaker 9: and long term.

859
00:44:06,360 --> 00:44:09,400
Speaker 10: Right short term money that they might need in the

860
00:44:09,520 --> 00:44:13,000
Speaker 10: next two years for things like home updates, travel, or

861
00:44:13,160 --> 00:44:16,880
Speaker 10: unexpected expenses that stayed liquid.

862
00:44:17,040 --> 00:44:20,480
Speaker 9: The intermediate bucket, maybe a five to seven year horizon,

863
00:44:20,719 --> 00:44:24,200
Speaker 9: was positioned for steady income through dividend paying investments and

864
00:44:24,520 --> 00:44:26,319
Speaker 9: fixed income solutions.

865
00:44:25,880 --> 00:44:28,360
Speaker 10: And the long term bucket was designed for growth to

866
00:44:28,480 --> 00:44:32,560
Speaker 10: help offset inflation and sustain their later years of retirement.

867
00:44:32,960 --> 00:44:35,640
Speaker 10: That's where they used a mix of managed portfolios and

868
00:44:35,760 --> 00:44:40,360
Speaker 10: some tax efficient vehicles that can grow without immediate tax exposure.

869
00:44:40,480 --> 00:44:43,240
Speaker 9: In speaking of taxes, just because the home sale itself

870
00:44:43,360 --> 00:44:47,080
Speaker 9: might be behind you doesn't mean tax planning stops there exactly.

871
00:44:47,200 --> 00:44:51,520
Speaker 10: You need to think about how you invest that money. Interest, dividends,

872
00:44:51,680 --> 00:44:55,719
Speaker 10: and capital gains. All of those are taxed a bit differently.

873
00:44:56,120 --> 00:44:59,520
Speaker 10: Structuring the portfolio the right way can make a huge

874
00:44:59,600 --> 00:45:00,840
Speaker 10: difference over time.

875
00:45:01,080 --> 00:45:03,759
Speaker 9: For instance, if Joan Marie had taken the full six

876
00:45:03,880 --> 00:45:06,560
Speaker 9: hundred thousand and put it in a taxable brokerage account

877
00:45:06,680 --> 00:45:09,560
Speaker 9: generating high dividends, they could end up paying more in

878
00:45:09,719 --> 00:45:11,240
Speaker 9: annual taxes than necessary.

879
00:45:11,440 --> 00:45:14,080
Speaker 10: Instead, we help them allocate some of that money into

880
00:45:14,160 --> 00:45:18,040
Speaker 10: tax deferred our tax free vehicles like iras or roth

881
00:45:18,160 --> 00:45:22,520
Speaker 10: conversions where appropriate, and used municipal bonds for their taxable

882
00:45:22,640 --> 00:45:25,040
Speaker 10: portion to keep their income efficient.

883
00:45:25,320 --> 00:45:27,839
Speaker 9: And this is a great reminded that tax planning isn't

884
00:45:27,880 --> 00:45:30,320
Speaker 9: a one time event, it's ongoing. The goal is to

885
00:45:30,400 --> 00:45:34,040
Speaker 9: keep more of what you earn legally, strategically, and efficiently.

886
00:45:34,239 --> 00:45:37,080
Speaker 10: Another big istory that comes up is timing. Many people

887
00:45:37,200 --> 00:45:40,759
Speaker 10: sell a property and immediately want to invest the proceeds,

888
00:45:41,000 --> 00:45:44,399
Speaker 10: but that can expose them to market risk even if

889
00:45:44,480 --> 00:45:46,600
Speaker 10: the timing isn't right exactly.

890
00:45:46,800 --> 00:45:49,480
Speaker 9: If you invest all at once in the market dips,

891
00:45:49,520 --> 00:45:51,839
Speaker 9: that's a tough pill to swallow. That's why we often

892
00:45:51,920 --> 00:45:55,919
Speaker 9: recommend dollar cost averaging or phased entry, putting the money

893
00:45:55,960 --> 00:45:58,720
Speaker 9: to work gradually over several months or quarters.

894
00:45:59,080 --> 00:46:02,560
Speaker 10: That allows you to smooth out market volatility and reduce

895
00:46:02,680 --> 00:46:06,440
Speaker 10: emotional decision making. The goal is to have a disciplined

896
00:46:06,640 --> 00:46:10,680
Speaker 10: plan rather than reacting to short term headlines and noise.

897
00:46:10,920 --> 00:46:14,359
Speaker 9: Let's also talk about generating income from the proceeds, because

898
00:46:14,400 --> 00:46:17,120
Speaker 9: for many retirees, the sale of a home or large

899
00:46:17,200 --> 00:46:18,919
Speaker 9: asset isn't about building wealth.

900
00:46:19,200 --> 00:46:21,160
Speaker 6: It's about creating reliable cash flow.

901
00:46:21,440 --> 00:46:21,560
Speaker 9: Right.

902
00:46:21,920 --> 00:46:25,480
Speaker 10: There are different ways to do that, interest, income dividends,

903
00:46:25,840 --> 00:46:30,879
Speaker 10: structured annuities, or even conservative real estate partnerships. The key

904
00:46:31,160 --> 00:46:34,160
Speaker 10: is balancing security and flexibility.

905
00:46:34,280 --> 00:46:36,200
Speaker 6: For Joe and Maria, we used a combination.

906
00:46:36,480 --> 00:46:39,120
Speaker 9: Part of their funds went into an income annuity to

907
00:46:39,200 --> 00:46:42,000
Speaker 9: guarantee a lifetime payout that covered essential expenses.

908
00:46:42,200 --> 00:46:44,839
Speaker 6: The rest stayed invested for growth and flexibility.

909
00:46:45,000 --> 00:46:48,680
Speaker 10: That combination gave them confidence knowing their baseline income was covered,

910
00:46:48,880 --> 00:46:51,600
Speaker 10: while still having access to funds for lifestyle goals.

911
00:46:51,760 --> 00:46:54,919
Speaker 9: Let's also mention what not to do after a major sale.

912
00:46:55,120 --> 00:46:57,800
Speaker 9: The biggest mistake we see letting the money sit idle.

913
00:46:58,000 --> 00:47:01,040
Speaker 10: Yes, keeping large sums in h backing our savings account

914
00:47:01,360 --> 00:47:06,400
Speaker 10: might feel safe, but over time inflation erodes your purchasing power.

915
00:47:06,760 --> 00:47:10,320
Speaker 10: At three percent inflation, your money actually loses a third

916
00:47:10,400 --> 00:47:12,840
Speaker 10: of its value over the course of twelve years.

917
00:47:13,000 --> 00:47:15,959
Speaker 9: The other mistake is jumping into something too quickly, maybe

918
00:47:15,960 --> 00:47:18,839
Speaker 9: a friend's real estate deal or a can't misinvestment.

919
00:47:19,040 --> 00:47:21,320
Speaker 6: Big windfalls can attract risky ideas.

920
00:47:21,560 --> 00:47:24,360
Speaker 10: That's why you want a written plan, something that aligns

921
00:47:24,480 --> 00:47:29,440
Speaker 10: with your risk tolerance, your tax situation, and your retirement timeline.

922
00:47:29,640 --> 00:47:30,360
Speaker 6: So to recap.

923
00:47:30,800 --> 00:47:32,920
Speaker 9: Selling a large asset like your home can open up

924
00:47:33,000 --> 00:47:35,919
Speaker 9: new opportunities, but it's what you do after the sale

925
00:47:35,960 --> 00:47:37,520
Speaker 9: that determines your long term success.

926
00:47:37,880 --> 00:47:42,080
Speaker 10: Absolutely, make sure your proceeds are reinvested with purpose, diversified

927
00:47:42,160 --> 00:47:47,200
Speaker 10: income growth and or tax efficiency. Don't let cash sit idle,

928
00:47:47,440 --> 00:47:49,600
Speaker 10: but don't rush into decisions either.

929
00:47:49,760 --> 00:47:52,480
Speaker 9: And remember our goal a Kelly Financial Services is to

930
00:47:52,560 --> 00:47:55,680
Speaker 9: help you connect all these dots, from the tax implications

931
00:47:55,719 --> 00:47:58,719
Speaker 9: of a sale, to the reinvestment strategy to the retirement

932
00:47:58,760 --> 00:47:59,880
Speaker 9: income plan that follows.

933
00:48:00,120 --> 00:48:02,920
Speaker 10: If you'd like a copy of our Safe Money Strategies workbook,

934
00:48:03,080 --> 00:48:05,960
Speaker 10: it's a great place to start. Inside we walk you

935
00:48:06,120 --> 00:48:10,359
Speaker 10: through how to coordinate your investments, income and taxes into

936
00:48:10,680 --> 00:48:12,279
Speaker 10: one cohesive plan.

937
00:48:12,600 --> 00:48:15,680
Speaker 9: You can request your copy at Kellyfinancial dot org or

938
00:48:15,800 --> 00:48:16,759
Speaker 9: give our office a call.

939
00:48:17,000 --> 00:48:19,040
Speaker 6: We'd be happy to send one your way. That's all

940
00:48:19,160 --> 00:48:19,919
Speaker 6: for today's show.

941
00:48:20,120 --> 00:48:23,000
Speaker 10: Thank you for joining us on this installment of Safe

942
00:48:23,040 --> 00:48:23,920
Speaker 10: Money Strategies.

943
00:48:24,120 --> 00:48:26,280
Speaker 6: On Mike you said, and I'm Greg Workman.

944
00:48:26,480 --> 00:48:29,480
Speaker 9: Until next time, Stay safe, stay informed, and as always,

945
00:48:29,600 --> 00:48:31,799
Speaker 9: keep building your safe money strategies.

946
00:48:36,800 --> 00:48:40,839
Speaker 8: Joining us now as she always does at this time,

947
00:48:41,480 --> 00:48:46,680
Speaker 8: she is the co founder, president CEO of Kelly Financial

948
00:48:46,840 --> 00:48:50,040
Speaker 8: Services Kelly Kelly.

949
00:48:50,880 --> 00:48:56,680
Speaker 6: Kelly, how are you good morning, Jeff? I am good.

950
00:48:57,320 --> 00:49:00,279
Speaker 5: You know, with the holidays right around the corner, is

951
00:49:00,440 --> 00:49:04,080
Speaker 5: so easy for spending to sneak up a few last

952
00:49:04,160 --> 00:49:06,600
Speaker 5: minute flights, a couple of extra gifts.

953
00:49:06,400 --> 00:49:08,800
Speaker 1: And before you know it, you've gone way past what

954
00:49:08,960 --> 00:49:09,600
Speaker 1: you planned.

955
00:49:10,080 --> 00:49:12,719
Speaker 5: A lot of retirees tell us they want to be

956
00:49:12,880 --> 00:49:17,480
Speaker 5: generous without jeopardizing their income plan. The key is knowing

957
00:49:17,680 --> 00:49:20,719
Speaker 5: what you can safely spend and what to avoid so

958
00:49:20,920 --> 00:49:27,560
Speaker 5: the season stays joyful without creating financial stress. Our complimentary guide,

959
00:49:27,800 --> 00:49:31,239
Speaker 5: will your Money Last As Long as You Do explains

960
00:49:31,360 --> 00:49:35,439
Speaker 5: how those small overspending moments can add up and how

961
00:49:35,520 --> 00:49:39,520
Speaker 5: to keep your income plan strong through the holidays and beyond.

962
00:49:40,040 --> 00:49:43,480
Speaker 5: So give us a call or visit Kellyfinancial dot org

963
00:49:43,640 --> 00:49:49,080
Speaker 5: to request your free copy or schedule a complimentary appointment. Jeff,

964
00:49:49,400 --> 00:49:52,800
Speaker 5: have a wonderful weekend. My best, degrades and the kiddos

965
00:49:53,160 --> 00:49:53,600
Speaker 5: you too.

966
00:49:53,840 --> 00:49:56,719
Speaker 8: All the best to you and everyone at Kelly Financial

967
00:49:57,280 --> 00:50:00,640
Speaker 8: call now eight eighty eight eight hundred eight eighteen eighty

968
00:50:00,719 --> 00:50:04,360
Speaker 8: one eight eight eight eight hundred eighteen eighty one, or

969
00:50:04,360 --> 00:50:09,440
Speaker 8: if you prefer, you can email Kelly directly Kelly K.

970
00:50:09,719 --> 00:50:15,240
Speaker 8: E Lly So Kelly kellifinancial dot.

971
00:50:15,200 --> 00:50:25,839
Speaker 4: Org Safe Money Strategies A eight eight hundred one eight

972
00:50:26,040 --> 00:50:26,520
Speaker 4: eight one.

973
00:50:29,840 --> 00:50:33,520
Speaker 5: Each week we share a story from Bill Kelly, moments

974
00:50:33,560 --> 00:50:38,160
Speaker 5: of wisdom that remind us what truly matters. In this reflection,

975
00:50:38,520 --> 00:50:42,799
Speaker 5: Bill looks back on his grandfather, a man of faith, discipline,

976
00:50:43,080 --> 00:50:47,160
Speaker 5: and quiet strength who built a life on hard work, family,

977
00:50:47,520 --> 00:50:50,040
Speaker 5: and the simple dignity of doing things.

978
00:50:49,880 --> 00:50:50,560
Speaker 1: The right way.

979
00:50:51,040 --> 00:50:55,440
Speaker 5: It's a timeless reminder that true wealth is measured in character,

980
00:50:55,880 --> 00:50:57,040
Speaker 5: not just coins.

981
00:50:57,520 --> 00:50:58,600
Speaker 6: Here's Bill Kelly.

982
00:50:59,320 --> 00:51:02,319
Speaker 13: I'm sitting with my grandfather one day. He was very ill,

983
00:51:02,400 --> 00:51:04,319
Speaker 13: and he knew he was about ready to head out,

984
00:51:04,680 --> 00:51:07,880
Speaker 13: and he reached into his top shirt pocket and he

985
00:51:07,960 --> 00:51:10,600
Speaker 13: handed me a passbook and he said, give this to

986
00:51:10,680 --> 00:51:12,920
Speaker 13: your mother. And I didn't say anything. I put it

987
00:51:13,000 --> 00:51:15,880
Speaker 13: in my top shirt pocket, and then when I was leaving,

988
00:51:16,120 --> 00:51:18,359
Speaker 13: I gave it to my mom. I said, Grandpa, want

989
00:51:18,400 --> 00:51:20,520
Speaker 13: you to have this. It was a passbook and he

990
00:51:20,600 --> 00:51:24,120
Speaker 13: had saved money for years and years and years, and

991
00:51:24,280 --> 00:51:28,759
Speaker 13: that passbook was full of little lines, and every time

992
00:51:28,840 --> 00:51:31,719
Speaker 13: he got one thousand dollars saved, he would move it

993
00:51:31,960 --> 00:51:34,560
Speaker 13: to another account somewhere. So it was like his own

994
00:51:34,640 --> 00:51:38,400
Speaker 13: personal money market account. And it's kind of interesting to

995
00:51:38,480 --> 00:51:41,040
Speaker 13: see that book and how that happened, and knowing him,

996
00:51:41,400 --> 00:51:44,160
Speaker 13: I mean a farmer who had his suits perfectly pressed,

997
00:51:44,800 --> 00:51:49,759
Speaker 13: his ties are neat, his dress, shoes are shined perfectly,

998
00:51:50,280 --> 00:51:56,080
Speaker 13: his overcoat, camel hair beautifully hung, mothballs in the closet

999
00:51:56,480 --> 00:51:58,880
Speaker 13: keep everything from being eaten, I guess by moths. And

1000
00:51:58,920 --> 00:52:02,240
Speaker 13: then when there was an event, a wedding, a first communion,

1001
00:52:02,760 --> 00:52:06,000
Speaker 13: anything like that, two days before the event, you could

1002
00:52:06,080 --> 00:52:09,600
Speaker 13: see Gramp's suit hanging outside of the closet and maybe

1003
00:52:09,680 --> 00:52:11,520
Speaker 13: outside for an hour or two to get rid of

1004
00:52:11,600 --> 00:52:14,080
Speaker 13: the camphor smell. Then he'd brush it off with a

1005
00:52:14,160 --> 00:52:17,319
Speaker 13: camel hair brush and it would look perfect, and off

1006
00:52:17,360 --> 00:52:19,320
Speaker 13: he would go to the wedding, the first communion, and

1007
00:52:19,360 --> 00:52:23,359
Speaker 13: the confirmation, and that's how he lived. Now things were

1008
00:52:23,440 --> 00:52:25,200
Speaker 13: much better for him. At one time he owned a

1009
00:52:25,360 --> 00:52:28,239
Speaker 13: huge factory in Providence before the depression, I think he

1010
00:52:28,360 --> 00:52:32,800
Speaker 13: had thirty six apartments coming into the depression. Insurance companies

1011
00:52:33,360 --> 00:52:36,840
Speaker 13: used to finance things, building projects, not banks, and he

1012
00:52:36,920 --> 00:52:39,480
Speaker 13: and his buddy McDermott woul build them. And they built

1013
00:52:39,520 --> 00:52:41,600
Speaker 13: so many that they had a set of pictures they

1014
00:52:41,680 --> 00:52:44,759
Speaker 13: would use to get their progress payments. They'd send them

1015
00:52:44,800 --> 00:52:47,520
Speaker 13: out to Ohio or whoever was financing them, and they

1016
00:52:47,560 --> 00:52:51,480
Speaker 13: would beat progress pictures and they'd always get the job done.

1017
00:52:51,520 --> 00:52:54,200
Speaker 13: But they basically didn't take a lot of different sets

1018
00:52:54,239 --> 00:52:57,400
Speaker 13: of progress pictures that used the same set. Sometimes they

1019
00:52:57,480 --> 00:53:00,840
Speaker 13: flipped them over. He said, take the negative backward. So

1020
00:53:00,920 --> 00:53:04,000
Speaker 13: they had a lot a lot of apartment houses. The

1021
00:53:04,360 --> 00:53:08,280
Speaker 13: enameling business was booming into the thirties, and of course

1022
00:53:08,680 --> 00:53:11,960
Speaker 13: the markets crashed. My grandfather owned a large interest in

1023
00:53:12,000 --> 00:53:16,439
Speaker 13: a firm that did a change counting machines that was gone.

1024
00:53:16,480 --> 00:53:19,600
Speaker 13: The enameling was over with. DuPont had come out with

1025
00:53:19,719 --> 00:53:22,719
Speaker 13: a POxy like substances to replace the enameling, which was

1026
00:53:22,880 --> 00:53:25,799
Speaker 13: very expensive to do back then. It was beautiful though.

1027
00:53:25,840 --> 00:53:29,200
Speaker 13: The old badgers, the car emblems, the Roberty osmobile emblems

1028
00:53:29,239 --> 00:53:32,319
Speaker 13: were all made by my grandfather. So he built up

1029
00:53:32,360 --> 00:53:36,560
Speaker 13: quite a family. His thirty six apartments. Basically, Providence looked

1030
00:53:36,640 --> 00:53:39,239
Speaker 13: like a movie of a prison camp. People would sit

1031
00:53:39,320 --> 00:53:41,680
Speaker 13: on their stoops all day, nothing to do. The jewey

1032
00:53:41,719 --> 00:53:44,920
Speaker 13: industry went first. So you've got eight children, no one

1033
00:53:44,960 --> 00:53:48,239
Speaker 13: could pay the rent in your apartment houses, and what

1034
00:53:48,360 --> 00:53:49,000
Speaker 13: are you going to do?

1035
00:53:49,160 --> 00:53:49,359
Speaker 4: Well?

1036
00:53:49,400 --> 00:53:52,160
Speaker 13: He started working every kind of job he could, and

1037
00:53:52,320 --> 00:53:55,040
Speaker 13: now way did he end up from being a multi

1038
00:53:55,120 --> 00:53:58,040
Speaker 13: millionaire in the thirties. He worked in any kind of

1039
00:53:58,120 --> 00:54:00,839
Speaker 13: machine shop. I remember going into our attic one day

1040
00:54:00,880 --> 00:54:04,480
Speaker 13: and opening up black box, and in it were beautiful tools,

1041
00:54:04,560 --> 00:54:07,200
Speaker 13: all laid out with a little thin film of oil

1042
00:54:07,280 --> 00:54:10,440
Speaker 13: on each one. And he did machining into the forties,

1043
00:54:10,840 --> 00:54:14,000
Speaker 13: and then he had a terrible accident. Some machines fell

1044
00:54:14,080 --> 00:54:18,360
Speaker 13: on him and he recovered miraculously, but he really couldn't

1045
00:54:18,400 --> 00:54:20,719
Speaker 13: do the lifting. And he had enough money for a

1046
00:54:20,840 --> 00:54:23,480
Speaker 13: down payment on a farm, which he did with my folks.

1047
00:54:24,040 --> 00:54:26,920
Speaker 13: He decided to raise the chickens, build the hen coops.

1048
00:54:27,440 --> 00:54:30,960
Speaker 13: He decided to help my folks with us. My folks worked,

1049
00:54:31,360 --> 00:54:34,239
Speaker 13: He did the cooking, he did the laundry, and did

1050
00:54:34,280 --> 00:54:36,640
Speaker 13: the chickens, cooked the meals, and.

1051
00:54:36,680 --> 00:54:37,560
Speaker 6: We had a pretty good life.

1052
00:54:37,600 --> 00:54:41,680
Speaker 13: We never needed a babysitter, and I never needed an advocate,

1053
00:54:41,960 --> 00:54:44,640
Speaker 13: because I always had one. It was my grandfather, and

1054
00:54:44,719 --> 00:54:47,360
Speaker 13: he and I got to be obviously very close. I

1055
00:54:47,480 --> 00:54:49,880
Speaker 13: see a lot of my grandfather and my son. He

1056
00:54:50,000 --> 00:54:53,360
Speaker 13: eats meals the same way that my grandfather did, very slow,

1057
00:54:54,000 --> 00:54:56,759
Speaker 13: never opens his mouth when he's eating, never puts food

1058
00:54:56,800 --> 00:54:59,479
Speaker 13: in his mouth until he's through chewing what he's eating.

1059
00:55:00,239 --> 00:55:00,560
Speaker 7: To talk.

1060
00:55:00,800 --> 00:55:03,160
Speaker 13: My son and I went to the baseball hitting cages

1061
00:55:03,200 --> 00:55:04,960
Speaker 13: the other day. He's starting to hit off a tee

1062
00:55:05,360 --> 00:55:07,400
Speaker 13: and when we were done, I was sitting there paying

1063
00:55:07,760 --> 00:55:09,840
Speaker 13: and my son's over there, five years all talking to

1064
00:55:09,920 --> 00:55:12,799
Speaker 13: the baseball players and they're all talking to him. There's

1065
00:55:12,840 --> 00:55:14,399
Speaker 13: a thing you do with your back foot. It's called

1066
00:55:14,440 --> 00:55:16,640
Speaker 13: stepping on the bug, and you have to twist your

1067
00:55:16,640 --> 00:55:19,400
Speaker 13: back foot and pivot your hips and that's how you

1068
00:55:19,480 --> 00:55:22,880
Speaker 13: get your stride going eventually. For now, it teaches you

1069
00:55:22,960 --> 00:55:25,600
Speaker 13: to open up your hips at the right time. So

1070
00:55:25,719 --> 00:55:27,799
Speaker 13: he's talking about stepping on the bug. And the thing

1071
00:55:27,880 --> 00:55:30,800
Speaker 13: I like about going to the batting cages is the

1072
00:55:30,880 --> 00:55:33,279
Speaker 13: people you meet, the things that they do, are the

1073
00:55:33,360 --> 00:55:36,239
Speaker 13: baseball players. It's so American, you know, And I know

1074
00:55:36,480 --> 00:55:38,359
Speaker 13: some of you don't like the fact that I refer

1075
00:55:38,440 --> 00:55:41,320
Speaker 13: to that being so American and loving America and the

1076
00:55:41,360 --> 00:55:43,920
Speaker 13: baseball traditions. But you know, I love that, and I

1077
00:55:44,040 --> 00:55:46,279
Speaker 13: love those young men, and I'm glad that my son

1078
00:55:46,360 --> 00:55:49,880
Speaker 13: gets along with them. I'm glad he'll be playing baseball someday,

1079
00:55:50,040 --> 00:55:52,000
Speaker 13: and I'll know he'll be better than me because he

1080
00:55:52,080 --> 00:55:54,759
Speaker 13: started early. Because in the spring when I got my

1081
00:55:54,840 --> 00:55:57,360
Speaker 13: baseball glove right, there just weren't that many people around

1082
00:55:57,400 --> 00:55:59,359
Speaker 13: to play with me. Sometimes I would hit the ball

1083
00:55:59,440 --> 00:56:01,880
Speaker 13: to myself. Sometimes I would throw the ball against the

1084
00:56:01,960 --> 00:56:04,320
Speaker 13: side of a shed. I'd get old tennis balls and

1085
00:56:04,520 --> 00:56:06,200
Speaker 13: get myself grounders, stuff like that.

1086
00:56:06,400 --> 00:56:08,960
Speaker 6: So never really could play the game well.

1087
00:56:09,120 --> 00:56:11,440
Speaker 13: I loved the game. I used to keep score and

1088
00:56:11,600 --> 00:56:15,360
Speaker 13: listen to Kirk Goudy late at night and keep score

1089
00:56:15,400 --> 00:56:17,640
Speaker 13: the Red Sox when they went on their road trips,

1090
00:56:18,040 --> 00:56:19,239
Speaker 13: listening to them on their radio.

1091
00:56:19,320 --> 00:56:20,239
Speaker 6: So it was fun.

1092
00:56:20,600 --> 00:56:21,479
Speaker 13: It was a great life.

1093
00:56:26,960 --> 00:56:31,000
Speaker 4: Call Kelly Financial Services eight eight eight eight hundred eighteen

1094
00:56:31,200 --> 00:56:31,759
Speaker 4: eighty one.

1095
00:56:32,040 --> 00:56:36,719
Speaker 5: I'm Kelly Kelly from Kelly Financial. Whether you're in your sixties, seventies,

1096
00:56:36,920 --> 00:56:40,360
Speaker 5: or eighties, financial advice is important when it comes to

1097
00:56:40,520 --> 00:56:43,680
Speaker 5: preserving your nest egg. We have a free investor guide

1098
00:56:43,760 --> 00:56:47,560
Speaker 5: called Designing your Fiscal House to Weather the Elements, which

1099
00:56:47,680 --> 00:56:51,520
Speaker 5: highlights the steps needed to build a balance portfolio. For

1100
00:56:51,640 --> 00:56:54,640
Speaker 5: the guide, call eight eight eight eight hundred eighteen eighty

1101
00:56:54,760 --> 00:56:58,399
Speaker 5: one or email Kelly at Kellyfinancial dot org.

1102
00:56:58,800 --> 00:56:59,920
Speaker 1: We're Kelly Financial.

1103
00:57:00,320 --> 00:57:05,200
Speaker 4: Come retire with us, Save money strategies with William Kelly

1104
00:57:05,520 --> 00:57:09,000
Speaker 4: and Kelly Kelly. Go to Kelly Financial dot org.