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Speaker 1: All these years you've saved up planning for a secure retirement,

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Speaker 1: but if you're not careful, it will be the irs

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Speaker 1: that is living it up when you retire by taxing

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Speaker 1: your hard earned money. Welcome to the Maggie Tax and

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Speaker 1: Financial Show with Robert and Chris Maggie of Maggie Tax

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Speaker 1: and Wealth Advisors. With over four decades of combined experience

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Speaker 1: and tax savings, income planning, and investment opportunities, Robert and

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Speaker 1: Chris share advice and tax planning strategies designed to protect

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Speaker 1: your retirement nest day from Uncle Sam. Call them at

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Speaker 1: eight three three Maggie Tax or online at Maggie Tax

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Speaker 1: dot com. And now your host for the Maggie Tax

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Speaker 1: and Financial Show, Robert and Chris Maggie.

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Speaker 2: Welcome everyone, and thanks for joining us today. My name

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Speaker 2: is Robert Maggie and you're listening to the Maggie Tax

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Speaker 2: and Financial Show and I'm here with my son, Chris Maggie,

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Speaker 2: and today we're going to be talking about a lot

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Speaker 2: of topics that we'll concern all of you that maybe

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Speaker 2: you don't understand. So when you hear what we talk about,

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Speaker 2: if you have questions, pick up the phone, give us

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Speaker 2: a call eight three three Maggie Tax. Be sure to

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Speaker 2: visit our website Maggie tax dot com and we're going

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Speaker 2: to be talking about it as we always have. Go

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Speaker 2: to the retirement Calculator on the top right and click

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Speaker 2: in that site there and fill in your information and

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Speaker 2: in thirty seconds will show you what your tax liability

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Speaker 2: is going to be. So, Chris, we have a lot

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Speaker 2: to talk about. We're going to talk about tax risk

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Speaker 2: and legislative risk. So let's get started.

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Speaker 3: Well, let's just say so welcome everyone, Thank you so

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Speaker 3: much for listening to our show today. There's so much

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Speaker 3: to cover, and let me talk about what my dad

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Speaker 3: was mentioning before. When you go to our website, the RTB,

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Speaker 3: the retirement tax bomb, if you have an IRA A

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Speaker 3: four to one K, you have to stop and you

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Speaker 3: have to understand what's going on because that is a

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Speaker 3: huge tax liability you're going to pay in the future,

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Speaker 3: and many people just keep deferring taxes and put money

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Speaker 3: away in the form one ks and iras well. Maybe

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Speaker 3: that could be a bucket that year used to having,

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Speaker 3: which is fine because you get a nice tax deduction,

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Speaker 3: but think about creating other buckets that are tax free

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Speaker 3: because as things change in this country, taxes are going

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Speaker 3: to go up. And that's what we're talking about today,

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Speaker 3: tax risk and legislative risk. So what the heck is

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Speaker 3: the difference?

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Speaker 2: Well, as things stay hot in Washington, and they have

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Speaker 2: been and they always will be. I'm getting asked this

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Speaker 2: question more and more, Chris, and I see clients every day.

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Speaker 2: But both are intertwined risk that can dramatically impact us

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Speaker 2: savers like you, like all of us, and both are

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Speaker 2: risk on most savers are underprepared to address. So let's

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Speaker 2: talk about the first one, because this is the biggest

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Speaker 2: one tax risk. Tax risk is the risk that a

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Speaker 2: person's taxes are going to be higher in retirement than planned.

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Speaker 2: And Chris, most of the people that we see don't

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Speaker 2: see that because they're not ready to retire or they

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Speaker 2: have like you just talked about with the retirement calculator. Yeah,

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Speaker 2: they're going to defer it. They don't have to take

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Speaker 2: it out till seventy three. Now, no problem, But that's

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Speaker 2: the window that you have to do. The tax strategy

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Speaker 2: you're talking about bucket planning and reducing the tax risk absolutely,

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Speaker 2: and those are the strategies that we can use and

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Speaker 2: we do it each and every day.

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Speaker 3: But the misconception is that many people think, well, I'll

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Speaker 3: be in a lower tax bracket when I retire, And

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Speaker 3: maybe that might be the case, but is a lot

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Speaker 3: of times it's not. And as taxes increase and people

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Speaker 3: take more out of qualified accounts like iras and form

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Speaker 3: and case, it's creating tax on solid security. It can

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Speaker 3: be up to eighty five percent tax on social Security,

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Speaker 3: and that's where tax rates are going to increase and

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Speaker 3: you're gonna pay more in tax. So that's where many

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Speaker 3: people think, well, I'm just sixty five, I'm gonna pay

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Speaker 3: less in tax.

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Speaker 4: It has nothing to do with your age.

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Speaker 3: It has to do with the income and the sources

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Speaker 3: of income that you're putting on your tax return that's

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Speaker 3: generating the tax.

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Speaker 2: And that's a great point you make there, because a

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Speaker 2: lot of people don't see that. And then the other

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Speaker 2: side of it is when you start transferring money from

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Speaker 2: a taxable account and you pay the taxes. Now, it

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Speaker 2: could if you're over sixty five, or if you're on Medicare,

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Speaker 2: could affect the arm attax on your Part B.

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Speaker 3: Which is the Medicare tax that you pay for Part

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Speaker 3: B and premium for Medicare.

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Speaker 2: People don't see that, Chris, It's ridiculous. So what does

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Speaker 2: that mean. It means more of a retire's income is

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Speaker 2: going to the irs as taxes and less of the

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Speaker 2: income is staying with the retireee like you to spend

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Speaker 2: on living expenses. Because think about this, you should be

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Speaker 2: putting a budget together, Chris, and I always ask you

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Speaker 2: when you come in, what's your budget because a lot

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Speaker 2: of people don't know what they're spending. And you know

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Speaker 2: it's not good if you spend more than you make.

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Speaker 2: And to prove this, visit Maggie tax dot com and

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Speaker 2: on the top right you're going to click on the

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Speaker 2: retirement calculator. Just fill in the information and in thirty

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Speaker 2: seconds we'll send you what the retirement tax bill will

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Speaker 2: look like. Even if you do it, I know people

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Speaker 2: play with it and they give us different numbers, but

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Speaker 2: it's the tax bracket that you have to look at.

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Speaker 2: Depending on how much you have, you're going to pay

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Speaker 2: more to Uncle Sam than you're going.

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Speaker 3: To get and that's where you don't want to and

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Speaker 3: that's why you have to control the tax risk. And

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Speaker 3: many people talk about investments, Yeah, we do investments. We

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Speaker 3: can put together a plan for you. There's a lot

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Speaker 3: of things we do, but taxes are our biggest expense

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Speaker 3: and it's going to be the same thing for you.

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Speaker 3: So think of the phone, schedule time to meet with us.

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Speaker 3: There's so much to talk about. We're talking about tax

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Speaker 3: risks today, we're talking about legislative risk today, but also

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Speaker 3: it's going to affect your investments. So what about your investments?

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Speaker 3: You know markets a hi markets have been doing well.

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Speaker 3: What are you doing when it goes the other way?

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Speaker 3: Where's your protection? Where's your tax protection as well? So

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Speaker 3: pick up the phone, schedule time to meet with us.

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Speaker 3: We have office on both sides of the Bay. A

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Speaker 3: three to three Maggie tax that's eight three three magi tax.

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Speaker 2: So in short, tax risk measures the level of taxation.

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Speaker 2: You a saber experience in retirement. And unless you sit

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Speaker 2: down with a tax person like us who does tax planning,

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Speaker 2: advanced tax planning, you're not going to know. You're not

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Speaker 2: going to know until you file that tax return. So

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Speaker 2: we're talking about your IRA, your four H three B

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Speaker 2: or your TSP plan. It's a tax time bomb. And

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Speaker 2: people come in and they laugh and they go I

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Speaker 2: didn't know that it was a tax time bomb. Well

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Speaker 2: it is, and it's going to be worse as time

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Speaker 2: passes by. So check it out and see what we mean.

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Speaker 2: We're about to see tax risk in action. In twenty

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Speaker 2: twenty five, several provisions from the twenty seventeen tax will expire.

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Speaker 2: This includes that reduction in individual income tax brackets. And

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Speaker 2: if you want to copy of the tax brackets, send

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Speaker 2: me an email or call me and I'll send it

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Speaker 2: to you to prove my point, because when we do seminars,

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Speaker 2: we give this out and it's going to change, meaning

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Speaker 2: that your tax bracket's going to go up three percent

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Speaker 2: and you're going to be paying more in taxes. And

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Speaker 2: I'm telling you, people just hear it, and they hear

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Speaker 2: it and they don't do anything about it. And it's

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Speaker 2: like when you open up the door and there's a

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Speaker 2: big win com and you're going to get hit with it.

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Speaker 4: So let's try to avoid that. Now. Well that's just it.

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Speaker 3: So when as you listen to our show today, you

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Speaker 3: know we're talking about taxes, and many people say, I'll

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Speaker 3: just deal with it during tax season, but it's not

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Speaker 3: the way to go about this. Taxes are our biggest

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Speaker 3: expense and they're going to get worse, especially if you're

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Speaker 3: a savior. So if you have iras and form on case,

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Speaker 3: we need to start doing bucket planning. What do I

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Speaker 3: mean by bucket planning? We need to position accounts that

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Speaker 3: are a taxable into non taxable account accounts. We talk

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Speaker 3: about the level of risk that you're taking with your money.

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Speaker 3: Do you need an income plan? Well, we can develop

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Speaker 3: an income plan where you can have investment safety and preservation,

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Speaker 3: also investment growth, and also make sure that the money

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Speaker 3: that you receive is income tax free.

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Speaker 4: So think about this.

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Speaker 3: Would you rather be in an environment where you're going

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Speaker 3: to get taxed on everything you take out or would

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Speaker 3: you rather be in an environment where it's tax free,

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Speaker 3: it's never taxed anymore. And you can develop these buckets

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Speaker 3: if you meet with the right advisors. So pick up

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Speaker 3: the phone, schedule time to meet with us. Eight three

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Speaker 3: to three magi tax. That's eight three to three maggie tax.

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Speaker 3: And a simple word as we call it, strategic planning.

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Speaker 3: You don't want to just put everything in one bucket.

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Speaker 3: You want it strategically spread it out. So, like Chris

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Speaker 3: is talking about, you have a plan, you have a

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Speaker 3: complete plan. And I might insult some people here by

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Speaker 3: saying you have an incomplete plan because you do. Because

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Speaker 3: if you don't have a tax plan or an income plan,

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Speaker 3: you have an incomplete plan.

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Speaker 4: So do something about it.

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Speaker 2: Give us a call eight three to three Magi Tax

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Speaker 2: and don't forget our website Maggie tax dot com.

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Speaker 3: Yeah, I want to talk about you know, other advisors,

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Speaker 3: maybe your advisor right now, they're managing your money and

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Speaker 3: the market's up, so everyone's winning, right, But get this,

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Speaker 3: that's an incomplete plan. Because if you're not talking about

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Speaker 3: taxes and your advisor's not showing you is to reduce

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Speaker 3: it or create an income stream for you where you

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Speaker 3: never outlive your money, then you have an incomplete plan.

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Speaker 3: And we're talking about also a state planning as well.

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Speaker 3: Many people out there don't have a will or a

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Speaker 3: trust or or documents or proper beneficiary designation to make

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Speaker 3: sure that everything stays in the family. You have an

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Speaker 3: incomplete plan. At Maggi Tax Advisor in financial group, we

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Speaker 3: do complete planning. It's holistic planning. We take a tax

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Speaker 3: approach to help you reduce your tax. We deal with investments.

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Speaker 3: We can do bucket planning and manage the money and risk.

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Speaker 3: We could talk about income planning, we could talk about

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Speaker 3: safety and guaranteed retirement buckets. We could talk about an

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Speaker 3: estate planning or maximizing your social Security benefits. So what's

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Speaker 3: on your mind as you listen today, think about the

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Speaker 3: questions you're having, and we can meet with you. So

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Speaker 3: let's get together, have a conversation, and let's put together

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Speaker 3: a plan for you. That's what we call the Maggi Plan.

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Speaker 3: Income planning, tax planning, investment planning, a state planning, a

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Speaker 3: social security planning. That's what we call the Maggi Plan.

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Speaker 3: So visit our website at Maggi tax dot com. Write

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Speaker 3: this number down eight three three Maggie Tax schedule and

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Speaker 3: appointment today. Let's get together before it's too late. Where

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Speaker 3: you're subject to one hundred percent tax on your retirement

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Speaker 3: which again we call it a question mark tax rate.

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Speaker 3: In the future, you don't want to be there where

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Speaker 3: Uncle Sam controls the taxes you pay. I'd rather pay

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Speaker 3: the tax is now on some of the money to

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Speaker 3: make sure that I'm incomplete control.

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Speaker 2: A three to three Maggie tax. Well, let me kind

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Speaker 2: of make another comment here. We do seminars two a month.

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Speaker 2: We do them at libraries and they're on wills and trusts.

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Speaker 2: And the point is that many people that come and

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Speaker 2: we talk about wills and trust we talk about probate,

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Speaker 2: We talk about how to take your home out of

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Speaker 2: probate because many people don't have certain documents that would

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Speaker 2: avoid probate. And I can go into that more, but

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Speaker 2: I would suggest to go to my website, Maggie Tax

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Speaker 2: dot com. Click on the top where it says seminars.

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Speaker 2: It's open for registration now, and I encourage all of

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Speaker 2: you to come in because if you don't have a

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Speaker 2: will or a trust or the documents, the powers of

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Speaker 2: attorney what we're talking about, and we're going to get

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Speaker 2: into more detail, this seminar is for you. So give

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Speaker 2: us a call aight three to three, Maggie Tax and

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Speaker 2: don't forget. Every Sunday at ten thirty on ABC TV,

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Speaker 2: tune into the Maggie Tax and Financial Show. Chris and

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Speaker 2: I talk about a lot of situations there that pertain

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Speaker 2: to you. And by the way, it's not selling, it's

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Speaker 2: educating because you have to understand the language what Chris

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Speaker 2: and I are talking about today. I know most of

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Speaker 2: you might be confused, but we can.

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Speaker 4: Help you with that. Eight three three Maggie Tax.

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Speaker 2: Visit our website, Maggie Tax dot com and get the

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Speaker 2: Maggie Plan. It's simple and easy to understand. It's a

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Speaker 2: tax plan, it's an income plan, it's an investment plan,

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Speaker 2: and it's a legacy plan. Eight three three Maggie Tax

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Speaker 2: and visit our website, Maggie Tax dot com. You're listening

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Speaker 2: to the Maggie Tax and Financial Show. Eight three three

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Speaker 2: Maggie Tax.

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Speaker 1: Stop funding Uncle Sam's retirement and start planning for your

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Speaker 1: own successful retirement. As we return to the Maggie Tax

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Speaker 1: Financial Show with your host Robert and Chris Maggie with

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Speaker 1: Meaggie Tax and Wealth Advisors for information on how you

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Speaker 1: can create a tax free retirement. Call eight three three

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Speaker 1: Maggie Tax, or visit Maggie tax dot com. Now your

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Speaker 1: host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.

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Speaker 3: Welcome everyone, and thank you so much for tuning in.

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Speaker 3: Welcome back, and visit our website at Maggi tax dot com.

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Speaker 3: There's so much information right there at your fingertips, and

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Speaker 3: it's about education, and that's what we strive to do

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Speaker 3: to help you. Why because we feel as if you

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Speaker 3: are educated enough, you can make the right decisions and

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Speaker 3: you can empower yourself and your retirement. And that's what

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Speaker 3: we need during these times right now in America. So

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Speaker 3: go ahead, right now, visit our website at Maggi Tax

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Speaker 3: dot com on top right hand corner the retirement tax bill.

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Speaker 3: In thirty seconds, just thirty seconds, you can understand what

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Speaker 3: your qualified account retirement tax bill will be. Talking about

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Speaker 3: iras and form on ks. Guess what, you don't have

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Speaker 3: all that amount of money in those accounts, So Uncle

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Speaker 3: Sam has a so figure out what that is and

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Speaker 3: we can help a three to three Maggie Tax.

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Speaker 2: One thing, We met with a client the other day,

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Speaker 2: just to point what you just said. He thought he

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Speaker 2: had one point five million in his IRA and once

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Speaker 2: we sat down and show him the retirement tax bill

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Speaker 2: and a calculator. I'm not laughing, but he was shocked

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Speaker 2: that half of that was not his money. So he

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Speaker 2: saved all his life for this and now he has

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Speaker 2: to do something. So education from Maggie Tax is so important.

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Speaker 2: And why financial education is important, it's because due to

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Speaker 2: recent tax law changes. We talk about legislative risk, an

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Speaker 2: uncertain future for social security, and the shift toward employee

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Speaker 2: directed retirement plans. The need for sound financial strategies has

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Speaker 2: never been greater. That's what Chris and I talk about,

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Speaker 2: a complete plan. So if you're listening to this and

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Speaker 2: you don't have an income plan, or a tax plan,

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Speaker 2: or an insurance plan or an investment plan, you have

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Speaker 2: an incomplete plan. So, in straightforward language, Maggie Tax will

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Speaker 2: explain time tested strategies that help you to make informed

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Speaker 2: financial decisions. And again, Chris, I'm going to go back

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Speaker 2: to a client we met the other day. Old rules

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Speaker 2: don't apply anymore. New rules apply. So if you sit

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Speaker 2: down with Chris and I, keep an open mind because

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Speaker 2: there's new rules and you have to listen and apply them.

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Speaker 2: And then you're going to say, wow, no one told

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Speaker 2: me about that.

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Speaker 3: Well, let's just say, you know, we want you to

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Speaker 3: have confidence, We want to empower you. Why Because this

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Speaker 3: is your money, this is your retirement. You know, you

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Speaker 3: don't have to rely on the stock market and other

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Speaker 3: people's decisions on what you can and can't do. This

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Speaker 3: is what you've deserved to do. So make your retirement

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Speaker 3: the way you want it to be. That's why you

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Speaker 3: should have an income plan. You should have a tax plan.

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Speaker 3: You should have an income plan and also an investment plan.

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Speaker 3: How it relates together in a state plan. Make sure

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Speaker 3: everything stays in your family. This is what we do

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Speaker 3: and you can have it too. So pick up the phone,

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Speaker 3: schedule time to meet with us. Write your questions down.

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Speaker 3: Let's help you. You know whether you're objective is to

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Speaker 3: build a nest egg or protect your assets or preserve

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Speaker 3: your lifestyle throughout your retirement. This course and what we

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Speaker 3: do when we educate, you can plan your future with confidence.

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Speaker 3: And by working with us today you will learn about

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Speaker 3: many ways to save for retirement as well as the

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Speaker 3: advantages and the disadvantages of each. You know, what are

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Speaker 3: the tax ramifications, what are the income and the inflation objectives?

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Speaker 3: How do I go combat that? What about paychecks and

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Speaker 3: play checks? What's a playcheck? Well, we have clients that

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Speaker 3: have playchecks. They have money coming in every month and

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Speaker 3: you just spend it and guess what it comes back

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Speaker 3: in the next thirty days, forever and ever and ever.

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Speaker 3: It's called the playcheck. They spend it on whatever they want.

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Speaker 3: Do you want a playcheck? We can help you with

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Speaker 3: that as well, a three to three Maggie tax.

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Speaker 2: And again with all the volatility, you know, we see

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Speaker 2: a lot of clients but their account is up, their

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Speaker 2: account is down, but we have clients that have not

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Speaker 2: lost the penny when the market's been down. And if

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Speaker 2: you don't have that plan, then you have an incomplete plan.

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Speaker 2: So we can help all of you discover how to

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Speaker 2: save money on taxes. Again, go to Maggie tax dot com.

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Speaker 2: The top right you'll see the retirement calculator. Click on it.

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Speaker 2: It'll take you thirty seconds, fill in the information, it'll

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Speaker 2: send your report back and it's going to make you

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Speaker 2: wake up and see what's really going on and then

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Speaker 2: sit down and give us a call eight three three

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Speaker 2: Maggie Tex. So this is on you, folks. We're trying

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Speaker 2: to educate you. That's what our show is about. It's

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Speaker 2: not about selling, because we can't sell you anything. It's

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Speaker 2: not a store. This is about your retirement. This is

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Speaker 2: about your savings. This is about what you worked hard for,

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Speaker 2: and this is about what you plan for in retirement.

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Speaker 3: And you just said it, you know, that's what it's about.

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Speaker 3: We're not a transactional advisor. Just sells things. That's not

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Speaker 3: what it's about. You deserve better. I don't care if

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Speaker 3: you have fifty thousand. I don't care if you have

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Speaker 3: fifty million. It doesn't matter. You need a plan. You

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Speaker 3: deserve a plan. Why because you've worked so hard, you

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Speaker 3: put money away, you saved and guess what they're going

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Speaker 3: to go after the people who have the money. And

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Speaker 3: if you have money, you need to have a plan.

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Speaker 3: And that's why it's so important to meet with us.

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Speaker 3: Now is the time. There are strategies that you could

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Speaker 3: put together today to put you in position to take

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Speaker 3: advantage of these opportunities that are about to happen. We're

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Speaker 3: talking about recession, we're talking about the market volatility, we're

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Speaker 3: talking about inflation. Of these concerns for you, absolutely, their

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Speaker 3: concerns for everybody.

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Speaker 4: But guess what.

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Speaker 3: The only small amount of people take advantage of opportunities

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Speaker 3: to put together a complete plan. Many people want a

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Speaker 3: tax plan, they just don't know where to get it.

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Speaker 3: They have an advisor, but guess what, they don't talk

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Speaker 3: to them about that we talked about this last segment.

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Speaker 3: Many people come in and they say, well, my advisors said,

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Speaker 3: goes talk to my tax guy, and then when they

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Speaker 3: go talk to the tax guy, the tax guy says,

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Speaker 3: we'll go talk to your financial guy. They're not talking

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Speaker 3: together for you, but we do that here. So pick

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Speaker 3: up the phone, schedule time to meet with us. We

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Speaker 3: can help eight three to three Maggie Tax.

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Speaker 2: And again we can help all of you discover how

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Speaker 2: to save money on taxes, manage investment risks, and protect

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Speaker 2: your assets from potential long term healthcare expenses. And that's

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Speaker 2: another big concern, curse about long term care. We have

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Speaker 2: a solution for that. So above all, at Maggie Tax,

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Speaker 2: we can show you how to access your money financial

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Speaker 2: situations are different for everybody, and develop a personalized plan

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Speaker 2: to achieve your retirement goals. And one thing again we're

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Speaker 2: going to keep pounding on this. Go to my website

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Speaker 2: Maggie Tax dot com, click on the retirement calculator on

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Speaker 2: the top right.

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Speaker 4: Fill in the information.

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Speaker 2: Because if you have an IRA or a four oh

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Speaker 2: one K, or you're getting close to retirement, we talked

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Speaker 2: about it before because of legislative risk that no one's

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Speaker 2: talking about, but we are that they change the rules

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Speaker 2: on you. Because it's written in pencil. Taxes are going

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Speaker 2: to go up. I don't know if you're a Republican, Democrat, independent, anything.

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Speaker 2: Taxes will affect everybody in this nation, so you have

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Speaker 2: to do something about it.

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Speaker 4: Look at your situation and see.

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Speaker 2: If your plan is a complete plan or an incomplete plan.

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Speaker 2: And like Chris talks about, and we both talk about,

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Speaker 2: if you have a problem with taxes, now is the

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Speaker 2: time to address it.

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Speaker 3: So get a second opinion. You know, do you have

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Speaker 3: confidence in your current advisor to get a second opinion?

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Speaker 3: Let mean, think about it. This is your money. The

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Speaker 3: advisor used to work for you, not you work for them,

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Speaker 3: And that's why it's so important to make sure that

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Speaker 3: you get your accounts lined up into different buckets. Many

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Speaker 3: people have piles of money, but guess what, they go

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Speaker 3: up and go down. They don't have to if you

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Speaker 3: don't want them to. So what do you want? What

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Speaker 3: do you want? Ask that question to yourself listening today

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Speaker 3: because we can help you. We can help you navigate

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Speaker 3: a plan, put together one that's customized for you. So

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Speaker 3: pick up the phone, schedule time to meet with us

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Speaker 3: eight three to three, Maggie.

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Speaker 4: Tax.

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Speaker 3: We do income planning, tax planning, investment planning, a state planning,

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Speaker 3: Do you have a will? Do you have a trust? Well,

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Speaker 3: we have attorneys that take care of all that for you.

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Speaker 3: But guess what, we're all talking in one room to

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Speaker 3: help you. What about medicare planning? What about Social Security

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Speaker 3: maximization planning? What's the best time to take it? We

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Speaker 3: can help, So pick up the phone. Schedule time to

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Speaker 3: meet with us eight three to three Magi Tax and

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Speaker 3: Don't forget. Every Sunday on ABC TV at ten thirty

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Speaker 3: in the morning, watch ABCTV from the Magi Tax and

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Speaker 3: Financial Show eight three to three megattas.

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Speaker 4: Schedule time to meet with us.

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Speaker 1: Stop funding Uncle Sam's retirement and start planning for your

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Speaker 1: own successful retirement. As we return to the Maggie Tax

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Speaker 1: Financial Show with your host Robert and Chris Maggie with

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Speaker 1: Maggie Tax and Wealth Advisors. For information on how you

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Speaker 1: can create a tax free retirement, call eight three three

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Speaker 1: three Maggie Tax or visit Maggie Tax dot com. Now

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Speaker 1: your host with Maggie Tax and Wealth Advisors. Robert and

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Speaker 1: Chris Maggie.

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Speaker 2: Welcome every want to thanks for joining us. My name

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Speaker 2: is Robert Maggie. I'm here with my son Chris Maggie

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Speaker 2: and today we're talking about what we do for a

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Speaker 2: lot of people on the Roth conversions and why it's

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Speaker 2: so important to get it done correctly. So if you

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Speaker 2: have an account, a Brokente account, or you have just

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Speaker 2: a savings account and you need some information on how

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Speaker 2: to put a plan together, that's what Chris and I

435
00:19:29,440 --> 00:19:33,200
Speaker 2: are going to talk about, because it's not just investments,

436
00:19:32,960 --> 00:19:36,440
Speaker 2: it's more because it's an income plan, it's a tax plan,

437
00:19:36,840 --> 00:19:39,760
Speaker 2: it's a legacy plan, and what about your beneficiaries. So

438
00:19:40,000 --> 00:19:42,200
Speaker 2: we're going to talk about how we put this together,

439
00:19:42,680 --> 00:19:44,840
Speaker 2: because now we're going to put this car, this vehicle

440
00:19:44,880 --> 00:19:47,520
Speaker 2: together so you can drive away in the tax free environment.

441
00:19:47,760 --> 00:19:50,080
Speaker 2: So Chris, let's start with you know, a typical client

442
00:19:50,119 --> 00:19:52,840
Speaker 2: comes in and they bring in their statements and we

443
00:19:52,920 --> 00:19:56,800
Speaker 2: see they have brokered statements and there's non qualified and qualified,

444
00:19:57,160 --> 00:19:59,320
Speaker 2: which brings up another point. Sometimes I don't even know

445
00:19:59,320 --> 00:20:01,440
Speaker 2: what they have. So how do we start to make

446
00:20:01,480 --> 00:20:03,760
Speaker 2: it easy for them to understand how to separate that

447
00:20:03,840 --> 00:20:06,200
Speaker 2: money and start putting it into bucket planning.

448
00:20:06,280 --> 00:20:08,359
Speaker 3: Well, that's it, you know a great question. My gosh,

449
00:20:08,520 --> 00:20:10,680
Speaker 3: many people come in with all these statements and they

450
00:20:10,720 --> 00:20:13,359
Speaker 3: have piles of money they don't know where and what

451
00:20:13,400 --> 00:20:16,480
Speaker 3: those accounts are. Are they taxable, they non taxable? Can

452
00:20:16,520 --> 00:20:19,600
Speaker 3: you generate income from them or can you not? So

453
00:20:19,960 --> 00:20:22,800
Speaker 3: they're just confused, right, and they've been with their advisor

454
00:20:22,880 --> 00:20:24,520
Speaker 3: maybe for a couple of years or for a long time,

455
00:20:24,600 --> 00:20:25,200
Speaker 3: it doesn't matter.

456
00:20:25,240 --> 00:20:27,800
Speaker 4: But maybe they're not doing the complete plan for them.

457
00:20:27,880 --> 00:20:32,120
Speaker 3: Maybe they're just doing transactional an account or I've had

458
00:20:32,119 --> 00:20:35,080
Speaker 3: this advisor or brokerage account for ten years and it's

459
00:20:35,119 --> 00:20:37,320
Speaker 3: just sitting there. Well is it? Are you taking the

460
00:20:37,400 --> 00:20:39,760
Speaker 3: right risk with that account? So what we do is

461
00:20:39,800 --> 00:20:42,000
Speaker 3: we can do a couple of things. Number one, we

462
00:20:42,040 --> 00:20:44,120
Speaker 3: set up a balance sheet. We show you where your

463
00:20:44,160 --> 00:20:47,280
Speaker 3: accounts are, it's taxable, it's non taxable, all on one sheet.

464
00:20:47,480 --> 00:20:49,800
Speaker 3: We show you type of income you're currently taking. And

465
00:20:49,920 --> 00:20:53,120
Speaker 3: this makes a lot of sense to people because it's

466
00:20:53,160 --> 00:20:55,959
Speaker 3: about education. So we educate you on what you have.

467
00:20:56,600 --> 00:20:59,159
Speaker 3: And then we can go into step number two, go

468
00:20:59,240 --> 00:20:59,520
Speaker 3: back to.

469
00:20:59,520 --> 00:21:01,920
Speaker 4: The balance because it's always some enlightening.

470
00:21:02,320 --> 00:21:04,760
Speaker 2: A lot of advisors don't do a balance sheet, and

471
00:21:04,920 --> 00:21:07,000
Speaker 2: we do it from the ground up. You know what's

472
00:21:07,000 --> 00:21:11,000
Speaker 2: sood security, what there's savings accounts are, if it's non qualified,

473
00:21:11,000 --> 00:21:15,040
Speaker 2: if it's qualified and goes into the beneficiary.

474
00:21:14,400 --> 00:21:15,479
Speaker 4: And who you want to leave it to.

475
00:21:16,280 --> 00:21:18,800
Speaker 2: So the biggest concern that I think people have is

476
00:21:18,840 --> 00:21:21,480
Speaker 2: that when they meet with an advisor that they're gonna

477
00:21:21,480 --> 00:21:23,920
Speaker 2: come in and they're gonna take all their money and

478
00:21:23,920 --> 00:21:25,720
Speaker 2: they're gonna put all their money into one bucket.

479
00:21:26,440 --> 00:21:27,360
Speaker 4: And they don't want to do that.

480
00:21:28,400 --> 00:21:32,080
Speaker 2: So how do you separate to educate the client that

481
00:21:32,119 --> 00:21:35,040
Speaker 2: you can put money in safe buckets. You can still

482
00:21:35,080 --> 00:21:38,480
Speaker 2: put money in some risky buckets, but not all of it.

483
00:21:38,560 --> 00:21:41,560
Speaker 2: And we've seen this every single time when a client comes.

484
00:21:41,440 --> 00:21:42,119
Speaker 4: In with a statement.

485
00:21:42,200 --> 00:21:45,160
Speaker 3: Absolutely, So leading into step two is that we can

486
00:21:45,200 --> 00:21:47,920
Speaker 3: analyze your accounts and you're right, this is your money.

487
00:21:48,000 --> 00:21:48,879
Speaker 4: Let's just talk about this.

488
00:21:48,920 --> 00:21:51,840
Speaker 3: It's not your advisor's money, it's not your CPAs, it's

489
00:21:51,920 --> 00:21:53,800
Speaker 3: your money. So if you come in and you have

490
00:21:53,800 --> 00:21:55,440
Speaker 3: a million dollars and you have two hundred and fifty

491
00:21:55,480 --> 00:21:57,479
Speaker 3: thousand in a stock that you love because you've been

492
00:21:57,600 --> 00:21:59,960
Speaker 3: with it for a long time, why can't you keep

493
00:22:00,280 --> 00:22:02,879
Speaker 3: sure you can. There's nothing wrong with saying you can't,

494
00:22:02,880 --> 00:22:05,320
Speaker 3: but let's see how it plays in your plan. Let's

495
00:22:05,320 --> 00:22:07,880
Speaker 3: get educated and let's show you what type of risk

496
00:22:07,960 --> 00:22:09,600
Speaker 3: that will take and maybe we have to peel off

497
00:22:09,640 --> 00:22:12,080
Speaker 3: a little bit of that money to get the income

498
00:22:12,119 --> 00:22:14,359
Speaker 3: that you need or for the right risk level that

499
00:22:14,400 --> 00:22:15,000
Speaker 3: you're looking for.

500
00:22:15,080 --> 00:22:15,800
Speaker 4: So Dad, you're right.

501
00:22:16,040 --> 00:22:18,000
Speaker 3: We can create the buckets of money, and a lot

502
00:22:18,040 --> 00:22:20,600
Speaker 3: of people are looking for safety for their core. They

503
00:22:20,680 --> 00:22:23,000
Speaker 3: want to protect their money. We call it green money buckets.

504
00:22:23,040 --> 00:22:25,200
Speaker 3: Those are safe money where you don't lose anything, there's

505
00:22:25,200 --> 00:22:27,439
Speaker 3: no fees where you protect your money. So if the

506
00:22:27,480 --> 00:22:30,600
Speaker 3: market goes down, guess what those are your protection buckets.

507
00:22:30,800 --> 00:22:33,240
Speaker 3: Then you can have yellow money. Yellow money's we're actively

508
00:22:33,280 --> 00:22:35,840
Speaker 3: manage the money. That's where you can have different purposes

509
00:22:35,880 --> 00:22:39,159
Speaker 3: with accounts. You can have an inflation protection bucket. You

510
00:22:39,160 --> 00:22:42,240
Speaker 3: can have an account that generates dividends, you can have

511
00:22:42,240 --> 00:22:45,840
Speaker 3: an account that has growth stocks, ETFs a lot of

512
00:22:46,160 --> 00:22:51,000
Speaker 3: different positions that are managed effectively. And you can have

513
00:22:51,080 --> 00:22:53,199
Speaker 3: a red bucket where if you want to have your

514
00:22:53,280 --> 00:22:56,239
Speaker 3: own account that you actively manage or play with, then

515
00:22:56,280 --> 00:22:59,680
Speaker 3: you could do that too. But having a holistic, a

516
00:22:59,800 --> 00:23:02,760
Speaker 3: pro coach with your accounts and knowing where your money's

517
00:23:02,880 --> 00:23:06,400
Speaker 3: at is so crucial, and many people, we find out

518
00:23:06,600 --> 00:23:07,840
Speaker 3: don't have that in place.

519
00:23:08,119 --> 00:23:09,800
Speaker 4: You mentioned a keyword holistic.

520
00:23:09,840 --> 00:23:11,639
Speaker 2: We had a client call last week and I've had

521
00:23:11,680 --> 00:23:14,239
Speaker 2: it many times and they say, can you explain what

522
00:23:14,320 --> 00:23:17,760
Speaker 2: holistic means? Because I've never heard that word before. And folks,

523
00:23:17,840 --> 00:23:20,360
Speaker 2: it's a simple word because it's about your money. It's

524
00:23:20,400 --> 00:23:22,080
Speaker 2: about all your money and where you're going to put it.

525
00:23:22,320 --> 00:23:24,560
Speaker 2: And the cool thing about it is that think about

526
00:23:24,560 --> 00:23:27,280
Speaker 2: this for a second. You save money, you put it

527
00:23:27,280 --> 00:23:29,119
Speaker 2: in a savings account, or you put it in a

528
00:23:29,200 --> 00:23:32,280
Speaker 2: checking account. Why do you do that because it's liquid

529
00:23:32,320 --> 00:23:34,119
Speaker 2: money and you don't want to take the risk of

530
00:23:34,160 --> 00:23:34,960
Speaker 2: losing the money.

531
00:23:35,119 --> 00:23:35,359
Speaker 4: Right.

532
00:23:35,720 --> 00:23:37,719
Speaker 2: I know it's a low interest rate, we get that,

533
00:23:38,200 --> 00:23:40,679
Speaker 2: but we can show you some ways to make that better.

534
00:23:40,840 --> 00:23:42,560
Speaker 2: But then you've got to start thinking about the rest

535
00:23:42,560 --> 00:23:45,240
Speaker 2: of your money. Like Chris is talking about, has anyone

536
00:23:45,280 --> 00:23:46,800
Speaker 2: sat down with you and said, hey, you know what,

537
00:23:46,920 --> 00:23:49,560
Speaker 2: you're taking ninety percent risk in your investments and if

538
00:23:49,600 --> 00:23:51,680
Speaker 2: the market goes down, you're going to lose. And the

539
00:23:51,760 --> 00:23:54,679
Speaker 2: question is then what do you do now? Okay, you're

540
00:23:54,680 --> 00:23:56,240
Speaker 2: going to go back to your advisor and say, well,

541
00:23:56,320 --> 00:23:58,680
Speaker 2: you know, you put it in the wrong bucket. You've

542
00:23:58,680 --> 00:24:00,800
Speaker 2: got to sit down, you have to have a conversation,

543
00:24:00,960 --> 00:24:03,480
Speaker 2: you have to understand what we're talking about, because you

544
00:24:03,640 --> 00:24:06,000
Speaker 2: are going to make the final decision where when when

545
00:24:06,040 --> 00:24:08,440
Speaker 2: you put to bucket planning, how much you want in income,

546
00:24:08,680 --> 00:24:10,880
Speaker 2: how much you want green money, how much you want

547
00:24:10,920 --> 00:24:13,320
Speaker 2: in yellow money. And I bet people listening right now, Chris,

548
00:24:13,520 --> 00:24:15,800
Speaker 2: their advisors aren't talking about red, green, and yellow.

549
00:24:15,880 --> 00:24:17,000
Speaker 4: No they're not. And that's the thing.

550
00:24:17,040 --> 00:24:18,720
Speaker 3: They just have you this broker's account and it's just

551
00:24:18,760 --> 00:24:20,080
Speaker 3: sitting there and this is what it's done over the

552
00:24:20,119 --> 00:24:22,280
Speaker 3: past year, and don't worry, it's going to come back

553
00:24:22,320 --> 00:24:24,080
Speaker 3: when if it goes down, but over time it's going

554
00:24:24,160 --> 00:24:27,959
Speaker 3: to be okay. Yeah, those are the general answers to

555
00:24:28,040 --> 00:24:31,159
Speaker 3: the questions that people are having. But at the end

556
00:24:31,200 --> 00:24:35,240
Speaker 3: of the day, you've done working, you're retired, you're about

557
00:24:35,320 --> 00:24:38,280
Speaker 3: to retire. So many people are in the accumulation phase

558
00:24:38,320 --> 00:24:41,199
Speaker 3: of their life, and when they retire, they're still in

559
00:24:41,280 --> 00:24:45,000
Speaker 3: the accumulation phase of their life. But there's the distribution

560
00:24:45,119 --> 00:24:46,760
Speaker 3: phase that you have to shift to. And it doesn't

561
00:24:46,800 --> 00:24:49,640
Speaker 3: mean just hunker down and protect your money with all

562
00:24:49,640 --> 00:24:51,879
Speaker 3: of it. That's not what we're saying. We're saying here

563
00:24:51,960 --> 00:24:54,159
Speaker 3: is that you have to have a clue, you have

564
00:24:54,200 --> 00:24:56,360
Speaker 3: to have a plan. You have to have a purpose

565
00:24:56,720 --> 00:24:59,760
Speaker 3: with every dollar you have, and that's why you create

566
00:25:00,320 --> 00:25:01,560
Speaker 3: When you come in to meet with us, we're going

567
00:25:01,600 --> 00:25:03,920
Speaker 3: to put together an investment plan. We're going to show

568
00:25:03,960 --> 00:25:07,000
Speaker 3: you where one your risk, what your risk level is,

569
00:25:07,040 --> 00:25:10,040
Speaker 3: and if you are reaching that or not, maybe you're

570
00:25:10,080 --> 00:25:11,959
Speaker 3: taking more risk than you need to. Maybe you're not

571
00:25:12,000 --> 00:25:14,119
Speaker 3: taking as much risk than you need to as well,

572
00:25:14,400 --> 00:25:16,520
Speaker 3: so we can evaluate that for you. That's step number two.

573
00:25:16,520 --> 00:25:19,240
Speaker 3: Step number three is put together a plan. We can

574
00:25:19,280 --> 00:25:22,120
Speaker 3: allocate the different buckets and your money into different buckets

575
00:25:22,119 --> 00:25:23,719
Speaker 3: where you're going to have a purpose.

576
00:25:23,760 --> 00:25:24,760
Speaker 4: You're going to have a plan.

577
00:25:24,840 --> 00:25:27,600
Speaker 3: So if this market does go down, you have now money,

578
00:25:27,760 --> 00:25:30,439
Speaker 3: they just protect it. Your later money you can let

579
00:25:30,520 --> 00:25:32,879
Speaker 3: it grow, you can invest that money. If you are

580
00:25:32,880 --> 00:25:34,880
Speaker 3: a forty year old, that's fine, or fifty year old,

581
00:25:35,160 --> 00:25:37,439
Speaker 3: that's fine. But making sure that you have segments of

582
00:25:37,520 --> 00:25:40,960
Speaker 3: money and buckets put together with the right purpose.

583
00:25:41,200 --> 00:25:43,000
Speaker 2: And here's the question that all of you should be

584
00:25:43,080 --> 00:25:46,480
Speaker 2: asking yourself, what if what if something happens to me

585
00:25:46,600 --> 00:25:49,960
Speaker 2: today I'm working, I've got money coming in. How much

586
00:25:49,960 --> 00:25:51,560
Speaker 2: do you have put aside that's going to give you

587
00:25:51,640 --> 00:25:53,720
Speaker 2: the income that you need every month? Where is it

588
00:25:53,760 --> 00:25:55,600
Speaker 2: going to come from. Is it going to come from

589
00:25:55,600 --> 00:25:57,320
Speaker 2: solid security? Is it going to come from a pension

590
00:25:57,640 --> 00:26:00,879
Speaker 2: without disrupting the rest of your account? And Chris, I

591
00:26:00,920 --> 00:26:02,800
Speaker 2: think that's the biggest fear of people have is running

592
00:26:02,800 --> 00:26:04,520
Speaker 2: out of money and they don't know where to get it.

593
00:26:04,520 --> 00:26:06,159
Speaker 3: When they do, well, that's it. You hit it on

594
00:26:06,200 --> 00:26:08,120
Speaker 3: the head. I don't care if you have fifty thousand

595
00:26:08,280 --> 00:26:09,880
Speaker 3: or ten million dollars.

596
00:26:09,920 --> 00:26:10,480
Speaker 4: I'll tell you what.

597
00:26:10,720 --> 00:26:12,800
Speaker 3: Most people who have a lot of money, their main

598
00:26:13,000 --> 00:26:16,320
Speaker 3: concern is running out of money. And many people say, well,

599
00:26:16,320 --> 00:26:18,879
Speaker 3: they have plenty of money. Know what they're worried about

600
00:26:19,119 --> 00:26:22,840
Speaker 3: is losing it. They're worried about if the market goes

601
00:26:22,880 --> 00:26:25,560
Speaker 3: down and running out of money. So how do you

602
00:26:25,720 --> 00:26:28,840
Speaker 3: combat that? Well, that's where the income plan comes into play.

603
00:26:29,160 --> 00:26:30,840
Speaker 3: And that's why it's so important to make sure you

604
00:26:30,920 --> 00:26:32,960
Speaker 3: have an income plan. If we asked you, what's your

605
00:26:32,960 --> 00:26:36,359
Speaker 3: income plan? Can can you define it? Well?

606
00:26:36,440 --> 00:26:37,000
Speaker 4: Yeah, you're right.

607
00:26:37,040 --> 00:26:39,320
Speaker 3: You have soci security from a husband and spouse. Some

608
00:26:39,359 --> 00:26:41,960
Speaker 3: people have a pension. Maybe some people don't even have

609
00:26:42,000 --> 00:26:44,320
Speaker 3: a survivor benefit. So if anything happens to that person,

610
00:26:44,600 --> 00:26:47,280
Speaker 3: it stops. So what are you doing? Those are three

611
00:26:47,320 --> 00:26:50,040
Speaker 3: income streams. But what if you need more money, where

612
00:26:50,040 --> 00:26:52,160
Speaker 3: do you take the money in a most tax efficient

613
00:26:52,200 --> 00:26:56,439
Speaker 3: way so you can have the income, preserve your money

614
00:26:56,480 --> 00:26:59,200
Speaker 3: and not have to worry instead of going back to work.

615
00:26:59,440 --> 00:27:01,800
Speaker 3: That's generating an income plant. So we can help you

616
00:27:01,840 --> 00:27:04,480
Speaker 3: by picking up the phone. Schedule time to meet with us.

617
00:27:04,600 --> 00:27:07,440
Speaker 3: That's eight three three Maggie Tax. That's eight three three

618
00:27:07,480 --> 00:27:10,159
Speaker 3: Maggie Tax. And don't forget register for our seminars.

619
00:27:10,200 --> 00:27:12,960
Speaker 2: This is what we talk about. Go to Maggie Tax

620
00:27:13,000 --> 00:27:15,400
Speaker 2: dot com. Look for seminars that dates are there. Give

621
00:27:15,480 --> 00:27:18,480
Speaker 2: us a call today eight three three Magi Tax. Operators

622
00:27:18,520 --> 00:27:20,920
Speaker 2: are standing by. You need to do something to help

623
00:27:20,920 --> 00:27:24,160
Speaker 2: your situation, and the biggest thing is understand what you have.

624
00:27:24,480 --> 00:27:26,919
Speaker 2: Eight three three Magi Tax. So if we was at

625
00:27:26,960 --> 00:27:29,520
Speaker 2: our website Maggie Tax dot com, be sure to watch

626
00:27:29,520 --> 00:27:31,960
Speaker 2: our TV show every Sunday at ten thirty on ABC.

627
00:27:32,359 --> 00:27:33,239
Speaker 4: Folks, it's up to you.

628
00:27:33,320 --> 00:27:35,600
Speaker 2: We are offering a lot of helpier you have to

629
00:27:35,600 --> 00:27:38,359
Speaker 2: take the time to do it. Eight three three Maggie Tax.

630
00:27:39,160 --> 00:27:40,680
Speaker 4: Yeah, no, you're right, So to keep going.

631
00:27:40,720 --> 00:27:43,280
Speaker 3: I just want to talk about this as too is

632
00:27:43,320 --> 00:27:45,520
Speaker 3: to summarize some things we do the balance sheet, we

633
00:27:45,560 --> 00:27:48,080
Speaker 3: analyze the risks that you're currently taking, We implement the plan,

634
00:27:48,119 --> 00:27:50,359
Speaker 3: and we create the buckets of money. But when it

635
00:27:50,400 --> 00:27:53,399
Speaker 3: gets to the point of conversions and tax free buckets

636
00:27:53,400 --> 00:27:55,760
Speaker 3: are taxable buckets, we can take it to a new

637
00:27:55,840 --> 00:27:57,760
Speaker 3: level and create tax free incomes.

638
00:27:57,800 --> 00:27:59,480
Speaker 4: What does that look like, Well, tax free income.

639
00:27:59,520 --> 00:28:01,520
Speaker 2: If you look at it from a tax standpoint like

640
00:28:01,560 --> 00:28:03,800
Speaker 2: we have, and you're paying less taxes, I think you're

641
00:28:03,800 --> 00:28:05,840
Speaker 2: going to be pretty happy. Okay, we've reduced a lot

642
00:28:06,200 --> 00:28:08,560
Speaker 2: of our client's taxes because they did it the right way,

643
00:28:08,920 --> 00:28:10,800
Speaker 2: and we even show them if you continue on the

644
00:28:10,840 --> 00:28:12,920
Speaker 2: same path that you have, you're got to pay a

645
00:28:12,960 --> 00:28:14,800
Speaker 2: lot in taxes. And you know what, everybody says, well,

646
00:28:14,800 --> 00:28:16,560
Speaker 2: I don't want to do that. I know, I know,

647
00:28:16,640 --> 00:28:18,880
Speaker 2: but you've got to do something to fix it, change

648
00:28:18,880 --> 00:28:21,160
Speaker 2: the lane, look at it through a different lens. That's

649
00:28:21,160 --> 00:28:23,760
Speaker 2: the problem, Chris, that I think people have. They are

650
00:28:23,800 --> 00:28:26,560
Speaker 2: so stubborn in their ways. Because that's the way we

651
00:28:26,600 --> 00:28:30,040
Speaker 2: would talk. No one broke the mold and said, hey,

652
00:28:30,400 --> 00:28:32,440
Speaker 2: you can do something different and it's not going to

653
00:28:32,520 --> 00:28:34,720
Speaker 2: hurt you. You're allowed to do that. You're a big boy,

654
00:28:34,720 --> 00:28:37,600
Speaker 2: you're a big girl. Your money, your career, your life.

655
00:28:37,960 --> 00:28:40,760
Speaker 2: So take a step to the side and look at

656
00:28:40,760 --> 00:28:42,600
Speaker 2: it through a different lens, because you can do it.

657
00:28:42,800 --> 00:28:45,160
Speaker 2: And a lot of times, Chris, I know, we see

658
00:28:45,160 --> 00:28:47,320
Speaker 2: it all the time, the amazement and some of the

659
00:28:47,320 --> 00:28:49,800
Speaker 2: people that come in like, wow, I really didn't know that.

660
00:28:49,920 --> 00:28:50,400
Speaker 4: And that's great.

661
00:28:50,440 --> 00:28:52,360
Speaker 3: You know, it's really rewarding when we see clients who

662
00:28:52,400 --> 00:28:55,360
Speaker 3: have or generating over one hundred thousand dollars of income

663
00:28:55,440 --> 00:28:58,080
Speaker 3: per year and are paining a diamond tax and you

664
00:28:58,120 --> 00:28:59,840
Speaker 3: look at that and we say that on the rate,

665
00:29:00,120 --> 00:29:01,960
Speaker 3: and we say it when we move people, I can

666
00:29:02,000 --> 00:29:04,320
Speaker 3: say the tax returns. You know, people are getting income

667
00:29:04,440 --> 00:29:07,920
Speaker 3: from five different sources, including social security and a small pension.

668
00:29:07,960 --> 00:29:10,040
Speaker 3: And guess what they got income coming in the front

669
00:29:10,040 --> 00:29:12,840
Speaker 3: door and aren't pain a diamond tax, and their accounts

670
00:29:12,880 --> 00:29:15,280
Speaker 3: are in a situation where they have a purpose and

671
00:29:15,320 --> 00:29:17,800
Speaker 3: they have safety, and they have growth, they have what

672
00:29:17,840 --> 00:29:21,000
Speaker 3: they're looking for inflation protection and then guess what, they

673
00:29:21,040 --> 00:29:23,280
Speaker 3: have a plan. So we talked about all that and

674
00:29:23,320 --> 00:29:25,959
Speaker 3: then leads into the final what about a state planning?

675
00:29:26,000 --> 00:29:27,920
Speaker 3: What is that and how do we put this all together?

676
00:29:28,040 --> 00:29:29,600
Speaker 2: Well, you know, if you don't have a will or

677
00:29:29,640 --> 00:29:32,160
Speaker 2: a power of attorney or a durable power of attorney or.

678
00:29:32,160 --> 00:29:33,160
Speaker 4: A healthcare surrogate.

679
00:29:33,400 --> 00:29:36,200
Speaker 2: People that own homes don't have a quit claim deed

680
00:29:36,400 --> 00:29:38,640
Speaker 2: or a lady bird deed, and if they don't have that,

681
00:29:38,680 --> 00:29:40,840
Speaker 2: it's going to go through probate. And so many of

682
00:29:40,840 --> 00:29:42,760
Speaker 2: you out there think, well, just because my name's on

683
00:29:42,840 --> 00:29:45,080
Speaker 2: the mortgage, it's not going to go through probate. I'm

684
00:29:45,080 --> 00:29:47,320
Speaker 2: going to tell you right now you're wrong. And you

685
00:29:47,360 --> 00:29:51,400
Speaker 2: need to understand how simple this is, how inexpensive this is,

686
00:29:51,720 --> 00:29:53,480
Speaker 2: and how important it is to all of you to

687
00:29:53,520 --> 00:29:56,520
Speaker 2: sit down and put either a trust package together or

688
00:29:56,520 --> 00:29:59,000
Speaker 2: a will package, because it's going to protect you and

689
00:29:59,080 --> 00:30:01,160
Speaker 2: it's going to protect your kis. And I'm telling you

690
00:30:01,160 --> 00:30:03,640
Speaker 2: we've seen too many people come in after the fact, Chris,

691
00:30:04,040 --> 00:30:06,040
Speaker 2: and it's like you sit there in your cry like

692
00:30:06,080 --> 00:30:06,640
Speaker 2: why didn't.

693
00:30:06,480 --> 00:30:08,400
Speaker 4: Someone tell them about That's it? I mean, you see

694
00:30:08,440 --> 00:30:09,840
Speaker 4: the passion that we have. We can do.

695
00:30:09,920 --> 00:30:14,600
Speaker 3: That's what holistic planning is incomplaining tax planning, investment planning,

696
00:30:14,920 --> 00:30:17,080
Speaker 3: a state planning, and that's what we do here at

697
00:30:17,120 --> 00:30:19,200
Speaker 3: Maggie Tax and Financial Groups. So pick up the phone,

698
00:30:19,440 --> 00:30:22,720
Speaker 3: schedule time to meet with us. Eight three three Maggie Tax.

699
00:30:22,880 --> 00:30:25,440
Speaker 3: Eight three three mag Attacks. We have office on both

700
00:30:25,480 --> 00:30:27,480
Speaker 3: sides of the base, so it's very convenient for you.

701
00:30:27,960 --> 00:30:30,960
Speaker 3: Eight three three Magi Tax. We look forward to meeting

702
00:30:30,960 --> 00:30:33,440
Speaker 3: with you and putting together a plan for you and

703
00:30:33,480 --> 00:30:34,080
Speaker 3: your family.

704
00:30:34,160 --> 00:30:35,520
Speaker 4: Eight three to three Maggie Tax.

705
00:30:38,400 --> 00:30:41,959
Speaker 1: Stop funding Uncle Sam's retirement and start planning for your

706
00:30:42,000 --> 00:30:45,480
Speaker 1: own successful retirement. As we return to the Maggie Tax

707
00:30:45,520 --> 00:30:48,920
Speaker 1: Financial Show with your host Robert and Chris Maggie with

708
00:30:49,040 --> 00:30:52,160
Speaker 1: Maggie Tax and Wealth Advisors. For information on how you

709
00:30:52,200 --> 00:30:55,800
Speaker 1: can create a tax free retirement, call eight three three

710
00:30:56,240 --> 00:31:00,560
Speaker 1: Magie Tax or visit Maggie Tax dot com. Now your

711
00:31:00,560 --> 00:31:04,920
Speaker 1: host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.

712
00:31:04,600 --> 00:31:06,560
Speaker 2: Welcome back, and you're listening to the Magne Tax and

713
00:31:06,640 --> 00:31:09,520
Speaker 2: Financial Show. And today we've been talking about tax risk

714
00:31:09,560 --> 00:31:11,800
Speaker 2: and legislative risk and a whole bunch of other things.

715
00:31:12,080 --> 00:31:13,760
Speaker 2: But what thing I want to bring back this is

716
00:31:13,760 --> 00:31:16,960
Speaker 2: for the person out there that has been investing in

717
00:31:17,000 --> 00:31:19,239
Speaker 2: this for a long time. In the advisor community, they

718
00:31:19,320 --> 00:31:23,200
Speaker 2: learn to identify that risk by they created using fancy

719
00:31:23,280 --> 00:31:26,080
Speaker 2: terms like alpha and beta. How many people know that

720
00:31:26,440 --> 00:31:29,680
Speaker 2: and the industry helped create tools like Monte Carlo simulations

721
00:31:29,680 --> 00:31:31,360
Speaker 2: to quantify that risk for clients.

722
00:31:31,480 --> 00:31:33,560
Speaker 4: How many know that? Okay, I'm not worried about that.

723
00:31:33,960 --> 00:31:37,400
Speaker 2: Finally, advisors would use those tools to build act allocation

724
00:31:37,560 --> 00:31:42,959
Speaker 2: models to mitigate market risk, not mitigate tax risk. So

725
00:31:43,000 --> 00:31:45,080
Speaker 2: the question is every time we see a client come in,

726
00:31:45,200 --> 00:31:46,280
Speaker 2: did you open up your statement?

727
00:31:46,320 --> 00:31:46,880
Speaker 4: Do you know what you have?

728
00:31:46,920 --> 00:31:49,040
Speaker 2: And they say no, I don't. They don't know about alpha,

729
00:31:49,120 --> 00:31:50,800
Speaker 2: beta and all this other stuff. They just look at

730
00:31:50,800 --> 00:31:52,800
Speaker 2: the bottom line and they look at how many fees

731
00:31:52,840 --> 00:31:55,520
Speaker 2: they're paying. Well, what is the advisor doing for you?

732
00:31:55,960 --> 00:31:58,880
Speaker 2: He's not doing tax risk, he's not doing income risk.

733
00:31:59,160 --> 00:32:01,080
Speaker 4: So what was he doing? Just grown your assets?

734
00:32:01,360 --> 00:32:04,720
Speaker 2: The focus on accumulating wealth was the primary focus until

735
00:32:04,720 --> 00:32:08,520
Speaker 2: a few things happened. The dot com bubble burst, followed

736
00:32:08,520 --> 00:32:12,280
Speaker 2: shortly there after by the financial crisis, and suddenly savers

737
00:32:12,320 --> 00:32:15,960
Speaker 2: were reaching retirement age with depleted assets and no plan

738
00:32:16,120 --> 00:32:19,400
Speaker 2: to generate income. And that problem was compounded by the

739
00:32:19,440 --> 00:32:22,560
Speaker 2: reality that retirees were living longer than ever. So none

740
00:32:22,600 --> 00:32:26,560
Speaker 2: of these advisors talked about future tax free money or income.

741
00:32:26,560 --> 00:32:28,880
Speaker 2: And I asked it before, how much income do you

742
00:32:28,920 --> 00:32:30,480
Speaker 2: need for the rest of your life to go to

743
00:32:30,520 --> 00:32:33,600
Speaker 2: that mailbox every month and get the check that you want.

744
00:32:33,680 --> 00:32:38,000
Speaker 2: Advisors learned to identify that income risk, go a longevity risk.

745
00:32:38,080 --> 00:32:40,880
Speaker 2: That's what we do. And suddenly it wasn't enough to

746
00:32:41,000 --> 00:32:44,560
Speaker 2: just accumulate funds. Savers needed a plan to make those

747
00:32:44,600 --> 00:32:46,160
Speaker 2: funds last a lifetime.

748
00:32:46,280 --> 00:32:47,560
Speaker 4: Chris, And that's.

749
00:32:47,440 --> 00:32:49,959
Speaker 2: What we see every day now because people are confused,

750
00:32:50,360 --> 00:32:53,640
Speaker 2: they're isolated, and they're angry. Would you think it's because

751
00:32:53,680 --> 00:32:56,640
Speaker 2: they got the wrong information, they were taught the wrong language.

752
00:32:56,760 --> 00:32:57,800
Speaker 4: Well, this is what's happening.

753
00:32:57,840 --> 00:32:59,840
Speaker 3: People coming in for a tax preparation and guess what

754
00:33:00,560 --> 00:33:03,960
Speaker 3: when they're not clients of ours, they're clients of other advisors.

755
00:33:04,040 --> 00:33:05,960
Speaker 3: They come in and they say, I want to get

756
00:33:06,080 --> 00:33:08,440
Speaker 3: a plan, So we do the taxes for them, and

757
00:33:08,560 --> 00:33:10,120
Speaker 3: guess what. They're upset they have to pay a tax

758
00:33:10,160 --> 00:33:12,560
Speaker 3: liability and they said, well, my advisor never showed me

759
00:33:12,600 --> 00:33:15,680
Speaker 3: a tax plan. So what if you could have a

760
00:33:15,720 --> 00:33:18,400
Speaker 3: plan where you have buckets of money. Just think about

761
00:33:18,400 --> 00:33:20,280
Speaker 3: this for a sec What if you have a buckets

762
00:33:20,320 --> 00:33:23,320
Speaker 3: of money that have growth with investments that are allocated

763
00:33:23,440 --> 00:33:26,440
Speaker 3: the right way to your risk tolerance. What if you

764
00:33:26,440 --> 00:33:28,920
Speaker 3: have a couple other buckets that generate guaranteed income, so

765
00:33:29,080 --> 00:33:30,600
Speaker 3: you can go to the mailbox each and every month

766
00:33:30,600 --> 00:33:32,760
Speaker 3: and grab that check and spend the heck out of

767
00:33:32,760 --> 00:33:34,120
Speaker 3: it and do it all over again for the rest

768
00:33:34,160 --> 00:33:36,000
Speaker 3: of your life. And what if you have like an

769
00:33:36,000 --> 00:33:39,120
Speaker 3: inflation bucket, right, you can always tap into so when

770
00:33:39,160 --> 00:33:41,840
Speaker 3: things hit the fan, you can always tap into and

771
00:33:41,880 --> 00:33:44,600
Speaker 3: have income so you don't have to worry about the

772
00:33:44,640 --> 00:33:47,800
Speaker 3: inflation or running out of money. Then what if you

773
00:33:47,880 --> 00:33:50,840
Speaker 3: had those buckets, every one of them, make sure that

774
00:33:51,000 --> 00:33:53,960
Speaker 3: they pass to where you wanted to go and avoid

775
00:33:54,000 --> 00:33:56,720
Speaker 3: the probate process. Then what if you had some of

776
00:33:56,720 --> 00:33:58,640
Speaker 3: those buckets that are tax free, so when you use

777
00:33:58,720 --> 00:34:01,720
Speaker 3: taxes every year, you take some from a taxable environment,

778
00:34:01,760 --> 00:34:03,720
Speaker 3: some from a tax free and you can stay under

779
00:34:03,760 --> 00:34:05,640
Speaker 3: the threshold income so maybe you don't have to file

780
00:34:05,680 --> 00:34:10,160
Speaker 3: a tax return or your effective tax rate is very low.

781
00:34:10,800 --> 00:34:13,919
Speaker 3: That's how you do planning. What if you can have that, Well,

782
00:34:13,920 --> 00:34:16,680
Speaker 3: that's what the Maggie Plan's all about. That's the holistic

783
00:34:16,719 --> 00:34:18,960
Speaker 3: plan that we do. It's not about just giving your money,

784
00:34:19,040 --> 00:34:21,759
Speaker 3: let me manage it for you. Anybody can do that.

785
00:34:22,000 --> 00:34:25,040
Speaker 3: There's more to it. So when you think about what's

786
00:34:25,080 --> 00:34:28,480
Speaker 3: happening right now. You're following the crowd. You're the same

787
00:34:28,520 --> 00:34:31,040
Speaker 3: as every one of people out there. And there's a

788
00:34:31,080 --> 00:34:33,960
Speaker 3: small percentage of people out there that actually have what

789
00:34:34,040 --> 00:34:36,560
Speaker 3: I just talked about because there's so many people out

790
00:34:36,560 --> 00:34:39,840
Speaker 3: there that don't know what to do. If you're listening today,

791
00:34:39,920 --> 00:34:41,920
Speaker 3: I urge you to pick up the phone, schedule a

792
00:34:41,960 --> 00:34:44,239
Speaker 3: time to meet with us, get a second opinion on

793
00:34:44,280 --> 00:34:47,080
Speaker 3: your plan. Eight three three magi tax. That's eight three

794
00:34:47,160 --> 00:34:48,320
Speaker 3: to three maggie tax.

795
00:34:48,480 --> 00:34:50,080
Speaker 2: So the question is how do you make your money

796
00:34:50,160 --> 00:34:53,520
Speaker 2: last a lifetime? And what happened things change in this industry.

797
00:34:53,840 --> 00:34:57,440
Speaker 2: Annuities came out guaranteed income riders that people have. That

798
00:34:57,600 --> 00:35:00,680
Speaker 2: was the perfect solution to provide a guaranteed check and

799
00:35:00,800 --> 00:35:03,640
Speaker 2: clients could retire and outlive their money.

800
00:35:03,760 --> 00:35:05,120
Speaker 4: In the year two.

801
00:35:04,960 --> 00:35:09,320
Speaker 2: Thousand, advisors became experts in income planning, addressed this major

802
00:35:09,320 --> 00:35:12,160
Speaker 2: concern and that's what we do. And shortly thereafter, most

803
00:35:12,160 --> 00:35:16,480
Speaker 2: advisors across the industry were using annuities to offset income risk. Now,

804
00:35:16,480 --> 00:35:19,319
Speaker 2: don't panic when I say the word annuities, because if

805
00:35:19,320 --> 00:35:21,160
Speaker 2: you look at your Social Security and your pension, that

806
00:35:21,280 --> 00:35:24,320
Speaker 2: is that's an annuity. So think about it. You just

807
00:35:24,360 --> 00:35:26,600
Speaker 2: don't understand the language and how they apply, and some

808
00:35:26,800 --> 00:35:29,920
Speaker 2: may be bad. I get it, Chris understands. But until

809
00:35:29,920 --> 00:35:32,360
Speaker 2: you sit down and see how the annuity process works.

810
00:35:32,560 --> 00:35:35,240
Speaker 2: You want guaranteed income for life, you want a certain amount,

811
00:35:35,239 --> 00:35:37,759
Speaker 2: we can help you. So today the headlines are all

812
00:35:37,800 --> 00:35:39,200
Speaker 2: about taxes, all right.

813
00:35:39,400 --> 00:35:42,480
Speaker 4: They just bypassed everything. They shoved it under the blanket.

814
00:35:42,800 --> 00:35:46,760
Speaker 2: Advisers who understand tax risks today, like we do with Maggie,

815
00:35:46,760 --> 00:35:48,839
Speaker 2: tax are the reason why we are successful.

816
00:35:49,280 --> 00:35:50,279
Speaker 4: Many of you know us.

817
00:35:50,400 --> 00:35:51,920
Speaker 2: Many of you come in and see us and you

818
00:35:52,120 --> 00:35:55,239
Speaker 2: understand the plan, and we do complete planning. And I'll

819
00:35:55,239 --> 00:35:57,960
Speaker 2: say it again, you do not have a complete plan

820
00:35:58,239 --> 00:35:59,799
Speaker 2: if you do not have a tax plan or an

821
00:35:59,800 --> 00:36:02,640
Speaker 2: in come plan. And we can apply the same financial

822
00:36:02,680 --> 00:36:06,040
Speaker 2: process we used to address market and income risks. We

823
00:36:06,080 --> 00:36:09,800
Speaker 2: want to help clients identify your tax risk, quantifying dollars

824
00:36:09,880 --> 00:36:12,839
Speaker 2: and cents. That's the bottom line. People say, Bobby, Chris,

825
00:36:12,880 --> 00:36:15,160
Speaker 2: how much am I going to get? Bottom line? And

826
00:36:15,280 --> 00:36:17,560
Speaker 2: let us find the tools to reduce that risk. That's

827
00:36:17,640 --> 00:36:20,320
Speaker 2: up to you. You have to tell us what's concerning

828
00:36:20,360 --> 00:36:23,120
Speaker 2: you income. Is it taxes or it's all the above.

829
00:36:23,560 --> 00:36:26,000
Speaker 2: Because the biggest thing we hear, Chris, is the market.

830
00:36:26,040 --> 00:36:28,239
Speaker 4: The market. Oh, it's up making money. No, you're not.

831
00:36:28,800 --> 00:36:31,840
Speaker 4: You got It's not all yours until it crashes, and

832
00:36:31,880 --> 00:36:34,319
Speaker 4: then it crashes. Then you lose what, you lose all

833
00:36:34,360 --> 00:36:36,400
Speaker 4: that you think you had. That is not a plan

834
00:36:36,640 --> 00:36:39,040
Speaker 4: for retirement, Chris. I mean, I'm sorry, I get upset,

835
00:36:39,080 --> 00:36:40,360
Speaker 4: but this is what people come in.

836
00:36:40,400 --> 00:36:42,040
Speaker 2: They think the market is the best thing in the

837
00:36:42,080 --> 00:36:46,080
Speaker 2: world for what For growth, yes, but for retirement you've

838
00:36:46,080 --> 00:36:48,200
Speaker 2: got to start thinking about change and looking at it

839
00:36:48,200 --> 00:36:49,240
Speaker 2: through a different lens.

840
00:36:49,280 --> 00:36:51,920
Speaker 3: Absolutely, And that's where there's the complete process. You know

841
00:36:51,920 --> 00:36:54,120
Speaker 3: we talked about early in the show. Yeah, you're up

842
00:36:54,160 --> 00:36:56,479
Speaker 3: at halftime and it's great, you're all excited, but guess

843
00:36:56,520 --> 00:36:58,480
Speaker 3: what the second half comes around, and that's where Uncle

844
00:36:58,520 --> 00:36:58,920
Speaker 3: Sam is.

845
00:36:59,400 --> 00:36:59,920
Speaker 4: He comes out.

846
00:37:00,040 --> 00:37:02,040
Speaker 3: That's a silent partner that's there on the other team

847
00:37:02,080 --> 00:37:04,720
Speaker 3: that you do not see. And that's what we're showing

848
00:37:04,760 --> 00:37:07,040
Speaker 3: you today. So when we think about big picture, we

849
00:37:07,160 --> 00:37:09,680
Speaker 3: get it. We have people retire each and every day.

850
00:37:09,800 --> 00:37:13,319
Speaker 3: You retire once, so we retire each and every day,

851
00:37:13,360 --> 00:37:15,839
Speaker 3: and we can show you how it's going to look.

852
00:37:15,920 --> 00:37:17,640
Speaker 3: So pick up the phone and schedule time to meet

853
00:37:17,680 --> 00:37:19,920
Speaker 3: with us. We have office on both sides of the Bay.

854
00:37:20,120 --> 00:37:22,640
Speaker 3: We do a radio show. Obviously, we do a TV

855
00:37:22,719 --> 00:37:25,920
Speaker 3: show every Sunday on ABC TV at ten thirty am.

856
00:37:26,000 --> 00:37:29,080
Speaker 3: Tune in watch. Go to our website Maggi Tax dot

857
00:37:29,080 --> 00:37:31,719
Speaker 3: com see what we do. If you're listening today. If

858
00:37:31,719 --> 00:37:34,359
Speaker 3: you do not have a plan, we can help. If

859
00:37:34,400 --> 00:37:37,040
Speaker 3: you want an income plan, a tax plan, an investment plan,

860
00:37:37,120 --> 00:37:40,600
Speaker 3: and a state plan, a social security maximization plan, we

861
00:37:40,719 --> 00:37:43,640
Speaker 3: can help. What are you doing If you do not

862
00:37:43,760 --> 00:37:46,000
Speaker 3: have a plan, you need to get one A three

863
00:37:46,000 --> 00:37:48,239
Speaker 3: to three Maggi Tax. We look forward to working with you.

864
00:37:48,400 --> 00:37:51,240
Speaker 3: Forward a meeting with you. Get the Maggie Plan, tax planning,

865
00:37:51,280 --> 00:37:55,040
Speaker 3: income planning, investment planning, so security planning, a state planning.

866
00:37:55,239 --> 00:37:58,279
Speaker 3: Get a plan you deserve it. Eight three three Maggie Tax.

867
00:37:58,360 --> 00:37:59,239
Speaker 3: That's eight three to three.

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Speaker 1: Thank you for listening to Maggie Tax and Financial Show

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