TRANSCRIPT FOR THE MARCH 11, 2017 “ON THE MONEY” SHOW

Hosts: Nancy Hecht, CFP®, AIF®, CPA and Joe Bert, CFP®, AIF®

Hello everybody, welcome to another edition of on the money with the Certified Financial Group here on News 96.5, Joe Bert, Nancy Hecht in the studio this morning.  How are you guys today?

We’re doing great, good morning.

Ready to kick things off on this beautiful Central Florida Saturday morning?

Yes we are, but if I can stop for a second.

Yep, yep, yep.

I have a little message for my daughter.  She’s an RN at Halifax Hospital and Bike Week just started, and she said please be careful.  They have way too many bikers in <Background Noise> last night.  Yeah, so be careful on the road.

As a fellow motorcycle enthusiast, that pains me to hear.  Good people — it’s not hard.  I am finding more and more people are just texting and driving.  As I drive down the road, cars taking up two lanes doing 25.  Public service announcement first thing in the morning.

A week ago, I’m coming back to the office from the Villages and a motorcyclist is next to me, not wearing a helmet, with his phone in his hand, and I thought, I have got to get away from that person as fast as possible.

Oh, my goodness.

You hear about the motorcycle fatality, it is that guy.

No good.

Don’t give my daughter business today.

No, no, no.

Let’s get on a higher, a happier note here and kick it off.  What are we talking about today?  Nancy and I are here to take your calls about your personal finances to kind of clean up the mind fog that you might be having about <Inaudible> your retirement, or retirement is staring me right in the face, what do I need to do to convert my assets, my savings, my investments into income because <Inaudible> let me back up a little bit.  Thank you, put the teeth in.  Put the income or put the assets you have, turn it into income because Social Security will provide you with some income, but then you’re going to have to supplement that.  And we go through life, trying some of this, trying some of that, kind of hope it all comes together at some point in life only to find out that maybe it’s not working because you sent to one of those lunch or dinner seminars and bought that product that you think’s going to solve everything.

Oh, my gosh.  Yesterday I had a client come into the office, Nancy, who had bought one of those indexed annuities, and he was bemoaning the fact that he now understands what he has, hasn’t made any money, yadda, yadda, yadda.  But the real tragedy is the guy that sold it to him took him out of an annuity.

So they paid the surrender charge.

A huge surrender charge, <Background Noise> to put him into this annuity.

Anyway, we’re here to keep you from making those mistakes and answer any questions you might have about savings and investing, about stocks and bonds and mutual funds, real estate, long-term health care, IRAs, annuities, reverse mortgages, life insurance, all that and more.  Nancy and I are here to take your calls and there is — lines are wide open and you can call and pretend you’re somebody that you’re not, like Jack or Daphne or Louise or Laverne or Henrieta, or something.

Who are they?  We got us <?> some names right off the top of your head there.

People from my past.  So if you’re out there, Laverne, give us a call.  The lines are wide open, and not only that, but we can text.  Remember, you dial 844-220-0965.  The text machine is up and running as well, 21232 is the number to do that.  We just ask you keep it about 160 characters, don’t text and drive.  The text is simply for the people who are at home listening. I don’t want to see anybody driving down the road texting and driving.  But 160 characters, it gets cut off from that.  So if you leave out a detail, we may not answer the question properly or we may not answer at all if we don’t feel we have enough information to <Inaudible> other than a quick question, give us a phone call, 844-220-0965.

One of the most popular comments we’ve had in the past couple of weeks is about taxes and required distributions and all that stuff, so I’m sure we’ll get a lot of questions about those as April 15th — I’m sorry, April 17th this year, April 17th.

April 18th.

April 18th, Tuesday, yes sir.

Why <Background Noise>.

Because the 17th is Sunday.

No the 17th is a Monday, a holiday.

Oh, a holiday.

Only celebrated in Washington, and it’s freedom day or some <Background Noise>.

Okay.  So it’s the 18th.

So you get an extra weekend.  There you go.

That’s what procrastinators needed.  You’re waiting until <?> the 15th.

An extra three days.

That’s what you needed, an extra three days.

So April 18th this year.  Give us a phone call, 844-220-0965.  Nancy Hecht writes a lot of great articles on the website, Certified Financial Group, Nancy Hecht, you’ve  got to comment or see your headline this year, Suddenly Single.  What is that about?

<Background Noise>, okay.  So we got through — and we see a lot of this happening from the divorce standpoint when school ends.  Then you see — I had done a blog in the past about a lot of for sale signs going up.  But whether it’s due to becoming a widow or widower or because of divorce, a lot of people are finding themselves suddenly single and having to deal with a whole financial picture on their own whereas in the past, it was a division of labor.  So I have a few tips of things that you really should look at tackling first.

The first one is to establish an emergency fund.  Whether your single or not, you have to really make sure that you have a good emergency fund.  Look at your immediate expenses and then what kind of gap that there might be between those expenses and your monthly income, and make sure that you have enough cash on hand to cover any type of emergency that may come up.  I like to look at maybe three months of income.  A lot of people look at expenses, but I think replacing income is a little bit more important.  We just talked about taxes.  You need to look at your tax picture.  In the first year that you’re single, you may still be able to file joint if you were married and your now single due to death.  If it’s a divorce, you might want to look at head of household and single, and see which designation might suit you best.

And speaking of designations, we’ve seen many people coming in years, and years, and years after a divorce and have never changed their beneficiaries.  So please look at your employee benefits, look at your life insurance policies, look at your bank accounts to see who you have joint or payable on death and make sure that that ex or the deceased spouse’s name has been removed and you take designations <?> to somebody who is currently with us.

Because whatever’s on that form, that takes precedence over anything your will might say or anything their trust might say.  Some people say, well, I’ve done all my estate planning <Inaudible> my trust or I’ve done my will, everything’s good.  But whatever that beneficiary form says, that’s going to take precedence.

Yes.

So, we’re 100% right, be sure that stuff is current.  We’ve got a couple of calls here.

<Inaudible> Nancy, where can we reach some more of your columns there?

If they want to read my blogs, they can go to hechtessect.net.  That’s our website you can find.

Financialgroup.com.

 

Alright, Bev <?>, phone lines have started.  Let’s get straight to them.  Let’s talk to Rick in Flagler Beach.  Rick, you’re on with the Certified Financial Group here on WDBO.

Good morning Rick, thanks for calling.  How can we help you?

Good morning.  I’m curious if a 457 plan that I’m involved with is subject to the required minimum distribution at 70 and a half.

Yes it is.

Okay, so there’s no advantage then to rolling an IRA into that to not be required for that while I was still working.

 

If you’re still working after 70 and a half, yes.

 

He’s asking about rolling an IRA into the 457 plan.

 

To avoid the RMDs, like you can roll an IRA into a 401k if you’re still working after 70 and a half, as long as you’re not a 5% or more shareholder.

 

Definitely not.

 

If it’s 457.

 

Yeah.

 

I was just <?> talking about a 401k.

 

So if I’m still working, I’m not required to take the RMD?

 

You’ll want to check with your 457 provider to be sure that that provision is in the plan.  But I believe that if you roll that into — and you’re still working — you can roll your IRA.  I know you can roll it into a 401k.  I believe the same rules apply to a 457.  You can continue to contribute and you don’t have to take the withdrawals in the case of a 401k, as I said, unless you’re a 5% or more shareholder.  But a 457, you’re not a shareholder.  You can’t be a shareholder.

 

Rick, it’s important to talk to the provider and make sure that that provision is allowed.

 

Yeah, they have told me that I can roll an IRA into that.

 

There you go.

 

Then kudos for you. <Background Noise> of that.

 

Alright.  Thank you.

 

Bye, Rick.  Thanks so much for the phone call.  If you want Rick’s line <?> it’s 844-220-0965.  The text machine is up and running as well, 21232.  Ralph in Orlando’s got a question.  Ralph, you’re on with the Certified Financial Group here on News 96.5 WDBO.  Good morning, Ralph.

 

Good morning, how are you?  Got a question regarding estate planning from an elderly father.  He lives with me most of the year in Florida, although he’s an Ohio resident.  He has a will.  Everything is set up pretty much as far as the legalities of it.  Was talking to an attorney, kind of finding out if I, as a Florida resident could be the executor for his will in Ohio and he said I can, but I’ve got to jump through a few extra hoops.  So he suggested putting everything in TODs for transfer on death, TODs, and moving it out there.  And also for the house, do the same thing for the house.

 

Okay, alright.

 

And that sounded good.  I do have a couple questions.  One, somewhat workable around the other one, I’m not sure about.  The most important one, first of all, would be if we do the TOD on the house, it would go to me and my sister, the two heirs.  If we get the appraised value of the house, that would be what our cost basis would be.  If we sell the house for more than the appraised value, would we have to pay capital gains on that or could we wait like six months, like you do with a normal estate and get an alternate valuation of the selling cost?

 

Your worried about when your dad passes away, you’re going to inherit that house as the value at his time of death.  So you can sell the next <?> day and pay no taxes.  So you’re paying — you’re fearful of — if you inherit the house and it has a big jump in value because you’re fathers not living there anymore?

 

No, because <Background Noise> primary residence, are they going to pay capital gains?

 

No, no, no.

 

So we get the —

 

Why do you say no?  Why do you say no?  If they inherit the home —

 

Right, they can sell the house the next <Background Noise>.

 

Wait, you mean so they can sell the next day with no taxes.

 

True, but I’m thinking, here is the situation.  It’s not to sell it the next day.  It’s because it’s in an area that’s a pretty nice area, although the house is old.  We could probably put in $10,000, $15,000 into putting a new roof, redoing the flooring and stuff like that and sell it for more <Background Noise> into it, substantially maybe, $20,000, $30,000 more.  Could we wait and get an alternate evaluate six months down the road and use that as you could with a normal inheritance because I guess the assessor’s got a choice of taking either the appraised value or an alternate value.  Can we do that and use an alternate valuation six months down the road after we’ve done all the fix up work and use that as our cost basis.

 

I believe you can do that, yes.  My gut tells me you can do that because you are entitled to the alternate valuation, that’s correct.

 

Okay.

 

I’m not 100% sure.  You may want to check with your attorney, but my gut tells me that that’s true.

 

You want to check with <Inaudible> from Ohio, not here in Michigan.  I mean, here — excuse me.

 

Wherever it’s at.

 

Wherever you are.

 

Because go blue is front in the brain, not in Florida.  And what was your other question?

 

My other question is this: He’s also allocated money to go to the grandchildren in his will.  Of course, if the will is — if everything <?> is taken care of before the will, that would not apply, however, my sister and I would certainly both honor that to give to our children.  The problem is it would be over the $14,000 you’re allowed to give a year, and I’m assuming that if we give it, it doesn’t come through the will, but we actually gift it, because then we would be subject to the gift tax if we went over the 14,000 to give to the children.

 

Is it over double?

 

Well, unfortunately in my case, I’m a widower and a couple — one of my children, my daughter <?> passed away, so my daughter’s children — that will be double there.  But, and actually to answer your question, yes, it would be more than double.

 

The reason I was asking was if you did have a <Inaudible> could each gift that amount to the grandchild.

 

If they were married, then we do it four ways.  But unfortunately, in a couple of the cases, it doesn’t work out that way.  So you might chunk a little bit into your gift packet exclusion years and years and years down the road, but seeing as we’re in the midst of a tax overhaul, who knows what that’s going to be.

 

Yeah, okay, so you’re saying, they <Inaudible> do away with estate taxes altogether.

 

I doubt that will happen, but <Background Noise>.

 

But stay tuned, Ralph.  There’s a possibility that all of that’s going to change.

 

Okay.

 

Alternatively, you had said something about passing through the will.  That will go through probate.  That will cost you money.  You may be better off to set up a trust to have those funds flow through to the grandkids.

 

He said that most everything is going to be designated by title, so very little will go through the trust.

 

I understand, but the things that aren’t TOD that are going to him and his sister that is carved out for the grandkids — I understand that’s what you said, right?

 

Right.

 

What you and your sister don’t get, there’s something carved out for the grandkids, well, that could perhaps go in trust and then that would avoid probate.  And then, depending on what the grandkid situation is, you can be creative in terms of distributing that money to the grandkids.  In other words, don’t give it to them in a lump sum depending on how much money we’re talking about.

 

Is there an opportunity to establish 529 accounts while your father is still alive and —

 

The grandkids are all grown up.  We have grandchildren.  They’re all in their late 30s and 40s.  So in other words, I’ve got to be a little creative in giving out that money because I can’t give more than 14,000 a year and stay —

 

Under current law, that’s <Background Noise>.

 

And <Inaudible> or what happens to tax laws.

 

As Nancy said, if you eat <?> into the exclusion, it may not be a big deal.  How much money are we talking about?

 

30,000.

 

Wow, yeah.  Don’t worry about it.

 

Don’t worry about it.

 

Okay.

 

Alright, Ralph, thanks so much for the phone call.  I really do appreciate it.  Boy if you can’t hear the passion Joe and Nancy have for <?> the information to help you, Central Florida, through the radio this morning, I don’t know what.

 

<Background Noise> figure it.  Or state of mind.

 

Alright, 844-220-0965 is the number if you want Ralph’s line.  Right now we have to pause to get the three big things you need to know.

 

Welcome back to On the Money here on News 96.5, WDBO.  We are answering your questions at 844-220-0965 with Joe Bert, Nancy Hecht <?>, from the Certified Financial Group.  We are two minutes away from latest news, weather and traffic with Dave Walsh.  We’ll get back to our busy phone lines and talk to Jerry in Winter Park.  Jerry, you’re on with the Certified Financial Group.

 

Good morning Jerry.

 

This has to do with a standard IRA and taking the minimum required distribution at 70 and a half.  I turned 70 September of last year.  If I understand the rules in listening to you, your show and what is required, I do not need the money to live on due to a good pension and Social Security.  Is my understanding that I can put it off and take it in 2018?

 

Right.

 

Yeah, and then, but, that year I have to take another one before <?>.  So in other words, in 2018, I have to take two minimum required distributions.

 

Right, and if you defer this year, it has to be done no later than April 1st of 2018.

 

Yes, that’s what I wanted to make sure <?>, it’s before tax day.  So, yeah, okay, that’s what I need to know.

 

Actually, you just said something important there.  It has nothing to do with tax day.  It’s April 1st, not April 15th.

 

Oh, April 1st.  Okay.

 

April 1st of 2018 if you defer this year’s requested minimum distribution.

 

That’s what I’m going to do.

 

Alright, then, mid March, just to be safe, I would be sure I do my 2017 required minimum distribution.

 

Yeah, I’ll go ahead and send the information into the IRA people.  Okay.

 

Alright, thanks for the call.  Jerry in Winter Park, thanks so much for your phone call.  If you want Jerry’s line, it’s 844-220-0965.  We also have some texts we see on the text machine.  We’ll get to those questions right after latest news, weather and traffic with Dave Walsh.  We are planning tomorrow today with the Certified Financial Group on News 96.5 WDBO.

 

This is News Ninety —

 

Welcome back to On the Money here on News 96.5 WDBO.  We are answering your questions with the Certified Financial Group.  Joe Bert and Nancy Hecht are here live in the studio taking your phone calls at 844-220-0965.  844-220-0965.  They are also answering text questions as well.  We do have some questions here on the text machine.  If you want to join that line, it’s 21232.  Just keep it to about 160 characters.  That’s all we can see on our screen.  Just keep your questions about 160 characters, 21232, and the phone lines are always open as well.

 

Joe, we’ve got a couple of events coming up with the Certified Financial Group.  Tell us about it.

 

We do.  The first one, well not the first one, but the one we’re talking about first is the one with the Springs concert with the Orlando Philharmonic Orchestra.  We’re proud once again to be <Inaudible> lead sponsors of that event.  It’s going to be May the 6th at the Spring community in Longwood.  The full complement of the Orlando Philharmonic.  We’re backing out <?> the tribute band, doing a tribute to Abba this year.  It’s going to be fantastic and there are tickets available and in order to get tickets, all you have to do is go to our website, financialgroup.com, and click on the link.  Or you can go to Facebook, our Facebook page and register to win two free tickets.  So we’ve got that opportunity there, Facebook or go to our website if you want to buy Book now or go to our website if you want to buy some tickets!

 

And I believe — Did you say earlier that the VIPs were sold out already?

 

VIP tickets are sold out but–

 

They’re moving fast, you say.

 

They are moving fast.

 

Okay.

 

Always a sell out event, and it’s a great mother’s day gift as well, so–

 

Absolutely!

 

Go on our website, financialgroup.com or our Facebook page to register and win two free tickets.

 

I know my mother, who is a huge Abba fan, would love to go to that!

 

Yeah, it’s fun, it’s a great time– So, then other upcoming events we have on April 22nd is our annual Shredathon. You can come to our office with a maximum of two banker box-sized containers of stuff to shred and dump it into the truck and watch it all get shredded right before your eyes. Before that on Tuesday, March 14th, which is next week, health care options in retirement hosted by Gary Abeley, that’s from 6:00 to 8:00 in our office with light refreshments. And then April 20th Denise Kovacs and myself will be hosting our Social Security Boot Camp with planning strategies that’s from 6:00 to 7:30 and we will serve a light dinner at that. So please go to our website, financialgroup.com, go to the Workshop tag and you can make a registration.

 

Sara, financialgroup.com is the website, more information and all that good stuff. All right, let’s get back to our phone lines, guys, we’ve got a couple of questions here for you if you want to join the conversation it’s 844-220-0965. 844-220-0965. Glen in Davenport’s up next. Glen, you’re on with the Certified Financial Group.

 

Good morning Glen!

 

Hi Glen!

 

Hi, how you doing there?

 

Great!

 

I was listening to Nancy talk a little bit about the article she wrote and I’ve got a situation. I’m a widower; my wife died and I’ve got a son who’s been through a terrible divorce, lost the car, lost the house, lost a bunch of stuff and whether he lives under the bridge or in my house, I told him he could live in my house. Now he’s got a job but his credit is damaged, he couldn’t afford even to get an apartment building right now. He’s got to pay child support, it’s a mess. My question is in the tax law, are there any tax laws that I could claim some of the expenses for him living in my house. If so get me recommendations. If not, I heard you say the tax laws might be changing soon but anyhow my question is are there any deductions I can take, he’s 46 years of age.

 

Okay, what you want to look at Glen, is if you’re responsible generally for 50% or more of the livelihood for somebody in your home generally we’re having this discussion for taking care of a parent, but it also refers to taking care of a kid, then you can claim them as a dependent, but I would want you to check with the tax laws for 2016 or 2017 to make sure that nothing has changed in that regard. But generally if you’re responsible for 50% or more of the maintenance and care of the individual you can claim them as a dependent.

 

Okay, he’s working and he has to file taxes also, that complicate it some?

 

That, I’m not sure, I would imagine yes, and this might be the year that you want to hire a tax professional to help you. Okay. Okay?

 

Okay, I appreciate your help.

 

Okay <Inaudible>.

 

All right, Glen, if you already want Glen’s line it’s 844-220-0965. 844-220-0965. Al is listening in Atlanta, dialed us up, guys. Al, you’re on the Certified Financial Group here on WDBO.

 

Good morning!

 

Hi Al.

 

Hey, Big Al!

 

Yes, que pasa? <Inaudible>.

 

How can we help you? What’s up?

 

Hold it, I just need to know what’s going on here. This is my old friend Al from Atlanta. He was my neighbor when we first got married many, many years ago. Terrific guy, <Inaudible> appliance, and he’s calling in this morning, listening from Atlanta.

 

And Al, Carol’s in the studio, and she has a big smile on her face.

 

Ha ha ha!

 

Hey Carol!

 

What’s up?

 

Two things. I got a question on my joint account but before we get to that I looked at AARP this morning, which obviously always leans left, and they’re talking about this fiduciary rule. And Trump was <Inaudible> about it. So Trump signs this executive order that blocks the investment reforms and is basically going back to the fiduciaries. So I wondered what your take and thoughts were on that.

 

Well, we strongly believe that if somebody in our business is working with a client, they need to serve as a fiduciary. Once again there’s two ways to which the investment world works, one we’re a broker where you’re working for your company and the second one where you’re acting as a fiduciary and you’re working for your client and as you know we work with our clients and we serve as fiduciaries. I don’t like the rule, though, the way it’s written because the way it’s written is really the trial attorney’s full employment act. It’s just loaded with stuff that is going to create nothing but havoc for the investment world. I think that rule needs to be redone but generally we’re in favor of some form of fiduciary guidance because it’s still the Wild West out there when it comes to investing.

 

Well, I’m glad to know that Trump’s on top of the agenda.

 

Yeah.

 

Not surprising. My joint account. Does that require a specific amount of money in there, Joe, to qualify for a fiduciary score, splatter box, and all that?

 

I’m sorry, to qualify for what?

 

It’s a fiduciary score and scatter plot.

 

Oh no, no, we’re going to report on that account just like we do on your qualified accounts, we will score all those funds every quarter for you to determine whether or not they’re still suitable for your portfolio. So whether it’s a dollar in there or $1M we treat it all the same.

 

I’m sorry, I listened, I have no idea what Al means by scoring? We have a very stringent quarterly review of all the assets that we hold for our clients, and they’re held to specific unbiased standards to see if they still are of the quality that we expect them to be. So that’s it. A layman’s terms description of what Al was referring to.

 

So you like that scatter plot, huh?

 

Yeah, yeah, that’s– But here’s my deal. You know, I don’t know how we did it but we got $7,000 in it but I had better than any day cash just laying around, something is being summed in my bank savings. I need to get that working better, so how do I get that money to you?

 

Just talk on Monday and I’ll give you the directions, pretty straightforward, want to be sure we’ve got enough liquid cash available for anything that might pop up. New car, new boat, new golf clubs you may want to buy, but other than that you ought to get it working for you. Give you a call on Monday.

 

All right!

 

Big Al, thanks so much for listening from Atlanta, Georgia, we appreciate your phone call. If you want Big Al’s line, it’s 844-220-0965. 844-220-0965. Text machines up and running as well, 21232. Let’s go to John in Altamont Springs. John, you’re on with Certified Financial Group here on News 96.5.

 

Hey, good morning, how you doing today?

 

Good morning, John, thanks for the call.

 

I don’t want to keep you guys too long, you have a lot of callers coming in. Quick question. I am 71. I’ll be 72 this year. And I have to take money from my IRA. You have to take it before April?

 

If you defer. Did you take your first required minimum distribution at 70 and a half.

 

Yes I did.

 

Then no, you have to make sure that you take your required minimum distribution by December 31st of this year.

 

Okay, good, good, good. Thank you very much then. One more quick question — Do I have to tell them how much cash to pull out there when <Inaudible> start to take out?

 

Well, generally–

 

I don’t know what I did the first time.

 

Well, generally we like to withhold taxes so yeah. You know, you should–

 

Okay.

 

You should do it in the dance, do it when you’re processing your required minimum distribution and you don’t have to worry about it next year when you do your taxes.

 

Okay, thank you very much, thank you very much.

 

Thank you for your call.

 

John, thank you for your phone call, if you want John’s line it’s 844-220-0965. 844-220-0965. Bob in Orlando has dialed us up, Bob, go ahead, you’re on with Certified Financial Group.

 

Hi, I got a quick question. I have a very good friend who is not a relative or anything like that, who is a student, and I’d like to provide him with dollars in the amount of about $10,000 for his schooling. Is that deductible?

 

Uh, no. It’s a gift.

 

Yeah, it’s not taxable to you, it’s not taxable to him or her as a recipient and no it’s not deductible.

 

Okay, so that’s considered a gift and a gift like that are not deductible.

 

No they are not.

 

Nope, you only pay–

 

Thank you much, that’s all I needed to know.

 

All right, thanks so much, Bob, for the call. If you want Bob’s line it’s 844-220-0965. Brian’s got a question for you guys. This is Nancy and Joe Burt, on Certified Financial Group, Brian, go ahead, you’re on WDBO.

 

Yeah, I’ve got kind of an odd question just happened a while back. My parents had passed away, we were dealing with their trust, and unfortunately this all happened just before the crash. My parents had kept their entire estate in very low risk bonds, had never been in the stock market whatsoever, as my mother was passing away they came over and had me sign some documents basically the short end is that they moved their entire portfolio over into the stock market. They were told specifically not to do anything because it was supposed to be low risk for an institution, and then as a matter of fact we found out that some stuff had been moved into penny stocks–

 

Okay.

 

Oh my gosh.

 

We kept being asked– I don’t understand some of the gradations, I found another financial planner and he said that our risk level was at 5,000 times higher than where it was, where it was supposed to be. Short story is this– because I got caught when I would talk to a smaller set of lawyers, they would go well there’s nothing you can do because everybody lost money. The problem is they took our money and moved it–

 

Right.

 

Or they shouldn’t have–

 

Right.

 

But then we talked to the big lawyers, like guys out of New York or South Florida they would sit and say, well this isn’t enough for us, it’s only $1M.

 

Yeah.

 

So I got caught in this cushion of well everybody lost but I’m like we shouldn’t have because we were not in the market and this person had moved the money to a Series 7 person, who had moved the money around and he was on the board of this one company that ended up being basically a penny stock. I’m just curious, it’s been a while– Oh, here’s the other beautiful point, is there something called a U-4?

 

Yeah yeah.

 

Some sort of documentation where you have to turn in as a financial planner that if you have any sort of financial problems whatsoever. Upon revelation we found our financial planner had multiple IRS liens against them, had had multiple findings against them on annuities and misuse of annuities, that was another thing, he put my mother in an annuity with Stage 4 pancreatic cancer, we did not know it was an annuity, so we got all of our money back from that. That was $1M here, which he got a $75,000 commission on, and I’m just curious. I know that it’s been a while–

 

What do you mean by a while?

 

Well, then, back at the crash, when this all–

 

Oh, okay.

 

Statute of limitations probably ran on this, but if you will call me on Monday I will give you the name of an attorney who can help you.

 

I was going to say the same thing, yeah. We know people that can help you.

 

Okay. Because you understand, I got caught where the big fish, the guys that could have really done something about it are like you’re too small at this point in time and then the little guys just go well everything lost. I’m like okay what is your office number, I don’t know that.

 

407-869-9800.

 

9800?

 

Correct.

 

Mmhmm.

 

And here’s why I asked for it.

 

You can ask for Joe, you can ask for me, Nancy, either of us could put you in touch with people.

 

Okay.

 

Because the only <Inaudible> you have on hand here is the statute of limitations may have run on this deal but it’s at least worth a conversation.

 

Well, Brian, we’re up against it, we got to take a break to get the three big things you need to know, so give them a call on Monday and we appreciate your phone call. If you want Brian’s line, it’s 844-220-0965.

 

844-220-0965. We’re planning tomorrow with the Certified Financial Group, here on WDBO.

 

Now, this is News 96.5, WDBO.

 

And welcome back! This is On the Money, with the Certified Financial Group here on News 96.5, WDBO. We are answering your phone calls at 844-220-0965 with Joe Burt and Nancy at the Certified Financial Group, Joe, why are we listening to ABBA?

 

Once again we’re the proud sponsors of the annual Springs Concert. It’s May the 6th at the Springs community in Longwood if you want more information about that go to our website, financialgroup.com and click on the ticket information or you can go straight to our facebook page and register for two free tickets for the concert, May the 6th, in the Springs!

 

All right, we are five minutes away from the latest news, weather, and traffic, and that’s how much time we have left to get some of our busy phone calls, and remember if you don’t get on the air, stay on the line. He’ll give you a private consultation after the show. Let’s get back to the phone lines. Talk to — first to Tom, in Orlando. Tom, you’re on with the Certified Financial Group.

 

Yes. I had a couple questions actually, so I’m in the market to buy a house but I didn’t know if I should buy a house, if I should buy a townhouse or a condo, if I bought a townhouse or a condo my goal would be basically to try to pay it off as soon as I can <Inaudible> and then buy a house, but this would be my first house. I just didn’t know if that was a good route to go or not.

 

The question is should you buy the condo?

 

What kind of house could you buy? So have you met with a Realtor to discuss what might work best for your lifestyle? I think that’s probably the first place to go.

 

Um, yeah, I did <Inaudible> was 25, I have a maid, I have a kid that was just born, I make over 100,000 a year, and basically I just– I didn’t know if I should take advantage of like the low prices and buy something and try to pay it off quick and then try to buy something else actually to live in residentially-

 

Not being a fan of moving I say go for the house. Just get the townhouse. Find the area that’s convenient for you as far as commuting and has good schools and just go for the house and establish yourself in the neighborhood.

 

The other question I have is I’m looking for the house and I have some credit cards that I’m paying off and so <Inaudible> and I have money in my 401(k) and of course I have some liquid cash. Should I pay off the credit cards and stuff first and then get the money for the down payment and stuff or should I — I don’t have that much on the credit card like 6,000 or so–

 

Are you current on the credit cards? You have to be– You never missed one?

 

Yeah yeah.

 

Okay, that’s fine.

 

Okay, never been late or in debt and my credit score’s fine as well.

 

Okay.

 

No, you’re fine, as long as you’re not behind, that’s what the credit card and the reporting agencies look at is your schedule.

 

And how could he make the payment, so yeah.

 

My score is, my score is up, and then I have some money in the 401(k) would you recommend that I take out the money —

 

No!

 

–for a down payment?

 

No!

 

There are provisions for a first-time home buyer to take from a 401(k) but yeah that’s the place of last resort and you sound like you’ve got your act together and you don’t need to look at place of last resort, but please leave that for your retirement.

 

Okay. And as far as a credit card I should be fine if I don’t pay that off first?

 

Yeah?

 

My down payment?

 

Yes.

 

Okay. All right. Thank you guys so very much.

 

I appreciate it. All right, let’s get really quick to Charles in Deland, we’re one minute away, Charles, go ahead and you’re on Certified Financial Group.

 

Yeah, I’ll try to be quick. I’m 66, I got a regular IRA, still own some property in the process and it’s going to be a year or two to get paid off but it’ll increase my income and I think I’ll be in a bigger tax bracket then. I’ve read a guy like y’all had told about a you could invest buyer insurance policy, life insurance or something and then call the money —

 

No! No! No! No!

 

It goes by many different names, bank on yourself is the old name for–

 

Forget it.

 

No, it’d be great for the agents, not so great for you though.

 

Well, that’s it, Charles, thanks so much for the call. Robert, Charlene, hang on, you’ll get your private consultation off the air. We have been planning tomorrow.

 

Yay!

 

With the Certified Financial Group, here on News 96.5, WDBO, Flora’s Homes and Gardens is next.

 

This is News 96.5, WDBO

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