What Planning Issues Should You Consider Before the End of the Year

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Hello

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And welcome to On the Money right here on WDBO 1 0 7 3 FM AM five 80, always streaming us live in your very own WDBO app. This is Josh McCarthy sitting in studio with a team from the Certified Financial Group. We are so fortunate to be joined by Chris Toine and Chris Toine that is, and Joe,

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Thank you Josh. Thank you.

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I dunno why I keep throwing syllables at

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Josh. It’s all good. It’s a giving time of year. You’re just trying to give some more towels away I guess.

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Yeah, I think I want to make you Italian or something

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To

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McCarthy. We’re all just someone today that is of course Chris and Joe with the certified financial team offering great advice on the airwaves of WDBO for decades now. And they’ve been doing their thing in their office for over 40 years and I think they have about 400 years of combined experience in those four walls. So that is a reliable place to go down one of the top 100 financial firms in the country according to the CNBC. So that is nothing that we should not be quiet about. We should definitely let people know that this is the place to call, this is the company to work with if you want your finances in good hands. Gentlemen, how are we doing today? We’re

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Doing great Josh. Yeah, good to hear from you. As you said in the intro, Chris and I are here today calls that might be on our listers minds, things they’ve been trying to figure out regarding their financial future. We get our clients to and through retirement years. As we say, we do financial planning and investment advice for a fee on Monday through Friday. But on Saturday we are here for you absolutely free. And if you’re listening on Sunday mornings, obviously this is not Saturday mornings because the shows are recorded for our listeners it may get up a little earlier. So you can catch this show on Saturday morning at seven on Sunday morning at seven. And you can also, even if you’re listening on the recorded show, they can text during those hours, right Josh?

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That’s right. They can just text 5 8 8 0 9 3 2 6. So go ahead and save that number into your phone. So all the phones now, now you can just click a number and then choose to call or text it. So make sure you save five eight zero nine three two six into your for phone.

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So we are here to answer questions that might be on your mind regarding your personal finances, questions that you might have regarding required minimum distributions is that time of year, qualified charitable distributions. It’s that time of year. Once again, anything about the stocks, bonds, mutual funds, long-term, healthcare, real estate, life insurance, annuities, all that and more. Kris and I are here, here to take your calls as we have been now for more than 30 years. This is the financial call in show because there are all these other programs on the air on Saturdays and Sundays, a lot other entertaining shows. We are a live program except once again on Saturday and Sunday

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Morning, seven, at least Saturday at nine. We are live, we’re here live right now. Right

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Now as best

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You can us right now.

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So pick up the phone, there are nobody in line and you can jump right to the head of the line. And while we’re getting to today’s topic, which is Chris,

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The topic for the day is Joe, it’s the Santa Claus rally. Should have reminded us that we are nearing the end of the year. So who can believe there’s two weeks left in this calendar year? And Joe, there are some planning things that need to be attended to and considered each calendar year. And so our topic today is what planning issues should you consider before the end of the year? And so you mentioned a couple of them in your intro, Joe, you talked about required minimum distribution so we can jump around a little bit. That’s one of the things that has to be done annually. And what is that, Joe?

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That’s the government says that if you were age 73 now or older, you need to take some money out of your retirement accounts. Your IRA, your 401k, unless you’re still working and not a 5% shareholder in the company, the government wants some of that money and they tell you how much you have to take out every year and you have to pay taxes on it.

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That’s exactly right. And so that’s a calculated amount based on your age and the value of your account. But it has to be done before the end of the year. What happens, Joe? You get penalized,

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Right? You get penalized. Now is it 25%?

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It’s down to 25.

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Yeah, it used to be 50% plus the taxes and now it’s 25%, which is still a heavy penalty.

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Only 25%.

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Only 25% plus the

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Taxes almost a bargain, but not the kind of bargain you want to take advantage of. However,

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If you’ve turned 73 this year, you have until April 1st of next year

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You do, but you have to take two next year. Bingo. So that’s a planning consideration that you want to look at and see if that would make sense. If you’re going to have less income next year, it could make sense. But nonetheless, so for required minimum distributions, they have to get out of the account by the end of the year. And so you’ve got a couple weeks left and most of the custodians are pretty busy right now. So I would say if you fall in that category, you want to hustle and make that call at eight o’clock Monday morning. I know for me, Joe, we’re done. We’re waiting on one qualified charitable distribution check to go out. Other than that, we’re done. I assume you guys are getting pretty close. We’re winding it up of the house.

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It’s been a hectic December, but we’re getting it done. And you talked about qualified charitable distribution, so that’s different from the required minimum distribution. What’s that about?

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It is, well the qualified charitable distribution is something I don’t know about you Joe, but we’re taking, and really clients are taking much more advantage of this and it is for those who are 70 and a half, so used to synchronize age-wise with the date when you had to start taking required minimum distributions. Now you don’t have to start until 73 as you said, but once you’re 70 and a half, if you are a charitably inclined individual who is in that category, you can give from your IRA. And if you do those funds typically, let me take a step back. Typically when you give to charity, you would write charity a check, and then you might deduct it on your Schedule A. You might itemize if you do that, some people don’t so they wouldn’t get credit for it. With the qualified charitable distribution, that is beneficial in the sense that you don’t have to claim it as income.

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So you can take it out of your IRA, you don’t have to pick it up as income, but the charity also doesn’t have to pay tax so no one has to pay tax on it. So we all kind of love the IRS, but we’re okay sticking it to ’em legally when we can. And the QCD is one way to do that. So in short, you take money out of your IRA give it directly to charity. It can’t be the check, can’t be made payable to you, has to be made payable to the charity and you can deliver it to the charity or it can be sent directly there and you get credit against your required minimum distribution. And what’s the cap on that annually, Joe?

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$26,000, right? Oh, you mean

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The qcd? The

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QA hundred thousand dollars, a

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Hundred thousand dollars.

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That’s what you’re talking about. The standard deduction threw

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Me up. Yeah, that would be a test. That’s a random number, right? So no, it’s on the qualified charitable distribution, it’s a hundred thousand dollars. So those are two big ones that relate really to retirement accounts and charitable giving. Some other things that you want to think about as end of year planning considerations. And I kind of think about these things, Joe, like you’re going on a trip and you’ve packed your suitcase and have I done all these things? And so these are some of the things that you want to think about. And that would be, do you have unrealized losses in your taxable investment accounts? So after this Santa Claus rally we’ve experienced in November and so far in December, most folks don’t have a lot of losses, but it’s still possible depending on the types of investments that you own. So that’s something that investors would want to take a look at and see, hey, do I have funds that have losses or stocks that have losses where I could sell that, capture the loss for tax purposes. And then even in the case of a fund, you could buy back a fund that has a similar objective still be in the market, but capture that loss for tax purposes. So that is a good thing to take advantage of.

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So saline, the tax laws work for you as opposed to against you. That’s

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Right. That’s

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Right. But you got to be on top of it. We do a lot of that at the end of the year. We call it tax lost harvesting. We do. You may see transactions in your account. Once again, for our clients that are listening, we want to remind you once again when you see those transactions in your account, it’s us managing that account and we’re doing that for you without any commission or any transaction charges. That’s how we work with our clients for a fee. And this is way we can be proactive for you when need to be rebalance your account. It’s not a set it and forget a kind of account. It’s not a hang in there kind of account. It’s an account where we look at what you needs to be done to be sure that you always have quality and then we make those a year end, these year round transactions for that tax loss harvesting. Once again, it’s a no commission, no transaction fee. I see you have a call there, Josh, what’s going on? That’s

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Right. Dave’s calling in from Orlando. Go ahead Dave, you’re on the air. Hey

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Dave. Morning Dave.

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I want to ask a question about my mom who has a living trust and with mostly social security income, it doesn’t make enough to need to file an income tax return, but soon an investment account that’s in the trust will start earning enough to require her to start filing and possibly owe some taxes. And it’s my understanding that any trust income is taxable to her personally. So my question is when she dies and I become the trustee, does the trust file a tax return or do I become liable for that income?

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Well Dave, that’s a good question. And when mom passes on that trust, depending on the terms of the trust. So that’s really kind of the most critical thing I might say to you today, depending on the terms of the trust, that trust may carry on and it may get its own tax ID number, in which case a separate tax return would need to be filed. That return is called a 10 41. That’s different from the 10 40 that we as individuals file. And for the record that those irrevocable trusts, at that point you said she has a revocable trust now, which is, I call it kind of the alter ego of the taxpayer. So it uses her social security number, but when it becomes irrevocable, it gets its own unique tax ID number and it has very compressed income tax rates. So those

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Types of, by that you mean what

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My friend, by that I mean that, well you got the tax table there, Joe, at about 14,000, you’re in the highest tax bracket, something like that. So in other words, and to do that as an individual you have to be four or five, $600,000 I think married filing joint. So in other words, it takes very little trust income to put that trust in the highest income tax bracket. So that’s where Dave, you want to understand what does mom’s trust say. And depending on the terms of the trust, you may or may not have to file. I mean when you’re settling her estate, there might be a return for the remainder of the year after she passes on. But Joe, you got anything to add to that? No,

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I think that you hit it right on the head. You have to find out if once again that revocable trust becomes irrevocable at her death, which means it continues. But there is a way to minimize those taxes for that irrevocable trust. So stick around Dave after the break and we’ll be right back to you.

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Thank you so much Dave. If you want to join Dave in line, the number to call is eight four four five eight zero nine three two six eight four four five eighty WDBO. You can also text your question to that number and I will read it and doing my best impression of you, the listener. 8 4 4 5 8 0 9 3 2 6 or leave your open mic inside that WDBO app you are listening to on the money where we’re planning tomorrow today with the certified financial group. Did you want to go back to Dave

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Here? Yeah, yeah, let’s recast his question for those just me. Just judges

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Welcome back to on the money right here on WDBO 1 0 7 3 FM AM five 80, always streaming live inside your very own WDB app though DBO app. This is your chance to hop on the airwaves with some certified financial planner professionals. If you want to join the conversation, it is 5 8 0 9 3 2 6. We had Dave on just before the break and we wanted to wrap up his question. Go ahead guys.

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Good morning Dave. Once again. Let’s restate your question as we understand it. Your mom has a revocable trust, what we call a living trust, and she’s been living pretty much on social security paying no taxes and now the trust is generating some income and as you calculated it, she will then be subject to some taxes perhaps. And then your question is when mom passes away, what happens to that trust and how is it taxed? And Chris said it all depends on how the trust is written, right Chris?

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Yeah, that’s right. So Dave, we had kind of hashed this out a little bit before the break, but again, the key is going to be what happens when mom passes on and if the trust becomes irrevocable, then that’s when you do have to file a tax return and if the funds are going to stay in the trust. So let me ask you, do you know what happens when mom passes on to her trust? No,

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That would be the thing I’d have to relook at because I’m not sure about that.

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Yeah, yeah. How long has mom had that trust, Dave?

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Oh, I’d say 20 years. Oh,

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Okay. Has she revisited it at all since she had it originally drafted?

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No, my father who has already passed has set that up and she hasn’t really been involved in any changing to that.

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Okay. So is it dad’s trust for mom’s benefit or is it actually Mom’s trust

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Probably was the joint trust really. They were both co-trustees.

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Gotcha.

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It is probably a good time to visit the attorney.

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Well, that’s what I was going to get at Dave, is it would probably be a good time if mom’s up to it to go have a quick sit down, have them take a look at it and just be sure that what that trust says is still germane to mom’s situation today and what she wants to happen. And then you also consider some trusts depending on the amount of assets in the trust, it’s not worth continuing it on. Maybe there was a certain intention 20 years ago and things have played out differently and one way or the other, but if the trust says, Hey, you’re going to keep all the assets in the trust and distribute a small percentage every year and there’s $10,000 in the trust, well that’s just not practical and a lot of trusts address that situation or it could be the other extreme or somewhere in the middle. But I think as Joe said, it’s probably a good time to get back to the attorney and just them take a look at it, tell you in plain English what does it say and make sure that lines up with what you and mom in this case would want to happen.

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And if you do get in that irrevocable trust situation, you want to be careful, as TRS said, is the taxation on that gets to be onerous. You want to watch, be sure that income is distributed every year because if it’s left in the trust, it could be taxed up as much as 37% on the first, about $14,000 worth of income. So you got to be very careful with that and work with your financial planner, your financial advisor to guide you through that. But as we said, the first place I would go on Monday morning is, well maybe I’d go right now and read the trust and then have a sit down with the attorney to be sure it’s still in line with what your mom and dad’s intentions are that help you. Dave,

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Go ahead. You brought up a point about distributing from that trust later on. Is it feasible that I can distribute to my siblings an amount annually that stays under $14,000 so that they won’t have to pay taxes on

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That money? That’s different. That’s talking about a gift tax. You can distribute as much as you want out of the trust, it’s going to be taxable income to them, but you’re not limited by what the gift tax exclusion is, which is 17,000.

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Yeah. So Dave, to get to your, I think the question was can you give to them now or really can mom give to them now? Is that the question?

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I was thinking that I would do this distributions after she had died, right

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From the Ivo

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Trust. I gotcha. Okay. Okay.

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Yeah. And the trust is probably going to have language as to what you can and can’t do and to whom gets it and when. So you want to revisit that trust while mom is still capable of making some adjustments for you.

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Yeah, because if you’re the trustee, Dave, you can’t just do what you want to do. You got to carry out the terms of the trust. But hey listen, we appreciate your call and great call and a good question, Dave,

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Thank you so much Dave. That opens up a line for you to hop on the air with the team from on the Money Certified Financial Group. If you want to join the conversation, 8 4 4 5 8 0 9 3 2 6, text your question into 8 4 4 5 8 0 9 3 2 6. Those number sounds similar because they are similar. Same number 8 4 4 5 80 WDBO send in your open mic. You are listening to On the Money where we’re planning tomorrow today with the Certified Financial group,

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Where

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Do we want to go here?

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Let’s continue with this topic of the day. You got it.

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Welcome back to our show on the money right here on WDBO, brought to you by the Certified Financial Group airing as it does every day live. It’s Saturday at 9:00 AM here on WDBO 1 0 7 3 FM AM five 80, always streaming live in the WDBO app today. We’ve got Chris Toine and Joe Bur answering the questions you have floating around your financial brain right now. That’s kind of the whole point of this show. You got questions, you ever hear something on the news, you text your buddy who’s a little bit smarter, a little bit more commas than the bank account than you say, Hey, how’d you do that? That’s kind of what this show is. We got job, we got Chris here answering those tough questions. So call in right now, eight four four five eight zero nine three two six eight four four five eighty WBO. You can also text in your question to that same number, 8 4 4 5 80 WDBO. Send in your open mic inside that WDBO app. Today’s topic we’re getting back into what planning issues should you consider before the end of this year?

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And before we get to that, I want to mention that our good friend Charles Curry, is taking calls off the air here in our office. If you want to reach him, want to have a lengthy conversation, you can reach him right now at 4 0 7 8 6 9 9804 0 7 8 6 9 9800 or one 800, execute his if you’re executing a legal document so you can reach out to Charles. He’s also a certified financial planner, has more than 25 years experience in this business and he’s more than happy to take your call. But we want to get back to the topic of the day, Chris, which is what to do before the end of the year,

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What to do before the end of the year. That’s right. In addition to making sure you buy all your presents and send your cards and all that stuff. So from a financial planning standpoint, what do you do? And we talked about some things Joe required minimum distributions, qualified charitable distributions, which come out of IRAs for those who are over 70 and a half. And then we started talking about, hey, do you have unrealized losses in your investment accounts? If you do, you may want to look at those investments. We’ll have your advisor look at the investments and decide is this something that we should sell? Capture that loss for tax purposes, put it in the tax bank, so to speak, and then buy another comparable investment.

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There’s something emotional though about selling things perhaps at loss say, this has been good, I don’t want to sell it. It’s a lie. I know it’s going to come back. But you want to take advantage of the tax laws, but you also want to be careful that you don’t do what the

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Wash rule. You don’t. Well, the wash sale rule, that’s right. With individual securities. You can’t sell your Bitcoin spot ETF, that doesn’t exist. Actually Bitcoin’s on a tear this year. But nonetheless, you don’t want to sell an individual investment, whatever that company might be at a loss and then buy that company back, take the loss and then buy it back within 30 days. Or the IRS says, that’s a no-no. And they will smack your hand for that.

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Well, you won’t get the loss, you won’t be able to take the loss deduction.

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Yeah. So yes for individual securities, but that’s why one of the many reasons, Joe, we like mutual funds and particularly exchange traded funds because you can sell one that might be down in value, capture that tax loss and buy a comparable fund at the same time still be in the market, but harvest that loss for tax purposes. So that’s one thing to think about. And then also, do you have carry forward losses? Are you someone who’s did this last year? I mean we did this, unfortunately we did it a lot last year. The markets were really not behaving themselves last year and were down stocks and bonds. So we took advantage of that. And in some cases clients have losses in that tax bank. So this year we can realize gains against those losses and it washes out in many cases,

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’em about that neat tax program that we use that we can calculate taxes and show ’em to do. Yeah,

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Yeah, no, we have a software tool that allows us to summarize in a really nice report, allows us to summarize your prior year’s tax return and help you hopefully as a client of ours understand at least at a high level what’s going on. But then also from there we can take that data and project forward and look at, hey, and I’ve done this with lots of clients this year, I’m sure you all have too, but what would the impact be if we did a Roth conversion for 30,000 or 50,000, whatever it is. And so have done a lot of that and looked at what I met with someone this week and we had done a Roth conversion for about 30,000 and the tax impact was about 10%. And we said, look, in the grand scheme of history, that’s a pretty good rate because I don’t see rates going down in the future. We don’t know with the tax cuts and Jobs act that’s scheduled to sunset at the end of 2025, if it will sunset, if it does, tax rates are going to go up from there. And so with the budget deficits and all the rest, it’s taxes are something we do have some degree of control over

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If you know what to look for,

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If you know what to look for. Well that’s right. And that’s what we do. That’s a big part of what we do. So I tell clients often with investments, we set the sails, we do not control the wind. Oh, I like that. Yeah. Well it’s true, isn’t it? It’s true. I mean we buy the best funds that we can and we allocate them properly and we monitor them and do all those things, but we can’t control if a war breaks out halfway around the world or if there’s a global pandemic and these kind of larger economic events that impact us all. But you know what, with income taxes, that is something that we have a high degree of control over and we certainly don’t want clients and ourselves stepping in holes unnecessarily. And so these kinds of things that I’m highlighting here today, do you have unrealized losses to take advantage of? Do you have losses from the past that you could now maybe realize some gains?

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I want to get back to that. We set the sails, but we don’t control the wind. If you look at what’s happened here in the last six weeks or so, since the low on October 31st, you’ve had calls, we had calls during that time. Clients naturally fidgety, a little nervous, lousy market. We got a couple wars going on, what’s the Fed going to do? Maybe I’ll just take advantage of this 4%, 5% CD I can get and just call it a day. That’s right. And look what’s happened. And this is and

(23:44):
How quickly, Joe and how quickly, how quickly, quickly six weeks out from there, look at how much money those who stayed invest, look at how much money they’ve made. And oh by the way, what really threw gas on the fire this week? Yeah, Powell, right? Jerome Powell, Joe Powell, yeah. He says, Hey, we see it caught me off guard. I didn’t see everybody off guard, but that’s how it works. And he says, Hey, we’re anticipating lowering rates are not quite in that language, but the expectation that interest rates will begin to come down next year. So for those who have cast all their lots on the fixed conservative, take the 4% than run, boy, they missed out on more than 4% in the last few weeks without question. So I understand the emotional ride that it is, and I think Joe, and I’m sure you counsel clients the same way that this is why we want to plan, this is why we want to have cash reserves set aside for the things that we know you’re going to need money for. And when I say cash reserves, maybe that’s short-term bonds or treasuries and those kinds of things. But we want things that aren’t going to bounce around in value like stocks set aside to meet shorter term needs. But then beyond that, and so this gets to understanding the markets and that these things happen, but also how quickly you’re pointing out how quickly things can change. And boy, when they change for the better. We all love that.

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And all the reason why what you don’t want to do is what we call time the market because nobody ever gets that, right? We’ve had a few clients in the last year or so has come in to see us that somehow found this recession portfolio that was put together for them anticipating a recession. And boy are they in miserable shape because once again, this advisor was saying, we’re going to have a recession and this is what you need to do and we’re going to take advantage of the recession. And they put ’em in triple leverage, negative return funds and

(25:37):
Wow. And Joe, here’s the thing. To some degree, let’s be honest, that appeals to all of us emotionally that hey, I can get the gains and not encounter the pain. But as I have learned listening to some podcasts recently, you don’t get dopamine for free. If you want the good dopamine, you have to exert something for it. And it’s the same with investing. That principle holds true in that I’m not going to generate the returns that everyone wants to some degree and some need more than others maybe to make their planning work without being in the game and trying to predict the future is difficult business and no one, but no one can do it consistently. And that’s where there’s a difference between traders and investors. And I think for all those listening out there, you have to make that distinction in your mind. You have to come to understand that am I going to be a trader who just jumps in and out and tries to take advantage of, well, Microsoft’s down today, I’ll sell it and buy it back in three days kind of thing. Or am I a longer term investor? And Taylor, there’s a great book, Joe that I read this year by a guy named Morgan Hausel used to write for the Wall Street Journal and it’s called Psychology of Money and I highly recommend it. And the

(26:54):
Bottom line is,

(26:55):
Well, the bottom line is that being a successful investor requires that you get clear on that question, am I a trader or investor? And you set the sails and you stop worrying about the wind.

(27:08):
And the key is to be diversified with quality. Those two things going for you in the long run, you’ll be successful. It’s never a smooth straight lineup. As we tell our clients, if investing and dieting was easy, everybody be rich and skinny. But it doesn’t work like that. You’ve got to have quality, be diversified and stick with the program because in the long run it works. And what you don’t want to do is have all your money invested because there’s going to come a time when you need it for something. And what you don’t want to do is sell when you’re down. That’s where you lose,

(27:34):
That’s where you lose. But again, that’s where the planning comes in and that’s where I’m sure you are doing the same things, but as the market goes up, hey, rebalancing is a disciplined way of selling high and buying low and skimming some of that cream off the top if you’re needing distributions, Hey, we skimm some cream off the top. We set that aside for what you’re going to need down the road. And then we get on with life and we don’t obsess about things that we cannot control. Like I say, taxes, that’s something Joe that we have some degree of control over. So a couple other things to think about here on our topic of the day is will your income decrease in the future? So if that’s going to be the case, you’re going to have a lower income in the future. Hey, now you want to take advantage of IRAs and 4 0 1 kss and things that will be taxable down the road to you.

(28:25):
But if you’re anticipating a lower tax bracket, then why not get the tax deduction Now if are you on the threshold of another tax bracket? So hey, if I’m bumping up against, and I encountered this Joe with someone, we’ve been doing some planning a client and he’s right on the cusp of Irma. So for those who may not know what Irma is, it’s a Medicare surcharge for those who make above certain levels of income and it’s bracketed and I’m hearing music. So I think Joe, maybe we will pick this up on the other side of the break.

(29:00):
Maybe he’s trying to tell us we should be singing

(29:03):
Josh, maybe

(29:05):
I’ll never say no to him. Impromptu karaoke. Take it away boys.

(29:08):
Take it away. Oracle singing

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If you want to join the conversation. One more segment coming up after this break. 8 4 4 5 8 0 9 3 2 6 8 4 4 5 8 0 WDBO, Charles Kirti standing by in the offices of the certified Financial group. Call that number four oh seven eight six nine nine eight zero zero four oh seven eight six nine ninety eight hundred you’re listening to On the Money Where We’re Singing and Planning Tomorrow. Today with the Certified Financial Group. Welcome back to Money right here on WDBO. My name’s Josh McCarthy, joined today for Chris Toine and Joe Bird with the Certified Financial Group. Always offering great financial advice every Saturday morning at 9:00 AM here on WDBO. If you want to reach out to the team, Charles Curry is standing by at their office number for still a few more minutes after the show. The number to call is eight six nine ninety eight hundred. That’s 4 0 7 8 6 9 9 8 0 0. And if you want to see ’em face to face, there’s an option for that too. Isn’t that right guys?

(30:15):
Yes, there is. What are we talking about here

(30:18):
For a second? Yeah, workshops.

(30:20):
We do have workshops.

(30:22):
I got distracted here for a minute. This live radio, whatcha going to do?

(30:25):
We are live at least for us right now. So nonetheless, we do have workshops coming up. Josh, thank you for that. Our next workshops, so we’re done for this year, we’re going to close the books on 2023 and excitedly look forward to 2024 and the first workshop in 2024, as the New Year’s resolutions begin to roll out, Charles is going to help those folks who are thinking about social security planning. And on January 10th, Charles will be hosting a workshop in entitled Social Security Planning Basic Rules and Claiming Strategies. That workshop is really a hit, so if you’re interested in that, sign up early because it fills up every time Charles does it just about. And then the next workshop will be at the end of January, January 27th when Gary Ley, we’ll be doing a workshop called Healthcare Options in Retirement, which is also very popular because it’s a question that those who are heading into retirement have in terms of Medicare and how that works and what are my options.

(31:22):
And it’s a very complicated landscape and Gary does a good job simplifying that and putting the cookies on the shelf where they are reachable. And then February 7th, Charles will be hosting a workshop, not just Charles, but Charles Ann win Smith on getting long-term care planning, right? Smart approaches for people at all stages. And I tell you, Joe, this is the one thing is we do planning that can blow up a financial plan like nothing else. And that is considering the cost of long-term care. And I talk about it with every single client that we do planning now, didn’t use to, but boy, when you see it play out a few times and how costly and expensive it can be, whether the solution is insurance, whether it’s self-insure or something else, I think the real idea is to know how you’re going to deal with it. So those are our upcoming workshops.

(32:14):
I want to get back to Charles. That’s going to be a Wednesday evening on January the 10th here on office in Altamont Springs from six 30 to seven 30. It’s absolutely free. When it comes time for social security, as we say, social security cannot tell you what to do. They can only tell you what your options are. And if you make the wrong choice, you’re stuck with that for life. So you need to understand what your options are. If you’re a widow, widow or survivor, whatever your situation might be, you need to know what those options are and what’s best for you and your family. It’s absolutely free. We do these things really as a public service for two reasons. Number one, to perhaps save you from becoming a financial casualty. And secondly, to introduce you with Chris and I and the 14 other certified financial planners here due day in day out, working with our clients for a fee. So if you need financial planning, retirement planning, investment advice, either now or sometime in the future, you’ll give us an opportunity to earn your business.

(33:06):
And let me just add on to that, Joe. We did not get through all of our planning issues to consider before the end of the year. So if anyone wants a copy of that, they can reach out to plan@financialgroup.com, right? plan@financialgroup.com. And the workshops are on the website as well@financialgroup.com, so you can find those there. And Josh, take it away. Take it away. Thank you so

(33:29):
Much. You’ve just listened to On the Money Where We Plan Tomorrow today with the Certified Financial Group.

(33:35):
Thank you. Josh,

(33:36):
WDBO, Orlando. Thanks guys. It’s FM HD two, Orlando W2 97 bbb Orlando.