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Smart Planning 101 with Nicole Wipp
24 minutes | Oct 20, 2021
037 Taxes In Retirement: Are You Really Planning On Being Poorer?
Is your whole retirement planning strategy based on the assumption that you're going to be in a lower tax bracket upon retirement? In this episode, Nicole Wipp talks with John Rohrhoff from JR financial services about income taxes and retirement tax myths. Also, why many individuals do not account for future potential taxes when making financial decisions, today. Visit smartplanning101.com/37 for more information about John and this interview.
23 minutes | Oct 6, 2021
036 Your Money Talks: Socially Responsible Investing
In this episode, I talk with John Rohrhoff from JR financial services about socially responsible investing, what it is, things to think about, and how to get started. Visit smartplanning101.com/36 for more information.
8 minutes | Sep 22, 2021
Episode 35 - The Great Grandparent Scam
The FBI estimates that seniors lose more than $3 billion each year to fraud. So what happens when a beloved grandchild calls, begging for money because a bad thing happened to them. Well, you know the answer. That's why this has to be a family conversation, right now. Today’s episode is about “The Grandparent Scam”. Also, how to start important conversations with your elderly loved ones, about various scams, and possible elder abuse.
23 minutes | Sep 8, 2021
Episode 034 The Truth About Your Health And Your Privacy
Right now, we are thinking about our healthcare and our privacy more than ever. In this episode, Nicole covers what “healthcare privacy” really means, what the limits of privacy are for us as individuals, and what the law says about our healthcare and privacy. In this episode: What “healthcare privacy” really means what are the limits for us as individuals What does the law say about our healthcare and our privacy The government’s role in maintaining or protecting our privacy Employment and healthcare privacy under HIPAA and the ADA HIPAA, the health insurance portability and accountability act of 1996: Do you have the right to access your own medical information and history? Who, or what entities, are required to follow HIPAA guidelines? What information is and isn’t protected under HIPAA? What organizations are NOT required to protect your healthcare information, under HIPAA Healthcare Privacy & the Constitution Why the right to privacy is not “absolute” Whalen v. Roe (1977) - The link to more information about this case is in the show links below. For the transcript of this episode, please visit smartplanning101.com/34 DISCLAIMER: This podcast is intended to be general information only and not legal advice. If you have a specific question about your situation, please get advice from an attorney that specializes in healthcare, privacy and or whatever your specific question is.
0 minutes | Sep 1, 2021
033 Have Young Children? 4 Important Estate Planning Considerations
What is the second-worst thing that could happen to your children, if something happened to you? It's simply this: that you didn't make a plan for them. In this episode, I’m going to talk about four major planning considerations that every parent with minor children should be thinking about when they’re doing their estate planning, whether or not you've started your planning yet. Visit smartplanning101.com/33 for show notes and more information about The Smart Planning 101 podcast.
22 minutes | Aug 25, 2021
032 Gift Tax: Why Giving Away $15,000 Is a Trap For the Unwary
Have you ever heard that you can give away up to $15,000 per person per year to avoid gift tax? Spoiler alert: the government gives with one hand and takes away with the other. Now, as a general statement. This shouldn't surprise anyone, but when it comes to giving away money and other things to your kid, your family, or anyone you want. There really are some unpleasant surprises out there waiting for you. What are they? That's what today's episode is all about. Disclaimer: Although I am a lawyer, I am not giving you legal advice. This podcast is for general informational purposes only. Do you have a have any questions, or have an idea for a future episode? Visit smartplanning101.com/connect and let me know!
4 minutes | Aug 18, 2021
029 Re-Introducing The Smart Planning 101 Podcast
It's been five years since I've recorded a podcast episode on Smart Planning 101, but I'm back! And the content is more important now than ever. In this short episode, I'll explain why I stopped recording episodes. But why I'm restarting now and why you will want to join me. Visit https://www.smartplanning101.com/about-smart-planning-101 to learn more about the podcast.
35 minutes | Aug 18, 2021
031 Forced Frailty and Eviction By Design - What Cities And Municipalities Can Do About it
Do you, or do your parents or even grandparents, want to remain at home for the rest of your life? For over 75% of people age 50 and above, the answer is yes. But sadly, less than 1% of people actually live in an environment that makes this possible. Right now we are at a unique point in history where there is legislation that can actually help counties, cities, and municipalities create a new reality for their residents. Join me with my special guest, Esther Greenhouse, to learn more about the longevity economy, how our homes are forcing us into frailty, and how our state and local governments can rise to this challenge RIGHT NOW. Esther Greenhouse is a unique professional. She is a built environment strategist, consulting with organizations to create innovative initiatives at the intersection of society’s challenges and the built environment. Learn more about her by clicking here.
19 minutes | Aug 18, 2021
030 14 Estate Planning Considerations
Do you need estate planning? I'm going to talk about 14 of the major considerations you should be thinking about when you're considering whether you should plan no matter what your age. Now just be aware, this is of course not legal advice. This is just general information and you really should get with a qualified estate planning or elder law attorney if any of these issues apply to you. Visit https://www.smartplanning101.com/about-smart-planning-101 to learn more about the podcast. If you're interested in good estate planning, please visit https://www.miestatelawyer.com or call (248) 278-1511 today!
42 minutes | Nov 29, 2015
028 The Importance Of Early Diagnosis - PH And Rare Disease
When it comes to rare disease and chronic illness, early diagnosis is important for many reasons - but even more so when a person has a condition known as pulmonary hypertension (PH). Why? If left untreated, death is almost certain - and the average length of survival without treatment is three years. http://www.SmartPlanning101.com/28 **Doctors are commonly taught to look for horses, not zebras. But what if it really IS a zebra?** The good news is that there are more and more options for treatment of this rare condition, but like all rare diseases, getting to the proper diagnosis is key. Even if you don't have PH, however, this episode is important. My guest, Jessica Armstrong (see bio below), and I discuss many topics that are applicable to almost anyone dealing with an illness and the medical profession - how and why you need to take control of your own care! In This Episode, You Will Learn: The many reasons why rare diseases are misdiagnosed Ways to combat misdiagnosis and lack of proper treatment - how to take control What tools are available to assist you - and get a great tool for FREE Jessica's personal story and how it reflects that of many others The importance of community and reaching out Why living with "invisible illness" is particularly frustrating! What is Pulmonary Hypertension? Pulmonary hypertension is high blood pressure in the lungs, which impacts patients of a number of other chronic illnesses, including: 32-85% of patients with Pulmonary Fibrosis up to 40% of patients with left heart disease 15-20% of patients with HHT 8-12% of Scleroderma patients 3-5% of patients who have previously suffered a pulmonary embolism 0.5-9% of Lupus patients ...it is also applicable to many people that have my rare disease, lymphangioleiomyomatosis. About Early Diagnosis Campaign Manager Jessica Armstrong Jessica Armstrong is the Early Diagnosis Campaign Manager for the Pulmonary Hypertension Association In 2011, Jessica Armstrong was serving in Afghanistan when she suddenly became unable to breathe and collapsed. Four months later she was diagnosed with Chronic Thromboembolic Pulmonary Hypertension and told that, unless she underwent a dramatic 10-hour open-heart surgical procedure, she wouldn’t live beyond the next five months. After she received that life-saving surgery, a cousin of Jessica's died of undiagnosed and untreated PH. This traumatic event caused Jessica to re-evaluate and dedicate her life to helping others with this deadly condition, to survive and thrive as she has. Today Jessica serves as manager of the Pulmonary Hypertension Association’s Early Diagnosis Campaign and advocates for patients with pulmonary hypertension and other rare diseases. Read more about Jessica's Story here. Connect with the Pulmonary Hypertension Association: Click Here Instagram: Click Here for PH Association, Here for Jessica Connect with Jessica on LinkedIn: Click Here
13 minutes | Jul 16, 2015
027 Planning For An Unexpected Healthcare Crisis
No one expects bad things to happen to them, or those they love. But real life tells us that bad things happen to good people, every day. This episode is all about planning for an unexpected health crisis, illness, or accident - NO MATTER WHAT YOUR AGE! In this episode, Nicole discusses the two absolutely essential legal documents every person 18 years and older needs, how people think (incorrectly) that they already have it taken care of, why your spouse may not be the best choice to manage things for you, why you may need to fire your doctor, and much more! Nicole also talks about how she experienced her own healthcare crisis, which is why this is the first podcast episode to be aired after receiving a fatal diagnosis – unexpectedly. Don’t let this happen to you, or to those you love! Take a small amount of time and effort to be prepared. Be a SMART PLANNER! THE INFORMATION IN THIS PODCAST IS NOT INTENDED TO BE, NOR SHOULD IT BE CONSTRUED AS, LEGAL ADVICE. IT IS FOR INFORMATIONAL PURPOSES ONLY. FOR ADVICE SPECIFIC TO YOUR SITUATION, CONSULT WITH A QUALIFIED ATTORNEY.
45 minutes | Aug 13, 2014
026 The Five Strategic Reasons To Consider Refinancing NOW with Kevin Weedmark
In this episode, expert guest Kevin Weedmark discusses how to think strategically about your home and the financial situation around your home, particularly as it relates to refinancing in today's market. Kevin has been in the real estate and mortgage industry for 18 years. He prides himself on thinking "outside the box" when it comes to helping clients get to their goals. I was really surprised at how much I learned in this interview, even though the surprises were mostly related to one concept I try to really make people understand every day, which is - LAWS CHANGE, and your plan should change with it! Here's what we discuss in this interview: #1 - Were you a Cash Buyer? - Free up your cash #2 - Do You Have Mortgage Insurance or Worse an FHA loan - The very important financial reasons you need to do whatever you can to ditch mortgage insurance or move from FHA to a conventional loan #3 - College - Are you prepared? With the increase in home values now may be a great time to fund your child's tuition #4 - Retired or close to retirement? - Cash flow becomes a major concern -- understand your options; keep as much cash as possible #5 - Vacation or Second Home? - Often forgot - the perception is rates are or must be higher (absolutely false) About Kevin: Kevin was raised in Upstate New York, where his mother worked three (3) jobs to send him to private school. (The private school was a military school with a lot of discipline and rigor, which has funneled into his life to this day.) Kevin was the first in his family to have the honor of attending and graduating from college. He has two children and currently resides in Northville, Michigan. Kevin's mortgage, real estate and credit repair businesses serve clients throughout the entire Metro Detroit area. To reach Kevin: Phone: (248) 854-9233 Email: firstname.lastname@example.org Online: www.kevinweedmark.com Twitter: @kevinweedmark
41 minutes | Jul 7, 2014
025 Inherited IRAs - What You Need To Know To Avoid Losing It All
The Supreme Court’s recent decision in Clark v. Rameker means that every person needs to understand their options for protecting this important asset! If you own an IRA, 401k, 403b, tax-deferred annuity, or other qualified assets, understanding a recent Supreme Court decision (Clark v. Rameker) is essential if you wish this asset to be protected from creditors or bankruptcy. The point: INHERITED IRAs are not protected! Yet, with some SMART PLANNING, they can be. You just need to understand how and why to do it. Every person that has this type of asset, every financial professional (including financial planners and CPAs), and every estate planning attorney need to hear and understand this. I wrote a blog post on this topic (An Inherited IRA Is NOT Protected From Creditors in Bankruptcy!) the day after the decision was rendered. You can access the decision and learn more: click here.
26 minutes | Jul 6, 2014
024 Revocable Trusts - Options - (Part 2) with Nicole Wipp
When it comes to revocable living trusts, people often don't know the options that they may be able to include to protect loved ones. When given these options, however, many people definitely want them! Know the different types of options you can have to help those you love and help ensure your money goes to who you want, when you want, in the way you want. This is part 2 of a 2-part series on revocable living trusts. To listen to part 1, visit: www.SmartPlanning101.com/23 Thank you for listening!
16 minutes | Jun 24, 2014
023 Revocable Living Trusts (Part 1) with Nicole Wipp
How do revocable living trusts work? In this episode, host Nicole Wipp discusses what an "RLT" is and the importance of "funding your trust" - a commonly missed step. You will learn: What the primary purposes of revocable living trusts are What a revocable living trust does NOT do for you Common misunderstandings as to how this trust works What trust funding is and why it is critically important In Part 2, Nicole discusses some of the options you may want to consider with revocable living trusts - options that are frequently missed. Listen to that podcast here:
32 minutes | Jun 22, 2014
022 Financial & Retirement Planning Lies With Kim Butler
What are we learning from “conventional wisdom” that may threaten our financial future? Conventional wisdom related to financial and retirement planning can lead to poor -or even devastating- financial results. What does this mean? What are you being told that is leading you down the wrong path? How can we start to think about our financial future in a way that leads to the best results? Guest Kim Butler, the founder of Partners for Prosperity and The Prosperity Economics Movement (as well as being a coach for the elite entrepreneur coaching organization, Strategic Coach), discusses all in this episode. In this episode, you will learn: 1. “Why the idea of retirement is fundamentally flawed;” 2. “The whole truth about 401(k)s – why you’ll keep less than you think;” 3. “How financial planners skew projections, creating false expectations” Reference links in this episode: Partners For Prosperity – Kim Butler’s Company. Partners for Prosperity, Inc. was founded in 1999 and is a Registered Investment Advisor (RIA), which means that they are federally licensed to give financial and investment advice in all 50 states. Kim's Books Busting the Retirement Lies: Living with Passion, Purpose, and Abundance Throughout Our Lives Busting the Financial Planning Lies: Learn to use Prosperity Economics to Build Sustainable Wealth Live Your Life Insurance Kim's Bio - Different than what's below! Strategic Coach – Entrepreneur Coaching (Nicole is a member, Kim is a member and a Coach) Kim’s Bio on Strategic Coach Learn About Kim Butler “Dairy cows don’t care if you don’t feel like milking them – you just gotta do it! Twice a day. EVERY day.” Milking those cows, twice a day, every day, on her family’s farm in Oregon taught Kim Butler powerful life lessons from age 10 that she never forgot. Selling that milk, buying the feed, caring for the cows, selecting the next cow to buy, and saving her money, allowed Kim to pay her own way through private college. Teaching and helping others throughout her childhood no doubt came naturally to Kim, as her parents were both teachers. And her strong moral compass of what was right and wrong shines through her early spiritual upbringing. All of her early life was about renewal and growth, a theme that has sustained her throughout her career. “Making money grow became a new mindset for me.” After interviewing 40 junior attorneys during her stint with a major law firm, Kim discovered that her natural tendency to focus on growth and renewal was not going to be nurtured in the study of law. But her roommate at the time was in banking and Kim truly blossomed in that atmosphere. Bitten by the banking bug, Kim began a quest to understand how money could become a tool for more growth, not just an exchange for time. “Entrepreneurs were sprouting up in the deserts of Arizona!” Following the debacle of the Savings and Loan scandals and the wreckage of many financial markets, Kim helped young entrepreneurs in the Phoenix area grow their businesses to incredible heights. But something was still missing. “Giving people money was not enough!” Working in the banking industry was strangling Kim’s innate desire to help people grow. She could only provide business loans to her customers. And she knew they needed a more integrated financial solution. While she earned her formal financial planning licensure and was very successful in helping people grow their investments, she realized something was still not quite right. “Throw out your financial plan!” “They just didn’t work in the long run! The huge financial plans we would present to our clients just did not get to the real heart of the problems people had in growing their net worth. They needed a better mindset about money and a better system to manage and grow to create true financial independence.” “Finally, I found the launch codes!” “When I started work with Robert Kiyosaki, international best-selling author of the Rich Dad series, the clouds parted and finally I could see the light we had been missing. I recognized that financial planning was so limiting because it made false assumptions about needs and goals 30 years from now, so it gave people a false sense of security. So Partners for Prosperity was founded to help people with maximization planning. This enables us to teach clients seven distinct Principles of Prosperity™ that allow you to look at what each of your dollars is doing today and maximize their potential by getting them to do the work of more than one job.”
30 minutes | Jun 19, 2014
021 Irrevocable Trusts (Part 2) with David Zumpano
Irrevocable trusts, traditionally, are estate tax planning devices. Very few Americans in 2014 need estate tax planning, however - less than 2%. Why, then, would you want an irrevocable trust? This series, including part 1 at www.SmartPlanning101.com/20, focuses on a new type of irrevocable trust known as the irrevocable pure grantor trust. Irrevocable pure grantor trusts are mainly used to protect assets from creditors and predators and can be an excellent pre-planning tool for elder law attorneys and their clients. Understanding what they are, and how they differ, from traditional irrevocable trusts is essential. In this episode, David Zumpano, a nationally recognized expert on asset protection and elder law planning (also a CPA & attorney) discusses this irrevocable trust, who it is for, and why you may want one. Learn how this type of trust is one of the best ways to truly keep your money “safe.”
28 minutes | Jun 17, 2014
020 Irrevocable Pure Grantor Trusts With David Zumpano (Part 1)
What is an irrevocable pure grantor trust, and why would someone want one? In this episode, David Zumpano, a nationally recognized expert on asset protection, estate planning & elder law, discusses with me this little-known (although widely used) trust – what it is, why we use it, and who it is for. In Part 1, you will learn: about the goal of helping a loved one to protect their autonomy why people end up in nursing homes (how failing to plan makes this more likely) why retirement isn’t necessarily what you think it is why we want to engage in an asset protection strategy for financial security in our later years what is an irrevocable pure grantor trust, and how it differs from tax trusts and revocable living trusts the history of trusts and what they were traditionally used for (tax trusts – the “traditional” irrevocable trust – no access, no control, no right to benefit) how trusts evolved over time – becoming the revocable living trust why the change in the laws in 2001 significantly changed the tax planning landscape, and ultimately the estate planning landscape how traditional irrevocable trusts aren’t relevant to 99.8% of the American population how the irrevocable pure grantor trust (iPug (TM)) was created as a result of these changes what makes it unique as a planning tool how the common law of the United States support this type of planning as a legitimate tool for asset protection Dave’s Law Review Article – where he sets out the case for the trust via common law …in Part 2, we will discuss exactly who this is for, how it works, and more! We will also discuss the types of assets that may be placed in a trust such as this one, and the benefits of its flexibility and protection. About Dave Zumpano: Dave was born and raised in Central New York. He attended LeMoyne College and began his professional career with Price Waterhouse as a staff accountant. He graduated from Syracuse College of Law. He is the Founder and Senior Partner of the Estate Planning Law Center, David J. Zumpano CPA, Esq., with offices in New York and Florida. The Estate Planning Law Center serves as a “model law firm” to hundreds of law firms across the country. Dave’s practice remains focused on estate planning and elder law. Dave has been featured in the Wall Street Journal and on National Public Radio for his expertise in Estate and Medicaid Planning. Dave has been a regular speaker and trainer on estate planning, asset protection, and Medicaid Planning to many national legal, banking, and financial institutions, including the National Academy of Elder Law Attorneys, National Network of Estate Planning Attorneys, American Academy of Estate Planning Attorneys, The American Association of Attorney-CPAs, Ohio State Bar Association, Elder Law Answers, WealthCounsel, LLC, Advisor’s Forum, LLC, ElderCareUSA, Ameriprise Financial, Morgan Stanley Smith Barney, Merrill Lynch, Wells Fargo, HSBC, Bank of America, Prudential, Mass Mutual, AXA Advisors, and others. He has been featured on local, regional, and national newspapers, TV, and radio programs. In addition to his law firm, Dave is the Founder of the Medicaid Practice Network and Medicaid Practice Systems, LLC. Dave is Co-Founder of Lawyers with Purpose, LLC (LWP), an organization committed to ensuring people can die without emotional pain and lawyers can be respected and valued for the good they help create. Dave has educated thousands of attorneys all over the United States on Estate, Asset Protection, Medicaid Planning, and Business Development. Dave is the creator of an Estate and Asset Protection Law Practice System for attorneys which has been implemented by almost 1,000 law firms nationwide. Dave also serves as a Business Coach to hundreds of attorneys across the country. Dave is a graduate of the Esperti Peterson Institute for Advanced Wealth Strategies and has published Irrevocable Pure Grantor Trusts: The Estate Planning Landscape Has Changed. (Syracuse Law Review Vol. 1 Fall 2010), Medicaid Estate Recovery: A 50 State Analysis, and What Hard Work Giveth, the Nursing Home Taketh Away: Asset Preservation Under Medicaid (the Digest, 1994-95). Dave is also a contributing author to Giving: Philanthropy for Everyone, published October 2002. Dave’s first priority and passion is his wife, Christine, and their children, Maria, Olivia, and Angelo.
24 minutes | Jun 17, 2014
019 The Pre-Planning Options That Your Aging Parents Needed Yesterday (Part 5)
Part Five of the 5 Things Adult Children of Aging Parents Need to Know Now -- The Pre-Planning Options That Your Aging Parent Needed Yesterday –This topic somewhat revisits the concept that “basic estate planning isn’t enough” but also addresses the specific types of advanced planning that can make a difference in protecting assets and the ones you love. The real point of pre-planning is to MAXIMIZE options and gain maximum control of yourself, your family, and your life. When people wait until a crisis, the result is that there are fewer options; therefore, less control! Part 1: (Episode 15): The Cost of Long Term Care is Rising (And Why It Matters to You) Audrey gives some facts and figures about how many people this affects, and how expensive it really is. You may be shocked to learn these details! We also put this into a practical perspective for adult children, so you can see how it relates to you and your parents. Part 2 (Episode 16): Basic Estate Planning Isn’t Enough (Wills, Revocable Living Trusts, and Your Garden-Variety Powers of Attorney Just Aren’t Going to Cut It) Audrey and I discuss the fact that people THINK they’ve “gotten it all taken care of” – this episode explores the reasons why this is a dangerous assumption and some of the things you should do about it. Part 3 (Episode 17): Options for Long Term Care What is long-term care? How do we plan for our parents' needs as they age - what are our options? In this episode, Audrey and I discuss the many different types of long-term care and how to access them. Part 4 (Episode 18): The Legal Responsibilities An Adult Child May Be Asked To Take On For An Aging Parent (Understand What You Are Getting Into!) In this episode, Audrey Ehrhardt of ElderCounsel and I talk about the different types of scenarios that make legal decision making necessary for an adult child; how having proper documents affects this; why you may, as an adult child, need advice not only for your parent’s sake but also for your own.
15 minutes | Jun 13, 2014
018 The Legal Responsibilities An Adult Child May Be Asked To Take On For An Aging Parent (Part 4)
Part Four of The 5 Things Adult Children of Aging Parents Need to Know Now (Episode 18): In this episode, Audrey Ehrhardt of ElderCounsel and I talk about the different types of scenarios that make legal decision making necessary for an adult child; how having proper documents affects this; why you may, as an adult child, need advice not only for your parent’s sake but also for your own! Part 1: (Episode 15): The Cost of Long Term Care is Rising (And Why It Matters to You) Audrey gives some facts and figures about how many people this affects, and how expensive it really is. You may be shocked to learn these details! We also put this into a practical perspective for adult children, so you can see how it relates to you and your parents. Part 2 (Episode 16): Basic Estate Planning Isn’t Enough (Wills, Revocable Living Trusts, and Your Garden-Variety Powers of Attorney Just Aren’t Going to Cut It) Audrey and I discuss the fact that people THINK they’ve “gotten it all taken care of” – this episode explores the reasons why this is a dangerous assumption and some of the things you should do about it. Part 3 (Episode 17): Options for Long Term Care What is long-term care? How do we plan for our parents' needs as they age - what are our options? In this episode, Audrey and I discuss the many different types of long-term care and how to access them. Part Five (Episode 19): The Pre-Planning Options That Your Aging Parent Needed Yesterday This topic somewhat revisits the concept that “basic estate planning isn’t enough” but also addresses the specific types of advanced planning that can make a difference in protecting assets and the ones you love.
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