Episode 15 of Retire Hour. Are you experiencing some unexpected changes in your financial picture? You are not alone. Jonathon McCoy and Matt Goolsby of Market Advisory Group look at a situation of a woman that Jonathon recently met with, and how they helped her. Bill Vawter, of Market Medicare Advisors, comes in studio to talk about what you need to be focused on during the upcoming Medicare open enrollment period. Gerald Eidelman, of Eidelman Law Firm, compares types of trusts and the gives reasons you may want to have one over another. Joshua Cicora, of Market Tax Services, goes over some of the best practices when it comes to records and how long to keep them.
Follow us:
http://www.facebook.com/retirehour
http://www.twitter.com/retirehour
http://www.instagram.com/retirehour
http://www.retirehour.com
Book Links:
The Inheritance Trap
https://www.amazon.com/dp/1732273014/...
The Investor Catch
https://www.amazon.com/dp/1732273006/...
0:00 Intro
1:02 Jonathon McCoy of Market Advisory Group
1:21 What to do when an advisor doesn't want to talk until you reach retirement
4:42 Struggling with finding an advisor or creating a plan
4:55 Common frustrations
6:36 Taxes and being told to "talk to a professional"
7:30 The Disconnect - When advisors won't help without compensation
10:26 When you are not asked what YOUR plan is
12:01 When recommendations are made without knowing your personal situation
13:49 Break
15:11 Bill Vawter of Market Medicare Advisors
15:34 Medicare Open Enrollment - What you should focus on
16:14 Prescription drug plans
16:38 Prescription drug premiums
17:45 How to know if changes will effect premiums or deductibles
18:50 Why you should reevaluate each year
21:36 Other reasons to make changes
23:45 Don't wait till December
25:33 Break
26:40 Gerald Eidelman of Eidelman Law Firm - How trusts differ and when they make sense
27:02 The Irrevocable Trust - Ensuring changes can't be made to an estate plan
29:44 Does it count in your estate
31:42 How the trust effects your home
32:49 Medicaid and long term care planning - keeping assets protected
33:16 The Revocable Trust
34:23 Is it under the trust
36:44 Why titling matters
38:28 What happens with the value when you die
39:47 Break
41:34 Joshua Cicora of Market Tax Services - Keeping Records and Natural Disasters
42:56 Does the IRS keep copies of taxes
44:18 Recommended lengths of time - 3 years, 6 years or more.
46:29 Paper filing and audit risks
46:46 Paper versus electronic filing
47:58 Important documents and how to protect them
49:10 Disasters and reconstructing records
49:40 Does MTS keep client files
50:17 Ways to organize documents
