During this episode of The Confident Wealth Podcast with Bill Bush and Pete Bush, they interview Sean McAllister, Associate at Loeb Law Firm. Sean McAllister discusses how married couples can protect themselves from potential divorce issues, prenuptial agreements and post-prenuptial agreements, budgeting, and domestic cohabitation contracts.

Episode Highlights:

• 00:28 – Bill Bush and Pete Bush introduce Sean McAllister and recap the previously discussed points from Family Law & Finances- Pt. 1.
• 01:01 – How does Sean McAllister recommend that married couples protect themselves from potential divorce issues?
• 02:02 – Prenuptial agreements and post-prenuptial agreements aren’t really that common. 
• 04:12 – What are examples of when it would be a good time to consider a post-prenuptial agreement?
• 04:50 – How does a domestic cohabitation contract protect marriage partners?
• 07:20 – What is Sean’s advice for someone to create a budget to work their way through these divorce protections?  
• 09:43 – Family homes aren’t always paid off at the point of a divorce split.
• 12:05 – Divorces can be a long drawn out process. Set money aside for court costs and living expenses.  
• 13:39 – What happens when you fail to inform yourself about your spouse's assets on the side?
• 17:20 – Don’t forget to change your insurance and retirement benefit beneficiaries when you get divorced.
• 19:58 – Make sure your divorce attorney is a good fit with you and your needs.
• 22:17 – What are some of the resources that people getting divorced should use?

3 Key Points:

1. The nuclear family is diminishing in favor of other alternative living arrangements, such as brothers and sisters living together or parents with their kids.
2. Create a budget that includes the cost of living without your partner, emergency funds, and expenses you wouldn’t normally incur back when you were married.
3. Money doesn’t care about your pride.

Tweetable Quotes:

• “Louisiana calls for matrimonial agreements, which basically say you can contract anything that isn’t against public policy, public policy being stuff like you can’t contract out of paying child support.” – Sean McAllister
• “I encourage prenups in situations where somebody has a child from outside of the marriage and brings it into the marriage and there are certain protections you can take to protect that child’s interest or inheritance.” – Sean McAllister
• “Contracts in Louisiana, if you are a couple and you are not married, you can still make contracts and protect yourself. But Louisiana is a civil law state. It is not common law. So, there is no common law marriage or anything.” – Sean McAllister

Resources Mentioned:

• Horizon Financial Group
• The Confident Wealth Podcast
• [email protected]
• [email protected]
• Linkedin: Sean McAllister
• Sean McAllister’s Email: [email protected]
• Sean McAllister’s Phone Number: (985) 612-1946
• Loeb Law Firm: loeb-law.com
• Louisiana Revised Statute 9:315: justia.com/codes/louisiana/2011/rs/title9/rs9-315/

During this episode of The Confident Wealth Podcast with Bill Bush and Pete Bush, they interview Sean McAllister, Associate at Loeb Law Firm. Sean McAllister talks about Louisiana Revised Statute 9:315, understanding divorce and finance, and what to expect when children, pensions, property, and tax returns are involved.

Episode Highlights:

• 00:29 – Bill Bush and Pete Bush introduce the subject of divorce.
• 01:18 – Sean McAllister introduces himself and his work experience.
• 02:00 – What was it that pulled Sean towards working in family law?
• 03:15 – What makes divorce law different in Louisiana?
• 05:30 – Are divorce stats in Louisiana the same as other areas of the United States?
• 07:32 – What kind of expenses occur with divorce?
• 09:06 – One way to prepare for financial downside of divorce is trying to agree on as many costly areas as possible. 

• 10:01 – How should a couple seeking a divorce go about dividing property?
• 11:11 – In which ways does having kids complicate a divorce situation?
• 14:38 – Sean McAllister discusses Louisiana Revised Statute 9:315.
• 14:15 – Seek out financial advice.
• 17:04 – How are tax returns affected by divorce proceedings?
• 19:26 – What are some of the issues that come up with pensions and retirement
• funds during divorces? 
• 21:15 – Seek out financial advice.
• 23:04 – How are tax returns affected by divorce proceedings?

3 Key Points:

1. If you have kids and you are getting a divorce, the ex-couple has to live separate and apart for a year. If you don’t have kids, you have to live separate and apart for six months.
2. The percentage of married couples that get divorced in Louisiana is about 22-25%.
3. Financial stress is one of the leading causes of divorce.

Tweetable Quotes:

• “We’re kind of a jack-of-all-trades firm, very multidimensional, work all across the entire state, do a lot of insurance defense, plaintive personal injury, family law. You name it, we will basically do it.” – Sean McAllister
• “What made me want to be an attorney is that I’ve always been attracted to the idea of representing somebody, and family law is so individual and so personal that, going through a divorce is one of the hardest times in anybody’s life.” – Sean McAllister
• “The trend across the country is that when the economy is going good, divorces are lower too and when the economy is going bad, divorces kind of go up. Divorces, the rates have been falling over the last couple of decades.” – Sean McAllister

Resources Mentioned:

• Horizon Financial Group
• The Confident Wealth Podcast
• [email protected]
• [email protected]
• Linkedin: Sean McAllister
• Sean McAllister’s Email: [email protected]
• Sean McAllister’s Phone Number: (985) 612-1946
• Loeb Law Firm: loeb-law.com
• Louisiana Revised Statute 9:315: justia.com/codes/louisiana/2011/rs/title9/rs9-315/

In this episode of The Confident Wealth Podcast, Pete and Bill Bush of Horizon Financial Group discuss the market downturn due to the outbreak of the coronavirus, and the declared global pandemic. Pete and Bill talk about strategies you can use to stay positive in scary times when your account value is declining. How can you build, gain, or maintain confidence during trying times? 

This episode of The Confident Wealth Practice Podcast with Bill Bush and Pete Bush address the problems and issues associated with cybersecurity and how to protect yourself. Learn more about the financial scams that are targeting your credit cards and digital banking accounts. The cybersecurity defenses discussed in this episode can help you build up a stronger wall of protection from becoming a victim.

Episode Highlights:

• 01:36 – Bill Bush and Pete Bush introduce the topic of cybersecurity.
• 02:03 – Pete Bush talks about having a credit card compromised.
• 02:35 – Bill Bush talks about having his email password compromised.
• 04:07 – Pete and Bill discuss a new cell phone scam to be on the lookout for.
• 04:52 – Storing your credit card numbers on websites makes you more exposed

             for fraud.

• 05:24 – Create unique passwords.
• 05:57 – Keep your security software current.
• 07:30 – Pay attention to your accounts and your updates.
• 08:02 – Set up alerts for account activity.
• 09:14 – Check your credit card reports for suspicious activity.
• 10:24 – Get into a daily habit of checking your cash-flow accounts.
• 11:45 – Watch out for skimming devices that often happen at gas station pumps.
• 12:38 – Use cash for small purchases.
• 13:13 – Look into identity protection.
• 14:42 – Notify your credit card company when something is wrong and

             consider a credit freeze.

• 16:30 – Go to gov/cyberforsmallbiz for cybersecurity resources.

.

3 Key Points:

1. Beware of a new scam where people are taking other people’s cell phone numbers, porting them to a different phone and when the two-factor authorization comes in it goes to their phone instead of the victim’s phone.
2. The best defense is to have a good offense and take proactive steps to limit your exposure to fraud.
3. Check your financial cash-flow accounts daily.

Tweetable Quotes:

• “Your information is still out there and there are bad people waking up everyday trying to figure out how to take it.” – Pete Bush.
• “Make sure you have multiple passwords and one for every different account.” – Bill Bush.
• “The more you shop online, the more your family is out there with cards stored on sites and things like that, you are just more exposed.” – Pete Bush.

Resources Mentioned:

• Horizon Financial Group
• [email protected]
• [email protected]
• gov/cyberforsmallbiz

This episode of The Confident Wealth Practice Podcast with Bill Bush and Pete Bush take a look at the recent college football championship victory of the Louisiana State University Tigers and how the valuable lessons from that win can be applied to achieving your own financial success.

Episode Highlights:

• 00:30 – Bill Bush and Pete Bush introduce the topic of how the lessons learned from the LSU Tigers college football championship win can translate into one’s financial life.

• 03:00 – What is the ultraspecific goal that you are setting for your financial year?
• 04:49 – What is the ‘summer of 10,000 passes?’
• 06:41 – DIscipline is needed to make it through the long haul of focusing on your financial future.

• 08:14 – Have a lot of good options while putting your best investment choices.
• 08:51 – Coaching played a role in the LSU Tigers and it can do the same in your financial life.

• 11:07 – How do you go about reloading and rebalancing your investment decisions when your investments overperform or underperform?

• 13:45 – Pete Bush talks about having played baseball for LSU and taking the small daily steps that are needed to get better and reach goals.

• 14:42 – There is a time for celebration. Have people to share your wins with.

.

3 Key Points:

1. Set one unified goal for your family’s or your company’s financial future just as the LSU Tigers had one unified team goal to win the national championship.
2. Discipline is need to stick with your financial goals on a long-term basis.
3. Advisement offers a continual feedback loop to coach you through your decisions.

Tweetable Quotes:

• “At the beginning of any year, we need to sit there and we need to look ahead and we need to say, ‘What is it that we’re trying to accomplish?’” – Pete Bush.
• “You set the goal. But then you go about chipping away at the work that it takes to get there.” – Bill Bush.
• “You can’t be in your own financial world and in your head and completely understand and see everything.” – Pete Bush.

Resources Mentioned:

• Horizon Financial Group
• The Confident Wealth Podcast
• [email protected]
• [email protected]

This episode of The Confident Wealth Podcast with Bill Bush and Pete Bush is the 9th installment in their series, The Value of Working with an Advisor. During this installment, Bill and Pete talk about the problems associated with not having a will, the value of having an advisor to walk clients through the process of estate planning, organizing and maximizing value, getting help with gift money to causes, how to handle life transitions, and how to prepare for taking care of your parents or other family members in the future.

Episode Highlights:

• 01:26 – Bill Bush and Pete Bush introduce the topic of leaving a legacy, life

             transitions, and caring for others.

• 02:18 – Everyone can use some coaching.
• 03:20 – Most people don’t have a will.
• 04:17 – What is the harsh reality of not having a will?
• 06:43 – What is the value of having an advisor when leaving a legacy?
• 08:07 – There is a moment in time when it is too late to designate a power of

             attorney.

• 09:32 – Organization and maximizing value is important.
• 10:42 – Special needs situations can arise.
• 12:15 – Gifting is also leaving a legacy.
• 12:49 – Life transitions and taking care of others are emotional situations and can

             lead to emotional decisions. 

• 17:30 – As we age, health and abilities can decline and require help with financial

             planning.

• 18:47 – What is a good way to bring up financial planning with your parents to

             make sure they are taken care of in the future.

• 20:23 – A little bit of prevention is better than a lot of a cure.

.

3 Key Points:

1. People falsely assume that estate planning is only for rich people.
2. Advisors can break down the complexity of estate planning into doable action steps for their clients.
3. Death, divorce, kids moving out of your house, and inheritances are often unexpected situations that require financial planning.

Tweetable Quotes:

• “Most people, some 70%, do not have a will.” – Bill Bush.
• “Powers of attorney do end when you die. That is when your will kicks in. But at the same time, you are planning against these contingencies that just say, ‘you know, that is a good safety net to have.” – Pete Bush.
• “For a current income tax-type planning, which has really bubbled up with these new tax law changes, is you can set up a donor advice fund. Even though you may not know who or when you want to gift it yet.” – Pete Bush.

Resources Mentioned:

• Horizon Financial Group
• The Confident Wealth Podcast

This episode of The Confident Wealth Podcast with Bill Bush and Pete Bush is the 8th installment in their series, The Value of Working with an Advisor. During this installment, Bill and Pete address the subject of preparing for retirement in a manner that you can feel confident about. What type of retirement goals do you have for you and your spouse? How will your financial needs change during different phases of retirement? What are the various ways financial planners can assist future retirees with proper preparation? Bill and Pete have the answers for you.

Episode Highlights:

• 01:37 – Bill Bush and Pete Bush introduce the topic of planning for a confident

             retirement.

• 03:17 – Social Security is typically not enough to rely on for retirement.
• 03:51 – When you get to 50 the clock towards retirement starts ticking.
• 04:47 – What is the date and amount you need for retirement?
• 06:09 – What are your retirement goals?
• 07:29 – What are the three stages that some retirements fall under?
• 08:04 – How should you go about taking out extra money earlier in retirement?
• 09:49 – How does healthcare play into retirement planning?
• 11:15 – Mortgage debt is a huge problem in retirement.
• 12:06 – Which unique factors should retirement planners prepare for?
• 13:26 – What are all the things that a financial advisor does to help clients prepare

             for a confident retirement?

.

3 Key Points:

1. Have a dollar-specific/date-specific plan.
2. The three phases of retirement generally are: checking off dream activities from your bucket list, the slowing down phase, and the older stage of not wanting to do anything.
3. Runaway healthcare costs are the number reason for bankruptcy during retirement.

Tweetable Quotes:

• “A married couple that is 65, there is a one in two chance that one of them lives to be 90.” – Bill Bush.
• “It is better for people to think in terms of retiring to something instead of from something.” – Pete Bush.
• “A lot of times we are recommending going into retirement with no debt of course, going into retirement with a couple of years of cash that you can get your hands on.” – Pete Bush.

Resources Mentioned:

• Horizon Financial Group
• The Confident Wealth Podcast

This episode of The Confident Wealth Podcast with Bill Bush and Pete Bush is the 7th installment in their series, The Value of Working with an Advisor. Listen and learn all about how financial advisors can assist you with preparing, analyzing, and guiding your ever-changing financial situation. Bill and Pete point you in the right direction for budgeting, reviewing recurring fees, and overcoming disorganization.

Episode Highlights:

• 01:45 – Bill Bush and Pete Bush introduce the topic of organizing, monitoring and

             guiding your financial life.

• 02:45 – How can not having a budget becomes a setback?
• 03:41 – Are you paying too much in taxes?
• 04:47 – What financial opportunities are you missing out on by being disorganized?
• 05:40 – Make sure you have a 3-6 month emergency fund.
• 06:50 – Are you paying too much for insurance?
• 07:51 – What is your process for reviewing interest rates?
• 08:52 – Have a plan to have something to measure your financial life against.
• 09:47 – Are you letting your time management fall apart?
• 12:06 – Update your plan to adjust to life changes.
• 14:00 – Not knowing your numbers is a huge mistake.
• 15:15 – Are you up-to-date on technologies that can help you stay organized?
• 16:40 – Take advantage of the experience that advisors have to speed up the

             process.

• 17:15 – Financial advisors can simplify the complex situations and minimize fear.

.

3 Key Points:

1. Give a name to every dollar that you spend to keep a strong budget
2. Pay attention to interest rates and mortgage rates.
3. The “I will get around to it” excuse is a form of being disorganized.

Tweetable Quotes:

• “Have you ever stopped and kind of put a price on disorganization might be costing you?.” – Pete Bush.
• “If you stay ready you don’t have to get ready.” – Pete Bush.
• “A high percentage of Americans can’t withstand an emergency of even $400 dollars...which is in this day and time nothing.” – Pete Bush.

Resources Mentioned:

• Horizon Financial Group
• The Confident Wealth Podcast

This episode of The Confident Wealth  Podcast with Bill Bush and Pete Bush is the 6th installment in their series, The Value of Working with an Advisor. Gain some useful insight on budgeting and cash flow. Find out how financial advisors can help clients get a handle on their budgets, find out where their problematic areas are, and how to go about building healthier spending and savings habits.

Episode Highlights:

• 00:55 – Bill Bush and Pete Bush introduce the topic of budgeting and cash flow.
• 02:15 – What exactly is a budget?
• 03:32 – Do clients that budget have a higher chance to build wealth?
• 05:39 – What about folks that claim to have their budget in their head?
• 07:32 – What is the value that financial advisors can bring to budgeting?
• 09:49 – How can Horizon help young people get started with financial planning?
• 11:35 – What are some ways that advisors help clients get started with budgeting?
• 13:51 – How can advisors help clients get debt under control?
• 14:30 – What can be done about long-term goals and freeing up more money?
• 15:52 – Where does money leaking out typically go?

.

3 Key Points:

1. Review your household budget on a month-to-month basis.
2. Advisors can bring value to a client’s budgeting by showing them how to increase savings and investments, how to reduce spending.
3. Money can’t bring you happiness. But, if you are worried about money, it is hard to be happy.

Tweetable Quotes:

• “What a budget is, is the matching of income and outflows. The matching of income and expenses.” – Pete Bush.
• “There is some stat out there I read recently that says most people can’t afford an emergency of over $400. And that’s not much in this day and age.” – Pete Bush.
• “If you fail to plan, you plan to fail.” – Pete Bush.

Resources Mentioned:

• Horizon Financial Group
• The Confident Wealth Podcast

This episode of The Confident Wealth Podcast with Bill Bush and Pete Bush continues on as the 5th installment in their series, The Value of Working with an Advisor. Learn more about the inherent risks we have, and how we can manage them from a financial advisement standpoint.

Episode Highlights:

• 01:56 – How does insurance come into play with life and death situations?
• 02:40 – What are you doing to manage your downside risk?
• 04:05 – There is a cost to waiting too long for insurance.
• 05:56 – Bill Bush shares a personal insurance story.
• 07:05 – Why do some folks underestimate their insurance needs?
• 08:52 – How does an advisor go about managing inherent risks?
• 10:19 – Usually there are financial incentives to get insurance evaluated.
• 11:27 – Motivate clients to take actions on steps towards their insurance needs.
• 13:01 – Focus on the difference between the cost of the insurance premium and
• the cost of the problem.

3 Key Points:

1. The cost of the solution is always a fraction of the cost of the problem.
2. Evaluate your need to find potential solutions for it.
3. The steps for an advisor to manage a client’s inherent risks include: full analysis, figure out what is already in place, see if there are any gaps that need to be filled, keep reviewing, and motivate people.

Tweetable Quotes:

• “Life is going to happen. Thus, death is going to happen too. And of course, that can leave a big financial hole in a family or a business.” – Bill Bush.
• “It’s important to separate out the cost of the problem from the cost of the solution – Pete Bush.
• “You should monitor your beneficiaries, kind of review that, maybe in an annual review with an advisor.” – Bill Bush.

Resources Mentioned:

• Horizon Financial Group
• The Confident Wealth Podcast