Winning at Life with Gregory Ricks

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01:36 - Yesterday was the first Gregory Ricks Live Lunch and Learn focused on the topic of Estate Planning, and it was a packed event with an overflow crowd already signed up for the next Estate Planning event scheduled for next month. Gregory explains how the different parts of Medicare work.

14:34 - The core question for Estate Planning is: if something happens to you, are your affairs going to be handled in the way that's best for your family? Will your assets be handled the way YOU want?

18:42 - Gregory talks about the process of keeping up with all of these financial disciplines including Estate Planning, Social Security rules, Medicare updates, IRAs, and tax strategies. It involves reading books, studying at conferences, and being constantly faced with unique situations from clients.

24:15 - One of the most common curve balls thrown at a financial plan is being forced to retire early.

27:42 - We review our favorite call from Saturday's Weekly Wrap: Matthew in Metairie calls in for help from Gregory. His wife was locked out of her Social Security account after getting tripped up by some security questions. Gregory had a similar experience, and figured out pretty quickly that Social Security was using info available from a credit bureau to formulate their security questions. When the wife has another chance to finish the process, she may find it helpful to have a a full report from a credit agency as a reference to help her through the process.

33:34 - Paige in Thibodaux asks Gregory about the changes in her usual tax write offs.

39:55 - Staying at Holiday Inn as your primary residence doesn't sound like such a crazy idea after reading yet another profile on a retired couple that bounces from town to town using this method. There may be over 100,000 people doing this these days.

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01:04 - In previewing today's guest, Gregory and James talk about how the dip in interest rates on mortgages has created a short term opportunity for those in need of a mortgage for purchasing a home, getting a current mortgage refinanced, or those thinking about a reverse mortgage.

04:28 - The next Gregory Ricks public event is a Lunch and Learn about Estate Planning, and is filled to capacity. Gregory has responded to the demand by scheduling another Estate Planning Lunch and Learn next month, and the overflow crowd already has it halfway full. Finding good help with Estate Planning must be in short supply.

12:12 - Louis in Folsom calls in as a cypto enthusiast to talk about Fidelity announcing a plan to custody some financial investments involving Bitcoin.

27:15 - Matthew in Metairie calls in for help from Gregory. His wife was locked out of her Social Security account after getting tripped up by some security questions. Gregory had a similar experience, and figured out pretty quickly that Social Security was using info available from a credit bureau to formulate their security questions. When the wife has another chance to finish the process, she may find it helpful to have a a full report from a credit agency as a reference to help her through the process.

30:54 - Judy in Metairie has a self-directed IRA paying monthly dividends from an energy investment, but as the monthly checks are getting smaller, she wants to know if she can get out. Gregory has seen similar situations with some energy investments, MLPs, and REITs, and recommends she goes straight to the invested company (not the IRA custodian) to ask directly how to unwind her involvement.

36:24 - Rusty in Hattiesburg has money piled into an IRA, and wants to know how to turn that into a monthly income stream rather than annual lump sum Required Minimum Distributions. Gregory explains a few options, and likes the idea of stretching the time table to make the money last to age 100.

44:09 - Dwayne Stein of MortgageGumbo.com and the Total Wealth Authority is our guest for the hour, and his office is seeing a herd of enthusiastic buyers come through the door as interest rates continue to fall ahead of the spring buying season. Refinances are more attractive lately as well.

55:57 - Gregory asks Dwayne's thoughts on why Reverse Mortgage applications are showing a slow down. Dwayne sees that most of his Reverse Mortgage clients are driven by life's circumstances with little regard to what the current interest rates may be.

1:09:38 - Roy in Mandeville asks Dwayne about his situation: he has 7 years left on his mortgage, and wonders if a Reverse Mortgage could make his payments go away. Dwayne says he can likely make the payments go away, and get a little more money out of it, as well.

1:13:21 - John in New Orleans asks Dwayne Stein and Gregory Ricks on how a Reverse Purchase works.

1:22:02 - Butch in Houston has a new girlfriend moving in, and is thinking about adding on to his house to accomodate her kid. Dwayne explains his options on how to finance the project.

1:37:17 - Gregory explains how his proprietary Guided Planning System can serve as a roadmap to get your to your financial destination.

1:42:03 - Ken in Mandeville asks Gregory if his wife can increase her spousal benefit from his Social Security record by waiting past her Full Retirement Age.

1:47:04 - Gregory explains some reasons why converting your IRA to a Roth IRA might NOT be a good idea.

2:00:43 - Cindy in Gulfport asks if it's too late to do a Roth contribution or conversion for 2018.

http://www.WinningAtLife.com

Check out our available Zoom classes: http://inspirlang.com/zoom

Get our digital/paperback book at https://inspirlang.com/lovemando

View podcast transcription at https://inspirlang.com/mandopod

Youtube: https://youtube.com/c/inspirlang

Facebook: https://facebook.com/inspirlang

Instagram: @inspirlang

Twitter: @inspirlang

01:08 - Healthcare spending accelerates with age, even for those who are relatively healthy. Gregory shares some approached

07:10 - A caller who didn't want to come on the air asks about the retirement investing implications of having a much younger spouse. He's 47, she's 29. What more can she do to save for retirement? Do the rules change when there's a big age spread?

11:23 - Before you get into any investment, know where your exits are. Gregory stresses seeking investments with a balance of liquidity. Too much liquidity isn't optimum, but locking up your money is often worse.

21:54 - Gregory Ricks is hosting a Lunch and Learn event for those who need some answers when it comes to Estate Planning. Wes Blanchard, the Estate Planning Attorny of the Total Wealth Authority, will be there to lay out some basics, and answer questions from attendees. It will be a smaller event (16 people max) with a box lunch provided. Contact the office for your reservation: 504.832.9200

24:22 - Steve in Houma is 65, and a no-risk investor. He likes the idea of doubling his money over the next ten years. Using the rule of 72, is there someplace he can get a no-risk return of 7%?

31:53 - Gregory goes into a little more detail about how to structure your investments into different jobs with different levels of return and liquidity.

36:49 - We review predicitons from the previous month on whether or not there would be another partial government shutdown. Gregory was right, James was wrong.

44:44 - Jude Heath, CPA of the Total Wealth Authority, joins us for the hour and talks recommends interviewing your next potential CPA before deciding if he's the right one to handle your taxes.

46:40 - Alex in Kenner is facing some hefty Required Minimum Distributions from his traditional IRA in about 6 years, and he's asking Gregory and Jude about some advice he's received encouraging him to convert some of that IRA to a Roth IRA. Gregory and Jude say that may not be very effective in reducing his overall tax bill.

52:20 - A caller asks off-air if he can claim his elderly mother as a dependent. She has moved in with him, and he covers most of her living expenses.

54:56 - Jude has been recommending the Mile IQ app for those who itemize their tax deductions, and they now have commercial

57:39 - John in Abita Springs and his wife attempted to start a business last year that didn't work out. How can he take a loss on the remaining inventory for tax purposes? Jude says since John doesn't itemize his deductions already, it's unlikely he will get any tax benefits, but he should liquidate the inventory and know for sure.

1:03:12 - Jim in Bridge City asks when his wife can draw a spousal benefit on his work record with Social Security

1:06:39 - Jude Heath's CPA firm has a online portal to help clients organize and submit their tax documents.

1:12:47 - Gregory and Jude talk about the options for those who are behind on their taxes. Commercials often tout some sort of programs with promising sounding names, but as far as the IRS is concerned, it's all really just an offer-and-compromise. Jude also warns against those tax perpareres who promise to cut you a refund check the same day.

1:18:46 - Jack on FB Live asks Jude how he can lessen the tax hit on huge profits from a stock investment. Jude points out that Opportunity Zones may be what Jack is looking for.

1:23:04 - A phone scammer gets a little pushy with the wife of a former CIA Director. It does not end well for him.

http://www.WinningAtLife.com

00:45 - A deal was reached to avoid a government shutdown, and Trump declares a national emergency to build his wall. At least the economy won't have to concern itself with another shutdown, but plenty of uncertainty remains. Parker is unhappy about the rampant spending increases being largely ignored by both parties.

12:20 - The number of folks seriously deliquent on their car loans is spiking in the US and Europe, and may be a warning of a slowing economy on the horizon.

19:11 - What does car-buying look like in retirement? Gregory shares some different scenarios retirees face for transportation, and Uber has provided a great new option in the mix.

21:44 - Tackling the high cost of college is one of the biggest financial challenges current generations face. If you absolutely need a degree to succeed in your chosen path, think about community college or paying-as-you-go even if it means you can't go to class full time.

34:48 - Complaints about smaller tax refunds going to the middle class miss the larger point that anyone in the middle class who takes the standard deduction most certainly got a tax cut, and the tax withholdings on your check were automatically reduced without the employee having to do anything.

http://www.WinningAtLife.com

03:22 - Gregory Ricks is hosting a Lunch and Learn event for those who need some answers when it comes to Estate Planning. Wes Blanchard, the Estate Planning Attorny of the Total Wealth Authority, will be there to lay out some basics, and answer questions from attendees. It will be a smaller event (16 people max) with a box lunch provided. Contact the office for your reservation: 504.832.9200

13:46 - Steve in Houma asks Gregory if he can get a better return from CDs or a comparable fixed annuity.

24:35 - Highlight call from the Weekly Wrap: John in Pascagoula asks Gregory on how to convert some of his 401k into a Roth IRA. Gregory discusses tax bracket management in doing some strategic Roth conversions.

32:19 - Gregory talks about people trying to use trusts to hide assets from the government in an attempt to get help from Medicaid for health expenses. Gregory warns about trying this, and shares a story about a couple looking to change their revokable trust to an irrevokable trust, but not aware of the negative consequences.

37:37 - A phone scammer gets a little pushy with the wife of a former CIA Director. It does not end well for him.

http://www.WinningAtLife.com

Check out our available Zoom classes: http://inspirlang.com/zoom

Get our digital/paperback book at https://inspirlang.com/lovemando

View podcast transcription at https://inspirlang.com/mandopod

Youtube: https://youtube.com/c/inspirlang

Facebook: https://facebook.com/inspirlang

Instagram: @inspirlang

Twitter: @inspirlang

01:22 - There's 3 Gregory Ricks Live events coming up over the next few weeks, including 2 new Lunch and Learn events. One luncheon covers tax planning, and the other will help those with Estate Planning issues.

13:05 - Gregory explains some of the features on the Winning at Life app, including some new additions.

17:35 - Contribution limits on IRAs have increased, allowing you to put away more pre-tax money for retirement. Gregory encourages you to not put all of your retirement savings in a pre-tax basket, and instead aim for ways to create tax free income streams for retirement income as well. If you earn too much money to contribute directly to a Roth IRA, Roth conversions have no income limit.

34:24 - Estate Tax levels for 2019 are exempt up to $11,400,000, and anything over that is a 40% tax.

36:38 - Jim in Laplace calls to complain he paid more in taxes after the tax reform, and it looks like he was hit with the elimination of deductions.

39:41 - Steve in Baton Rouge asks Gregory how to evaluate the returns on his portfolio in retirement. It was easy to figure out before he started taking income from the pot, and Gregory explains how to evaluate the two moving parts of income versus returns.

44:53 - Chipper in Hammond asks Gregory about using 529 plans for college savings, and how the contribution limits work in Louisiana.

52:15 - Wes Blanchard, Estate Planning Attorney of the Total Wealth Authority, is our guest today, and has seen a surge of people coming in with succession issues created from a lack of proper estate planning. It's always easier to take care of these things in advance, rather than clean up the mess afterwards.

57:13 - Almost everyone needs some form of estate planning in case something happens, but who REALLY needs estate planning the most? If you're caring for someone with special needs, or you're in the crosshairs of the Estate Tax, you're one of the top of the list of people who could use some help. However, the most urgent need for estate planning comes from the terminally ill.

1:09:17 - Norma in Covington texts in from the Winning at Life app, and she asks Gregory and Wes's thoughts on how she could pass down her rental properties to her daughter.

1:17:23 - Mary in Bay St Louis asks Gregory and Wes about her options passing her house to her niece.

1:32:35 - Jason in New Orleans asks Gregory to explain how the Gift Tax rules work.

1:38:06 - Mark in Ponchatoula is retired on a teacher's pension, and was disappointed to find out his Social Security was being ate up by the Windfall Elimination Provision.

1:39:13 - John in Mobile has some nice gains last year from his money manager, but went underwater this year. How will he be taxed?

1:45:22 - Ward in Houma asks if he should put his new wife on the mortgage, or is updating his will good enough?

1:50:36 - John in Pascagoula asks Gregory on how to convert some of his 401k into a Roth IRA. Gregory discusses tax bracket management in doing some strategic Roth conversions.

http://www.WinningAtLife.com

Check out our available Zoom classes: http://inspirlang.com/zoom

Get our digital/paperback book at https://inspirlang.com/lovemando

View podcast transcription at https://inspirlang.com/mandopod

Youtube: https://youtube.com/c/inspirlang

Facebook: https://facebook.com/inspirlang

Instagram: @inspirlang

Twitter: @inspirlang