Episode Transcript
[00:00:00] Speaker A: You.
[00:00:00] Speaker B: Hey, thanks so much for listening to this message. My name is Jason and I'm one of the ministers here at the Madison Church of Christ. It's our hope and prayer that the teaching you hear today will bless your life and draw you closer to God. If you're ever in the Madison area, we'd love for you to stop by and study the Bible with us on Sundays at 05:00 p.m. Or Wednesdays at 07:00 p.m. If you have questions about the Bible or want to know more about the Madison Church, you can find us online at Madison Church.
Be sure to subscribe to this podcast as well as our Sermons podcast Madison Church of Christ Sermons. Thanks again for stopping by. I hope this study is a blessing.
[00:00:34] Speaker A: To you.
[00:00:41] Speaker C: And we'll go ahead and.
[00:00:42] Speaker B: Get started with this.
[00:00:43] Speaker A: Perfect. Can everybody hear me okay? Oh, I see, Julie, I see what you mean about the light. Holy cow. No, it's wonderful to be here with you. I know Brandon gave a quick introduction, but truly is wonderful to be here at Madison. Like you said, we've been here since July of last year, so it's crazy. We've already been here over a know. The idea of taking care of aging family members, aging parents is truly one of the main reasons why I got into financial services to begin with. So, a little bit about me. So I lost my mother at a very young age, and so my father's a musician up in Nashville, and so as a result, went to live with my grandparents. And so through all of that, I have seen both the good, the bad, and the ugly of kind of the whole wide gambit of having these tough conversations just a little bit. Okay, how about now? Good. Okay, perfect. So I got two mics, man. I know Julie said something a minute ago, but I feel extra special now.
So, again, a little bit about me. As Brandon said, I'm a certified financial planner with Vector Wells Strategies here in.
I have been here for almost four years now. It's kind of crazy how fast time has flown by, but I don't have a presentation. Really want to focus on what's in the booklets here. Thank you to the ministers and staff for putting together just this wonderful booklet. But really, what I want this to be is just a conversation. I think Julie did a really good job of having that dialogue and really want to continue. And I promise we did not coordinate too much, but practically have the same first point there of you really want to make sure when you start having these conversations, whether it be about the care plan or specifically with the financial matters to come at it at a place of love and a place of caring.
[00:02:47] Speaker C: Right.
[00:02:48] Speaker A: Most oftentimes, you got to think this is very personal, very personal and very intimate information that is being shared.
[00:02:58] Speaker C: Right.
[00:02:59] Speaker A: And you hardly want to share that with your spouse some of the time. Hardly your kids or your grandkids at that point.
[00:03:08] Speaker C: Right.
[00:03:08] Speaker A: So it's just very important to have the right people in place.
[00:03:13] Speaker C: Right.
[00:03:15] Speaker A: And the next thing is, know, the best time to start these conversations is, you know, we're right before the holiday season here, Thanksgiving here. In just a couple weeks, you're going to have family around. I think Julie made a really good point of it's important where you have those conversations and being able to sit down and just frankly, we're getting older and just need to make sure that you have that plan in place in the event that something happens to you.
[00:03:49] Speaker C: Right.
[00:03:50] Speaker A: Everybody likes to think you're invincible. And Mike Tyson has a great quote. Everybody has a plan until you get punched in the face.
So everybody has a plan until the plan doesn't work.
[00:04:05] Speaker C: Right.
[00:04:05] Speaker A: And it's being able to adjust that plan.
Something that I would advise everybody to have, especially your older parents and family members, specifically with their financial assets, is to have a trusted contact document in place with your trusted advisor. So at Vector, we have that. And what that is, is if we get a kind of a random, out of the blue call saying, hey, I want to move all of my account to an offshore bank account in Jamaica.
Doesn't really sit right, and most often something's up. And so this is somebody that we can reach out to and know, Is everything okay with Jane or insert family member here? It's not necessarily somebody that we're not going to be able to give them any sort of financial information without the financial power of attorney, which I know Connie will most likely talk about later, but it's just being able to check in and see if the person is okay. So kind of the first thing there is making sure you have a trusted contact document in place with your advisor or advisors. And as far as having those conversations with both your advisors and your family members, make sure you have the right people involved.
[00:05:30] Speaker C: Right.
[00:05:31] Speaker A: It's like a sports team. You want to put the right people. And Julie, again, said a great job, did a great job of describing you want to have the right people in place for those conversations, because, again, it is a difficult thing. But specifically with financial information, it's really important to have kind of an overall, overall know the overall landscape of your parent situation.
[00:05:59] Speaker C: Right.
[00:06:00] Speaker A: And so kind of moving on to the second point there, as far as knowing the location of all of the assets. And so most oftentimes we think, okay, it's just financial assets, it's just going to be retirement accounts and bank accounts and. Oh, yeah, the house and. Yes. Okay, everything else is good at that point. Well, that's not necessarily the case.
[00:06:23] Speaker C: Right.
[00:06:24] Speaker A: Of course. Like I said, it's really easy to think about those accounts that have monetary value and like I said about the bank accounts and things of that sort. But it's also important to think about their digital assets as well.
How many of our parents have Facebook pages? Raise your hands. It's a pretty scary place, isn't it, parents on Facebook, right. It's always fun to my grandmother. Love her to death. She's 80 and 80 something and just keeping that private there. No, just kidding. She's 83 years young and I commend her greatly. She is using emojis when she texts and she posts on Facebook. And it's not searches for what was the score of the Braves game last night. It's actually like actually posts, which is always good. But in the event that something were to happen to her, it's making sure that those online accounts, like Facebook pages, or more importantly, what about those bill services like Madison utilities here, or you name it as far as kind of their utilities and those sort of things, those accounts that automate.
[00:07:42] Speaker C: Right.
[00:07:42] Speaker A: Well, in the event that something were to happen to your loved one, what happens if something comes unlinked and all of a sudden the water is getting turned off? That's exactly what we want to avoid there. And so I would encourage everybody. So this is a family preparedness kit that.
This is a family preparedness kit that we put together at Vector.
And you'll probably know this other dashing gentleman on the front, Nick Jackson here, he's a member here as well. But we put this together several years ago. And what it is, it lays out both, again, all the financial accounts and those sort of things. But also, hey, where are these assets, right? It's one thing to have a bank account at Redstone and maybe at Capital One and that's it.
[00:08:36] Speaker C: Right?
[00:08:36] Speaker A: Well, if you're anything like my family. So, like I said, being from Nashville, my grandfather worked at the Bridgestone plant up there. And every payday somebody would come around with the series EE Savings bonds. And so as a result, that was like his retirement plan. And so when he passed away back in 2012, kind of had to walk my grandmother through figuring out where everything was. Now, again, kind of the generation of folks that we're talking about kind of like to have everything spread out a couple of different places for safety reasons, right? Well, thankfully, things like the FDIC and the ACC and some of those regulatory bodies make it to where you don't necessarily have to have things spread out all over the place. But again, we're very much talking about a generation that likes to have things spread out. And so, all that being said, as we were going through things with my grandfather, I believe the final count was we went to four different banks with four different safe deposit boxes to get a lot of different savings bonds kind of spread out all over the place, all over Nashville.
Davidson county is only so big, I think in one day, we went about 45 miles, I think, driving from point A to point B to point C to so on and so forth there. So it was a very long day of sitting in banks. And, of course, with those EE bonds you have to fill out. Does anybody know what AEe bond is? Anybody? Okay, so, you know, if you've redeemed those, the second you walk into the bank, like, you just get the eye rolls, like, oh, this is about to be the longest day ever. It's like, well, it's for both of us, so you are going to have to deal with it the same way I do. But as far as those physical assets, it's so important. But again, I would encourage you to have something like this.
[00:10:37] Speaker C: Right.
[00:10:37] Speaker A: And then kind of coming back to the digital assets for those online accounts. Again, like some of those automated, those automated systems, like your utility bills, like your electric bill, be sure that you're saving those passwords for your parents in a safe place.
I would encourage you to use something like, we use a company called one password.
It's a subscription, it's just a couple of dollars a month, and it's a safe password storage. And now I know we're in a room probably full of engineers, and you're either rolling your eyes at me or you're thinking, yes, that's exactly the one I use. But again, one password or things like that, to where not only are they protected, but they're also easily accessible in the event that the day comes that you're having to pay bills for your family, for your parents there. And so kind of shifting gears a little bit as far as the overall financial accounts.
[00:11:40] Speaker C: Right?
[00:11:41] Speaker A: So, like I was describing a minute ago, probably a couple of different types here. I'll kind of not get blinded by the light here.
It's very important that you go ahead and gain access to their financial accounts.
[00:11:55] Speaker C: Right.
[00:11:56] Speaker A: And again, starting those conversations early kind of makes that transition a whole lot easier. And so, like I said, I know Connie's going to talk about it later, but go ahead and have that financial power of attorney set in place. So in the event that that day does come to where you're having to make those decisions on behalf of your parents, you can take money out of their accounts, pay the bills, and do things on their behalf, especially when it comes to their financial assets, like their investment accounts.
[00:12:30] Speaker C: Right.
[00:12:31] Speaker A: And so once you gain access to those accounts, develop a system to monitor that activity.
[00:12:40] Speaker C: Right.
[00:12:40] Speaker A: And so, of course, when you're talking about just kind of cash flow.
[00:12:45] Speaker C: Right.
[00:12:45] Speaker A: First, know what's coming in every month, right. So look at what is their Social Security income supposed to be? Then two, what are the incomes coming from? Things like their pensions, if they have one.
Or maybe they're receiving income from their investment accounts. They receiving dividends on a quarterly basis. Just kind of get a feeling of what that is on a month to month basis. But then I would say just as important, if not more so important, know how much the outflow is. And that's really where you can find some irregularities. That's a tough word for me to say.
That's really where you can find some of those oddities that, hey, that doesn't seem right. And the thing is with, and Julie said a minute ago, everybody has their own system and own ways to implement these things. But what I would encourage you to do is develop a plan that works for you and your parents to just sit down and know, hey, I noticed that this really weird charge came in. Can you tell me a little bit more about that and just kind of pose the question and let them talk? And that's another thing, when you ask them, don't immediately interject and say, like, hey, what is this?
Who knows? It could be a Christmas present for you, and you just ruined it. Right.
But in all seriousness, though, that's oftentimes where you find those bad players and those scam artists really start to interject themselves. Because, for example, I have a colleague of mine that works at CBNS bank here in town, and she was telling us, I'm in a business networking group with her that meets every Tuesday. And she was talking about how it is amazing, especially this time of year around the holidays, right.
How often that people like to kind of push the envelope and see how far they can get and pose as the grandkid who's asking for money that's out of town, all those different things.
One scam or one approach that tends to be taken is, and again, coming back to regularly monitoring systems and regularly monitoring activity, a lot of times, you know how when you swipe a card at a hotel, when you first check in, there'll be the $100, $150 hold.
[00:15:15] Speaker C: Right.
[00:15:16] Speaker A: And then at the end of your stay, it actually shows. Well, what these scammers will do is they'll try to, try to, rather than a charge for $100, they'll be for $0.01 or two cent or a dollar, very small amounts. And what they're doing by doing that is they are testing to see if they have access to the account, if that goes through.
[00:15:44] Speaker C: Right.
[00:15:45] Speaker A: And so after they see that, oh, yeah, I was able to get in, then they start hitting your account for $50, $100, $201,000 or they'll all but drain the account. And even if you do catch that, you have to freeze all of your accounts. And oftentimes, a lot of times when you're banking, you have all of your expenses and all of your incomes coming into one account.
[00:16:11] Speaker C: Right.
[00:16:12] Speaker A: So it completely locks up your account for a couple of days. But I would much rather you catch that on the front end rather than be overdrafted. And all of a sudden you're out a couple of $1,000.
[00:16:28] Speaker C: Right.
[00:16:28] Speaker A: So again, it's just developing those systems to make sure that in the event that something like that were to happen, some of those small minute details, if left unaddressed, can really be costly. And so you as the caregiver, again, everybody's plan is different, but I would encourage you to most certainly develop that plan and enact it.
[00:16:56] Speaker C: Right.
[00:16:57] Speaker A: And once you have that plan developed, like anything, make sure the plan is working right. It's one thing if, yeah, I'm going to check it every month, and then all of a sudden, it's been eight months later. Oh, man, I haven't checked mom and Dad's stuff.
Well, that shows that probably need to update that plan a little bit more regularly.
[00:17:18] Speaker C: Right.
[00:17:18] Speaker A: Or that's when you enlist the help of other family members and other trusted family members.
[00:17:23] Speaker C: Right.
[00:17:24] Speaker A: And so kind of switching gears a little bit, kind of onto the next point here, I guess number four here. So you as the caregiver and you as the person who's financially responsible for your parents at this point, it's really important to have that conversation and really know just their overall goals, both financially and from an estate planning perspective.
[00:17:51] Speaker C: Right.
[00:17:54] Speaker A: As part of the monitoring process of the plan. Like I was saying a moment ago, once you have that developed, be a part of those conversations that you have with their trusted advisors.
[00:18:07] Speaker C: Right.
[00:18:08] Speaker A: At least once a year, they'll be sitting down, and again, if they have an advisor, they'll be reviewing their accounts. And in that annual review meeting, they're going to be talking about both the, hey, what's going the world from an investment standpoint, but they'll also be talking about, hey, I just had a new grandkid. I want to help them fund college, or B, I had this big expense this year. Well, what do I do? And against having that conversation and having those to where not only are you able to make adjustments to the plan if needed, but that's also where some of those things I was describing a moment ago, some of those irregular things can populate themselves and kind of those red flags start going up.
[00:18:52] Speaker C: Right.
[00:18:53] Speaker A: And so the importance of those annual review meetings. Yes. It's making sure that, again, everything is online from an allocation perspective and all the super technical stuff that won't necessarily go into today, but it's making sure that everything is flowing the way that you want it to. But two, in that meeting, you're also going to be confirming your beneficiaries as well of the accounts. And so I'll spend a little bit more time talking about the importance of making sure those beneficiaries are right.
So a little bit more about just the overall how assets pass from one person to the other.
[00:19:34] Speaker C: Right.
[00:19:35] Speaker A: This is kind of across the board.
[00:19:36] Speaker C: Right.
[00:19:37] Speaker A: So at the top level, they're going to pass by law. Meaning like a joint investment account that a husband and wife have.
[00:19:44] Speaker C: Right.
[00:19:44] Speaker A: If a husband passes away in a joint investment account or a joint bank account, it'll automatically become that next person's account.
[00:19:53] Speaker C: Right.
[00:19:53] Speaker A: So again, those assets will pass by law. Then the second level down is passed by contract. And what that is, is those beneficiary designations.
[00:20:04] Speaker C: Right.
[00:20:04] Speaker A: And so making sure that in the event that something were to happen to your parents, are the assets flowing where they need to oftentimes, if both parents are still alive, what it'll be is if it's the husband's individual retirement account, for example, the primary beneficiary will be the spouse, the wife. And so again, it automatically flows over there. And then if something were to happen to them both at the same time, I would also encourage you to make sure you have what's called contingent beneficiaries.
[00:20:37] Speaker C: Right.
[00:20:38] Speaker A: So in the event that, again, heaven forbid, something happened, both of your parents at the same time while they're still alive. It would then flow to, assumingly, the children or maybe the trust that's been set up, kind of. Whoever that contingent beneficiary needs to be, that's definitely something that you want to be sure is correct. And especially in the event that a spouse passes away, you're kind of in that next meeting, or really as soon as feasible, making sure that those beneficiaries are corrected. Because again, in the event that something were to happen to the contingent beneficiary at that point, then who does it go to?
[00:21:23] Speaker C: Right.
[00:21:23] Speaker A: And then you have to deal with probate and everything there, which is the third way, how assets pass. So again, it's by law, joint investment accounts, then by contract, which is, again, beneficiary designation, and then by probate. And that's when your wills, trust and everything comes in. One common misconception is that whatever I say in the will, that will cover it. That is not true. That is not always true. And a prime example of that is if the beneficiary designation on any account. So again, retirement account, investment account, those type things, if that is in any way different than the will, the primary beneficiary and the beneficiary designation will trump the will. And so that is an extremely important thing to make sure that they are saying the same thing. It's completely okay if they are saying the same thing. I would encourage you to have them saying the same thing. But if there are any adjustments to either of them, making sure that they are adjusted on both sides, not just one or the other, there kind of coming back to just the review process, it's hard to make some of those blanket statements.
[00:22:44] Speaker C: Right.
[00:22:45] Speaker A: And I would, in fact, discourage people from making blanket statements. And, hey, my friend said this, and I think we should do this. Well, what your friend didn't know is X, Y, and Z.
A prime example of this is somebody who is, hey, I heard a friend of mine who's wanting to put all their money in life insurance, and I think that's a good move.
It's like, well, you're 82, 80. Need for life insurance necessarily isn't really an applicable need for you. Again, just completely different life stages.
[00:23:30] Speaker C: Right.
[00:23:30] Speaker A: And so I would be cautious to listen to your friend with everything. I think Julie did a really good job of describing, like, yes, it's okay to listen, but it's also all the more important to listen to your advisor, your trusted advisors who know your situation top to bottom, versus the friend that may only know the tip of the iceberg.
[00:23:55] Speaker C: Right.
[00:23:56] Speaker A: And so again, it's just having that dialogue and making sure that really everybody's on the same page with those review processes. And so kind of moving on to the last couple of points here and where I'll spend the rest of the time this morning, it's really important, again, to not listen to the mass media. And specifically, hey, here's exactly what you need to do. Everybody needs to do this all the time and you'll be good. Like, yes, there are rules of thumb, but specifically with financial matters, it is so important to know exactly what your parents wishes and everything are kind of what I talked about a moment ago and common missteps that I see. I'll give kind of two examples here. So that as you kind of go throughout your, and your parents go throughout their financial careers, their financial lifetime, things obviously change. And where you pull assets has a great effect. And one example of that. So how many people know what a RMD is? A required minimum.
Good, good. All right. So what an RMD is, again, our required minimum distribution. So this is the IRS. So they are, any money that you have is pre taxed. So think about your traditional 401, traditional IRAs. Again, everything that has not been taxed yet, the IRS puts a clock on those assets, saying that depending on the year you were born, between when you're 72 and to 75, they start making you take money out of those accounts, go ahead and pay in taxes on them, and then you can either spend them or reinvest them elsewhere.
[00:25:52] Speaker C: Right.
[00:25:53] Speaker A: Well, something that I see a lot of times, it's just from not necessarily knowing about certain tax advantages is that any church giving that is done.
There's kind of a twofold thing here. One, if they have pretax money, and two, they are over 70 and a half, the first place they need to be pulling money from in order to give is from their qualified investment accounts. Now, you can start those at 75, or you can wait until the IRS starts making you take money out again when you're between 72 and 75 based on your birth date. But really, there's a couple of different benefits there. One is that you don't have to pay any taxes on any of those distributions.
[00:26:42] Speaker C: Right.
[00:26:43] Speaker A: Again, the whole idea of doing the IRS making you take that money out, they're trying to get their tax revenue right. But by taking advantage of those qualified charitable distributions, not only are you not paying taxes on it, but neither is the Church that you're giving to or the nonprofit that you're giving to and kind of the tertiary benefit there is that not only are the tax evangelists for both you, the giver, as well as to the church receiving it, but in theory, you're able to give a little bit more because Uncle Sam isn't getting his cut as well.
[00:27:18] Speaker C: Right.
[00:27:19] Speaker A: And so really, that's a pretty big misstep that I have seen in that it is a huge benefit that you just have to be made aware of.
[00:27:30] Speaker C: Right.
[00:27:32] Speaker A: I have a family member who is 78, and so she has had several years of being able to do these qualified charitable distributions. She's a wonderful member of the church, and her advisor just simply never told her about it. And so I sat down with her a couple of years ago, and it's like, well, hey, you can take advantage of these. And she was flabbergasted in that she has had several years of being able to do these qualified charitable distributions, or QCDs, and her advisor never told her about them. And so that comes back to, again, you as the caretaker of their financial lifestyle and knowing those certain things that can be done to not only save your parents taxes, but also to keep their giving at a level where it has been, and in fact, you could possibly increase the amount they're giving as well. So that's kind of one pretty major misstep that I've seen with taxes. And you'll see that in the point in the booklet, common misunderstands. No, that's not a typo, not misunderstandings, but common misunderstandings. Meaning that, again, coming back to those common, just rules of thumb, those common rules of thumb, that they're not always right specifically with every single situation.
[00:29:04] Speaker C: Right.
[00:29:05] Speaker A: And the key example of that being oftentimes in the whole estate planning process, in the financial planning that they do, that you may do for your parents, oftentimes we'll see that somebody has added, their parents have added themselves or added the beneficiary or whoever will be eventually having the house will add them to the deed while the parents are still alive.
And that is scream from the rooftops. I would not do that. And here's why. So there's really kind of two main benefits, or there's two reasons why.
One, in the event that, let's say your parents have added somebody, like kind of a wayward sibling, I'm not saying that you may be the wayward sibling or you just immediately thought, oh, I know exactly who that is.
Or maybe it's like, oh, maybe that is me. No, but let's say that sibling or whoever gets upset with their parents, legally, they could force them out of the home if they are added to the deed. And so that is obviously a huge red flag. Nobody wants that to happen to their parents, especially as they're getting older within their home. And then the second misstep with that and the second pretty big tax from a tax implication, it's very important in that anytime that you have an appreciated asset, whether it be a home or Google stock that you've had since it was started, or let's say you had Amazon stock from when Jeff Bezos was starting it in his garage, or you name it there, a highly appreciated asset. If you gift that asset to somebody, and I'll continue to use a home as an example, if you gift that asset, whatever your parents paid for that asset continues to be your basis in that asset. And so I'll give an example.
We're in Madison Limestone county right here in a highly appreciated real estate area.
[00:31:25] Speaker C: Right?
[00:31:26] Speaker A: I know Brian May is like, yeah, totally is. But with it being a highly appreciated area, let's say your parents bought a house for $50,000.30 years ago, 40 years ago. Well, then now the value is up to $300,000. Well, if they include you on that deed, guess what your basis in that property is? It's the $50,000 they paid for it 30 or 40 years ago. And so in the event that, again, something were to happen to them, you'd be on the hook. And let's say on the date of their death, the property was worth $300,000. You're going to be on the hook for $250,000 of capital gains. And so alternatively, if they pass that to you through an inheritance, you get what's called a step up in cost basis, meaning that rather than you retaining the basis on all of the property that they paid, you get a step up. So whatever the value is on the date of your parents passing, that becomes your cost basis. And so rather than you having to pay the $250,000 in capital gains, you get that step up in basis, and then you'd have very minimal capital gains tax consequences at that point. And so having that step up in basis is extremely important, again, especially with highly appreciated assets.
One other thing as far as the kind of their overall estate plan, is the idea of administering their own estate. What I mean by that is, oftentimes your family, your parents want to see the good that these assets, that they've done such a good job and working so hard to accumulate, they want to see the impact that those assets will have you got to think things like sending grandkids to college or paying for weddings or helping pay for weddings, those sort of things, taking advantage of certain gift allowances that the IRS has laid out.
[00:33:38] Speaker C: Right.
[00:33:39] Speaker A: This year. And this is kind of indexed up every year like most things, but you can give $17,000 per person without having to file an additional tax document. And so again, it's the idea of if your parents want to administer their own estate, knowing those tools and allowing them to be able to do that.
[00:34:04] Speaker C: Right.
[00:34:05] Speaker A: And again, that's where it all comes back to knowing.
It all comes back to specifically knowing kind of their overall wishes and their long term goals with their overall estate plan.
[00:34:18] Speaker C: Right.
[00:34:19] Speaker A: And really, the last thing I'll spend the last couple of minutes here on is really the idea of knowing their trusted contact of professionals.
And so I listed three there, three of the most common ones. I have their financial planner, their attorney and their CPA.
That's where it kind of comes back to this document. Right.
And being able to flip through that and say, oh, well, mom works, know Johnson and sons downtown as their CPA, make up a name. But it's really important to know because those are the people who are going to be able to help you in the event that something happens to your parents and all of a sudden, you don't have a clue where to start. Right.
Unfortunately, fortunately, I've had to work with numerous families who are all of a sudden kind of left up a creek without a paddle because their family didn't leave them any of this. And it's kind of cleaning up. Well, what do I do? And it's in the event of incapacity or if your parents pass away, not having a remnant of an idea as to what the next steps are. And so working with, again, their CPA and knowing what is their tax strategy, what has been their gifting strategy in the past. And of course, with gifts, there's a blue million different ways that you can give away assets, and that's obviously something that we do as well. But how does that play into the overall tax strategy? Of course, being here in the state of Alabama, there's certain tax implications based on pensions.
[00:36:17] Speaker C: Right?
[00:36:17] Speaker A: So Alabama does not tax pensions. And so it's knowing that if you're having to file taxes on behalf of your parents, well, if you have your pension from Boeing or from Lockheed Martin or you name it there, knowing that that is not taxed in the state of Alabama, you can save several hundred, if not several thousands of $1,000 by knowing that right. And so, again, that's one example then, to their attorney, is this is the person who they have entrusted and partnered with in developing. Well, how do all of the assets that I have play together, and how are those tributed on the event? In the event something were to happen to me? And then lastly, their financial planner, their financial advisor, and they are the people that have helped them construct this plan and married all those different pieces of, well, what is the estate plan need to look like? What is the funding of these assets in this plan? It's really tying together all those different things and presenting them in a way that not only makes sense to your parents, because, again, they're the ones that worked their tails off to get to this point, to be able to have assets to pass on, but two, in order to take care of them in the event that something were to happen to them, again from an incapacity standpoint, or if they were to suddenly pass away. And so kind of tying that all up. This is most certainly a topic that, again, is near and dear to my heart. This is something that I was telling Brandon before we start. If your parents live long enough, it's not a matter of if, it's a matter of when. And so it's putting together a plan and monitoring a plan that you can truly walk alongside your parents with and assist them in the event that there is capacity further down the road. So, again, thank you guys for having me today. Brandon, Jason, Richard, thank you for asking me to speak. If anybody has any questions about your specific situation, would love to have a conversation.
If there's anything I can help with, please let me know.
