This week on Make It Last Victor gives advice on how to set healthy retirement goals, as well as how to achieve them.
He’ll also give you an inside look on what the new client process is like.
Finally, Mark and Victor wrap up the show with a conversation about health v.s. wealth, as well as the top 3 things people overlook when it comes to healthcare in retirement.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
Full Transcription Below
Mark Elliot: Welcome to “Make It Last.” I’m Mark Elliot, alongside Victor Medina. Victor, of course, has two companies the Medina Law Group. Victor is a practicing estate planning and certified Elder Law Attorney.
They’re here to help you with your estate planning, your legacy planning, wills, trust, powers of attorney, healthcare, financial, all those kind of moving parts. Great opportunity. We don’t know what tomorrow brings. Don’t put this off and say, “Ah, Victor, I don’t need to do that till I’m in my 80s.” That’s not how we look at it. 856‑506‑8300.
If you’re in that area, you don’t have powers of attorney, or wills, or trusts you don’t even know the difference and what do I need? It’s a great opportunity to find out more from the Medina Law Group. 856‑506‑8300. Now, Victor also has Palante Wealth which is about holistic planning for your retirement.
Victor is a certified financial planner, professional registered investment advisor. In this side they help you with income strategies, investment strategies, tax‑efficient strategies. The two companies work together in creating the Make It Last Plan for you, 856‑506‑8300. If you have any questions, concerns, Victor and the team are here to help.
All right. Resolutions. I don’t know, Victor, if you’re a big resolutions guy. Typically, we know that a ton of people make resolutions every year. Typically by February, if not, by March, those resolutions are done and gone because we make our goals too big or grandiose. We just don’t really stick to it I guess. Are you a resolutions guy? Do you have any resolutions for 2022?
Victor Medina: Yeah, no, a Happy New Year to you. No, I don’t. I’m not a resolution guy. In fact, I’m quite the opposite. I tend to believe that we don’t rise to the level of our goals, but end up falling to the level of our systems, our habits, the things that we do as our routines. That’s not my phrase by the way. I steal that from James Clear who wrote a great book called, “Atomic Habits.”
It tends to be that in my world both in attorneys that I coach and working with my team over here and even my clients that I work with, what I’ve observed from the outside is that people that make these large aspirational goals, and they look at January as a time to do that are not the people that implement the majority of this work or whatever they’re trying to do.
It’s really the people that create great systems and habits. By the way, we see that in the retirement world. People who create a great system of habit around saving, where they were routinely doing and they did that from when they started when they were very young, and they just kept doing it no matter how much they were making. They just kept the same savings rate.
These are the people that are amassing the larger accounts for us to be able to help manage and work with, and that seems to be the case also even for things like losing weight. You change your eating habits. You don’t make a resolution that all of a sudden you’re going to go to the gym 16 times a day or whatever it is to get that done. That’s where I fall in the resolution discussion.
Mark: Yeah, and part of that is when you think of dieting, we have a negative look at that. “Ooh, I can’t eat what I want to eat.” If you said, “I’m going to have a health plan for 2022,” maybe that would be a better way to look at it or, “I hate the word budget because now I can’t do this and I can’t do that. I can’t spend money on this.” It’s prohibitive. Maybe it’s a spending plan.
Now, we’ll look at it positively, “OK, well, I need to reduce some debt here or there and I need to put a little bit more away for retirement,” whatever it is. Millions of Americans, Victor, make resolutions every year but many of us don’t have any real hopes of achieving our goals.
An estimated 23 million Americans do not believe that meeting their resolution is within reach. Let’s change resolutions to goals and look at it that way. How important is it to set goals that are actually attainable and we probably need to be able to track our progress, I would imagine.
Victor: Here’s what I would say about that, Mark, there’s two sides to a coin about setting a goal. I’m always in favor of people stretching themselves so that they can grow in some area. Sometimes, that means that you’re setting a goal that’s beyond what you think is attainable. If it’s easier for you to do and you might get complacent if you reach that goal too early.
I am also of a mind that I really like to see people build momentum by having successes and that having those successes build one on top of the other. Start to stack those successes. One of the ways to do that is actually to set the goal as something that is easy to achieve and so that we can gain some momentum in a particular area.
For example, if I was working with somebody that hadn’t started saving before like especially if I’m working with a child or the grandchild of a client, I might set out for them a goal where it says, “Well listen, I just want you to take $0.10 out of $1 or $0.05 out of $1 and just for the next month, the next 30 days.
“I just want you have a goal to create a new habit where we’re just going to take the first five cents out of every dollar, and we’re just going to set it aside for right now.”
If I could get them to take that small step, I can start to leverage that new habit, that new behavior to help them continue to grow. I want them to have a goal, let’s say a kid or a grandkid to have seven figures saved for retirement.
I want them to have a really powerful nest egg and I want them to get into that. If I set that as the goal and say, “This is what we’re going to do and we’re going to do it all at once,” it’s unlikely that we’re going to be able to attain that.
If I make a smaller goal and I let those successes build one on another, then it means that I can more easily get them to move towards that point where it’s like, “No, we’re actually saving a good 15 or even 20 percent of our income for retirement, and we’re going to watch that balance continue to go, and we’re going to get you a gross.
We’re going to get you really disciplined about continuing to stay invested in the market in an accumulation phase.” I would do a little bit of both of those.
Again, it is important to make them attainable, but I also to see the value of having something that is a big carrot that you’re going after. I do want people to stretch themselves and achieve great things.
Mark: Here’s an easy way to give you an attainable goal. Do you have questions like, “When can I retire? Do I have enough? Will my money last as long as I do? Will my loved ones be OK if something happens to me?”
An easy way to attain that goal, to get some of those answers, is call the team of Medina Law Group and Palante Wealth. 856‑506‑8300. There’s no cost. There’s no obligation. If that’s your goal. “Hey, I’m going to retire in 2022, but I’m not sure, I’m hoping to.” Maybe it’s 2025, or it’s 2030.
That is not too early to start planning if your retirement date is around 2030, be a great opportunity. A lot of time ahead of you and in between that time to make some adjustments if needed. 856‑506‑8300. What do you think of that goal? “Hey, I’m wondering if I can retire. I’m not sure when.”
Victor: I was going to say, Mark, thanks for reminding us that we’re doing a retirement show here. I went off on some yoga retreat, and I started talking about all that stuff. [laughs] Well done. I like that goal a lot. You should have a goal of knowing whether or not you could retire. Absolutely agree.
Mark: Why don’t you take a little bit of time here and explain to people what will happen when they call 856‑506‑8300. A lot of times people are like, “He wants to know first, probably, well, how much money do I have? I’m I even worth bothering with? Maybe I’m not going to retire until 2030. That’s too far down the road.” Explain to them how this process works. To create that Make It Last plan.
Victor: By the way, I am making a determination whether or not you’re worth bothering with. It’s really whether or not you’re a jerk and not less about how much money you have got to get. We don’t like working with jerks. We might make that determination as soon as you call.
I think that most people will go into this, fearful, that what we’re going to focus on is a particular product or product recommendation, or will be very solution‑oriented, not even knowing anything about you. We’re going to cookie‑cutter what the approach needs to be and give it to you, and tell you this what you need to do.
People are surprised to learn that one of the very first things we do is have a very in‑depth conversation about who they are, what got them to the place where they’re calling us, what’s going on with their family, learning a little bit more about their background, and try and ascertain what their goals are.
Very little of that first conversation is focused on their finances or your finances or what accounts you have. Don’t get me wrong. Eventually, for us to give you good information about how to get retired, you’re going to need that.
In the beginning, we’re making sure that first of all, we know you very well. As we design a plan for you, we understand that we’re making that plan, be something that is customized for you. Also, getting you to think about different kinds of ideas and strategies that would make a healthy retirement.
Less about the financial products, but more about…Understand in the first conversation that we need to think about how are you going to generate income, how are you going to manage investments, how are you going to deal with taxes, and how you make sure that your ducks are in a row. Those are all elements that go into that first call.
What’s great about it is that the people you’re having that call with, whether it’s with me or with somebody on my team, these are all going to be people that are going to be focused on you. Specifically, what you’re bringing to the table, what your goals are, what’s important to you. That’s where we focus in that first call.
Assuming that from that first call you want to have a second call, what we’re going to do after that, or a second meeting, is we are going to start to ask you for some of the statements that you have. It is a great opportunity for you to get your hands around what your life looks like right now, from a financial and legal standpoint.
We’re going to want to review your wills, trusts, powers of attorney. We’re going to look at the statements that you have, and maybe the first opportunity that you’ve had in five or ten years, to understand everything that’s in front of you. All the complexities that you might potentially be dealing with.
When you give that information to us, what we’ll be doing between that first and second meeting is starting to create for you a Make It Last plan. That Make It Last plan does focus on four distinct areas that we have found to be the things that determine whether or not somebody has a chance for a successful retirement.
We’re again, looking at your income, how are you going to create a paycheck, how are you going to live month to month, how are you going to make sure that you’ve got enough money. What does it look like relative to your budget? Is your budget reasonable? Can you expand it? Do you need to contract it?
We’re going to marry those two things together, both income and expenses in the income section of it. Then, we’re going to look at your investments. Once we’ve determined what your income needs are, and we’ve figured out that they’re reasonable and stuff that we can meet, now we’re going to have to look at how we have to align your assets to do that.
How do we have to change and shift our investment strategy, because many people will come into a retirement plan with one kind of a strategy about accumulating assets. They have to shift that strategy, and that’s decumulating assets. They require a little bit different thought.
You haven’t heard me talk about a single product yet or a single solution, because even within that plan, we’re not focusing on that element of it, we’re focusing on the shifts that need to happen, about how you approached it in order to get there.
Then, the third step in there is going to be taxes because your business partner in retirement is the federal government, the state government. We want to make sure that you can keep as much of your own money as possible to make sure that you are not only living on the most that you can but also leaving behind as much as you can when you’re gone.
Then, that last component on the estate plan is making sure that you’ve got the right legal documents to make this all work including good long‑term care planning. A lot of the legal documents will focus ‑‑ especially for people that are a bit older ‑‑ on making sure that they can protect your assets. That is the process.
At the end of that second meeting, we make a decision about whether or not we’re the people to implement that plan, if you like the plan, if you want us to do it. Most people do. Then, we take that next step and then start actually putting these things in motion, so that you come out of it with a great plan that you feel total peace of mind and confidence around.
Mark: The Medina Law Group and Palante Wealth serve the Pennington, greater Mercer County area as well as Bucks County. Clients in New Jersey and in Pennsylvania. They’re here to help. It’s 856‑506‑8300 if you like to learn more.
What would your Make It Last plan look like for you and your family. Great opportunity to find out. 856‑506‑8300. We’re talking New Year’s, so happy new year to everybody. Hope 2022 is fantastic, healthy, and all of those things for everybody listening to the program and your loved ones as well, obviously.
Somebody that wants to get into better shape, a lot of times it’s good if you have a training partner, somebody to go with you, to force you to go when you don’t feel like going, or you have a trainer that’s an accountability person, who my trainers are. “I got to get up and I got to go where I don’t feel like going.”
The same thing in the financial world, have somebody that’s there to provide a little bit of accountability. Do you look at what you do, in a way, you’re an accountability partner?
Victor: I’d be careful with that concept. I don’t want anybody think that we’re paid professional nags. Although, maybe sometimes that is the role that will serve, whereas we will remind them about what their goals are and some of the steps that were recommended for them to do that.
I do have clients that we’ll meet with on a regular basis that will thank us, for finally helping them get into integrity with what their goals are. I do serve as a little bit of a reminder of that.
If somebody is saying to me, “Look, one of my goals was to do X,” and there’s maybe a long‑term goal or something that’s in the future. I had this conversation not with a client but with my son the other day, where he wanted to dip into some savings that he had.
I had to remind him, “We talked about your goals. One of your goals was to save to be able to buy a car. How does this action fit with these goals? Has that changed, or do we need to reevaluate?”
He’s like, “No, I still want to buy a car.” I said, “Well, then make sure that your behavior is in alignment with that.” Is the same thing for clients that we’re doing retirement planning, where they’re going to want to make decisions. They’re still driving the bus. They’re still going in the direction that they want.
I serve as the little bit of a speed bump between the behaviors that would put them in peril and the ones that keep them on the safe side on the nice road. You might be running through the field, and you don’t know where the cliff is, my job is to make sure you don’t run off over the cliff.
I will keep you in line with that. I will make sure that you’re safe on the way that you’re doing it. Some of that may be some form of accountability, especially if there’s some items that you need to get done that you haven’t taken care of, yet.
Maybe it’s completing your estate plan. Maybe it’s getting long‑term care insurance. Maybe it’s completing some more of a gifting plan for our kids, for their grandkids, for education. I can help remind you that these are the things that you said in your stated goals.
Then, in our quarterly or annual meetings, be checking in to say, “We haven’t made any progress to that. What can we do to take action on that?” The reason why I’m comfortable serving it as an accountability partner or making sure that we are reminding them of their stated goals, is that I know that they’re going to end up being better, feel better about their lives, having accomplished that.
That’s a very rewarding feeling, both for us as a counselor and somebody an advisor in their role as well as them as the client, know that they achieved what it is was their stated goal.
Mark: There’s a lot of moving parts here. That’s why the make‑it‑last plan…It’s not say, “Hey, can you send me that Make It Last plan?” No, there is no plan until we sit down with you and find out what your hopes and dreams are, your bucket list items for retirement. It’s about you.
That’s why we always base this show about you. Everybody’s different. Everybody has different hopes. If you have questions, concerns, “I wonder when I can retire? Do I have enough? Will my money last as long as I do? Will my loved ones be OK if something happens to me?” Those are big, big questions.
That’s what Victor’s team are here to help you figure out. It’s about you. Again, you’re the CEO. It’s your retirement. Look at Victor’s teams as your chief financial officer to help guide you along the way, or you’re the pilot, they’re the co‑pilot.
856‑506‑8300 is the number. Again, no cost, no obligation. 856‑506‑8300. I don’t know why you wouldn’t take advantage of this opportunity. 856‑506‑8300. We got a lot more to get to on today’s program.
Happy new year everybody. This is Make It Last with Victor Medina of Medina Law Group and Palante Wealth. Back with more, right after this.
Mark: Glad you’re with us today for Make It Last, with Victor Medina of Medina Law Group and Palante Wealth. Medina Law Group, that’s estate planning. Victor is a certified elder law attorney.
It’s really about the clients. What do you need moving forward trust wills and powers of attorney and all those things that are in the elder law world, Medina Law Group can help you with?
They also figure into the Palante Wealth world. Palante Wealth is about holistic planning. Victor is a certified financial planner, professional registered investment advisor.
Palante Wealth helps create that Make It Last plan. Income, investments, taxes, Medina Law Group pops in to help with the estate side of it. Both these companies work together to help you make some decisions that are right for you in your situation moving forward.
The question is, do you know the answers to some of the questions? 856‑506‑8300 is the number if you have questions. 856‑506‑8300. There’s no cost to chat with the team.
It’s medinalawgroup.com to find out more about that side of the business. M‑E‑D‑I‑N‑A, medinalawgroup.com. Palante Wealth, P‑A‑L‑A‑N‑T‑E, palantewealth.com.
Victor, I know you’ve done this a long time. You understand this. This is crazy to me. I’ve had a stent put in my heart a year ago. My daughter, of course, had a tragic car wreck almost three years ago now, well, no, almost four years ago, because it was 2018. Her senior year of high school, paralyzed from the waist down.
I’ve seen health care cost and all the craziness. My heart thing was, I was walking on the golf course and my chest was getting tight. They do whatever tests they do and they said, “It looks like you need a stent.” “OK. Fine.”
It was an easy procedure, no big deal, but the surgery itself was like an hour and it was 55 grand. Good thing I have insurance, right?
Here’s the stat though. Every year, Victor, more than a half a million Americans file for bankruptcy due to medical bills. Health care emergency, catastrophic illness, accident, certainly they can knock you off your feet physically, but boy, they can really knock your feet off financially, can’t they?
Victor: I think it’s one of the sad things that happens. I’m not one to get into the politics of what we should be doing, but it, certainly to me as a Christian, seems wrong, that we’ve got people getting financially ruined for taking care of them.
I’ve had my own encounter with that, not directly but through my mom who’s suffering from lung cancer, who a lot of our clients know about and are kind enough to ask me how she’s doing. She takes a pill once a day that keeps her in pretty good shape. It’s not really a form of chemotherapy, so her quality of life is super high. It almost wouldn’t appear to the outside world that she has stage 4 lung cancer.
That pill costs $15,000 a month. If she didn’t have the insurance that she has, it wouldn’t be covered. She’d have to apply for some form of forgiveness plan or some sort of leniency with the company and the manufacturer.
There was one month in the transition of the formulary from her former employer ‑‑ she used to worked for the state of Connecticut as a teacher ‑‑ where they moved from what they had to some form that was under CVS. For one month, in the transition, the wires got crossed. She actually received a bill for that. Of course, what is she going to do?
With a terminal illness, with this pill being the only thing between her and just dying much sooner, than could otherwise be prevented. She’s ready to sell it all in order to keep making the $15,000 payments. I had to kind of calm her down. I said, “It’s probably a clerical error. Don’t send them $15,000 yet. You’ve got 30 days supply. They’ll send you some more. We’ll square this away.”
You could see how quickly someone’s life turns around when the cost of health care becomes something like cutting a check for $15,000 a month. Or in your case, having a one‑hour event that looks like its own five‑figure transaction. Where people probably don’t have the savings to just cover that and probably shouldn’t need to have the savings for it.
To me, it’s really staggering that this occurs at all. I’m very familiar, as I know you are, about how quickly life can change where some of these things might actually visit on somebody’s head.
Mark: When you think about it, you remember our little games of “Would You Rather?” I think this is an interesting would you rather. Would you rather be wealthy, or would you rather be healthy? If you had to choose one or the other, I think most everybody would choose health, wouldn’t they?
Victor: I think they would. I mean, I’ve just…
Mark: It’s terrible. I’m a baby, if I get don’t feel good. I mean, I don’t get sick, hardly ever, which is probably the reason why I don’t like it. I prefer to feel good.
Victor: I was going to say the same thing. It’s funny, I just turned 46 in June, and in doing that. Everything started to break. I just [laughs] was falling one thing after another, another pill having to follow another one and the interactions between them.
I thought to myself, “This is miserable.” I can’t imagine for people, I now understand if you’ve got chronic pain. Why people are so grumpy all the time and looking for a way out because this is just is a horrible place to be in.
I think I’m with you, Mark. I think probably health overwhelmed. I mean, it probably sacrilegious to say that. As a financial advisor, I wouldn’t be wealthy. I think, I would much rather be healthy, haven’t been unhealthy just for two or three months. They were figuring things out and being miserable.
Mark: My daughter was in a car wreck. Obviously, messed up her vertebrae in her back and all that, why she’s paralyzed. She’ll have days and the doc said, “You’re just going to happen sometimes,” where she just can’t get out of bed. I mean, there’s just too much pain. I feel for but she’s a trooper, I appreciate that. That’s really our only options, right? We just have to keep going, got to keep moving forward.
Health care is one of those things that can get really dicey. You need to have a plan, you need to have the coverage. Don’t forget, Palante Wealth can help you in the investment world, they can also help you in the insurance world, the world of life insurance, the world of annuities. They have no idea if any of this makes sense for you. We all have tools in our retirement, tool belt.
Do we need the banking world? I would think so? Do we need the insurance world? I would think so. The investment world? Absolutely. We really need a blending of all three worlds.
The team at Palante Wealth and Medina Law Group can help walk you through all of this, because there’s new tools all the time. Being created in the insurance world, in the investment world. We think about the old tried and true. I mean, my blockbuster stock probably is not…I’m going to hold on to it, because I know it’s going to come back, but it’s probably not the best idea, right? Things change.
Mark: We got to change with it. 8565‑06‑8300 is the number. Victor in the team would love to help 8565‑06‑8300, It’s about having that plan. Now, when you think about it. The Annual Election Period for Medicare Advantage Part D and all that is every year, October 15 through December 7.
You have Medicare supplements and Medicare, if you have Medicare Supplements/Medigap. You can move into the Medicare Advantage world.
Medicare supplements, if your health is good, you can change it anytime during the calendar year because you need to have the doctor’s approval that you can do that you’re healthy enough to do all of that.
I think a lot of people think, Victor, once I hit 65, and I’m Medicare eligible. I sign up for Medicare, I don’t have to worry much about any health care issues anymore. Do you think that’s…are people [indecipherable 22:57] .
Victor: …common? No, I don’t think…Jeez, you’re going to put me in that position where I’m going to have to say the words, “No, they’re not that educated.” That’s not where I want to go with this.
I do think that people are unfamiliar with what health care looks like in retirement. Unless you worked for an employer that’s going to grant you the same health care that you had while you were working in retirement. Which happens for some public school employees like my parents that basically just continued on with the same health care that they had. Nothing really changed.
You’re going to have to make the switch, and when you make a switch, things are going to change because it’s not going to be exactly the same care that you’ve had from before.
When you’re on Medicare, there are a host of things that aren’t going to get you covered that you would probably think are going to get covered as just part of your normal health care, especially if you had a more robust plan, working for an employer that granted you that.
For example, if you needed something like hearing aids or needed to visit an eye doctor and get an exam, those things aren’t going to necessarily be covered by Medicare. If you had some issue overseas, certainly needed something catastrophic over there, likely not to get covered, unless we add a supplement for what you’re doing.
I think it’s one of those things where people need to go in with their eyes opened. One of the things that we do for clients is walk them through that transition when they turn age 65 and they’re making their election to get onto Medicare Part A at the minimum, even if they’re still working.
Then, when they eventually retire and thinking about what care that they need, either helping them in‑house and making sure that they’re in the right hands to get a supplement in place, so that they can enter retirement with complete peace of mind around their health care. They’re like routine day‑to‑day health care that things are going to be covered, and there aren’t going to be any surprises.
Another thing that happens when you’re in retirement that most people don’t have to do or can’t do while they’re working. Yes, you get to shop for your prescription plan. You don’t necessarily shop for something other than something called Part D, but you get to shop on a formulary based on the specific medications that you’re taking and where you get those filled.
When you go onto the government’s site, you log in and you put in your prescriptions and dosage that you get, whether you’re getting by mail order or you’re getting them from one of the multiple different places you might pick up your prescriptions. You’ve actually changed pharmacies based on the cost in there.
It’ll actually to get you the opportunity to shop for that and that is a change for people too, to know that they can go a little shopping on the cost of their plan to make sure that they’re paying less for their prescription plan overall.
When those things come together and you’re entering this retirement phase, it is something that most clients aren’t super prepared for. They know something’s coming. They aren’t often prepared for changes, because they tend to be definitely different than what people were getting when they were working.
Mark: All right. So, I’m going to use your experience in sitting down with thousands of individuals and families talking retirement. What do you think most people overlook when it comes to health care costs and retirement? Do you think that’s part of it that Medicare covers almost everything or is there any typical thing, do you think?
Victor: It probably breaks down into three areas. If I’m drawing on the experience and thinking about these meetings that I’ve had, where encountering questions around health care.
One of them is one that we talked about already that there is some form of coverage that is not in place unless you go and elect it, like a form of a Medicare Supplement and navigating through, making sure that you’ve covered all the circumstances and that’s the first one. I think that’s probably pretty common.
The next area that I think is one of these things people don’t plan for, or they overlook when it comes to their health care. It’s actually in the area of their catastrophic health care needs like if they needed something on a long‑term basis because they get diagnosed with Alzheimer’s or they get diagnosed with Parkinson’s or MS.
What they’re going to need is persistent and regular care. They don’t know how to fund that. They haven’t done things to fund it.
Then, the bad thing that happens that people don’t recognize until it’s too late is that the longer that you wait to do that planning, the fewer options that you have, because as you’re getting older and potentially getting sicker, the less attractive you are for companies and for how you’re going to fund, this like a long‑term care insurance policy or something similar.
Also, we do legal planning for people where we use legal tools to help them protect their assets. Those have a time horizon that are associated with them.
We need five good years of health before the plan that we can put in place from the legal side will help you protect assets and help you fund for your care. That also is something that’s time‑dependent.
The third one that I see happen from time to time, in terms of overlooking their health care, is ‑‑ and I’m going to fudge the definition on this, ‑‑ the cost of not discussing this with your family ahead of time.
So, with the ability to work as a both lawyer and a financial advisor for our retiree clients, we actually get to not only put great retirement plans in place around finances, for their dollars, their money, and what they’re doing, but also help them put a great plan in place for their family and the kind of care that they’re going to receive.
Now, what I think happens is people will sign a health care directive or financial power of attorney as one document that they know that they need to have in place, but they won’t have a conversation with their family.
The cost that comes up is this issue where there is something that’s written on the document, but not communicated to the family, and so there’s family squabbling, and you’re incapacitated. Thankfully, you’re not around for that. You didn’t understand or appreciate the impact that you’ve had on your family members, and the fighting that they were having.
I know people don’t want to engage with their mortality. I know that it’s difficult to have a conversation about what would happen if I got struck by a car and I’m in a comatose state, or if I get diagnosed with an illness where I’ve lost my mind. “Here’s the things that I would want to do.”
That’s an uncomfortable place to be. We’d be foolish not to recognize that that’s a difficult place to be. It’s an essential conversation to have. One of the things that I would encourage, is look for a major holiday, like a Thanksgiving or a Christmas, or some gathering where family is going to be around. You’ve had a good time so far.
If you are the matriarch or patriarch of that family, and you have yet to have a conversation with the rest of your family about the kind of care that you would expect to get or who you put in charge, and what instructions you’ve given to them. You don’t want to miss that opportunity.
Like many things in life, by the time it’s relevant, it’s too late. You can’t go back and have that discussion with them. I would absolutely encourage people to have conversations with people and avoid the cost of all of these negative effects of not having communicated this stuff ahead of time.
What we can do to actually help you address some of these issues, is that we’ve created a website where you can download information that is relevant to this. It’s at 920elderlaw.com.
If you go to that website, what you get is you’re going to get a white paper that’s going to help you understand how to avoid letting your health destroy your family’s wealth when it comes to health care costs and long term care costs.
It’s a great resource to use, because if you’re not ready to have that conversation with people, because you don’t know how to discuss it. You can use that. Download that information on there as a guide to having those conversations.
If you go to 920elderlaw.com and just put in your name and email, you’ll get that automatically delivered to you. It’ll set you on the path to being able to have that conversation.
Mark: There you go. 920elderlaw.com. Medina Law Group and Palante Wealth serve the Pennington, the greater Mercer County area, as well as Bucks County. Victor is got clients in New Jersey and in Pennsylvania. They’re here to help you.
If you have any questions or concerns, you can certainly pick up the white paper. That would be great to do your own due diligence. You can go to the website, medinalawgroup.com, palantewealth.com.
You can always give them a call too, no cost, no obligation, no pressure. Why wouldn’t you? When you think about it, so half an hour to an hour of your time to get some big questions answered.
It’s super important. It’s great opportunity that we’re giving you. 856‑506 8300. You just have to take advantage of it. The door is open, walk‑in. 856‑506‑8300.
One of the challenges for all of us, hopefully, we never have this, but they say 70 percent of us will need it at some time. That’s long‑term care. Medicare doesn’t cover it. We’re going there next. Be aware this is Make It Last with Victor Medina.
Mark: Welcome back to Make It Last with Victor Medina. Victor has got two companies that are here to help you, Medina Law Group, that’s estate planning. Certified elder law attorney, that’s Victor. Palante Wealth, holistic planning for your retirement. They work together.
The Make It Last plan that Victor creates along with you, if you want a retirement plan you got to have a lot of say because it’s your retirement. Victor and the teams have done this before. They understand some of the missteps that people make, some of the mistakes that people make, some of the expectations.
“Whoo, I didn’t expect that to happen.” Oh, that’s pretty common. That can happen. To give you some…I open your eyes a little bit about some of the challenge in retirement because we want you to enjoy your retirement.
The Make It Last plan, income planning, investment strategies, tax‑efficient strategies, estate planning, super important taxes. You got to understand all of this stuff.
I’m going to go play golf. Victor didn’t tell me, “Mark, you can’t play golf this week. You’re running out of money. Let’s start it again next month, that could happen.”
I don’t want to worry about all the X or O stuffs. That’s where Victor and the teams come in. There are a lot of people that liked doing it. Do you have that, Victor? Do you have a lot of people that enjoy the do‑it‑yourself stuff?
Then, maybe the spouse says, “What if something happens to you. I need to have somebody that’s, knows what we’re doing here.” Do you have that?
Victor: I do. I heard that people were…I don’t know, necessarily, that the always it’s the spouse that’s saying something, although that is an unspoken concern if there’s. We get that opportunity.
We’re blessed to work with the financially savvy spouse that wants to do it themselves. That they are concerned themselves about what happens to their spouse if something happens to them. They’re driving that conversation.
It’s not where we have to go in and say, “Hey, don’t forget. I know that you like doing this, but you ought to consider giving this up. If you die early, this other spouse is going to be not in a great position.”
We’re blessed that the clients are working. They’re thinking about that on their own. They’re the ones often driving that decision. You might be at home saying, “Well, I’ve been managing myself and probably very successfully for a period of time, but I’m going to start the relationship earlier than necessarily a need for that.”
It’s not that you’re doing anything wrong with the investment management, but you want to create a relationship between, let’s say, a firm like ours and the entire family. You, your spouse, the kids, might be inheriting this. If you’re gone, and if you leave before you have a time to do that, then, they would be left in the lurch.
Our clients sometimes often drive that on their own as being something that they’re concerned about, is making sure that they’ve done the right thing for the people that they love and care about, by establishing a relationship with a trusted advisor.
Again, that’s where our value of having both legal and financial under one umbrella makes it easy for a family to have one phone that they can pick up, no matter what comes up in life.
Something happens on the legal side, something happens on the financial side, they’ve got one relationship that they can turn to and one that knows their entire family to help them through that.
As I said, we’re in an incredibly lucky position to be meeting families, where the savvy spouse that may have been managing it on their own the entire time, is leading the charge of saying, “I need to do this. I need to establish this relationship with you because I’m concerned about what happens if something happens to me.
“I don’t want to leave this person feeling like they are uncovered in any way or scrambling if I check out sooner than I have an opportunity to control.”
Mark: I like that. That’s good. That’s great. We talked about it before. If you hate your family, do no planning, but if you love your planning, do some planning. Estate planning, legacy planning, retirement planning, all of that, the better off you’re going to be. Again, that number is 856‑506‑8300.
One thing that people don’t really like to talk about as well as estate planning and all of that because that’s my demise. If I have talk about it, then I’m going to die sooner rather than later. Some people do think that.
The other challenge that we don’t really want to talk about is long‑term care. Long‑term care is not covered by Medicare. Now, it covers certain aspects, hospice, for example. If you’re going to a nursing home for the final five years of your life or whatever, there are certain challenges when it comes to long‑term care. How do you broach that?
I would imagine you bring it up probably. I would imagine that…Well, maybe if the couples gone through that with their own family, “Holy cow, grandma was in this situation and we had to pay $8000 month for her care for three years.” They’re going to be more aware of the challenges of long term care, I would imagine.
Victor: Yes, it’s interesting. Because you think about the families that you see most often, and one of the ones that we see most often that come on kind of full on board and having us work as retirement planners, both in the financial and legal sense, end up being the children of the parents for whom we do crisis elder law planning.
Their mom or their dad needed to go into a facility, and they started writing a check, and we helped them manage that crisis. We helped them get to a point where they had saved as much as possible, even though their parents didn’t necessarily do planning ahead of time.
Then the next very logical conversation that flows from that is, “How can I avoid this becoming a problem for my own kids?” So, we will begin a plan that will help them cover all of those circumstances, but proactively, preemptively what we’re doing is we’re setting up the condition since we have the time and the health in our favor to avoid having a problem like the one that we cared for their mom.
I guess good or bad for what’s going on with grandkids is often not, this is what happened to grandma. I know that happened to my grandma. It’s most often this is what happened to my mom and where they’re actually dealing with the child that is principally responsible for caring for that parent.
Then they take the next step and they say, “How can I avoid this becoming a problem for my own kids?” We’re able to do that, and with the nice thing that in a couple of cases, actually, it is tragic that our client ended up getting sick.
It was very fortunate that they did the planning because we get to have a conversation with their kids and say, when we met your mom or dad, we were actually caring for grandma, and it was a problem.
Now that this is happening to them, often happens with an Alzheimer’s situation, which is hereditary, you’re actually going to be OK and they’re going to be OK. They’ve got greater options and you have more flexibility.
That’s a really great conversation to get to have with a family in a set of really tragic circumstances that you’d otherwise want to avoid.
Mark: That’s really well said, because it’s so important that we handle some of these things that we don’t really want to talk about, but we really need to talk about. The number again, to chat with the team at Medina Law Group and Palante Wealth is 856‑506‑8300.
Might be one of the more important phone calls you’ll ever make. 856‑506‑8300. There’s no cost. How can you beat that? Victor, one of the things, a lot of people when they get ready for retirement, they’re nervous. Do I have enough? Can we really retire the way we want to retire? We need a retirement plan.
The income, the investment, taxes, those types of things. Then, we think of long‑term care or estate planning, those types of things. We tend to think we could put those off a little bit farther down the road. Maybe when we hit 70 or 75, or if our health starts to take a turn, then maybe we need to start thinking about that.
When do we start thinking of estate and legacy planning? Do you put all that together when it’s retirement planning time?
Victor: It depends when somebody comes and does retirement planning time, because some people are thinking about retirement in their early 50s and it’s probably a little too early to think about long‑term care planning. Although there are some solutions that may be better utilized when you’re younger.
I would say that for the most part, we really start thinking about that kind of planning in their early 60s. Then, there’s different options the older that you get. Meaning to say that there’s actually fewer options, the longer you wait. For people that are in their mid‑70s, there are still plans that we could put together.
They just look different than the ones that we put together for their early 60s. It’s never too early to have the conversation. I will tell you that, depending on someone’s experience with this, having a parent or a grandparent gone through a long‑term care crisis, they’re going to be more concerned about it.
For example, if you’ve got a situation where you knew that your grandmother or your parent had already had Alzheimer’s, you’re going to come and you’re going to have a conversation with us really trying to avoid that circumstance, because it’s going to be present on your mind.
It’s something that you lived through. If you didn’t have that in your family, then it’s really our responsibility as we go through and Make It Last plan for you, where we are looking at the income, investments and taxes. Then when we get to that last section about estate and legacy planning, that we bring it up as a consideration.
What we’re going to do, is we’re going to put a pin in it, if you’re in your early 60s saying, “Hey, listen…” 50s rather. Saying, “Listen, this is something you want to consider, here are your options that are available now.”
If you don’t do it, then as we continue in our relationship, we’re going to remind you of that, so it becomes a to‑do that you may take on a little bit later. Having lived the majority of my career as an estate and elder law attorney, that was the first part of what we did, and then we added financial services.
What ended up happening is that that’s the thing I turned back to, that’s a little battle‑scarred.
I helped so many families through that. When you’re in that situation, it’s like, you never forget about the impact that long‑term care crisis can land on someone’s head and in a family’s head. I never failed to bring that up in conversation with our clients.
Mark: Let me give you this scenario then. Three minutes left in our segment before we get to our final segment, we’re going to play a little trivia game.
This one is, give me two scenarios and I’ll give you the two scenarios you tell me how it differs. First, is you’re dealing with a married couple, and then second, you’re dealing with a single. It could be a single man, it could be widow, a widower, could be divorced, but single. You got one…
Victor: The married couple, the big focus on there is maintaining quality of life of the non‑sick spouse.
While we’ve put in place something that will help the sick spouse manage their own care, what we’re thinking about when we do planning there is, how do we make sure that the terrible thing that visited your spouse doesn’t have a secondary effect of limiting your quality of life, limiting the money that you have available.
Somehow, impoverishing you by having done nothing else wrong, but being married to this poor sucker that something happened to. We think about the married couple as a planning for both of them with a focus on that healthy spouse and making sure that they’re going to be OK.
The single individual has an important plan to do as well because for them, there are two elements that they can’t necessarily get in a situation when they’re married. The first is, a built‑in support system to make sure that there’s somebody there to help them manage a care crisis.
They might have a child, does that child live nearby, who’s the backup for it? They don’t have that built‑in caregiver like they do when they’re married. We want to think about putting in the normal support.
The second thing that we’re doing from a financial planning perspective, or an asset protection planning perspective is, we’re building in flexibility in their options so that they don’t pay out‑of‑pocket, watching doors close along the way.
Because the single individual wants to make sure that they’re maintaining their dignity, that they’re getting care in their home, that they’re getting care in a facility, but that they chart their own course of care. It’s not dictated by what’s in their wallet at that time, and that’s our focus for a single individual.
Mark: You think about it. You can have a major illness. We all know people that have gotten sick, certainly. A car accident, something that happens suddenly. Those kind of things, if you don’t have a plan in place, you don’t have coverage set up, boy, it can cause you to have a lot of angst.
I think about moving forward, how in the world do we go forward after that happened? It could sink our ship financially and causes so many difficult scenarios could be ahead. The idea is about being proactive. Are you a fan of proactive planning, or do you want reactive planning?
Victor: I definitely believe in proactive planning. Look, we’re here for people that have to react to what’s going on. They didn’t get the opportunity to go proactive planning. It’s always the better option. You always get better options, more flexibility, more controlling what you can do.
If you take the bull by the horns and you’re on top of it, then if you wait for something to happen. We can still help you there, which is not going to be as great of an outcome as we could control it from the beginning.
Mark: Absolutely. We all understand that none of us are promised tomorrow. The idea is, let’s get a plan in place. Victor and the team at Medina Law Group and Palante Wealth will sit down with you for no cost to talk about all of this.
Mark: I would think it would ease a little bit of stress that you may have as well. You know OK, I’ve got a plan. Victor can’t guarantee you perfect health for the rest of your life. That’s not how this works, it’s about having a plan just in case, what if?
856‑506‑8300 again is the number, 856‑506‑8300. No cost for this. I still think it’s one of the more important phone calls you could make. 856‑506‑8300. Back with our final segment of Make It Last with Victor Medina right after this.
Mark: Welcome back to Make It Last with Victor Medina of Medina Law Group and Palante Wealth. I’m Mark Elliott.
Our final segment, we’re going to do something we’ve done before in this program. It’s a fun segment. Victor and the team, they have seminars, they have people that come in, they have clients.
People always come in with questions or concerns. We have a mailbag section that comes from people coming into the office or people emailing or asking or calling and having questions.
People that attend the seminars have questions. We steal them and then we use them on the radio show. It’s fun. That’s what you get all the time, Victor. People come in because they have questions or concerns. You would agree with that. Right?
Mark: That’s what we’re going to do. We’re going to answer some mailbag questions here in our final segment of Make It Last, with Victor Medina. You ready to go, Victor?
The first question comes from, Richard, in Hopewell. Richard says this, “Victor, I’m burned out at work. I hadn’t planned to retire early.” You saw that a lot last year. “I’m seriously considering it now. How can I figure out what my timeline for retirement should be?”
Victor: This is a very common question that comes up in seminars, like the ones we’ve been conducting.
What will happen is that people want answers to questions, especially, from a specialist, like what we do for retirement planning, that will take into consideration everything we know and be able to answer the question, “Can I retire? What will it look like?” They’re asking the question, “Will I be OK?”
One of the things that people can do if you’re in, Richard’s situation, to figure out what your timeline for retirement can be, is to combine a couple of different things. Then ultimately, work with an advisor like us in creating a plan, so that you know that you can be OK when you go and do it.
One of the first things you got to do is figure out what your expenses are going to look like in retirement. Then, start to match them against your income sources. You can have two different kinds for income sources. You’re going to have stuff that’s guaranteed that’s going to come in the form of Social Security or if you’re lucky enough for a pension.
Then, you’re going to have to fill the rest of that from where your investments are. Here’s where people get a little bit lost because they’re traditionally looking at withdrawal rates from an investment account that is still subject to all market volatility.
Sometimes, it gives them the wrong number for how much they’re going to be able to withdraw and whether or not they’re going to be OK.
That’s where retirement specialist comes in, because the tools that are in our tool belt are a little bit different that we can start to look at things that might be able to fill that bucket on a guaranteed basis for life, which is usually an insurance product that has certain disclaimers and disclosures around that.
Claims‑paying ability being something that is, essentially, on the financial strength to that company. The point is this, that we can go into and find products that will help you get to that period of time.
If you’re able to jumble those numbers together, look at your budget, look at the income sources, look at your longevity, and figure out that you’re going to be OK, that will tell you whether or not or when you will be able to retire, what that timeline looks like.
If you’re not there right now, then there maybe things that you need to do, either you adjust what your expenses are going to be, work a little bit longer and save more, or some combination of the two. Maybe in some part‑time work when you get into retirement in a different field, to add to it some dollars coming in.
You combine those things together and then you’ll start to get some answers for it. I think that’s where we all come in as retirement planning specialists for people, to give you a plan on the income, the investments, the tax, and the estate planning.
Those four panels being the most important elements of a strong retirement, that will get you to the answers that says, “Yeah, you’re going to be OK. You can go ahead and do it.”
Mark: Richard, if you like to find out more, hey, because that’s a big question. When you’re trying to figure out, “Hey, can I retire and when can I do it?” 856‑506‑8300, again is the number. 856‑506‑8300. There’s no charge for this. Come and talk to the team. Then, you figure out where to go from there. 856‑506‑8300.
Next question comes from Sharon. Sharon is from Hamilton. Sharon says this, “Victor, my husband retired last year. He seems really unhappy. He needs something to occupy his mind and keep him busy. I think he should get a part‑time job, so he can stay busy. I’m not sure he likes that idea.” Could there be anything wrong with that idea, Victor?
Victor: When my parents retired, Mark, my mom retired before my dad, the other way, it’s my dad retired before my mom. What had happened was, she then ended up retiring because he was such a pain being at the home alone. That they need to figure out what to do together.
I’m very sympathetic to the idea that this person, the husband in this situation, needs something occupy his mind, to keep him busy. Is there anything wrong with the idea? The very clear answer is, no.
What are we talking about here? It’s a very frequent challenge, Mark, that people have. As you’re facing your retirement, your whole identity has been wrapped up in your working life. I don’t want to say it’s 100 percent, but you were defined by the fact that you had to get up five days a week and go to a job.
You were successful at that job. They kept getting you advanced along the way. You were recognized for all those things. When you make the decision to retire, essentially, all that stuff is getting stripped away from you.
One of the more important things that we can do for having people get successful in retirement, especially sticking with a plan that we have, is to go ahead and help them discover a purpose around what their retirement is going to be.
They need to find ways that they can contribute, have significance, do those things that are going to make them feel like the time that they are spending in retirement is valuable and not wasted.
A lot of that can be thinking about it ahead of time, doing some planning ahead of time. You could imagine, people have these romanticized notions of what will happen when they’re retired, “Everything’s going to be great. I’ll just not go to work any longer. I’ll be the happiest little chickadee go walking around.”
When they go into that because they haven’t planned on what they were going to do to fill the time or read significance or give things back or contribute in different ways, what happens is it doesn’t match their preconceived notions with their story in their head, about what that was going to be. They could end up feeling unhappy about it because they’re unfulfilled.
Will part‑time work in this situation and staying busy help? Potentially. It’ll at least get you busy off of it. Then, what we have to plan for, is what happens when that stops.
If your physical infirmity causes you for not being able to have a part‑time job, you’re going to be back in that same position and potentially unhappy again. We need to fill it with the other half of it. Is like how do you gain significance when it’s not tied up into your employment?
That’s an important element before you make a retirement decision. There are a lot of people that stopped going to work the next day, and then they look up and they’re like, “Well, what do I do with myself now? This isn’t what I expected it to be.”
One of the things that we do, Mark, for our clients, and to help them off of that, is we host client events for them that will teach them about new things, keep their mind engaged.
We’ll do things, for example, we will bring in a photographer that will help them with travel photography and get beyond the amateur level, or we’ll bring them through and do different activities that they can get involved in.
Have somebody come in and keep educating them, and to a broad‑based thing, about wine or cheese. Ways of engaging their ideas so that their minds, that they feel like they’re getting something and being productive retirement, optimizing the time that they’ve got.
Mark: Sharon, if you’d like to reach out and ask more questions and see how this all works, 856‑506‑8300. Next question comes from Sarah. Sarah’s from Doylestown.
She says this, “Victor, I’m 61. I can start my Social Security next year because I’ll be 62, but I’m not ready to quit working yet. The question I have is, should I go ahead and start taking Social Security, so I can, possibly, get more money to save for my retirement?”
Victor: That’s good question. Look, good on you for thinking about ways of using a benefit like Social Security to help add to your retirement. I applaud that thinking. It’s very innovative.
We have a couple of things, though, that are going to be issues for you if you elect to this kind of plan. The first one is that if you start to claim Social Security benefits at your earliest age, but before your full retirement age.
There’s usually these days, about four and a half or five years, between those two periods of time, you usually have to wait about 67 until you get your full retirement age and you’re still working, one of things that you’re going to do is you’re going to have an offset on what the Social Security benefits are going to be.
You’re not going to receive the full amount, because they’re penalizing you for drawing from the federal government while you’re still working and still earning money. They’re onto your really cool idea, and they put some laws in place that will limit what that benefit is going to be.
I think that the real question for when to start Social Security as an early option versus waiting until a longer period of time often comes in with people with health considerations. In this situation, there’s nothing in the question that suggests that she’s got some sort of terminal condition or thinks that she’s not going to live a longer period of time.
When we start to have people that have those situations, you start to look at. It’s like, “Listen, even if it’s offset by the amount that you’re working, maybe it’s worth drawing on your Social Security because you may not live long enough to recoup the rest of it that’s out there.”
The other last element of it for this particular question and anyone else that’s in the situation of trying to figure out whether or not you should claim Social Security early is, how does it fit with your overall plan? I know I sound a little bit like a broken record when I’m talking about coming back to the plan, but it’s so essential to understand how these pieces work together.
If we just look at this in the vacuum, grab Social Security because it’s extra money, and I want to save it, without understanding what will happen by locking in that benefit because that’s actually one of the things that you do by electing it early at 62 is that we lock in a lower benefit.
If we waited to 67, it would go up. If we waited from age 67 to age 70, it would go up eight percent every year till we finally maxed out off of it.
How are you going to make up the extra money that you need to live on if we’re locking in a lower number? That’s when we get into kind of understanding how all of these pieces come together. If you want more information on how to establish a good income plan, one that has money that lasts as long as you too, you can actually visit a website we’ve created to download some free information.
I promise we’re not going to hound you off of that. We’re just going to have to enter your name and your email address. We’ll send you this guide. It’s at 920income, I‑N‑C‑O‑M‑E, 920income.com. That’s going to help you determine how you’re going to get money to last as long as you do.
It’s really central to this particular question of, should you go ahead and elect Social Security early? It is part of looking at everything in totality to say, “Well, how are you going to get all of the income?”
Social Security at 62 is not going to be what you need to live off of when you stop saving it and stop working. That number is probably too low for you to live off of. How you’re going to get the rest of it? That’s really the question.
Mark: Yeah, Sarah, 920income.com to get more information about all these moving parts when it comes to income planning and retirement, it is about income really when you try to figure out, “Hey, will my money last? Can I retire?” It really comes down a lot of times to an income question, 920income.com.
We’ve got about a minute and a half left. I’m going to give you one quick question. This comes from Charlie out of Plainsboro. We’ve had a family business for three generations, Victor. One of my sons plans to keep it going. I’m planning to step back, and let my son take over in about 10 years. How can I figure out my exit strategy when it is my time to retire?
Victor: With a minute and a half and answer quickly, Plainsboro is probably a farm out in that area. I will tell you that one of the things that you have to consider because you said one of your sons is, what’s going to happen with the other two off of it, or whatever the other two kids are.
In order to keep things balanced, we’ve got a number of considerations in there. Keeping everybody else held. We probably do want the son to take over and run with it but you probably don’t want to shortchange the other two kids that are otherwise entitled to you, say that you probably want to give them something from there.
We also want to make sure that we’ve got a successful transition because there’s going to be things that are related to how taxes are carried over, the value of that business. If you gift it, it’s going to have a different consideration than if he buys into it.
All of these things and you getting jumbled together probably need you a little bit more sophisticated of a plan to structure the next 10 years, to keep everybody happy. That’s what you’re doing, and to increase the chances that you don’t have to step back in. This is actually a successful transition when you want to walk away.
Mark: Charlie, we appreciate the question. We appreciate all the questions. If you have questions or concerns about where you are on your road to retirement, the teams at Medina Law Group and Palante Wealth are here to help you. They don’t know your situation yet. The first step is pick up the phone, give them a call. 856‑506‑8300. 856‑ 506‑8300.
It comes down to income a lot. You’ve got that white paper opportunity, the report on income, 920income.com. You can download that and they’ll send it right to you, 920income.com. Again, the number goes, 856‑506‑8300. Victor, enjoy the rest of the weekend. Have a great week. We’ll do it again next week.
Woman: Taxes are just a fact of life. You can’t avoid it even in retirement, but what if I told you there are ways to minimize what you pay in taxes. Victor Medina and his team can help. To learn more, visit 920taxes.com to get your free copy of Victor Medina’s tax guide. 920taxes.com. That’s the numbers 9‑2‑0, taxes.com.
Mark: Palante Wealth Advisors are an independent financial services firm that utilizes a variety of investment and insurance products. Medina Law Group is an independent estate planning and elder law firm. Investment advisory services offered through Palante Wealth Advisors LLC in New Jersey and Pennsylvania registered investment advisor.
Registration does not imply a certain level of skill or training. Investing involves risk including the potential loss of principal. Any references to protection, safety, or lifetime income, generally referred to fixed insurance products never securities, or investments. Insurance guarantees are backed by the financial strength and claims‑paying abilities of the issuing carrier.
This radio show is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions nor should it be construed as advice designed to meet the particular needs of an individual situation.
Medina Law Group and Palante Wealth Advisors are not permitted to offer and no statement made during the show shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the US government or any governmental agency.
The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Medina Law Group and Palante Wealth Advisors.
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