This Faith in Finance podcast is underwritten in part by Guidestone. Guidestone envisions a world transformed by Christian investing. Through screening, corporate engagement, and impact investing, our investment strategies allow investors to be more proactive with their investment dollars to make a meaningful difference in the world while preparing for their financial future. Learn more at guidestonefunds.com/slash faith.
Well, summertime is here, and while the kids are counting down the days until school's out, parents and grandparents might be counting something else: the cost. Hi, I'm Rob West. Keeping kids entertained during the summer doesn't have to break the bank. Today, we're highlighting 10 fun, free things your family can do this summer. Activities that build memories, not debt.
Then it's on to your calls at 800-525-7000. This is Faith in Finance, biblical wisdom for your financial journey. You know, it's tempting to spend your way into a good time. A movie out with popcorn and drinks could easily run $100 for a family of four. A trip to a major league ballpark could cost, are you ready, $250.
Take me out to the ball game? These days it might mean, take me out to the poorhouse. But here's the good news.
Some of the best memories don't come from expensive outings. They come from creativity, time together, and just a little planning.
So here are 10 fun, meaningful, and absolutely free things you can do this summer. First, go to the library. Today's libraries are more than just books. They often host reading challenges, puppet shows, craft days, and even Lego clubs, especially during the summer. Plus, a trip to the library builds lifelong learning habits and gives kids a break from screen time.
It's a win-win. Number two, have a themed movie marathon. Movie nights are a classic, but why not turn them into a theme night? Dress up like your favorite characters, make homemade popcorn, and watch movies you already own or can stream for free through your library. It's a cozy, low-cost way to enjoy time together.
Third, check your community calendar. Many towns and cities host summer concerts, community movie nights, or festivals, and they're often completely free. These events are not only fun, but a great way to connect with neighbors and experience community, something Scripture encourages us to pursue. Number four, plan a backyard camp out. You don't need a mountain getaway to go camping.
Pitch a tent, roast marshmallows, and tell stories under the stars. Take time to marvel at the night sky with your kids. Psalm 8, 3, and 4 reminds us that when we consider the heavens, we're filled with awe at the God who made us and cares for us. Fifth, host a yard sale. Let the kids gather items, price them, and help run their own mini shop.
This is a chance to teach stewardship, contentment, and generosity, especially if they choose to give a portion of the proceeds to someone in need. Six, try geocaching. If your family enjoys a good treasure hunt, geocaching is a blast. All you need is a smartphone and a free app, and you can start searching for small caches hidden all over your town. It's a great way to explore new places and bond as a family, and again, completely free.
7. Organize a neighborhood game day. Remember playing kickball or capture the flag?
Sometimes the simplest games are the most fun. Reach out to other parents in your neighborhood and set up a recurring game day or water balloon battle. You can rotate houses and share the fun at no cost. Number eight, create a summer bucket list. Get the kids involved and write down a list of free or simple things they want to do this summer.
Things like building a fort, catching fireflies, or learning a new skill. Then check them off one by one. You'll build anticipation, stay organized, and of course make memories along the way. Number nine, explore local parks and trails. Nature is one of God's most accessible gifts.
A walk through the woods, a bike ride, or a visit to a preserve can stir the soul and open the eyes to the beauty of God's creation. Psalm 19:1 says, The heavens declare the glory of God, and so does every bird's song and wildflower along the trail. And number 10, finally serve together as a family. Whether it's volunteering at a food pantry, visiting a nursing home, or baking treats for neighbors, these acts of service teach kids the joy of giving. Jesus said in Acts 20, 35, it is more blessed to give than to receive.
Serving others is one of the most meaningful things you can do as a family. It's easy to assume that fun comes with a price tag, but often the most meaningful moments cost nothing at all. This is a reminder that some of God's greatest gifts, like laughter, love, and sunshine, are freely given.
So, as you plan your summer, don't focus on how much you can spend. Focus on how you can wisely steward the time God has given you with the ones you love. And take it from me, as a dad with one child already out of college, one currently in, and two more on their way, this season goes by faster than you think.
So, this is a great opportunity for you to invest relationally, be present, and it doesn't have to break the bank. All right, your calls are next. That number, 800-525-7000. That's 800-525-7000. I'm Rob West, and this is Faith in Finance: biblical wisdom for your financial journey.
We'll be right back. We're grateful for support from Guidestone, whose diversified suite of investment solutions align with Christian values to create positive change in the world. More information is available at guidestonefunds.com/slash faith. Investing involves risk, including potential loss of principal. Carefully consider the investment objectives, risks, charges, and expenses of Guidestone Funds before investing.
They're distributed by Four Side Funds Distributors LLC, which is not an advisory affiliate, a registered investment advisor, nor do they provide investment advice. Is health insurance eating up your budget for 2026? If you're looking for ways to better steward your finances, consider this. Christian Healthcare Ministries is a health insurance alternative at half the cost. As a ministry, CHM allows you to share the burden of medical bills with other believers while also saving you money.
Join CHM today and ditch traditional health insurance by visiting chministries.org/slash faithfy. That's chministries.org slash faithfi. Yeah. Thanks for joining us today on Faith and Finance.
Well, if God owns it all and He does, that makes us a manager of the King of Kings resources. That's a big deal. We want to help you do that and seek faithfulness as your goal each day. Taking your calls and questions at 800-525-7000. And Flora's been waiting patiently in Tennessee.
Flora, go right ahead. My question is about uh taking Medicare supplements. Um okay. 11 years ago, I got poisoned with pesticide and mold poisoning. Um and I'm chemically intolerant and uh environmentally intolerant.
And there's no doctors that cover that. I have to go to South Carolina to a doctor. And insurance does not pay for that. I had insurance and I was paying $395 a month, and it would not pay for one dime. for a treatment is that.
And so I I dropped it, and I've been just working two j one and a half jobs, two jobs. to pay for everything and but I'm not saving any money. But the thing is, I'm 64 and they're going to be 65 next month and they keep wanting me to sign up for Medicare.
Well, you know, some people tell me yes. You need to take the supplement because they'll charge you later.
Well, if I'm not able to take it now, how am I going to be able to take it la I mean, use it later? I mean, I don't really understand. There's nothing that they're going to pay for. I have all my medicine has to be compounded. Any kind of drug I get.
I can't go to the hospital. And lay us. I call my doctor first. Over there at the environmental center, and let them know. They told me, don't go unless you know you're dying.
What has the hospital has? I am so sorry.
So what would what do I do? Sure.
Well, you know, here's the thing. Medicare. even if it doesn't cover your doctors or medication. you should enroll in Medicare Part A at 65 if it's premium free. And most people qualify for premium free Part A if you worked and paid Medicare taxes long enough.
And that will cover things like hospital stays, skilled nursing facility care, some home health care. And so it acts as kind of a catastrophic protection if something serious happens.
Now, Medicare Part B, which is the doctors, that's a separate decision. That's going to generally cover doctor visits, outpatient care, some medical services, but that has a monthly premium. And so that's where we have to determine: you know, if you have employer health coverage, which it sounds like you do not, then you can delay without penalty as long as the employer coverage is considered credible. But if you don't have that, then you would need to evaluate that. You know, beyond that, you would want to look at whether or not it makes sense to take a Medicare Advantage or a Medigap, because that may cover what you're describing here.
So this is where. the doctors and the medication issue matters most. Because with Medigap alongside original Medicare, it's going to work with a very broad doctor access, no network restrictions, and your drug coverage is purchased separately through Part D.
So, for someone with very specific doctors or specialized medications, original Medicare plus a Medigap. Often provides more flexibility, and it may be kind of the pieces and parts you need to at least offset some of the costs of your care, even though Medigap is more expensive than the Medicare Advantage, the supplements. Does that make sense, though?
Well, I've never heard of that. And I have been talking with the Dave Ramsey, supposed to be a Dave Ramsey affiliate, but and they were just saying, you know, no, you know, we don't see any way you can get any help, but you will get subpoena. I mean, fine, if you don't. have something better and you try to enlist in something later.
Well, I don't think this is going away. I've never had one doctor tell me that. And they just say you can get better, but it's a lifestyle change and you have to. be a hermit and live in the woods. I'll just tell you.
So I don't I don't know. It it it's a nightmare and it's you know, I know eventually I you know, if I get ninety years old, I dad I'll be going to South Carolina to visit my doctor three c every Yeah.
Well, I certainly understand that. And I'm not saying this is a fix-all, but I think it'd be worth looking at because, you know, the Medicare A and B provide the basic coverage. The Medigap does what it says: it fills the coverage gaps. And then the part D is going to give you the prescription coverage. And, you know, it could be that, you know, these are the, that could be the foundation to the care that you need and offset at least some of your expenses if you're not, you know, if workers' comp or disability benefits are not available to you, or even Medicare financial assistance.
You know, and I guess in some cases, people exposed to, you know, pesticides through farming or chemical products, you know, have often sought legal remedies with settlements and so forth, depending on what chemical is involved, which could obviously help with some of this, the expense there. But I would probably get with an independent health insurance agent in your area. If you don't have one, you could reach out to a certified. Kingdom Advisor and ask for a referral. Just go to findaca.com and have them help you navigate the proper mix of coverage just based on your specific situation and medical condition.
So, Flora, I'm sorry I didn't have a silver bullet answer here for you, but maybe these are a few things you can pursue. Thanks for calling today. Lord bless you. Let's go to Mississippi. Rick, go ahead.
Yes, thank you for taking my call. I was just curious about at what age you can draw Social Security and still make Uh like what I'm making now. Yeah. 62.
Okay. Yeah. So for someone who's 62 today, Rick, your full retirement age is about 67. Once you reach full retirement age, you can earn as much as you want. There is no earnings limit and no benefit reduction.
Prior to that, if you were to take Social Security early before full retirement age, which you can take it as early as 62, which you'd have about a 30% permanent reduction on that, but you would also have an earnings limit such that when you earned above the limit, you would have a reduction of $1 for every $2 you go over the limit. And now that is temporary. Taking it early, the reduction is permanent, that 30%, if you take it at 62%. But the additional reduction as a result of you earning over the limit would ultimately be returned to you in the form of a higher check until you were paid back in full, starting at full retirement age. But if you don't ever want to have to have your check reduced and you're still working and therefore there's no reason to kind of lock in that permanently reduced benefit by waiting till full retirement age, 67, you can earn as much as you want.
There is no earnings test at that point. But if I understand correctly, if I wait till age 70, then I draw the maximum. That's right. Yeah, that's right.
So every month you wait beyond your full retirement age, not only are you going to get your full benefit, but you're going to get a benefit that's higher by 1/12th of 8% or about 8% a year.
So if you were to wait until fully age 70, you know, you could get a check about 24% higher for the rest of your life. Than what your social security benefit is currently projecting at full retirement age. Hope that helps. Thanks for your call. Folks, delighted to have you with us today.
Hoping to bring you some encouragement, some wise counsel from God's Word as it relates to your role and my role as managing the King of Kings resources. This is a really high calling. We're glad you're here. We'll be right back. Imagine having biblical financial wisdom delivered to your inbox every week, helping you integrate your faith and financial decisions for the glory of God at FaithFi.com.
You can join a community of over 70,000 people who are already receiving our weekly wisdom email, filled with articles, videos, podcasts, and exclusive offers on resources that will deepen your understanding of biblical stewardship. Start your journey today by creating your FaithFi account at faithfi.com. Just click sign up. Um Faith in Finance is grateful for support from Sound Mind Investing. If you have money in an investment account, you know sometimes the stock market can seem like a roller coaster.
But it's possible to enjoy both profit and peace of mind as a do-it-yourself investor, no matter what's happening in the market. A short video webinar about that is available at soundmindinvesting.org. Financial Wisdom for Living Well.
Soundmindinvesting.org Great to have you with us today on Faith and Finance. We've got a few lines open. You can call right now with your financial questions: 800-525-7000. All right, let's head back to the phones. We'll head to Tennessee.
David, thanks for your patience. Go ahead. Yes, Rob. I want to know how to keep my estate.
Now a probate. Mm. Yeah. Great question.
So, probate is simply the legal process of settling in a state. But many assets pass outside of probate with a little bit of planning.
So, the goal is to make sure your assets transfer directly to someone at death if you can. And here's the most common ways to do that. First, would be what are called beneficiary designations.
So, many financial accounts, like retirement accounts, life insurance policies, annuities, allow you to name a beneficiary or beneficiaries. These pass right away and they go outside of probate.
So, that'd be strategy number one. Number two is what's called payable on death or transfer on death. These would apply to bank accounts and investment accounts. You can even do that on real estate, depending on whether your state allows it. And it's called a TOD deed.
And you would have to retitle the home in the name of the deed, you'd have to update the deed, but you would have essentially a transfer on death so that your home would pass directly to a beneficiary without probate. The other is you could have joint ownership with a property, and so it has right of survivorship.
So the surviving owner automatically receives the property.
So those are the simplest ways. There's one more way that's a little bit more comprehensive and a little more complex and expensive, and that's what's called a revocable living trust. And it's one of the more comprehensive ways to avoid probate. Essentially, you would have a trust created by an attorney. The trustee that you name would then distribute your assets.
That are titled in the name of the trust.
So that means anything you have, your home, your investment accounts, needs to be retitled in the name of the trust. But at that point, at your passing, or even prior to your passing, if you're incapacitated, your trustee would be able to distribute assets directly to beneficiaries. Probate would be avoided. That means the time and expense related to probate could be eliminated. But you know, that requires you to put a $3,000 or $4,000 revocable living trust in place and then retitle your assets in the name of the trust.
Those would be the most common ways to solve for what you asked for, and that is how do I avoid probate for my stuff when I die? But give me your thoughts. Yeah. Well, I've got every all my bank accounts. I've got some CDs and saving account and checking account.
And I've got all that. payable to my two children upon my death. Payable to them upon death. Does that take care of that? Yeah, so you've got them named as beneficiaries or or transfer on death, payable on death on those accounts?
Yes. Yeah, those are covered then.
So what we're talking about is your home and then your personal effects and and other things. I've got a house and 20 acres is the only other thing, you know, the only other big deal that I've got.
Okay, so that would be the other thing: is that you could either look at possibly putting a TOD deed in place. The question would be whether that's possible in Tennessee. Let me see if it is. I can just look that up really quick. No.
So Tennessee does not allow transfer on death deed.
So, really, the only way you'd be able to do that is the revocable living trust. You'd have to have an attorney create it, and then you would transfer the home into the trust and the related property while you're alive. And then, when you pass away, you'd have a trustee that would transfer that property directly and avoid probate. Yeah. Couldn't I just make another deed?
and put me and my two children Owners of this house and twenty acres. See, it's just me now. Yeah, that's problematic and here's why, because then you would be gifting that to them. Which is okay, there wouldn't be any taxes there.
However, they would not get a very key treatment at death, which is what's called a step-up in basis.
So if they inherit the home and the acreage, The cost basis for that is no longer what you paid for it, it's the market value as of the date of death. And then when they sell it, if they turn around and sell it right away, they would not pay any capital gains taxes because they enjoy that step up in basis as inheritors. If you put them on the deed now, you would be gifting them Each, if there's two of them, of the property, and then you'd have to tell the IRS you did it, although you wouldn't have to pay any gift tax, but they would no longer get that step up in basis. They would have to pay capital gains tax going all the way back to when you bought it.
Okay. Well, there's one other thing I wanted to ask you real quick. Um Last year you told me that Or twenty twenty five. I could give my children 19,000 a piece without having to report it to the IRS. Has it changed this year for twenty twenty six?
Yeah, so the annual gift limit for 2026 is $19,000.
So that is the number. And you can give that to as many individuals as you want without reporting it to the IRS. And if you're married, you could do that times two because each of you could give $19,000.
Okay. It was nineteen thousand last year. It hasn't went up any. It is nineteen thousand this year. Yeah, for twenty twenty five.
Uh it was 19,000 as well.
Okay. Well, that's that's all I need to know. I appreciate you talking with me. Absolutely, David. Lord bless you, my friend.
Thanks for being a regular listener and call anytime. Let's go to Oak Brook, Illinois, and finish up with Leanne. Go ahead. Hi, I have a three-unit apartment building that I rent out, and I was wondering if there is a benefit to applying for an LLC. Yeah, there are several benefits for a rental business.
First is what's called personal asset protection.
So the members of the LLC, the owners, are generally not personally liable for business debts and liabilities. And so you've got some level of protection through the the LLC. Which is embedded in the name, Limited Liability Corporation. You have some management flexibility, so you can choose to manage the LLC yourself, or you could appoint a manager who may not have an interest in it. There's also what's called pass-through taxation.
So the business income is then reported on the members' personal tax returns, and it avoids the double taxation that you would have if you had a C Corp. And then it's often easier to attract investors if you're looking for investors because it presents a more professional image. And then you may even have a few banking benefits where you could open a business bank account and establish credit under the company name, that type of thing.
So those would be the primary benefits.
So I'd reach out to an attorney in your area and just talk through that, and they can share with you whether or not it makes sense in your situation.
Okay. Thank you so much. All right. You're welcome. Thanks for calling today.
Well, folks, that's going to do it for us. We covered a lot of ground today. Really appreciate you being along with us. Hey, if we can do anything to serve you, don't hesitate to reach out at faithfy.com. You can download the app.
And while you're there, if you'd like to support our work, we'd certainly be grateful as a listener-supported ministry. Just click give. Thank you to Dan, Amy, Chris, Peter, and Taylor. We'll see you next time. Bye-bye.
Faith in Finance is provided by FaithFi and listeners like you.
