This is the Truth Network. Yeah. Welcome to Finishing Well, brought to you by CardinalGuide.com with certified financial planner Hans Scheil, best-selling author and financial planner, helping families finish well for over 40 years. On Finishing Well, we'll examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Social Security, Medicare, IRAs, long-term care, life insurance, investments, and taxes.
Now, let's get started with Finishing Well. Welcome to Finishing Well as certified financial planner Hans Scheil and today's show. Really fascinating.
Solo aging. Maybe you hadn't thought about that one. Maybe we ought to be thinking about that. Are you prepared? And I got to tell you, when I saw the video on this, I thought, wow.
I hadn't thought about the fact that this is certainly going to happen for one of us in my family.
Someone who's going to be solo aging. And then, the preparation to that, what might that look like? And um You know, beautifully, Hans just pointed out to me a minute ago that You know, in the Bible, when Jesus realized that Mary was kind of solo. He gave her a trusted care provider like John. Uh behold your son.
Right, it's from the cross. He explained that, and beautifully, John fulfilled that. In that, if you ever go to Ephesus, And you go above the city of Ephesus, there's a church where Mary lived out the rest of her life under John's care. Uh amazing uh Situation of care, but the idea of Jesus had a plan for his mother, right? And God always has a plan for you.
It says in Isaiah 46:4, right? Even in your old age, I am he. I have made you, I will bear you, I will carry, and I will save you. right so before family systems or community structures right God presented him. As the lifelong really fiduciary of your soul.
We've talked about that in previous shows. It's kind of a neat idea. And boy, this is something that really Hans. There's a preparation for it. Yeah, I was just down at a conference and Florida.
It was basically a long term peer. Insurance agents conference. long-term care provider Talk function. Uh really cool isn't moving this panel. And on the penguin was an overlaw.
There's a a person that's like me that they're We saw one for And then there was a person from the Aging Labor Care Association. then there where you could hire a control. Yeah, here we have their whole 2020. But that people the percentage of people in this country that are aging And they live alone. And that's that's really what it's for away.
One of the things that struck me, these aren't all unhappy people. I mean, they're just a lot of these people are very happy and very satisfied, but maybe not even looking for a best partner or whatever.
So that was one of the myths that they got rid of: see, you hear solo ages, it sounds awful. Yeah, and maybe when you put it that way, put So so we made that point. All of these people are not necessarily Oh we can I mean they're they're they're they're they're good with their lot and life. Yeah. They talk about the entry fields, why there's so many of these people.
Because You've got lifelong singles. You have some people out there that just never marry, and they're single, and they're part of this. then you have widowhood, which you spoke of just a minute ago, is that Yep. Married couple was like my wife and me but Sooner or later, one of us is probably going to pass before the other, and that other is going to live on as a solo agent. And then unfortunately you have silver to board.
And the rise of that is is really high. I mean, there's just a lot of people that get divorced and they're You know, they were fired or approaching retirement or after the torment. Nonetheless you have a small group of people, and that was Part of their thing is we're going to look at them, we're going to represent them, and we're going to talk about what life looks like. for them, but that's specifically when the long-term care guys are. That was kind of where they're speaking to their audience.
But their presentation is a lot more than just now.
So I want to just kind of give you a taste of it. And then we put together the video where it uh We went around all seven of the subjects of the worries. When we talk about how does this affect 128.
So I'll read. Yes. um start up in Social Security is it and there's two of you And then why don't you cast it away and in front of you But The the survivor only has one social security check. Whereas the couple had proved before they became a solo agent.
Well herman now starts at 109,000. of income whereas For a couple, is 283,000.
So these these are all the things that a widow has to look forward to. Is the first thing I want one social security check? The next thing is all the thresholds. for high-tech banks. Happen.
twice as quick or whatever, the thresholds are half a cross. Oh. And then for long-term care, like Who's your power of attorney? Pretty simple one. You you have Robbie, you have Grammy.
and they name each other as a follow-up of human.
So if something happens to one of them, he's got to spouse. Acts as the power of the turn. Follow Athen. Don't have that.
Solar aid group. Needs to have somebody else. It's alive. preferably younger than them when they're fired patron, they need a backup.
Okay, and we'll talk a little bit more about that later. Um You know, we can talk about home health care or different. Because you live alone? I mean, there's a whole lot of situations where we brought in home health care Yeah. We got the spouse.
living well with the person It needs the home help to. And the spouse is kind of looking after him. 24 hours ago. But then the home health care people come in for like four to six hours a day. And that all kind of works.
But and we got a solo across You don't have such an arrangement. I mean, you, you know, home health care becomes a little different, sometimes not possible. Yet a lot of times a solo aid group is going to choose an assisted living. over getting care of their home. Yes.
We pause. I took a bandage here. Then it's just equipment. And it also comes real comfortable. do four to six hours and then I'm gonna own by myself I think it's felt.
Oh I'm just going to bounce around these real quick. With the IRA 401k, if you're dealing with a widower widower, Um You. You got the same R and D. The required minimum just to use anything. The same amount.
But now you've been a single taxpayer really.
So you gotta pay more taxes on the R and D with a head Irma payment. Um You know, we talk about income. This is where life immediately is. that first of all, for a single person, No Less expense than the other week. This is neural law.
And you're seventy three years old and you want to buy an income for life. I mean, it's gonna cost you less money. to do that if I'm insuring one life Then if I'm in trouble, we'll have to do it Okay.
So you get a better deal on it than you would. All right.
Well We sell the moon as if we sell the couple. You're going to cover two lives on those.
So, in other words, when one of the couples becomes a fellow ager, they still get the annuity check. Until they s got it.
So that's that's you know, that's in a lot of our commitment planning we're setting up for that. Um Estate planning I mean this is one of the places they went to quickly. Yes. You know, who's your power of a total? We talked about that earlier.
Beautiful. Thank you. Yeah, if you look along when you're alone. We have kids. And if you have kids, it's a blessing.
And then it's got tin. that you can rely on if you're the power of achieving. But you know, you have to go up there. Um, and for most people that's where they go. But there's people that have You know, good, but they don't think they can rely on this good.
Well, then we've got to find somebody else. And then there's people who have no kills. We gotta find somebody else. Cuppers were younger than that. And unfortunately a lot of people go and they sell my buddy.
I got my brother as my power. Your brother. was probably around your age. You know, this happens to you 10 years from now. We need to find somebody one generation down, or a couple generations.
Okay. Exactly. Depending on the trust are perfect. But you you really you you know A lot of people that are 65, 70, 75, and this hasn't happened to you yet. They don't know how bad they're going to use that person.
Yeah. And the price is up. I mean, you found out a little bit of that just with what you're going through, how how much it how important is people. In this situation either. Oh, absolutely.
And important that everybody Is communicated with, right? And which unfortunate that we've done this, we've done the forms that we're going to talk about here in a minute. And my children knew, and they fell right in line too, by the way. It was fascinating to watch. How my oldest daughter, who would be our power attorney and whatever, you know, she immediately had the ball and she was running with it and prepared to.
to use it when we were both Tammy and I were incapacitated for several days. Um Okay. And she knew where to get it and how to use it. What a gift. And so I guess we're talking about this.
This is one of the things we do within the scope of financial planning. I mean, we you know, we're not going to draw up like I I helped you with those, Robbie. Got an attorney. Right. There was an attorney.
She did she does. Like, I don't actually do all those documents, but I facilitate the whole thing happening. And a lot of times I have to put people in a situation. Um to really to get them to realize how serious this is and just spat it up. You need to get her die.
And if you're sitting out there right now and you don't have a good health care priority for me. And a power from And you have a little trouble figuring out who that can be. Don't let that stop you doing it. Get in touch and we'll We'll work through that. We can find somebody.
This would be a good point to remind you that the show is brought to you by Cardinal Guy at CardinalGuy.com. And if you go to CardinalGuy.com, You're going to see the seven worries tabs. And today's under estate planning. And because there's a video, beautiful video of the same exact question: solo aging, are you prepared? with show notes and a lot of information, Tom's involved in that as well.
And again, There are all kinds of videos along the ideas of estate planning, as well as, of course, Hans's book, The Complete Cardinal Guide to Planning for and Living in Retirement, an amazing workbook that goes with that. And then again, there's the contact comms and Tom page. Again, that they have tons of experience in this. If you're sitting there wondering, I don't know who, you know, that that's a great phone call to make to say help me. Because I can see that Boy, you know, if something happens, and it can happen because that car accident happened for us in a matter of moments.
My daughter may have needed to be the power attorney. Fortunately, we didn't have anything to happen in those few days, but she was prepared only because of preparation, what we're talking about today.
So it's all there at CardinalGuide.com, and we're going to be right back with a whole lot more on solo aging. Are you prepared? Investment advisory services offered through Brookstone Capital Management LLC, abbreviated BCM. a registered investment advisor. BCM and Cardinal Advisors are independent of each other.
Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Cardinal Advisors is not affiliated with or endorsed by the Social Security Administration or any other government agency. Welcome back to Finishing Well with Certified Financial Planner Hans Scheil and today's show. I do love it. a topic we really hadn't discussed much before, solo aging.
Are you? prepared and and there's um Some amazing benefits. to to knowing that man uh you you prepared for this particular situation and it can come up at any moment Well, yeah, we in the first part of the show we went over Just a few items under each of the seven worries, and we got through the sixth one. The seventh one is taxes. The seventh worry is taxes, and when you're single and you're a fellow ager, The first thing you gotta know is you're dealing with single tax burns.
And if you deal with them all your life, that's kind of but somebody and a couple dies, and now we've got a survivor. Um now you're a single tax file and We could see. The tax rates are higher or the thresholds are lower, however you want to put it. Another thing to mention is if you sell your home, and you're single. And you've made a profit on your home.
You got a $250,000 inclusion of profit.
So it's pretty generous. Um if you've got a home Whereas three, four, five hundred thousand dollars is a gain. 150 or 200 or something. But a lot of people know that exemption is $500,000. You know, we're we're a couple of years.
So that if you sold your home, we sold our home, we would have an exclusion up to $500,000. We wouldn't have to pay tax on the profit of the sale of the house. Just wanted to point out the sneakle for a thing. That exclusion is 250,000 so here. have a valuable home that you've lived in and now that you're single.
you want to move somewhere else. Move to something smaller and you sell that, you might want to talk to me a little bit beforehand for the tax project. Um So that's what covers the seven glories. for single people and solo age groups, And in the second part of the show here, I want to kind of go through the agenda that these folks did in the seminar. where we set up specifically for solo majors.
Yeah. What what they're helping me is twice transit separation. And they were just talking about, because unfortunately, a lot of long-term care. Happens, you know, at the start of it, it happens in a place.
Somebody has a fall. Uh so we're here to scroll. Or perhaps somebody's had Alzheimer's or dementia all along. But no nobody really knew it. Or maybe they knew it, they kind of broke the structure.
You know, Mama Dad was looking alone for a solo apron, and then all of a sudden something happened. Like a fire accident was Um You know, they're washed. I remember with my mother she was He was awful. We know call it and my sister you know where she was. Um Yeah, yeah.
Yeah. When a crisis happens, the whole The whole organization and their whole presentation was about. Let's prepare for the crisis when it makes the crisis a little less past.
Well that's That's kind of what happened with me was a crisis. I mean, it just But you are fine normal. You know, an hour later you'll in a different ambulance going to the emergency room. Right. Yeah, or into the hospital.
Yeah. I mean that's a price. Then I talked to the daughter the next day. You know, I talked to him several times. Right, you do.
Um And so What they really zeroed in on was costed the company. And that's what we want to talk about too. Yeah. For people that have children like you are. Right.
That's a bluff. We've got quick builds. The old way of the role, yeah. And then it's also important that you quit all the documents. Right.
And so they have the power to art. Is this the option? Any crisis is ugly, but it's even uglier. then the people that are coming in trying to help, they don't have to call it legal documents. to take care of it.
Um And so I really want to talk about that subject real quarter. Yeah. It's I don't say it's easy with kids because then I sit down with a couple. And they gotta decide which one's first, which one's second, which one's third. A lot of people want to make them all each third.
That's not a good idea. Or We've got to talk a little bit. I'd rather have a little border, like if this one can't, then this one's next, if that one can't, then this one. Um, they have different skills, different levels of responsibility, of caring. We still, you folks hopefully enough to have a kid, as I do.
I can help you with all those exclusions. Um but you're gonna need to make them. and then get the documents to place. But let's talk about the people that drown here.
Well then Process. Yeah, they're gonna do company too.
So Yeah. I experience this all the time. I mean, people watch my videos and I tell us from some distant phase and they just add that. And that is Pause one. not do anything with that.
It's like they're thinking about him.
So Because they're thinking about him, they haven't got anything. But I I'm going to tell you that. I can help you with Grosser. We're going to put this on an active plan. Do you have nephews or nieces?
I like I want somebody. One generation down. A lot of these people that have haven't done much, they're their brothers. All my brothers have This is a lady and the butter. All over the winner.
But he's a band. Good. He's probably not going to be alive when you need this crisis of 880. He may be gone and he may be in the same shape.
So I'd like to go one generation back to nieces and nephews. And if you don't have those people in your church, then somebody that we can or a couple somebody that we can List and we follow them, but in the place it's good, somebody can be there to help. What did you think of that? Oh, absolutely. Sometimes you can you can Right, you can get a custodian of some kind, right?
You can. I mean, I have these. Quiet. who are um from the UK. Again, you know, money's not one of their problems.
So don't have any killers. A couple of sixty-five and they become clients and friends and they We've been helping them for five years. Yeah. Well, a couple of years ago, they were called Network playing by nephews and nurses that are in New Zealand. Um You know, very good at all.
So what we ended up doing is they set up the cloud. And it's a testamentary God. Mommy. In there. you know, the revocable they can trust is what it is, and it's it's not The money goes in there when they die.
Thanks. They don't 'Cause they don't want to be mucking around with the trust while they're young and healthy. Right. But then then it costs easily. is a paid trustee.
Is that you lined up with um But we don't have to pay him anything now 'cause there's not any money in it. We just There's a name there. Maybe I had a gamble or something. just to set the thing out. But they're just standing in place as opposed to trustees.
So one of them moves it. The money goes into the process, these people manage it. The end. It's not cheap. These people have the money for that.
Um With people without meaning But you need the same kind of thing. This problem they're going to work it out in the movie. We can figure out how to get somebody to be a volunteer question. I mean, you're going to have to find them again, somebody you refer. Three times to do church community things.
Then you know, if they come together and they That that's what we're all supposed to do and we want to do is Help you. the widows and orphans and it's just that um that's that that that's that that's what just clearly falls Um You know, there's a there's there's a bunch more stuff we can talk about. you know, home modifications and um relocation for people, community connections, How to build Barry should it again? This was more than just about long-term care and crisis and all that. But I tended to zero in on.
That piece of it because it's really kind of like right in my world. We deal with somebody in crisis. Or you do. We've got something. Coming in, either somebody calls us for the first time and they're in the middle of the crisis.
Whether somebody that we're working with or have been working with, or their clients, or one of their Parents just went and put or it's one of our own clients, but the price is pretty careful. Yeah, and um Is that there's things we can do after the crisis, but I really like to. anticipate the crisis and do things And we did, you know, in the case of my father. He had this exact thing happen. Right.
He lost his wife. He didn't expect to. She was. 14, 15 years younger than him.
So she never, he didn't see that coming. And next thing you know, he was. He was so low aging. And he came to you and we had these forms in place. And then he fell.
And Very shortly thereafter. He wasn't able to do these things. And oh my goodness, how wonderful it was to have. You know, all the plans that have been laid out, exactly all the details, all the forms that you're talking about, and then. You know, even needing the elder law.
care because you know this Um Alarm company ripped him off for like 12 grand or something. And we saw that, and I had. a power attorney to get there and get involved in that and get that money back for him. before he passed. And and is the These things happen.
Right? They happened for my mother-in-law. This is. You know, like It's not like it might happen. You know, if you're married, the chances of you passing at the same time.
Flint and none.
So it's This is a a really, really important thing to process and to prepare for, right, Holmes? Oh yes, and you just Like I said, we deal with this every week. Like we're here. I mean we're we're part of the team. I mean, we can't be a power of attorney for you.
We can't come out of there and do things like your kids or your. Trusted person can do, but just having us in the back room and make a phone call or something to somebody. Um And having those documents On our server, I mean You didn't need that for your kids, but I hate we ran out of the show again before we, I mean, we ran out of time before we ran out of the show, but we remind you that this show is brought to you by. Cardinal Guide cardinalguide.com, and if you go there, You're going to find at CardinalGuide.com a wonderful resource, the seven worries tab that we talk about so often. Today's show again, solo aging.
You know, are you prepared is found under the tab of estate planning? And there's so many resources there under estate planning, as well as a video right along these same lines. And of course, Hans's book, The Complete Cardinal Guide to Planning for Living in Retirement. But I can tell you from The more and more experiences life has given me. There's nothing like that, Contact Tom's page.
Haunter Tom, it's all there at Cardinal. Guide.com. Wonderful show, Hans. It's awful. I love this topic.
Thanks for tuning in. Thank you and God bless you. The opinions expressed by Hans Scheil and guests on this show are their own and do not reflect the opinions of this radio station. All statements and opinions expressed are based upon information considered reliable, although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Investments involve risk and, unless otherwise stated, are not guaranteed. Past performance cannot be used as an indicator to determine future results. Any strategies mentioned may not be suitable for everyone. Information expressed does not take into account your specific situation or objectives and is not intended as recommendations appropriate for you. Before acting on any information mentioned, please consult with a qualified tax or investment advisor to determine if it's suitable for your specific situation.
Finishing Well is designed to provide accurate and authoritative information with regard to the subject covered. Investment advisory services offered through Brookstone Capital Management LLC, abbreviated BCM, a registered investment advisor. BCM and Cardinal Advisors are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Cardinal Advisors is not affiliated with or endorsed by the Social Security Administration or any other government agency.
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