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Estate Transfer On Demand

Finishing Well / Hans Scheil
The Truth Network Radio
May 15, 2021 8:30 am

Estate Transfer On Demand

Finishing Well / Hans Scheil

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May 15, 2021 8:30 am

Hans and Robby talk about estate transfer on demand.


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This is Michael Carbone with the Truth Network for partnering with Bible league international on open the floodgates Bibles for Africa in many parts of countries like Kenya, Ghana, Tanzania and Mozambique as many as 9/10 Christians are denied God's word by corrupt governments majority religions in poverty and remoteness five dollars and the Bible.

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Hey this is Jim Graham from the masculine dirty podcast where we explore relationship instead a religion every week their chosen Truth Network podcast is starting in just a few seconds to enjoy it, share it, but most of all, thank you for listening you for choosing The Truth Podcast Network. This is the Truth Network welcome to finishing well brought to you by Cardinal guy, certified financial planner longs child, best-selling author and financial planner helping families finish well for over 40 years on finishing well will examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Medicare IRA long-term care life insurance and investments and taxes. Now let's get started with finishing well so today on finishing well we haven't called estate payments on demand. But oh my goodness, oh, it's a really neat topic and something that were to get into in length, but got my certified financial planner Hongqiao with me today and we don't want to miss what the Scriptures have to say about along these lines. So in second Timothy which you know, obviously Paul is explaining to Timothy, you know some of his last words on how he's gonna take over this ministry in one of my favorite verses is that he tells Timothy. Timothy is to guard the good deposit through the Holy Spirit who lives in us. In other words, Timothy. You've been given something very, very, very precious, which is essentially the truth about Jesus and now you've got a guard that through the Holy Spirit, which is also entrusted to us and and in so many ways right.

We all have estates even if they may not mean since he's significant in your eyes, I guarantee in God's eyes that significantly's entrusted it with you and he would really like to get that at the point where you finish to finish.

Well, that it would be on demand as quickly as possible for your errors right Hans yeah and whole idea of beneficiary designation. I think our listeners today. I'm signing some work to do because like I am about to many people that don't have something a little bit out of line in this whole area of beneficiary designation and bypassing the will and probate test sets up beautiful opportunities.

I think as you listen to this show and this can be some really plaque practical ways that you can apply this to your own situation. So Glenn assigned homework homework is to be to go in and look at your IRA account 401(k) account for 50 7B account. If you have one of the 403B withdrawal retirement account and by the way, if it doesn't have a been a history designation is not a requirement that a retirement account. Now another word. All retirement accounts by law have to have a beneficiary because the IRS they want to collect their taxes because most of the things you never paid taxes so they want you to pass this on to somebody and then again collect taxes from them. Get injections of any other beneficiary designation.

There and for many of you there can in the 80s were you talking to me here in your 50s and 60s, and you work somewhere for a long time. You haven't looked at this thing since you first went to work. Make how many people are sharp enough that they when they leave work or something happens in their life they change it, but this is only part of the homework so IRAs and 401(k)s for the three B's 457 all those retirement accounts. Then you go to your life insurance. Every single one of those as a beneficiary designation on you made it.

When you bought and must be that there are a lot of people to change their beneficiaries of people by young. I know I've changed mine for five boxing policies before I was married in when I got married I changed it with her on and then when I started having children. I'd add them as contingents and so on so forth a life event that something as you evolve through life and then annuities know any type of annuity. It has beneficiary said your life insurance policy and then most financial accounts.

They don't have a beneficiary designation by exactly that term.

They have a thing called TOD or transfer on death and this is one of the most underutilized features on financial accounts in Munich. My experiences been that most accounts have that availability, but it was an exercise because when you open an account. The bank of the stock brokerage or the institution the others is the warning than most people going to know them in a rush and I just want to step get the money and then get out of the bank that there's a whole section you can call transfer on death you can put down a person that if you die that money to go to them. It's it works just like a beneficiary so the homework after we convince you to do this and that's really what this shows about is going to be to get all of those things out getting him off the web if you got online access. Call the people you get out your policies. If you get your policies towards homework get every single dollar that you have on deposit somewhere and look for the beneficiary designation then get a copy of it and then lay them all out beside each other across the table and see if there all the thing is to be a real a real eye-opener and in a clearly you know I I guess four years ago.

You know somebody told me something about probate you know I thought that those were those rubber worms of the big bass fishermen used that I didn't know what probate was a probate that I found out that you know, like it did on my father's death that wow I mean this is a significant term and and so just to put some story behind what word what describing semi father did have some of these transfers on death and he did have beneficiaries for his IRAs and so I watched and he had life insurance and so I watched as these things went down and just to give you a timing on it quickly was that the stuff that was transferred on death or the stuff that was done through beneficiaries. All that money was transferred before month was out in a course they block down all his other accounts, including his checking account because they were and what is Social Security was coming in and out of that so that got locked up and it didn't have a transfer on death and so that when into as well as of his other assets, probate well. The probate literally because of taxes in a number of reasons went on for over a year. So those things that my siblings got the money distributed in out early on that were transferred on death or that were on. You know the beneficiaries that all went fairly quickly with exceptional and life insurance policy and argument that the second but everything else went much probate it was well over a year before that money was distributed to you know my siblings, which again the name of the show. We talked about was you know transfer on demand of your assets right to get this stuff out is quickly as possible. And oh by the way, if it goes through probate. Everything that went through his estate. That's all taxed as it is opposed to the other stuff that was outside of the estate before the probate process all that stuff went straight out to all his beneficiaries and the transfer on death and never went through the probate process and so you had that and then there was the life insurance policy that unfortunately you know Hans and I hadn't had a chance to get to him on that one. That's it had a beneficiary of his deceased wife was the primary beneficiary and the secondary beneficiary was a trust that had actually never even been started.

No account is ever been set up so there began a long process of of of working through all that and again you don't have them. Hans the right to talk to women and in doing all that was involved. We got that straight eventually.

But oh my goodness. If we do, had all the homework done.

Then that whole idea of you know, on-demand like it as soon as possible after I pass I want you know people have those resources in their hands rather than them waiting on going for all these processes right Ponce will yeah I'm thinking that we get into the homework here you go get that beneficiary designation of the beneficiary statement where you want to call it from all the different accounts and you get it you can print it out and just look at it or save it or do something and you also want to ask the petitioner find it online change of beneficiary form. These things are so easy to change.

You don't need somebody like me to change it. I mean, if anybody was to call me and have me help him with this and do estate planning that this is this is simple stuff that just asked you you wanted money on this account to go to when you die, that it you just put their name in the Pentagon asked for their address, phone number, Social Security, and if that becomes the stop sign. Do you get that writing.

Just send them in their name and address and just get the Social Security number, they'll find that after you die. I'd much rather have that than a wrong beneficiary for the make that yeah and so so the one thing that I find a lot of people we bring them for financial planning can we do this for people Are looking at all the stuff anyhow and they they just have inconsistencies that have, you know, maybe they got divorced or they had like your father. They had a prior spouse passed away before they did and they never change the beneficiary.

We find all kinds and so so the answer to this really is get them looking like you want your will to look in you. I can speak when I'm bringing in new clients and I start talking to them like I'm talking on the show that a lot of people shut got all we got all taken care of and that will imitate how that works is my son's goodness in my daughter's goodness and not just sit there thinking and the other end of the probate net will about a year after year, deceased Yen, that money into an account for the beneficiaries are to get to go to you name 30 years ago and it can be gone and passed on. According to have you put down 30 years ago and that will sounds fine and good.

Some of the stuff and work out that way.

These themes are two separate private which is a test like a critical understanding that the probate the will of those things are essentially a legal process right versus a financial what would you call the other where the money financial instrument is in the contract.

It is a matter of the contract. Transfer following your death. So one thing is private. Nobody can see it and it just goes on and it just goes to the contract and the change of beneficiary form of the original beneficiary forming part of the contract that this is a matter of the contract the disease.

Money goes to the beneficiary. It's that simple. When you can see we got a whole loaded for bear today on finishing well, which again is brought to my cardinal or you can get Hans's book the complete card and guide the planning for and living in retirement is absolutely free.

Just email Hans. We have so much more information and you know we've Artie told you the homework so I can add any more.

What we got some ideas on how you can get on-demand estate transfer. We come back. Hans and I would love to take our show on the road to your church and Sunday school Christian or civic room.

Here's a chance for you to advance the kingdom through financial resources and leveraging Hans expertise and qualified charitable contributions veterans aid and attendance and IRA Social Security care and long-term care. Just go to cardinal and contact time to schedule a live recording of finishing well at your church, Sunday school, civic group contact time to cardinal that's cardinal welcome back to finishing with all him. They were talking about on-demand estate transfer. So when it comes to finishing well like here we are. This is the last stages of essentially my estate what's going to go out there and my stewardship of that you know Hans there's some stories that go along with this whole beneficiary designation right if we don't do her homework so there are one of my buddies golfing buddies will younger than I am and he.

He stood in the work I do The show all the time watching the show on Facebook where we put it out there and really and I got through the show within the context of his father. His father was about my age. I never been, but so you tell me the story a few months ago about his dad that his dad wife passed away and I'm guessing she was in her 50s and she brought into the marriage to daughters that are his.

Their Phil's stepsisters. Phil's dad is pretty much taken care of these young girls are taking care of his daughters. Another mother's deceased yen Phyllis is telling me that when the mother died. There was a life insurance policy that paid off the ex-husband or the estranged dad this woman's first husband because he was the named beneficiary in a life insurance never been changed.

You know Phil is really asking me what to do about it was just tell the story smart enough to know that there's nothing to be done to assassinate this lady had been married before left her ex-husband actually just left them and left the daughters and all that stuff and he ended up with the money and he kept it mean. Apparently this was an ugly deal and daughters in woman mean I did yeah think that they just hadn't seen him in years, but she dies get money and that because the beneficiaries he'd been paying the premium for both of them admit paying the premiums used that his life insurance just out of so you can go through this and you can talk about all these bad things he's gotten beyond it in Phyllis's sanity can take care of the girls and it during early 20s and there you know where and so I looked at Bill and I said you know we can talk about your dad all along I said I'll bet you money right now that you can get every beneficiary form dad Hans out on a table. You should print them out, including his life insurance and eventually we could find some inconsistencies somebody replaces that the wrong person puts down her son, Mark is given it to you and your brother before he met her or something really put her down lives with her down and now she's deceased you know how just making the point that all kinds of people are sitting on this problem. So much so that I'm willing to bet anybody that them, probably find it in their situation so that Howard right so 401K that I started back when I'm 30 years ago before Mariah was born. My other children were born your sanity to get that thing look at the benefit is you now my goodness in. I would hope that her brother and sister would be fair with her, but it'll be distributed you know and that's the way it's going to go yet. We just did you will in your powers of attorney and all I can stuff about you and why you did it all that sated be really easy if you were really think it's Elijah did all that I take care of all that stuff is up-to-date. Well yeah it is but is not in a matter when beneficiaries are paying off. If you go by the form from 30 years ago so that's that's why I'm telling you phot let's go to another story real quick so a lady got in touch with me about her mother's life insurance policy that we sold in she she was really like Manheim really happy that you got somebody you like a real person that was interested in her and she knew that we only had the one company's policy here and nice about it will help you with all the cost just you know and I'm I'm really good at giving up my people that work for me.

Time because I delegate a lot as both my time and so were going.

I want to help delay so get out all policies and will call some of these companies together and I'll get them straight and help so we get down to the company will be sold in the piles and language. The name is Mutual of Omaha is a very modern company and I was kind of a little upset because I was on the web trying to find a claim form nice confined when he and I Where they make it so hard to say. I called the number.

I got a recorded line with the lady. She was so helpful and she said we had the mic my client or really my clients daughters the beneficiary on the phone and the lady started taking.

She's an hour on a recorded line.

The retakes of information from because the policy was two years old or more to the policy I think was about five years old, she didn't even ask how she died.

Nonelected once a life insurance policy is two years old and think a test so I life insurance companies just very easy for them to pay off because they couldn't get out a claim if they wanted to yen. Then she took a little bit more information. She said I needed put on hold for a second I thought she was going to talk to a supervisor. She was going into Google and looking up on online obituary for my clients mother Earth for the slaves mother and then she came back after couple that she says we just verified this through an online obituary.

So would you be sending you the payment the claims approved and she said you have banking information where we could draft the money to lady gets out or checking account is in the checking account number and I mean the money was in their in our daily mean how cool is that. I mean that's the hollow right on the man's like to stay transfer there you go and it was really something. And so you know we got that and you know I just wanted to make the point to the whole crowd here that would when I'm in "selling life insurance and I would have been doing for 45 years and I was taught something is really this is where were going to start is on the beneficiary were going to get the client down at me and say okay what do I want to happen moneywise my death. I and Morgan know who do about how much money do I want to have available to my heirs. The children to my spouse and then how I want that divided was that look like some people want to give gifts to the church or to their nieces and nephews and with the stroke of a pen with life insurance. We can sit down and fill out this beneficiary form is the first part of the application, then we can work our way backwards to see how much insurance were to buy and what kind of insurance and from what company but it makes the whole life insurance buying process more meaningful to start with the real effective life insurance which is creating a whole bunch of money that try and you have clearly when you think about and recently I read this that you have blessed is the man who leaves an inheritance to his children's children that that you can even begin like secondary beneficiary designations to your grandchildren, your you know and so a contingent beneficiary in a secondary movement we call contingent beneficiary today and as opposed to a primary beneficiary of it. If you buy a life insurance policy, Robbie, and you name your wife is the primary beneficiary, then you name your children at the contingent beneficiary. The only way your children are going to get anything out of this is if your wife is deceased. Primary beneficiary before you die, because if you die and she's alive, she gets it all. But if you die and she's gone.

Then the contingent beneficiaries just all step up and hurt his back and actually become the primary beneficiary that I said how absolutely and so actually this is some just under life insurance. The same formula, so to speak works on your IRAs and your other financial instruments, even the transfer on death statements that you're doing when you have a people of moderate middle.

Even some of the higher middle people you want to do a state planning, yet you know a lot of people as a trust, put it in a trust you will avoid a probate real expensive what we consider how beneficiary designations just about everything that the house and the cars we can pass through beneficiary and then you still didn't have to have your house pass through a will is through program. There are some ways to deal with that too is you could but you get the name of the house without necessarily recommend, but anything that is in a financial account which is there's a way to just avoid the will and probate crime which is avoiding a lot of time and a lot of issues and and you know not to mention estate taxes yet that is detected you're talking about elected county taxes in the state meet.

This is not an issue of income tax because if you if you have income tax due on a financial account like a retirement account, somebody's gonna have to pay that even if it passes by beneficiary edit what Rob is referring to is by avoiding probate the county down there in the clerk's place that they got there and have it and absolutely do.

Yen did the column taxes but isn't money coming out of their to get things processed through the probate court and then you gotta pay an executor and all I can this done at any stuff just goes straight to the people and timing is everything from your checking account or savings account) and set part of the homework is to actually take a look at your checking account. The average transfer on death take a look at your savings accounts and any other financial instrument, because again those are transfer that you mentioned by contracts and not through a legal process you so and then we mentioned earlier, beneficiary change form you can just go get those by downloading and you know you have trouble finding one. We can use one from another institution and his white out their name and pretty much standard just just fill it out right out the policy number we can send out until and if they don't like it I guess is they'll send you back when you I have a lot of experience doing this we did as a lot of clients where we don't don't necessarily move their money.

A lot of elderly people that we get all this stuff straightened out when there you know when they retired and count on. Find someone an opportunity we have two lineup our states so that it's easy for everyone and and it goes to where we know God would have to go so pray about this and and and consider doing your homework. Again, this is finishing well, a certified financial planner homicidal brought to you by Cardinal and thank you Hans. Another great show.

Thank you.

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