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QCD and Estate Planning

Finishing Well / Hans Scheil
The Truth Network Radio
January 29, 2022 8:30 am

QCD and Estate Planning

Finishing Well / Hans Scheil

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January 29, 2022 8:30 am

This week Hans and Stu Epperson subbing in for Robby discuss QCDs (Qualified Charitable Distributions) and estate planning. They go over important information that you need to know now or down the road.

Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on CardinalGuide.com for free!

You can contact Hans and Cardinal by emailing hans@cardinalguide.com or calling 919-535-8261. Learn more at CardinalGuide.com.  Find us on YouTube: Cardinal Advisors.

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This is Jim Graham from the masculine jury podcast where we explore relationship instead of 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.com certified financial planner belonged to child best-selling author and financial planner helping families finish well for over 40 years of 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, finishing well is a general discussion and education issues facing retirees.com partner with Iverson on trial CFP some insurance this show does not offer investment products or investment advice welcome to the show. I am not your normal host but I'm honored to be in for Robbie and I'm honored to be talking to my favorite people.

The hero are awesome man of wisdom covering all kinds of things financial and life in godliness on child Hans God bless you my friend. Thank you so much for for allowing me to be in and with you today. We we need to keep Robbie and our prayers open. Yes we did, and that what you and and and I'm excited about you standing in expecting him to be back at full strength next week yeah should be. I talked to him and I'm sure you have to and he sounded good he just just again like everyone but being careful and didn't didn't pump for liquids writing in some good rest and so in and it's kind of fun because I'm usually listing you guys on the Truth Network on the weekends enjoying the show.

So now I am some I got some high billing to live up to brother I don't get this man, but I'm just be fine. Well my daddy down here with Oswego Holland to cover just to give everyone listing a preview. This is where you need to be right now just happened upon the station to touch on things like Social Security, Medicare, long-term care, IRA, 401(k) retirement income, estate planning because I just love the aspects of stewardship that you and Robbie talk about the way we in our culture, we use the language a lot about how were in charge and how well this is my money which I do with my money or how should I invest my money. How should I spend my money. How should I save my money should I give my money to wealth spirit of this program in your heart, and Robbie becomes out so often is is his money and this idea of stewardship and what is the steward 11 Paul says in first gradients for.

He said let a man so consider us as servants of Christ and stewards of the mysteries of God. Later on in the same chapter Paul says we are fools for Christ. So Hans, I have little sermon that I've given and we've done was a word of this chapter is called servants, stewards and fools so that an ethical billing for a Christian to live up to write.

All throughout the trifecta you but right in the middle that is stewards and basically a steward in you all talk about it every week is a manager so it is not so much as this is mine and this is got my mark on it and this is what you know I'm about all this. It's about the boss and the boss isn't steward Hans Robbie the bosses.

God Almighty in the fact that he has entrusted us with these resources.

Whatever he's entrusted you with its from him so it's not so much, Hans. The amount as that that powerful bond of trust between our maker and us that he's given us to now we are to steward it wisely for a greater impact in a greater good in the that's the very cause of God, so Hans I mean that's I kinda want to set things up using that verse and I knew that that will be a blessing you and by the way, he gives one requirement of the steward. I love this in chapter 4 of first Corinthians, Paul says more ever is required of stewards that they be found faithful and that is such a powerful word because that word in that word because you have a whole lot you have a lot no faithful means that we are. It's a little bit like the Marine slogan Hans Nuno semper Fidelis, ever faithful and that's the requirement of a steward, I think you maybe. Maybe this was here before the Marines in first Corinthians, going back and we look at the chronology and maybe this inspired that wonderful mantra were grateful for our Marines because we would be here due to radio show together forever. Those those guys and gals at five different lines for same and so so that idea of a steward being faithful. Hans naturally been the mantra of yours with with as you talking as you steward people through their stewardship and you work with folks, it may not even have a faith component but you sure are trying to steer them in the right direction and I love these as guiding principles to me little bit about your passion along these lines, well you know I gained a lot in it for years we've been doing this show, my relationship with Robert Robbie's point into the Bible, but you can get appointed there by God. When you just hang around the guy and doing shows every week and so I've been passionately reading the Bible daily and really looking for content on the show and really just for my own my own self learning how to live my life.

And then I'm looking for. Just like you drew a parallel or a place in the Scripture that really tell us how to act comes down to showing for seniors and I really put my whole life I've been selling Medicare supplement insurance in 1976 when I was 18 when out and sit down with people three times my age 48 and that explaining what they needed to do in the Medicare area. I have a lot of experience and so when I started the show God's been there all along guiding me and pointing me in drawing me to helping people write in this basically in their 60s, some of them in their there forward thinkers and then we have a lot of people in their 70s that are doing makeup stuff they never ever been anybody like me. They've never considered financial planning retirement planning forward linking look. Looking stuff so when you asked how how how does God play out in my work and my ministry, my cell a lot of that really come through my relationship with Robbie and week by week and many times when we get together for the show were talking about a lot of other things besides talking about all throw that in there and what comes to my mind when you talk about stewardship. I'm going right to use CDs manages you know number four if you IRA or 401(k) money you haven't paid taxes on money that your basically let him sit there many times and trying to avoid minimum distributions or wait for them, and when I think UCD I'm wondering do you even know what I'm talking about. Well, one exciting thing about being here in Raleigh someplace today as I get to learn what you taught first and also so please release it yet. I did give me a little color commentary that also for those that did, maybe our listing that did all sorts are curious about that in my how that how important it is especially right now yeah okay so CDs stand for qualified charitable God placing in the tax law clear back in 2011 putting it in there that saying that people that have IRA money or 401(k) money which is a lot of people in the country saying that if you're required to do distributions out of your IRA, which used to happen at 70 1/2, but it now happened at 72 and after the law requires. And people that are approaching the stage they know about required minimum distributions another commenter they've Artie been here in the Downham and a lot of times they're angry about them because they're having to pay tax on that money, they never pay tax on some of it and so when a qualified charitable distribution is is your over 70 1/2 and you have an IRA or 401(k) hunk of money and pay taxes on yet and you're now required to make a withdrawal you can give that money straight to the church and don't try this at home, mediating it a professional because one make one mistake and you get Uganda fan taxes on the money. But you know if you do this properly qualified charitable distribution allows people like your parents were over that agent may have money in an IRA.

They can give each maximum is $100,000 in any given year directly. Nine. A lot of it was now thousand dollars to give way will if you have $2000 to get me the church and God really really doesn't doesn't doesn't matter the amount is really ball down a qualified charitable distribution allows you to donate your RMD by giving it directly to the church for the ministry or any other qualified charity 5013C.

It will never show up on your tax return is accurate.

That's really good since some way to be a blessing to a much needed ministry without having to pay the taxes on money this and sit there, but you have to be over 70 1/2 and the maximum you give for years under gaze at right right okay wow I but you want to make sure that's what I love Hans make you talk to someone like Hans Folkes who is in the space who can make sure every unity that the teaser crossed in the eyes are dotted because you don't want to get on it or you don't want to get a tax bill because you didn't file this properly, or you didn't certify the end of the paperwork and it is so comportment is everything having to have a properly handled all that now we are up against a break. This is finishing well I'm Stu Epperson in for Rob Gilmore who is recuperating from covered, but doing better appreciate your prayers Robbie are awesome hosts in and a fearless leader in this space is the host of finishing well Hongqiao and he is going to come back and read talk some more about this QC D qualified charitable distribution, estate planning and some these other very important areas of finances and finishing well's estate to more finishing well right of Hans and I would love to take our show on the road to your church and Sunday school Christian or civic room.

There's a chance for you to advance the kingdom through financial resources and leveraging Hans expertise and qualified charitable contributions veterans aid and attendance IRA Social Security care and long-term care. Just go to car Common contact time to schedule a live recording of finishing well, your church, Sunday school civic contact time, the Cardinal guy.that's Cardinal guide.com this is finishing well with Shiloh and I'm honored to be in the seat is normally held by Robbie Gilmore who is recuperating. Keep praying for him.

He should be back next time we start to show title offers credits for about, you know that the collocation of a steward of God's money is the faithful and sadly we have no a lot of believers like churches and people of the faith community that maybe don't handle their resources as they should. That's why we need hostile. We need your wisdom and your awesome contribution to the body and so many listers that are going through all this, but it's also breaks my heart because he's like I need we want you to be president. We want you to be over the Fed we want someone like you who has to make it work for your clients.

If you don't make it worth your clients then you know they fire and ice can out That's life is right to it where it's capitalism, which is designed to give everyone that you know a good opportunity and people that you know people come over and I know you have a story going back generations. The South family come over to American and who you are today isn't who you were, you know, 40, 50 years ago when you were getting going and bootstrapped it and stuff like that and you've proven yourself in battle and sadly of a government that just prints more money. Our current government has all kinds of the socialistic crazy communistic tendencies on the ball that simply because you like people are old okay I need to call a mold that I'm one of my people and 53 in the world. We have a lot of clients in the 70s and 80s and we can't do anything about me. Maybe we can pray about it and we can discuss about my job really help you make the best of what you got it had to to to work against all the time. A choice of the government try to make you look through these seven issues that we talked about every one of them is underpinned with the federal government program and people like to, you know, take pot shots at all these things in the legitimate potshot I just stay out of it because unfortunately, when I have a 67-year-old client coming into me and they say this is what I got I got a make it work for them and their spouse. The rest of their life and then we need to have something left over to get to the next generation and we've got work with all these government program. I know that is so, so profound and so important in and I'm not. I'm not looking not crying about taxes you get to pay taxes and get in the you know Greek gods put you in this where you are as a citizen, but if the same time you don't want to give Hans more money to the government then you should you want to be wising it like you talk about with your estate planning and with your unit that your end, you know your your different tax brackets because you know you you throw extra by the government. I'm telling you they mismanage pretty much every penny that comes in and so that's why we gotta be managers right Hans and that's what your encouraging people to take ownership of what they have into tube invested wisely and really the whole theme of this finishing well your program is to plan properly until we were talking earlier on the part of the show and then we're talking about bouncing around the seven issues and we want to move to another issue and you set it up that so estate plan is out of the cute CD qualified charitable distribution that you make after 70 1/2 out of your IRA. How does that affect the state and Italian situation that a lot of people are in and you may have a lot of people listening is there not taking anything out of their IRA because they don't want to pay taxes and then they get to 72 and now they have to take money out of their call the required minimum distribution and so were able to say okay do it is a cute CD and then now the Lord get the benefit of this and you're not have to pay tax on it yourself so people like that, but you're still my money is given to the church but your minus the money. Jan, let's talk about estate planning and how does that affect the state planning will.

A lot of people just leave the money in their IRA because they don't want to pay taxes when I asked him what's the money for. They still want to give my kids that money for my kids and I just want let it build up as much as it can take out the minimum and what their handing their kids back from allowed to break the downforce Say you got $600,000 in your IRA, 401(k), and your 69 years old.

You're doing a plan with me and you really don't need to live up that 600,000 because you got other money and you get purity and you get things pretty well set of so you just say I'm going for the minimum I just want that to accumulate accumulate and accumulate and what I'm saying is even the cute CD aside, you need to pull out money out of that IRA systematically. Not a huge amount in any given one year because that'll make a lot of what you need to have a plan of having nothing blamed by the time you're 85, 88, 92, and pass on and what you need to be accumulating to give your kids is money outside of an IRA because when you handout over to the edge or death. They don't have to pay taxes on. Yes, it makes it somewhat would be an alternative to the IRA for bequeathing money to your kids that wouldn't be under a tax penalty brokerage account okay or the real sweet thing would be a raw IRA so you can do such a thing as a Roth conversion.

You don't really distribute money to yourself. You you you just distributed out of the traditional IRA, the pretax IRA and you move it over to a Roth IRA.

You pay the taxes still in an IRA but not Roth IRA's tax-free. That's one solution them in a multitude that we could go over and over and over, but the whole point is estate planning not want to hear this from the people and I want to hear that they have children and they really care about the money, then you wont be giving money outside of an IRA and a lot of people make this statement, they have other money welcome cumulated in IRA than they pass away and the kids got a big tax prop.

So we have ways to deal with now, bring in another point you CD is your tithing and your giving to the church. Let's just say $10,000 a year you you you you donate that much money and you doing at your party pay tax on money doing that your budget or doing it is run 200 bucks a week in the play okay and your IRA money that we consider how we can take that same $10,000 if you're over 70 and have just do it. You CD we can just send that 10,000 straight out your IRA and it will effectively like getting a total tax deduction.

A loving a person will even talk about this whole time about good stewardship of stewarding God's money and then you're free without income or that that that discs or that inheritance to be a good steward is that and to start that cycle again in in in it could involve giving to a ministry could involve an odyssey supporting your church and you know we want to encourage people to be givers to be generous. God really loves a cheerful giver. But Hans also means thinking about you. How hourly would you recommend people starting about their estate planning. I know we that we talk about 70 1/2 shall finishing well what would be ideal for people to start thinking about especially the next generation. When you when your your family, your forebears pass on into heaven. You been thinking about planning, securing your 20 because you got married or get married.

30 where he got married about life insurance and estate plan is if I die in all my stuff and get distributed when you're young you dynamic stuff so you know you was a very necessary thing that would usually call estate planning, but that's what it isn't, so on and here question. You know I started really doing my serious estate planning in my 50s and I did some light estate planning for that but I really my wife and I we we started because of the 50s we had pretty much cumulated and then our kids are becoming adults and you start seeing the future and you start seeing legacy and all that kind of thing in note for us.

Most of it is just pass on again and then our parents died while we were in our 50s so we received state money and and really stewardship with assets of the 50s and answer your question, but frankly most people don't do that and we talk to most of our customers and meet people come when they're in their 60s and acting a lot of our marketing is directed. That way, so that we bring them in and what we draw them in with his social security decisions and Medicare. Those first two worries and long-term care. You should be looking at all three of these in your 50s but most people don't. And a lot of people wait for Medicare start studying until they're 64 and 10 months. What two months away.

Yes, that's fine and you're still at a most people in them work through a financial plan.

Organist suggested to go over all seven of these are pretty all-inclusive and if you go through the seven things and you know and make good decisions, forward-looking decisions on all seven of these things are issues or worries or whatever we want to call him to be in good shape for the rest your life.

You and your spouse. I love it I love the legacy visa love. I love hearing your show every week and it's an honor to stand for me today and in the apartness conversation Han style is the awesome host of finishing well and he covers all these promises, namely that the seven big one, Social Security, Medicare, long-term care, the IRA, 401(k) retirement planning, estate planning and income tax. We've taxes barely scratch the service but thing ahead of thinking as stewards, God is not an owner, you are a manager God entrusted you with all of this. He's the big boss.

So how can I honor him in my planning one very good step in that direction is to engage and enlist the help of someone like Hans to help you through that process.

Hans what's the best way for folks to get in touch with you. I'd love for you to have a shot off your website and especially for folks to get your book and your your awesome workbook that goes along with the book and you can you share that it very important information with our listeners. Cardinal guide.com you will find all the way to your also going to find access to my YouTube channel. Cardinal advisors that ORS yet on YouTube. We have videos of all the stuff like hundred 50 which is pretty cool and a gone viral. If you really want to get a hold of me just call me at 919-535-8261 wont get me first. But one of my assistants and the other gets set up talk to me. Maybe I'll be available, but I'll certainly call you back and you also. I get a lot of emails from people that hans@cardinalguide.com I just did a lot of emails people asking questions asking how to get a hold me. I'm pretty easy to find Google Han style or Cardinal advisors are Cardinal guide just in a Google search. I'm a pretty easy guide. Santos will is an honor to be in here with you and did to just sit in the seat that Robbie usually occupies and he'll be back Lord will and next time as he's recovered from covered gravel for everyone for their prayers for him. Hans what street guys give Hans a call connect on the phone 919-535-8261 websites really easy Cardinal guide.com email hans@cardinalguy.com what what it what a great partner on the Truth Network. What a great friend and Hans is an honor to talk you first hand and and thank you for for putting up with you today my friends about it. Thank you very much. I'm honored to be working in. Thanks everyone for listening to finishing well stay.

Stay tuned next time right here for more finishing well with Han shall finishing well is a general discussion and education of the issues facing retirees Cardinal guide.com Cardinal advisors upon child CFP some insurance this show does not offer investment products more investment and we hope you enjoyed finishing well brought you by Cardinal guide.com visit Cardinal and I.com for free downloads of the show previous shows on topics such as Social Security, Medicare and IRAs, long-term care, life insurance, investments and taxes as well as constant best-selling book, the complete Cardinal guide to planning for and living in retirement and the workbook once again for dozens of free resources past shows to get Han's book the of Cardinal guy.com if you have a question, comment or suggestion for future shows. Click on the finishing well radio show on the website and send us a word. Once again that's Cardinal guide.com Cardinal guide.com this is the Truth Network


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