Mr. Stillman's Opus

What happens when you get remarried and want to create a new will and estate plan with your new spouse? Do you have to change all of your previous beneficiaries or will the new will override those existing designations? That’s the question we’re answering in this week's show.    Here’s what we discuss in this episode: 0:00 – Intro 0:51 – Beneficiaries override the will 2:32 – Estate planning challenges with second marriages   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446 Schedule a Meeting: http://meetwithjohn.com Check us out on YouTube: https://bit.ly/46RaLvL

With Halloween on the horizon, we’re rolling out a themed edition of the show today by tackling some of the trick or treat decisions of the financial planning world. We’re going to present John with four different products that have risen in popularity recently and find out whether he would characterize them as tricks or treats.   Here’s what we discuss in this episode: 0:00 – Intro 1:20 – Home equity line of credit 5:18 – Infinite banking 8:12 – Buying gold 10:17 – No closing cost mortgage   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446 Schedule a Meeting: http://meetwithjohn.com Check us out on YouTube: https://bit.ly/46RaLvL

Getting laid off or forced into retirement earlier than expected can be a big blow emotionally and financially, but it’s a life event that many people will have to navigate. If you find yourself in this position of no longer having a job before you were prepared to retire, should you go find another job or can you find a way to retire without it? Today we’re answering a question we received recently from someone who is 61 and trying to determine if they need to go back to work. John will walk you through the factors that will impact this decision, like financial readiness and health insurance needs. Covering that gap until Medicare kicks in is often one of the biggest financial challenges for retiring early so we’ll share some options you could consider. This is one of those situations where planning is critical for getting a clear answer that will allow you to move forward confidently, and we’ll give you a better understanding of the process we work through to help you develop that plan.     Here’s what we discuss in this episode: 0:00 – Intro 1:32 – Withdrawing from retirement accounts 2:40 – Knowing where you stand in terms of retirement income 5:46 – Wanting to know the answer   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446 Schedule a Meeting: http://meetwithjohn.com Check us out on YouTube: https://bit.ly/46RaLvL

Social Security timing is one of the most crucial decisions you’ll make in your retirement planning journey. Should you wait until 70 to claim your benefits, or is it better to start earlier? Today we’re going to answer a question from someone who planned to wait until 70 for Social Security so they didn’t leave money on the table, but now that they’re approaching age 68, they’re having second thoughts about waiting. So what’s the best path forward? John breaks down the pros and cons of taking Social Security at different ages and why there’s never one answer that applies to every situation. He’ll also share practical examples of how Rosewood Wealth Management has helped clients make the best decision about Social Security within their overall income plan. You want a well-thought-out retirement plan that takes your entire financial picture into account because Social Security is a decision need to get right.   Here’s what we discuss in this episode: 0:00 – Intro 0:44 – When to start taking Social Security benefits   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446 Schedule a Meeting: http://meetwithjohn.com Check us out on YouTube: https://bit.ly/46RaLvL

As we age, one of the most pressing questions we face is how to manage long-term care expenses. What coverage will you need and what’s the best way to pay for that coverage? Today we answer a question about purchasing LTC insurance and whether it’s worth doing while you’re in your 50s. John will discuss whether it is a necessary investment for those nearing retirement age and examine alternative options such as self-insuring and leveraging life insurance policies with accelerated death benefits. One significant drawback of insurance is the potential for premiums to increase over time, potentially pricing policyholders out just when they might need the coverage the most, which is why you want to know all of the options available. Join us as we break down the pros and cons of different strategies to address long-term care expenses.   Here’s what we discuss in this episode: 0:00 – Intro 0:39 – LTC insurance at an earlier age can be a mixed bag 2:50 – Can you self-insure? 6:45 – Life insurance to pay for long-term care   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446 Schedule a Meeting: http://meetwithjohn.com Check us out on YouTube: https://bit.ly/46RaLvL

It can be challenging for a lot of folks to think about legacy planning because it takes a lot of forward thinking. Not everyone wants to plan that far ahead, but for some, it’s incredibly important to leave their loved ones with an inheritance.   Today we are answering a question from someone who wants to leave money for their children and grandchildren but also wants to ensure that they’re not paying more in taxes on that money than they need to. John will examine some common thoughts and concerns that revolve around legacy planning and discuss some better ways to think about the answer to this question.   This video focuses on how to ensure your legacy is as tax-efficient as possible. Whether you are a parent or grandparent, understanding how to structure your inheritance can make a significant difference in the amount of money your heirs will receive. This is the final part of a four-part series where we’ve been looking into how children and grandchildren fit into financial planning, as we take a holistic view of how they tie into your financial future.   Here’s what we discuss in this episode: 0:00 – Intro 2:47 – Passing on money from tax-deferred accounts. 5:13 – When to start the legacy discussion. 8:42 – The challenges to structuring a legacy in a tax-efficient manner.   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446 Schedule a Meeting: http://meetwithjohn.com Check us out on YouTube: https://bit.ly/46RaLvL

Instilling good financial habits in children starts at a young age, but that doesn’t mean that every lesson will stick in adulthood. Once your kids start working and earning significant money for the first time, it’s pretty common to put spending ahead of saving. As parents, we want to help them establish good financial habits but what’s the best approach to do that? In this video, John will address a question we received from a parent who wants to make sure their kid is doing more than just getting by financially. Join us as we discuss strategies you can use to get those messages across. It all begins with solid communication, but we’ll also share some ways to help motivate your kids to grasp these financial concepts that will help them work toward financial independence. Financial literacy is a vital component of a strong financial legacy. By communicating effectively, using incentives, and finding the right balance between help and independence, parents can equip their children with the skills they need to manage money wisely. This is part three of a four-part series where we take a deep dive into how children and grandchildren fit into financial planning, and discuss how to look at some of the bigger questions that come with that, tune in!   Here’s what we discuss in this episode: 0:00 – Intro 1:51 – Effectively communicating financial literacy concepts. 7:11 – What if the message isn’t landing? 8:30 – Striking the right balance when teaching kids financial literacy skills.   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446 Schedule a Meeting: http://meetwithjohn.com Check us out on YouTube: https://bit.ly/46RaLvL

With college costs continuing to rise, some grandparents wonder if there’s anything they can do to help ease the burden of college expenses for their grandchildren. Today we’ll explore the best strategies for those who want to support their grandchildren’s college education without compromising their own financial stability.   The 529 plan gets most of the attention when it comes to college savings, but we’ll share a few more options that are worth considering. All of these could work for you but the best approach depends on your family’s unique situation and goals. Whether you prioritize the tax advantages of a 529 plan or the flexibility of a brokerage account, the key is to start planning early and consider all available options.   Here’s what we discuss in this episode: 0:00 – Intro 1:43 – The pros and cons of a 529 plan.  5:14 – Transferring 529 funds into a Roth IRA.   8:18 – Other savings options for college.   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446 Schedule a Meeting: http://meetwithjohn.com Check us out on YouTube: https://bit.ly/46RaLvL

It’s not uncommon for children to stay on their parent’s payroll in some capacity when they’re adults, but that could end up impacting the parent’s ability to retire. At what point do you move your kids off of the payroll and what’s the best way to handle that conversation? In this episode, we’re going to address this situation and talk about how it ends up happening for parents. John sheds light on this issue, sharing his own experiences and those of his clients. He also emphasizes the importance of setting boundaries and understanding the long-term implications of continued financial support. If you’re in this situation or feel like the time is coming soon, we hope this conversation will help prepare you for ripping that band-aid off. This is part one of a four-part series where we’ll explore how your kids and grandkids fit into your overall financial plan and discuss how to work through some of the key areas that children impact you financially.   Here’s what we discuss in this episode: 0:00 – Intro 1:43 – Different levels of being on payroll 4:45 – Our role in these situations 6:50 – How much does this hold you back financially   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446 Schedule a Meeting: http://meetwithjohn.com Check us out on YouTube: https://bit.ly/46RaLvL

When you have multiple IRAs, managing them across different platforms and figuring out your RMDs for each account can be a little bit tricky. So what’s the best way to manage these accounts? Should you consider consolidating your IRAs? Today’s featured question comes from a comment left on one of our previous videos so thank you for the contribution. Here is the question John will answer: We have multiple IRAs set up over the years as different approaches appealed each year. Would you recommend consolidating all those IRAs to one account? Would it matter if we were taking RMDs or not in your answer? Join us to hear strategies for consolidating IRAs, some benefits to simplifying your accounts, and best practices for navigating your RMDs. By simplifying your accounts and understanding the true nature of diversification, you can streamline your retirement planning and make informed decisions.   Here’s what we discuss in this episode: 0:00 - Intro 1:24 - Consolidating IRAs 8:27 – Old IRAs and 401(k)s   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Inheriting assets can be a life-changing financial boost, but it often comes with a maze of tax implications and decisions. In this episode, we will answer a question about an inheritance and lay out the tax considerations for a variety of assets to help you better understand what you might owe.   Discover how to navigate the tax implications of IRAs, annuities, bank accounts, real estate, and stocks to make the most of your inheritance. Even with this information, you still want to plan ahead as much as possible. If you know an inheritance is coming, or if you've just received one, it's crucial to sit down with a financial advisor to put a comprehensive plan in place. This will help you make the most of your inheritance, ensuring that you are as tax-efficient as possible.   Here’s what we discuss in this episode: 0:00 – Intro 1:06 – Today’s question 2:17 – IRA 4:41 – Annuities 5:45 – Bank account 6:50 – Home and stock   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Retirement planning doesn’t have to be overwhelmingly complicated. It certainly doesn’t have to be as complicated as some people make it. In this episode, we unravel the unnecessary complexities often woven into the fabric of retirement advice. We’ll debunk some myths, simplify strategies, and uncover the beauty of simplicity and straightforward retirement planning. If you’re looking for more simplicity within your financial plan, we’ll even provide a few steps you can take today to move in that direction.   Here’s what we discuss in this episode: 0:00 – Intro 1:13 – The cause for complexity 5:09 – Steps to simplify things 8:33 – Simplifying investments   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

What should you do with an old 401k that you’re still holding onto from an previous employer? Does that answer change when the market is performing well and your account is generating strong returns?  Let’s take a closer look at the rollover IRA and whether it’s something that you should be doing with your old 401k accounts. The primary reason someone uses a rollover is to gain more flexibility and control over that money so let’s talk about how the current investing environment impacts that decision. We’ll share our approach with clients when we’re helping them manage their portfolio and help you get a better idea of whether a rollover is a strategy you should utilize.   Here’s what we discuss in this episode: 0:00 – Intro and today’s question 1:12 – The reason to rollover your money 4:18 – The investment options 5:44 – Tax considerations 7:40 – Can you do this on your own?   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

No one has a crystal ball that will tell them what will happen with tax rates in the future and we certainly can’t predict what will happen, but the expectation for many people is that rates will only be going up from where they are right now. With that in mind, does it make sense to sell investments off ahead of those possible tax increases in order to take advantage of the lower rates? We’ve been talking to our clients at Rosewood Wealth Management about tax planning strategies that will position them better over time but does it make sense in this specific situation? We’ll break that down in this video.   Here’s what we discuss in this episode: 0:00 – Intro on tax rates 1:32 – Today’s question 4:13 – Charitable giving strategies 9:32 – Capital gains taxes   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

The IRS first made significant changes to the stretch IRA with the introduction of the SECURE Act in 2020, and they’ve since made a few updates. Now the IRS has tweaked things even further for 2024 and we’re going to fill you in on what you need to know in this video.   We’ll discuss the implications of the recent changes made by the IRS, including the new rules for inherited IRAs and the importance of having a well-thought-out plan for withdrawals. Here’s what we discuss in this episode: 0:00 – Intro and background on the stretch IRA 4:00 – The update for 2024 5:58 – Is this significant?   Read more about the change here: https://www.cnbc.com/2024/04/19/irs-waives-required-withdrawals-from-some-inherited-ira-for-2024.html   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

The housing market remains strong in North Carolina and throughout much of the country, which creates an interesting option for many people moving in retirement. Should you go ahead and sell your home to take advantage of the current home values and rent until you’re ready to buy your next place? Today we’ll tackle a question that came in to us recently and asked about this same scenario: The housing market in my neighborhood is still really good right now and I’m tempted to put our house on the market and get top dollar for it. We’re going to retire in 2-3 years and would be moving at that time anyway. Of course, I’d need a place to live for those next 2-3 years after selling; would it be dumb to rent something for that period? Find out why we think most people are going to be better off owning their home in retirement and how renting could play into that process in a positive way.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:29 – What we’ve seen 6:20 – Interest rates 7:09 – Lifestyle consideration   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Are you in your early 50s and dreaming of retiring early? It’s a feasible goal with the right financial planning but there are milestone ages that you need to take into account. Retiring early means different things to different people. For some, it's bowing out before the traditional retirement age, while for others, it's about clocking out permanently while still in their fifties. But regardless of how you define 'early,' there are certain financial considerations that are pivotal in the planning process. We’ll lay out the ages you need to know about and the planning that needs to take place as a result.   Here’s some of what we discuss in this episode: 0:00 – Intro 2:05 – Age 65 4:36 – Age 62 7:10 – Age 59.5 10:45 – Get a jump on planning   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

The idea of retirement is one that’s filled with plenty of rest and relaxation, but the reality is stress doesn’t go away. From losing the structure of a daily routine to the challenges of socializing and finding a new purpose, the pitfalls of retirement can certainly increase the stress you’re feeling.    We heard from someone recently who had this concern about their upcoming transition so we want to address the unexpected stresses that come with leaving the workforce.  Here’s the scenario John will discuss: I heard someone talking the other day about how stressful life has been for her since she retired. Maybe I'm missing the point of retirement because I thought the idea was to reduce stress. But now I'm second-guessing my plans to retire in about six months. What am I missing? Whether you're six months or several years away from retirement, this topic could change the way you approach your golden years.   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

We’re just a few months away from another election and everyone anticipates it being another year, so what does that mean for your investments? When uncertainty starts to increase, there’s often a strong marketing push for buying gold, but is now a good time to do that? Today we’ll answer that question with a discussion on the role of gold in your portfolio as we prepare for election year madness. Uncover the truths behind gold's historical performance and whether it truly is the investment armor against volatile markets. This isn’t just a question for election years so let’s break down the truth behind gold as an investment.   Here’s some of what we discuss in this episode: 0:00 - Intro 1:19 – Gold’s return over time 3:50 – The marketing behind buying gold 5:51 – Apocalypse preparation 7:39 – ‘This time is different’   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

As you approach retirement or begin that next stage of life, the financial goals shift to protecting what you’ve saved. There are different ways to accomplish that goal, but with the volatility we’ve seen from the market, does it make sense to move to cash to be safe? Here’s the question we’ll tackle in this video: I haven’t decided on a specific retirement date yet, but hopefully it will be sometime in the next four years. With all of the recent market volatility, should I just move my retirement savings to cash until everything blows over? We’ll provide context for this conversation by looking back at the market in the past few years and then explain how we help people answer this question.