Pivot With KDI Wealth

High net worth individuals have a number of strategies they can use to lower the tax burden on themselves and their heirs. Estate planning attorney Shad Brown rejoins us to break these strategies down.We start with a CRT (Crut) - Charitable Remainder Trusts and Charitable Lead Trusts. Shad explains how you can leverage charitable distributions for tax benefits in the short and long term.Next, the ILIT - or Irrevocable Life Insurance Trust.  With ILITs, you can take assets like term life insurance, and move it out of your estate and into a trust.  Shad walks us through this process, and its benefits.A QTIP  Trust - or Qualified Terminable Interest Property Trust - may be useful for spouses who are re-married but want control over where their assets go upon their passing.Intentional Defective Trusts have a place as well - Shad explains that strategy, as well as the difference between grantor and non-grantor trusts.Kevin and Shad also dive into the idea of Family Limited Partnerships, and when that might be useful as your family's wealth grows.More info:Shad Brown, The Law Firm of Brown and Jensenhttps://www.bncjlaw.com/sbrown@bncjlaw.com(480) 447-7107Kevin Dick, KDI Wealth Managementhttps://www.kdiwealth.com/kevin@kdiwealth.com(928) 474-4350 

Why do I need a living trust?  In the first of a two-part series, our guest is Shad Brown.  Shad is an estate planning attorney who used to work for the IRS, answering correspondence from members of Congress.  And if he can explain taxes to them, we know he can explain them to us.Shad explains the benefits of a trust.  First and foremost, it can eliminate the need for probate hearings upon your death.  If your estate and possessions are owned by a trust, not a deceased person, it can be distributing according to your wishes. A trust is a legal entity, like a corporation.  Further, you can control what happens to your wealth -and when - after you've passed. This can be especially useful in situations involving minor children or others who will need help managing money and assets.A will can be used to cover specific items that you haven't put in a trust - Shad explains how these two concepts can work together.Since Shad worked in Washington, D.C. for a number of years, Kevin has him cover the outlook for our financial futures.  The media have made a lot out of future tax plans, but who really needs to be concerned -and to what degree?  Estate tax exemptions are explained.More info:Shad Brown, The Law Firm of Brown and Jensenhttps://www.bncjlaw.com/sbrown@bncjlaw.com(480) 447-7107Kevin Dick, KDI Wealth Managementhttps://www.kdiwealth.com/kevin@kdiwealth.com(928) 474-4350 

What is a trusted contact?  It's someone that your financial advisor can reach out to if something seems unusual with your situation.  FINRA has recently emphasized the importance of having one.  Today, Kevin Dick and Jon Gay walk through the process of choosing a trusted contact and why it's so important.A trusted contact isn't going to be someone that has access to your finances.  Rather, it's someone who figures prominently in your life and knows you very well.  This could be a neighbor, a best friend, or even a relative (but it doesn't have to be). If something is amiss, it's easier to reach out to a friend than it is to alarm a family member.  But if something serious is happening, your trusted contact may know about it.We also spend some time discussing the numerous scams that are targeting pre-retirees and retirees.  A trusted contact may be away to avoid falling victim to some of these crooks.  Kevin shares some examples.To contact KDI Wealth for help with YOUR retirement future:Call: (928) 474-4350. Or email Kevin: kevin@kdiwealth.com

When a couple comes together, it can be difficult to merge finances and co-manage your money.  Today, Kevin Dick from KDI Wealth and Jon Gay walk through how to best manage your finances as a couple.We each bring our own life experiences to this dynamic, and communication is key.   We give some real life examples of everything from televisions to vacations to even fast food.After communication comes prioritization.  Have a conversation about what's really important.  Get that emergency savings account going.   And create a plan.That's where having a financial advisor comes in.  They can look at your situation, objectively, and take the emotions out of the decision making process.  Most advisors can manage your investments, but the best advisors understand your priorities, personalities, and what makes you tick.  That's where Kevin and Carrie Dick, and the team that KDI wealth comes in.To contact KDI Wealth for help with YOUR retirement future:Call: (928) 474-4350. Or email Kevin: kevin@kdiwealth.com

When you think of a financial advisor, you may think of someone sitting at a desk, watching the stock market, crunching numbers.  However, investor psychology is actually a much larger part of overall strategy.  Today, Kevin Dick from KDI Wealth explains.How aggressive is an investor? It may depend on when you ask the question - is the market up or down? Were they burned by a downturn in the past?  What are their overall concerns?   Kevin shares a great analogy from a driving lesson with his dad - what's in front of you is much more important than what's behind you.   Also, while our personal "peaks and valleys" sometimes make for our most significant memories, the majority of our lives are spent somewhere in the middle.  This is why timing the market is never a good idea.Finally, we look at the advantages of saving for retirement now.  Giving up that morning coffee and investing that money for your future could pay dividends later - both literally and figuratively.To contact KDI Wealth for help with YOUR retirement future:Call: (877) 474-4350. Or email Kevin: kevin@kdiwealth.com

We all know that diversification and allocation are important terms and ideas when it comes to investing. But what do they actually mean?  What's the difference between the two?  Kevin Dick of KDI Wealth joins Jon Gay in today's episode to discuss.Having 10 different stocks does not mean you are diversified!  It comes down to types of stock, and classifications - to make sure you are spreading your wealth out.   And you need to be in more than just stocks.Also, as you get closer to retirement, you'll want to change how you are diversified.  Like Kevin points out, you wouldn't stay in the fast lane, then cut across 5 lanes right before your exit.  The results would be disastrous.   And don't be too conservative though - bonds, savings accounts, and the proverbial "mattress" strategy can lose money with inflation.To contact KDI Wealth for help with your financial future:Call (877)-474-4350Or email Kevin: kevin@kdiwealth.com

401k plans can be very confusing.  At KDI Wealth, Carrie Dick is the resident expert on the subject, and she joins co-host Jon Gay today.Carrie explains what a 401k plan is, the differences between a traditional plan and a Roth Plan, and the tax implications for each.We also talk about social security - and its original design as only a security blanket.  It wasn't designed to be retirees' primary source of income, as it often is today.  This is why it's so important to contribute to your retirement plans  as early as possible - it's "the power to time."Carrie also explains why clients often have plans for their retirement, but their "golden years" aren't always what they expect.  With that in mind, we wrap up with the three things to review every year to keep your 401k on track.Resources:KDI Wealth  -https://www.kdiwealth.com/Call (877) 474-4350Email: kevin@kdiwealth.com

KDI Wealth prides itself on its professional relationships that can help you in financial planning.  Today, Linda Jackson of Accounting For You, LLC, joins Kevin Dick and Jon Gay to talk taxes.Tax season is here – what can you be doing to best help your tax preparer file your taxes?We are a month into the new year and we are a planning practice– what can individuals and businesses be doing in the new year to PLAN for 2021 taxes?We had a lot of tax regulation last year – Secure Act, Covid Relief ACT – and now a new administration.  What are the  things for which we need to be aware?Resources:KDI Wealth  Website-https://www.kdiwealth.com/Kevin's Blog Post - Has Washington Turned Blue? https://www.kdiwealth.com/blog/has-washington-gone-blueKevin's Blog Post on January 2021 Markets:https://www.kdiwealth.com/blog/january-11-2021-markets-start-2021-on-a-highCall (877) 474-4350Email: kevin@kdiwealth.comAccounting For You - https://afyllc.com/Call: (928) 468-6107Email: MyTeam@AFYLLC.com

We were originally going to talk about mistakes in this episode, but Kevin and Jon thought it best to put a positive spin on things. We are covering 5 ways small businesses can plan for - and avoid mistakes in - retirement.Create a Retirement RoadmapHave an Exit StrategySeparate your retirement savingsGet Sufficient Life Insurance CoverageHire Outside supportWe break down each of these items and how small business owners can act on them now, and really see them pay off in the future - both short and long term.For more help with your financial future, contact Kevin at KDI Wealth.Call (877) 474-4350Email: kevin@kdiwealth.com

Financial Fraud hit record highs in 2020, and there are a myriad number of ways you can be scammed.  Today, Kevin Dick of KDI Wealth walks us through some of the different (and sophisticated) ways people try to play on your emotions and separate you from your hard earned money.  If you are scammed, it's important that you take action.  Don't be embarrassed; scammers are becoming better and smarter.How does one become a victim of financial fraud?How big a deal is this?  How much money is subject to this fraud each year?What are some examples of different acts of financial fraud?How does one keep their information safe?How does Kevin, as an advisor, keep information safe and recognize when these acts might be happening?What does one do when they have been a victim of financial fraud?For more help with your financial future, contact Kevin at KDI Wealth.Call (877) 474-4350Email: kevin@kdiwealth.com

Today, Kevin Dick of KDI Wealth joins Jon Gay to discuss the important things you should do with your money as we (finally) wind down 2020 and look to the future. They include:Spending any FSA money that won't roll over.Take your RMD if it makes sense - not required in 2020Make any charitable donationsEvaluate any changes your employer made to your benefits for 2021Review your 401k ContributionsMake sure you are maxing out your company matchConsider a Roth conversionLook at tax loss harvesting, if applicableEvaluate your estate plan, including beneficiariesLook at your budget. If you don't have one, make one.For more help with your financial future, contact Kevin at KDI Wealth.Call (877) 474-4350Email: kevin@kdiwealth.com

Today, Kevin Dick of KDI Wealth answers some common questions about social security, including:What are some considerations in deciding when to take social security?What is full retirement age and what does that mean?Can I take social security and continue to work?Can you claim benefits based on your divorced spouse?Will a pension affect my total social security benefits?Can I change my mind after I’m taking by social security?What's likely to happen to social security in the future?Resources:KDI Wealth Website: https://www.kdiwealth.com/Email Kevin: Kevin@kdiwealth.comCall KDI Wealth at 928-474-4350

Today, Kevin Dick and Jon Gay look at the importance of discussing money with your family, including:Why is talking about money important?How does talking about money contribute to a successful future?What are some things you need to know about your own values before you speak with your children?Are there strategies to get your children involved?Why is it important to share stories?Resources:Principles by Ray Dalio: https://www.amazon.com/Principles-Life-Work-Ray-Dalio/dp/1501124021KDI Wealth Website: https://www.kdiwealth.com/Email Kevin: Kevin@kdiwealth.comCall KDI Wealth at 928-474-4350

Estate planning is not about you - it's about taking care of details for the people you leave behind.  And with the events of 2020, the idea of planning for the unthinkable has come into focus for many.Today, Kevin and Jon are joined by Matt Dana, an estate planning attorney and partner at Dana Whiting Law.  Matt and Kevin have worked together for a long time, and Matt is here to answer some common estate planning questions, including:What is estate planning?  Is it only for the wealthy?What are the key estate planning documents and why do we have them?When is estate planning especially important? What are the dangers or dying without an estate plan?  And what is probate?We also ask Kevin,  a financial advisor, do you do estate planning and how does estate planning play into wealth and investment management?Resources:Dana Whiting Law Website:  https://danawhitinglaw.com/Matt's article Planning With Purpose: https://danawhitinglaw.com/2018/04/23/planning-with-purpose/Matt's article The 10 Most Common Mistakes in Estate Planing:https://danawhitinglaw.com/2017/08/15/the-10-most-common-mistakes-in-estate-planning/KDI Wealth Website: https://www.kdiwealth.com/Email Kevin: Kevin@kdiwealth.comCall KDI Wealth at 928-474-4350

The world of Medicare insurance is extremely difficult to navigate, so KDI Wealth often partners with Nylene Ellingson at NE Insurance to work with clients.With open enrollment almost upon us, Nylene joins Kevin and Jon today to discuss all things Medicare, including: The very high cost of health insurance if you're not in the right plan.The difference between supplemental and advantage plansHow and when you can change plansHow Nylene is compensated (Spoiler: Not by her clients)Some new plans coming out in 2021 with regard to insulinThe value in going to an independent broker, not a specific company's agent. Resources:Nylene Ellingson / NE Insurance:Text the NEInsurance to 85100Call Nylene at (480) 216-6426Email Nylene: nylene@srmedsolutions.com Kevin Dick/KDI Wealth:KDI Wealth Website: https://www.kdiwealth.com/Email Kevin: Kevin@kdiwealth.comCall KDI Wealth at 928-474-4350

People spend their working years accumulating their savings.  It is time to retire and spend that savings……. Now what?  Kevin and Jon tackle a number of retirement planning questions in this week's episode, including:Why do new retirees need a retirement income plan and when do you start planning for that?What are important questions you need to ask yourself when planning to retire?What about considerations and sources of retirement income?What are the pitfalls to prepare for in a retirement income plan?When do you know you need help with planning for retirement income?Resources:KDI Wealth Website: https://www.kdiwealth.com/Email Kevin: Kevin@kdiwealth.comCall KDI Wealth at 928-474-4350To receive the Retirement Income Planning Guide, email Carrie@kdiwealth.com

The market has experienced a ton of volatility as we've collectively shared the trauma that is 2020.  Today we look at ways you can survive the unpredictability of the market.We start with what causes market volatility, and explain the difference between the stock market and the economy - they are not one and the same.It all starts with building a solid financial plan, and we talk about ways to do that.  Also, you should stick to the plan and not change your risk tolerance as markets change.It comes down to three steps.Build a Strong Financial StrategyInvestment OptionsFundamental Investment TacticsResources:KDI Wealth Website: https://www.kdiwealth.com/Email Kevin: Kevin@kdiwealth.comCall KDI Wealth at 928-474-4350

In our first episode, Kevin Dick of KDI Wealth joins Jon Gay to explain his background and how he started in the financial services industry over 20 years ago.We decipher some of the letters after his name, discuss the significance of the word pivot (spoiler: It's why we named this podcast Pivot With KDI Wealth), and talk about the value of a financial advisor.There is a difference between a financial advisor and a wealth advisor - we dig into that important point.   And we cover the questions you should ask when hiring a financial advisor.Resources:KDI Wealth Website: https://www.kdiwealth.com/Email Kevin: Kevin@kdiwealth.comCall KDI Wealth at 928-474-4350

Kevin Dick has been helping individuals, families and business owners create and live out their financial dreams for over 20 years. In those 20 plus years, he has experienced a myriad of financial markets, family dynamics and life events and has seen how quickly plans and dreams change when the unexpected happens. Kevin has learned and will share that one of the keys to successful financial outcomes is learning to pivot when relationships or circumstances change. Good, sound advice to help make right choices is why he believes his clients look to him when change is inevitable. How can you pivot today?Resources:KDI Wealth Website: https://www.kdiwealth.com/Call KDI Wealth: 928.474.4350