Jude Wilson  01:00

I’m doing amazing. It’s been a great week so far.

 

Marc Killian  01:03

Good, good, good. And so, let’s, you know, jump right into maybe not the sexiest piece of this conversation, we’ll get that out of the way first. But life insurance, right? I mean, protection or insurance in general, insurance products, however, wherever you want to go, but it’s an important piece of things, and it’s also one that’s confusing to seniors or retirees or pre-retirees, because it’s like, well, do I even need this crap anymore? Right?

 

Jude Wilson  01:28

Yeah, and you opened the door so perfectly, because in our last episode we were talking about GPS guidance planning and solutions, which is our proprietary process, and with GPS, there’s five pillars. There’s investment planning, income planning, tax planning, legacy planning, and risk management. And today, when we talk about insurance, it could really fall under both the legacy planning and the risk management.

 

Marc Killian  03:13

Yeah, it’s kind of like, you know, back in the day we used to have those, anybody who’s old enough, remember the It’s Not your daddy’s O’s mobile commercials, right? And life insurance, you go way back, but life insurance, you know, used to kind of be very kind of rigid, and it’s just.. it’s to your point, it’s kind of a Swiss Army knife now for a lot of different things, and it could be a tool that is really beneficial, depending on the situation, depending on what the person is trying to accomplish, and with that, and not just life insurance, though, Judy, but if we’re talking about protection in general, a really simple low-hanging fruit that people often kind of don’t, you know, pay attention to the way they should is the BDS, the beneficiary designations, and this is not just your life insurance policies, right? This could be on your 401 ks or any accounts, really, making sure that stuff is up to date, a super simple fix, man. It’s just to make sure you got the right people on there, because over time people are going to come in and out of your life

 

Jude Wilson  04:09

100% And we see some real simple fixes sometimes when a prospective client comes in, and we’re looking in general what’s going on in their life. For instance, to D transfer on death, it’s a very simple designation that could be put on your checking accounts and savings accounts, so if you pass away, that asset can be transferred directly to your beneficiaries. Normally, checking accounts and savings accounts don’t have a separate designated area for beneficiaries, but simply asking your banker, can we add to D on, does that for you. You have your IRAs or your 401 case, there’s a specific area to add beneficiaries on, but in the checking and saving account, they don’t, so there could be some simple tweaks that. Most people are just unaware of,

 

Marc Killian  05:02

yeah, I mean, maybe you’ve got a new grandchild that you want to add that you never did, or maybe you got a son-in-law you want to remove, or whatever, right? So, you want to make sure that stuff’s up to date, and people often get, you know, we get kind of misguided in saying, well, I put, I put a will together, and that’ll handle everything, and no, it doesn’t. You know, it’s.. it’s nice to have the document, but look, I mean, there’s a million cases out there, and none of them ever work. The BD, you know, is what it is. If you’ve got the wrong person listed, it does not matter what your will says, right?

 

Jude Wilson  05:33

100% And, unfortunately, we’ve seen cases like that, where someone has gotten a divorce and they forgot to change the beneficiary on their 401 k or IRA. Doesn’t matter what your will say, it’s going to go to your, your former spouse, your ex-spouse. So, as part of our process with GPS, we’re meeting with clients on either a semi-annual or annual basis, and one of the topics that we look at is, is there a need to update your beneficiaries? So it’s really, really important.

 

Marc Killian  06:08

Yeah, for sure. Right, I mean, marriages, divorces, birth, deaths, lots of different reasons to maybe update that. And Will’s not the whole picture, you know, either, Jude. Right? So there’s some other simple protections that we should do if you, you know, we’re all one blood test away from maybe being uninsurable or maybe having some sort of an event happen. So, do you have the other pieces like a power of attorney or medical directives?

 

Jude Wilson  06:31

100% So, when we look at GPS, and one of the pillars is legacy planning, we’re going to look really deep into your estate plan and how that is put together, and does it reflect your real wants and desires. When some of the easiest things that we see, or common mistakes that we see, is one that the estate is funded. Okay, good point. When you do a typical estate plan, you’re changing the titles of some of your accounts, and if your accounts have not been changed to the same title that is in the estate documents, then it’s like the estate document didn’t even exist, and oftentimes we see people who were proactive and got their estate documents done, but they never changed the titling, they never funded the trust, and so I was gonna

 

Marc Killian  07:27

say that happens often with trust, right? Yeah,

 

Jude Wilson  07:29

yeah, simple things like that are tweaks that you thought you did the right thing, but you didn’t take the ball up into the end zone, and we’re here to help you do that.

 

Marc Killian  07:39

Yeah, I mean, and trusts are a conversation that a lot of people wind up realizing or didn’t realize, I guess, that hey, this might be a good tool for me, because we, you know, there’s always been this kind of stigma that it’s for the ultra wealthy, or whatever, but I mean, in a litigious society, Jude, that we are in, and have been in for a long time, a trust could be a great, valuable asset to your overall strategy. If you’ve got just a, you know, a decent size estate, a trust might be on the docket for you. It might be worthwhile to have that chat.

 

Jude Wilson  08:09

100% Here’s one other real common mistake that I see. People often move. I live in Florida. We have a ton of people moving to Florida all the time. Sure, they may have a property in a previous state and a property in Florida, and the property in the other state is just in their name, so now if they pass away, you have to do probate in two different states. Can you imagine already probate is stressful enough, and now I’ve got to do that in the state that I originated from, and the state that I live in. Oh man,

 

Marc Killian  08:44

you know what, and it’s, and it’s not stressful for you, because you’re gone, but you’re stressful for your family, right? So, and that’s the other thing, a family too, it’s not good enough, Jude, just to have these documents. Do your family know? Does your family do your family can’t talk today? Does your family know where this stuff

 

Jude Wilson  09:02

It’s one of the things we talk about in our GPS meetings, is that we want to have a relationship with your beneficiaries, so they know who to turn to. And the process that we have, we create what’s called an asset map, and we suggest that the clients have that with their estate documents is I had to help my family when my dad passed away settle the estate, and even though my dad was an organized man, there were statements in almost every drawer that I had to go through, and so having an organized process that you know that whoever is the executor of your estate can follow very simply, that’s an important part of relieving the stress of your love for sure passing away.

 

Marc Killian  09:48

And then you also, it’s like, well, you know what, this is too much for me, I’m calling Jude and the team there and saying, help me out with this, right? Because, and I think that’s what a lot of people would like to have, is they just want that support. We talk all. Often, about the behavioral management side of financial professionals, it’s really helping us with, you know, just managing our behaviors, right, whether it’s too not too high, not too low, not too stressed, not too whatever, so that we can kind of get through these, you know, tough pieces of life. And I want to circle back for a minute, we’ll kind of maybe finish up with risk a little bit, because as far as the GPS goes risk right now is at an all-time high. I feel like for a lot of folks, because even if everything in our world right now is just, you know, so crazy and chaotic on a regular basis, doesn’t matter what walk of life it’s in, and when it comes back to our money, man, it just stresses us out. Jude, you know, risk is just like, do I peel some off the table, but I also want to keep up, because things are, you know, the markets are doing well, or whatever the case is. How do you help people with that risk management, whatever it might be?

 

Jude Wilson  10:50

Yeah, so when, when we’re looking at risk, it’s part of one of the five pillars, risk management in and of itself, and it’s one of the areas that I find that most financial professionals don’t spend a lot of time in, they would kind of glaze over. Well, do you have life insurance? Do you have disability insurance? But

 

Marc Killian  11:11

right,

 

Jude Wilson  11:11

it’s more than just that. It’s, it’s like we talked about before, titling of your accounts. You want to be in a position where you, you control everything, but on paper you may not look like you own anything, like you said before. We live in a very litigious society, and so protecting the assets that you work so hard to build is is a crucial part of the overall plan,

 

Marc Killian  11:37

and it’s not just that kind of risk, too, right? You, there’s taxation risk, there’s the income risk, there’s investment risk, right. So, there’s there’s longevity risk, like the longer we’re around, the more risk we’re subject to, right. So, all these pieces, you know, have to be brought under that umbrella,

 

Jude Wilson  11:54

and that’s why I love the five pillars that we’ve built, because we can, we could do a whole show just on risk management in all every area that that you mentioned, from taxation to liability. That’s a great idea, but this is the I think this is one of the things that makes us different, because when clients walk away with the GPS plan, they feel like they have clarity and confidence in their life, because they know we’ve touched all of the areas that they were concerned about, in areas that we brought to their attention, that now they’re in the mindset, oh, I need to make sure that we’ve checked that box.

 

Marc Killian  12:37

Yeah, yeah. Well, at the end of the day, right, we want to, we all want to do the right things and protect our loved ones, but often we just make the simple little mistakes and not do it, not that we meant to, we just didn’t do it right. So that’s where you know having a team, having some help, having someone guide you through that can be really important. So reach out to Jude and the team, we’ll have links in the show descriptions below, you guys can get started with your own GPS system for your particular, you know, personal strategies in life. Everybody’s different. What you need is different than what I need, and so on and so forth. So, reach out to the team, have a conversation, get started today. And don’t forget to subscribe to us on Apple Spotify, of course, right here on YouTube, and just click on that thumbs up button, and all that good stuff. But click the link, go talk with Jude and his team, have a conversation, and see if they’re the right fit for you. It’s complimentary, no cost or obligation, so there’s really no reason not to reach out to them. So, Jude, my friend, thanks for hanging out, buddy. Have yourself a great week, and I will talk to you soon.

 

Jude Wilson  13:33

Always enjoy, my friend. Thank you.

 

Marc Killian  13:35

We’ll catch you next time here on The Roth Guy with Jude Wilson from Centrus Financial Strategies. Bye. The

 

Walter Storholt  13:44

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