Estate Planning

Mastering Retirement Withdrawals: Expert Tips for Smart Distribution Planning [Ep. 169]

By Retirement Unlocked | January 15, 2025

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Do you know the smartest way to manage your withdrawals in retirement?

In this episode of the Life Unlimited podcast, host Larry Heller, CFP®, CDFA®, shares expert strategies for managing retirement withdrawals to ensure financial stability and tax efficiency.

Larry covers essential steps for building a smart distribution plan, emphasizing pre-retirement planning and proactive wealth management. The episode explores the benefits of Roth conversions, the impact of the Secure 2.0 Act, and critical topics such as the widow penalty, annuities, and estate planning, all supported by real client insights.

Whether you’re approaching retirement or already retired, this episode offers practical tips to help you minimize taxes, optimize withdrawals, and protect your wealth and legacy. Don’t miss this valuable guide to mastering your retirement finances!

Key episode discussions include:

Strategic tax planning to minimize taxes before the distribution phase
Understanding different income streams like Social Security, pensions, and retirement accounts
Real client scenarios illustrating the impact of effective and missed strategies
The effects of federal and state estate taxes, plus planning for longevity
Integrating attorneys and other professionals for a holistic financial plan
And more!

Resources:

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7 Costly Financial Planning Mistakes You’re Making (And How to Avoid Them!) [Ep. 167]

By Retirement Unlocked | December 18, 2024

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How well do you truly know your tax bracket? Did you know that not knowing enough could cost you thousands?

Get ready to learn some critical financial planning mistakes that might secretly derail your financial security.

This week on the Life Unlimited podcast, Larry Heller identifies the seven most common financial mistakes people make and how to avoid them—such as lacking knowledge about their tax bracket and neglecting estate planning updates.

Key conversations include:

Understanding Your Tax Bracket: Learn why knowing your tax bracket is essential for maximizing opportunities like Roth conversions and minimizing overpayments.
Zero Capital Gain Brackets: Discover how to take advantage of tax-free gains to grow your wealth.
Investment Pitfalls: Avoid the dangers of chasing past investment performance and align your strategy with your goals.
Estate Planning Essentials: Ensure your estate planning documents are up to date and reflect life’s changes.
Liability Insurance: Protect yourself and your family with adequate coverage, including an umbrella policy for uninsured motorist protection.
Heir and Spouse Preparedness: Steps to prepare your loved ones, including non-financial spouses, for managing wealth.
Spending and Withdrawal Strategies in Retirement: Avoid overspending while ensuring your savings last throughout your lifetime.

Actionable Takeaway: Through practical examples and insightful advice, Larry highlights the importance of staying informed and proactive with your finances.

Connect with Larry Heller:

Beyond Accumulation: Mastering Your Retirement Distribution Strategy [Ep. 164]

By Retirement Unlocked | November 20, 2024

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Retirement isn’t just about accumulating wealth – it’s about making sure it lasts.

In this episode, Larry Heller, CFP®, CDFA®, explores the essential elements of a well-rounded distribution strategy for retirement, including guiding you through five key areas every retiree should prioritize: income vs. total return, tax management, investment allocation, longevity, and estate planning.

Larry dives deep into the shift from accumulation to distribution, revealing strategies to help retirees sustain income, reduce taxes, and cover health expenses—all while preparing a meaningful legacy. With a focus on turning retirement into a financially secure and fulfilling stage of life, this episode provides actionable advice on balancing your immediate needs with a long-term vision.

Whether you’re entering retirement or aiming to enhance your financial strategy, this episode will equip you with the tools and mindset to enjoy a confident and comfortable retirement.

Key Points Covered:

Combining income sources like Social Security, pensions, and investments to balance retirement income and comfort
Reducing tax burdens through Roth conversions and managing required minimum distributions (RMDs) under the latest Secure Act changes
Using the “reservoir strategy” to balance cash, bonds, and equities for steady income and minimized risk
Addressing healthcare and long-term care costs to protect assets and maintain financial stability
Aligning estate plans with tax strategies to maximize inheritance for heirs
And much more!

Actionable Takeaway: Review your retirement plan to ensure it supports your lifestyle, reduces tax impacts, and aligns with your legacy goals. Consult a financial planner to tailor it to your unique needs for a fulfilling retirement.

Resources:

Connect with Larry Heller:

Corporate Benefits to Cash Management Plans: A Deep Dive Into How We Work with Business Owners (Ep. 156)

By Retirement Unlocked | July 10, 2024

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How can business owners keep their financial strategies effective for long-term success?

In this informative episode of Life Unlimited, host Larry Heller, CFP®, CDFA®, reveals the intricacies of corporate benefits and cash management tailored for business owners. Learn how regularly updating 401k plans, optimizing cash reserves, and leveraging professional networks can alter your business. Obtain actionable insights on attracting and retaining employees, maximizing tax advantages, and implementing successful financial planning strategies.

Key Points Covered:

Enhancing employee retention and tax benefits by updating 401k plans
Ensuring a robust, tax-advantaged retirement plan to provide the business significant savings while attracting and retaining top talent
Simplifying employee investment decisions with model portfolios
Optimizing cash management and utilizing high-yield strategies for better returns
Saving additional funds through strategic cash balance plans
Leveraging a network of experts for comprehensive business support
Larry’s hands-on experience and credible advice for business owners
And More!

Tune in to transform your business’s financial strategy and achieve long-term success.

Resources:

► Services Triangle

► Our Approach

Connect with Larry Heller:

From Planning to Investments: A Deep Dive Into Our Services (Ep. 154)

By Retirement Unlocked | May 31, 2024

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Beyond managing your investments and portfolio, have you ever wondered what else financial advisors do?

Understanding the full scope of financial advisory services is essential to maximizing the benefits of your financial plan.

In this enlightening episode of Life Unlimited, host Larry Heller, CFP®, CDFA® explores the multifaceted role of financial advisors. He addresses common misconceptions and emphasizes that effective financial advising extends well beyond investment decisions.This episode provides a deep dive into how we create personalized financial plans for clients, addressing all aspects of their financial lives to ensure future preparedness. Tune in to learn how we can help you achieve financial security and peace of mind through our comprehensive financial planning and detailed strategies.

Key Points Covered:

Larry’s dedication to educating clients and alleviating financial anxieties
Clarifying the comprehensive role of financial advisors beyond just investments
The critical importance of financial planning before making investment decisions
Detailed financial planning processes: goals, time horizons, and financial needs
Components of financial planning: cash flow analysis, risk management, tax planning, investment management, estate planning, and retirement planning
Differentiating traditional investments (stocks, bonds, mutual funds) from alternative investments (private equity, private credit)
The importance of regular financial monitoring to adapt to life changes
Addressing client concerns: inheritances, safe retirement strategies, and account consolidation
Highlighting the transparency of fee structures and the importance of fiduciary duty
And More!

Resources:

► Services Triangle: https://acrobat.adobe.com/id/urn:aaid:sc:VA6C2:cfe5a4d5-2384-4a62-b76a-2921735e4cbf

► Our Approach: https://docs.google.com/document/d/1Qp3B-6EQsTptfRZT5792CIVvvo9yrXKrwBVLFZvJBj8/edit?usp=sharing

► Is Your Portfolio Missing Out? With Alona Gornick [Ep. 143]: https://hellerwealthmanagement.com/is-your-portfolio-missing-out-the-rise-of-private-credit-with-alona-gornick-ep-143/

Connect with Larry Heller:

00:00 Introduction to Life Unlimited Podcast

00:20 Reflecting on 150 Episodes

00:33 Understanding Financial Advisory Services

01:59 The Importance of Financial Planning

03:18 Diving into Investment Strategies

13:13 Exploring Alternative Investments

16:23 Who We Work With and Our Fee Structure

20:35 The Fiduciary Standard Explained

22:06 Conclusion and Contact Information

The Great Wealth Transfer, Part 2: Bridging Generations (Ep. 142)

By Retirement Unlocked | December 13, 2023

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As we delve deeper into the transformative phenomenon of the Great Wealth Transfer, Part 2 of our series further explores the staggering $68 to $74 trillion destined to cascade down over the next decade.

In “The Great Wealth Transfer, Part 2,” Larry Heller, CFP®, CDFA®, guides us through the intricate dynamics of this wealth transition, offering crucial insights for aging parents and their millennial heirs. Larry sheds light on key aspects, empowering millennials to navigate challenging conversations with their Boomer parents and ensuring a seamless, secure transfer of wealth. This episode is a must-listen for those aiming to redefine their financial legacy in the face of this monumental wealth shift.

Key discussion points include:

Strategies for smooth talks about inheritance between the Boomer generation and the Millennial Generation
How advisors navigate the emotional and practical sides of wealth transfer
Insights into fair wealth sharing in complex family dynamics
Essential advice to keep everyone safe from fraud
Understanding the importance of Medicaid and trusts in financial plans & estate planning
A look at the bigger picture of estate planning beyond finances
The uncomfortable but necessary “end-of-life planning” conversation between children and parents
How staying organized can improve estate planning
And much more!

Resources:

Connect with Larry Heller:

The Great Wealth Transfer, Part 1: From Boomers to Millennials (Ep. 141)

By Retirement Unlocked | November 21, 2023

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Ever heard of the Great Wealth Transfer? It’s about to change everything you thought you knew about money.

Imagine a staggering $68 to $74 trillion cascading down over the next decade or so. Could this make millennials the richest age group the U.S. has ever seen?

In this two-part series, Larry Heller, CFP®, CDFA®, offers a glimpse into the psyche of the baby boomers as they navigate this monumental transition of wealth to the millennials. Learn how you can prepare as Larry covers such topics as taxes, Roth conversions, estate planning, and the benefits of being diligent with your record-keeping.

Part 1 of this Great Wealth Transfer series highlights:

The intricacies of taxes associated with this massive wealth movement
A review of Required Minimum Distributions (RMDs) and Roth conversions
How to engage in family tax planning, including the importance of candid conversations
Eyebrow-raising tales like the Miami Dolphins’ sale driven by unforeseen tax burdens
The often overshadowed aspects of estate planning, such as safeguarding assets and diligent record-keeping
And much more!

Resources:

Connect with Larry Heller:

Common Errors To Avoid When Passing Money To Your Heirs Upon Death (Ep. 109)

By Retirement Unlocked | July 21, 2022

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Will your net worth be transferred to your heirs the way you intend it to? How do you know?

In this episode of Life Unlimited, Larry shares some real life stories of major mistakes he has seen with respect to a will, beneficiary or the titling of an asset. Listen in to hear some advice to make sure your estate planning wishes are kept up to date with your current family dynamic.

Larry discusses:

Steps to take to ensure what you want happens after you pass away
How to properly distribute money to a minor child
Three areas to review to avoid common mistakes
The risks of having an outdated will
And more

Resources:

Life Unlimited: Taking Financial Responsibility Before You’re a Widow or Widower (Ep. 108)

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Year-End Planning Recommendations for Retirees (Ep. 98)

By Retirement Unlocked | December 17, 2021

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If you still haven’t started your year-end planning yet, now is the time to start. Planning will help you keep more money in your pocket and less in the government’s pocket.

In this episode, Larry Heller shares year-end planning recommendations for retirees so you don’t miss any of these timely planning opportunities.

Larry discusses:

Why retirees need to take their acquired minimum distributions
Ways you can save money from taxes
Roth conversion and cash flow planning strategies
Charitable contribution planning strategies
And more

Connect With Larry Heller:

10 Common Estate Planning Mistakes Made by Divorcees With Keren Birnbaum, Esq. (Ep. 97)

By Retirement Unlocked | December 6, 2021

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You don’t know what you don’t know. Whether you are contemplating divorce or are in the process, you want to protect yourself by having the proper communication and documentation.

In this episode, Larry Heller talks with Keren Birnbaum, Esq. a partner with Schwartz Ettenger, PLLC who focuses on estate planning, trust and estate administration, and elder law. Keren shares 10 common estate planning mistakes that divorcees need to be aware of to retire right.

Keren discusses:

Repercussions of not having estate planning documents
The mistake of not updating your estate planning documents
Not updating beneficiary designations in your retirement accounts and insurance policies
Why it’s critical to educate yourself on the assets you own
And more

Connect With Keren G. Birnbaum, Esq:

Connect With Larry Heller:

About Our Guest:

Keren G. Birnbaum, Esq. is a Partner with Schwartz Ettenger, PLLC where she concentrates her practice in the areas of Estate Planning, Trust and Estate Administration and Elder Law. She has over 10 years of experience advising clients on how to protect themselves, their loved ones and their business in the event of death, incapacity or disability.

Ms. Birnbaum earned her law degree at Hofstra University School of Law and her Bachelor’s Degree at Brandeis University. She is admitted to the New York State Bar, is a member of the New York State Bar Association, Queens County Bar Association, Brandeis Association, and is an active member of the Elder Law and Trusts and Estates Sections of the New York State Bar Association. Ms. Birnbaum has also lectured and published articles on various elder law and estate planning issues.