Mr. Stillman's Opus

Estate Planning Disasters

We’re finishing up our estate planning series with Tim Nordgren, an attorney at SchellBray in Chapel Hill, with a discussion today on what could go wrong if we don’t have the main planning documents in place. Then we’ll wrap up with some of his estate planning horror stories that he’s seen through the years.
As you heard in our previous episodes with Tim, there are four main estate planning documents: the will, the durable general power of attorney, the healthcare power of attorney, and the living will. Join us as we find out what could go wrong for each of these and how he’s helped people navigate these messy situations.
 
Here are some of the things you’ll learn in this episode:
The primary thing that can go wrong with no will is you lose control over where your assets go.
Without the durable general power of attorney, someone will have to petition the court to have the incapacitated individual declared incompetent.
The two different types of court-appointed guardians.
Without a living will, you leave the person making the ultimate decision with a very tough choice.
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

Do I Need a Trust?

We’re back once again with Tim Nordgren, an attorney at SchellBray in Chapel Hill, to talk more about estate planning. Today we want to address one of the most common questions that comes up during our planning meetings and that’s whether or not someone needs a trust.
It seems like many people have been conditioned to think they need a trust, but that’s not always the case. To help us better understand some of the scenarios where a trust makes more sense than a will, Tim will take us through the key differences, which assets need to be covered, and the main benefits a trust provides.
 
Here are some of the things you’ll learn in this episode:
Let’s first understand the different purposes for a will and a trust.
Who would be the type of person who can do everything they need to do through a will.
The different types of trusts and which assets are typically included in these.
The key benefits the trust provides a person or family.
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

The Must-Haves of Estate Planning

Today we’re joined by Tim Nordgren, an attorney at SchellBray in Chapel Hill who focuses on trusts and estates. We send people to Tim all the time and appreciate the work he does, which is why we wanted to have him explain estate documents a little further for us.
He’ll walk us through the documents needed for when doing testamentary planning or planning for incapacity and explain what each document covers.
 
Here are some of the things you’ll learn in this episode:
The documents that are needed for the two groups of planning: testamentary and incapacity.
Who might need a last will and testament versus a living trust.
The different types of power of attorneys.
Why you want to have a durable general power of attorney in place.
What the living will or advanced directive is used for.
Which of these documents are must-haves for everyone?
What can go wrong if you don’t have each of these documents.
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

Do I need life insurance after I retire?

The role of life insurance in retirement is something many people ask about. Do you still need to keep your policy now that your children are on their own and you’ve built a nice nest egg? While that’s true, life insurance might still be able to play a valuable role in your financial plan and we’ll tell you why in this episode.  
John will run through the most common reasons people say they need life insurance and we’ll tell you which ones are legitimate. Things like covering final expenses and paying off debt are often on the list but what about using it for tax-free income or covering long-term care? We’ll discuss those and more on the show today.
 
Here are some of the things you’ll learn in this episode:
The role life insurance often plays in retirement planning.
You might be better off putting money for final expenses in a savings account rather than life insurance.
What you own stands good against what you owe so using it for debt might not be necessary.
Using it for tax advantages when passing along your estate won’t apply to everyone.
The ability to use it for creating tax-free income might be a bit oversold.
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

What do I need to know about the IRA I just inherited?

We’re in the middle of one of the largest wealth transfers in our country’s history as Baby Boomers pass on their estate to loved ones, and some of that money is coming in the form of an IRA.
Rules regarding inherited IRAs have changed in the past few years so we want to bring you up to speed on what’s new. Plus, we'll walk you through some of the decisions you’ll need to make with an inherited IRA, how it impacts beneficiaries differently, and explain the differences for Roth IRAs.
 
Here are some of the things you’ll learn in this episode:
What has changed with the inherited IRA rules since 2020.
What is an eligible designated beneficiary and why does it matter for this scenario?
How should you proceed if your only option is to withdraw all the money within 10 years?
What are the rules if you just inherited a Roth IRA?
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

Preparing for Changing Expenses in Retirement

In this episode, we’ll explore many of the expenses in your life that might drastically change (one way or another) in retirement. We’ll break those expenses down further to see which ones are the top priorities and analyze some of the other factors that impact your cash flow in retirement.
 
Here are some of the things you’ll learn in this episode:
Will your work-related expenses like gas and clothes really change as much as you think? (2:44)
What we typically tell people to prepare for when it comes to healthcare expenses. (5:55)
Why people are often surprised with what they might owe in taxes. (8:49)
The different travel expenses that we typically see clients have. (14:16)
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

Housing in Retirement – The 4 Most Common Options

When you think about a family’s assets in retirement, few are more important than the home. Not only is it typically the most expensive thing a person owns, but it also carries a lot of emotional attachment with it.
Once you reach retirement, you’re likely going to have a few things to consider with your home, and people often go in one of four different directions: stay in their home, move to a new home, become a renter, or buy a second home. Today we’ll talk through each option and what financial pros and cons you’ll need to consider before choosing where you plan to live.
 
Here are some of the things you’ll learn in this episode:
Is staying in your current home going to work for you long-term? (2:48)
What goes into the decision to move? (6:22)
What we need to think about before buying a second home. (10:05)
Does it make more sense to sell your home and free up cash by renting? (12:56)
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

Marriage & Money: Part III – Dealing with Divorce

Our three-part series on marriage and money wraps up today with a look at the financial decisions that often happen during the divorce process. This is going to be a highly emotional and difficult process for those involved, which makes the financial aspect of this process even more challenging.
We’ll walk you through a few of the items that will need to be addressed like dividing assets, child support, and updating documents. Then we’ll talk about how your mindset has to change as you begin the next chapter of life independently and begin planning for retirement on your own.
 
Here are some of the things you’ll learn in this episode:
John shares his most memorable story about divorce. (1:10)
Mistakes made when dividing the assets. (4:15)
Child support and alimony. (7:11)
Updating documents and beneficiaries. (9:39)
Changing your mindset to approach finances as an individual. (11:18)
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

What Changes Financially When You Get Remarried?

Money plays a significant role in the health of a relationship and life events like marriage and remarriage require us to have honest conversations about finances when we take these steps in life.
In this episode, we’re going to spend time discussing the items that need attention when you get remarried. There are some common themes and considerations as your first marriage, but things like combining finances and joint accounts will inevitably be more difficult when it’s the second marriage because you’re further along in life and more established financially.
Combining households can be a challenge when you get married again for the second time so we have to communicate quite a bit and make sure we find a process that works for both parties.
 
Here are some of the things you’ll learn in this episode:
It’s more common to keep finances separate, at least early on. (2:09)
How you manage a blended family. (3:42)
Changes you need to make to beneficiaries and insurance. (7:40)
Handling inheritances can get tricky. (9:54)
What do you do about having multiple financial advisors? (12:13)
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

Financial Decisions to Make Before Marriage

Some of life’s biggest events come with important financial decisions and marriage might be at the top of the list. Many of the arguments in a relationship start because of disagreements about money, which is why it’s so important to have a conversation about money and managing finances before your wedding day.
In this episode, John will provide some financial guidance and useful tips for how to approach these topics with your spouse. Should you combine finances? How do you define certain spending categories? We’ll try to answer those and more during this show. Plus, John will also share the way he and his wife manage their money and why it works for them.  
 
Here are some of the things you’ll learn in this episode:
What’s the best approach to combining bank accounts and managing spending? (2:43)
John evaluates Ben’s spending setup for his family. (4:52)
How do you define a personal spending expenditure and what is a joint household expense. (7:44)
What’s the best way to communicate about money with your partner? (8:56)
Who will manage your finances and should you have both involved?  (12:36)
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446