We get a lot of questions about trusts. Who should get one? Who shouldn’t? What are the long-term ramifications? Is it a bad idea to name a trust as the beneficiary of an IRA?

Excellent questions!

Today, we are going to discuss, specifically, naming a trust as the beneficiary of an IRA. This can be quite overwhelming for the trustee if they are not experienced. According to Ed Slott, “Saddling an inexperienced trustee with such a daunting task can lead to egregious mistakes – as a recent IRA private letter ruling states.”

We’ll cover the ins and outs of these mistakes along with an “inflation check-in” as we enter into an upcycle that is not transitory in nature. It will be led by these long-term factors: wages, rents and energy prices.

Twenty years later and we can all remember the exact moment the attacks on 9/11 happened. I (Shea) was standing at the Folgarelli’s deli counter watching the events unfold on their TV. I assumed at first that I was watching a movie, but sadly I soon realized it was a live news broadcast. The first building was attacked and, in horror, all of us there watched as the second building was taken down. My cell phone rang, and I was told to go home immediately – the board meeting lunch I was scheduled to attend had been canceled.

Today, we will commemorate this day and honor those whose lives were lost. It’s also a time to reflect on how this act of terrorism cost us emotionally and financially. The American spirit should be remembered as resilient even as we face this current pandemic.

Perhaps one of the best and most rewarding conversation topics we can have with clients is, “You should spend more.” This isn’t the advice they were expecting. In fact, for most clients, it’s a real mind shift to go from saving, saving, saving to spending! But it’s truly a rush!

Today, we’re going to call out the real fears people have with spending, along with reasons why you should spend more (we promise … there are some!). In Yahoo! News, Michael Finke, a professor of retirement at the American College of Financial Services, says research he conducted found that 80% of retirees are uncomfortable watching their nest egg get smaller. “To an economist, that’s a mystery,” he said. “Why did you save in the first place?”

What better way to celebrate our new and improved studio than to have familiar guests join us! The Bill Marsh Brothers (Jamie, Bill Jr. and Mike) are LIVE and in person with us today. They are going to share some of the most difficult times they have faced in the last year-and-a-half, along with surprising victories. Their family-owned automobile business has been forced to change as people stayed home, drove less, and delayed making large purchases at the beginning of the pandemic (stats here). New vehicle production came to a halt and the demand for used cars began to skyrocket. It’s been a wild ride … and the year isn’t even over!

Join all of us in the studio today as we inspire you to keep pushing forward despite the unknown. There’s no going back to how it was before COVID-19, but that might be a good thing!

As the economy rebounds, the question remains, “What about inflation?” According to Joel Naroff, Chief Economist at Naroff Economics, LLC, “We are transitioning to a higher period of inflation and interest rates than we’ve had over the last 20 years.” This transition is projected to last longer than expected with hiring challenges, supply-chain bottlenecks, and other disruptions caused by the pandemic. In fact, we could see about 2% in the coming months as the CPI (consumer price index) jumped 5% in May.

What do we do if inflation continues to go up and up?

That’s the question for Dennis Prout and Heidi Thompson today. Join us LIVE as we navigate the ever-changing economy – the first step in any recovery!