LBS - Hill and Hill Estate

Retirement and Estate planning is something everyone should think about.

Morgan Hill from Hill & Hill Financial has advice and tips to consider.

Https://www.hillandhillfinancial.com/

Welcome to local business spotlight everyone i'm troy thompson joining me today is morgan hill from hill and hill financial and today we're talking all about retirement and estate planning i love this conversation i do too my friend glad to be with you well i do want to say to you when it comes to retirement and the estate planning give everyone some sound advice on when they should seriously start thinking about this really good question thank you for bringing this up one of the things that i find is first of all the estate planning just the conversation people get a little taken aback oh and or they go i don't have much i'm not rich and and we have this real big misunderstanding um first of all full disclosure i have education in the area of law i have stuff on the walls in my office that says i've learned a couple of things i'm not a licensed attorney don't pretend to play one on tv but i work with a wonderful team of attorneys throughout the country one of the big things that i share with people is there are different ways in which your assets can move both during life and death right we always hear about this thing called probate you know what happens is probate bad is it good so we talk through what is the probate process what's its history what are the documents that you need there are certain things that can pass by operation of law um for example if i had my brother we could own something jointly with rights of survivorship you've heard that joint tenants right well gosh if i go he gets it he goes i get it right there are things like trusts when you say do i want to protect this property against any number of of things that could pop up and then finally you have things that move by contract in your estate people say i don't have any contracts i said no your ira is a contract you name someone your insurance policies your annuities and so the first thing we try to help people is one demystify estate planning is not for this group or that group it's for anyone who has stuff that they want to make sure people they love get not people they don't so we walk them through all three of these areas and how does this work generationally to make sure what goes to a surviving spouse also goes to the next generation that they love and care for all right we're talking about longevity there are big issues right when it comes to that for retirement let's talk a little bit about what are some of the ways to effectively plan for it when you just playing for longevity yeah um well one of the things that for your return for for our retirement as we do the work that we do we really focus on four key areas in investing in income risk management estate planning and taxes right so one of the first things we do is make sure that the investing and income that we set up will actually last the next thing that we do that's not necessarily fun troy is what happens if you're 96 yeah you know we don't like we like thinking about getting to retirement we don't like to think much about getting through retirement and so we do a lot of work when it comes to longevity planning it could be family it could be various insurances that can protect you so that you live your life i can live my life with dignity and respect yeah right up until the end i agree with you all right the stock market's done really well yes this last few months we all know that yeah okay and i think it's only going to get better yeah fingers crossed yeah all right so how do we protect ourselves from the market if we're a little unsure sure sure um one of the things that we do and people can go to our website and yeah this up is we've developed models that show where money can live what i mean by that is this too often we think of investing for retirement as simply my merrill lynch my raymond james my td ameritrade account yeah and i've got it international domestic sector funds etc well that's a world nothing wrong with that the younger you are maybe you have more in that world well there are certain types of tools that grow when the market grows but they don't lose when the market loses oh really people go huh never heard about that either there are tools that are tools that um can provide stable returns such as dividends or bond payments that do not correlate so if the market's up there's no change in your percentages and if the market drops there's no change and people go i i didn't know these existed and as a full service firm that we are licensed in all of these areas we just want to make sure people are aware of all their options thank you so much my pleasure thank you morgan we appreciate it if you want to find out more information there it all is up on the screen for you hill and hill financials