estate planning tips Archives - ROI TV

Wealth and Winning Through Visualization, Discipline, and Mindset

Ric Edelman — Fri, 30 May 2025 11:49:25 +0000

When it comes to success whether on the pitcher’s mound or in your bank account it all starts with a game plan. In this episode, Ric Edelman lays out how goal-setting, financial discipline, and practical planning can lead to lifelong prosperity. And who better to bring the point home than baseball legend Nolan Ryan, who joins the conversation with life lessons that transcend the ballpark.

1. Setting Financial Goals That Stick

Ric Edelman believes the way you frame your goals can make or break them. Instead of saying, “I need to stop spending,” reframe that into something positive and actionable like, “I’m saving to buy a house.” Goals with a destination give you something to aim for. Add a deadline, and suddenly that goal becomes real.

Ric recommends writing down your goals and putting them somewhere visible—on the fridge, the bathroom mirror, wherever you’ll see them daily. When you stay immersed by touring dream homes, flipping through travel magazines, or carrying a symbol of your goal like Ric’s Matchbox Jaguar you’ll find motivation naturally follows.

2. Managing Your Emergency Fund Wisely

Interest rates may be low, but your emergency fund isn’t about earnings it’s about access. Ric advises keeping 6 to 24 months of expenses in liquid cash for that reason. Whether it’s a job loss, medical emergency, or housing repair, the goal isn’t growth it’s readiness. Don’t be tempted by higher returns that come with higher risk. Stability is what counts when life throws a curveball.

3. Don’t Swing at Gold Unless You Know the Risks

Gold often gets hyped as a safe-haven asset, but Ric Edelman reminds us it’s anything but stable. Gold reached $850 an ounce in 1980 and took nearly three decades to get back there. That’s not a dip it’s a crater. Gold prices are notoriously unpredictable, and they don’t generate income. For those needing regular cash flow or capital preservation, Ric recommends sticking to investments that align with your goals and your risk tolerance.

4. Elderly Care: Planning with Dignity

Discussing finances with aging parents isn’t easy, but it’s essential. Ric suggests using third-party stories as a gentle entry point, easing into conversations about care preferences, estate planning, and financial preparedness. Involve a professional financial advisor to help mediate and clarify decisions so loved ones feel heard and protected not railroaded. At the core, it’s about respect and peace of mind.

5. Nolan Ryan’s Playbook for Life and Leadership

Nolan Ryan joined the episode with a wealth of experience both literal and figurative. His formula for success included mental preparation, relentless physical training, and the belief that failure is just part of the journey. When Nolan took over the Texas Rangers, he didn’t just change how players trained he changed how they thought. He encouraged high expectations, long tosses, post-game workouts, and a culture of ownership.

In business and baseball, Nolan believes adversity is an asset. Texas heat? Fan competition from the Cowboys? He turned those challenges into rallying points. Success isn’t just skill it’s attitude and environment.

6. Stock Market Smarts: Avoid the Hype

Ric closed out the episode by sharing a surprising stat: in 2010, stocks analysts liked least gained 20% on average twice the return of their most favored picks. The takeaway? Don’t chase headlines. Don’t follow the herd. Smart investing is about fundamentals, not fads.

Final Thought:

What do Ric Edelman and Nolan Ryan have in common? They both understand that success whether it’s financial or athletic is built on clarity, preparation, and perseverance. Visualize your goals. Stick to your plan. And when life throws you a curveball, step up to the plate anyway.

All information provided is for educational purposes only and does not constitute investment, legal or tax advice; an offer to buy or sell any security or insurance product; or an endorsement of any third party or such third party’s views. The information contained herein has been obtained from sources we believe to be reliable but is not guaranteed as to its accuracy or completeness. Whenever there are hyperlinks to third-party content, this information is intended to provide additional perspective and should not be construed as an endorsement of any services, products, guidance, individuals or points of view outside Edelman Financial Engines. All examples are hypothetical and for illustrative purposes only. Please contact us for more complete information based on your personal circumstances and to obtain personal individual investment advice.

Neither Edelman Financial Engines nor its affiliates offer tax or legal advice. Interested parties are strongly encouraged to seek advice from qualified tax and/or legal experts regarding the best options for your particular circumstances.

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Wills, Wealth, and Wise Choices

Ric Edelman — Thu, 29 May 2025 11:06:08 +0000

When it comes to building and protecting your financial legacy, there’s no such thing as being “too early” or “too prepared.” In a recent discussion between financial expert Ric Edelman and entrepreneur Ted Leonsis, they explored everything from estate planning and college savings to real estate decisions and philanthropy.

Here’s what you need to know to make smarter choices at every life stage.

1. Why You Absolutely Need a Will

Ric Edelman doesn’t mince words: “If you die without a will, the state decides who gets your stuff.”

That’s not just bad planning it’s a recipe for family tension and expensive court battles. Whether you’re married, single, or have kids, a will gives you the power to:

Decide who inherits what
Name guardians for minor children
Protect non-married partners or estranged family members

It’s more than paperwork it’s peace of mind. Edelman urges everyone to consult a lawyer specializing in wills and trusts, and update documents as life changes.

2. Renting vs. Buying a Home: Timing Is Everything

Buying a home isn’t just about interest rates it’s about your life plan.

Ric recommends buying only if you plan to stay at least seven years, given the high transaction costs and maintenance expenses. Here’s what many first-time buyers forget:

Owning a home includes property taxes, repairs, insurance, and endless trips to Home Depot.
Renting offers flexibility ideal for those navigating early careers, relationships, or relocations.

Buying too soon or for the wrong reasons can turn your dream home into a financial anchor.

3. Saving for College: Think ROI, Not Just Dreams

College isn’t getting cheaper. Edelman estimates that a newborn today could need over $200,000 to attend college in 18 years.

His advice? Start early with a 529 Plan a tax-advantaged savings tool for education. But don’t stop there:

Look at ROI: Is that $60,000-a-year school worth it if your child becomes a teacher?
Use cost-saving strategies like community college or military funding.
Avoid emotional decisions. College choice should be financial and personal.

4. Financial Advice for Seniors: Avoid Costly Mistakes

One of the most powerful moments in the conversation was Ric’s reaction to a 75-year-old woman being advised to invest in a universal life insurance policy: “Abusive.”

Why? Because at that age, financial goals shift from growth to stability. Seniors and their families should:

Be wary of salespeople who push commission-heavy products
Work with fiduciary advisors who prioritize their best interests
Focus on estate coordination, liquidity, and protection from scams

5. Ted Leonsis on Philanthropy, Sports, and Giving Back

Billionaire entrepreneur and sports franchise owner Ted Leonsis brings a unique lens to wealth. His teams the Washington Capitals and Wizards are not just businesses, but “public trusts.”

He shared how sports can shape family memories, build communities, and drive positive impact. Beyond business, Ted is deeply invested in:

Philanthropy: Encouraging athletes to be givers, not just earners
Storytelling: Launching SnagFilms to support indie filmmakers and social causes
Self-actualization: Viewing giving as a key to happiness and success

6. Strategic Advice for Future Homebuyers

Home buying mistakes often come down to bad math.

Ric recommends keeping mortgage payments under 28% of your income. Just because the bank offers you a $500,000 loan doesn’t mean you should take it.

He stresses:

Don’t become house poor it strangles retirement savings
Plan for all housing costs, not just the mortgage
Buy a home that fits your life, not just your pre-approval letter

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Avoid These Retirement Mistakes

Joe Anderson — Thu, 22 May 2025 11:33:07 +0000

Retirement Planning and Avoiding Sabotage

Joe Anderson and Al Calpine emphasized the importance of intentional retirement planning to avoid sabotaging decades of savings. They encouraged having realistic expectations about retirement, accounting for market fluctuations, and making informed decisions. They also raised awareness of elder fraud, citing 88,000 victims over age 60 who lost $3.1 billion in 2022—an 84% increase from the previous year. Planning for lifestyle and purpose, not just finances, is essential for a happy retirement. Despite 55% of people expecting to work past 65, only 19% actually do, showing the gap between expectations and reality.

Financial Missteps and Buyer’s Remorse

Common financial missteps include buying RVs, dream homes, or boats without thorough research, often leading to buyer’s remorse. Joe and Alan advised visiting destinations multiple times and in different seasons before making major purchases. They also warned about overestimating investment returns, underestimating inflation, and overlooking medical expenses, which can all disrupt retirement plans.

Inflation and Investment Strategies

Inflation erodes purchasing power over time—$100 in 2000 equals about $180 today. Coffee prices have risen from $0.25 in 1970 to over $3 today, illustrating the need for investment strategies that outpace inflation. Joe and Al recommend maintaining a diversified portfolio that includes equities to grow wealth over time. They discussed sequence-of-return risk, which occurs when retirees withdraw funds during market downturns, and encouraged mitigating this with a diversified and flexible withdrawal strategy.

Required Minimum Distributions (RMDs)

Understanding RMD rules is critical. Depending on birth year, RMDs start at age 72, 73, or 75. RMDs must be taken separately from each 401(k) but can be aggregated for IRAs. Mistakes can lead to double taxation or higher tax brackets. Early planning, especially for large account balances, allows retirees to explore tax-saving strategies like Roth conversions.

Social Security Claiming Strategies

Claiming Social Security too early can reduce benefits permanently. Waiting until full retirement age (typically 67) or age 70 increases monthly payouts. Attendees were advised to consider their health, assets, and spousal needs when deciding when to claim. The gap between retiring at 62 and qualifying for Medicare at 65 was highlighted, as private insurance costs during this period can be significant.

Long-Term Care and Medical Expenses

Long-term care is expensive, with nursing home rooms averaging $10,000 per month. In high-cost areas like California and New York, it’s even more. Joe and Alan recommended ensuring enough capital is available to cover such costs, even without long-term care insurance. Planning for the financial needs of a surviving spouse is also crucial.

Estate Planning

Estate planning is often neglected, with half of Americans dying without a will or trust. This can result in assets going through probate and distribution being determined by state law. Joe and Al advised creating key documents: wills, trusts, durable powers of attorney, and healthcare directives. Ensuring beneficiary forms are up to date is also vital.

Retirement Lifestyle and Communication

Retirement isn’t just about money—it’s about how you spend your time. Unrealistic expectations, like spending every moment with a spouse, can cause friction. Jim from Solana Beach shared that having too much unstructured time led to challenges in his marriage. Joe and Alan encouraged developing hobbies, volunteering, or part-time work and having open discussions with partners to align retirement expectations.

Legacy and Investment Decisions

Kristen from Tacoma asked whether retirees should exit the stock market once they have enough money. Joe and Al explained that the answer depends on whether assets are intended for personal use or as a legacy for heirs. If the goal is to grow a legacy, staying invested makes sense. If not, capital preservation may be more appropriate. They advised aligning investment strategies with long-term goals, risk tolerance, and retirement objectives.

Intended for educational purposes only. Opinions expressed are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Neither the information presented, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Consult your financial professional before making any investment decisions. Opinions expressed are subject to change without notice.

IMPORTANT DISCLOSURES:

• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC. A Registered Investment Advisor.

• Pure Financial Advisors, LLC. does not offer tax or legal advice. Consult with a tax advisor or attorney regarding specific situations.

• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.

• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.

• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.

• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.

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How to Avoid Probate, Protect Your Family, and Control Your Legacy

Joe Anderson — Thu, 01 May 2025 11:53:59 +0000

If you don’t make a plan for your estate, the government will—and it likely won’t be what you wanted.

In a powerful financial discussion, Joe Anderson and Alison Ali outlined the key components of a solid estate plan and highlighted the risks of leaving things to chance. Whether you’re 35 or 75, have a small condo or multiple properties, a smart estate plan ensures your family is protected, your wishes are honored, and your assets are transferred efficiently.

Here’s what every household needs to know.

1. Why Estate Planning Matters More Than You Think

More than 70% of Americans have incorrect or missing estate plans. That means their assets will be sorted through probate—a public, expensive, and slow process that affects over 3 million people each year and costs an estimated $2 billion in fees.

Worse still, some estates lose up to 50% of their value due to taxes and legal costs.

Creating an estate plan now helps:

Bypass the court system
Keep your affairs private
Save your heirs time, money, and confusion

2. Wills vs. Trusts: Know the Difference

A will outlines who gets what—but still goes through probate.

A trust avoids probate altogether. It lets you:

Transfer assets privately
Handle complex family situations (like blended families or businesses)
Provide flexibility and protection beyond death

Don’t forget the paperwork:

Power of Attorney for finances
Healthcare Directive for medical decisions
HIPAA Authorization to grant access to medical records

3. Common Estate Planning Mistakes

Avoid these pitfalls that can derail even the best intentions:

Dying without a plan (intestate) leaves everything to the courts
Relying only on a will when a trust is needed
Not funding a trust—if your assets aren’t titled correctly, the trust doesn’t work
Giving away property before death, triggering avoidable capital gains taxes
Joint ownership mishaps, such as assets going to unintended beneficiaries or being seized by a co-owner’s creditors

Regular updates are critical—especially after marriage, divorce, a new child, or buying property.

4. Planning for Your Children’s Future

Estate planning isn’t just about money—it’s about people.

For parents, your plan should include:

Guardianship instructions for minor children
How and when funds should be used (e.g., education, housing, health)
Naming trustees or guardians who are responsible, capable, and ideally local

Don’t assume kids want to keep the house. Clarify with them now, and document your decisions.

5. Update Every 3–5 Years

Tax laws change. So does life. That’s why Alison recommends reviewing your plan every few years or after major events like:

Marriage or divorce
A child turning 18
Buying or selling a business
Inheriting money or property

Your plan is only as good as its last update.

6. Everyone Has an Estate Plan—Even If You Don’t Write One

As Alison noted, if you don’t make an estate plan, the state has one for you. That often means:

Delayed distributions
Higher legal fees
Misaligned outcomes (e.g., ex-spouses or distant relatives inheriting your assets)

Creating your own plan ensures you—not the courts—decide what happens.

7. Powers of Attorney and Healthcare Directives

These documents are essential while you’re still alive but unable to act:

Financial Power of Attorney: Who manages your money if you’re incapacitated?
Healthcare Power of Attorney: Who makes medical decisions?
Living Will: What are your wishes for end-of-life care?

You can set these to activate immediately or only upon incapacity (“springing”). You can also require multiple agents to act jointly.

8. Don’t Forget Your Digital Assets

Your estate plan should include instructions for:

Cryptocurrency wallets and NFTs
Email and cloud storage
Social media accounts (e.g., Facebook legacy contacts)

Without clear directives, these assets could be lost forever—or fall into the wrong hands.

9. Talk to Your Family—Before It’s Too Late

Discussing estate plans can feel uncomfortable—but silence causes more problems.

Make sure your loved ones know:

What your plan includes (not necessarily dollar amounts)
Where your documents are stored
Who your attorney, trustee, or executor is

Clarity now prevents chaos later.

10. Including Pets in Your Plan

Yes, you can—and should—plan for your pets.

Designate:

A guardian who is willing and able
A trust or account to cover their care
Specific instructions for medical needs and routines

Joe noted that some people leave entire estates to pets. You don’t have to go that far—but make sure they’re not forgotten.

11. Understand What Happens to Pensions and Annuities

Not all pensions and annuities pass on to heirs. It depends on the structure:

Life-only annuities stop at death
Joint or survivor options continue paying a spouse or beneficiary
Period-certain payouts guarantee income for a set time, even after death

Make sure beneficiaries understand what’s available—and what isn’t.

12. Get Organized with the Right Tools

Joe and Alison recommend tools like:

Estate Planning Organizer
Survivor’s Guide

These documents help you gather account information, key contacts, and final wishes—all in one place. They’re available through their website and offer peace of mind to both you and your heirs.

Final Thoughts: Start Now, Adjust Later

Estate planning isn’t about how much you have—it’s about protecting what matters.