Mr. Stillman's Opus

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: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

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: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

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: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

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: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

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: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

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: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

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: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

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: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

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: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Have you ever wondered why you handle money the way you do? It turns out your financial behaviors can be traced back to your formative memories. Key events throughout our lives shape the way we view money. In this episode, we explore how historic market crashes have left a lasting impact on our relationship with money. We’ll also contrast them with the way more recent crises have shaped our financial views and decisions in the short term. Best of all, we’ll start it all off with a biblical example of how people have been financially scarred for hundreds of years. Here’s some of the myths we’ll address in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you're eligible is the best decision for your financial future? In this episode, we'll be debunking common myths about Social Security and answering the questions you've been curious about. Social Security will be one of the biggest sources of retirement income for most Americans and you need to be aware of these myths before filing for your benefits. Most of the time, once that decision is made, you can’t reverse it. So let’s make sure you’re getting the most out of your benefits. Here’s some of the myths we’ll address in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Are you preparing for retirement but feeling confident that you have covered all the expenses? Well, think again… It turns out that many retirees overlook some crucial expenses that can leave them financially vulnerable. In this episode, we explore the retirement expenses that most people tend to forget, including skyrocketing medical bills, unexpected travel costs, taxes, and much more. We'll discuss practical tips and strategies to help you plan for these expenses and ensure a secure and comfortable retirement. Here's some of what you'll learn on this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Do you ever feel like your retirement planning goals are always moving? You're not alone. We’ve found that people often move the goalposts in their own retirement planning, often to their detriment. In this episode, we're diving deep into the psychology of retirement planning and the dangers of moving the goalposts. Keep in mind that we’re talking about the rules you make for yourself rather and not the changes you make to your financial plan. We want to have a financial plan that’s flexible enough to change as your life does so that’s a bit different than this conversation today. Here’s some of what we’ll discuss in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Retirement can come with a lot of tax questions and concerns. From understanding the tax implications of withdrawing from your retirement accounts to minimizing taxes on investment income, it can be overwhelming. On today’s episode, we’ll break down the top ten tax questions retirees are asking in 2023. Before you file your 2022 taxes and plan ahead for the rest of the year, make sure to listen to this episode as we’ll discuss some important tax questions that retirees should ask themselves to ensure they're making the most of their retirement savings and minimizing their tax burden. Here’s some of what you’ll learn in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

mistakes. No matter how experienced you might be, we’re all susceptible to a moment of weakness. On this episode, John will cover some of the top rookie mistakes we see people make and share examples of how he’s seen this play out. Plus, he’ll illustrate how to avoid these missteps or how to fix them if you’re already made some in your financial life. Here’s some of what you’ll learn in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

The SECURE Act 2.0 was pushed through Congress late last year, and even though you won’t see too many exciting headlines about the legislation, there are actually some great planning opportunities inside. We spent a little time talking about the RMD age change that will impact people in or near retirement in our last episode. Now we want to highlight a few more positive changes that you need to know about, including catch-up contribution increases, a 529 to Roth option, and a benefit for people for some people still paying off student loans. Here’s some of what you’ll learn in this episode: Connect with us: https://rosewoodwealthmanagement.com/ 919-391-3446

We’re only a few years removed from the SECURE Act being passed, which brought about significant retirement planning changes. Now three years late, Congress passed SECURE Act 2.0 in late December and we have another round of changes to process and adjust to. We’ll cover these provisions over the course of multiple episodes, but today we’ll focus primarily on another adjustment to the age you have to begin taking required minimum distributions. Starting this year, the age will move from 72 to 73, which is pretty big news for people that are in their mid-to-late 60s. Here’s some of what you’ll learn in this episode: Connect with us: https://rosewoodwealthmanagement.com/ 919-391-3446

The end of the year (or start of a new year) probably means you’re getting a lot of financial statements in your mailbox (or inbox if you’re paperless). Ever wonder what some of those terms mean as you look at your 401(k), IRA and other account balances? Let’s spend a little time looking over a financial statement and breaking down some of the terms you might come across. Here’s some of what you’ll learn on this episode: Connect with us: https://rosewoodwealthmanagement.com/ 919-391-3446

Even if she wasn’t directly talking about money, Grandma said a lot of smart things that we can apply to financial planning. We might not have known it then, but looking back on wisdom that was imparted to us can teach us lessons years later. On this episode, let’s take some classic Grandma sayings and see how they relate to our financial lives. Here’s some of what you’ll learn on this episode: Connect with us: https://rosewoodwealthmanagement.com/ 919-391-3446

Getting through retirement can be a lot like running a marathon. While we may not know that through first-hand experience, we can certainly lean on the lessons we’ve learned from family and friends who have succeeded in this endeavor. On this episode, let’s talk about some of the similarities of getting to the finish line in racing and retirement. Much like in retirement, runners might be able to finish a race without all the planning and prep, but they might not how they’re feeling during and after. Here’s some of what you’ll learn on this episode: Connect with us: https://rosewoodwealthmanagement.com/ 919-391-3446