Listen to Episodes of the Talking Money^® Podcast & Radio Show

Estate and Tax Planning

Air Date: March 19th, 2022

Bob Ward, estate and tax planning attorney with offices in Vancouver and Maryland, joins Mike to discuss various aspects of estate planning, especially as it relates to taxes.

• How does the tax system affect estate planning?
• What is the gift and estate tax exemption?
• What is a trust and how does it impact estate planning?
  • Who is a settlor, a trustee, or a beneficiary on a trust? What are their various roles?
  • What are the advantages to acting sooner rather than later on gifting assets?
  • What is a generation skipping trust?
• What are some other considerations regarding inheritance? (What if a child get sued? What if they are in a bad accident? What if…?)
• How do state laws affect second or third marriages?
• How do you set up a trust to save current taxes, give to charity, and still give money to your children?

Global Economy: Inflation and Crisis

Air Date: March 12th, 2022

Mark Elam, Senior Investment Strategist at Ronald Blue Trust, joins Mike to discuss various market concerns from the Ukraine crisis to inflation.

• What is the difference between and CD and a treasury bond, bill, or note?
• Inflation: we see it everywhere. How high will it go? How long will it last? What should I do?
• Does diversification really protect me from inflation?
• What if Russia does end up taking over Ukraine? How could that affect the economy?
• What is Russia’s impact on the global economy?
• How do events like the war in Ukraine affect the stock market?
• What is your investment time horizon, and how does it affect your investment decisions?
• What are private investments? Who can qualify for them?

They also answer a caller question about taking a disbursement from his IRA and how that could affect his VA pension.

Social Security and Medicare, Part 2

Air Date: March 5th, 2022

Eddie Holland joins Mike again to discuss more about Social Security and Medicare.

They answer a number of listener questions, including:

• Why might you delay taking Social Security? What about taking it early?
• How would the survivor benefit play into that consideration?
• Is there any penalty for someone who has not yet reached full retirement age to continue working for a year or two, but still go on and start drawing Social Security?
• How does Social Security determine your annual benefits based on your estimated date of death?
• Once you reach full retirement age, and you decide to continue to keep working, does your employer still withdraw Social Security taxes past your retirement age/date?
• At what point do we have to decide about Medicare if both spouses are at retirement age, but one of us is still working and has employer provided health insurance?
• My employer health insurances will subsidize half our Medicare premiums. Should I go on and sign up for Medicare to take advantage of that?
• I’m 68, going to file at 70. My spouse is 62. Should she go on and file? If she does, when she reaches full retirement age, can she then claim my spousal benefit?
• At what age can you still work and draw Social Security and not be penalized?

Social Security and Medicare, Part 1

Air Date: February 26th, 2022

Eddie Holland, CFP®, CPA/PFS, CKA®, joins Mike to discuss Social Security. They answer the following questions:

• If I’m going to collect social security and continue working, how do they calculate the amount taken out for social security and when do they look at that?
• How much of your social security will be considered as taxable income for a given year?
• What is full retirement age and why does that matter?
• What is the split strategy?
• What is the income reduction?
• If I have health benefits through my job, but I am approaching Medicare age, do I need to switch to Medicare?
• How would enrolling in Medicare affect your usage of a Health Savings Account?
• Does a spouse have the ability to use your Medicare or Cobra if they are themselves too young to apply?
• How does my income affect my Medicare premium?

Disclaimer: “Ronald Blue Trust and its employees have general knowledge of the Social Security tenets, however, they do not have complete expertise to provide a full discussion of the details of your specific situation. So, for additional information, contact your local Social Security office.” (and don’t be afraid to ask questions or for a supervisor if the information isn’t clear or not what you were expecting.)

Trucking and Elvis Gospel Records

Air Date: February 19th, 2022

Tim Guin of USA Truck joins Mike again to answer more listener questions and shares some of his story.

• How do trucking companies try to mitigate risk of high dollar law suits?
• What equipment is on semi trucks to help prevent accidents?
• How has the chip shortage affected the trucking industry?
• What is the drug testing clearinghouse?
• How has the labor shortage affected trucking?

Best of Talking Money: A Biblical Relationship with Money

Air Date: February 12th, 2022

Highlights from show originally aired December 4, 2021

What does the Bible say about money? John Dodd, Senior Private Wealth Advisor in the Nashville office of Ronald Blue Trust, joins Mike to discuss how you can develop a biblical relationship with money.

Money is a tool God gives us to grow His kingdom. It is not a source of contentment or a measure of biblical success. We should use it to meet our needs, save for emergencies, and give generously. But what exactly does all that look like?

Looking at three main points and principles:

1. God has set eternity in our hearts (Ecclesiastes 3:11). We are hard-wired to find contentment in God alone.
2. The eye is never satisfied with seeing nor the ear with hearing (Ecclesiastes 1:8). We seek contentment in the things of this world instead.
3. Our God is a jealous god, a consuming fire (Deuteronomy 4:14). God will not compete with money.

Materialism and “keeping up with the Joneses” can entrap and ensnare us. It is not how God has called us to live. Mike and John also discuss several questions and principles to help us become free from the entanglements of materialism and consumerism:

• How should Christians think through financial decisions?
• Is it wrong to have nice things?
• What should we think about tithing?
• When I get an increase in wealth, how should I adjust my standards of living and giving?

Supply Chain Shortage

Air Date: February 5th, 2022

What is the supply chain shortage all about? Tim Guin, CCO and Executive Vice President of USA Truck, joins Mike to discuss the ins and outs of the trucking and shipping industry.

• We see so many trucks on the road, but hear about a driver shortage. What explains this?
• What is the Amazon effect?
• California seems to be quite clogged up with ships. What is going on there? What led to that?
• Will there be a convoy in the USA like there is in Canada?
• What drives some of the changes and challenges we see in the trucking and shipping industry?

Short Clip: Discussing the Amazon Effect

Best of Talking Money: Investment Considerations

Air Date: January 29th, 2022

Highlights from show originally aired November 6, 2021

Mark Elam, Senior Investment Strategist at Ronald Blue Trust, joins Mike to discuss some important considerations to think about regarding your investments. They answer four listener questions:

• Is it hard to create my own portfolio of stocks, ETFs, and Mutual Funds?
• Is there a significant difference between owning a grouping of bond funds or owning a bond portfolio?
• Considering recent legislation and the concern of rising inflation, should I be more conservative in my investments?
• A couple currently in their mid-70s has their portfolio at 50% stocks and 50% in mutual funds. Is that reasonable?

Tax Efficient Planning

Air Date: January 22nd, 2022

In this episode of Talking Money, Mike answers questions related to tax planning and more:

• Can you itemize deductions? What are the different thresholds for being able to itemize?
• What is “bunching deductions” and how does that work?
• What about using a donor advised fund for charitable giving?
• Why doesn’t it work to put municipal bond funds inside of an IRA?
• How could  the increase in gift tax exclusion change what I choose to give to my children?
• What are some ways to set up beneficiaries when you have been married more than once?
• How can you get money from your spouse’s account if they become incapacitated?
• What are some other beneficiary considerations people need to keep in mind?

Weathering Financial Storms

Air Date: January 15th, 2022

Mike is joined by Nick Stonestreet, CEO of Ronald Blue Trust.

They discuss a “Mission Accomplished” story shared recently by a radio listener.

A caller asks a question about inflation and where that may be headed, and Nick and Mike share their opinions on that. They also discuss some ideas for how to weather financial storms.

Another caller asks a question about savings accounts, money market accounts, and CDs.

Mike and Nick then discuss what investment risk entails and how to think about your investments. No one can predict or time the market, but there is no such thing as a low risk, high return investment. A recent article covered someone who had promised a low risk, high return investment, but it was really a Ponzi scheme.

“People who have crystal balls typically end up eating glass.”

IRA Distributions: When and How

Air Date: January 8th, 2022

In this episode, Mike looks back on some past listener questions that still get asked frequently today:

• When exactly do I need to start taking my required minimum distribution (RMD)?
• What is the best way to take that RMD?
• Has the age requirement changed?
• How does the qualified charitable distribution (QCD) work?
• Is there a more tax efficient way to give?
• How does lowering the balance of your IRA affect your RMD amount?
• What are some ways to lower the balance of an IRA?

Best of Talking Money: Financial Confidence: A Client Story

Air Date: January 1st, 2022

Highlights from show aired October 9, 2021

Mike is joined by his cousin Tim Van Dam and Tim’s wife, Martha, who also happen to be Ronald Blue Trust clients. Tim and Martha share a little bit of their backgrounds and how the Greenville office of Ronald Blue Trust has helped them on their financial journey.

Best of Talking Money: What is Your Financial Plan

Air Date: December 18th, 2021

Highlights from show aired December 19, 2020

Scott Clark, CFP®, CKA®, joins Mike to discuss the Everyday Steward division of Ronald Blue Trust. They discuss the importance of having a financial plan, having your estate in order, and making sure you are truly diversified in your investments.

A special offer for our listeners! For $500 you can get a professional financial plan overview for yourself or to give as a gift!

Scott and his team will help you answer five major questions:

1. Do you have written financial goals or responsibilities driving your decisions?
2. Are you purposefully giving, saving, and spending?
3. Are you prepared for the impact of death or disability?
4. Are you on track to meet your written goals or responsibilities?
5. Are you making wise investments? Does your portfolio flow from your plan?

This offer will include one hour of planning by Scott and his team, one hour meeting with Scott to discuss the plan they have drafted, and a binder with the plan all printed out for you.

Two books will also come with the plan: Your Money Made Simple and Your Life Well Spent, both by Russ Crosson, the chief mission officer of Ronald Blue Trust.

To begin the process, you simply need to request a questionnaire. You will have no obligation until you return the questionnaire and you agree to engage us.

For more information, please email mike@talkingmoneyradio.com or scott.clark@ronblue.com, or you may call Scott at 864-335-6744 or the Greenville office at 800-588-7526.

Divorce and Probate

Air Date: December 11th, 2021

Greenville County Probate Judge Debora Faulkner joins Mike to discuss how South Carolina probate laws work in divorce situations.

• Does the law assume you want your ex-spouse to get anything upon your death?
• If you are getting or have been divorced, have you changed all your documentation to accurately reflect what assets you would like to go to your ex-spouse, if any?
• How does the law handle distributing assets if that documentation has not been changed?

They also answer listener questions about how probate law handles things like time shares, property in other jurisdictions, and unsettled estates.

A Biblical Relationship with Money

Air Date: December 4th, 2021

What does the Bible say about money? John Dodd, Senior Private Wealth Advisor in the Nashville office of Ronald Blue Trust, joins Mike to discuss how you can develop a biblical relationship with money.

Money is a tool God gives us to grow His kingdom. It is not a source of contentment or a measure of biblical success. We should use it to meet our needs, save for emergencies, and give generously. But what exactly does all that look like?

Looking at three main points and principles:

1. God has set eternity in our hearts (Ecclesiastes 3:11). We are hard-wired to find contentment in God alone.
2. The eye is never satisfied with seeing nor the ear with hearing (Ecclesiastes 1:8). We seek contentment in the things of this world instead.
3. Our God is a jealous god, a consuming fire (Deuteronomy 4:14). God will not compete with money.

Materialism and “keeping up with the Joneses” can entrap and ensnare us. It is not how God has called us to live. Mike and John also discuss several questions and principles to help us become free from the entanglements of materialism and consumerism:

• How should Christians think through financial decisions?
• Is it wrong to have nice things?
• What should we think about tithing?
• When I get an increase in wealth, how should I adjust my standards of living and giving?

Best of Talking Money: The Confusing World of IRAs

Air Date: November 27th, 2021

Highlights from show aired August 21, 2021

Mike unpacks some of the confusing world of IRAs. A listener recently asked a question about transferring an IRA from a deceased family member to multiple family members.

• What are some of the tax considerations and implications for transferring an IRA?
• What is a step up in basis? Does an IRA get a step up in basis?
• Is there a required minimum distribution? When does this apply?
• How important is it to know your tax bracket and taxable income?
• How quickly do you need to start the process of transferring an inherited IRA?
• Should you transfer it all to stocks? How soon will you need the money? Does that factor into the decisions you make?
• How did the SECURE Act change IRA rules?
• Can you give an inherited IRA to a charity? How?
• What if I am in a qualified retirement plan?
• Is it a good idea to set up a trust for minor recipients?

Tax Strategies to Think About Now

Air Date: November 20th, 2021

Alan Cox, Head of Estate/Trust Planning and Estate Settlement at Ronald Blue Trust, joins Mike to discuss some pending legislation as well as some tax strategies you can implement this year.

• There are different provisions provided by the CARES Act, not only for those who itemize, but also for those who can’t itemize deductions. Talk to your tax advisor!
• There are advantages to giving non-cash assets as well.
• One huge tax advantage is giving charitably by using a Qualified Charitable Distribution (QCD) to meet your Required Minimum Distribution (RMD). Make sure you mention this idea and plan to both your financial advisor and your tax preparer.

Live at the Turkey Fry Donation Drop-off

Air Date: November 13th, 2021

Mike broadcasted live from the Miracle Hill Turkey Fry Donation Drop-off event. Yolanda Campusano joins in to discuss the Turkey Fry event. For the past 15 years, Miracle Hill has partnered with the Ellis and Bradley show on WSSL as well as several other organizations to make sure the homeless and less fortunate in our area get a Thanksgiving meal. This year, they hope to fry over 600 turkeys! Miracle Hill has more information about the Turkey Fry on their website.

There is still a need for volunteers for the Turkey Fry! Check out the needs list and sign up! (Please sign up if you plan to volunteer, so they can be ready for your help as there are preparations that need to be made for volunteers.)

Mike also was able to briefly discuss the question “Is it ever wrong for a Christian to go into debt?”

Investment Considerations: Bonds and Inflation

Air Date: November 6th, 2021

Mark Elam, Senior Investment Strategist at Ronald Blue Trust, joins Mike to discuss some important considerations to think about regarding your investments. They answer four listener questions:

• Is it hard to create my own portfolio of stocks, ETFs, and Mutual Funds?
• Is there a significant difference between owning a grouping of bond funds or owning a bond portfolio?
• Considering recent legislation and the concern of rising inflation, should I be more conservative in my investments?
• A couple currently in their mid-70s has their portfolio at 50% stocks and 50% in mutual funds. Is that reasonable?

Best of Talking Money: The Ronald Blue Trust Difference

Air Date: October 30th, 2021

Highlights from show aired June 26, 2021

Mike is joined by Eddie Holland, Ronald Blue Trust advisor, and Hayden Ericks, Ronald Blue Trust intern, to discuss what makes Ronald Blue Trust so different.

Some of what makes us different than most other financial planning firms:

• Our core philosophy is: “Helping Christians free up resources for the fulfilment of the Great Commission.”
• Our core focus is on financial planning, not on bringing in assets.
• We don’t earn commissions from products we sell because we don’t sell anything! Our fee-only structure helps make sure we are truly looking out for the best for our clients.
• We want to work with both spouses to make sure everyone is comfortable with the financial plan and give you both peace of mind financially if something were to happen to either one of you.
• We have a saying that we are “courageous to advise,” meaning we aren’t afraid to have difficult conversations and tell you what you need to hear, not what you want to hear.
• We want to feel like your personal CFO: asking you questions to fully understand your financial situation and goals so we can help you achieve those goals.

Becoming a client involves a couple of steps:

1. Initial phone conversation: What is the client looking for?

• Tax Planning
• Charitable Giving Strategy
• Investment Strategy
• Preparing for Retirement

2. In person meeting or virtual meeting:

• Asking and answering questions of each other to find out if we are a good fit for each other.
• Making sure we go fully in depth, even answering questions you may not know you had.
• Really getting to know financial goals and financial situation.

3. The client hiring us to fully create and implement the plan.

We try to capture the essence of a person’s financial picture, create their plan, lay out that plan, and then implement that plan. We also work to change and adjust the plan as things change. We see the plan as a living, breathing document and review it often.

A financial plan may include:

• Social Security Strategies
• Income Tax Optimization
• Insurance Planning
• Roth Conversion Planning
• A withdrawal strategy
• Medicare considerations
• Pension lump sum calculations
• Estate Planning