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KJCE 1370AM>Audio on Demand>>WorthPointe Wealth Watch Podcast 08/16/14

WorthPointe Wealth Watch Podcast 08/16/14

Aug 17, 2014|

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It's time for work quite well watch with Christopher -- -- Partner and founder of worst point so we'll see. Tired of the same sales pitches disguised as financial advice Christopher is a certified financial planner who will give you the real facts about investment. Next play in this state by. Cheers Christian. Good afternoon off -- we are. Really excited about today's show today we have Lacey Jones. -- back for a second show with us and we're gonna talk about charitable giving terrible planning. Video. One of the more important charitable organizations here in Austin and I'm joined only by -- vote by Scott O'Brien and Morgan Smith from more points. Good afternoon everyone how to pay their. Mortgage than six months is pretty clean -- dowdy and just kind of Edmonton in -- you're gonna make a good tax -- You really are there's hope for that. It's -- you got here as soon -- that I finally got the answer where were you from when you say Coronado he's at but I got here since -- I've read all the Lou Lou we're works better. That's what makes it taxing that's for sure. That no love of freedom. All right Scott do you have a news out of sorts. -- -- -- -- -- -- And the news for this week is that your vote giving was up four point 9% in 2013. -- to. Cut to two -- 39 billion dollars and that is just from individuals that does not include corporations are bequest or foundation giving so. When the total. Individuals is by far most the money come strong it's I don't have a total but it is by far into the 300 billion -- to the idling I don't. They don't think it was that quite that much from looking past numbers but but it's it's it's amazing how much he that comes from individuals him. It's amazing when you look back at the records even during recessions them the numbers they really really high effort to designate the numbers actually went down. By I think six or 7% -- that was. That was a dramatic drop because of the economy but it even during recessions. The American public just continues to give wells and I. Hillary that I don't say. That talk to our guests. Cannot -- them and then there should judges keep dogs into a I'm. During a recession and during bad times actually people will tend to go to whatever their religious it's really business. And churches actually in temples benefit from recessions. Because -- you when you -- down on their luck yet aired their prey and they're right and checks or think in a five. Has something and then. And I think in offering plate the other authors later I think there's one babies conceived during recessions and in and look at that spot again and people get married. And they're so says. When things are gonna well the immortal horses is thicker my my Scott and Scott consumption went out the. During the last return to. Well and they also say. You know they were concerned when the estate tax laws were evolving and we are getting a larger exemption that charities we're going to -- The crash site that that's right and actually like Scott was saying and the charitable donations are actually rising. It shows that we're not all out for you know cut out Uncle Sam. That's really really wanted to do along the way regardless of what the taxes say so that taxes are usually part of the decision making process. But it's not everything about the process that. Straight and I think that the giving pledge that you know that Warren Buffett started I think I think this 2010 when he made public when he decided he and give the bulk of his money away and again being warm buff and being a Smart guy gave it to another Smart guy. To get away Ellis might -- foundation delegates foundation to bill and Melinda Gates has said you guys are Smart -- to give my money away and I Sun Online and as of may 2014127. Other billionaires have decided to give the bulk of their money away so I think the publicity of that has even gone down to a regular folks and say I'm sure that's when the world's richest man. -- -- you should have a turtle bulletin that's -- have a lot of people listen everybody heard -- yeah him in Warren you know these billionaire but people like him his vision of a sort of a regular folks billionaire -- still is in the same house and goes to dairy queen and drinks -- is just like -- -- so yeah so let's say you're not the rules much respect most richest man at. Or women and you do wanna get some money away. Think you should talk to first you structure your auto mechanic your financial your state planning attorneys you know -- the radio producer greater producer. First radio they should get. And then I think you start to family you know I talk about talk to your family about what your thoughts are -- -- to do before you go and start talking legal. Aspects of an -- that. Income tax our plane in around the don't like when people come in your office and husband might have never talked about it at all -- and it's -- -- don't have that number actually that's actually a great thing to do because it's my time is still too. And it come -- and talk about that for -- I forget and I forgot -- work hourly. We don't. -- yeah. Is that tell you might not Landry can talk a -- you put up with. No I wouldn't want to because I would learn a lot and that conversation and I would like for them to benefit from my experience and have that conversation to -- to be -- -- I would enjoy it. I think it's good to have someone else in the -- that you got to start with your family and start talking about this I wanna do what do you think about this what do you think we -- head from here and then bringing your advisors brain you know sit down the table with -- your attorney your financial advisor -- -- ever you think is your next an in line that he felt comfortable. Kind of talking through this I equate charitable plan. See you shopping for shoes found elements are half and passion comes journey that you don't equate with shopping for. You -- everything -- You know you go and do it. -- early today. You go into -- shoe store. And on the wall is every kind of issue that you can think of right he's got hiking shoes she got running she she got cycling and she's she's got going out shoes yet. Has sandals flip flops get heals all kinds right in you have a mission that your gonna buy a certain kind of issue. For a certain kind of mission of where you're headed well if you have someone in the store to help you pick out the issues you don't walk -- lashes after awhile ago bare feet. You're just you're gonna -- that's right and that's what people do. When it comes to charitable they went in with a good intention I'm gonna buy the rights you they either walk out without any issues the -- -- they have the Bronx you -- had to make sure it fits you one -- that. We didn't finish talking about last week was the center for child protection so give -- so quick recap again this is security on which you're you're the president of the board and Scott O'Brien -- point guy is also on the board and but as a board member yes to coming madam president she is she's very adamant without regular ridiculous. What you call him boy. -- don't like how I. Women -- power yeah. Because he is very adamant about that the. Now it's that. All kidding aside it's an incredible organization and it and it takes incredible people to make it work everyday and -- Scott and I are on the board we don't get into the nitty gritty of what really have to happen there what what is the mission the mission is it's an advocacy center so back before the center for child protection existed. When a child abuse have been reported. Whenever that abuse was he or she would be taken to the PlayStation and set and a cold chair it and be interviewed and questioned by a police officer. Or somebody else that was in the office that day. And asked them what happen as you can expect that wasn't a very successful situation and after the most unfortunate death after death after death. Because these children were abused and we couldn't. Fix it because we couldn't get the sinner I'm sorry that then processed. TU advocates for that child they created. Comment after C program. Where there was a place to camp and that place was set up for the children to command -- being interviewed comments are what we did as we partner with CPS. With the sheriff's department -- child protection typically do you absolutely. On the so that we can help that child's case be solved and so that they're not someone after it now unfortunately I think where. A couple of generations maybe three generations away from really Indian child abuse but until that day comes where we have to shut the doors it's great to have a place -- center for child protection to help these children not only brought after it happens but there's programs out there that help parents and help children can live into a better place to hold that thought we'd take a break and you -- -- little bit more about this ongoing programs -- And we have seen. This done deal. Between ramping government spending in uncertainty about our economic future most Texans are having doubts about their own financial future. Are you ready to take a serious look at your financial goals using the experience the only certified financial planner practitioner is it worth point. Would you like a second opinion under current advisor who may be selling you investments and insurance for commissions -- worth when he radioed I've come to make an appointment or call 8885447876. -- that's worth point radio dot com 8885447768. Welcome back to work quite well watch giving you an unbiased people under the hood of wealth management. Investment and financial planning. Once again here's Christopher advance look at. Welcome back often. We're having a great conversation with -- Lacey Jones about the center for child protection. Which is a local charity. Where she serves as president supports our parents -- O'Brien is also a board member. And we're just talking about it because it shows about charity not just the legal and tax aspect of it but it's kind of nice to bring to life what goes on real -- -- you were saying before the break that it's not just that meeting where the child was interviewed when there's an incident -- -- Law enforcement involved but you provide support afterward to help. To help them recover guess because once something like this happens your life is devastated. How do you get back on track and become successful not let this devastate. Right so yeah there's other nonprofits we work with that also have programs that help the children get to the better place. My partner with some other when we do and then we have programs at the sinner and then -- reach out to the communities. We also work on trying to you and slowdown. If you will that incidents. But I am reaching out to our schools. And educate our teachers if is there issues out there what are we looking for what are we see what -- bush should tell us if that's the worst thing right -- if you find out that someone's been abuse for years and they were set that right there next year and so. This center also is involved in. The prevention as well. Trying to slow down and the summertime and -- actually a sinner -- slow down a little bit but unfortunately that's not because. Abuses slowed down it's because -- is not in front of those kids every day. Teacher teacher since -- -- to educate them as well and he helped the parents somebody came into their home or invaded their child and you got to work with them on how to avoid that in the future America they're part of the issue here to answer how -- we work around that. It's a great place -- and and they offer to worst you get to go out there and see that the sinner and what all it does and all the partners and how -- out. There and someone who wants to get involved -- the what should they do -- -- begin the process of working I would go on to our website this is our test center for the center for child protection dot -- yes. Cheeky Google yet Scotland today that Hamachi -- that growth quickened since. Since I madam president -- actually the lawyers please keep discussing. You see you're not the secretary of network. -- keep discussing I'm looking. Well as Scott was mentioning. In last week's show my wife Claire won the dance competition. -- -- last year Dancing With The Stars Dancing With The Stars Austin which is a pretty well known event I think it's got to be the most. Well known charity event in town is there anything else that's. I think it it's a place to CNBC its a pretty neat if it is it is -- crack in the energy in the event insists that second to none insisting credible ago. And watch and it's for local. Yeah talent behind us so it's it's not only way to do it hurt -- we have a special fund raising thing is is Christopher defense is next year and we we can assure that we start putting our money together now and then we can pay for his spot there -- once thought they get -- we can actually die -- -- -- great -- In my life but never cut it. I did coming right back up. But but it that is I've been to the event twice now when. My wife was it two years ago than she had a baby and then she wouldn't. Was there last year and I've made a lot of friends doing it I've got you know this organization a lot better. And that it you know. By I think by cable go for your company -- inclined this is a really -- charity because then the mission is a worthy mission it's well executed an efficient and the community of people of donors around this organization. Just in my observations just an amazing group of people. You know incredible there's a raffle that happens. Along with the event you buy a raffle ticket need go any hope that your name gets called need -- -- -- Lexus summer -- Lexus and lost this one of our big sponsors soft thanks Lexus of Austin Kelly but Alexis got hit is. And it's a lovely. Car and I'm very proud of -- -- the -- news campus I have had a no win the and I did not win the prize over it and working diligently on good and it -- Ten minutes right I was is the center for child protection dot org by -- -- center noise center center. So. But today and also we have -- we -- great golf tournament to -- 45000. Dollars we don't want Ed to told Jones from the cowboys is there along with -- to short Jones. I was quite a quite a picture we have there you didn't have Gary begins -- news out there. But and -- didn't want to the that did Dancing With The Stars raised a million dollars now and that's I think that's pretty often so. Here's what kind of flip this over for a minute I have actually work with charities being on the -- -- on the other side as a investment advisor in securities with money and endowments and stuff and -- it's amazing to me how much charitable organizations don't really know about investing in it felt really good for me to be able to help them. Because they've got this money that's been donated -- wanting to raise it that's not going to be a Steward of the wrecked and I. I think it's a big -- -- on the charitable giving says you wanna see how the money's been managed as well. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Then set up a foundation isn't really makes sense if you're gonna set the foundation give up to multiple nonprofits that's where it feels good -- -- see what you wanna do you I had a client recently come to me and he had all kinds of trust in -- foundation. And as charitable remainder -- and charitable -- trust which are two completely different situations -- not talk about later and it it was so complex and he had no idea what he had to hit it really didn't have -- is Smart Smart man but in knew he had an intention to right. Paper a lot of advice and -- it did not kind of -- together anymore so we had to sit down -- kind of divided up and decide what we really needed to keep in what we need to move on and so you know again it's a world -- the big world out there. I needed a good wealth management quarterback -- -- Indians are anyway. Com we're gonna take a break now folks we're gonna talk I keep forgetting just gonna Lacey talk about the low hanging fruit there's some great kernels of ideas things you've. Things that are easy to implement and you must now. CF. Between -- government spending in uncertainty about our economic future most Texans are having doubts about their own financial future. Are you ready to take a serious look at your financial goals using the experience the only certified financial planner practitioner is it worth -- Would you like a second opinion on your current advisor who may be selling you investments and insurance for commissions -- worth when he radioed I've come to make an appointment or call 8885447760. That's worth -- radio dot com 8885447768. Welcome back to worst point wealth watch giving you an unbiased people under the hood of wealth management. Investment and financial planning. Once again here's Christopher advanced life. Welcome back off we are talking. All things charity with local estate planning attorney Lacey Jones. And I just before the break I promised myself that I would ask -- to talk about the low hanging fruit does. These are the things that are no trainers that work really well in today's tax environment. And that maybe people are forgetting about they don't know they're not aware these to a sort of some good ones. I've had said the easiest thing to do is what struck a check right that TV happens and that's that's what. Most people think governor I think -- given to charity right but she also have where you have stock that has a very low bases and then he turned around and sold that you have to pay so much in taxes that that your your colonel if you will that you talked about that you have left is smaller than a really bright that -- -- -- get that. Stock oversee the nonprofit let them -- out they don't pay taxes on it they have more money in their profit and -- pockets and you get to take that deduction so let's. Essentially Uncle Sam Carter's view in the money that you would paying capital gains tax they let you contribute that that -- exactly Matthew chance here AGT you take your deductions based upon on the fair market value in some cases that's as much as 24 over over point 4%. Think that that we've benefited from over the years and and you know we're hoping that it extends and we think it's going to extend and that is does defense you know they -- told all the time save save save so well we're working we always -- as much as we can and our 401 k's right. Natal retiree roll it over into an IRA and then we think I'll I'll get that that. Another day that's money and the need for another day and then all of a sudden when they turned seven in half here and take some out. You have to you -- and not only. 40% depending on -- exactly. So what we've been offender from and they keep likes an okay one more year and pay two more years okay one more year and we're hoping that they extend that into 2004 -- kids while your clients giving -- money yes. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Directly to the nonprofit you get up to a 100000 and that is only if you were in -- required minimum distribution period I was just for those. Only seven in that's correct setting a half an older so what she's saying is you. Give a 100000 you can take a 100000 out here -- and you can pay any income tax which is what you'd ordinarily which is going to be between tenant 40000 dollars depending on your specific tax situation and then you -- what's left over the charity or -- -- -- check directly to the charity you can give the -- 100000 to the charity and Uncle Sam -- -- -- the charity -- -- -- can tell -- about not -- -- -- -- -- -- -- -- directly -- the -- -- you. You using your Estonia as just I make sure you you don't write the check -- -- -- -- you should clear any remnants of farm community here. This as we -- -- is during the that required minimum distribution is so this we're talking with you at seven and a half her older you know I don't know that that's what was the original law. All so they only renewed us for people in -- As your audience few. A well -- -- you lost tonight and you've got some money you'd like share with the charity what are some other techniques and ideas that you should be where. Well I wouldn't call this low hanging fruit but I think this works really well and going back to what I think we talked about it. Either last week or maybe earlier today all started -- blurred again I hate spam act. We we we don't do that Georgia. -- -- -- -- Perhaps. They're concerned because what if I need the money right out of one end up if I give the soup kitchen what I end up at the soup -- You can write cancel on the ninety. Yeah into the incident that Drew Peterson -- -- -- -- -- There's just sound effects for the first -- Pop -- so -- going to. It you know as my Baxter and usually it speaks for itself. -- -- -- -- -- -- -- -- Is perhaps still -- like paid Chernobyl. Remainder trust her charitable lead trust those -- trust that we can implement and they and they work two different directions and their inevitable people get them confused. But I can tell you here's the easy -- to wage remembering. They can't see me on the radio but I'm -- Am so I charitable remainder trust means the chair AD kits they remainder to -- -- -- topic comes -- -- What I've put into a -- two assets into a trust them arguments socket I have low basis stock corrects you have stopped that's going to appreciate how highly appreciated stock in the next near future and I think Scott always ask me what what does that mean when does that what does it have to happen that you can can benefit from Madden he's wanna make sure that she -- -- and and that it. Becomes liquid or -- appreciates inside the trust to really benefit from a from an income tax perspective. T take that -- you put into the trust and then you take back an income street basically the charity gets the remainder comrade that's your principal you take the end. I take I take that the the principle that charity if there's a whole calculation there that I know you are probably really enjoy but I don't think they really wanna hear much about it that I don't. They they being you folks in the united yeah. So there's a short charitable remainder -- -- where -- -- -- -- me in the reserves. That -- trips so I have so I give a million dollars to the trust and -- as -- -- about the turn of Oregon if I didn't like -- -- -- to use real world examples so -- give a million dollars. To the trust if I kept the million I'd probably live off something like three or 4% of the principal 3040000 a year and then I would leave it to not to a charity when and I. If I put an end the distrust then don't get tax deductions for the million dollars. Right so it's -- into my -- it's based upon and what the IRS says that that charity will recede in the remainder that's. Whether that's a term of years whether that your lifetime whatever that again I can still have the in com -- would have if I kept. Right and that net income anyway I want an X amount of money coming out. From this. Asset or. Every year determine what asset -- give me a percentage point so that's -- one minute and now we have to that your -- Okay now. So Richard -- they trust is just the opposite charity takes the lead. Charity gets distributions during your lifetime are over that term of years. And it ultimately passes down to your children or whomever doesn't pressures are in the back. Can it get away the income -- give way to -- exactly and they both have income tax benefits to you. Think that's a nice tax -- let Alex and it's a nice tax leveraged way to do it. Thank you very much those down so. Folks out there if you wanna talk to your certified financial planner you're GPA or your attorney about any he's concept that's a great idea -- you if they wanna get a hold you what did. Did you go to my website says a lot of contact information Mary -- That number that website is Debbie Debbie Debbie you. LJT. Jackson. Law LAW dot com and if you forget that poking their -- point radio dot com we will point you in her direction. Thank you so much for being on the show lacy did a great job growth still hear -- all right heading to anybody out popped -- Ladies and gentlemen thank you for being with us today and -- -- -- excel. Thank you -- engine. Com forward. Get an old.

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