12/20/2019 – MLG Five Fact Friday
Hey everybody, it’s Victor Medina and welcome back to our last Five Fact Friday before the big Christmas break, and I’m really excited to share this email with you, this video, because we have a lot of great links in here. And it’s just a joyous time of year so I’m just generally in a great mood. So let me go through the five links, and in fact, we’re gonna be talking to you about an upcoming seminar that we have that is going to be addressing some recent changes in the law, and I’m excited to share that with you because it really puts Medina Law Group and what we’re doing at the head of the curb in how we help our clients do planning. So let’s go through the links first. The first link is a viral hack on what to do if you don’t have enough wrapping paper. If you’re anything like me, you get through, you’re wrapping a few gifts, you use the biggest portions, and then you get to the end, you’re like, “What do I do with this?” Well, this link will show you how you can use less wrapping paper in order to wrap gifts. In fact, I’ll tell you something that, as much as possible this year, I’m using gift bags. I’m done with the wrapping, just stick it in the bag, put some tissue paper, hand the bag over, and guess what? Give me the bag back because I’m gonna need it for next year. The next link is something that I’m watching. I caught a great parody ad for Macy’s that was on Saturday Night Live recently. I think you should watch it, and especially if you’ve ever raised kids and had to dress them, you’re gonna love this link. The link after that is dealing with New Year’s resolutions. So, the next Five Fact Friday is actually going to be in the new year, it’s gonna drop on January 3rd, so I’m not gonna get to see you when the ball drops and you tell me what your resolution is for the next year, but if you wanna track how to be successful on that, you can use one of these aps in order to do that. Now, the last link, on retirement, is about making big decisions around retirement. I’ll let you read that. But the one that I want to focus on is in the legal world because it is actually a marriage of legal and financial topics. I came to you a few months ago when the Senate had passed, excuse me, the House had passed a new law changing the way that your IRAs and 401 s are going to be handled. Taxes, when the distributions need to come out, and what happens when you leave it behind. And I promised you that I would come out with any updates to that, and we have one. This week, the Senate passed a spending bill that included the approval of The SECURE Act, and The SECURE Act is that law that completely changes the way your 401 and IRAs are treated. Things that are going to change are, when is the earliest date that you have to take out distributions, and, when you leave the money behind, how is it taxed for your beneficiaries. And the reason why this is such a big update, is that for ever, ever, and ever, people used to be able to leave their IRAs behind and let their kids stretch those IRAs out over their life expectancy. It created a great tax planning opportunity to leave a retirement nest egg for your kids. Well, that’s gone with this new law. In fact, one of the things that we’re gonna have to plan around, is that when you die and you leave your IRA to your kids, they’re gonna have to take that money out sooner and pay taxes on it. So what should you be doing with your plan to help control for those taxes? We’re gonna be putting on a series of seminars that are going to address this. And the first of these is gonna be January 22nd, which is a Wednesday, and January 27th, which is a Monday. The 22nd is going to be a lunch seminar and the 27th is going to be a dinner seminar. Now let me explain to you who these seminars are for. They are not for our clients that are already on our client care program, because the people that are on the client care program are already going to get the updates to their planning, that’s the whole benefit of being on the program. But if you’re an existing client that is not on the client care program, or if you’re somebody watching this that’s not yet a client and you want to learn more about these topics then this seminar is for you. And we urge you to register that by either replying to this email, or reaching out to our law firm letting us know that you want to attend. Now here’s the thing, on our educational resource center, space is limited. We can only bring in 16 people at a time. So if you’re interested in this, I urge you to register immediately because space is going to fill up on these seminars. In addition to the live, in-person seminars, where you can ask questions and we can get into the topics a little deeper, we are gonna be publishing a series of ‘web’inars, and those webinars will be times that I’m hosting online that you can attend, and you can watch the presentation off of this, ask some questions if you have them and then learn a little bit more, but we’re not gonna do anything with the real planning, that’s what we’ll do the meetings for, and the in-person. So you have one of two ways that you can interact with us. You can either show up to one of the seminars on January 22nd or January 27th, or attend and watch one of the webinars, either way, I’m telling you, you have to get out in front of this. This is the biggest change to planning that I’ve seen in the last 10 years. It completely upends anything that we were doing before, and everyone’s plan, everyone’s plan, is going to need to be reviewed, and likely updated to account for these new laws. Don’t get stuck, don’t get caught behind. Learn what you need to learn and take action in order to get a great plan in place so that you’re prepared to minimize the amount of taxes that your heirs have to pay, and do the right planning that you need to to enjoy the rest of your retirement. So I urge you to move forward on booking attendance in one of those seminars. That’s it for the Five Fact Friday and the links. We hope to see you in January at one of the seminars, but otherwise I hope you have a wonderful holiday with you and your family. I am taking off this Friday the 20th until January 2nd, and then we’ll be back in the office on January 2nd, and then we’ll put out a new Five Fact Friday on January 3rd. So the office is closed, there is a skeletal staff in case you have an emergency, please do reach out. There’s somebody monitoring that. But I’m gonna spend time with my family, and I hope that you will have the opportunity to do the same. Thank you so much for watching all of these Five Fact Fridays. We look forward to a fantastic 2020, and again, hope to see you at one of those seminars in January. Have a great time, bye bye!
Five Fact Friday is a bi-weekly newsletter produced by Medina Law Group containing 5 interesting or fun links. For more information, visit medinalawgroup.com or call 609-818-0068.
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