ABOUT THE GUESTS

Nicole Newman
ABOUT Nicole

Attorney Nicole Y. Newman focuses on guiding her clients through the complicated and often confusing maze of balancing family protection, wealth preservation, and cherished family values in the planning process. Prior to opening her practice, Nicole was an associate at a Newport Beach firm that protected high-net worth families and their businesses through the design of sophisticated [...]

ABOUT HOSTS

Joe Anderson
ABOUT Joseph

As CEO and President, Joe Anderson has created a unique, ambitious business model utilizing advanced service, training, sales, and marketing strategies to grow Pure Financial Advisors into the trustworthy, client-focused company it is today. Pure Financial, a Registered Investment Advisor (RIA), was ranked 15 out of 100 top ETF Power Users by RIA channel (2023), was [...]

Alan Clopine
ABOUT Alan

Alan Clopine is the Executive Chairman of Pure Financial Advisors, LLC (Pure). He has been an executive leader of the Company for over a decade, including CFO, CEO, and Chairman. Alan joined the firm in 2008, about one year after it was established. In his tenure at Pure, the firm has grown from approximately $50 [...]

Published On
June 4, 2016

Nicole Newman, Attorney at Law joins Joe Anderson, CFP® and Big Al Clopine, CPA on YMYW podcast episode 35 to discuss the most important estate planning mistakes people need to avoid. Later in the hour, they dive into Social Security, investments and taxes. Does your Social Security strategy line up with your retirement plan?  Original publish date June 4, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

Learn more from Nicole Newman: 10 Gruesome Estate Planning Mistakes to Avoid

Estate Plan Organizer

Important Points:

00:00 – Intro
02:47 – “We have seen Social Security benefits reach a million dollars [before]”
06:35 – “When you get really good rates of return, there are risks involved no matter what the investment vehicle is”
08:40 – “Cash flow is king when it comes to retirement. Do you have a strategy and plan in place to make sure that you can provide the income that you need?”
10:00 – Start of interview with Nicole Newman
11:52 – “What happens if you fail to plan for your death is that each state has their own back-up plan for you..”
12:59 – “They tend to interchange the terms will and trust all the time…actually that’s mistake number two in my seminar”
13:39 – “A will does NOT avoid probate…that’s a very common misconception”
14:18 – “Here in California probate is very lengthy, so it usually takes about 12 to 18 months as long as there are no problems…if there are problems then it can turn into years very quickly; whereas other states’ probate can be very simple and very quick”
17:47 – “We see this quite often, where we’ll see children from a prior marriage cut out simply because of the lack of planning…when you have a blended family you definitely want to have a living trust”
19:22 – End of interview with Nicole Newman
24:41 – “Each year that you wait after your full retirement age, Social Security will guarantee an 8% delayed credit to the benefit, plus you also get the cost of living benefit”
28:48 – “In retirement you have more control [over your taxes] than any other time in your life”
36:29 – “There are a lot of other things that you can do; you could push out your retirement a couple years or you could look at some tax planning strategies that will carry out your dollar a little longer…making sure you have the right portfolio set up to give you the income that you need”

IMPORTANT DISCLOSURES:

Pure Financial Advisors is a registered investment advisor. This show does not intend to provide personalized investment advice through this broadcast and does not represent that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the broadcast in the process of making a full and informed investment decision.

• 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 your tax advisor or attorney regarding specific situations.

• Opinions expressed are not intended as investment advice or to predict future performance.

• Past performance does not guarantee future results.

• 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. As rules and regulations change, content may become outdated.

• 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.

CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.

AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.

CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.