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The Chris Berry Show

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042 What are your short and long-term financial goals?

Jun 22, 2019

What are your short and long-term financial goals?

For an 8-year-old, a long-term goal may be the purchase of an exotic car, but perhaps you’d like to ensure a covered income gap, make sure your money outlives you, or leave a legacy for your family. To do this, it’s important to make sure your buckets are filled and accounted for so you enjoy a sound retirement. Another important component to preserving and distributing your assets includes an understanding of the different types of deeds and ownerships. 

In this episode of The Chris Berry Show, I’ll talk about creating a guaranteed income strategy with a bucket plan and the different types of ownership and deeds.

In this episode, you’ll learn...

  • Chris’ positive focus for the week.
  • What it means to be in the accumulation, preservation, and distribution stages.
  • How to manage your bucket plan.
  • What goes in the “now,” “soon,” or “later” bucket.
  • How to cover an income gap after employment but before age 70.
  • Why, with a guaranteed income, investments can be more aggressive.
  • The five key components to a sound retirement.
  • Some information about real estate and the different types of deeds and ownership.
  • The difference between a quit claim deed and a warranty deed.
  • How to avoid issues at the Tax Assessor’s Office.
  • Why we use Ladybird Deeds and why they don’t always go into a trust.
  • The different types of joint ownership.
  • What type of deed I don’t recommend.

Q&A

In each episode, I take questions from listeners. If you have any questions that you want answered, feel free to email us at askchris@thechrisberryshow.com. Here are the questions I covered in this episode:

  • Brad asked: “How can I move my IRA into a Roth inside of my trust?”
  • Debbie asked: “Is there a written formula to manually calculate how much a person can convert from an IRA to a Roth IRA while staying in a current tax bracket?”

Links & Resources

AlzElderCare.com

CJBerryGroup.com

TheChrisBerryShow.com

Michiganestateplanning.com

Register for one of our free estate & asset protection workshops

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