May 19, 2021
Not being the Bill Buckner Retirement Plan | Retirement and Legacy Planning
Do you remember Bill Buckner?
He was an All-Star Baseball player but will always be known for his mistake on the 1986 World series.
What does this have to do with Retirement Planning?
All of the hard work that you’ve done, all of your accomplishments, all that you accumulated during your lifetime, all of that could easily be forgotten if you make mistakes as it relates to Retirement and Legacy Planning.
You might have done a good job accumulating wealth, but have you done something to preserve it?
You’ve worked hard for your wealth. Don’t let it go to waste. Don’t lose it all to taxes, don’t lose it all to long-term care cause, don’t lose it to market volatility. Finish Strong!
You have a plan for accumulation now you need to have a plan for preservation and distribution.
Estate Attorney and Advisor Chris Berry of Castle Wealth Group answers questions on retirement and estate planning every Wednesday at 1pm. Register via this link or give our office a call at 844-885-4200.
Castle Wealth Group and Christopher Berry help families with estate planning, elder law, retirement planning, and tax planning from their offices in Brighton, Ann Arbor, Livonia, Bloomfield Hills, and Novi.
Castle Wealth Group helps families with their legal, financial, and tax planning for their retirement and legacy.
With the use of legal structures like revocable living trusts, Castle Trusts (asset protection trusts), Chris Berry and Castle Wealth Group can help your family plan, protect, and preserve what is important through their Retirement and Legacy Blueprint Process.
For more info visit:
https://castlewealthlegal.com/home
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Episode Transcript
Letting the Ball Go
Hey, this is Chris Berry with Castle Wealth Group. And today, we’re going to talk about not being the Bill Buckner of retirement planning. If you like this information, please make sure to subscribe to our YouTube channel.
Christopher Berry is a leading a state attorney and advisor in the area of retirement and legacy planning. He has been featured in publications such as Forbes, Kiplinger’s, Crain’s Detroit, and more. He’s the host of the weekly radio show and podcast, the Chris Berry show. He’s a national thought leader as it relates to retirement and legacy planning and is author of the Amazon bestselling book, The Caregiver’s Legal Guide.
So now this is really for the baseball fans out there, and you may be familiar with a gentleman named Bill Buckner. He’s known for letting a ball go between his legs and costing his team the game as well as the championship in the World Series. But it turns out that he was one of the best baseball players of his generation, but he’s known for this one thing of basically dropping the ball or letting the ball go between his legs. And what does this have to do with retirement planning? Well, understand that really, all of the hard work that you’ve done, all of your accomplishments, all that you’ve accumulated during your lifetime, all of that could easily be forgotten if you make mistakes as it relates to retirement and legacy planning, think about Bill Buckner. He had a great career. If you look up his statistics, he’s one of the best baseball players, but he’s known for, in the clutch, at the last minute, kind of dropping the ball.
So don’t be like that as it relates to your retirement planning. You could have done a great job over the last 30 years accumulating all this wealth. But now, as you’re moving into retirement and thinking about legacy planning, it’s a different world. We need to make sure that the strategies you had while you’re accumulating this wealth might be a little bit different than the strategies you have in terms of preservation and distribution. And you might’ve done a great job accumulating wealth, but if you drop the ball or let the ball go between your legs as it relates to preservation and distribution planning, all of that is for naught because you could have done a great job accumulating wealth, but let’s say you never did any type of long-term care planning.
Long Term Care Cost
You have a stroke early in age, and now we need long-term care costs at 8 to $12,000 a month, and you’re married. All of that money could be lost. Now, you’re leaving your surviving spouse or your healthy spouse in a world of hurt because you did a great job accumulating, but you didn’t do a good job of protecting it or preserving it or planning for it as it relates to retirement and legacy. Likewise, when you think about your estate planning… And I’ve seen this firsthand.
I met with the son of a doctor. The doctor had a very thriving practice, made a lot of money, but he didn’t have an estate plan. And when he passed away, tens of thousands of dollars were wasted as it relates to going to probate court. And now that’s the legacy that the son was talking to me about. Wasn’t talking about what a great father his dad was or what a great practice he had. It was all about he just screwed everything up in terms of the legacy planning. And now the legacy that the son was left with is that his dad left him a mess to go through, to clean up upon death.
So understand that it’s great that you’ve accumulated this wealth, but understand there are certain steps that you need to do, to take, to kind of finish the game. So don’t be that Bill Buckner. Don’t let it all go to naught because of one mistake. You’d worked hard to accumulate all this wealth. Don’t let it go to waste. Don’t lose it all to taxes. Don’t lose it to long-term care costs. Don’t lose it to market volatility like another 2008, where we saw those 401ks go to 201Ks, right? So finish strong. Don’t have a mistake as it relates to retirement and legacy planning. Be the thing that you’re remembered for. That’s where it’s important to have a plan. You had a plan for accumulation. Now you need to have a plan for preservation and distribution. If you like this information, please make sure to subscribe to our YouTube channel. This has been Chris Berry with Castle Wealth Group. Thank you so much.
Castle Wealth Group has clients across the nation and helps families plan, protect, and preserve what is important by creating a retirement and legacy blueprint.