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The Chris Berry Show

Christopher J. Berry

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The Chris Berry Show
The Chris Berry Show

The Chris Berry Show

Christopher J. Berry

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Followers
4
Plays
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Christopher Berry discusses the best Legal, Financial and Tax Planning advice for the second half of life. Join Christopher for new episodes every week.

Latest Episodes

Cody Tustin of Unorthodox Fitness

Are you exercising the right way as you age? You may work out or go to the gym, but are you exercising in a way that will benefit you as you age? There are unorthodox ways of staying active, that can help you do the little things later in life that make a big difference in your quality of life. In this episode of The Chris Berry Show, I’ll talk about some of these functional exercises with Cody Tustin from Unorthodox Fitness. In this episode, you’ll learn... Chris’ positive focus for the week. What upper crossed syndrome is, and what exercises can help counteract it. Why strength training becomes more important as you age. Ways to protect yourself from throwing your back out. The benefits of using a battle rope. How to get off the couch and get started with unorthodox exercises. Examples of how the squat is one of the most functional exercises to practice. How to incorporate endurance and flexibility training with strength training. The ways strength training can prevent balance issues later in life. How to do a proper squat. Examples of ankle mobility and strength training. Common activities that strength training will help you do as you age. How diet needs to be customized for each individual and their goals. 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: Jake asked: "Should I build an emergency fund, or pay off my debt?" Colleen asked: "My husband passed away before his mother, he was named in the will. Will my children be able to claim his share, because mom is now passing away? And he is dead, will my sons receive his shares as legal sons?" Bob asked: "In three years, my wife and I will be 66 and entitled to claim social security. We have IRAs valued at 1 million. How can we reduce income tax on our IRAs during retirement?" Howard asked: "How can my friend transfer his house to his daughter, before he has to go into a nursing home? And will Medicaid get it?" Links & Resources AlzElderCare.com castlewealthgroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops Unorthodoxfitness.com Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

52 MIN1 w ago
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Cody Tustin of Unorthodox Fitness

Dr. Bruno from the Alzheimer's Center at U of M

Are you prepared for long-term care of a loved one who has been diagnosed with Alzheimer's? The most important thing for dealing with an Alzheimer's diagnosis in either you or a loved one is having a well drafted power of attorney to cover financial decisions. Make sure it includes expanded powers instead of just having a vague power of attorney. The second most important document is a medical power of attorney with end of life plans. The final is a personal care plan to describe long term care. In this episode of The Chris Berry Show, I’ll talk about the latest in Alzheimer's research with Dr. Bruno, from the Alzheimer's Center at U of M. In this episode, you’ll learn... Chris’ positive focus for the week. Legal strategies if you or a loved one have been diagnosed with Alzheimer's. Steps you should consider, and what you should look at doing. What is going on in the world of Alzheimer's research, supports, and treatment. How you can get involved with raising awareness for Alzheimer's with The Walk To End Alzheimer's. The three key disability documents. Why expanded powers are so important in the drafting of a Power of Attorney. How personal care plans enhance your medical and financial Power of Attorney documents. How a castle trust can help prepare you to legally protect yourself during long term care. What kind of financial tools you can use to provide income for the rest of your life. What the difference is between Alzheimer's and Dementia. Where the name Alzheimer's comes from. What the characteristic signs are in the brain of Alzheimer's. How new imaging technologies have revolutionized how scientists are studying Alzheimer's. The future of blood-based biomarkers and early diagnosis. The ways to reduce your risk for Alzheimer's. How the microbiome in your gut can influence your brain. Links & Resources AlzElderCare.com Castlewealthgroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

53 MIN2 w ago
Comments
Dr. Bruno from the Alzheimer's Center at U of M

Marti Coplai From Angela Hospice

Do you know what makes up a sound investment plan? There are five pieces to any sound retirement plan – one of which I’ll dive into today. A retirement plan must consist of an investment strategy that takes your risk tolerance and risk capacity into consideration. With this risk score, a true fiduciary will create a custom investment plans that suits your needs and goals. In this episode of The Chris Berry Show, I’ll share the components of the “Risk Pyramid” and the two styles of managing assets and investments. Marti Coplai from Angela Hospice will also be on the show to teach us about what they offer and who may be a good fit. In this episode, you’ll learn... Chris’ positive focus for the week. The 5 pieces to any sound retirement plan. The first piece: An income plan to preserve and distribute your money. The second piece: A sound investment plan. The final pieces: Having a tax, healthcare, and legacy plan. About the “Risk Pyramid” and its different parts. How we calculate risk tolerance and risk capacity with a risk score. Why it’s important to understand fees and expense ratios. About long-term capital gains. The two styles of managing assets and investments – and the pros and cons of each. About suitability versus a true fiduciary. How to start building your retirement plan. About our upcoming workshops. 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: Betty asked: “Will my family have to pay my estates taxes when I die?” Ben asked: “Is an annuity appropriate for me? I have no pension otherwise.” William asked: “What are some good and safe options to place investment funds if I want to make more than the bank interest rates while I’m holding the funds in cash?” Richard asked: “Can I sell all the holding in my IRA and keep all the cash in my IRA account without tax consequences?” Mike asked: “Can I hold individual stocks in my living trust? If so, how do I retitle ownership of a currently owned stock into my trust without triggering any taxable event?” Links & Resources AlzElderCare.com CJBerryGroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

54 MINAUG 24
Comments
Marti Coplai From Angela Hospice

Alternative Strategies to Maximize Your Retirement Dollars

Do you know the recent news about the Secure Act? You should, because it has ramifications when planning your finances for the second half of life. The Secure Act is a bit of a Trojan horse, in my opinion, so it’s important to understand it clearly and receive tax and financial advice from reputable sources when making the necessary changes to your long-tern financial plan. In this episode of The Chris Berry Show, I’ll talk about the Secure Act and some alternative strategies to maximize your retirement dollars. In this episode, you’ll learn... Chris’ positive focus for the week. About the Secure Act and how it will affect you. What it means when the required minimum distributions are pushed back. The creative planning we can do as it relates to tax-deferred accounts. What we talk about in our workshops. What the Secure Act is allowing within employer-sponsored plans. Why it’s important to make sure you’re getting good advice. How the bill limits the stretch of IRAs for future generations (and why this is a bad thing). The ramifications that this new bill has when planning finances. How to act with the Secure Act in place. Alternative strategies to maximize retirement dollars. Why you should pay taxes sooner rather than later. The five plans you need in the second half of life and why tax planning doesn’t just mean filing. Why you should explore the Roth 401K. How to use an Index Universal life insurance to protect money within an asset protection trust. About the growing costs of long-term care and healthcare. Links & Resources AlzElderCare.com CJBerryGroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

53 MINAUG 24
Comments
Alternative Strategies to Maximize Your Retirement Dollars

Strategies to Pay for Long-Term Care

What are the steps of a long-term care journey? Who can help? Lynn Breuer of ElderCare Solutions in Michigan knows all about how an Elder Care Manager can help you or your loved ones. She understands that alongside the financial planning component of aging comes care planning as well. In this episode of The Chris Berry Show, I’ll talk about the strategies to pay for long-term care, and Lynn Breuer will discuss care solutions for every step of the journey in the second half of life. In this episode, you’ll learn... Chris’ positive focus for the week. The different levels of care on the care continuum. How to handle the next steps and pay for the different levels of care. How to determine which level of care is right for you or your loved one. The strategies to pay for long-term care. How a castle trust can help when planning ahead. About asset-based long term care strategies. Some crisis-planning ways to protect your resources, like the “half-loaf” plan. Why elderly people may need to move from their home. Why it’s important to get the correct level of care the first time. The four different levels of care and who they’re geared towards. The varying costs for each level of care. The next steps to take if looking for long-term care and the challenges seniors face. How Lynn would help her clients and how families are involved. Links & Resources AlzElderCare.com CJBerryGroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops ElderCare Solutions of Michigan Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

54 MINAUG 24
Comments
Strategies to Pay for Long-Term Care

The Taxation of Social Security

Are you interested in growing the amount of income you get each month from Social Security? Likely your answer is yes. To do this, you need to be as tax-efficient as possible in retirement. Income gaps can be covered with tax-deferred accounts and – with proper planning – you can structure your assets so you have a dependable income stream. Depending on your situation, you may be able to delay taking social security, for example, and utilize assets to cover any income gaps. In this episode of The Chris Berry Show, I’ll talk about the taxation of Social Security and the best strategies you can implement to be tax-efficient in retirement. In this episode, you’ll learn... Chris’ positive focus for the week. About our upcoming workshops and what they’ll offer. Social Security benefit options and timing. How to structure your assets so you have income to cover expenses. What can happen if you make the wrong Social Security decisions. The biggest concerns with Social Security. How to cover income gaps with tax-deferred accounts. How to be tax-efficient in retirement. Why you shouldn’t simply defer all taxes. How working impacts your Social Security benefits. About reductions and limits on Social Security. What defines provisional income and how it works. The taxation of social security and the best strategies to maximize it. Why it makes sense to pay taxes sooner rather than later. Links & Resources AlzElderCare.com CJBerryGroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

54 MINAUG 24
Comments
The Taxation of Social Security

The Secure Act and Six Common Retirement Mistakes to Avoid

What are the six common retirement mistakes? Are you – or your loved ones – making them? There’s a lot to consider when mapping out your retirement plan. Aside from having enough income so you’re supported, you want to maximize the money that you’ve earned, protect it, and even make it grow. By focusing on the right things, understanding risk, considering hidden costs, and having tax diversification, you ensure a smooth retirement. In this episode of The Chris Berry Show, I’ll talk about the Secure Act and the six most common retirement mistakes to avoid. In this episode, you’ll learn... Chris’ positive focus for the week. What the Secure Act is and what it does. About inheriting an IRA and taking out RMDs. The processing error Social Security made and how it might impact you. Retirement mistake #1: Focusing on the wrong thing. Why Social Security was meant to be a longevity hedge. The old and new retirement paradigm. About the sequence of return risk and creating an income strategy. Retirement mistake #2: Misunderstanding risk. About mutual fund fees and how they eat away at your returns. Retirement mistake #3: Misunderstanding the hidden costs in your investments. Retirement mistake #4: A lack of tax diversification. Retirement mistake #5: Only looking at tax prep and not doing tax planning. The three types of tax classification. Retirement mistake #6: Accepting low returns. Links & Resources AlzElderCare.com CJBerryGroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

54 MINAUG 24
Comments
The Secure Act and Six Common Retirement Mistakes to Avoid

043 Are you – or your loved ones – asking, “What about the house?”

Are you – or your loved ones – asking, “What about the house?” It’s important to consider your home an asset that needs protection. After all, certain decisions can change it from being an exempt asset to a countable asset, and this can greatly impact your financial strain when it comes to long-term care. With things like castle trusts, you can make sure your home is protected while you maximize Medicaid benefits. In this episode of The Chris Berry Show, I’ll talk about protecting your real estate through preparation and trusts, and Tracy Wick will share how she helps her clients sell their home and transition to their next step. In this episode, you’ll learn... Chris’ positive focus for the week. How Medicaid can pay for nursing home care. How a home goes from being an exempt asset to a countable asset. When a castle trust may be a good idea. When to set up an asset protection trust. The things to understand about probate and writing your own rulebook. How Tracy Wick helps people sell their homes to fund their next step. Some of the challenges she encounters when selling senior’s homes. Why people need a professional to help with the process. What Tracy does for families that are not local who need to sell a home. What Tracy recommends to protect assets from vandalism or theft. How to improve a property’s value when you’re getting ready to sell. A resource for selling everything but the house. What Tracy thinks of the current market. The checklists Tracy uses to assess a property. Links & Resources AlzElderCare.com CJBerryGroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops Everything But The House Tracy Wick’s Website Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

54 MINJUN 24
Comments
043 Are you – or your loved ones – asking, “What about the house?”

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

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 Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

54 MINJUN 23
Comments
042 What are your short and long-term financial goals?

041 Rollover options and protecting your cognitive health

Today’s show is about rollover options and protecting your cognitive health. There are six options to consider when rolling over your qualified account and a few things to remember before doing so. You can do an IRA rollover, leave it in the company plan, roll it into a the new company’s plan, do a lump-sum distribution, or do a Roth conversion or an in-plan Roth conversion. In this episode of The Chris Berry Show, I’ll talk about the six rollover options you have, and Lynn Breuer will share about Mind University and some ways to protect your cognitive health as you age. In this episode, you’ll learn... Chris’ positive focus for the week. When to do a rollover in a qualified account and the six options you have. The first option and its advantages: The IRA rollover. The second option and its advantages: Leave it in the company plan. The third option: Roll old plans into the new company’s plan. The fourth option: Do a lump sum distribution. The fifth option: Do A Roth conversion. The sixth option: An in-plan Roth conversion. What to consider when assessing your rollover options. About Mind University, a cognitive wellness initiative. About normal age-related cognitive changes. The things we can do to fight against cognitive decline and maximize neuroplasticity. How to expand the life of your stem cells and manage stress. The healthy lifestyle factors that’ll protect our brain. What mind aerobics exercises can do for you long-term. The six domains of the brain that are addressed in the mind aerobics classes. Links & Resources CJBerryGroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops Mind University & Phone Number: (248)788-MIND Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

54 MINJUN 22
Comments
041 Rollover options and protecting your cognitive health

Latest Episodes

Cody Tustin of Unorthodox Fitness

Are you exercising the right way as you age? You may work out or go to the gym, but are you exercising in a way that will benefit you as you age? There are unorthodox ways of staying active, that can help you do the little things later in life that make a big difference in your quality of life. In this episode of The Chris Berry Show, I’ll talk about some of these functional exercises with Cody Tustin from Unorthodox Fitness. In this episode, you’ll learn... Chris’ positive focus for the week. What upper crossed syndrome is, and what exercises can help counteract it. Why strength training becomes more important as you age. Ways to protect yourself from throwing your back out. The benefits of using a battle rope. How to get off the couch and get started with unorthodox exercises. Examples of how the squat is one of the most functional exercises to practice. How to incorporate endurance and flexibility training with strength training. The ways strength training can prevent balance issues later in life. How to do a proper squat. Examples of ankle mobility and strength training. Common activities that strength training will help you do as you age. How diet needs to be customized for each individual and their goals. 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: Jake asked: "Should I build an emergency fund, or pay off my debt?" Colleen asked: "My husband passed away before his mother, he was named in the will. Will my children be able to claim his share, because mom is now passing away? And he is dead, will my sons receive his shares as legal sons?" Bob asked: "In three years, my wife and I will be 66 and entitled to claim social security. We have IRAs valued at 1 million. How can we reduce income tax on our IRAs during retirement?" Howard asked: "How can my friend transfer his house to his daughter, before he has to go into a nursing home? And will Medicaid get it?" Links & Resources AlzElderCare.com castlewealthgroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops Unorthodoxfitness.com Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

52 MIN1 w ago
Comments
Cody Tustin of Unorthodox Fitness

Dr. Bruno from the Alzheimer's Center at U of M

Are you prepared for long-term care of a loved one who has been diagnosed with Alzheimer's? The most important thing for dealing with an Alzheimer's diagnosis in either you or a loved one is having a well drafted power of attorney to cover financial decisions. Make sure it includes expanded powers instead of just having a vague power of attorney. The second most important document is a medical power of attorney with end of life plans. The final is a personal care plan to describe long term care. In this episode of The Chris Berry Show, I’ll talk about the latest in Alzheimer's research with Dr. Bruno, from the Alzheimer's Center at U of M. In this episode, you’ll learn... Chris’ positive focus for the week. Legal strategies if you or a loved one have been diagnosed with Alzheimer's. Steps you should consider, and what you should look at doing. What is going on in the world of Alzheimer's research, supports, and treatment. How you can get involved with raising awareness for Alzheimer's with The Walk To End Alzheimer's. The three key disability documents. Why expanded powers are so important in the drafting of a Power of Attorney. How personal care plans enhance your medical and financial Power of Attorney documents. How a castle trust can help prepare you to legally protect yourself during long term care. What kind of financial tools you can use to provide income for the rest of your life. What the difference is between Alzheimer's and Dementia. Where the name Alzheimer's comes from. What the characteristic signs are in the brain of Alzheimer's. How new imaging technologies have revolutionized how scientists are studying Alzheimer's. The future of blood-based biomarkers and early diagnosis. The ways to reduce your risk for Alzheimer's. How the microbiome in your gut can influence your brain. Links & Resources AlzElderCare.com Castlewealthgroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

53 MIN2 w ago
Comments
Dr. Bruno from the Alzheimer's Center at U of M

Marti Coplai From Angela Hospice

Do you know what makes up a sound investment plan? There are five pieces to any sound retirement plan – one of which I’ll dive into today. A retirement plan must consist of an investment strategy that takes your risk tolerance and risk capacity into consideration. With this risk score, a true fiduciary will create a custom investment plans that suits your needs and goals. In this episode of The Chris Berry Show, I’ll share the components of the “Risk Pyramid” and the two styles of managing assets and investments. Marti Coplai from Angela Hospice will also be on the show to teach us about what they offer and who may be a good fit. In this episode, you’ll learn... Chris’ positive focus for the week. The 5 pieces to any sound retirement plan. The first piece: An income plan to preserve and distribute your money. The second piece: A sound investment plan. The final pieces: Having a tax, healthcare, and legacy plan. About the “Risk Pyramid” and its different parts. How we calculate risk tolerance and risk capacity with a risk score. Why it’s important to understand fees and expense ratios. About long-term capital gains. The two styles of managing assets and investments – and the pros and cons of each. About suitability versus a true fiduciary. How to start building your retirement plan. About our upcoming workshops. 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: Betty asked: “Will my family have to pay my estates taxes when I die?” Ben asked: “Is an annuity appropriate for me? I have no pension otherwise.” William asked: “What are some good and safe options to place investment funds if I want to make more than the bank interest rates while I’m holding the funds in cash?” Richard asked: “Can I sell all the holding in my IRA and keep all the cash in my IRA account without tax consequences?” Mike asked: “Can I hold individual stocks in my living trust? If so, how do I retitle ownership of a currently owned stock into my trust without triggering any taxable event?” Links & Resources AlzElderCare.com CJBerryGroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

54 MINAUG 24
Comments
Marti Coplai From Angela Hospice

Alternative Strategies to Maximize Your Retirement Dollars

Do you know the recent news about the Secure Act? You should, because it has ramifications when planning your finances for the second half of life. The Secure Act is a bit of a Trojan horse, in my opinion, so it’s important to understand it clearly and receive tax and financial advice from reputable sources when making the necessary changes to your long-tern financial plan. In this episode of The Chris Berry Show, I’ll talk about the Secure Act and some alternative strategies to maximize your retirement dollars. In this episode, you’ll learn... Chris’ positive focus for the week. About the Secure Act and how it will affect you. What it means when the required minimum distributions are pushed back. The creative planning we can do as it relates to tax-deferred accounts. What we talk about in our workshops. What the Secure Act is allowing within employer-sponsored plans. Why it’s important to make sure you’re getting good advice. How the bill limits the stretch of IRAs for future generations (and why this is a bad thing). The ramifications that this new bill has when planning finances. How to act with the Secure Act in place. Alternative strategies to maximize retirement dollars. Why you should pay taxes sooner rather than later. The five plans you need in the second half of life and why tax planning doesn’t just mean filing. Why you should explore the Roth 401K. How to use an Index Universal life insurance to protect money within an asset protection trust. About the growing costs of long-term care and healthcare. Links & Resources AlzElderCare.com CJBerryGroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

53 MINAUG 24
Comments
Alternative Strategies to Maximize Your Retirement Dollars

Strategies to Pay for Long-Term Care

What are the steps of a long-term care journey? Who can help? Lynn Breuer of ElderCare Solutions in Michigan knows all about how an Elder Care Manager can help you or your loved ones. She understands that alongside the financial planning component of aging comes care planning as well. In this episode of The Chris Berry Show, I’ll talk about the strategies to pay for long-term care, and Lynn Breuer will discuss care solutions for every step of the journey in the second half of life. In this episode, you’ll learn... Chris’ positive focus for the week. The different levels of care on the care continuum. How to handle the next steps and pay for the different levels of care. How to determine which level of care is right for you or your loved one. The strategies to pay for long-term care. How a castle trust can help when planning ahead. About asset-based long term care strategies. Some crisis-planning ways to protect your resources, like the “half-loaf” plan. Why elderly people may need to move from their home. Why it’s important to get the correct level of care the first time. The four different levels of care and who they’re geared towards. The varying costs for each level of care. The next steps to take if looking for long-term care and the challenges seniors face. How Lynn would help her clients and how families are involved. Links & Resources AlzElderCare.com CJBerryGroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops ElderCare Solutions of Michigan Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

54 MINAUG 24
Comments
Strategies to Pay for Long-Term Care

The Taxation of Social Security

Are you interested in growing the amount of income you get each month from Social Security? Likely your answer is yes. To do this, you need to be as tax-efficient as possible in retirement. Income gaps can be covered with tax-deferred accounts and – with proper planning – you can structure your assets so you have a dependable income stream. Depending on your situation, you may be able to delay taking social security, for example, and utilize assets to cover any income gaps. In this episode of The Chris Berry Show, I’ll talk about the taxation of Social Security and the best strategies you can implement to be tax-efficient in retirement. In this episode, you’ll learn... Chris’ positive focus for the week. About our upcoming workshops and what they’ll offer. Social Security benefit options and timing. How to structure your assets so you have income to cover expenses. What can happen if you make the wrong Social Security decisions. The biggest concerns with Social Security. How to cover income gaps with tax-deferred accounts. How to be tax-efficient in retirement. Why you shouldn’t simply defer all taxes. How working impacts your Social Security benefits. About reductions and limits on Social Security. What defines provisional income and how it works. The taxation of social security and the best strategies to maximize it. Why it makes sense to pay taxes sooner rather than later. Links & Resources AlzElderCare.com CJBerryGroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

54 MINAUG 24
Comments
The Taxation of Social Security

The Secure Act and Six Common Retirement Mistakes to Avoid

What are the six common retirement mistakes? Are you – or your loved ones – making them? There’s a lot to consider when mapping out your retirement plan. Aside from having enough income so you’re supported, you want to maximize the money that you’ve earned, protect it, and even make it grow. By focusing on the right things, understanding risk, considering hidden costs, and having tax diversification, you ensure a smooth retirement. In this episode of The Chris Berry Show, I’ll talk about the Secure Act and the six most common retirement mistakes to avoid. In this episode, you’ll learn... Chris’ positive focus for the week. What the Secure Act is and what it does. About inheriting an IRA and taking out RMDs. The processing error Social Security made and how it might impact you. Retirement mistake #1: Focusing on the wrong thing. Why Social Security was meant to be a longevity hedge. The old and new retirement paradigm. About the sequence of return risk and creating an income strategy. Retirement mistake #2: Misunderstanding risk. About mutual fund fees and how they eat away at your returns. Retirement mistake #3: Misunderstanding the hidden costs in your investments. Retirement mistake #4: A lack of tax diversification. Retirement mistake #5: Only looking at tax prep and not doing tax planning. The three types of tax classification. Retirement mistake #6: Accepting low returns. Links & Resources AlzElderCare.com CJBerryGroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

54 MINAUG 24
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The Secure Act and Six Common Retirement Mistakes to Avoid

043 Are you – or your loved ones – asking, “What about the house?”

Are you – or your loved ones – asking, “What about the house?” It’s important to consider your home an asset that needs protection. After all, certain decisions can change it from being an exempt asset to a countable asset, and this can greatly impact your financial strain when it comes to long-term care. With things like castle trusts, you can make sure your home is protected while you maximize Medicaid benefits. In this episode of The Chris Berry Show, I’ll talk about protecting your real estate through preparation and trusts, and Tracy Wick will share how she helps her clients sell their home and transition to their next step. In this episode, you’ll learn... Chris’ positive focus for the week. How Medicaid can pay for nursing home care. How a home goes from being an exempt asset to a countable asset. When a castle trust may be a good idea. When to set up an asset protection trust. The things to understand about probate and writing your own rulebook. How Tracy Wick helps people sell their homes to fund their next step. Some of the challenges she encounters when selling senior’s homes. Why people need a professional to help with the process. What Tracy does for families that are not local who need to sell a home. What Tracy recommends to protect assets from vandalism or theft. How to improve a property’s value when you’re getting ready to sell. A resource for selling everything but the house. What Tracy thinks of the current market. The checklists Tracy uses to assess a property. Links & Resources AlzElderCare.com CJBerryGroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops Everything But The House Tracy Wick’s Website Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

54 MINJUN 24
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043 Are you – or your loved ones – asking, “What about the house?”

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

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 Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

54 MINJUN 23
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042 What are your short and long-term financial goals?

041 Rollover options and protecting your cognitive health

Today’s show is about rollover options and protecting your cognitive health. There are six options to consider when rolling over your qualified account and a few things to remember before doing so. You can do an IRA rollover, leave it in the company plan, roll it into a the new company’s plan, do a lump-sum distribution, or do a Roth conversion or an in-plan Roth conversion. In this episode of The Chris Berry Show, I’ll talk about the six rollover options you have, and Lynn Breuer will share about Mind University and some ways to protect your cognitive health as you age. In this episode, you’ll learn... Chris’ positive focus for the week. When to do a rollover in a qualified account and the six options you have. The first option and its advantages: The IRA rollover. The second option and its advantages: Leave it in the company plan. The third option: Roll old plans into the new company’s plan. The fourth option: Do a lump sum distribution. The fifth option: Do A Roth conversion. The sixth option: An in-plan Roth conversion. What to consider when assessing your rollover options. About Mind University, a cognitive wellness initiative. About normal age-related cognitive changes. The things we can do to fight against cognitive decline and maximize neuroplasticity. How to expand the life of your stem cells and manage stress. The healthy lifestyle factors that’ll protect our brain. What mind aerobics exercises can do for you long-term. The six domains of the brain that are addressed in the mind aerobics classes. Links & Resources CJBerryGroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops Mind University & Phone Number: (248)788-MIND Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry

54 MINJUN 22
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041 Rollover options and protecting your cognitive health