 Josh and Jay are joined by very special guest Will Steih, a licensed CPA, Managing Director for the Nashville Market for Prime Capital Investment Advisors and a team mate of Josh’s at Gulf Coast Financial Advisors. The guys discuss how to do a personal financial assessment, diving into items like taxes, income, qualified retirement plan contributions, risk management and whether it’s time to take chips off the table or not. Want To Know More About Josh and Jay? You can reach out to Gulf Coast Financial Advisors to set up a no-cost, no-obligation discussion about your particular needs by call 251-327-2124, emailing jnull@gulfcoastfa.com, or setting an appointment on our website at Gulf Coast Financial. Independent and semi-independent agents and advisors can reach Jay Stubbs at jaystubbs.com. ////// Disclosure: Advisory services offered through Prime Capital Investment Advisors, LLC (“PCIA”) a federally registered investment adviser. PCIA: 6201 College Blvd., 7th Floor, Overland Park, KS 66211. PCIA doing business as Prime Capital Wealth Management (“PCWM”) and Qualified Plan Advisors (“QPA”). PCIA and Gulf Coast Financial Advisors are not affiliated. Gulf Coast Financial Advisors (GCFA) , Prime Capital Investment Advisors (PCIA), Prime Capital Wealth Management (PCWM) and Qualified Plan Advisors (QPA) do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. The information provided herein is not a complete analysis of every material fact regarding any strategy; it is intended only to provide insight into the opinions of the author. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Every Dollar Counts with Josh & Jay

Year End Personal Financial Assessment

 In the episode, Josh and Jay discuss a topic that is vitality important to the risk management portion of a client’s financial plan: disability income protection. Tune in to learn about the differences in group versus individual policies, how coverage is priced, the difference between short-term disability and long-term disability, and some key components that everyone needs to know about their plan. Josh and Jay also discuss how someone qualifies for disability income protection and the difference between morbidity and mortality in underwriting. The guys also dive into how important disability income protection is for the owner-operator, that is, someone that not only owns their business but also operates in it on a regular basis. Lastly, they discuss what an “own-occupation” rider means and why that is important to folks with highly specialized careers, such as dentists and surgeons. Want To Know More About Josh and Jay? You can reach out to Gulf Coast Financial Advisors to set up a no-cost, no-obligation discussion about your particular needs by call 251-327-2124, emailing jnull@gulfcoastfa.com, or setting an appointment on our website at Gulf Coast Financial. Independent and semi-independent agents and advisors can reach Jay Stubbs at jaystubbs.com. ////// Disclosure: Advisory services offered through Prime Capital Investment Advisors, LLC (“PCIA”) a federally registered investment adviser. PCIA: 6201 College Blvd., 7th Floor, Overland Park, KS 66211. PCIA doing business as Prime Capital Wealth Management (“PCWM”) and Qualified Plan Advisors (“QPA”). PCIA and Gulf Coast Financial Advisors are not affiliated. Gulf Coast Financial Advisors (GCFA) , Prime Capital Investment Advisors (PCIA), Prime Capital Wealth Management (PCWM) and Qualified Plan Advisors (QPA) do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. The information provided herein is not a complete analysis of every material fact regarding any strategy; it is intended only to provide insight into the opinions of the author. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Disability Income And The Owner Operator

 In the episode, Josh and Jay discuss positive factors affecting the overall stock market valuation and some areas of concern. Tune is to learn more about how technology and unprecedented government spending is having an impact on the equities markets, balancing that with the growing concern of inflation and the Delta variant of Covid. Josh and Jay also discuss why investors in the “retirement red zone” with less than 5 years until retirement should pay particular attention to their risk tolerances and portfolio allocations. Lastly, Josh discusses why “quality” of investment choices matters and why you don’t want to move into retirement with a portfolio built without a solid foundation. Want To Know More About Josh and Jay? You can reach out to Gulf Coast Financial Advisors to set up a no-cost, no-obligation discussion about your particular needs by call 251-327-2124, emailing jnull@gulfcoastfa.com, or setting an appointment on our website at Gulf Coast Financial. Independent and semi-independent agents and advisors can reach Jay Stubbs at jaystubbs.com. ////// Disclosure: Advisory services offered through Prime Capital Investment Advisors, LLC (“PCIA”) a federally registered investment adviser. PCIA: 6201 College Blvd., 7th Floor, Overland Park, KS 66211. PCIA doing business as Prime Capital Wealth Management (“PCWM”) and Qualified Plan Advisors (“QPA”). PCIA and Gulf Coast Financial Advisors are not affiliated. Gulf Coast Financial Advisors (GCFA) , Prime Capital Investment Advisors (PCIA), Prime Capital Wealth Management (PCWM) and Qualified Plan Advisors (QPA) do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. The information provided herein is not a complete analysis of every material fact regarding any strategy; it is intended only to provide insight into the opinions of the author. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Should I Trust This Stock Market?

 In the episode, Josh and Jay discuss Estate Planning and how it applies to a broader range of people than typically assumed. This episode discusses how anyone with assets technically has an estate, irrespective of age or asset value. An Estate Plan is used to manage assets in the event of a death or incapacitation, and can help clear up confusion and conflict with an inheritance. An Estate Plan has always been an important document, but recent legislative conversations around the Estate Tax Exception, estate tax rates, and the property being a “deemed” sale at death have reinforced the need to have a conversation with your team. Want To Know More About Josh and Jay? You can reach out to Gulf Coast Financial Advisors to set up a no-cost, no-obligation discussion about your particular needs by call 251-327-2124, emailing jnull@gulfcoastfa.com, or setting an appointment on our website at Gulf Coast Financial. Independent and semi-independent agents and advisors can reach Jay Stubbs at jaystubbs.com. ////// Disclosure: Advisory services offered through Prime Capital Investment Advisors, LLC (“PCIA”) a federally registered investment adviser. PCIA: 6201 College Blvd., 7th Floor, Overland Park, KS 66211. PCIA doing business as Prime Capital Wealth Management (“PCWM”) and Qualified Plan Advisors (“QPA”). PCIA and Gulf Coast Financial Advisors are not affiliated. Gulf Coast Financial Advisors (GCFA) , Prime Capital Investment Advisors (PCIA), Prime Capital Wealth Management (PCWM) and Qualified Plan Advisors (QPA) do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. The information provided herein is not a complete analysis of every material fact regarding any strategy; it is intended only to provide insight into the opinions of the author. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Who Needs Estate Planning?

 In the episode, Josh and Jay discuss the technology platforms used by their respective firms Gulf Coast Financial Advisors and First Protective. While GCFA and First Protective are not affiliated companies, they both have experienced significant growth over the past few years, and both have leveraged technology and platforms to service their growing client base. Josh and Jay discuss not just using client facing tech for tech’s sake; the best platforms are easy to use and make both the advisor’s life and the client’s life easier.   Tune in to learn how Josh, in his role of owner of Gulf Coast Financial Advisors, has focused on a couple of tech platforms to service his clients: Orion Advisor Solutions for investment management, Orion’s corresponding financial planning tool Advizr; Precise FP for electronic risk tolerance quizzes, digital fact finders, onboarding questionnaires and satisfaction surveys; and finally, QuickBooks to help his clients get a better handle on their monthly cash flow. In his role serving advisors along the Gulf Coast, Jay has leveraged Virtual Sales Assistant to provide his advisor clients with up-to-date, non-carrier specific educational content, such as sales materials and one-pagers; Vive and iPipeLine to streamline the insurance application and avoid the paper based (and mistake prone) insurance application process of the past; and finally Doc-u-Sign for efficient and accurate delivery of policies and agreements.   Want To Know More About Josh and Jay? You can reach out to Gulf Coast Financial Advisors to set up a no-cost, no-obligation discussion about your particular needs by call 251-327-2124, emailing jnull@gulfcoastfa.com, or setting an appointment on our website at Gulf Coast Financial. Independent and semi-independent agents and advisors can reach Jay Stubbs at jaystubbs.com. ////// Disclosure: Advisory services offered through Prime Capital Investment Advisors, LLC (“PCIA”) a federally registered investment adviser. PCIA: 6201 College Blvd., 7th Floor, Overland Park, KS 66211. PCIA doing business as Prime Capital Wealth Management (“PCWM”) and Qualified Plan Advisors (“QPA”). PCIA and Gulf Coast Financial Advisors are not affiliated. Gulf Coast Financial Advisors (GCFA) , Prime Capital Investment Advisors (PCIA), Prime Capital Wealth Management (PCWM) and Qualified Plan Advisors (QPA) do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. The information provided herein is not a complete analysis of every material fact regarding any strategy; it is intended only to provide insight into the opinions of the author. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

The Tech We Use To Serve Our Clients

 Listeners, you're in for a treat! Josh and Jay welcome in James Pollard, the Host of the Financial Advisor Marketing Podcast and founder of TheAdvisorCoach.com. James is a proven expert in the field of helping financial advisors grow their business and get more clients through high level but practically implemented marketing tactics and concepts. James joins us to share his "Man Who Has Helped Thousands of Financial Advisors Reveals His 5 Biggest Money Tips", a topic we discovered in our podcast conversation that not only applies to financial advisors but is great advice for their clients.  Tune in to learn more about James' 5 tips:  - Wealth is what you can't see.  - Saving money is sexy, but making money is the workhorse. - Conservative estimates can save your butt.  - Dogma is dangerous.  - Personal finance is truly personal. Action Items: For the financial advisors in our podcast audience, you can reach James by visiting http https://www.theadvisorcoach.com/ or by finding him on LinkedIn at TheAdvisorCoach.com. You can reach out to Gulf Coast Financial Advisors to set up a no-cost, no-obligation discussion about your particular needs by call 251-327-2124, emailing jnull@gulfcoastfa.com, or setting an appointment on our website at Gulf Coast Financial.   Disclosure: Advisory services offered through Prime Capital Investment Advisors, LLC (“PCIA”) a federally registered investment adviser. PCIA: 6201 College Blvd., 7th Floor, Overland Park, KS 66211. PCIA doing business as Prime Capital Wealth Management (“PCWM”) and Qualified Plan Advisors (“QPA”). PCIA and Gulf Coast Financial Advisors are not affiliated. Gulf Coast Financial Advisors (GCFA) , Prime Capital Investment Advisors (PCIA), Prime Capital Wealth Management (PCWM) and Qualified Plan Advisors (QPA) do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. The information provided herein is not a complete analysis of every material fact regarding any strategy; it is intended only to provide insight into the opinions of the author. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

James Pollard of TheAdvisorCoach.com

 In this episode, Josh and Jay break down 7 key elements to assessing your risk management strategy and how it ties into our overall financial plan. Tune in to hear tips on how to develop a “roadmap” for protecting what you own, what you make, and what you plan on leaving behind to the next generation. Topics covered include Property, Intent, Income Protection, Retirement Plan, Health Care, Business Planning and Legacy. Key Takeaways: - Property: Start with making sure your home has appropriate insurance. Other real property items to protect include boats, jewelry, art, coins or valuables. Your plan should detail the location of these valuables. Also, does your situation require general liability / umbrella protection? Lastly, have you developed a protection strategy for you identity? - Intent: If something happens to you, does your protection plan clearly lay out your intent? When is the last time your will was updated? Other items to address include: power of attorney documents and medical directives. Lastly, are your beneficiaries up to date, and have they received communication about your plan? - Income: Have you protected your ability to provide financially in the event of pre-mature death or disability? What does your debt situation look like, and is there a plan to address it? Other items to factor in include having to care for a special needs child or aging parent. - Retirement Plan: Do you have adequate savings and a fully funded emergency account? Do you have a 401k or IRA to tap into when you retire? Are there any other assets to utilize? How does social security fit into your plan, including the best time to claim social security? Lastly, have you reviewed your tax situation and how it impacts your retirement plan? - Health Care: Assuming you have health insurance, are there any significant gaps that need to be addressed? Do you have identified what assets will be used to pay for an extended health care event? Other factors to consider include family health history, and if you have a preference for being cared for at home versus in a facility. - Business Planning: What happens to the business when you move on? Do you have a succession plan in place? When is the last time you evaluated the value of business or updated your Buy – Sell Agreement? Lastly, does your plan accommodate the key people and partners in your business? - Legacy: You planned well enough that you will be leaving something of value to the next generation. Have you evaluated the tax implications of this plan, including how your taxable and tax-deferred assets factor in. Can beneficiaries access your stuff, including anything needing a password? Lastly, if you have multiple heirs and/or children, is your goal estate equalization? Or do you desire to pass assets to special needs trust or charity?   Action Items: If you’re like most people, you addressed some of the 7 steps, but not all. Prioritize those steps most important to you, then reach out for professional help if needed. You can reach out to Gulf Coast Financial Advisors to set up a no-cost, no-obligation discussion about your particular needs by call 251-327-2124 or emailing jnull@gulfcoastfa.com.   Show Links: https://gulfcoastfa.com/ https://pciawealth.com/ https://qualifiedplanadvisors.com/ https://fitrusts.com/ https://everydollarcounts.libsyn.com/ http://jaystubbs.com/ https://www.firstprotective.com/ https://www.deepfriedstudios.com/ https://www.slothracerband.com/ Resources: Gulf Coast Financial Advisors Prime Capital Investment Advisors Qualified Plan Advisors Financial Fitness for Life First Protective Disclosure: Advisory services offered through Prime Capital Investment Advisors, LLC (“PCIA”) a federally registered investment adviser. PCIA: 6201 College Blvd., 7th Floor, Overland Park, KS 66211. PCIA doing business as Prime Capital Wealth Management (“PCWM”) and Qualified Plan Advisors (“QPA”). PCIA and Gulf Coast Financial Advisors are not affiliated. Gulf Coast Financial Advisors (GCFA) , Prime Capital Investment Advisors (PCIA), Prime Capital Wealth Management (PCWM) and Qualified Plan Advisors (QPA) do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. The information provided herein is not a complete analysis of every material fact regarding any strategy; it is intended only to provide insight into the opinions of the author. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

The 7 Step Protection Audit

 In this episode, Josh and Jay discuss how has Covid-19 impacted underwriting requirements for life insurance, disability income insurance and Long Term Care insurance. The guys discuss the multiple changes to both the process of how an insurance applications are submitted and how they are processed, as well as addressing the increased demand for coverage brought about by the pandemic. As a episode bonus, Josh and Jay also list the 5 most common life insurance mistakes, and give tips on how to avoid them. Key Takeaways: - If you have had Covid-19, do you still qualify for life insurance, or disability income insurance, or long term care insurance? The short answer is yes, but the carrier will have some questions. What did you recovery look like – did you stay at home, what were your prescriptions, are there any lingering effects, etc. - For those people that suffered from Covid but did not require a hospital stay, many carriers are offering coverage 30 days out from date of diagnosis or positive test. - For those that required a hospital for their Covid treatment, as long as no respirator was involved, you can still get coverage. Some carriers are setting it as 30 days back at home, while others are at 60, 90, or even 180 days back at home. - If you’ve simply been exposed to Covid, most carriers are offering coverage after a 30 day waiting period   5 most common life insurance mistakes: Beneficiary issues: improper beneficiary, such as listing minors or children Product does not meet the insured’s needs Failure to review coverage every 2 to 3 years Inadequate coverage amount for insured’s situation Ownership issues: Sometimes the life insurance needs to be owned outside their estate, for example, in an irrevocable life insurance trust Action Items: If you’re needing coverage, Josh and Jay thru First Protective have many life insurance, disability income and long term care options. Even if Covid is not an issue for you, maybe you are cigar smoker or have height & weight issues. Josh and Jay can work with the carriers that are most competitive for situation. You can reach out to Gulf Coast Financial Advisors to set up a no-cost, no-obligation discussion about your particular needs by call 251-327-2124 or emailing jnull@gulfcoastfa.com. Resources: Gulf Coast Financial Advisors Prime Capital Investment Advisors Qualified Plan Advisors Financial Fitness for Life First Protective Show Links: https://gulfcoastfa.com/ https://pciawealth.com/ https://qualifiedplanadvisors.com/ https://fitrusts.com/ https://everydollarcounts.libsyn.com/ http://jaystubbs.com/ https://www.firstprotective.com/ https://www.deepfriedstudios.com/ https://www.slothracerband.com/      

What impact has Covid had on life insurance underwriting?

 Josh and Jay take a break from discussing investments & insurance to talk about their personal lives and how life events have influenced their respective career paths. Tune in to hear how events in Jay Stubb’s early life led him to a career of helping families protect themselves financially from pre-mature death; how Josh Null’s winding path from running heavy equipment and doing manual labor as a youth in the Ozarks eventually led him to starting Gulf Coast Financial Advisors in Lower Alabama; and how Will Steih’s abundance of personality allowed him to pivot from a CPA Auditor to a Financial Advisor! This episode was our way of wrapping up “Season 1” of the Every Dollar Counts podcast. It was a great way for us to express our gratitude to our friends, business associates, co-workers, mentors, and family that have supported us along our journey. As we prepare for Season 2 of the Every Dollar Counts podcast, we especially want to thank you, the listeners, for making the past year of Every Dollar Counts a success and allowing us to continue on our path of financial enlightenment and entertainment! Show Links:  https://gulfcoastfa.com/ https://pciawealth.com/ https://qualifiedplanadvisors.com/ https://fitrusts.com/ https://everydollarcounts.libsyn.com/ http://jaystubbs.com/ https://www.firstprotective.com/ >https://www.deepfriedstudios.com/ https://www.slothracerband.com/ Resources: Gulf Coast Financial Advisors Prime Capital Investment Advisors  Qualified Plan Advisors Financial Fitness for LifeFirst Protective 

Who are these guys? Getting To Know The Hosts!

 Josh and Jay welcome Will Steih back to the studio to dive deep into the different types of retirement plans available to Gulf Coast area business owners. If you’re a business owner that is looking to sock money away, what are your options? Should you consider a SEP IRA? Or a 401k? What is profit sharing? What is safe harbor? What is the best retirement plan for a business owner? IT DEPENDS! Join us to hear a straight forward conversation about your qualified plan options, plus some tips for those of you looking to save more above and beyond your basic 401k!   Key Takeaways:  Most business owners offer a retirement plan so they can put their own money away for their own retirement, retain key employees and offer competitive benefits when competing for talent. A well designed retirement plan can be a significant piece of attracting and retaining talented employees. A SEP IRA allows a closely held business owner the ability to make tax-deferred contributions up to $57,000 (2020 limit) or 25% of compensation.  A 401(k) can reach similar tax deferred contribution limits, but contributions will be made in “pieces”, i.e. the 401k contribution, the company match and profit sharing would be the 3 components needed to achieve that high of a contribution amount. A 401k is regulated by the Department of Labor (DOL) and the Employee Retirement Income Security Act of 1974 (ERISA) and requires that all employees are treated equally. A Non-Qualified Deferred Compensation plan allows you to reward specific employees, that is, you can pick which key employees are eligible for the additional compensation. Highly compensated business owners or professionals often run into a qualified retirement plan contribution percentage dilemma: the annual limits of their qualified plan would probably result in less money being put away for retirement than what could replace their lifestyle income needs. For example, a professional making $500,000 in annual income only saves a little over 11% of their income even if they max out a profit sharing 401k plan.  There are plan options available for folks in this situation. One option is referred to as a “Section 162” bonus that is often used for key employees and is sometimes funded by cash value life insurance for tax purposes. Another option is setting up a Defined Benefit Plan. Small business owners can take a look at a type of a Defined Benefit Plan called a Cash Balance Plan. You can learn more about Defined Benefit & Cash Balance Plans by listening to Episode 9 of our Every Dollar Counts podcast.  For sole proprietors just starting out and not having the ability to put significant dollars away for retirement planning, there are two other options: a Traditional IRA and a Roth IRA. Both have $6000 contribution limit (2020) with a $1000 catch up after age 50. A Traditional IRA has pre-tax contributions with tax deferred growth; a Roth IRA has post-tax contributions with tax free growth. Note that there are income limits with a Roth.    Action Items: Modern technology has made most retirement plan options available in a “Do-it-yourself” manner, but as with most things, the more complex the plan and the business owner’s situation, the more value professional guidance brings to the table. You can reach out to Gulf Coast Financial Advisors to set up a no-cost, no-obligation discussion about your particular needs by call 251-327-2124 or emailing jnull@gulfcoastfa.com   Show Links:  https://gulfcoastfa.com/ https://pciawealth.com/ a href="https://qualifiedplanadvisors.com/">https://qualifiedplanadvisors.com/ https://fitrusts.com/ https://everydollarcounts.libsyn.com/ http://jaystubbs.com/ https://www.firstprotective.com/ https://www.deepfriedstudios.com/ https://www.slothracerband.com/   Resources: Gulf Coast Financial Advisors Prime Capital Investment Advisors  Qualified Plan Advisors  Financial Fitness for Life First Protective 

What is the Best Retirement Plan for a Business Owner?

 This episode is a great example of how competitive the 401k industry has become over the past several years, and why plan sponsors need to keep their plans up to date with consistent benchmarking exercises. We’ve selected audio clips from a recent Qualified Plan educational webinar that Josh hosted with Matthew Eickman, the National Retirement Practice Leader for Prime Capital Investment Advisors & Qualified Plan Advisors. In this episode, Josh and Jay provide context to the Benchmarking content provided by Matthew, particularly around how benchmarking a 401k plan can potentially uncover decreased costs for plan participants while also fulfilling some of the Plan Sponsor’s fiduciary responsibilities. Benchmarking can seem like an intrusive, time consuming process, but the reality is that a confidential analysis of an existing plan can often be completed in a matter of days, and it doesn’t always result in a plan change. Josh is connected to Prime Capital Investment Advisors and Qualified Plan Advisors. His company, Gulf Coast Financial Advisors, is part of their network of independent advisors, which gives him the support of a multi-billion dollar investment company but still provides for independence and ownership of his practice.   Key Takeaways: When considering a benchmarking exercise, Plan Sponsors should compare their situation to the Health Insurance shopping process, in that: A benefits provider wouldn’t wait 5 or 10 years before seeking a health insurance quote. Plan Sponsors should not wait 5 to 10 years to benchmark their plan Benefits provider wouldn’t go to the current carrier to ask if the price is reasonable. Plan Sponsors should not rely solely on the feedback of the current record keeper Just as with health insurance, there are many aspects that determine the overall success of a 401k Plan. Plan Sponsors should avoid analyzing only one aspect of any proposal The generally held legal interpretation is that a plan sponsor / business owner need to benchmark their retirement plan every 3 years to stay compliant. The are 4 primary reasons you should regularly benchmark your 401k Plan: Department of Labor regulations Litigation, particularly with federal courts Rapidly changing marketplace, such as fee compression Getting the best plan available for your plan participants – put them in a position to success long term One of the reasons you benchmark is to make sure you are paying appropriate fees in your 401(k) plan. It’s recommended to have a 3rd party conduct the benchmarking to avoid any conflicts if the record keeper themselves benchmark the plan. There are quality companies that provide benchmarking services for a fee. One way you can reduce costs is to have your plan blindly competitively bid, that is, take the plan to market without any identifying company information and see what offers are out there for your plan. You may be surprised how competitive the market is for your plan. Maybe you don’t want to move the plan – you can use the benchmarking results to negotiate with your current plan provider! Benchmarking does not take a lot of time – you can gather the needed information in a matter of minutes – and the time to review the results with a professional is just a few hours, time well spent if it saves you and your plan participant money and increases the competitiveness of your plan. Benchmarking goals: Positive outcomes could possibly be better pricing, better service or some combination of both Do NOT fear a move: The goal is to not transition the plan – this happens only if the benchmarking results show that the current situation is inferior Show Links:  https://gulfcoastfa.com/ https://gulfcoastfa.com/401k-forum https://pciawealth.com/ https://qualifiedplanadvisors.com/ https://fitrusts.com/ https://everydollarcounts.libsyn.com/ http://jaystubbs.com/ https://www.firstprotective.com/ https://www.deepfriedstudios.com/ https://www.slothracerband.com/   Resources: Gulf Coast Financial Advisors Prime Capital Investment Advisors Qualified Plan Advisors Financial Fitness for Life First Protective   If any of these topics apply to your situation, we can help! Reach out to us at 251-327-2124, or email jnull@gulfcoastfa.com.  

What Do Plan Sponsors Gain From Benchmarking Their 401k Plans?

 Josh and Jay welcome Will Steih back to the studio for a conversation about Wealth Transfer Planning, an important issue with the recently increased Estate Tax Exemption amount potentially in play with a new administration coming into power. The Estate Tax Exemption, commonly called the “Death Tax”, has an eventful history with the role it plays as a political issue. On a practical note, business owners and successful professionals should be aware of current exemption amounts, and how recent history has proven that those amounts can change with the “stroke of a pen”. No one can predict the future of the Estate Tax Exemption, but proper planning can help clients pass the “Pillow Test” and sleep better knowing they have addressed this vital component of transferring their wealth to the next generation or to their favorite charity or organization.   Key Takeaways: - If recent history is any indicator of potential future changes, the Estate Tax Exemption has experienced significant swings. The amount was only $600,000 not too many years ago, and most recently, doubled from approximately $5.5 Million to $11.18 Million (it adjusts every year with inflation) under the Tax Cuts & Jobs Act. - The current exemption is set to sunset in December 2025, but changes in political leadership could impact that timeline. - The current tax rate for assets above the exemption amount is 40%. This rate has been 55% in the past. - We discuss what defines an “Estate”, including the differences in Qualified and Non-Qualified Assets. - A 401k or IRA is a common Qualified Asset included in someone’s estate. The “stretch rule” for inherited IRAs has changed, now requiring beneficiaries to “drain” the account over a 10 year period through distributions. This process can add significant income taxes to a beneficiary’s situation, but the reality is that many inherited IRAs are spent quicker than that. - There is often an emotional component to Wealth Transfer Planning, something that having professional advice can help navigate.   Action Items: The first step on Wealth Transfer Planning is getting a Will. From there, depending on the needs and complexity of your situation, you may want to reach out for professional financial and tax advice. Gulf Coast Financial Advisors are not attorneys and can not provide legal council or advice, but we can assist with the Financial Planning aspects of Wealth Transfer Planning. Set an appointment via the website https://gulfcoastfa.com/, call 251-327-2124 or email jnull@gulfcoastfa.com.   Resources:Gulf Coast Financial Advisors Prime Capital Investment Advisors Qualified Plan Advisors Financial Fitness for Life First Protective Show Links: https://gulfcoastfa.com/ https://pciawealth.com/ https://qualifiedplanadvisors.com/ https://fitrusts.com/ https://everydollarcounts.libsyn.com/ http://jaystubbs.com/ https://www.firstprotective.com/ https://www.deepfriedstudios.com/ https://www.slothracerband.com/

Wealth Transfer Planning and the Estate Tax Exemption

 The global pandemic and resulting market crash and job losses were a stark reminder of how ill prepared most American workers were in an emergency. For companies that offer 401(k) plan, having a robust financial wellness program in place can often help employees deal with this type of financial stress. On that note, and as part of Gulf Coast Financial Advisor’s 401(k) plan participant educational services, we’ve selected audio clips from a recent Qualified Plan educational webinar that Josh hosted with Matthew Eickman, the National Retirement Practice Leader for Prime Capital Investment Advisors & Qualified Plan Advisors, where Matthew and Josh discuss the present and future of financial wellness.   In this episode, Josh and Jay provide context to the Financial Wellness content provided by Matthew, particularly around the definition of financial wellness has evolved over the past handful of years, and how Covid accelerated the existing need to have financial savvy and educated employees. This episode also discusses the measurable hit to production when your workforce is financial stressed – it’s a significant detrimental impact! If you’re a plan sponsor or 401(k) plan decision maker, take a few minutes to hear practical advice and guidance on a properly structured Financial Wellness program!   Josh is connected to Prime Capital Investment Advisors and Qualified Plan Advisors. His company, Gulf Coast Financial Advisors, is part of their network of independent advisors, which gives him the support of a multi-billion dollar investment company but still provides for independence and ownership of his practice.   Key Takeaways:   - Plan sponsors may have had the best intentions of offering financial wellness programs, but Covid exposed the fact that employees were simply not ready for a financial crisis.   - The post-COVID-19 era will have an economy shaped by new habits and regulations. Both people and organizations will discover the benefits of a new way of living and working, which will challenge traditional business and lifestyle norms.   - Some of the “New Normal” changes may stick, or possibly even embraced, such as remote working, a mixed work/life balance, access to e-commerce & logistics and E-health.   - Some potential implications of the New Normal for Employers include mass unemployment, bankruptcies, bail-outs, employees working remotely, challenging engagement and communications and reduced productivity.   - The potential affect on Employees include stress over job security, isolation and disengagement from employer, struggling to maintain a consistent schedule, anxiety / loneliness / depression, technology challenges, funding an emergency account, paying off debt, retirement readiness and child care.   - In a Covid related study, financial or money challenges causes the majority of stress for employees – over 50%!   - Proactive employers are responding with properly structured wellness programs, and seeing improvement in work enjoyment, loyalty and attitude.   Forward-Looking Wellness Program Best Practices:   - Embracing Technology - Customized to the Organization - Personalized to the Employee - Ability to Engage Via Technology - More Expansive Topics – financial and otherwise - Data-dependent and Results-driven   Action Items: Visit Financial Fitness for Life, and if you’re a Gulf Coast area business owner, plan sponsor or 401(k) decision maker, reach out to Gulf Coast Financial Advisors to start the discussion about a Financial Wellness program.   Show Links: https://gulfcoastfa.com/ https://gulfcoastfa.com/401k-forum https://pciawealth.com/ https://qualifiedplanadvisors.com/ https://fitrusts.com/ https://everydollarcounts.libsyn.com/ http://jaystubbs.com/ https://www.firstprotective.com/ https://www.deepfriedstudios.com/ https://www.slothracerband.com/   Resources: Gulf Coast Financial Advisors Prime Capital Investment Advisors Qualified Plan Advisors Financial Fitness for Life First Protective  

Financial Wellness In A Covid World

 The Big BOSS is back! Will Steih, the Managing Director for the Tennessee office of Prime Capital Investment Advisors, is back in studio with Josh Null and Jay Stubbs for another business owner focused podcast series. Now, normally the show topics are evergreen, but Will, Jay and Josh all felt that with a possibly historic election just days away, they would record some of their thoughts before the final outcome is known. Let put it down on tape for posterity, so that they could either make fun of themselves a few days (weeks? months?) after the election, or remark at how brilliant their predictions turned out to be! Tune in to hear Josh, Will and Jay discuss 3 key areas for folks with investment and/or business assets to think about with our upcoming election: Taxes, Stimulus and Market Uncertainty. Also tune into to hear if Josh can ever learn how to pronounce “Presidency”. The answer, sadly, is no.   Key Takeaways: - With a change in leadership, the current state of income tax law could quickly pivot, particularly as it relates to the Tax Cuts & Jobs Act (commonly referred to as the Trump Tax Bill). Will, with his CPA background, dives into how the Trump Tax Bill impacted income tax brackets and what the QBI pass thru deduction has meant for closely held businesses. - Part of the recent tax legislation allowed for the “step up in basis” for capital gains, particularly on inherited assets. A change in leadership cold impact this part of the tax code. Josh, Jay and Will discuss real world examples of how this impacts those that inherit assets. - Corporate income tax rates were dropped from 28% to 21%, and many business owners operated under the assumption that these rates would hold until the scheduled sunset in 2025, but Will, Josh and Jay discuss how the Biden plan discusses raising these rates before sunset. - Trillions of dollars of stimulus were pumped into the economy thru stimulus funds, as well as EIDL and PPP loans through the SBA. Josh, Jay and Will discuss their thoughts on additional stimulus, as well as how outstanding loans will be impacted with a change in leadership. - With all of the uncertainty in the stock market, Josh, Jay and Will discuss the question on the mind of many investors: “what should I do?”. This especially applies to those in or near retirement, and wary of a significant drop in investment account values.   Show Links: https://gulfcoastfa.com/ https://gulfcoastfa.com/401k-forum https://pciawealth.com/ https://qualifiedplanadvisors.com/ https://fitrusts.com/ https://everydollarcounts.libsyn.com/ http://jaystubbs.com/ https://www.firstprotective.com/ https://www.deepfriedstudios.com/ https://www.slothracerband.com/     Resources: Gulf Coast Financial Advisors Prime Capital Investment Advisors Qualified Plan Advisors Financial Fitness for Life First Protective If any of these topics apply to your situation, we can help! Reach out to us at 251-327-2124, or email jnull@gulfcoastfa.com.  

Taxes, Stimulus & Market Uncertainty

 This episode is a great example of how fast technology is changing, and how that affects 401(k) plans. We’ve selected audio clips from a recent Qualified Plan educational webinar that Josh hosted with Matthew Eickman, the National Retirement Practice Leader for Prime Capital Investment Advisors & Qualified Plan Advisors. In this episode, Josh and Jay provide context to Electronic Disclosure Rule content provided by Matthew, particularly around how significantly technology and electronic communications have changed since the rule was first introduced in 2002.  This episode also details the most important tasks that plan sponsors need to take NOW with the Electronic Disclosure Rule, such as starting with building an email list within the provided structure. If you’re a plan sponsor or 401(k) plan decision maker, take a few minutes to hear practical explanations and guidance to this new rule! Josh Null is connected to Prime Capital Investment Advisors and Qualified Plan Advisors. His company, Gulf Coast Financial Advisors, is part of their network of independent advisors, which gives him the support of a multi-billion dollar investment company but still provides for independence and ownership of his practice.   Key Takeaways: > The new electronic disclosure rule recognizes the widespread modern-day reliance on electronic communication. Practically, it provides employers the flexibility to more widely disclose retirement plan information in an electronic format. It does so in the form of a voluntary "safe harbor" for employers that would like to use electronic disclosure as a default approach for ERISA-required (but not Tax Code-required) participant communications. > The final regulation provides for two options: posting the disclosure(s) on a website or email delivery. > From a practical perspective, the new safe harbor provision is available immediately. The formal effective date is 60 days after the final publication of the regulation, but the Department of Labor explicitly provided its support for employers to implement the rule earlier. > But this doesn’t mean you can start to use electronic disclosure immediately. The regulation requires a specific written notice before an employer can begin to rely on electronic disclosure. The DOL considers the rule to follow a "notice-and-access" structure, with the initial written notice being the first step within the structure. > If you’re already using electronic disclosure for some or all of you people, the new rule does not immediately replace the DOL guidance currently on the books. Some of the DOL's prior guidance will be phased out over an 18- month period, but that won't happen immediately. > Electronic Disclosure Rule action items to tackle NOW: Build an email list that can be employer assigned or employee-provided. If you plan to use some employee-provided email addresses, the regulation provides ample flexibility around the time at which you receive that address. The emails may be provided as part of the job application and hiring process, or as a part of becoming a plan participant, "or otherwise" (as the regulation broadly provides). Distribute the paper notice. The regulation requires that this paper notice include specific information, including the email address for the specific individual. Begin to use the electronic disclosure structure that became effective on 7/27/20. You will want to build out a process to maintain the email list that tracks email addresses for future hires, individuals who have opted out of the electronic disclosures and email addresses for a terminated employees (in the case where the email address on file was employer-assigned).   Show Links: https://gulfcoastfa.com/ https://gulfcoastfa.com/401k-forum https://pciawealth.com/ https://qualifiedplanadvisors.com/ https://fitrusts.com/ https://everydollarcounts.libsyn.com/ http://jaystubbs.com/ https://www.firstprotective.com/ https://www.deepfriedstudios.com/ https://www.slothracerband.com/   Resources: Gulf Coast Financial Advisors Prime Capital Investment Advisors Qualified Plan Advisors Financial Fitness for Life First Protective   If any of these topics apply to your situation, we can help! Reach out to us at 251-327-2124, or email jnull@gulfcoastfa.com.

How the New Electronic Disclosure Rule affects your 401(k) Plan

The Every Dollar Counts Podcast with Josh & Jay is made for and dedicated to those folks serious about their financial plan. Josh Null and Jay Stubbs dedicate their time to dissecting and explaining the various investment & insurance services and products available to consumers, as well discussing lifestyle interests of the dedicated investors. Josh and Jay are also often joined by the best and brightest guests from our industry.

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Every Dollar Counts with Josh & Jay

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