Five Fact Friday – October 7, 2022

This week on Five Fact Friday we’ll be cooking up some delicious comfort food with the BEST way to cook salmon! We’ll also be talking about the late Pat Bowlen’s estate, and how despite planning, years of family battles followed.

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Transcription Below

Did you ever see the day when you would have a hip hop artist essentially play a 200 year old crystal flute at the Library of Congress? Well that day is here. What am I talking about? Well, I’ve got that link and more, ’cause I’m Victor Medina and this is Five Fact Friday.

Hey everybody, welcome back to Five Fact Friday, it is the only video newsletter hosted by the very best retirement planning firm in Central New Jersey, Medina Law Group and Palante Wealth Advisors. Anyway, I just have five links for you this week, but before I get to them, I want to let you know that we just concluded teaching one of our retirement classes in the local Mercer County area. It’s actually a two day class that we run that’s basically one week apart and we cover five topics, and they are taxes, healthcare, estate planning, investing and income in retirement. It’s actually one of my favorite things to do. If I know anything about my marketing department that edits these, there’s probably pictures of these kind of going around right now where we taught the class. It was fantastic, we met with about 25 to 30 people each, of two different nights. So we had two classes that we were running and it gave us an opportunity to not only share our information about the retirement planning ecosphere, how it’s supposed to work, what you can do, but also gave us a chance to meet with some potentially new clients. If you’d like to know what that class is all about and you would like to attend, let us know, because the next set of classes are going to be held just after the new year in January. So it gives you plenty of time to clear out your schedule. You got to give us about three hours on two different nights, but if you are interested, just respond to this email and we’ll put you on the list. If you know of somebody that might be able to benefit from it, go ahead and let us know and we’ll make sure that they get an invitation.

Also, we’re getting into fall season, I’m actually kind of bundled up, ’cause it’s the first day that it seems really cold and I got layers on, but, as we do that, we’re going to be preparing for our pie season. Now for those of you that are clients, you already understand that one of the things that we do is in and around Thanksgiving time, we deliver pies. It’s our way of kind of coming into your home around that time and just letting you know that we consider you family and we want you to have a great Thanksgiving. If you want to get on the pie list, well, you have to become one of our financial planning clients and if you’re interested in doing that, just reach out. Anyway, pies are great, we’re looking forward to doing it. Just be on the lookout if you’re our client for that email that will let you know that we’re opening up other registration and you should put in your times.

All right, well let’s get to the five links for this week. And the first link is what I am reading and it’s actually a link to a post of somebody that looked at five different ways of making salmon. Yeah, salmon. Everybody knows that you’re supposed to be taking in more fish and that helps you with your omega threes, but you’re not supposed to have them farm raised, they should be out and wild caught. But what’s the best way to prepare them? Well this post actually investigated three different ways of preparing salmon. I mean five different ways of preparing salmon and came up with the very best way. Now I’m not going to spoil it for you in the video, you actually have to click on the link. That’s the whole thing about this video newsletter with the Five Fact Friday, with the five links, you click on the links and you go check it out. If I spoil it for you here in the video, you won’t check out the links and you might not learn something. So that’s the whole point of it.

Let’s go on to what I am watching and it’s actually the thing that I referenced at the top of this video. For those of you that don’t know, there is a hip hop artist, the singer and a rapper named Lizzo. Now, your grandkids know all about Lizzo, she is body positive, she is talented and at the same time she is a flutist. That is that she plays the flute and she not only plays the flute casually, she plays it on stage. Well, recently she had a chance to go visit the Library of Congress and they gave her James Madison’s 200 year old crystal flute to play. And it’s actually, instead of being made of metal the way most flutes are, this one is made of crystals. It’s basically a crystal flute. And she played it out in the open veranda. It’s part of an initiative by the way, of the Library of Congress to go ahead and include a whole music section in what they’re doing, but it was also a fun opportunity to see history sort of being made and revisited. 200 year old flute being played by a current hip hop artist and played wonderfully. If you’d like to check it out, that’s a link to a YouTube clip of a news article of her doing that.

The next link is what’s new in tech. And actually this is a shout out to my son Aiden, who loves all things related to astronomy and the space program. Turns out that NASA is going and experimenting with a new SLS rocket system, to go ahead and visit further and further out, visit the moon and starts to go and explore space. Well, they call it the Artemis Program and I think, if memory serves, Artemis is related to Apollo, which is one of the reasons why we’ve named it that program or they named it that program, is because we’re going to be revisiting the moon in the same way that the Apollo missions did that. So, they have scrapped, I think three different times to try to launch this and check it out. And by the way, one of them, for good reasons, it was exactly the same thing that blew up the Challenger, so we wanted to make sure that we had it right. And thankfully NASA has gone ahead and confirmed that no damage to the SLS system and their rockets was caused by Hurricane Ian. And so for that reason, they are now looking at dates in November. There’s going to be window of about a week in mid-November where are they going to try to launch it. But if you’d like to learn more about the Artemis Project, go ahead and follow the link and check it out. It’s actually kind of cool that we are returning to the moon.

The next link is what’s new in legal and actually is related to estate planning because it is the story of the former owner of the Denver Broncos and the estate planning that he had done to try to create an efficient transfer of the ownership of the club after his death. He had done everything correct, including filing his plans with the NFL. He had gone ahead and named certain trustees and fiduciaries, ’cause he was splitting up the ownership, well the the ownership of different assets, but who was going to be the owner of the club, as opposed to who’s going to get the rest of his money. And it has been a never ending source of litigation. Now, I suppose when there are billions of dollars at stake, everyone’s going to find a seat at the table. But if you want to make sure that you limit the opportunity for people to challenge your estate plan, using a revocable living trust in setting things up actually is going to create a barrier to entry for those individuals that want to challenge the plan, because it’s going to make it more difficult for them to do so. They are going to have to be sort of well healed and with deep pockets, ’cause they’re going to have to find a lawyer to file a lawsuit and most of our clients don’t have children that are in that position. But if you’d like to limit the chances that that will become a problem, you should probably have a really solid estate plan. And not just that, but one that is revisited on a regular basis. It’s not enough to just get it as a, set it and forget it activity, it needs to be updated, much like a piano needs to be tuned, your plan needs to be updated to make sure it will do what you want when you pass away.

The last link is what’s new in retirement. And it’s actually an article by a Harvard-trained economist. I always look at that headline, I think, well, they just want to include the word Harvard in there but it was from somebody that is an economist and retired early and is exploring the issues of early retirement. Now this is not one of those posts where somebody retired at 35 years old and they are talking about their great life and the fact that they don’t have to work again. This is actually people that retired somewhere between age 57 and 66, so that 10 year gap before most people are of full Social Security retirement age. And the point of the article, which we agree with here at Palante Wealth Advisors is that most people end up being lousy savers and lousy people who can assess whether or not they’re going to be okay. Most folks don’t use professional advice to get answers to their questions. And so this combination of people who retire as abled bodied with the opportunity to keep working and often with not enough saved can lead to a disastrous result, that most people are waiting and relying on Social Security to fund their retirement, in terms of their fixed income and it turns out, by all accounts and research, that it only will account for 33% about a third of your fixed income for what you need in retirement. And so you need to make that up with other sources of income. Most folks don’t have pensions, so they have to rely on their personal savings. So here’s the point, if you want to have a successful retirement and you choose to retire early, one of the most important things that you can do is go ahead and have an assessment by a professional who can let you know what your retirement picture will look like. Now, when we do that here at Palante Wealth Advisors, we actually look at five different areas, your income, your investments, taxes well four areas, your income, your investments, your taxes and your estate planning. And it turns out, so that when we look at it that way, holistically, we can put together a plan that will help guide you through retirement. We can answer questions, about whether or not you’ll be okay and whether you are someone who is capable of early retirement and what it would take in order to get there. But here’s the point, if you don’t have a plan in place and you haven’t received professional guidance about what to do with your planning, then you may want to reach out and ask us some questions. Hey, listen, it’s a 15 minute call to start. It’s no obligation. If you want to put together a plan, there’s no obligation for that either or cost. And there’s no judgment, we just want to get you on the right road going forward and having you feel what the rest of our clients’ feel, which is comfortable at their retirement, even with the current market volatility, they’ve put things in place to make sure that they will be okay, we anticipate a volatility like this and we made sure that their living money for today was never going to be subject to the markets and what they would be doing. Point is, they got a great plan and they’re feeling good. You might want to get to the same point.

All right, let’s revisit the links for this week. The first link, what I am reading, is five different ways to prepare salmon. You know you want to increase your fish intake, why don’t you try all five of them and you may end up feeling the same thing that the person who wrote the post says about the best way to prepare it. The next thing is, what I am watching and it is the hip hop artist Lizzo playing a 200 year old crystal flute at the veranda in the Library of Congress. The next link is, what’s new in tech and it’s following NASA’s project called Artemis, about revisiting the Moon and the fact that they’re going to be trying to launch again, sometime in mid-November, hoping to get a successful trial. What’s new in legal is, the former owner of the Denver Broncos and his estate plan, which is currently being challenged, in trying to transfer the ownership of the Broncos and also a little bit of guidance about what you should be doing to create your great estate plan. And that last link is, what’s new in retirement and those are the dangers of early retirement, specifically if you are retire in 10 years or so before full retirement age, what do you need to have in place? And what I think is, you should probably have some professional guidance and we’re here to help you with that. Those are links for this week. Stay warm. I don’t know, it was kind of rainy over the course of the weekend and it was chilly out and I just wanted to make everybody feel good, so I actually cooked a recipe for French onion soup with a little bit of baguettes and some melted cheese. I’m going to include that as a special bonus link, both in the email and here. And if you want to check that out, it takes about three hours but it is a fantastic recipe for French onion soup. It’s really simple with the ingredients, it isn’t a much, it just takes some time and patience and a little bit of knowhow. Those are links for this week, we’ll catch you again in a couple of weeks. See you soon. Bye bye.