Five Fact Friday – March 25, 2022

Recently, our very own Associate Attorney, Darsh Patel, took a volunteerism trip to the Poland-Ukraine border to provide aid to refugees in the geopolitical crisis. Watch to see footage from his travels! 

Are you enjoying the sunshine post turning your clocks forward? Well, you might be able to enjoy that PERMANENTLY. What are we talking about? Watch to learn more! 

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News 12 NY: Equal Pay Day: 

News 12 West Chester: Equal Pay Day: 

Full Transcription Below

It’s a mixture of two of my favorite things, “Star Wars” and Disney World. And if they gave you an iPad at the same time, you’d enter Medina Nirvana. What am I talking about? Well, I’ve got that link and more, because I’m Victor Medina and this is Five Fact Friday. Hey everybody, welcome back to Five Fact Friday, this is hosted by Medina Retirement Planning, which is the YouTube channel that’s hosted by Medina Law Group and Palante Wealth Advisors, your one-stop shop for retirement planning. I’ve got five great links for you, but before I get into that, I wanted to thank all of the clients that came to our client event, I bought an annuity, so now what? Which is our exclusive seminar to talking about some of the financial products and recommendations that we’re using in our retirement planning, so, that our clients stay up to date with the elements of their plan or are always comfortable with what we’re doing. It can happen. You can get a plan in place and then forget about the reasons why you have these certain elements in there, and so, we like to be able to provide our clients the opportunity to stay in touch with their planning. Now, if you’d like to learn more about this and maybe even learn more about your plan, all you have to do is reach out to us. We’d love to have you into the office to talk about your retirement planning and what we can do for you. Hey, let’s get started with the links for this week.

The first link is, what I am reading. And it’s the link that I was hinting to at the top of the video, which is the mix of Disney World and “Star Wars.” It turns out that there is a brand new hotel that you can book, for the small, small price of thousands of dollars, where you can like, fly as though you were a character in the “Star Wars” World. You bore the “Star Wars” Galactic, I think it is, and you’re able to be transported in an entire hotel experience, that while you’re staying there, it’s as though you’re really in the “Star Wars” World. People are fighting, you’re flying, it’s thousands of dollars, but there’s a writeup that suggests that it actually might be worth it. If you’ve ever thought about this whole immersive vacation, like, if you’re gonna go to a dude ranch and play cowboy, maybe you’d like to go to a “Star Wars” ranch and play Jedi. You’ve got the opportunity to do it, check out this article for more.

The next link is, what I’m watching. And it is a great video that talks about, the US Interstate System and its numbering mechanics. You know, long before GPS and navigating by the stars, there was a way of being able to navigate the United States based on the Interstate System. So, Interstates that end with zero mean one thing, and in things that end with five mean something else. And the numbers, whether they begin with an odd number or an even number, means even something else. I’m telling you, you gotta check out this video, if you’d like to learn why 295, here in Mercer County is actually numbered 295 and not 195. There’s a logic behind it. And so, it’s basically something that you should learn about. By the way, I’ll give you the answer to it. It starts with an even number because it actually connects to different Interstates. So, you’re gonna go from 95 to 95. And so, the two number, says that you will connect back again. If we were gonna take 195, that odd number suggest that you are not going to connect back to the original one, and in fact that’s the case when you’re traveling 195. See, you just learn something. But you gotta learn the rest of the numbering. Check out the video, it’s pretty awesome.

The next link is, what’s new in tech. And my kids grew up riding Razor Scooters. They were the ones that kind of folded in half, two small wheels. They looked that they were gonna cause you to need knee replacement surgery, you’re gonna tear an ACL, and the kids were going all over the place. Well, Razor Company is back, and they actually have a version that’s meant for adults. And no, not the kind that go to skate parks and do crazy tricks with them, just regular scooters for adults. You might wanna check it out, ’cause I tell you, when I go to a new city, I’m looking for their electric scooter network, and I’m trying to check that stuff out, because I really like seeing a new city with a scooter. It’s really a cool way to travel. I did it when I was in Minneapolis in October, I’ve done it in Detroit, yes, even Detroit, and in fact, we’re gonna get an opportunity to do it in Austin. I’m taking a small trip with my two oldest boys. It’s gonna be a little bit of a road trip. We’re flying into Houston, we’re going from Houston to Austin to Dallas. And in fact in Austin, they have those scooters. I can’t wait to kind of tour around with them and check out the city with them. Anyway, check out the link to figure out whether or not, you’re gonna be buying a Razor Scooter in the future.

The next link is, what’s new in legal, and it’s actually kind of a mix between money and legal planning, but it’s really around the estate planning for crypto assets. Now, as a reminder, crypto assets are really a set of investments around blockchain currencies, that’s basically not tied to banks. And people buy these whether it’s Bitcoin or Ethereum, and Dogecoin, whatever they are. But there’s a burgeoning industry for how to transfer those after you die. See, you need certain passwords to be able to get into your wallet, to be able to access this. And there are tons of stories of people that have unfortunately died without leaving their password behind, which makes it really difficult. And in some cases they’ve left millions behind for other people to not inherit. So, there’s a great little industry about where to park and how to deal with the access to your crypto assets as part of your estate planning. We are watching this very closely at Medina Law Group to see whether or not we’re gonna integrate any elements of that with our estate plan. But if you are somebody that owns crypto, you already know that you need a password to be able to get into it. Where are you gonna leave that password, if something should happen to you? You should check out the link and learn more.

The last link is, what’s new in retirement, and it involves an entity that’s not typically in the news about doing something wrong, and that’s Vanguard. You know, traditionally, Vanguard is thought of as the do it yourself investors place to put money. And for a long time, that’s really been a great place. They tend to have low cost funds. They are sort of mutually owned. They’re owned by Vanguard, but they’re not there selling up very expensive proprietary funds, and for a lot of people, there are great solution. But unfortunately, there were a number of their big investors that got hit with big tax bills. Now, the details of this probably are too complicated for this video, but if you are not in a situation in which your investments, and specifically the taxes that they’re throwing off are getting managed by your advisor, you may be hit with an unexpected tax bill as the fund managers make decisions that you don’t control. And so, one of the things you wanna make sure is that you are managing taxes, in addition to managing investments. It’s one of the reasons why. And are make it last plan of the four panels. Income investment, taxes and estate planning, taxes is its own area. We wanna be able to help our clients manage their income taxes specifically in retirement, because the federal government, the IRS is your partner in retirement, and they get to say, how much of their money, of your money they gets to keep. So, we wanna make sure that it’s the least amount possible. I’m gonna encourage you to check out this article and see whether or not you should be concerned about large holdings that you have that might cause big taxes later in the future.

All right, let’s recap the links for this week. The first link is, what I’m reading, and it is a once in a lifetime experience at a “Star Wars” themed hotel at Disney World. The second link is what’s new at… Let’s try again. The second link is what I’m watching, and it is a video that’s describing the Interstate numbering system and how you can navigate across the United States, just knowing by what highway you are on. The next link is what’s new in tech and it is Razor Scooters entry into the adult scooter world. You might wanna check that one out, maybe ask Santa a for present. What’s new in legal, is a burgeoning industry of individuals that need crypto estate planning and the companies that are rising up to support them to make sure that they don’t lose their crypto money, just because they’ve lost their passwords. And finally, what’s new in retirement is the folks at Vanguard Holdings, sort of like, being hit with big tax bills that they didn’t expect. Hey listen, those are the links for this week. I do wanna let you know that if you are interested in learning more about your own retirement plan, you always have an opportunity to reach out to us. We would love the opportunity to talk to you. And now’s around that time where you’re thinking about it, ’cause you’re filing taxes, and you need to know that you’ve got a great plan in place, we’d love the opportunity to talk to you a little bit more, see if we can help. But until then, I’m off on a road trip with my two oldest boys to parts of Texas. I was gonna say unknown, I kind of really know where I’m going, but it’s gonna be fun to get the two older ones alone and myself and visit a few of the cities. We might come back with cowboy boots and a cowboy hat, maybe we won’t, we’ll see. But until then, I’ll catch you on the next Five Fact Friday. Bye-bye.