This is the second of a two part series with estate attorney Heather Parker of the Parker Law Office.  Today, we take a deeper dive into the differences between wills and trusts.Trusts can provide for:How your bills will be paid if you are hospitalizedA financial power of attorneyA trustee to manage your assetsAvoiding costly probate court costsAnd more...There are also different types of trusts, including pet trusts, and IRA trusts.  The latter can be especially important in wake of the SECURE Act and recent changes to the stretch IRA rules. Most importantly, you should have a team working together for your estate planning.  This can include a financial advisor, accountant, attorney, and more.Resources:The Parker Law Office: https://www.parkerlawaz.com/Heather Parker's Office Number: 480-264-5177Heritage Financial Strategies: https://heritagefinancialaz.com/ 

Making Money Fun

Estate Attorney Heather Parker, Part 2

Heritage Financial Strategies now has a new office space - but you won't have to reprogram your GPS.  We've just moved downstairs.  We are now on the first floor of our building on South Gilbert Road.The move was a several-months long process, and Shanna Tingom and the team realized it's similar to finding a financial advisor. They needed to find the right fit for their needs.  They then worked with a general contractor to find the labor, parts, and tools that were uniquely suited to what they wanted to accomplish - just like a financial advisor will help you find the best fit for your needs.Another thing the Heritage team learned - if a vendor seems like a bad fit - trust your gut.  Shanna explains. 

How Our Move Is Like Finding a Financial Advisor

This is the first of a two-part series on estate planning.  Attorney Heather Parker joins Shanna Tingom to talk about the two areas of estate planning - money and medical.Medical:HIPAA Release - who can be given information about your condition?Medical Power Of Attorney - who can make medical decisions for you?End of Life Documents - what are your final wishes in terms of treatment?Heather explains that not having these documents in place can have dire consequences, and she gives some real world examples.  These conversations can be difficult to have, but they are vitally important.  She also explains how to give the right people access to these documents.On the money side, Heather breaks down the differences between a will and a trust. People often have misperceptions about what a will accomplishes.   For many situations, a trust is required.  And it's not as hard to set up as you might think.   And a trust can provide for many circumstances that a will cannot.  We'll explore this in more detail in part 2.Resources:The Parker Law Office: https://www.parkerlawaz.com/Heather Parker's Office Number: 480-264-5177Heritage Financial Strategies: https://heritagefinancialaz.com/ 

Estate Attorney Heather Parker Part 1

Today Shanna Tingom introduces you to the newest member of the Heritage Financial Strategies team, Samantha Jarvey.   A lifelong resident of Gilbert, Sam tells us about her background and her family.Shanna explains that the Heritage team wasn't hiring specifically, but when someone with Sam's background and experience reached out, they had to meet.   For Sam, Heritage's focus on client relationships aligned with her personal philosophy when it comes to money management.Oh, and wait until you hear the Tesla story...Shanna Tingom, Heritage Financial StrategiesPhone: (480) 397-1184Website: https://www.heritagefinancialaz.com/Email: shanna@heritagefinancialaz.com

Meet The Heritage Team: Sam

In the second of our two part series with CPA Aaron Blau, we look at potential legislation under the Biden administration and what that could mean for you, your money, and your taxes.We start with a look back at the SECURE Act - how it raised the age for required minimum distributions and eliminated the so-called "Stretch IRA."Shanna asks Aaron what a potential "SECURE Act 2.0" could mean for RMDs and stretch IRAs going forward.   We also look at potential changes to 529 Education Savings Plans, the so-called "step up in basis," and capital gains tax rates.For more information:Find Aaron Blau at The Blau Company: https://blauco.com/Find Shanna Tingom at Heritage Financial Strategies: https://www.heritagefinancialaz.com/ 

Aaron Blau Part 2

In the first of a two part series, Shanna Tingom is joined by CPA Aaron Blau to talk about recent tax changes and how they can affect your bottom line.First, Shanna and Aaron cover the rules around retirement distributions during 2020 - what you could take out, under what terms you have to pay it back, and how it will affect your taxes.We also cover economic impact payments (EIP's) for personal, and the economic injury disaster loans (EIDL's) for businesses.  While grant money is gone, loan money is still available under the right circumstances.   Next, Aaron explains the Paycheck Protection Program (PPP) and all of its various implications.Congress actually changed a number of rules around these different programs, often times in your favor, with potentially more to come.  This episode is definitely worth a listen.For more information:Find Aaron Blau at The Blau Company: https://blauco.com/Find Shanna Tingom at Heritage Financial Strategies: https://www.heritagefinancialaz.com/ 

Aaron Blau Part 1

Today, Karen Camblin from Guild Mortgage rejoins Shanna Tingom for part 2 of their conversation about the real estate market.In this episode, we are looking at the effects of the pandemic on the mortgage process.  Most notably, it has become much more difficult for small business owners to qualify for mortgages. Because so many businesses failed during COVID-19, many banks are now requiring Profit and Loss (P&L) statements from business before approving mortgages.We also explore the world of "Jumbo," loans above $548,250.  With the explosion of the real estate market, these types of loans have become much more relevant.  There are strategies around having to apply for these loans, with their even more stringent requirements.  We explore those.Karen also explains that Guild services their own mortgages, and why that can be advantageous to borrowers.Finally, we discuss why it's important for your lender, CPA, financial advisor, and more to act cohesively as a team.More:Karen at Guild Mortgage: https://branches.guildmortgage.com/az/gilbert/karen-camblin-424-evkc.htmlCall Karen at 480-390-1732Email Karen at kcamblin@guildmortgage.netHeritage Financial Strategies Website: https://www.heritagefinancialaz.com/Call Shanna at: 480-397-1184Email Shanna at Shanna@heritagefinancialaz.com 

Real Estate Market with Karen Camblin, Part 2

In the first of a two-part series, Karen Camblin from Guild Mortgage joins Shanna today to talk about the wild real estate market we've seen in recent months.Karen explains the dangers of qualifying for the highest loan you can, and why she takes a more practical approach.  It's not about what you can approved for - it's about what you can pay every month.We then walk through credit checks, pre-approvals, and the entire process you undergo as a buyer.  This includes explaining why you should NOT make major purchases during this time.Finally, Karen explains some of the unique services and products that Guild Mortgage offers to its clients.More:Karen at Guild Mortgage: https://branches.guildmortgage.com/az/gilbert/karen-camblin-424-evkc.htmlCall Karen at 480-390-1732Email Karen at kcamblin@guildmortgage.netHeritage Financial Strategies Website: https://www.heritagefinancialaz.com/Call Shanna at: 480-397-1184Email Shanna at Shanna@heritagefinancialaz.com 

Real Estate Market with Karen Camblin, Part 1

In part 2 of our series, Shanna Tingom is joined again by real estate agent Jean Pomeroy.  In our last episode, we examined the current real estate market.  Today, we look at strategies that you can employ as a buyer to get the home you want.You need to have a strategy, and that includes having a good real estate agent.  That agent must also be a good negotiator!  Jean shares some examples.Normally, Jean gives the advice of "you don't get what you don't ask for."  But because we are in such a seller's market, many of the items buyers would traditionally ask for will take them out of contention immediately.Jean talks about the standard process she uses when putting a house on the market, and the different approaches she uses when putting in an offer.  Often, relationships with other agents are key.What about a personal letter?  Jean explains why the wording of such letters is extremely important.We also cover topics such as appraisal waivers, clean offers, contingencies, and more.More info:Jean Pomeroy, Realty One GroupPhone: 602-741-3897Website: https://azrealtymatch.com/Email: jean@azrealtymatch.comShanna Tingom, Heritage Financial StrategiesPhone: (480) 397-1184Website: https://www.heritagefinancialaz.com/Email: shanna@heritagefinancialaz.com

Positioning Yourself As a Real Estate Buyer

In the first of a two-episode series, Shanna Tingom is joined today by real estate agent Jean Pomeroy.  Together, they will try to make sense of what is currently a wild real estate market.Over the last decade, technology has changed the way real estate transactions have been done - everything from video chats to digital document signatures.  And of course, this was accelerated by the COVID-19 pandemic.  This is especially true in the Phoenix market, where many buyers are purchasing from out of state.For those worried about a housing crisis similar to 2008, Jean puts your mind at ease.  She explains the difference between that climate and the one we are in today, including how the pandemic has altered lifestyle choices for many buyers.  Another factor is the companies building homes - and the skyrocketing costs of supplies.It truly is a seller's market, and sometimes trying to score the home of your dreams is like playing the lottery.  But working with an experienced agent can help.More info:Jean Pomeroy, Realty One GroupPhone: 602-741-3897Website: https://azrealtymatch.com/Email: jean@azrealtymatch.comShanna Tingom, Heritage Financial StrategiesPhone: (480) 397-1184Website: https://www.heritagefinancialaz.com/Email: shanna@heritagefinancialaz.com

Today's Real Estate Market

A "windfall" sounds great, right?  Coming in to money suddenly?  Well, the National Endowment for Financial Education estimates that 70 percent of people who come into sudden money deplete it within just a few years.Today, Shanna Tingom of Heritage Financial Strategies breaks down what to do with a windfall.  This includes:Planning ahead if you anticipate a windfallBe honest with yourself and family members you trust.  But don't force a conversation with someone who doesn't want to discuss it.Get a strong team in place - this includes a financial advisor, CPA, and estate planning attorney.Table immediate spending and make a wish list.Keep quiet about your situation, except to your financial team.Consider putting someone on that team in a "gatekeeper" role if you're worried you'll  have trouble saying no to people.Finally, listen to that team - respect spending boundaries, save appropriately, and learn from the mistakes you'll inevitably make.For help with your retirement future, reach Shanna at Heritage Financial:https://www.heritagefinancialaz.com/

What To Do With a Windfall

Today, Shanna Tingom of Heritage Financial Strategies joins Jon Gay to talk about her "Top 7 Financial Planning Mistakes" - they are very common, but very easy to rectify.  We break them all down:Not Automating Savings and Bill PayNot Saving for RetirementNot Taking Advantage of Employer Sponsored Retirement PlansNot Bringing Your Coffee and/or Lunch From HomePaying for Adult Children or GrandchildrenNot Planning Your EstateNot Having Enough (or any) Life Insurance and Long-Term Care InsuranceResources:Heritage Financial Blog: https://www.heritagefinancialaz.com/blogDon't Eat Out as Often (The Simple Dollar): https://www.thesimpledollar.com/save-money/dont-eat-out-as-often/Boundaries Audio Book: https://www.amazon.com/Boundaries-When-Take-Control-Your/dp/1480554979For help with your retirement future, reach Shanna at Heritage Financial:https://www.heritagefinancialaz.com/

Top 7 Financial Planning Mistakes

In the second of our two-part series, Billie Tarascio re-joins Shanna Tingom to discuss when you need to hire an attorney for your divorce, versus when you can do it on your own.  Some divorces involve no kids, no disputed property, and can really can be resolved simply.  There are ways to do that.  However, if you have any issues or conflicts, you should definitely consult an attorney. Once the divorce is settled, it's very difficult to change the initial settlement.  Also, should you have any specific questions, it's best to do at least an initial consult with a lawyer.Billie and Shanna also talk about one of the biggest mistakes that spouses make in a divorce - and that's giving into emotions, and just wanting to sign the papers to make the pain stop.  Often, that causes much more pain later.Resources:My Modern Law: https://mymodernlaw.com/I Do Over: https://idoover.life/The Modern Law Divorce Podcast: https://mymodernlaw.com/the-modern-divorce-podcast/Heritage Financial Strategies: https://www.heritagefinancialaz.com/ 

Hire a Divorce Attorney or DIY?

In the first of a two-part series, divorce attorney Billie Tarascio joins Shanna Tingom to talk about the pandemic's affect on divorce.You would think with so many people stuck at home together, divorce rates would be skyrocketing, but Billie explains why that many not necessarily be the case.  Unfortunately, there are people in some very bad situations that have been exacerbated by COVID, and we look at what options are available for them.  One thing is for sure: do not sign away your marriage under duress without speaking to a qualified professional.Resources:My Modern Law: https://mymodernlaw.com/I Do Over: https://idoover.life/The Modern Law Divorce Podcast: https://mymodernlaw.com/the-modern-divorce-podcast/Heritage Financial Strategies: https://www.heritagefinancialaz.com/ 

COVID's Affect on Divorce

Today, Shanna Tingom introduces you to another new member of the Heritage Financial team - Kim Molter. Originally from West Texas, she's been married 20 years and is now taking on the task of teaching her son how to drive.Kim got interested in financial planning when she took  her parents to meet with an advisor, and became a bit of a "translator" between what the advisor was communicating and the questions her folks had.  Her background in mortgages made for a great transition when she realized she wanted to do this for a living.To contact Kim and the team at Heritage Financial,Call: (480) 397-1184 or find us online at https://www.heritagefinancialaz.com/

Meet Kim Molter

Making Money Fun is a podcast hosted by Shanna Tingom of Heritage Financial in Phoenix, Arizona. Shanna strongly believes that the best way to manage your money is to make it fun, not burdensome. In this podcast, we explore both financial and investment planning.