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In this episode, Royal Standley focuses on estate planning, the tools to build a good estate plan and what happens if you don’t have one. Royal dives into the different pieces of estate planning and how having one can ease the way for future beneficiaries without creating confusion.
Intro: Royal Standley of Oregon Pacific Financial Advisors offering securities through United Planners Financial Services, member FINRA, SIPC, guides clients with empathy in discovering and reaching their financial goals and creates financial plans for clients so they can live their life by design. In these episodes, he relates his expert financial insights and discusses timely topics. Royals strives for excellence and has a passion for sharing and supporting his community. Now onto the show.
Aric Johnson: Hey, Royal, how you been?
Royal Standley: I'm good. How are you doing, Aric?
Aric: I'm fantastic. I'm so excited to get into today's podcast, but you are in a highly regulated industry.
Royal: Yes, I am.
Aric: And because of that, sometimes we have a disclosure that needs to be read, so let's do it.
Royal: All right. Here's the disclosure for today. Discussions in this show are for educational purposes only. Information presented should not be considered specific investment advice or a recommendation to take any particular course of. Always consult with a financial professional regarding your personal situation before making any financial decisions.
The views and opinions expressed are based on current economic and market conditions and are subject to change. All investing involves risk, including the potential for loss of principle. Securities offered through United Planners Financial Services, Member FINRA, SIPC. Advisory service offered through Oregon Pacific Financial Advisors, Inc. Oregon Pacific Financial Advisors and United Planners are independent companies, and neither Oregon Pacific Financial Advisors nor United Planners offers tax or legal advice.
Aric: Okay, now that we've taken our medicine, can we get on with the show? Let's go.
Hello and welcome to Life by Design with Royal Standley of Oregon Pacific Financial Advisors. Royal, what's going on?
Royal: Uh, nothing much. Nothing much. It's, it's, uh, it's a beautiful chilly day here in Southern Oregon and, uh, little bit of snow in the mountains.
Aric: Okay. Well, we love it. We like times like this. I think everything's a little bit more peaceful with snow on.
Royal: It is. It is, um, unless you have to chain up to go over the Cascades and then it's a nightmare.
Aric: Yeah. That's, that's -
Royal: But I don't have any plans of doing that.
Aric: Yeah. I've been there and done that a couple times and it is absolutely not something I wanna do again, so, yeah.
Aric: All right. So what are we talking about today?
Royal: So, what I thought we would spend some time on today is talking about estate planning.
Royal: Uh, this is something that I'm just seeing more and more of, uh, pop up. Uh, more and more issues with kind of poorly drawn up or poorly thought-out estate plans.
Royal: And I thought it would be valuable to spend some time going over really the basics of estate planning and, and talk about some horror stories I've seen come up where had, had you spent a little bit more time kind of thinking through what might happen, uh, you could have avoided a lot of problems and, and really had some better results on the back end. Because the, the big thing when you talk about estate planning is, is you won't be here to go, oh, I didn't mean to do that.
Aric: Mm, good point. Now, I, I, I don't get to use the fun button on the mixer very often. Can I do it?
Royal: Go for it.
Aric: So you're talking about estate planning horror stories. [Spooky voice effect]
Royal: That's right.
Aric: That's all that button. That's right. My one shot at it. Thanks, Royal.
Royal: That was very impressive. Um, and, and I'm just gonna let the listening audience know, there was no extra charge for that.
Aric: You're so generous.
Royal: The podcast is still free.
Aric: That's right. It's still free after all these years. All right, Royal, so how do we get into this? And, and I'm assuming that you're gonna be touching on estate planning attorneys as part of this, because although you said if they, if the consumer had spent some time thinking about what could happen, what might happen, I think it's kind of their duty or responsibility as the attorney to help them to conceive that or help them to think about that. Because as a consumer, I don't know what I don't know. Does that make sense?
Royal: Mm-hmm. Right, right. And, you know, I think it's, it's just very intimidating to go into an attorney's office
Royal: And sit down with them and say, okay, I, I, I need an estate plan, I need a will, I need a trust, I need something.
Royal: And too often I think people go in there without a solid plan of what the outcome should look like, and they may, they possibly haven't really thought through okay, well, what do I want things to look like once I'm gone? And I think that's, that's a really essential part before you even go into that attorney's office is really just write out, Hey, these are the things I want. Even if it's just as simple as, Hey, I want all of my kids to get an equal share and not any family issues.
Royal: You know, going in there and saying, okay, this is, this is what I want. And then allowing the estate planning attorney to kind of work around that I think is really helpful. And especially if you have, you get more complications, blended families family issues -
Royal: -family businesses, all of these things can just, just create those horror stories. We're trying to, to, uh, avoid.
Aric: And I, I think more and more people who are desiring this, one of the things that they, I'm sure you'll touch on this, is I want this to be private and, and I say that because. Someone's death shouldn't be a spectacle. And I think that that's kind of what can happen when someone passes away. And then there's just a mess to be waded through with, with all the documentation and, and the public, uh, part of a will or probate or things that you've spoken about before. Uh, I don't want my kids to have to deal with that. I'm not famous Royal, you know, that I'm not famous at all. However, we do have family members that may take advantage of a public situation and, and try to do something, and I, I'm just hearing that more and more from my friends and, and, and, and folks that are my parents' age, they just kind of want it to be private. Are you hearing the same things?
Royal: Absolutely. Absolutely. People want it to be private. They want the process to be easy.
Royal: They don't want going through the legal aspect to be worse than the death of a loved one, spouse, a parent. So we, we really want to kind of do this pre-planning and really think through all this.
So before I, we jump into this, wanna make the caveat, I'm not an attorney, not a cpa, I'm not giving tax advice or, uh, legal advice. We're just kind of talking about the, the generalities of estate planning and, you know, some of the things that I've seen go wrong and the way that I, as a financial planner approach working with the attorney to build out those estate planning documents.
Aric: Okay. All right. Where do we start?
Royal: So the, the first place we start is who has an estate plan? And you might say well, people with. People who have a trust, people who have a will. What a lot of people don't realize is everyone has an estate plan. You either have one, you have done yourself through a will or a trust, or you're relying on your state, and I'm saying state, like the state of Oregon.
Royal: To determine how your assets are divided up when you die. So everyone has an estate plan. And you can rely on your state to decide where your money goes. And they, they have laws and regulations. It's, it's, it's not like, okay, well, well we're just gonna take all the money.
But it might not be what you want. And most people, it's a lot easier, I would say to - It's a lot easier to go through the process of building out your own estate plan than getting super familiar with how your, how the state would divide up your assets should you die.
So when you die without a will, it's called dying intestate. What's gonna happen there is the courts are going to have to get intimately involved with dividing your assets.
If you don't have anything, this probably isn't too big of an issue, but as we start to add assets, and especially if we have family involved, especially minor children or special, special needs, uh, family members, this can get really, really complicated.
Royal: And out of your control. So the process that the courts use to determine who gets the assets that are left over in your estate is called probate. Probate is a legal process where the courts will look at your estate. They will determine, did you have a will? Did you die without a will? First of all, if you had a will how does that divide it up. If you don't have a will, what are the state laws that say where your assets go based usually on your family tree.
So how much goes to children, how much goes to spouse, how much goes to other family members? Each state is different. So the easiest way around this is to be proactive and at least do a will that says, hey, this is where I want these assets to go.
Royal: The, the, the big pros and cons of probate is that it's a public process.Usually you're gonna have to get an attorney involved if you have, some assets, it can last a very long time, and it can be costly. You know, there's, there's court fees, there's attorney fees and, and you're doing this in public. So it's a public record when you go through pro probate and it can be contested. People can come forward and say, yeah, I, I, I was a son, I was a daughter, I was a family. And then it's up to them to, to try to prove that. And then the courts have to make a determination.
So everyone has an estate plan. The question is, is have you been proactive to write down what your wishes are for your assets and your legacy?
Aric: Yeah, it's a great point that you make. And the only thing that flash through my mind when you said, you know, the state decides for you is one question: Have you ever been to the DMV?
Aric: Sorry if anybody's listening to that works at the DMV. I know you're working hard, however, it takes a really long time and, and there's lines and there's all sorts of things that you gotta jump through, it seems just for some very simple documentation, whereas this is much worse, I would assume.
Royal: Right. And, and just to clarify, probate does not happen at the DMV.
Aric: Yes. Thank you. I left that out there.
Royal: Let's not get confused yet. If you go to the, the DMV for your probate proceedings, you, you might be in the wrong place.
Aric: Yeah. It'll take a much longer time, we think.
Royal: Yes. Yeah. Yes. Um, you know, we, we've seen clients die without a will, and usually it's a, it's a relative of a client.
Royal: Um, where we had one where, where the sister passed away. It was based off of the, the state that she lived in. And it was really just a strange division between some nephews she had a couple other family members and I, I, I'm sure it wasn't what she wanted to have happen with her estate.
Royal: You know, she had an estate plan, she didn't know what was in it. And she hadn't taken the time to put together that, that planning document to determine where things go. If you die intestate without the will, you have no control, no saying where your assets go.
Royal: And the bigger concern is, is if you have minor children and you pass away, you're gonna be in for custody fights, guardianships, conservatorships just, just a little bit of a nightmare there. So if you have kids, even if you don't have anything, I think putting the will in place and then naming what your wishes are when it comes to your minor children really goes a long way to making sure that your, you know, your most precious assets, you know your kids are taken care of in the way you would want that to.
Aric: Yeah, absolutely. Lot to think about.
Royal: Yeah. Yeah. So, so let's, let's jump into the will and talk a little bit about that document. So the will is really a, you know, as it says, last will and testament.
Royal: It's the decision of, hey, where, what do I want to have happen to my assets after I'm gone? The will has to go through the probate process. So that means you have to take the will to the courts. The courts look at it, it's a public process. People can contest the will, they can come forward and say, well, I'm, I'm a daughter, I'm a son, I'm a relative. I, I should be allowed to, uh, share in some of this inheritance.
Royal: Um, the will is usually prepared by an attorney. We, we really recommend folks talk to an attorney when they're putting together their estate planning documents. It just makes, uh, so much, so much sense when we're talking about, especially larger estates, to not try to save a few bucks and do it online. Um, and, and the, the document, the will has to be written out and has to be in the state of Oregon, at least witnessed by two people and then signed, so.
Aric: Got it.
Royal: Um, you know, the, the horror stories here are, you know, probates that, that just drag out forever. Um, you know, probate cases where you're having to get the attorney involved and attorneys are not cheap.
Royal: The estate administration is, you know, not a free service they provide. That is something that they're going to charge you for and you're gonna have to work with them to navigate, um, the more complex probates.Um, if you have a, a very small estate, usually you can get by with a, a small estate affidavit in the state of Oregon. Um, but you just want to kind of be aware of the pros and cons of views in a will. The will should definitely be kind of the first line there of laying out what your wishes are.
Royal: But, um, we've seen it over and over again. The, the bills for probate can really add up, especially if you have a complex estate, let's say with rentals with a family business -
Royal: -that sort of thing. Very expensive. So the other estate planning document, uh, and the one that we see a lot of clients go with, uh, based on the recommendations of their attorneys is the revocable trust.
Aric: Okay, Royal, gimme a second here. Before we, before we go to revocable trust, I do have one question. If, if you have had a will drawn up in another state and then you move, do, is that something where you need to have it updated because of the state law changes? I know you're not an attorney and I, I don't wanna put you on the spot, but is that something that people need to be thinking about? Because, you know, if you have a will drawn up 10 years ago and you've moved once or twice, will that affect it?
Royal: Yes. You, um, it, it will depend on the state.
Royal: And how, how those, those, those, uh, things work. But, um, you should absolutely be updating your estate planning documents when there's a change.
Royal: And in some states, when I, I've seen where, uh, a will, um, becomes null and void once you get married or divorced.
Aric: Wow. Okay. I did not know that.
Royal: You know, so, so you really want to be aware of those estate planning questions. And, and talk with your attorney about what needs to be updated.
Royal: What changes have happened in your life that you need to add in? You know, have you had another child, have you had grandkids? All of those things need to be updated on a fairly regular basis. We really recommend about every five years, uh, if nothing has changed, you should sit down with your estate planning attorney and get things updated.
Royal: But if you have a major change like that, uh, especially when it comes to the marital relationship, either a marriage or a divorce, that's really where you want to go in right away and get those, those things updated.
Aric: Okay. All right. Didn't mean to interrupt you, but that was just on my mind. So the revocable trust is where you're going next.
Royal: Yeah. Yeah. Um, and the revocable trust I think one of the most flexible documents when it comes to estate planning, cause there's just a lot depending on how the, the trust is written that, um, uh, you can do with it.
So the, the first word in the revocable, um, when you are establishing a personal trust for yourself or yourself and your spouse, um, you're really creating a document that is designed to kind of act as a proxy. It is going to act as an entity that will hold the assets that you own and on your behalf, manage those. So the beautiful thing with a revocable trust is, uh, the person who creates the trust, which is called a grantor.
Royal: The grantor has to write to revoke the trust or change the trust. They also have the ability to move assets into the trust. So the trust is now the owner for. or they can move assets out of the trust.
Royal: So the grantor, the person who wrote the trust has all of the ability of ownership and that sort of thing, but now those assets that are in the trust do not have to go through the probate process when they pass away. Those assets instead are owned by the trust and the trust language in there specifies what happens to those assets. So that's, that's a very important process when, when we talk about privacy.
Royal: And ease of division of assets, and especially when you have a family business. Uh, or maybe even just, just think of rentals.
Royal: The trust because you're, the trust owns the assets and you're naming a successor trustee to step in for you when you're no longer here, the management of those assets is just much, much easier. And that, that, uh, ability to avoid probate is just so beneficial for to so many different families.
Um, you know, I have gone through the death of three parents. We've had a trust for each of them. We've avoided the probate process pretty much, uh, through everything. I think we had to probate one thing in that, uh, was outside of the trust. It made life easy. And you know, what I tell folks is, is if you love your kids, get a trust.
Royal: Because it'll makes the administration so much easier.
Aric: Let, let me ask you this, you said there's a, the grantor is the one who creates it, correct?
Aric: Is it possible to have co-grantors or, or two grantors, like parents, right. If, if my wife and I want to do this together, I wouldn't want just one of us to be the grantor.
Royal: Correct. So you're, you're, you're building a, a, um, a, a trust with both of you as a grantors.
Aric: Perfect. Yeah. Okay.
Royal: You, you might also have, if you have a blended family, you might have one spouse with a trust and the other spouse has a separate trust.
Royal: Um, just, just as a way of splitting assets, so.
Royal: You know, his is his, and hers is hers.
Aric: Got it. Okay.
Royal: So the, the other big thing is once you pass away, that revocable part of the trust goes away. Once the, uh, last grantor dies, the trust becomes irrevocable. And at that point, the successor trustee, the person you have, um, designated to step in and handle the business of the trust can step in and then follow the guidelines that the trust has laid of how are these assets to be divided or managed?
Royal: And that right there helps avoid that entire probate process, um, and allows for management of those assets for a longer period of time than just getting through the probate process, if that's necessary. Especially in, in cases of special needs trusts -
Royal: - where you have a, uh, child or loved one that just doesn't have the, the capacity to manage those assets. So the other thing that we talk about quite a bit is what's called funding your trust. Funding your trust just means that the assets that should go in the trust have been moved and retitled into the trust. So let's say you have your bank account. You would go down to the bank and you would ask them to retitle your bank account into the name of your trust. You as the grantor, still have all of the abilities and rights that you did before. But now the actual ownership of that bank account is the trust. Same thing with the, uh, home or any rentals you have.
Those things can be put into the trust. You can manage them, and what that does is by putting things into the that avoids a probate process because you've already designated who that owner is, that entity that is the trust, so the successor trustee can step in and take care of business.
Now, what happens if you forget to put something into the trust?
Aric: Good question. What happens?
Royal: So if you forget to put something into the trust, most trusts comes with what's called a pour over will. If you have a trust, you also usually have a pour over will. That will simply goes out so you can probate that asset that was left out of the trust, into the trust by going through the probate process. Um, it's not ideal, but it's a, it's a kind of catch all to catch those assets that, oh, we, we forgot about that bank. We forgot about that piece of property we'd never go to.
Um, we've seen that happen. We've also seen some people and, and, uh, some attorneys, and I have no idea why, say, oh, you don't need to fund your trust. You can just use the pour over will to get the assets into the trust, which in my mind doesn't make any sense at all. Because then you're still having to go through the probate process to get the assets into the name of the trust.
Aric: Yeah, that's weird.
Royal: So this is where kind of proper planning upfront can save so much time and energy and effort, uh, for the beneficiaries, for that successor trustee, getting those assets into the trust early on. Um, we, we really like the trust. We think it's, it's an excellent document depending on how it's written, uh, for managing most people's estates that have, you know, uh, some assets. So, you know, in our mind, we really like to see people sit down with the attorney and get their recommendation on how best those things should be set up.
One thing we hear over and over again, and this will kind of segue into our next topic of conversation is, well, I need to put my ira, or I need to put my 401k into the trust. And IRAs and retirement accounts like 401ks, those are all tied to the individual.
Royal: And don't go into the trust as the owner. They can be named as the beneficiary, and we'll talk about that of the trust.
Royal: But the ownership is always going to stay with the individual. And so when something has a beneficiary on it, um, that is, is another way of avoiding probate. So if you think about life insurance.
Royal: Mm-hmm. , uh, IRAs, 401ks, bank accounts that have a beneficiary on them, either the transfer on death designation or payable on death designation. Those things transfer to the, uh, beneficiaries by contract. So you, as the owner of the asset puts on that account, here's who I want these assets to go to. And because you are specifically naming that, you can avoid probate in those situations,
Royal: And really simplify things. So you can also do it with, with real estate as well. Uh, transfer on deed. Um, so that's another way of avoiding probate. Um, some of the pitfalls there though I see quite often, you really wanna make sure that you're letting your attorney know if you want to put your trust on as your beneficiary of your IRAs and retirement accounts.
Royal: Because unless a trust is written correctly, that can create a large taxable event.So we really want to be careful with, with those, those beneficiary designations and making sure we're not creating any tax issues by incorrectly naming beneficiaries there. So that's where we like to really have a list of all of the accounts, who the beneficiaries are, and that's something that we're reviewing with, with folks, you know, on an annual or usually every two-year basis, saying, hey, is this still correct? Is this still where you want those assets to go to? Because if an account has a beneficiary, it will not follow the rules of the trust or the will. It is just gonna go to who your beneficiary is on that specific account.
Royal: So, so that's part of the, the planning that, that we go through with folks. Um, I, I just heard of a, uh, a situation this, this wasn't a client of mine, but, um, where mom had a couple of rentals and she decided, well, I, I don't have to go through the probate process. I don't have, I don't need a, will, I will just go to the title company and name my four kids as equal beneficiaries on all of my rental properties. Mom passes away and now there's the realization that each of these kids is now a 25% owner of each of these rental. And so now all four kids have to agree on all business that happens.
Royal: To manage those properties.
Royal: That can be a nightmare.
Aric: Yeah. I just, I only have one sibling and we don't agree on much.
Royal: Exactly, exactly. So when you get four siblings who already have some family issues,
Royal: Probably not the best way of transferring it. You know, there's probably a better way either through a will or a trust than, than doing something like that. So we wanna be really careful and thoughtful when we're naming beneficiaries, especially with real estate.
Aric: Let me ask a quick question on that.
Aric: Is, are there tax issues with that? I mean, is there a taxable event for the kids, uh, in, in that scenario? Because I can imagine maybe one of the, one of the kids is in a, a lower paying job. Maybe they're a teacher, right? Teachers are amazing, but they don't get paid enough and all of a sudden they have this tax burden. Is that something that can happen with real estate or not?
Royal: Um, possibly. Okay. The big issue with this one is because of the Oregon estate, uh, tax which basically gives you a $1 million exemption. And then everything above that, you know, starts at 9% estate tax.
Royal: Is now those assets are gonna be subject to that estate tax, but all those assets have been removed from the estate. So now the kids all have to agree how do we pay the estate tax?
Royal: Do we sell one of the properties? If so, which one? And we, all four of us need to agree to sign off on this.
Aric: Oh boy. Yeah.
Royal: Yep. So,so it, that might have been the easiest and cheapest thing for mom to do, to go in and change those, those beneficiaries,
Royal: But boy does that create a nightmare.
Royal: For the beneficiaries.
Aric: Yeah, absolutely.
Royal: So there, there's a lot of other solutions there. So, um, um, one of the big things that, that we do, that we look at for, for folks, looking at doing a stress test. So when we build out a financial plan, we identify all of the assets, we identify how, how those are gonna be affected. Are they gonna transfer by will, or by trust or by contract? What are the beneficiary designations? And then we can kind of work through and see pretty easily. What does the trust say? What does the will say? How are the beneficiary designations gonna come? And we can actually paint a picture for a client to say, okay, here's what you said you, you wanted to have happen, but here's what actually happens and here are some of the issues that will take place there. Are there going to be, uh, a estate issues? Is there a special needs issue? And by doing that stress test, we can really identify those pitfalls and avoid these horror stories that we have seen happen so often.
Royal: So the other way you can avoid these estate planning nightmares is work with an estate planning attorney that specializes in estate planning. Um, any attorney really can probably do a will for you. And there's a lot of generalists out there.
Royal: You really want somebody who, who, who does. Exclusively, in my opinion.
Royal: You kind of don't want to go to the generalist there, just like you wouldn't go to your, uh, you know, your, your, uh, family doctor for a knee replacement. You'd go to an orthopedic surgeon.
Royal: That's where you want to go.
Royal: And then the other thing that I, I really recommend, because this is something that we do here in the office, is if you can get your accountant, your financial planner and your attorney to talk to one another and coordinate all of this, boy does it save time. And boy does it take a lot of pressure off you, the individual and the beneficiaries to, to just say, okay, we're, we're all in agreement here. This is how it should go. This is how it should look like. We've stress tested this. We've looked at it. It really saves a lot of time and effort, and most importantly, it saves relationships.
Aric: Mm-hmm. Yeah, absolutely. Now, if anybody who's been listening to this podcast for a long time, Royal knows that you kind of quarterback a, a team of folks, meaning, um, you're more than willing to work with somebody's attorney. You're more than willing to work with somebody's CPA, and you also have a vast network, uh, that if they don't have a CPA or they don't have an estate planning attorney, you can suggest to them, give them just kind of a picture of what that looks like as, as, as far as trying to pull everybody together to, to all work for the betterment of the client.
Royal: Yeah. So what that looks like, really everything comes back to the, the, the starting with the financial plan in our annual reviews, usually.
Royal: Cause we're always looking at what is the situation, what's changed, where is all of this? And so as we identify these things, we can pull together those groups, uh, and those individuals to really start answering those questions. And maybe it's as simple as we just all get on a Zoom call and say, here's what's going on.
Royal: Here's the plan, here's the assets, here's what we think the issues are. Um, and that is an excellent way of improving the outcomes, and that's really what we're about, is, yeah, how can we improve those outcomes for the family, so you know that things are taken care of and then the beneficiaries don't have to worry as much and work so hard during a really painful time.
Aric: Yeah. Yeah, absolutely. All right. Any other closing thoughts for today?
Royal: Um, really the biggest thing is, is, is, you know, the financial plan is really the way we do this, so,
Royal: If you don't have a financial plan, if you're, you know, working with another advisor that just manages assets, um, you know, give us a call. Come sit down. We can walk through the financial plan with you. We can help you develop a strategy that you can take to the attorney and take to the CPA on how you want those assets to transfer.
Royal: You know, the, the thing we didn't even touch on today was charitable giving. Yeah. And the way people leave legacies. And that's something we love to work on with folks.
Aric: Absolutely. And you've done multiple podcasts on that exact subject, so people can go back and listen to it, for sure.
Aric: All right, Royal, thank you so much. Uh, contact information.
Royal: Yeah. Visit our website. Set up an appointment online, uh, www.opfa.com. Uh, we'd love to sit down with you and, and help you design your future.
Aric: All right. Good stuff, man. I, I appreciate it. I appreciate the time and I appreciate you helping folks understand that they can make it a lot easier on their kids. Uh, it's gonna be hard enough when you pass, uh, you don't want the kids fighting about little trinkets or, or lots of money, right?
Aric: All right. Again, thank you Royal, and of course, our last thank you always goes to you listening. Audience, thank you so much for tuning in and listening to the Life by Design podcast with Royal Standley. If you have not subscribed to the podcast yet, please click the subscribe now button below. This way when Royal comes out with a new podcast, it'll show up directly on your listening device. We humbly ask you, share this podcast, write in and leave a review as this actually does help others find the show. Again, thank you so much for joining us today. For everyone at Oregon Pacific Financial Advisors, this is Aric Johnson reminding you to live your best day every day, and we'll see you next time.
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Please note that discussions in these shows are for educational purposes only. Information presented should not be considered specific investment advice or a recommendation to take any particular course of action. Always consult with a financial professional regarding your personal situation before making financial decisions. The views and opinions expressed are based on current economic and market conditions and are subject to change. All investing involves risk, including the potential for loss of principal. Securities offered through United Planners Financial Services (UP), Member FINRA/SIPC. Advisory Services offered through Oregon Pacific Financial Advisors, Inc. (OPFA). OPFA & UP are independent companies. Neither OPFA nor UP offer tax or legal advice.