UBCNews - Business - Estate & Retirement Planning 101 - How to Preserve Wealth & Secure Your Legacy

Episode Date: March 10, 2026

Welcome back, everyone! Today we're tackling something that, honestly, a lot of people put off way too long - how retirement and estate planning actually work together. And I mean, if you're approaching retirement or already there, this is huge for protecting what you've built. Melia Advisory Group City: Tulsa Address: 5424 S Memorial Dr Website: https://www.meliagroup.com/

Welcome back, everyone. Today we're tackling something that, honestly, a lot of people put off way too long, how retirement and estate planning actually work together. And I mean, if you're approaching retirement or already there, this is huge for protecting what you've built. Absolutely. You know, so many folks think of these as two separate checklists, right? But they're really intertwined. Your retirement assets, IRA's 401k,S, they often make up the bulk of your estate.

So decisions you make about withdrawals, beneficiaries, even gifting, they impact both your income today and what you leave behind. Right, so it's not like you can just set it and forget it. What are some key things people should remember when they're trying to integrate both? Well, first off, keep your beneficiary designations current. I can't stress this enough. Those accounts bypass your will or trust entirely and go straight to whoever's named. So after a divorce, a new marriage, or having kids, you want to make a marriage. make sure those are updated. Otherwise, um, you might have an ex-spouse inheriting your IRA.

Yikes. That's a mistake nobody wants to make. What else? Another big one is thinking about Roth conversions. You pay tax up front when you convert from a traditional IRA to a Roth, but then future growth and withdrawals are generally tax-free. That can be a solid game plan for reducing your taxable estate and giving your heirs tax-free income down the road. Hmm. Makes sense. And I know required minimum distributions can be a headache too, right? Once you hit a certain age, the IRS makes you start pulling money out. Exactly. RMDs kick in at 73 for most people, or 75 if you were born in 1960 or later, and those withdrawals can bump up your tax bracket and even raise your Medicare premiums. But there are strategies to soften the blow. You can do qualified charitable

distributions or QCDs where you send up to $11,000 directly from your IRA to a charity, that satisfies your RMD without increasing your taxable income. So you're helping a cause you care about and potentially lowering your tax hit. That's a win-win. Now health care costs are another beast entirely. How do those fit into the bigger picture? Healthcare can absolutely devastate a retirement plan if you're not prepared. long-term care in particular can drain savings fast.

I had a client once who thought they were set for retirement, then their spouse needed three years of care. It changed everything. Planning ahead with long-term care insurance, dedicated savings, or at least having powers of attorney and health care directives in place. Those steps protect both your financial stability and your wishes if something happens. Wow, that really brings it home. So to everyone listening, have you thought about what happens if you need,

extended care. That point about long-term care costs sets up our next piece, using trusts to control your legacy. But first, a quick word from our sponsor. This episode is brought to you by Malia Advisory Group, serving Tulsa, Oklahoma, and the surrounding area. They specialize in retirement planning, IRA management, estate planning, and social security analysis. Their advisory services help prepare people for the financial realities of retirement, whether you're you're just starting to plan or already enjoying your golden years. Learn more at the link in the description. Picking up on those long-term care costs,

how do trusts actually help you manage and protect your wealth for estate matters? Trusts are powerful tools. A revocable living trust, for example, lets you avoid probate entirely, which means your errors get assets faster and with more privacy. But there are also irrevocable trusts that can shield assets from creditors, control how and when beneficiaries receive money and potentially reduce estate taxes. I see interesting. So you're thinking long term about who gets what and when?

Exactly. And with recent changes to estate tax law through the one big beautiful bill act, the federal exemption has been permanently set at $15 million per person as of 2026, with inflation adjustments going forward. Still, families with significant assets need smart strategies, gifting, irrevocable life insurance trusts, even charitable remainder trusts. These can all help preserve more wealth for your heirs or causes you believe in. Right. And I imagine this isn't a one-and-done thing. You've got to revisit your plan regularly. Oh, absolutely. Tax laws change. Family situations evolve. Your financial picture shifts. I always tell people, review your estate and retirement plans at least every few years,

or whenever there's a major life event, a plan from 10,000. years ago might not reflect your current reality, or as I like to joke, it might still have your pet goldfish listed as a beneficiary. Ha, let's hope not. So let's talk strategy. What are some approaches that work across both retirement and estate planning to really preserve wealth and legacy? Well, coordinated planning is the name of the game.

You want your retirement income strategy, how you're drawing down assets, to align with your estate goals. For instance, spending taxable accounts first and letting Roth accounts grow can maximize tax-free inheritance for your kids. In other words, the sequence you use to tap your accounts matters just as much as how much you've saved. That's a key insight. And gifting while you're alive can be strategic too, right? Definitely. For 2026, you can gift up to $19,000 per recipient each year without triggering gift taxes, and that reduces the size of your taxable estate. Plus, you get to see your loved ones

benefit during your lifetime, there's something rewarding about that. I bet. And for folks who are charitably inclined, weaving philanthropy into the plan can offer both tax benefits and a lasting impact. Absolutely. Charitable remainder, trusts, donor advised funds, even naming a charity as a beneficiary on your IRA. These options let you support causes you care about while potentially reducing income and estate taxes, its legacy planning with purpose. So we've established that integrating retirement and estate planning is about protecting your stability now and ensuring your wealth passes efficiently later.

Or to put it another way, it's about safeguarding what you have today while making sure your loved ones are taking care of tomorrow. Any final thoughts for our listeners? Just this. Don't wait. The earlier you start coordinating these plans, the more options you have and the better prepared you'll be for whatever comes.

work with advisors who understand both sides, retirement income, and estate strategy, so everything works in harmony. Great advice. Thanks so much for breaking this down today. And to everyone tuning in, take a look at your own plans. Are they talking to each other,

or are they living in separate silos? It's worth the time to find it.