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AUGUST 2023
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The passing of a loved one can be challenging for many reasons, but one thing many people fail to anticipate is the difficulty that beneficiaries may experience when trying to access funds to cover funeral expenses and traveling costs for out-of-state children. This is because beneficiaries cannot access their loved one’s money without a death certificate after passing. While obtaining the death certificate may be straightforward, the process can sometimes take weeks or months. Then, once received, they must submit that death certificate to insurance companies or financial institutions to access their parent’s funds. By then, a funeral would be long over, leaving children to argue about whose card to put it on and how they plan to split the bill. How a Beneficiary Liquidity Plan Can Help SAY GOODBYE TO FUNERAL FUNDING DRAMA BRIDGERIVER AUGUST 2023 SEMINARS Aug 1 & 3 - 6:30 Iroquois Club (Bloomfield Hills) Zero Taxes in Retirement Aug 8 & 10 - 6:30 Filippas (Shelby Township) The Top 5 Tax Strategies Every Retiree Needs to Know Aug 15 & 17 - 6:30 15th Street Tavern (Clarkston) Zero Taxes in Retirement Aug 22 & 24 - 6:30 Filippas (Shelby Township) The Top 5 Tax Strategies Every Retiree Needs to Know Aug 29 & 31 - 6:30 Camp Ticonderoga (Troy) The Top 5 Tax Strategies Every Retiree Needs to Know Aug 29 & 31 - 6:00 Iroquois Club (Bloomfield Hills) Keeping the Government Out of Your Pocket With Krisstin Petersmarck
Luckily, there’s a solution to this conundrum, and there’s no death certificate needed. It’s called a Beneficiary Liquidity Plan, or BLP. Parents can fund this plan with anywhere from $2,500 to $100,000, and it grows tax-free at 2%. At the time of death, the BLP pays out to beneficiaries tax-free. However, the best part about this Beneficiary Liquidity Plan is that I can get this money into your beneficiaries’ accounts within 24 hours of death. That means no waiting for funeral funds, and regardless of where your children live, they won’t have to split or foot the bill themselves. To put this into perspective, the average funeral cost in Michigan is $7,040. If you have one child, they’d have to come up with that entire amount — or more, depending on your end-of-life wishes — themselves. With multiple children, that $7,040 splits into a few thousand for each person, which is still a lot of money.
There are no rigorous hoops to jump through, expensive setup fees, health questions, or underwriting required to create a BLP — just a one-page form that’s quick and easy to fill out.
Now, if you’re married, you may be thinking, “Well, doesn’t my spouse have immediate access to all of our funds after I pass?” The answer to that is yes, usually, they do. However, I have seen this assumption backfire for clients on more than one occasion and typically for two reasons. Reason No. 1: The surviving spouse tells the bank their partner has passed. While this may seem like the obvious (and right) thing to do, some banks or financial institutions will freeze accounts when they discover one spouse listed on the account has passed. This leaves the remaining spouse and any children scrambling to cover funeral costs and obtain a death certificate. Reason No. 2: The surviving spouse has no cash left to pay funeral expenses. It’s rare that someone suddenly dies without medical history and resulting expenses. More often than not, folks require end-of-life care, which can be incredibly expensive, causing the healthy spouse to go through money faster than anticipated. Then, when the sick spouse finally does pass, there may
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GET YOUR BRICK ON
‘LEGO Masters’ Will Please All Ages
Most of us fondly remember letting our imaginations run wild with LEGO blocks as a kid. But it turns out some people never outgrow that fun. A community of high-level adult LEGO builders can construct astounding creations. And in the competition show “LEGO Masters,” they compete spectacularly to determine who is the best of the best. “LEGO Masters” follows a format similar to most reality competition shows. Teams of two compete every week in a new challenge. The team that does the worst goes home, while the others advance closer to the title of LEGO Master. Jamie Berard and Amy Corbett, two “master builders” who design kits for LEGO, judge the contestants. Meanwhile, actor and comedian Will Arnett covers hosting duties. Contestants have access to 3 million LEGO in the studio. (Fun fact: “LEGO” is the plural of “LEGO.”) But while they have every size and shape they could ever want, the challenges are no cakewalk. The builders must create structures that move, incorporate water, or hold enormous weight. Amy and Jamie give tips while the builders work and judge the teams on creativity, function, and storytelling. Unsurprisingly, at least one team disappoints most weeks, but many builds are incredibly impressive. You’ll
be shocked to learn how much is possible with six- studded bricks!
Arnett is a great host who is equally impressed with the contestants’ abilities and willing to inject some
levity into the proceedings. His comedic bits keep the show moving, and he’s passionate about the different builds. He also has a destructive streak. Several challenges include builders creating masterpieces for Arnett to blow up, sledgehammer, or try to break with weights. Kids, in particular, will enjoy seeing the pieces go flying. “LEGO Masters” will entertain kids, teens, and adults with laughs, competition, and some education. However, there may be one downside to watching with your children: They might ask you to buy a lot more LEGO. But that, too, presents a new opportunity to bond and spend time together as a family. Even if you don’t win any prizes, making your own creations can be just as fun as watching the pros. As Will Arnett regularly instructs contestants, “Get your brick on!”
WHERE YOU EXERCISE MATTERS Why Outdoor Movement Is Better
We all know exercise is good for our physical and mental health. But whether we’re going on a jog through nature or clocking minutes on a treadmill, it’s all the same — right? A recent study suggests there may be a crucial difference. There is mounting evidence that where you exercise matters. A small study from the University of Victoria recently researched the benefits of “green exercise,” or that performed in nature. The authors of the 2023 paper found that physical activity in natural surroundings had benefits beyond those generally associated with movement. Study participants who went on 15-minute walks outside saw improvements in memory and concentration more significantly than when they performed the same exercise indoors. Neuroscientists behind the research can only guess why these results occurred. Some experts believe being out in nature helps us relax and quiet our brains. Additional research also demonstrates that people generally find outdoor exercise less physically taxing than 2 www.BridgeriverLLC.com
indoor varieties — even when the outdoor exercise is quite strenuous.
spending the same time on a stationary bike in your basement. Exercise on gym equipment can also be tedious, and many people spend the bulk of their time staring at the clock, counting down the minutes until they’re finished. We’re less likely to have that problem outside. Unsurprisingly, doctors argue that any physical activity is better than none. Using gym equipment will provide far more benefits than sitting on your couch. But when you have the option to exercise outdoors, you should take it. Just remember that all outdoor exercise is not created equal. The Washington Post reports that outdoor activity in urban areas surrounded by concrete does not appear to have the same benefits as exercise in quieter, greener places. Fortunately, it doesn’t take much to see an impact. From a mental health perspective, 15 minutes of green exercise at a time seems to be ideal. So, get out as much as you can. And when you’re stuck inside due to weather or other circumstances, continue to make the most of it with as much exercise as possible.
These findings confirm something you may have already expected to be true. You probably feel better after a bike ride through the park than
DON’T REMOVE YOUR SHOES Reduce Pre-Flight Wait With TSA PreCheck
When you arrive at the airport, you likely feel resigned to the hassle of waiting in a long security line and taking off your shoes. But did you know there’s an elite flight club full of people who don’t need to go through that routine? They have that privilege because TSA PreCheck has confirmed they aren’t a security threat. Best of all, the program is inexpensive and easy to join. The Transportation Security Administration (TSA) began the TSA PreCheck program in 2013 to improve frequent flyers’ experience. TSA performs an enhanced security screening on applicants and issues those who pass muster a Known Traveler Number (KTN) that entitles them to fewer security checks at the airport. A TSA PreCheck registration, however, won’t let you waltz straight from the parking lot to your plane. Members must still walk through a metal detector and allow the TSA to X-ray carry-on items. But people with TSA PreCheck can bypass the full body scan or pat down. They also keep their shoes and belts on while leaving laptops and appropriately sized liquids in their carry-on bags. Finally, PreCheck passengers have a designated security line where, in March 2021, TSA reported the average wait was only 5 minutes.
The vast majority of airlines and airports operating in the U.S. accept TSA PreCheck, and you can apply with an online application. You must finish registration and submit fingerprints at an
in-person enrollment center, but most appointments take about 10 minutes. Five years of enrollment costs $78. At that price, even those who only book one round-trip flight a year might decide to avoid the typical security hassle. Further, many credit cards will reimburse the cost. TSA PreCheck isn’t the only method on the market. Nexus is another domestic security program, and Global Entry allows expedited processing through customs and immigration when returning to the U.S. on international flights. Which service best meets your needs depends on your travel habits. But if you fly regularly, these programs are almost certainly worth your time and money. Don’t get left behind — consider enrolling before your next trip!
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not be enough accessible funds to cover the entire funeral expense, once again leaving the family to scramble amongst themselves. The final BLP objection we hear is that both single and married people often put their children on their financial accounts as beneficiaries, so shouldn’t they already have access to the necessary funds? While it’s true that beneficiaries of these accounts will have access to the funds inside, it also puts parents’ money at risk of creditors and divorce. If a child listed on the accounts owes money to a creditor, the money inside the account the child is listed on becomes fair game for creditors to claim. The same is true if your child and their spouse divorce; their ex can also receive some of the money in your account in a settlement. So, if you want to ensure your family has access to the necessary money to pay for your funeral or any other unexpected expenses after death, a
Grilled Halibut With Roasted Red Pepper Sauce
Inspired by FoodAndWine.com
Ingredients
• 1 16-oz jar roasted red bell peppers, drained • 5 garlic cloves • 1 tbsp sherry vinegar • 2 tsp honey
• 1 tsp kosher salt • 1/4 tsp black pepper • 1/2 cup olive oil • 4 6-oz skin-on halibut fillets
Directions
1. In a food processor or blender, mix bell peppers, garlic, vinegar, honey, salt, and black pepper until smooth. Transfer sauce to a bowl; whisk in oil. 2. Into a large plastic zipper bag, pour 1 cup of sauce; add halibut fillets and seal bag; turn to coat fillets. Let marinate in refrigerator for 20 minutes. Reserve remaining sauce for serving. 3. Preheat a grill to medium-high (400–450 F). Remove halibut from marinade; scrape off excess. 4. On oiled grill grates, arrange fillets and grill, covered, until fish flakes easily, 4–5 minutes per side. 5. Transfer fillets to serving plates or a large platter. Drizzle with reserved sauce. Serve alongside preferred veggies and crusty bread.
Beneficiary Liquidity Plan is the way to go. To start yours, call me at 248.785.3734.
-Dan Casey President, Bridgeriver Advisors
248.785.3734 3
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INSIDE
This Issue Get Money in Beneficiaries’ Hands Within 24 Hours
Become a Kid Again With ‘LEGO Masters’
Are You Exercising in the Right Place?
Travel Like a Pro With TSA PreCheck
Grilled Halibut With Roasted Red Pepper Sauce
End Summer on a High Note
SUMMER ISN’T OVER YET! 3 Memorable Ways to Close the Season
As much as many of us wish we could have an endless summer, all good things must come to an end. But why let the season close with a whimper when you can go out with a bang? Strive for a memorable last few days of the season with one of these family-friendly ideas. Take a family road trip. What says “summer” more than piling in the car and driving somewhere? You don’t necessarily have to go far. A new town a few hours away can still be an adventure. Check out a local state park or nearby museum you’ve always meant to visit and let your
You could help your kids build a sandcastle, rent a kayak or paddleboat, or try water skiing. You might even surf or snorkel.
Have a late night. Bedtime routines are about to make a return for school kids, much to their possible dismay, but you can indulge them with one last hurrah. Plan a special late night the family can enjoy together. You might go to a drive-in theater or host a movie marathon at home with plenty of popcorn. Camping on your lawn will also allow staying up late together doing something exciting. No tent? No problem — build a pillow fort in the living room instead!
children enjoy the novelty of sleeping in a hotel room or camper. Even a weekend away will feel like an occasion and stick out in everyone’s memories. Spend a day on the water. Enjoying the water is one of the summer’s greatest pleasures, so make the most of it one last time. Depending on where you live, you might incorporate this idea into your road trip. Head to the nearest beach, lake, or river and pack in as much summer fun as possible with a favorite summer activity or something new!
Summer only comes once a year, so don’t let its final days go to waste. A special celebration to mark the season’s end will leave you with lasting memories and even more reasons to look forward to next year.
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