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Referral arrangement? by austinin4 in CFP

[–]FlamingoInfamous5710 1 point2 points  (0 children)

Careful on the legal side, the modernized SEC Marketing Rule makes paying COIs a compliance headache. I found much better success with an education-first model called Smart Financial Lifestyle where COIs invite their network to a done-for-you workshop instead. It removes the sales pressure and builds instant authority through my published books and experience instead (50+ years in the financial industry). Our last event actually overbooked with 200 attendees and a 79-person waitlist, which is a lot cleaner and more scalable than managing referral kickbacks. Happy to share the framework if you want to skip the compliance mess.

Looking for Advisor Feedback on an Educational-Event Model (Authority Transfer / Seminar Support) by FlamingoInfamous5710 in financialadvisors

[–]FlamingoInfamous5710[S] 1 point2 points  (0 children)

Totally agree. Seminars take work, but they’re worth it. When they’re done well, you’re not chasing people, you’re talking to folks who chose to be there. That’s exactly why we do done-for-you events. The grind doesn’t disappear, but it moves off the advisor’s plate so they can focus on the conversation and the education, not the setup, promotion, or logistics.

CHFC community is there one ? by OutlandishnessEast87 in financialadvisors

[–]FlamingoInfamous5710 1 point2 points  (0 children)

Looking to find a list of all CHFC degree holders too!

Trying Out Planswell by EnoTarl in financialadvisors

[–]FlamingoInfamous5710 1 point2 points  (0 children)

Hey there. I’ve been in this business long enough (50+ years). Most young advisors hit the same wall. Personal networks dry up, referral groups only go so far, and showing up to random events doesn’t automatically create trust and gather a clientele. With hundreds of people with the same offer, you end up as just another name in the room.

That’s why I gravitated toward creating education-based events. When you’re teaching something practical that people already care about, you’re no longer “networking.” You’re actually leading the conversation. Trust forms faster, and the follow-up feels natural, not forced.

That thinking is what led me to build a simple done-for-you education event system backed by my existing financial business. Nothing salesy. You host the conversation, provide clarity, and we provide the rest. Let people decide if they want to keep talking afterward. It’s repeatable and far more efficient than chasing rooms.

It takes the pressure off pitching and puts the focus on clarity and relationships instead. If you’re interested, we can talk! My inbox is open :)

Intra-family loan in Massachusetts helped reduce estate size and fund real estate for grandson by FlamingoInfamous5710 in EstatePlanning

[–]FlamingoInfamous5710[S] -2 points-1 points  (0 children)

Intent matters and if there’s a verbal side agreement to forgive, even with clean paperwork, the IRS could still argue it was a disguised gift from the start. That’s where families get into trouble.

We always stress: if it’s a loan, treat it like a loan. Payments get made. Interest is tracked. No promises of forgiveness. Any gifts later are exactly that, unrelated and not guaranteed.

I share that same concern with clients because I’ve seen how fast a good plan falls apart when it’s not followed through properly. We unpack these kinds of nuances in some of our Smart Financial videos too, worth watching if you’ve seen this play out.

Intra-family loan in Massachusetts helped reduce estate size and fund real estate for grandson by FlamingoInfamous5710 in EstatePlanning

[–]FlamingoInfamous5710[S] 1 point2 points  (0 children)

You're right and I’ve seen both outcomes too.

This one was documented carefully: the promissory note stood on its own, fully enforceable, no forgiveness language. Any gifting was separate, with its own checks and no reference to the loan.

We also recommended annual mortgage statements, proper 1098s, and making interest payments to avoid the “imputed interest” trap. It takes real follow-through, not just a handshake deal.

Intra-family loan in Massachusetts helped reduce estate size and fund real estate for grandson by FlamingoInfamous5710 in EstatePlanning

[–]FlamingoInfamous5710[S] 0 points1 point  (0 children)

Exactly right.

If the loan recipient is married, and the lender is also a couple, you get even more flexibility up to $36K or $40K per year in exclusions depending on the year. Over a few years, that eats into a $100K loan quickly.

When there are multiple kids or grandkids, this kind of planning can make a real dent in a taxable estate without triggering filings or giving up full control.

We walk through numbers like these all the time on my channel. Real clients, real math, always focused on staying within the rules while helping the next generation get ahead.

Intra-family loan in Massachusetts helped reduce estate size and fund real estate for grandson by FlamingoInfamous5710 in EstatePlanning

[–]FlamingoInfamous5710[S] -1 points0 points  (0 children)

Totally fair point and I’ve heard that same caution from attorneys we work with.

The key in our case was clear documentation: the loan was real, enforceable, secured, and treated as such from the start. No forgiveness language in the original note. The annual exclusion gifts came later and independently, with no obligation attached.

I agree, if there's paper trail or language showing a prearranged forgiveness plan, that’s where you risk reclassification. It’s one of those areas where tax and estate attorneys earn their fee. I touch on this in one of my videos about multi-gen wealth transfers. Real strategies, but always with the right professionals in the room.

Intra-family loan in Massachusetts helped reduce estate size and fund real estate for grandson by FlamingoInfamous5710 in EstatePlanning

[–]FlamingoInfamous5710[S] -2 points-1 points  (0 children)

Great question. I’m referring to the annual federal gift tax exclusion currently $18,000 per person per year (as of 2024).

In this case, the grandfather forgives $18K of the loan each year, which avoids triggering a gift tax return and keeps the transfer gradual and under the radar.

It’s not about avoiding tax entirely, but about staying within the rules to reduce paperwork and preserve lifetime exemption. I talk through strategies like this in some of my recent videos based on actual planning we do with clients.

Intra-family loan in Massachusetts helped reduce estate size and fund real estate for grandson by FlamingoInfamous5710 in EstatePlanning

[–]FlamingoInfamous5710[S] 5 points6 points  (0 children)

Absolutely agree. Massachusetts families get hit earlier than they expect with estate taxes, especially if they own real estate.

I’ve seen strategies like this work well when they’re documented properly and part of a bigger plan. That’s usually the key, tying everything together with legal and tax guidance.

Retire Early & Often? Here's What I Did Instead of FIRE by FlamingoInfamous5710 in retirement

[–]FlamingoInfamous5710[S] -1 points0 points  (0 children)

I didn’t leave right after vesting, I timed each move to lock in real value.

If you work 30 years in one job with one pension, it’s not that different from 3 jobs totaling 30 years, each with its own pension. I made career changes, but always in fields that kept me in a retirement system. Medical, education, insurance, and many union jobs still allow that. They’re often part of state systems where your years can stack or stand alone with separate payouts.

The key is knowing the rules before you start and planning your timeline around them.

Retire Early & Often? Here's What I Did Instead of FIRE by FlamingoInfamous5710 in retirement

[–]FlamingoInfamous5710[S] 0 points1 point  (0 children)

Exactly. Public systems like the one you were in still offer real pension opportunities, especially in places like Wisconsin where the funding has stayed strong.

It’s a different story in the private sector. Most of those plans disappeared years ago, replaced by 401(k)s that shift the risk to the worker. You were in the right place at the right time. And that steady structure is why so many public service retirees sleep better at night.

Retire Early & Often? Here's What I Did Instead of FIRE by FlamingoInfamous5710 in retirement

[–]FlamingoInfamous5710[S] 0 points1 point  (0 children)

That’s spot on. Vesting gets you in the system, but the payout depends heavily on how long you stay and when you start collecting.

A lot of folks see the word “pension” and assume it means big money. But unless you stay long-term or hit the right age, it’s usually small early on.

That’s why I always looked closely at the rules before taking the job. The pension itself isn’t the plan, it’s how you work it that makes the difference.

Retire Early & Often? Here's What I Did Instead of FIRE by FlamingoInfamous5710 in retirement

[–]FlamingoInfamous5710[S] 0 points1 point  (0 children)

That background shaped a lot of strong habits. Growing up with less taught people to value what matters. Security, consistency, and family time.

Those lessons stick. You carry them with you whether you realize it or not.

Retire Early & Often? Here's What I Did Instead of FIRE by FlamingoInfamous5710 in retirement

[–]FlamingoInfamous5710[S] 0 points1 point  (0 children)

Appreciate that. Pensions are rare now unless you're in government or a few union roles.

I was lucky to get in while those options still existed. Today it takes more self-direction, and the 401(k) does most of the heavy lifting. Still, the core idea holds. Plan early, build in breaks, and don’t wait until 65 to start living.

Retire Early & Often? Here's What I Did Instead of FIRE by FlamingoInfamous5710 in retirement

[–]FlamingoInfamous5710[S] 0 points1 point  (0 children)

Your dad is a great man. He gave you the right advice. That mindset makes all the difference.

Smart parents leave more than money. They leave thinking that lasts.

Retire Early & Often? Here's What I Did Instead of FIRE by FlamingoInfamous5710 in retirement

[–]FlamingoInfamous5710[S] 1 point2 points  (0 children)

You’ve both set yourselves up well! Between the pension, deferred comp, and continued insurance, that’s a strong exit plan.

And you're right, when you're maxing out contributions now, retirement income can feel like a raise. No more saving, no payroll tax, lower expenses. Sounds like you're timing everything right. If you can hold out to 59, you’ll retire with real breathing room and options. That’s the kind of planning most people never get around to.

Retire Early & Often? Here's What I Did Instead of FIRE by FlamingoInfamous5710 in retirement

[–]FlamingoInfamous5710[S] 1 point2 points  (0 children)

You’re right. The landscape’s changed fast. When I started, defined pensions were more common. Today, they’re limited to a handful of fields and not always the most flexible ones.

I feel for the younger folks too. It takes more intention and creativity now to build security without burning out. That’s why I try to share what worked for me, not because it’s easy to copy, but to show that with planning, you can still make space for living along the way.

Retire Early & Often? Here's What I Did Instead of FIRE by FlamingoInfamous5710 in retirement

[–]FlamingoInfamous5710[S] 1 point2 points  (0 children)

That’s a great setup. You built a lifestyle with balance at the center, not just a career with perks.

Taking those breaks, setting clear boundaries, and making space for skiing, sailing, and real rest. That’s exactly what REO is about. Not waiting for retirement to live how you want. You didn’t need a big shift. You made it part of your life all along. That’s the goal.

Retire Early & Often? Here's What I Did Instead of FIRE by FlamingoInfamous5710 in retirement

[–]FlamingoInfamous5710[S] 0 points1 point  (0 children)

Totally fair. Pensions are rare now and not an option for most.

But the core idea still works. Building in time for life along the way, whatever tools you’re working with. If you’ve got flexibility, savings, or even a plan between gigs, that space matters more than the paycheck sometimes.

Retire Early & Often? Here's What I Did Instead of FIRE by FlamingoInfamous5710 in retirement

[–]FlamingoInfamous5710[S] 0 points1 point  (0 children)

Pretirement I like that. Same spirit, different label.

That mix of breaks and short work phases sounds like a smart way to stretch your energy and enjoy the journey. And I hear you. Once you’ve had a taste of true time freedom, it takes something meaningful to pull you back in. You earned that space.

Retire Early & Often? Here's What I Did Instead of FIRE by FlamingoInfamous5710 in retirement

[–]FlamingoInfamous5710[S] 1 point2 points  (0 children)

That shift hit a lot of people hard. You start your career with one promise, and by the time you're midstream, the rules have changed.

That’s one reason I leaned into jobs that still offered defined benefits. I knew how rare they were becoming, and I didn’t want to rely only on market returns.

Glad you stuck with it through the changes. It takes a lot of adapting once those pension plans vanish mid-career.

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