The Retirement Success in Maine Podcast

Estate Planning Mistakes that Lead to Probate Litigation with Barbara Schlichtman

EP 039: Earlier in our shows, we had two estate planners come on and talk about the importance of having an up-to-date estate plan. In our experience as financial planners, many people come to us nearing retirement and have a will/estate plan that can date back to 30 years ago. So we all know now that we should keep these plans up to date. BUT, what are some common mistakes that we (as in Mainers) make by either not executing an estate plan, or having an old will that doesn't keep up with our wishes or state law, or perhaps we don't share the right information with our estate planning attorney so that they can make the best plan for us, our wishes, and our families? We wanted to have a conversation about the probate process POST death and how things can go RIGHT and how things can go WRONG. That's the premise of today's show!
Enter someone that helps her clients prepare themselves and loved ones for life events by designing personalized legal documents to carry out their wishes and protect their assets. Our guest is on the executive committee for Legal Services for the Elderly in Maine, the Maine Justice Action Group, a member of the Academy of Special Needs Planners, and an advisor to the Peaks Island Fund, a Maine Community Foundation fund. She also teaches elder law as adjunct faculty at University of Maine School of Law. She was a member attorney of Maine Center for Elder Law, LLC prior to the Center merging with Perkins Thompson, P.A. in September of 2019.  Please welcome Barbara Schlichtman to the Retirement Success in Maine Podcast!
 
Chapters:
Welcome, Barbara! [1:52]
How can an incomplete or non-existent estate plan worsen the outcome for a family following a death? [12:29]
Barbara discusses the process of litigating an estate or trust. [20:30]
A deep dive into trusts. How well can a trust protect your assets? How/when do independent trustees come into the picture? Are trusts expensive to maintain? What mistakes are commonly made when setting up a trust? [30:26]
What sort of common family situations (dynamics/relationships/structures) would Barbara identify as being most likely to have challenged estate? [48:23]
What is Barbara’s definition of Retirement Success? [53:46]
Ben, Abby, and Curtis wrap-up the episode. [55:09]

Getting (More?) into Golf in Retirement with Henry Fall

EP 038: What's the one "hobby" that everyone associates with retirement? They might say "So now that you're retired, I bet you're playing lots of golf". Well, for some retirees that's EXACTLY what they want to do. But what if we've never actually played before, how do we start learning to play (is it too late)? Or we've played some while we've been busy in our careers, how can we get better? What about experiencing golf courses in the state of Maine or outside the State, what are some experiences that need to be on your list?
 
Our next guest is a PGA Professional, the Head Golf Coach for Bates College, a LPGA Tour Caddie, and host of Maine Golf Talk Podcast. You can access him as a coach through henryfallgolf.com or listen to Maine Golf Talk Podcast on all the major podcast platforms. 
 
Please welcome to the Retirement Success in Maine Podcast, Henry Fall!
 
Chapters:
Welcome, Henry! [2:46]
How does Henry recommend to those that are new to the game of golf, start playing and progress their skill? [20:50]
A conversation about golf accessibility as people age. [25:35]
What should we consider when planning a golf bucket list trip? [32:49]
What are some things to consider when deciding if becoming a member at a particular golf course is right for you? [41:12]
How does Henry define Retirement Success? [52:26]
Ben, Abby, and Curtis wrap-up the episode. [55:18]

Empowering Visibility in Women over 50 with Susan Honey Good

EP 037: As we change from one stage of our life to another, one thing we observe is the RESISTANCE and STRUGGLE of losing our identity from a previous stage of life. Maybe we were a captain of industry, maybe we were a star athlete, or perhaps a parent to a child or children that are now independent. One identity struggle we have heard from women over 50 is that the things that have made them feel like a woman have been the hardest parts to feel like they've lost - beauty, their vocation, motherhood, being a spouse, etc. With this show, we wanted to have a guest on that has tackled their own visibility head on and been re-invented with a sense of optimism & hope in the face of this feeling.
 
Our next guest has survived multiple crises in her life. While living in Honolulu with her first husband and two biological daughters, she was suddenly widowed in her early 40's after her husband suffered a massive heart attack while traveling on business. In 1990, she married Real Estate Auction Pioneer Sheldon F. Good and together, they faced the challenge of creating a large blended family. She has also survived cancer and family suicide. Now, she is the matriarch of a blended family, and is a hip, sophisticated grandmother to 25 “GRANDS” and re-defining what it means to live life to the fullest as she has visited over 67 countries and regularly visits her children and grandchildren in 7 different US cities. Please welcome to the Retirement Success in Maine Podcast, Susan Honey Good!
 
Chapters:
 
Welcome, Susan Honey Good! [1:39]
How has Susan struggled with her own identity over time and how often does she see it with other women as well? What is her advice to other women struggling with this? [15:05]
What is one’s “Enchanted Self” and how does it help women build their identity? [24:35]
How can those around a woman who may be redefining her identity be supportive throughout the process? [36:57]
What advice does Susan have for adult kids/grandkids who see their parents/grandparents start to date again? [42:04]
How does Susan think that Retirement Success for Women is going to evolve as we move forward? [44:40]
Ben, Abby, and Curtis wrap-up the conversation. [47:13]

Thinking About "Retirement" as a Life Pivot with Elisa K. Spain

EP 036: What if we're thinking about retirement all wrong? What if retirement ISN'T exchanging a binge on working for 40 years for a binge of NOT working for 30 years? Many of the clients we talk to as they are in the mid-to-late stage of their career and may have already achieved a certain level of career success  are searching for what is next. But what is next for us? This inflection point leads us to start asking questions in our lives such as "Is this the right time to invest [in myself] and grow?', "Or is it time to exit [something]?" "Or is it time for a change in focus?" 
 
But many times these questions are hard to articulate, hard to share with work colleagues, or even family members, much less work through to find answers. Due to this structural issue, many of us become stuck at this point in our lives. Enter the concept that life is a series of pivots where after each transformation we've created the next version of ourselves. So retirement isn't a hard stop of career life into leisure but a pivot of one version of yourself to another! 
 
Our next guest is an Executive Life Coach and Creator of the YOU PIVOT Program, where her clients have ranged from CEOs and C-suite executives from Inc. 500 companies, Crain’s Fast 50, Chicago Tribune’s Top 100 Workplaces, and Crain’s Largest Privately Held Companies. She has experience as a Fortune 500 company executive (Northern Trust), coupled with a successful pivot from the corporate world into entrepreneurship, that shaped her unique perspective. Every Sunday, she publishes stories about transitions, including sharing the life lessons from the storytellers she interviews. You can read and subscribe to these Sunday Stories on her website. Please welcome to the Retirement Success in Maine Podcast, Elisa K. Spain!
 
Chapters:
 
Welcome, Elisa! [2:55]
Why does Elisa think about “Retirement” as a pivot to “Career 2.0” or “Life 2.0”? [17:40]
What is an unreliable narrator and how Elisa has worked to not only identify it, but work through it with her clients? [26:22]
Once the “Today Story” has been identified, how can we move to the “Tomorrow Story”? [31:31]
Elisa shares a story about someone claiming to have failed retirement twice! [38:34]
How does Elisa help coach through change and the pressure that comes with it from not just us, but the people around us? [47:53]
How does Elisa define Retirement Success? [54:28]
Ben, Abby, and Curtis wrap-up the episode. [57:09]

Keeping Your Family Camp in the Family for Future Generations with Timothy P. Benoit

EP 035: For many Mainers, families have a place where they retreat to during the spring, summer, and fall months and enjoy the best that Maine weather has to offer. Many families use this place, AKA camps, as the retreat where the family "from away" vacation to and reconnect with family members that are here. There are sounds of children swimming and jumping in the water, the firepit and bonfire by the water have s'mores, laughter around the dining table, swapping stories while playing cards, water skiing or tubing, kayaking, and so much more. For many previous generations of Mainers, there's this shared bond of doing these activities with those we love the most or even a great place to bring your dearest friends. Due to all of these precious memories, it's not surprising that we want to continue to have future generations use the camp in this way. But it's not that simple, is it?  
Enter the concept of having legal, financial, and family structures in place to see this plan through.  Today's guest is an attorney and has worked with many families on preserving this legacy asset to preserve family cultures.
He provides estate planning to individuals and integrates his business practice with his estate planning practice to assist clients to develop an orderly succession plan for their businesses.  He is a shareholder of Perkins Thompson and formerly a member of the firm’s Executive Committee. He has been selected by his peers to be included in The Best Lawyers in America© 2007-2020 in the field of Tax Law.  Please welcome to the Retirement Success in Maine Podcast, Tim Benoit!
 
Chapters:
Welcome, Tim! [2:10]
In Maine, how do we define what a camp is, and why are we so emotionally tied to them? [6:25]
What are the necessary ingredients needed for someone to successfully preserve a camp, and on the flip side, what have been the biggest mistakes that people make when trying to preserve their camp? [11:15]
How does the future generation address the ending of the preservation of a camp? [26:12]
How have the legal structures used in preserving camps changed over the years? [33:37]
When is it appropriate for someone to take the legal steps to preserve their camp? [38:13]
What is Tim’s definition of Retirement Success? [43:12]
Abby, Ben, and Curtis wrap up the episode. [44:40]

Accessing the World of Piloting over 50 with Sean Collins

EP 034: What if there was a time machine? How would it change our lives? Would you do things differently if you could? Well, today we're talking about a different take on a time machine. As we're aging, we tend to be a bit more sensitive to HOW we spend our time and WHAT we do with our time. Many times, retirees state the goal of wanting to travel TO places and experiencing new things. But the biggest issue with the destination is GETTING there, especially where we are in Maine in the northeast corner of the country. The time machine comes into play where we might be used to driving to our destination. Perhaps we want to go visit Boston and it's a 2 or 6-hour drive to get there. What if you could get there in 1/2 or 1/3 of the time? What about if you winter in Florida and it takes you multiple full days to drive there? What if you could get there in one day? What about longer trips where you're at the whim of the commercial airline industry and their schedule? Enter the concept of private flights and finding true location freedom in retirement! 
Sean Collins is the Eastern Regional Manager at Aircraft Owners and Pilots Association (AOPA), where he advocates for the general aviation interests for AOPA and its members at the state and local level from Maine to Virginia. He also works to build the general aviation community and represents AOPA at local and regional aviation events. He also has a Commercial Pilot Certificate with Instrument and Multi-Engine ratings. Join us as we discuss Accessing the World of Piloting over 50 with Sean Collins!
Chapters:
Welcome, Sean! [3:30]
What is it that appeals to people to pilot their own plane and how do they get started? [9:29]
What should people know about being a private pilot as they age? [15:29]
Who can afford to pilot and fly planes? [23:30]
What are some pros and cons of private piloting versus commercial airlines? [41:07]
Just how risky is private piloting? [54:54]
What is Sean’s personal definition of Retirement Success? [1:01:23]
Ben, Abby, and Curtis wrap-up the episode. [1:02:59]

A 2020 Investment Markets Recap & 2021 Preview with Guidance Point Advisors, LLC

EP 033: As Financial Advisors, we are very frequently asked to give our thoughts on the investable markets and what it means for our retirement. While our show mainly discusses life challenges pre and post-retirement, we wanted to share a bit of our team's expertise on how investments and financial movements may be impacting your retirement directly or indirectly from the events of 2020. Join us for Episode #33 where we have a 2020 Roundtable Recap with our team at Guidance Point Advisors!
 
Chapters:
Welcome the team and hear our favorite Holiday movies. [2:09]
A look back on the year 2020. [5:03]
What’s next? What are we thinking about with our client portfolios as we head into 2021? [18:10]
What are some trends we’ve seen with new clients? Why are they choosing us? [26:08]
Ben wraps up the conversation. [33:49]

Dreaming & Creating Your Traveling WanderList with Keri Forbringer

EP032: About now, we're all needing something to look forward to. One of those things that you and perhaps your spouse state is that you want to travel more. But what do you want to see? What if you and your spouse have different interests and tastes? How should we go about creating a "WanderList" of things we want to do and places we want to visit? What if we're interested in certain themes like "we're foodies" or "sports fans" or "history buffs" - how do we go about building trips on themes? In episode #3, we dove deep into traveling while in retirement and challenges as we age. In this episode, we wanted to really explore putting a solid travel plan in place. Listen in as Keri Forbringer of Luxury Travel Works helps us with "Dreaming & Creating Your Traveling WanderList" in Episode #32 of The Retirement Success in Maine Podcast! Give it a listen and let us know what is the #1 destination on your Post-COVID19 WanderList!
Chapters:
Welcome back, Keri! [2:46]
What is a WanderList and what are some do’s and don’ts when creating one? [7:49]
Is it a good idea to due dates on your WanderList? [21:30]
What happens when two people go through the process of creating their WanderList and there is no commonality between the two? [31:32]
What happens when our dreams are bigger than our budget? [38:51]
How does the WanderList stay current? [43:18]
What does Keri think travel will look like 30 years in the future? [51:02]