Episode 7: Adam Fannin, CFP and Managing Director at Truist
Elder Law Hour is pleased to welcome Adam Fannin, Managing Director and Advisor with Truist Wealth Advisors!
But first, Emily starts off by giving us 3 things you need to know about Medicare:
#1 Enrolling late can cost you for life - Medicare eligibility begins at age 65, but that doesn't mean that you can only sign up on your birthday. You actually get 7 months to enroll on time. That window is going to begin 3 months before the month you turn 65, and it ends 3 months after that month. Now you may not be in a rush to sign up for Medicare once you become eligible, but you should know that delaying Your coverage could be costly for each 12 month period during which you're eligible for Medicare, but you don't sign up, you'll face a 10 percent surcharge on your Part B premiums for life.
#2 You can't fund a health savings account once you're on Medicare - HSAs are flexible! You can withdraw money at any time for healthcare expenses, and you can invest funds that you don't immediately need to add to their growth. They also offer you a tax break on contributions, and because of this, you may want to keep funding yours once you enroll in Medicare. Unfortunately, that is not possible. Once you're on Medicare, the HSA contributions are off the table, but don't worry. You can still withdraw from your HSA as a Medicare enrollee.
#3 While Medicare is an affordable option, there are premiums and surcharges to be aware of - Medicare is often hailed as an affordable health coverage option, but there are certain costs that you'll incur, including having to pay a premium for Part B and surcharges for some income levels.
Guest - Adam Fannin, Truist Wealth Advisors
Adam Fannin has been with Truist for 19 years. He is very seasoned in working with individuals and families. In his words, “What are their goals are for the future? I have found that no two families are exactly alike. Everyone has different dynamics and then there's also just different goals and expectations throughout people's lifetime.” We had such a great conversation and touched on topics like:
How to find and establish a relationship with a financial advisor.
Understanding a clients risk tolerance and exposure and build a plan around those factors.
IRA's and other retirement accounts and how they fit into your overall retirement plan.
Maximizing Social Security Benefits
Factoring in Healthcare expenses like long-term care into your financial plan.
If you’d like to get in touch with Adam, you can reach him through email, Adam.fannin@truist.com or give him a call at 904-242-5180.
Q&A - Is an estate plan necessary if I don’t have a lot of assets?
We finish the episode with a question from Judith. She is asking if an estate plan or a will is still necessary even if you don't have a lot of assets. And the answer is, "YES!" Listen to the last five minutes of the episode to see why.
