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Nicole Newman, Attorney at Law joins Joe Anderson, CFP\xae and Big Al Clopine, CPA on YMYW podcast episode 35 to discuss the most important estate planning mistakes people need to avoid. Later in the hour, they dive into Social Security, investments and taxes. Does your Social Security strategy line up with your retirement plan?\xa0 Original publish date June 4, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

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Learn more from Nicole Newman: 10 Gruesome Estate Planning Mistakes to Avoid

00:00 - Intro
02:47 - \u201cWe have seen Social Security benefits reach a million dollars [before]\u201d
06:35 - \u201cWhen you get really good rates of return, there are risks involved no matter what the investment vehicle is\u201d
08:40 - \u201cCash flow is king when it comes to retirement. Do you have a strategy and plan in place to make sure that you can provide the income that you need?\u201d
10:00 - Start of interview with Nicole Newman
11:52 - \u201cWhat happens if you fail to plan for your death is that each state has their own back-up plan for you..\u201d
12:59 - \u201cThey tend to interchange the terms will and trust all the time\u2026actually that\u2019s mistake number two in my seminar\u201d
13:39 - \u201cA will does NOT avoid probate\u2026that\u2019s a very common misconception\u201d
14:18 - \u201cHere in California probate is very lengthy, so it usually takes about 12 to 18 months as long as there are no problems\u2026if there are problems then it can turn into years very quickly; whereas other states\u2019 probate can be very simple and very quick\u201d
17:47 - \u201cWe see this quite often, where we\u2019ll see children from a prior marriage cut out simply because of the lack of planning\u2026when you have a blended family you definitely want to have a living trust\u201d
19:22 - End of interview with Nicole Newman
24:41 - \u201cEach year that you wait after your full retirement age, Social Security will guarantee an 8% delayed credit to the benefit, plus you also get the cost of living benefit\u201d
28:48 - \u201cIn retirement you have more control [over your taxes] than any other time in your life\u201d
36:29 - \u201cThere are a lot of other things that you can do; you could push out your retirement a couple years or you could look at some tax planning strategies that will carry out your dollar a little longer\u2026making sure you have the right portfolio set up to give you the income that you need\u201d