Defusing a Future Tax Bomb With Roth Conversions - 510
Your Money, Your Wealth
Your Money, Your Wealth
2.3 • 681 Ratings
🗓️ 31 December 2024
⏱️ 33 minutes
🧾️ Download transcript
Summary
Does it make sense for Alex and his wife in Massachusetts to do Roth conversions now to the top of their eventual tax bracket? Steve in San Diego got serious about saving for retirement after Joe and Big Al gave him some tough love 5 years ago. Is he good to retire now, and should he convert to Roth? That’s today on Your Money, Your Wealth® podcast number 510 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, can Barbara in New Jersey’s grandson move excess 529 funds to a Roth and withdraw the money after 5 years? PWare has a cunning plan to gift appreciated stock to avoid capital gains tax, but will it work? Should Mike create a limited liability company for his rental properties? And finally, qualified charitable distributions don’t make sense to GetSmart Paul. Sherri in California wonders if her kids can inherit her savings account without any tax penalty, and whether there’s a safe, high-yielding investment she should put it in. And Houry in New York wonders if her IRA can fund a charitable remainder unitrust, or CRUT.
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Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
01:08 - Should We Do Roth Conversions to Our Eventual Tax Bracket? (Alex, MA)
07:51 - YMYW Tough Love Made Me Get Serious. When Can I Retire? Should I Do Roth Conversions? (Steve, San Diego, CA)
14:11 - Download the Complete Roth Papers Package for free
14:59 - Can Grandson Withdraw 529 Funds From Roth After 5 Years? (Barbara, NJ)
18:37 - Can We Avoid Capital Gains Tax With This Appreciated Stock Gifting Strategy? (P Ware)
20:57 - Should I Create an LLC for Rental Properties? (Mike, voice)
23:00 - Qualified Charitable Distributions Don’t Make Sense to Me (GetSmart Paul, YouTube)
24:59 - Watch the Retirement Pop Quiz on YMYW TV, Download the Retirement Readiness Guide for free
25:45 - Do My Kids Inherit My Savings Account Without Tax Penalty? What’s a Safe, High-Return Investment for Them? (Sherri, CA)
27:18 - Can an IRA Fund a Charitable Remainder Unitrust? (Houry, NY)
31:43 - Outro: Next Week on the YMYW Podcast
Transcript
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| 0:00.0 | Does it make sense for Alex and his wife in Massachusetts to do Roth conversions now to the top of their eventual tax bracket? |
| 0:07.4 | Steve in San Diego got serious about saving for retirement after Joan Big Al gave him some tough love five years ago. |
| 0:13.6 | Is he good to retire now? And should he convert to Roth? That's today on Your Money, Your Wealth Podcast number 510. |
| 0:20.3 | Plus, can Barbara in New Jersey's grandson move excess 529 funds to a Roth and withdraw the money after five years? |
| 0:28.3 | P-Ware has a cunning plan to gift appreciated stock to avoid capital gains tax, but will it work? |
| 0:35.0 | Should Mike create a limited liability company for his rental properties? |
| 0:39.2 | And finally, qualified charitable donations just don't make sense to get smart Paul. |
| 0:44.4 | Sherry in California wonders if her kids can inherit her savings account without any tax penalty |
| 0:49.0 | and whether there's a safe, high-yielding investment that she should put it in. |
| 0:53.5 | And Hoorrie in New York |
| 0:55.3 | wonders if her IRA can fund a charitable remainder unit trust or a crut. I'm executive producer |
| 1:01.6 | Andy Last and here are the hosts of your money, your wealth, Julie Anderson, CFP, and Big Al-Clobine |
| 1:07.4 | CPA. Alex from Massachusetts, Joelle YMI, Y, Y, Y, W, T. |
| 1:12.4 | Call me, Alex. |
| 1:13.4 | I thoroughly enjoy the show, |
| 1:14.6 | light-hearted mockery. |
| 1:17.5 | And light-hearted, |
| 1:18.3 | light-hearted mockery. |
| 1:20.6 | Is that what we do? |
| 1:21.4 | Yes. |
| 1:22.0 | We'll be an extremely thankful |
| 1:23.5 | for the insane amount |
... |
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