Housing Dilemma for Mom
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 2 August 2022
⏱️ 18 minutes
🧾️ Download transcript
Summary
The only retirement asset my mom has is her house, and now that she's in her 70s, I'm looking at the possibility of her gifting me the property. Is this a good idea?
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Transcript
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| 0:00.0 | Welcome to the Jill on Money Show. |
| 0:05.6 | It's Tuesday, August 2nd, and we are here answering your financial questions, trying |
| 0:10.1 | to take the mystery out of your financial life. |
| 0:12.4 | And Mark, I forgot to say something after yesterday's show where we had Patrick from Virginia |
| 0:16.6 | on and we were talking about how to reallocate a $5.29 plan. |
| 0:20.5 | The simplest piece of advice that I omitted in yesterday's show was that if you are using |
| 0:26.1 | a $5.29 plan and, you know, once your kid gets to be, say, 8, 9, 10 years old, if you |
| 0:31.7 | don't want to be on the hook for making decisions about allocation, choose the age-based portfolio. |
| 0:37.6 | They will, you know, sort of they meaning the investment company will automatically reduce |
| 0:43.1 | the risk as your child gets nearer to college age. |
| 0:46.8 | So I just want to make sure everyone gets that because it is quite a burden to be on the |
| 0:51.4 | hook for making these decisions at, quote unquote, the right time. |
| 0:55.1 | So just, oh, I forgot to do that yesterday. |
| 0:57.6 | You know, we pre-tape a lot of shows. |
| 0:58.9 | So actually, we just got off the air with Patrick. |
| 1:01.0 | So it's hot on my brain. |
| 1:02.6 | So I wanted to make sure I mentioned that today we are answering financial questions for |
| 1:07.0 | Rob, who is in New England. |
| 1:09.5 | Hello, Rob. |
| 1:10.5 | How are you? |
| 1:11.5 | What's going on? |
| 1:12.5 | I'm well. |
... |
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