How Do I Protect My Savings?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 22 November 2024

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	This episode is sponsored by SmartVestor.
0:07.2	Connect with an investing pro for free at ramsysolutions.com slash invest.
0:14.7	You're listening to Ramsey Everyday Millionaires, where we talk investing, retirement, building wealth, and outrageous generosity.
0:22.5	All right, let's go to Ladonna.
0:24.6	Houston, Texas is where she's at.
0:26.3	What's going on, Ladona?
0:27.5	Hey, how are y'all doing?
0:29.0	I'm doing good.
0:29.7	How can we help?
0:30.5	I'm 74 years old, and I'm trying to get my estate in order.
0:35.0	I have $400,000 in cash that I need to know what could do with it to protect
0:41.1	it so that my two sons get it and that it doesn't go through probate and also that it's
0:48.0	accessible and available in case I need it for care. Do I put it in a trust? I have a trust set up. You do? Put it in CDs. Do I invest it? Do I buy
0:58.3	real estate? What do I need to do? Right now just in CD. You've already got, what kind of trust is it that
1:05.3	you have set up? Just a plain, a revocable living truck. Perfect. Okay. So you could put it within the trust and then name the kids as beneficiaries.
1:14.6	And that will simplify the distribution process.
1:17.2	Okay. Is that the best thing to do?
1:19.5	Yeah. I mean, and then...
1:21.0	That'll give you the most control over what happens with it. I mean, if you have them listed as
1:24.8	beneficiaries on the bank account, they're going to get the money.
1:28.3	Right. Was there something you wanted to do with the money in the meantime?
1:31.3	Well, there shouldn't be taxes.
	...

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