How to Maximize Your Inheritance: IRA Options and RMDs - 435

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 27 June 2023

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

A little ditty about Jack and Diane, who will eventually inherit about $4.5M from Diane’s parents. How do they manage the required minimum distributions? Which of three options should Matt take with his inherited IRA? Making the most of your inheritance today on YMYW 435. Plus, Clay wants to know if it’s a good idea to take money off the table and rebalance to safer or more aggressive investments, depending on your risk tolerance? Can Elizabeth offset pre-tax IRA losses with the gains from the sale of rental real estate? Is it true that you can make one time contributions from your IRA to your HSA that is, your health savings account? And finally, can Cory gift stock to his daughters and avoid paying the kiddie tax as a way to pay for college? And can Rich supercharge a 529 college savings plan with himself as beneficiary?

Timestamps:

00:58 - How Do We Manage RMDs on a Pending Inheritance? (Jack & Diane)
11:31 - Which of 3 Options Should I Take With This Inherited IRA? (Matt, San Diego)
18:57 - Should I Take Money Off the Table and Rebalance to Safety? (Clay, Westerville (Columbus), OH)
23:50 - Can I Offset Pre-Tax IRA Losses With Gains from the Sale of Rental Real Estate? (Elizabeth, Lake Forest)
26:43 - Is It True We Can Make One Time Contributions From IRA to HSA? (Scott, NC)
32:06 - How to Pay for College: Gifting Stock and Avoiding the Kiddie Tax? (Cory, Bethesda, MD)
36:16 - Should I Supercharge a 529 Plan With Myself as Beneficiary? (Rich, NY)
41:17 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-435

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Transcript

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0:00.0	A little ditty about Jack and Diane, who will eventually inherit about $4.5 million from Diane's parents.
0:05.9	How do they manage the required minimum distributions?
0:08.8	Which of three options should Matt take with his inherited IRA?
0:12.2	Making the most of your inheritance, that's today on your money, your wealth podcast number 435.
0:17.6	Plus, Clay wants to know if it's a good idea to take money off the table and rebalance to
0:21.7	safer or more aggressive investments, depending on your risk tolerance.
0:25.5	Can Elizabeth offset pre-tax IRA losses with the gains from the sale of rental real estate?
0:30.9	Is it true that you can make one-time contributions from your IRA to your HSA, that is your
0:36.2	health savings account?
0:37.4	And finally, can Corey gift stock to his daughters and avoid paying the kitty tax as a way to pay for college?
0:43.8	And can Rich supercharge a 529 college savings plan with himself as beneficiary.
0:49.5	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Cliff and Norm.
0:55.1	I mean, Joe Anderson, CFP, and Big out clopine cpa got uh new listener here a ym y m w tm i'm a new listener and i
1:03.5	thoroughly enjoy the podcast i feel like i have found my tribe wow yeah i like that welcome
1:09.5	we're part of this tribe welcome to the the tribe. Okay. Okay. We got a
1:13.0	couple people. We got Jack and Diane. Yeah. And I will say this is not Jim from Santa Cruz's Jack and Diane. This is a
1:19.0	completely new Jack and Diane. Okay. Jack's 58, gainfully employed, makes about $100,000 a year. Guinness is the drink of
1:26.8	choice. Yeah. I like Guinness is the drink of choice.
1:28.6	Yeah, I like Guinness.
1:35.7	Diane, 52, an RN who cares for elderly parents earns $15,000 to $20,000 per year in royalties.
1:37.4	Ah, she a writer.
1:38.0	Yeah.
	...

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