Inherited IRA Options
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 23 November 2020
⏱️ 10 minutes
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Summary
Inherited IRAs usually come with a handful of options that need to be carefully considered before making a decision, so make sure you weigh all the pros and cons.
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Transcript
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| 0:00.0 | Welcome to the Jill on Money podcast. It is Monday, November 23rd, just days until Thanksgiving. Mark, what are you doing for Thanksgiving? Will you be cooking a turkey? Mark says they're leaning towards a ham. My girlfriend read something about some place where they are |
| 0:23.0 | selling these giant turkey drumsticks. I don't know if you saw this. It's in New York somewhere. |
| 0:30.1 | I haven't been going to do some research later. I'm sure that they are, they're supposed to be |
| 0:33.7 | moist and delicious and like deep fried it to finish them off. So of course it's going to be delicious, right? Would you want to just do a turkey breast or do you want to, I mean, what do you think? Do you want a turkey sandwich? I'm just kidding. Mark says he's going to go to the bodega and get a boar's head sandwich. I mean, why not? It's a strange |
| 0:55.3 | year. I put in my vote, which was I wanted to get a fantastic hot, hot, piping hot pizza pie, |
| 1:02.3 | maybe even eat it in the car. I'm getting overruled on that. All right. If you have a question, |
| 1:08.2 | let us know. And don't forget, we're bringing you guys on the program. |
| 1:11.1 | So let us also know if you are willing to come on the show with us and Mark will arrange everything. |
| 1:16.9 | Okay, Julianne writes, I caught the tail end of the program this morning about owning a home long term that has a lot of gains. |
| 1:26.4 | She writes, I'm in my early 70s and my home is my retirement. |
| 1:30.2 | I've always been self-employed. Listen to this. Purchase the home for 22,000. It's now worth over |
| 1:36.3 | 500,000. I need advice on avoiding capital gains or having Medicare get my equity should I become |
| 1:43.1 | disabled or ill. Thanks, Julian. |
| 1:46.6 | Well, I mean, is it your goal to stay in the home and you have no other asset except this? |
| 1:52.9 | Do you have any other money? I mean, I'm just wondering if you have any other assets. That's number one. |
| 1:59.8 | You may be a very good candidate to look into a reverse |
| 2:04.4 | mortgage if you want to stay in your home. In terms of your Medicare, getting your equity, |
| 2:10.2 | if you became, it's not Medicare, it's Medicaid. And Medicaid is not taking your house away from you. |
| 2:15.9 | Okay. What I would do is this. |
| 2:18.3 | I think you need to talk to a fee-only financial planner or an attorney who can talk to you about some of your choices. |
| 2:26.4 | But really, a fee-only financial planner, I think, is going to do the job. |
| 2:29.9 | Check out napfa.org, napfa.org. |
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