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Money Guy Show

"My Parents Don't Have A Will - What Should I Do?"

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.73.1K Ratings

🗓️ 14 April 2022

⏱️ 23 minutes

🧾️ Download transcript

Summary

Talking about wills with family can be difficult, so how do you navigate these discussions? We'll walk you through that question and more in today's Q&A episode! Subscribe on YouTube! Download FREE Financial Resources from the show Get our Net Worth Tool Now! Sign up for our Financial Order of Operations course Let’s make sure you’re on the path to financial success - then help you stay there! The Money Guy Show takes the edge off of personal finance. We’re financial advisors that believe anyone can be wealthy! First, LEARN smart financial principles. Next, APPLY those principles! Then watch your finances GROW! Visit our site for more info. Instagram Twitter Facebook TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,

0:07.0

investing, taxing.

0:09.0

You've got financial questions, he's got financial answers.

0:12.6

It's Brian Preston, the money guy.

0:15.6

All right.

0:16.6

This next question is from Peter, Brian.

0:19.4

And we run into this all the time with clients, so I want you to give some insight.

0:23.6

He says, my magi, my modified adjusted gross income, is unexpectedly going to be above

0:29.7

the married Roth IRA, but it's this year, right?

0:32.3

That's a good thing.

0:33.3

I'm making more money than I thought I was going to make.

0:35.7

But I've already maxed out both of my Roth IRAs.

0:40.3

What should I do?

0:41.8

We see this all the time.

0:42.8

Folks that are such good, diligent, savers also tend to be unlike a pretty attractive career

0:49.0

trajectory.

0:50.0

So it's not uncommon for someone to be making money and then make more and more and

0:52.6

more as it kind of worked through their career.

0:54.7

And they just got that, you know, $500 a month turned on, going into the Roth, going to

0:58.8

the Roth, going to the Roth, well, getting into the year and they start doing their tax

1:02.5

is like, oh, I, as it turns out, I want to make sure I understand this because I was

1:07.7

so busy writing down things is that you're saying Peter is already fun.

...

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