Trust Issues, Death & Taxes: Estate Plan Spitball - 427

Your Money, Your Wealth

Business News, News, Business, Education, Investing

4.6 • 792 Ratings

🗓️ 2 May 2023

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you knew exactly when you were gonna die, so many financial decisions would be simple. But generally, we don't, so today Joe and Big Al spitball on death, taxes, and trust issues of the estate planning variety. Fair warning, it's "the dark show" today on YMYW, as the fellas discuss cancer trust funds, making your trust the beneficiary on your retirement accounts, when and how to take Social Security benefits and pension options, Roth conversion strategies taking into account the 5-year rules for withdrawals, and potentially donating required minimum distributions to charity rather than doing conversions.

Timestamps:

00:49 - Pension Plan Options Retirement Spitball: Lump Sum, Annuity, or Hybrid? (Dave, CO)
07:37 - Should We Have a Cancer Trust Fund? (Melinda, Milwaukee)
12:02 - Why Not Make Our Trust the Beneficiary on Retirement Accounts? (Ms. Merry, MD)
21:40 - Is There a 5-Year Rule on Taking Dividends from a Roth IRA After Age 59½? (Douglas, Bonita, CA)
23:34 - I'm 60, My Ex is 74. Am I Eligible for Spousal Social Security Benefits? (Salwa)
24:39 - How Much If Any Roth Conversion Should We Do? (Paul, NJ/SC)
28:53 - Why Do a Roth Conversion Instead of Donating to Charity? (Kevin, Raleigh)
32:57 - Why Separate and Never Add Money to a Profit-Sharing Plan Rolled to IRA? (Nancy, Foxboro, MA)
35:46 - Retirement Pension at 57 or 60? Social Security at 62 or 70? (midwestfabs)
45:56 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-427

Estate Planning Organizer
Inflation, Interest Rates, Recession? Financial Markets Update Webinar Replay
Going Solo: Navigating Your Financial Future Single - YMYW TV & companion guide
Episode Transcript
Ask Joe & Big Al On Air

Transcript

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0:00.0	If you knew exactly when you were going to die, so many financial decisions would be simple.
0:05.2	But generally we don't. So today on Your Money, Your Wealth podcast number 427,
0:09.9	Joe and Big Al spitball on death, taxes, and trust issues of the estate planning variety.
0:15.4	Fair warning, it's The Dark Show today on YMYW as the fellas discuss cancer trust funds, making your trust the
0:22.5	beneficiary on your retirement accounts, when and how to take social security benefits and pension
0:27.5	options, and a few different Roth conversion strategies taking into account the five-year
0:31.6	rules for withdrawals, and potentially donating required minimum distributions to charity rather
0:36.8	than doing conversions.
0:38.3	I'm producer Andy Last, see if you catch my spoonerism in today's episode.
0:42.4	And here are the hosts of your money, your wealth, Joe Anderson, CFP, and Big Al Clopine CPA.
0:48.3	Hello, Joe, Big Al, in the Y, MYWT.
0:51.2	My name is Dave.
0:52.9	58, married, two children. You plan on retiring in six,
0:56.1	seven years. Live in Colorado, drive a Jeep Wrangler Rubicon. I can see that in Colorado.
1:02.6	Me, tell you. Preferred beverages. Whitbier. Whitbier. What's whipped? Is that like orange
1:08.8	wit? With beer. It translates to white beer, which is typically brewed with a pale marly
1:13.7	balt, unmalted wheat, and oats for a creamy mouthfeel, a spiced beer with
1:17.9	coriander and citrus notes and a small amount of lactic acidity.
1:21.6	There's the citrus part.
1:23.1	So it's similar to a half of icen or a wheat beer.
1:25.9	Got it.
1:26.3	Got it.
	...

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