If you knew exactly when you were gonna die, so many financial decisions would be simple. But generally, we don’t, so today on Your Money, Your Wealth® podcast 427, Joe Anderson, CFP® and Big Al Clopine, CPA spitball on death, taxes, and trust issues of the estate planning variety. Fair warning, it’s “the dark show” 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, and Roth conversion strategies taking into account the 5-year rules for withdrawals, and potentially donating required minimum distributions to charity rather than doing conversions. Show notes, free resources, transcript:

00:00 – Intro
00:49 – Pension Plan Options Spitball: Lump Sum, Annuity, or Hybrid?
07:37 – Should We Have a Cancer Trust Fund?
11:16 – Estate Planning Organizer:
12:02 – Why Not Make Our Trust the Beneficiary on Retirement Accounts? 21:40 – 5-Year Rule on Taking Dividends from a Roth IRA After Age 59½?
23:34 – I’m 60, My Ex is 74. Am I Eligible for Spousal Social Security Benefits?
24:39 – How Much If Any Roth Conversion Should We Do?
28:10 – Inflation, Interest Rates, Recession? Financial Markets Update webinar:
YMYW TV Navigating Your Financial Future Single:

Going Solo Retirement Guide:

28:53 – Why Do a Roth Conversion Instead of Donating to Charity? (Kevin, Raleigh)
32:57 – Why Separate and Never Add Money to 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

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• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
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• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period….(read more)

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Trust Issues, Death & Taxes: Estate Plan Spitball – Your Money, Your Wealth® podcast 427

Estate planning is a crucial aspect of financial planning that is often overlooked or put off by many individuals. In the latest episode of Your Money, Your Wealth® podcast, titled Trust Issues, Death & Taxes: Estate Plan Spitball, hosts Joe Anderson, CFP® and Alan Clopine, CPA, shed light on the importance of estate planning and provide valuable insights on how to navigate this complex area of personal finance.

The episode opens with a discussion on trust issues and the role they play in estate planning. Many individuals struggle with trust issues when it comes to leaving their assets to loved ones or designated beneficiaries. Anderson and Clopine emphasize the importance of establishing a trust as part of an estate plan to ensure that one’s assets are distributed according to their wishes and avoid potential conflicts among heirs.

Death and taxes are inevitable aspects of life, and estate planning is a vital tool to help individuals and families navigate these challenging issues. The hosts stress the need for individuals to have a comprehensive estate plan in place to minimize the tax burden on their heirs and ensure a smooth transfer of assets upon death.

Anderson and Clopine also dive into the importance of regularly revisiting and updating one’s estate plan to account for changes in personal circumstances, tax laws, and other factors. They highlight the significance of working with a qualified estate planning attorney to create a customized plan that reflects one’s specific goals and objectives.

In addition to discussing trust issues, death, and taxes, the hosts also touch on various estate planning strategies and tools, such as wills, trusts, powers of attorney, and healthcare directives. They provide practical tips and guidance on how to incorporate these tools into a comprehensive estate plan that meets one’s needs and protects their assets for future generations.

Overall, Trust Issues, Death & Taxes: Estate Plan Spitball is a valuable resource for individuals looking to gain a better understanding of estate planning and how to effectively navigate this complex area of personal finance. Anderson and Clopine’s insights and expertise offer practical advice and guidance on how to create a solid estate plan that protects one’s assets and ensures their legacy is preserved for generations to come. Tune in to Your Money, Your Wealth® podcast 427 to learn more about estate planning and how it can benefit you and your loved ones.