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

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: https://bit.ly/ymyw-427

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: https://purefinancial.com/white-papers/estate-plan-organizer/?utm_source=youtube.com&utm_medium=podcast&utm_campaign=YMYW-427
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: https://purefinancial.com/ask-pure/q2-2023-financial-market-outlook-inflation-interest-rates-recession/?utm_source=youtube.com&utm_medium=podcast&utm_campaign=YMYW-427
YMYW TV Navigating Your Financial Future Single:
https://purefinancial.com/ymyw/episodes/going-solo-navigating-your-financial-future-single/?utm_source=youtube.com&utm_medium=podcast&utm_campaign=YMYW-427
Going Solo Retirement Guide:
https://purefinancial.com/white-papers/going-solo-how-to-navigate-your-financial-future-single/?utm_source=youtube.com&utm_medium=podcast&utm_campaign=YMYW-427
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.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• 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.

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