January 6, 2025 • 46 mins
12/28/24- Recorded 11/16/24
In this episode, financial expert Mark Rothstein, aka "Mr. Money," provides valuable insights on estate planning and tax-efficient strategies for seniors. He covers five key steps to make your estate simpler for your heirs, the importance of addressing digital assets, and the benefits of Roth IRA conversions. Mr. Money also addresses the challenges of finding safety deposit boxes as banks scale back this service.
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Transcript
Episode Transcript
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Unknown (00:00):
Information and opinions presented are for
(00:01):
general information only and arenot intended to provide specific
advice or recommendations forany individual you should
contact your investmentprofessional, attorney,
accountant or tax advisorregarding your individual
situation. The opinions of thepresenter do not necessarily
reflect those of independentFinancial Group LLC, its
affiliates, officers ordirectors. Mark Rothstein, aka
Mr. Money, is the owner of tristar financial LLC and Tristar
Income Tax Services LLC. Mr.Money is a marketing name only
(00:23):
and is not intended as anythingother than a marketing name for
entertainment purposes.Securities and advisory services
offered through independentFinancial Group LLC, a
registered investment advisormember, F, I N, R, A, S, I p, c,
tri star financial LLC. Tri starIncome Tax Services LLC and
independent Financial Group LLCare unaffiliated entities.
Mark Rothstein (00:39):
Welcome everyone back to another show with Mr.
Money sitting in the k, i, d oTalk Radio studios and speaking
directly to you, if you'd liketo speak directly to me.
5805436, is the number 5805436,get on the line with Mr. Money.
I am a tax professional. I am aretirement specialist, certified
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financial planner, and so ifyou'd like to talk about money
concerns, I'd like to give youanswers to money concerns. And
came across this article again.I had mentioned it on a previous
show, and it made me think toadd a new little segment right
here on today's show. Want tostart with it, and a recent
survey came that saidstrikingly, some 63% of survey
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respondents this year say theyworry more about running out of
money than about death anddying. And that is up from 57%
in the 2022 edition of thesurvey. Survey was done by
Allianz life. And again, 57% ofthe people in the year 22
(01:53):
and now in the year of 24 whichwe're in, 63% of the respondents
this year say they worry moreabout running out of money than
about death and dying. Is thattrue for you? And by the way,
Gen Xers are the most likely tosay this, according to the
survey, with 71% reporting theyare more worried about running
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out of money than death. Thiscompares to 64% of millennials
and 53% of boomers. So with thatas a background, I thought I
would talk about five things todo now to make your estate
simpler for your heirs. Yes, Mr.Money keeps getting calls from
clients talking about deaththeir estate. Mr. Money got to
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make sure that's in order. Andof course, we put it in order
and we review it. So I thoughtit'd be a good topic now,
because it's an easy, easy areato put off doing many of these
things that need to get done,and you'll be thankful you did
it if you do it. But many timeswe just put it off. Nobody,
(02:58):
nobody likes to think abouttheir own demise, but planning
can make life after your deathsignificantly easier for heirs,
and that's where I'm coming fromon this segment is making it
easier for your heirs. Here arefive ways to help your heirs
avoid extra time, extra money,stress and acrimony after you
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pass. That's right. Sometimesthe kids, the beneficiaries,
have acrimony, have upsetsaround it. I must be dealing
with up to five clients at themoment that have issues with
that, so I thought I'd bringthat up for today. Number one,
keep your documents updated.Having a will, by all means,
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make sure you have it. Having awill or living trust is
essential. We know that it laysout all of the plans of where
your assets go, who's in chargeto handle your affairs, if
you've got children, who's goingto take care of children. So
it's very important. The properdocuments need to be updated
periodically. So Mr. Money ishere to say, if you did it years
(04:06):
ago and have not reviewed it,would you please review it? Life
does have changes in it, somaybe you need to make changes.
I should mention, I've hadpeople pass away, and the one
who got the money was an oldgirlfriend or was an ex spouse,
and so the money never got toyour current spouse or your
(04:26):
current children. I know you maysmile, but it happens. It just
happens. So again, they must beupdated. Many people fail to
update beneficiaries. So again,life insurance policies, check
and see who the beneficiariesare. You can have a primary
beneficiary, your spouse or yournumber one person in your life.
(04:49):
You can have contingentbeneficiaries who would be
second in line or third in lineif the primary person is not
there, but by all means, 10.Take a look and update your
beneficiaries to make sure thatyour will, your trust, your
legal documents have it goingwhere you want it to go. Your
Life Insurance spells out whereyou want it to go. Your
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retirement accounts spell outwhere it needs to go, and your
bank or investment investmentaccounts, where does it go?
These assets will pass accordingto the beneficiary designation.
So no matter what Mr. Money ishere to say, review it. It's a
big deal. Fact, it's probablythe biggest deal to do. Here's
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another example. I read this onein the paper. Gentleman died.
Gave it to a girlfriend who hewasn't a girl, wasn't a
girlfriend. She was 10 yearsago, and it was simply never
updated and did not include hisbrother, his brother's kids,
anyone he would have wanted anex girlfriend from 10 years ago
would get the money, becausethat's what the legal documents
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say. Course you can spend 1000s,1000s, 1000s of dollars to try
to break it so much easier tosimply review your documents
make sure the properbeneficiaries are there. Second
item here is addressed yourdigital assets. That's right,
digital assets. We're in the2024 error and forward, many
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people do have digital assets,so including emails, online
photos that could be lost to theheirs if proper provisions
aren't put in place. Forinstance, a writer who stores
plays or he writes novels on aGoogle Drive but doesn't set up
a Google inactive accountprofile, make it a whole lot
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harder impossible for the heirsto gain access to your work. So
terms might differ, but checkinto that, how about the obvious
one, called crypto currency. Andthese non fungible tokens can
also easily be lost if theirowners don't provide their heirs
with a way to access theseassets. I was at a dinner party
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this last week, and that cameup, and people were concerned,
you pass away. How are peoplegoing to get your information on
these non fungible tokens, orcryptology, your currency there
to be able to access it ifsomething happens to you? So
again, people should make surebeneficiaries know how to access
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your accounts, your privatekeys, the secret numbers used to
access your cryptocurrency, aswell as the kind of wallet you
got and crypto type you got,again, very important, so I'm
bringing it up these privatekeys and other sensitive
information shouldn't beincluded in a will, by the way,
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because it becomes publicthrough the probate process, and
that puts the assets at risk.Remember, if you have no trust,
if you have a will, itautomatically goes through
probate to be probed, and as aresult, it becomes public
knowledge. So thesecryptocurrency information
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should be left somewhere else.Make sure your beneficiaries
know about it, not just putright there in the trust. Here
are my numbers. Okay, next oneassign personal property in
advance. That's right. The wholegoal we're trying to do here is
make it easier on your heirs. Sowhen your executor, executrix,
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step in to settle your affairs,make it easier for them. Make
sure we know where the documentsare and you've updated it, make
sure we know about your digitaladdress. Again, assign personal
property in advance. All we'regetting at there is, if you have
jewelry, if you have heirloomsthat you want to go to this
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person or that person, justwrite it down. I want my car to
go here. I want my gold bricksto be divided evenly. I'd like
my fill in the blank better towrite it down and specifically
say what you'd like to have asfar as the tangible property,
your investments, yourretirement has the beneficiary
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form, I know I'm talking aboutthe goodies in the house that
you may have. Maybe got a safetydeposit box with certain things
in there. Again, spell out, Ihave these assets. I'd like it
to go 5050, to my two kids. OrI'd like this to go here, and
that to go there. Of course, Mr.Money likes you to write that
out. Mr. Money likes you to signand date it. And Mr. Money likes
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you to have at least twowitnesses watch you sign the
piece of paper and have the twowitnesses sign and date it.
Notice Mr. Money didn't saynotarize it, but by all means,
write it down. And if you canget some witnesses to see it. It
more legitimizes the piece ofpaper. Next idea, again, we're
trying to make it easier whenyou pass away, leave good notes.
(09:51):
Is what I'll call this section.Estate planning experts me
included, advise that people setaside a folder and important
information for their. Errors,such as names and numbers and
locations of accounts, as wellas the names and contact
information for your attorney,your accountant, financial
advisor. What good is it if wecan't find your assets? So a
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good file where you've showed usyour life insurance policies in
there, or your investments, your401, K is in there. Your
brokerage account is in there.You've got a safety deposit box.
Let us know you have one. Putsomething in there. In that
regard, again, all your assets,that deed to your house, that
deed to your car. Again, if wedon't know about it, not good so
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I'm here saying leave good note,by the way, especially important
nowadays, since a lot of billsare often paid online,
eliminating the once helpfulpaper statements we used to get.
By all means, let your heirsknow where to find your estate
planning documents. You put itall down and you can't find the
documents. How are they going toknow that you wanted to be
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cremated, as opposed to buried?How are they going to know that
there's gold over here? How arethey going to know that you want
certain assets to go to certainpeople? So again, leave some
notes. Okay, if you can't findthe will, by the way, the state
steps in and makes the decisionsfor you where your assets are
going to go. So again, leavegood notes and make sure your
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heirs, your executor knows whereyou're keeping your documents.
If it doesn't cause trouble,maybe make a copy of your trust
or your will and give a copy toyour executor, who's in charge
of settling your affairs. Givethem a copy of it, or your
heirs, if you'd like to maycause some trouble. So yes, I've
had clients who chose not to
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give the copy of their will ortrust to their beneficiaries,
but by all means, that executoror executrix, in other words, a
person who settles your affairs,I certainly want to make sure
they have a copy case we can'tfind yours. Makes things a whole
lot easier. One other word ofcaution is this, try not to
leave unnecessary documents. Ialways hear people passing away.
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In this case, I'm thinking of aclient. Parent passed away, and
the parent had 60 years ofthings they've saved from all
their travels in the world. Itwas just four visits from all
the children of the family,meeting in Los Angeles to go
through all of this, fourdifferent fly in meetings to go
through it all and figure it allout. So things that really are
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not a value, maybe you shouldexit those documents. Another
one is strive for conflictavoidance. That's right, strive
to avoid it. Parents sometimescreate conflict by choosing one
child over another to serve asexecutor, a trustee, etc. That
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can cause some hard feelings.Sometimes it may be appropriate,
but in other cases, name arelative or friend to avoid
potential sibling rivalries,maybe sometimes remember, on a
executor, they must follow yourwishes period. So if you want X
amount to go here and somethingelse to go there, there is no
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changing. You must follow whatthe document says. So maybe it's
not appropriate to have one ofyour kids do it. Maybe have a
relative or a friend do it, soyou can avoid potential sibling
rivalry issues. Again,possibility, if there's no one
else available, you might evenconsider hiring a Trust Company
or private professional who actsas a fiduciary for you. Again,
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there's choices there, and justconsider it. It's all Mr. Money
saying here, people who havespecific reasons for dividing
assets or even the rolesunevenly, should prepare a
letter that explains theirthought process. So again, I
name my one child who isn't eventhe oldest, my one child who
lives near me to be theexecutor, and I chose them, not
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for any other reason that theywere nearby to handle things.
But again, if you wrote thatdown, it makes life easier for
all of the children. Clarity ofwhy you name this person for
this or why you name somebodyfor that. Very important again,
it's a letter that goes inthere, and they'll read it, and
they'll follow it. If you'releaving the youngest one of
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three children, 100,000 morethan the others. How about that
as an instance, explain why thisextra step can mean the
difference between harmony inthe family and acrimony among
all the heirs. So something verygood to do. The thing that's
most likely to cause the estateprocess to dissolve into
something horrible and beacrimonious is where it's not
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spelled out. If you want to makethings easier for the kids, if
there's anything that could. Bemisinterpreted. Explain it to
them. Of course, Mr. Money isopen to you, talking to all the
kids and in advance and saying,here are my wishes. Anybody got
some concerns and bring it up?I've done that many a time in my
office that I've had the motherthere, in this case, with the
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two kids, and say, Mom, I wantyou to talk out your wishes. I
want both kids to know what yourwishes are regarding all of your
real estate empire. One kidwants to act and be involved
with the real estate, the otherone doesn't. So what are your
thoughts about that? Can onechild buy out the other child
just talk it out in advance. Bea very, very good thing if at
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the least, at least leave someinstructions and some
explanatory page on it. One lastthought Mr. Money has on this is
this, consider doing an ethicalwill. Ethical will? What an
ethical will? I call it a loveletter. How about sitting down
and writing a love letter toyour children or to whoever
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you'd like to leave a letter toand just say how meaningful they
were in your life, how muchyou've loved them, so much in
your life, how you hopefully hadthese life lessons you wanted to
give to them, and you're writingit down on this piece of paper.
Here are the life lessons I wastrying to convey to you all of
life, and you took this on. Ijust love you, and I love the
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character, I love the personthat you are, and I want you to
carry on these values. I've leftyou money for these reasons. Do
as you wish. But here are somethings I'd like to just convey
to you. I call it a love letter.Believe me, when someone passes
away to get a personalizedletter from the person who
passed away. Very, verymeaningful. It's very important.
(16:45):
Most everyone does not do it.They certainly don't know what
day they're going to die. Butwith me bringing it up, it is a
possibility of something I wouldrecommend all of us do. Leave a
love letter, an appreciationletter. Leave your thoughts
about life. Maybe it's justsimply how you made it in life,
your successes and the keythings you did in life, you want
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to convey to others, whatever itmay be, it's a beautiful thing
to do. It'll go with all yourdocuments, and then, of course,
you pass away. We'll open up thefolder. Of course, you're going
to let everyone know where thefolder is, least your executors
where it is, so we can get tothat folder. Know all your
assets. We'll know yourliabilities. We'll know your
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wishes, and we'll see that loveletter in there. Very, very
important. When we come back,Mr. Money is going to go into
You betcha tax section, and Mr.Money is going to talk about one
of the most confusing issues fortaxes. People scratch their
head. They've been scratchingtheir head for years. The IRS
(17:49):
finally settled the issue,finally this year, and I want to
have you stop scratching yourhead and say, Mr. Money, thank
you for this segment. Youanswered it for me. Finally, all
when we come back, this is Mr.Money. Let
Unknown (18:06):
me tell you how it will
be. There's one for you, 19 forme,
Mark Rothstein (18:20):
cause I'm the tax man. Yeah. I am the tax man.
I am Mark Rothstein. I am aCertified Financial Planner.
Been doing financial planning 40plus years. Been doing tax
planning and tax preparation 40plus years. That's a plus years,
(18:42):
lot of experience, lot ofclients on a lot of success
doing it. And one issue that alot of people scratch their head
about, I thought I should settleonce and for all, because we now
know the tax laws on it. We didnot know the tax laws on it
these last couple years, so itcaused a lot of confusion. And
what I'm talking about is, whenyou inherit an IRA, everyone
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knows you pull money out of atraditional IRA or 401, K, you
pay taxes on it. If it happensto be a Roth IRA, you inherit,
you don't pay taxes. Or a Roth401, K, you don't pay taxes on
it. But for most of us, we'vegot a regular IRA individual
retirement account or a regular401 K, 403 b4, 57 plan. So when
(19:30):
you take money out, got to paytaxes on it, so we know that.
But the rules changed when youinherit an IRA from someone
else. The IRS announced finallythis year that it's going to
waive all penalties for nonspouse beneficiaries of
traditional IRAs who opt not totake required minimum
(19:53):
distributions in the year 2024What am I talking about is when
you inherit an IRA and yourspouse. House, you can simply
roll it over to your own IRA,pay no income tax, and you'll
take it out later in life. Whenyou reach age 73 you're forced
to start taking money out,called a required minimum
distribution. So that's whenyou're a spouse who inherited
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it. You simply roll it over andtake taxes out as you wish. When
you reach age 73 governmentgives you a number. Yes, you pay
income tax when you take it out.But if I'm not a spouse, I'm a
child that inherited, or I'm afriend who inherited an IRA, you
are forced to take it outperiod. You don't get to roll it
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over into your account and thentake it out later. You need to
roll it over to what's called aninherited IRA account. It'll
have the person's name whopassed away and left it to you,
and you'll have your name onthere. So I'm speaking now is
when you inherit an IRA, what doyou do with it? And again, there
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used to be you were supposed totake it out every single year,
but people didn't realize therules. So in the year 2021 2223
24 they didn't take the moneyout, the IRS could penalize you
because you didn't take it out.But the IRS changed that. They
said, We will not be chargingany penalties if you did not
(21:20):
take out the required minimumdistribution for these last few
years. Okay, however, the IRSsaid such beneficiaries must
start taking the RMD requiredminimum distribution in the year
25 now, if Noah butts gotta takeit out in the year of 25 so it's
not too early, says Mr. Money,to start planning for those
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withdrawals you're going to haveto take out next year. Could you
take it out this year? Of courseyou can. It's your money. You
inherited the IRA. Justremember, when you take it out,
you got to pay income tax on it.So these beneficiaries of
traditional IRAs have always hadto pay taxes on the withdrawals
from these accounts, and we knowthat kind of take retirement
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money out, pay taxes, but beforethe year 2020 you could take the
money out and pay minimal tax,because the amount you were
forced to take out was onlybased on your life expectancy.
So if I'm a young person andsomebody passed away before 2020
and left me retirement money.The law was, if it was before
2020 I take it out over mylifetime. So if my lifetimes
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mean I'm going to live another40 years, I'm going to be taking
it out based on a 40 year kindof schedule. So I have to take
out much less so I can leavemore in there to grow, grow,
grow. But the secure act thatthe government put into place.
Secure act is, by the way,setting every community up for
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retirement enhancement. Theyalways come up with these fancy
names. The Secure Act, which wassigned into law in 2019 by the
way, put an end to this taxsaving strategy of before the
year 2020, I get it and we'lltake it out. Forced to take it
out over my lifetime, whichcould be 20, 3040, years. Who
knows. So they changed that, andthat's the big change, okay? And
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so what I'm heirs who transferthe money to an inherited IRA
must now deplete the accountwithin 10 years after the death
of the original owner. So again,you got some rules. Now,
somebody passed away, theoriginal person passed they left
me some money. It came to mecalled an inherited IRA. And the
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most part the rules are, I gotto take it out over the next 10
year period, period, and underguidance the IRS issued in 22
because they had to keep givingus more information. If the
original owner died on or afterthe date that they were required
to take our MDS, that's the keything. If the original owner
(23:57):
died on or after the date thatthey were supposed to take the
RMDs, and just didn't. The nonspouse beneficiaries must take
the RMD based on their lifeexpectancy in years one through
nine, and you must get it allout of there by the 10th year.
So that's that 10 year rule thatI've been talking about. Okay,
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again, if the original ownerhadn't started RMDs. They passed
away at age 70 not 73 like thelaw is now. They passed away at
6566 6768 if the original ownerhadn't started RMDs because they
weren't supposed to,beneficiaries can take
withdrawals anytime during the10 year period. So this is all
(24:42):
in response to the confusionabout this guidance. The IRS has
waived penalties for failing totake an RMD from an inherited
IRA tax years, 2122 2324However, depending on your tax
situation, you may want to take.Withdrawal anyway. Why? Because
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think about if they dad passedaway in the year 20 you got to
get it all out within 10 years.That's by the year 2030, you
didn't take it out the firstcouple years. You only got six
years left to get all of it outof there, because it's 10 years
from when they passed away. Soyou want to take a look and say,
does it make sense take a littlebit this year. I know I'm not
forced to take it out till nextyear, but maybe I should take
(25:24):
some out this year, because Idon't want the whole enchilada,
the whole amount, coming to mein one year. That's going to be
a heck of a tax bracket in thatyear. Again, something important
to talk with your tax personabout to see what may may make
sense here again, because you'llbe required to deplete the
entire account by year 10.Postponing withdrawals, limiting
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the amount you withdraw in thisyear means it's going to be a
whole lot of taxabledistribution, and if you take
none, it's going to be a largestone in year 10. So by now, it's
the end of the year, right now,you should be able to estimate
what your 202, for this yeartaxable income is going to be,
and see, does it make sense totake it out? Oh, if I take it
out, it'll push me to a highertax bracket. Maybe I don't want
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to take it out. Oh, I could takeout 15,000 and it keeps me in my
same tax bracket. Maybe I shouldget 15,000 out and stay in this
lower tax bracket. It can besomething very smart to do. And
again, I've said this on aprevious show. I thought I'd
bring it up again. We aregetting toward the end of the
year check your tax withholding.There's still time to take steps
(26:33):
to avoid a big tax bill andmaybe an underpayment penalty
from the IRS for not sending inenough. So again, they've got an
IRS tax withholding estimator.Again, I
www.irs.gov/individuals, taxwithholding and have them help
you, because if you need somemore tax withholding, let's get
(26:56):
it done before the end of theyear. If you're way behind,
maybe your company will let you,say, give me my paycheck and
take all of it as federalwithholding. Don't even give me
a big paycheck right now. I'mhappy to have you withhold all
this extra money on my fed side,and if they let you all this
extra money on the state side,so I can get that withholding in
(27:17):
there, so I'm not owing it allon april 15 and possibly
incurring an interest penaltyfor not getting the proper
withholding in. There veryimportant to do. And by the way,
in general, you don't have toworry about an underpayment
penalty if you owe less than$1,000
after you do subtract yourwithholdings, tax credits, etc.
(27:40):
So if it's under 1000 you don'thave to worry. Or if you paid in
at least 90% of the amount oftaxes due for the current year.
In other words, you did prettygood job. You got 90% of the
taxes paid in, so you're not waybehind. So very, very important
for you to do. Just another tipfrom Mr. Money, I certainly
(28:01):
don't want you to pay incometaxes and overpay income taxes,
and certainly not pay penaltiesand interest to the IRS. I'd
like you to keep as much as youcan in your pocket when we come
back, Mr. Money is going to talkabout seniors. And should you do
a Roth conversion, you know thegood Ira called a Roth or should
(28:21):
you keep it? Your money in atraditional IRA, traditional
IRA, when you pull it out, gotto pay income tax. Money in a
Roth IRA grows for free, comesout for free, with no income
tax. What's the catch when youmove it from an IRA to a Roth
IRA, we like the destination ofRoth IRA, but you got to pay
(28:41):
some income tax on the way. Mr.Money's got a plan for you all
when we come back. This is Mr.Money.
Unknown (28:48):
Welcome back to the Mr. Money show on K I do talk radio.
1075, Ethan and 588,
robot now
Mark Rothstein (29:03):
Mr. Money's on top of the world phone number to
dial in and talk to Mr. Money.You've heard me say it many a
time, and if you'd like to dialin, Mr. Money's right here, live
on the phone. 5805436, again.5805436, you can find me 580, on
(29:23):
the dial am and one, oh, 7.5 onFM. You can hear me on both
sides. And Mr. Money wants tobring up something that
everybody talks about all thetime, which is Roth IRA
conversions, as I mentionedgoing into this we like Roth
IRAs, money grows with no incometax, and it comes out with no
(29:47):
income tax. Ain't that great,especially or in life, when you
retire, I'd like take the moneyout and have all of it spendable
for me, not lose 20, 30% of itto taxes. So I only have 70% of
my. Withdrawal to spend on mylife. So the idea of a Roth
conversion is a good idea, butsome people say, Mr. Money, I'm
retired, I'm older in life. Do Istill do it? The answer is,
(30:11):
possibly doing Roth conversionsof your traditional IRAs could
really be a smart move, even ifyou're taking required
distributions. When you're age73 you must take money out of
your IRA to pay taxes on it. SoMr. Money, are you saying maybe
do a Roth conversion IRA into aRoth and pay additional taxes?
(30:35):
And I'm saying it might makesense to do this is for people
have adequate income inretirement, or they got a large
401, K that they've rolled overto an IRA. So you just got loads
and loads of money on the IRAside. And you know, every penny
you take out you're going to payincome taxes on. And you know,
you're going to be forced totake it out of that IRA,
(30:56):
starting at age 73 whether youneed the money or not, the IRS
forces you to take it out, andsince the money used to fund the
account was generally taxdeductible going in dear 401, K,
all that retirement money, youmost likely did tax deductions
on it is simply going to betaxed at ordinary income tax
rates when you pull it out.
(31:18):
So the risk is that these forceddistributions. When you combine
them with paying tax on some ofyour Social Security you've
received, it may push you to ahigher tax bracket between what
you got from Social Security,what you got from your
investments, what you got fromthis RMD withdrawal, and may put
you in a higher bracket so youpay a met a higher Medicare
(31:39):
premium tax. That's right,Medicare, when you're getting
it, they charge you for it.You're in a higher tax bracket.
They're going to charge more,smaller tax bracket, they charge
you less. And for those thatmake loads of money, there's an
extra 3.8% net investment incomesurtax. Lot of people don't know
about that, but that's anotherone. So the idea is, if I can
(32:01):
get more of my money over to theRoth side, so when I withdraw
it, it does not go on my taxreturn, so I can't raise my
Medicare premium, it can't raisemy taxes because it's not going
on my tax return, so it doesn'tpush me to a higher tax bracket.
So it does make sense to lookinto it, because it'll be great
(32:23):
to have future distributions taxfree. That's the idea. And
again, you want to keep in mindyou need your tax person there,
because the money you put out ofyour IRA to move to a Roth side,
you have to report on your taxreturn. Then once it's on the
Roth side, it's a free ride, butgetting it over there. So when
you pull out 50 grand to make upa number is that pushing you to
(32:46):
a higher tax bracket, excuse me,don't take out 50 grand. Maybe
only take 30 grand out of an IRAto move to a Roth, because you
want to stay in that lower taxbracket. You don't want to be
pushed to a higher one. But thenevery year, move some money
over. So slowly but surely,you're building up the Roth
side, where it comes out forfree, by the way, parentheses.
(33:10):
Think your beneficiaries like aRoth IRA to inherit You betcha,
they do. When they inherit aRoth IRA, it's all tax free. If
they inherit a regularretirement account. They got to
report it and pay income tax asthey take it out. So again, it's
something to consider. But Mr.Money, I should have done it
earlier. I'm now 65 I'm 70.Well, maybe your tax brackets
(33:34):
lower, so maybe now is a goodtime. But Mr. Money, I don't
want to pay income taxes on itwhen I move it over, I gotta pay
income tax. I don't want to payincome tax. I'm older now. I'm
on less income coming in, so Idon't want to do that. Just
remember, if you get it to theRoth side, and you're going to
keep living, and you got a lotof years of growth and a lot of
(33:55):
years of that money coming outtax free, that's going to be an
awfully good thing. It is asweet spots. And again, in
general, Roth IRA conversionsmake sense. If the Savers tax
rate on the converted amount islower than what the tax rate
would be on future withdrawals.Saying it another way. If I move
(34:16):
some money over and I'm in the24% tax bracket, okay, but if
later in life, by the time I gotto take all of my monies into
myself, whether it's socialsecurity, my pension, my
retirement, my RMD required, itmight push me to a higher tax
bracket, and therefore I'mpaying ordinary income tax rate,
(34:37):
maybe at 32% by the time you addup All the amounts coming to me.
By the way, don't forget statetaxes also. So it might make
sense, even though you're laterto start the process of moving
some money over. Yes, Mr. Moneyknows there'll be some taxes,
but if I can bring it over at aminimal tax, and then it's on
(34:57):
the Roth side, where gross four.Comes out for free. Wouldn't
that be great? You say one otherbenefit, I'm now retired. I need
money. If you pull money fromyour retirement account to do
life, that's income. You got itreported on your tax return. If
you have some money on the Rothside, you could pull some money
(35:18):
from the Roth IRA to pay allyour bills. Doesn't go on your
tax return. Pull some money outof your IRA that does go on your
tax return so you can fix it soyou're staying in a certain tax
bracket. Because I don't got totake it off from an IRA that
pushes me to a higher bracket.Taking some of the money I need
from a Roth, which doesn't getreported and pay taxes on.
(35:39):
Pretty neat. Again, you got toget some money to the Roth side,
if it makes sense. Another oneis something called the widow's
penalty. Thought I would mentionsavers analyzing Roth
conversions sometimes forget.The widow penalty is what I want
to talk about after one spousedies, their survivors top tax
(36:00):
rate often increases, eventhough he or she has much less
income due to social security.Now you're not receiving two
social security payments. One ofyou passed away. You're
receiving the higher of the two.You may even have lost a pension
payment from your spouse. Mr.Money, I'm in a lower tax
bracket if my spouse passesaway, maybe or maybe not. What
(36:23):
am I getting at? What's thewidow's penalty? The widow's
penalty is, all of a sudden, thesurvivor is not doing a joint
tax return. They're filing as asingle status now, and the tax
rates are a whole lot differentwhen you are single and when you
are married. So the tax bracketsare much higher. When you're
(36:44):
married, you get to make a wholelot more money before you hit
the 22% tax bracket or 24 versuswhen you're single, you're going
to hit that 22% or 24% taxbracket a whole lot earlier when
you're single. So while theincrease may not matter much,
that I've got only this muchmoney or I have this less of
(37:05):
money, you still got to checkwhat tax bracket you'll be in
when you're a surviving spousefiling single versus married
filing jointly. Again, just toremember, Roth, conversions are
taxable, but Mr. Money, where amI supposed to come up with the
funds to pay for it? Thefinancial models all show that
(37:28):
when you do an IRA to a Roth,you don't want to take it out of
the Roth to pay the income taxesto the government. Hopefully,
have a separate account that youcan use to pay the taxes. So you
moved over 20 grand, you end upowing 2000 to the government.
Find the two grand in yourcheckbook. Better than taking
(37:50):
two grand from the Rothconversion. Remember the Roth
conversions, a good side, crowsfor free, comes out for free. So
don't take the two grand to paythe taxes from there. It's a
whole lot better to have someregular money, tax free money,
brokerage account, money, moneymarket, money to use. One last
thing to mention, charitableminding. Savers. Once you're 70
(38:13):
and a half or older, can donatethrough what's called a
qualified charitabledistribution. What am I mean,
Mr. Money, I'm 73 I'm 72 I haveto take money out the required
minimum distribution. Was in awas in effect, as a result, I
must take out 10,000 every year.That's what my tax man said. My
(38:35):
tax woman said, I got to takeout 10 grand. The government
wants to tax me. It's therequired minimum distribution. I
got to take 10 out, and I don'twant the 10 out I can get by
without it pushes me to a higherbracket, does a lot of things to
me, you are allowed to have acharity donation with that. So
(38:56):
your RMD required minimumdistribution, the 10 grand you
must take out. You can fix it soit goes and transfers directly
to a charity. So you don'treport the 10 grand on your tax
return, because you took moneyout like you're supposed to, you
didn't receive it. You moved itdirectly, transferred to a
charity. As a result, charityloves you as a result, you don't
(39:19):
put the 10 grand on your taxreturn. That's what you want.
Got 10 grand out. Don't need it.Give it straight to charity, and
therefore I don't report the 10grand on my tax return because
it went directly to charity, notfrom you. You don't get a tax
deduction for the 10 grand tocharity. All you're getting is
not having to report the 10grand that went directly from
(39:40):
your retirement account to thecharity. So you did get,
definitely a benefit, because itdidn't get on your tax return.
And Ira heirs, I've talked aboutthis on shows. Current law
requires most non spouse heirs,your kids, they inherit your
money, to drain the accountwithin 10 years of. The owner's
death, and again, they got toreport it, they got to pay
(40:03):
income taxes, but as I mentionedearlier, they'll love you twice
as much, maybe if they'reinheriting a Roth IRA, because
there's no requirement to takeout the money, no 10 year limit.
There's nothing, because it'snot a taxable thing. Your heirs
don't have to take from a RothIRA. And if they take the money
and enjoy it, it is not incometaxable. Whole lot of benefit,
(40:28):
right there. So again, Mr. Moneysaying there for seniors. There
is some smart ways to considerdoing the Roth IRA conversion.
This is Mr. Money, and we'll beright back with another key
issue regarding things you needto know. Fact, it's very special
things you need to know. Rightback with you. Welcome back
Unknown (40:50):
to the Mr. Money show on K I do talk radio, 1075, FM
and 580 Am I Oh,
Mark Rothstein (41:05):
Mr. Money, wants to hold your hand, and it's
because people need handholding. In regard to what I'm
about to speak about, good luck.What do I want to talk about? No
one can find safety depositboxes anymore. Did you realize
that I didn't safety deposit boxare becoming increasingly
(41:26):
difficult to find as banks shutdown or scale back their
service. That's what's going on.Banks say this service is not
profitable, and it takespeople's time to do all this for
you. So a lot of banks havesimply stopped doing it. Long
(41:46):
time. Deposit renters aregetting kicked out of their
boxes too, by the way, as banksare shutting down, scaling back
service, customers say they'vebeen struggling to find small
boxes traditionally kept insidevaults to store their family
heirlooms and other valuables.That's right, people like their
safety deposit box, but to somebank the boxes are becoming more
(42:09):
trouble than they're worth.Banks say the service is just
not there. We don't want toprovide it, and especially now,
when people are increasinglymanaging their checking accounts
and investments on apps andwebsites. So they're saying not
needed. They're more convenientoptions to store values. They
say a search for a home safe onAmazon yields hundreds of
(42:32):
results. Home Security hasgotten more advanced. Burglaries
have tended downward over thepast two decades. Not sure about
that, but that's what the bankssay. Safe deposit box customers,
who tend to be affluent, middleage or older, see them as their
bread and butter bank service.They love them. They stash
(42:53):
important paper documents inthem, title to the house, title
to the car, family heirlooms andjewelry coin collections get not
doing it. JP Morgan Chase,nation's largest bank, said in
late 21 that it would stopoffering new boxes to customers
existing renters would losetheirs if their branch closed.
(43:15):
JP Morgan became the owner offirst republic bank last year,
if anyone remembers, it wasseized by regulators. They took
it over. JP Morgan, Chase, iteventually closed all deposit
boxes when it began renovatingand rebranding the branches. And
by the way, some 48% of Chasebranches have safe deposit
boxes, but there are no boxes inany new branches opening, and
(43:39):
it's likely to shrink. So Mr.Money said, What are we gonna do
about that? I have a depositbox. I like having my deposit
box. So what are we talkingabout? His clients get very
upset about this. They've askedthe bank where else we can go,
and banks have not had goodanswers, and they're just under
capitalized, by the way, CapitalOne stopped renting new boxes in
(44:02):
2017 PNC Bank said last weekthat it would open 100 new
branches, but none of them wouldhave safety deposit boxes. Wow.
So there is no officially tattletally of how many boxes do
exist, but the boxes areessential for a lot of people,
(44:27):
and they require a key to getin. I know that I've got one,
etc. I have not been closed onMr. Monies. I still have mine,
but I'm now worried about it,scratching my head. What happens
next? And by the way, the boxescan make customers more likely
to keep their money at the bank.And in my article, I read one
bank took away safety depositbox, and he said, Well, screw
(44:50):
you, if I can use that word, I'mtaking my money with me. You're
closing my box and I'm openingit up somewhere else. By the
way, bank safety deposit box aregood for your gold also. Not
just the jewelry. Thought he'dmention that lot of people are
collecting gold these days. It'sbecome very popular. Fact,
customers are buying gold barsat stores like Costco. They need
(45:11):
somewhere to keep them. So asbanks get out of the business,
some independent companies sensean opportunity. Blue vault is
one operates two private vaultsin California with safety
deposit boxes planning to openup in Texas and Arizona. So
you've got to look around. Itain't easy to find them, but it
(45:31):
is possible to find a safetydeposit box. And if that's where
you'd like to put your goods,shop around, find that bank that
exists. Just know it's going tobe difficult. By the way, credit
unions too have started to closedown theirs also. So it's not an
easy fix to simply go to acredit union to get that Mr.
Money's here to say if worsecomes or worse. Yes, get
(45:53):
yourself a safe in the house.Yes, put your goods in there and
yes, feel good knowing it'sthere. But of course, leave the
key or leave the combo in aplace that your executors, your
beneficiaries would know how toget access to your safety
deposit box or to your Safe atHome. This is Mr. Money.
Information and opinionspresented are for general
information
Unknown (46:12):
only and are not intended to provide specific
advice or recommendations forany individual you should
contact your investmentprofessional, attorney,
accountant or tax advisorregarding your individual
situation, the opinions of thepresenter do not necessarily
reflect those of independentFinancial Group LLC, its
affiliates, officers ordirectors. Mark Rothstein, aka
Mr. Money, is the owner of tristar financial LLC and tri star
Income Tax Services LLC. Mr.Money is a marketing name only
(46:35):
and is not intended as anythingother than a marketing name for
entertainment purposes.Securities and advisory services
offered through independentFinancial Group LLC, a
registered investment advisor,member, F, I N, R, A, S, I p, c,
tri star financial LLC. Tri starIncome Tax Services LLC and
independent Financial Group LLCare unaffiliated entities.
Information and opinions presented are for
(00:01):
general information only and arenot intended to provide specific
advice or recommendations forany individual you should
contact your investmentprofessional, attorney,
accountant or tax advisorregarding your individual
situation. The opinions of thepresenter do not necessarily
reflect those of independentFinancial Group LLC, its
affiliates, officers ordirectors. Mark Rothstein, aka
Mr. Money, is the owner of tristar financial LLC and Tristar
Income Tax Services LLC. Mr.Money is a marketing name only
(00:23):
and is not intended as anythingother than a marketing name for
entertainment purposes.Securities and advisory services
offered through independentFinancial Group LLC, a
registered investment advisormember, F, I N, R, A, S, I p, c,
tri star financial LLC. Tri starIncome Tax Services LLC and
independent Financial Group LLCare unaffiliated entities.
Mark Rothstein (00:39):
Welcome everyone back to another show with Mr.
Money sitting in the k, i, d oTalk Radio studios and speaking
directly to you, if you'd liketo speak directly to me.
5805436, is the number 5805436,get on the line with Mr. Money.
I am a tax professional. I am aretirement specialist, certified
(01:04):
financial planner, and so ifyou'd like to talk about money
concerns, I'd like to give youanswers to money concerns. And
came across this article again.I had mentioned it on a previous
show, and it made me think toadd a new little segment right
here on today's show. Want tostart with it, and a recent
survey came that saidstrikingly, some 63% of survey
(01:30):
respondents this year say theyworry more about running out of
money than about death anddying. And that is up from 57%
in the 2022 edition of thesurvey. Survey was done by
Allianz life. And again, 57% ofthe people in the year 22
(01:53):
and now in the year of 24 whichwe're in, 63% of the respondents
this year say they worry moreabout running out of money than
about death and dying. Is thattrue for you? And by the way,
Gen Xers are the most likely tosay this, according to the
survey, with 71% reporting theyare more worried about running
(02:14):
out of money than death. Thiscompares to 64% of millennials
and 53% of boomers. So with thatas a background, I thought I
would talk about five things todo now to make your estate
simpler for your heirs. Yes, Mr.Money keeps getting calls from
clients talking about deaththeir estate. Mr. Money got to
(02:38):
make sure that's in order. Andof course, we put it in order
and we review it. So I thoughtit'd be a good topic now,
because it's an easy, easy areato put off doing many of these
things that need to get done,and you'll be thankful you did
it if you do it. But many timeswe just put it off. Nobody,
(02:58):
nobody likes to think abouttheir own demise, but planning
can make life after your deathsignificantly easier for heirs,
and that's where I'm coming fromon this segment is making it
easier for your heirs. Here arefive ways to help your heirs
avoid extra time, extra money,stress and acrimony after you
(03:21):
pass. That's right. Sometimesthe kids, the beneficiaries,
have acrimony, have upsetsaround it. I must be dealing
with up to five clients at themoment that have issues with
that, so I thought I'd bringthat up for today. Number one,
keep your documents updated.Having a will, by all means,
(03:42):
make sure you have it. Having awill or living trust is
essential. We know that it laysout all of the plans of where
your assets go, who's in chargeto handle your affairs, if
you've got children, who's goingto take care of children. So
it's very important. The properdocuments need to be updated
periodically. So Mr. Money ishere to say, if you did it years
(04:06):
ago and have not reviewed it,would you please review it? Life
does have changes in it, somaybe you need to make changes.
I should mention, I've hadpeople pass away, and the one
who got the money was an oldgirlfriend or was an ex spouse,
and so the money never got toyour current spouse or your
(04:26):
current children. I know you maysmile, but it happens. It just
happens. So again, they must beupdated. Many people fail to
update beneficiaries. So again,life insurance policies, check
and see who the beneficiariesare. You can have a primary
beneficiary, your spouse or yournumber one person in your life.
(04:49):
You can have contingentbeneficiaries who would be
second in line or third in lineif the primary person is not
there, but by all means, 10.Take a look and update your
beneficiaries to make sure thatyour will, your trust, your
legal documents have it goingwhere you want it to go. Your
Life Insurance spells out whereyou want it to go. Your
(05:12):
retirement accounts spell outwhere it needs to go, and your
bank or investment investmentaccounts, where does it go?
These assets will pass accordingto the beneficiary designation.
So no matter what Mr. Money ishere to say, review it. It's a
big deal. Fact, it's probablythe biggest deal to do. Here's
(05:34):
another example. I read this onein the paper. Gentleman died.
Gave it to a girlfriend who hewasn't a girl, wasn't a
girlfriend. She was 10 yearsago, and it was simply never
updated and did not include hisbrother, his brother's kids,
anyone he would have wanted anex girlfriend from 10 years ago
would get the money, becausethat's what the legal documents
(05:57):
say. Course you can spend 1000s,1000s, 1000s of dollars to try
to break it so much easier tosimply review your documents
make sure the properbeneficiaries are there. Second
item here is addressed yourdigital assets. That's right,
digital assets. We're in the2024 error and forward, many
(06:20):
people do have digital assets,so including emails, online
photos that could be lost to theheirs if proper provisions
aren't put in place. Forinstance, a writer who stores
plays or he writes novels on aGoogle Drive but doesn't set up
a Google inactive accountprofile, make it a whole lot
(06:40):
harder impossible for the heirsto gain access to your work. So
terms might differ, but checkinto that, how about the obvious
one, called crypto currency. Andthese non fungible tokens can
also easily be lost if theirowners don't provide their heirs
with a way to access theseassets. I was at a dinner party
(07:01):
this last week, and that cameup, and people were concerned,
you pass away. How are peoplegoing to get your information on
these non fungible tokens, orcryptology, your currency there
to be able to access it ifsomething happens to you? So
again, people should make surebeneficiaries know how to access
(07:23):
your accounts, your privatekeys, the secret numbers used to
access your cryptocurrency, aswell as the kind of wallet you
got and crypto type you got,again, very important, so I'm
bringing it up these privatekeys and other sensitive
information shouldn't beincluded in a will, by the way,
(07:43):
because it becomes publicthrough the probate process, and
that puts the assets at risk.Remember, if you have no trust,
if you have a will, itautomatically goes through
probate to be probed, and as aresult, it becomes public
knowledge. So thesecryptocurrency information
(08:04):
should be left somewhere else.Make sure your beneficiaries
know about it, not just putright there in the trust. Here
are my numbers. Okay, next oneassign personal property in
advance. That's right. The wholegoal we're trying to do here is
make it easier on your heirs. Sowhen your executor, executrix,
(08:24):
step in to settle your affairs,make it easier for them. Make
sure we know where the documentsare and you've updated it, make
sure we know about your digitaladdress. Again, assign personal
property in advance. All we'regetting at there is, if you have
jewelry, if you have heirloomsthat you want to go to this
(08:45):
person or that person, justwrite it down. I want my car to
go here. I want my gold bricksto be divided evenly. I'd like
my fill in the blank better towrite it down and specifically
say what you'd like to have asfar as the tangible property,
your investments, yourretirement has the beneficiary
(09:05):
form, I know I'm talking aboutthe goodies in the house that
you may have. Maybe got a safetydeposit box with certain things
in there. Again, spell out, Ihave these assets. I'd like it
to go 5050, to my two kids. OrI'd like this to go here, and
that to go there. Of course, Mr.Money likes you to write that
out. Mr. Money likes you to signand date it. And Mr. Money likes
(09:27):
you to have at least twowitnesses watch you sign the
piece of paper and have the twowitnesses sign and date it.
Notice Mr. Money didn't saynotarize it, but by all means,
write it down. And if you canget some witnesses to see it. It
more legitimizes the piece ofpaper. Next idea, again, we're
trying to make it easier whenyou pass away, leave good notes.
(09:51):
Is what I'll call this section.Estate planning experts me
included, advise that people setaside a folder and important
information for their. Errors,such as names and numbers and
locations of accounts, as wellas the names and contact
information for your attorney,your accountant, financial
advisor. What good is it if wecan't find your assets? So a
(10:14):
good file where you've showed usyour life insurance policies in
there, or your investments, your401, K is in there. Your
brokerage account is in there.You've got a safety deposit box.
Let us know you have one. Putsomething in there. In that
regard, again, all your assets,that deed to your house, that
deed to your car. Again, if wedon't know about it, not good so
(10:39):
I'm here saying leave good note,by the way, especially important
nowadays, since a lot of billsare often paid online,
eliminating the once helpfulpaper statements we used to get.
By all means, let your heirsknow where to find your estate
planning documents. You put itall down and you can't find the
documents. How are they going toknow that you wanted to be
(11:02):
cremated, as opposed to buried?How are they going to know that
there's gold over here? How arethey going to know that you want
certain assets to go to certainpeople? So again, leave some
notes. Okay, if you can't findthe will, by the way, the state
steps in and makes the decisionsfor you where your assets are
going to go. So again, leavegood notes and make sure your
(11:23):
heirs, your executor knows whereyou're keeping your documents.
If it doesn't cause trouble,maybe make a copy of your trust
or your will and give a copy toyour executor, who's in charge
of settling your affairs. Givethem a copy of it, or your
heirs, if you'd like to maycause some trouble. So yes, I've
had clients who chose not to
(11:46):
give the copy of their will ortrust to their beneficiaries,
but by all means, that executoror executrix, in other words, a
person who settles your affairs,I certainly want to make sure
they have a copy case we can'tfind yours. Makes things a whole
lot easier. One other word ofcaution is this, try not to
leave unnecessary documents. Ialways hear people passing away.
(12:10):
In this case, I'm thinking of aclient. Parent passed away, and
the parent had 60 years ofthings they've saved from all
their travels in the world. Itwas just four visits from all
the children of the family,meeting in Los Angeles to go
through all of this, fourdifferent fly in meetings to go
through it all and figure it allout. So things that really are
(12:34):
not a value, maybe you shouldexit those documents. Another
one is strive for conflictavoidance. That's right, strive
to avoid it. Parents sometimescreate conflict by choosing one
child over another to serve asexecutor, a trustee, etc. That
(12:57):
can cause some hard feelings.Sometimes it may be appropriate,
but in other cases, name arelative or friend to avoid
potential sibling rivalries,maybe sometimes remember, on a
executor, they must follow yourwishes period. So if you want X
amount to go here and somethingelse to go there, there is no
(13:19):
changing. You must follow whatthe document says. So maybe it's
not appropriate to have one ofyour kids do it. Maybe have a
relative or a friend do it, soyou can avoid potential sibling
rivalry issues. Again,possibility, if there's no one
else available, you might evenconsider hiring a Trust Company
or private professional who actsas a fiduciary for you. Again,
(13:42):
there's choices there, and justconsider it. It's all Mr. Money
saying here, people who havespecific reasons for dividing
assets or even the rolesunevenly, should prepare a
letter that explains theirthought process. So again, I
name my one child who isn't eventhe oldest, my one child who
lives near me to be theexecutor, and I chose them, not
(14:06):
for any other reason that theywere nearby to handle things.
But again, if you wrote thatdown, it makes life easier for
all of the children. Clarity ofwhy you name this person for
this or why you name somebodyfor that. Very important again,
it's a letter that goes inthere, and they'll read it, and
they'll follow it. If you'releaving the youngest one of
(14:29):
three children, 100,000 morethan the others. How about that
as an instance, explain why thisextra step can mean the
difference between harmony inthe family and acrimony among
all the heirs. So something verygood to do. The thing that's
most likely to cause the estateprocess to dissolve into
something horrible and beacrimonious is where it's not
(14:55):
spelled out. If you want to makethings easier for the kids, if
there's anything that could. Bemisinterpreted. Explain it to
them. Of course, Mr. Money isopen to you, talking to all the
kids and in advance and saying,here are my wishes. Anybody got
some concerns and bring it up?I've done that many a time in my
office that I've had the motherthere, in this case, with the
(15:17):
two kids, and say, Mom, I wantyou to talk out your wishes. I
want both kids to know what yourwishes are regarding all of your
real estate empire. One kidwants to act and be involved
with the real estate, the otherone doesn't. So what are your
thoughts about that? Can onechild buy out the other child
just talk it out in advance. Bea very, very good thing if at
(15:38):
the least, at least leave someinstructions and some
explanatory page on it. One lastthought Mr. Money has on this is
this, consider doing an ethicalwill. Ethical will? What an
ethical will? I call it a loveletter. How about sitting down
and writing a love letter toyour children or to whoever
(16:00):
you'd like to leave a letter toand just say how meaningful they
were in your life, how muchyou've loved them, so much in
your life, how you hopefully hadthese life lessons you wanted to
give to them, and you're writingit down on this piece of paper.
Here are the life lessons I wastrying to convey to you all of
life, and you took this on. Ijust love you, and I love the
(16:22):
character, I love the personthat you are, and I want you to
carry on these values. I've leftyou money for these reasons. Do
as you wish. But here are somethings I'd like to just convey
to you. I call it a love letter.Believe me, when someone passes
away to get a personalizedletter from the person who
passed away. Very, verymeaningful. It's very important.
(16:45):
Most everyone does not do it.They certainly don't know what
day they're going to die. Butwith me bringing it up, it is a
possibility of something I wouldrecommend all of us do. Leave a
love letter, an appreciationletter. Leave your thoughts
about life. Maybe it's justsimply how you made it in life,
your successes and the keythings you did in life, you want
(17:08):
to convey to others, whatever itmay be, it's a beautiful thing
to do. It'll go with all yourdocuments, and then, of course,
you pass away. We'll open up thefolder. Of course, you're going
to let everyone know where thefolder is, least your executors
where it is, so we can get tothat folder. Know all your
assets. We'll know yourliabilities. We'll know your
(17:29):
wishes, and we'll see that loveletter in there. Very, very
important. When we come back,Mr. Money is going to go into
You betcha tax section, and Mr.Money is going to talk about one
of the most confusing issues fortaxes. People scratch their
head. They've been scratchingtheir head for years. The IRS
(17:49):
finally settled the issue,finally this year, and I want to
have you stop scratching yourhead and say, Mr. Money, thank
you for this segment. Youanswered it for me. Finally, all
when we come back, this is Mr.Money. Let
Unknown (18:06):
me tell you how it will
be. There's one for you, 19 forme,
Mark Rothstein (18:20):
cause I'm the tax man. Yeah. I am the tax man.
I am Mark Rothstein. I am aCertified Financial Planner.
Been doing financial planning 40plus years. Been doing tax
planning and tax preparation 40plus years. That's a plus years,
(18:42):
lot of experience, lot ofclients on a lot of success
doing it. And one issue that alot of people scratch their head
about, I thought I should settleonce and for all, because we now
know the tax laws on it. We didnot know the tax laws on it
these last couple years, so itcaused a lot of confusion. And
what I'm talking about is, whenyou inherit an IRA, everyone
(19:07):
knows you pull money out of atraditional IRA or 401, K, you
pay taxes on it. If it happensto be a Roth IRA, you inherit,
you don't pay taxes. Or a Roth401, K, you don't pay taxes on
it. But for most of us, we'vegot a regular IRA individual
retirement account or a regular401 K, 403 b4, 57 plan. So when
(19:30):
you take money out, got to paytaxes on it, so we know that.
But the rules changed when youinherit an IRA from someone
else. The IRS announced finallythis year that it's going to
waive all penalties for nonspouse beneficiaries of
traditional IRAs who opt not totake required minimum
(19:53):
distributions in the year 2024What am I talking about is when
you inherit an IRA and yourspouse. House, you can simply
roll it over to your own IRA,pay no income tax, and you'll
take it out later in life. Whenyou reach age 73 you're forced
to start taking money out,called a required minimum
distribution. So that's whenyou're a spouse who inherited
(20:16):
it. You simply roll it over andtake taxes out as you wish. When
you reach age 73 governmentgives you a number. Yes, you pay
income tax when you take it out.But if I'm not a spouse, I'm a
child that inherited, or I'm afriend who inherited an IRA, you
are forced to take it outperiod. You don't get to roll it
(20:37):
over into your account and thentake it out later. You need to
roll it over to what's called aninherited IRA account. It'll
have the person's name whopassed away and left it to you,
and you'll have your name onthere. So I'm speaking now is
when you inherit an IRA, what doyou do with it? And again, there
(21:00):
used to be you were supposed totake it out every single year,
but people didn't realize therules. So in the year 2021 2223
24 they didn't take the moneyout, the IRS could penalize you
because you didn't take it out.But the IRS changed that. They
said, We will not be chargingany penalties if you did not
(21:20):
take out the required minimumdistribution for these last few
years. Okay, however, the IRSsaid such beneficiaries must
start taking the RMD requiredminimum distribution in the year
25 now, if Noah butts gotta takeit out in the year of 25 so it's
not too early, says Mr. Money,to start planning for those
(21:43):
withdrawals you're going to haveto take out next year. Could you
take it out this year? Of courseyou can. It's your money. You
inherited the IRA. Justremember, when you take it out,
you got to pay income tax on it.So these beneficiaries of
traditional IRAs have always hadto pay taxes on the withdrawals
from these accounts, and we knowthat kind of take retirement
(22:04):
money out, pay taxes, but beforethe year 2020 you could take the
money out and pay minimal tax,because the amount you were
forced to take out was onlybased on your life expectancy.
So if I'm a young person andsomebody passed away before 2020
and left me retirement money.The law was, if it was before
2020 I take it out over mylifetime. So if my lifetimes
(22:27):
mean I'm going to live another40 years, I'm going to be taking
it out based on a 40 year kindof schedule. So I have to take
out much less so I can leavemore in there to grow, grow,
grow. But the secure act thatthe government put into place.
Secure act is, by the way,setting every community up for
(22:47):
retirement enhancement. Theyalways come up with these fancy
names. The Secure Act, which wassigned into law in 2019 by the
way, put an end to this taxsaving strategy of before the
year 2020, I get it and we'lltake it out. Forced to take it
out over my lifetime, whichcould be 20, 3040, years. Who
knows. So they changed that, andthat's the big change, okay? And
(23:13):
so what I'm heirs who transferthe money to an inherited IRA
must now deplete the accountwithin 10 years after the death
of the original owner. So again,you got some rules. Now,
somebody passed away, theoriginal person passed they left
me some money. It came to mecalled an inherited IRA. And the
(23:34):
most part the rules are, I gotto take it out over the next 10
year period, period, and underguidance the IRS issued in 22
because they had to keep givingus more information. If the
original owner died on or afterthe date that they were required
to take our MDS, that's the keything. If the original owner
(23:57):
died on or after the date thatthey were supposed to take the
RMDs, and just didn't. The nonspouse beneficiaries must take
the RMD based on their lifeexpectancy in years one through
nine, and you must get it allout of there by the 10th year.
So that's that 10 year rule thatI've been talking about. Okay,
(24:19):
again, if the original ownerhadn't started RMDs. They passed
away at age 70 not 73 like thelaw is now. They passed away at
6566 6768 if the original ownerhadn't started RMDs because they
weren't supposed to,beneficiaries can take
withdrawals anytime during the10 year period. So this is all
(24:42):
in response to the confusionabout this guidance. The IRS has
waived penalties for failing totake an RMD from an inherited
IRA tax years, 2122 2324However, depending on your tax
situation, you may want to take.Withdrawal anyway. Why? Because
(25:03):
think about if they dad passedaway in the year 20 you got to
get it all out within 10 years.That's by the year 2030, you
didn't take it out the firstcouple years. You only got six
years left to get all of it outof there, because it's 10 years
from when they passed away. Soyou want to take a look and say,
does it make sense take a littlebit this year. I know I'm not
forced to take it out till nextyear, but maybe I should take
(25:24):
some out this year, because Idon't want the whole enchilada,
the whole amount, coming to mein one year. That's going to be
a heck of a tax bracket in thatyear. Again, something important
to talk with your tax personabout to see what may may make
sense here again, because you'llbe required to deplete the
entire account by year 10.Postponing withdrawals, limiting
(25:48):
the amount you withdraw in thisyear means it's going to be a
whole lot of taxabledistribution, and if you take
none, it's going to be a largestone in year 10. So by now, it's
the end of the year, right now,you should be able to estimate
what your 202, for this yeartaxable income is going to be,
and see, does it make sense totake it out? Oh, if I take it
out, it'll push me to a highertax bracket. Maybe I don't want
(26:10):
to take it out. Oh, I could takeout 15,000 and it keeps me in my
same tax bracket. Maybe I shouldget 15,000 out and stay in this
lower tax bracket. It can besomething very smart to do. And
again, I've said this on aprevious show. I thought I'd
bring it up again. We aregetting toward the end of the
year check your tax withholding.There's still time to take steps
(26:33):
to avoid a big tax bill andmaybe an underpayment penalty
from the IRS for not sending inenough. So again, they've got an
IRS tax withholding estimator.Again, I
www.irs.gov/individuals, taxwithholding and have them help
you, because if you need somemore tax withholding, let's get
(26:56):
it done before the end of theyear. If you're way behind,
maybe your company will let you,say, give me my paycheck and
take all of it as federalwithholding. Don't even give me
a big paycheck right now. I'mhappy to have you withhold all
this extra money on my fed side,and if they let you all this
extra money on the state side,so I can get that withholding in
(27:17):
there, so I'm not owing it allon april 15 and possibly
incurring an interest penaltyfor not getting the proper
withholding in. There veryimportant to do. And by the way,
in general, you don't have toworry about an underpayment
penalty if you owe less than$1,000
after you do subtract yourwithholdings, tax credits, etc.
(27:40):
So if it's under 1000 you don'thave to worry. Or if you paid in
at least 90% of the amount oftaxes due for the current year.
In other words, you did prettygood job. You got 90% of the
taxes paid in, so you're not waybehind. So very, very important
for you to do. Just another tipfrom Mr. Money, I certainly
(28:01):
don't want you to pay incometaxes and overpay income taxes,
and certainly not pay penaltiesand interest to the IRS. I'd
like you to keep as much as youcan in your pocket when we come
back, Mr. Money is going to talkabout seniors. And should you do
a Roth conversion, you know thegood Ira called a Roth or should
(28:21):
you keep it? Your money in atraditional IRA, traditional
IRA, when you pull it out, gotto pay income tax. Money in a
Roth IRA grows for free, comesout for free, with no income
tax. What's the catch when youmove it from an IRA to a Roth
IRA, we like the destination ofRoth IRA, but you got to pay
(28:41):
some income tax on the way. Mr.Money's got a plan for you all
when we come back. This is Mr.Money.
Unknown (28:48):
Welcome back to the Mr. Money show on K I do talk radio.
1075, Ethan and 588,
robot now
Mark Rothstein (29:03):
Mr. Money's on top of the world phone number to
dial in and talk to Mr. Money.You've heard me say it many a
time, and if you'd like to dialin, Mr. Money's right here, live
on the phone. 5805436, again.5805436, you can find me 580, on
(29:23):
the dial am and one, oh, 7.5 onFM. You can hear me on both
sides. And Mr. Money wants tobring up something that
everybody talks about all thetime, which is Roth IRA
conversions, as I mentionedgoing into this we like Roth
IRAs, money grows with no incometax, and it comes out with no
(29:47):
income tax. Ain't that great,especially or in life, when you
retire, I'd like take the moneyout and have all of it spendable
for me, not lose 20, 30% of itto taxes. So I only have 70% of
my. Withdrawal to spend on mylife. So the idea of a Roth
conversion is a good idea, butsome people say, Mr. Money, I'm
retired, I'm older in life. Do Istill do it? The answer is,
(30:11):
possibly doing Roth conversionsof your traditional IRAs could
really be a smart move, even ifyou're taking required
distributions. When you're age73 you must take money out of
your IRA to pay taxes on it. SoMr. Money, are you saying maybe
do a Roth conversion IRA into aRoth and pay additional taxes?
(30:35):
And I'm saying it might makesense to do this is for people
have adequate income inretirement, or they got a large
401, K that they've rolled overto an IRA. So you just got loads
and loads of money on the IRAside. And you know, every penny
you take out you're going to payincome taxes on. And you know,
you're going to be forced totake it out of that IRA,
(30:56):
starting at age 73 whether youneed the money or not, the IRS
forces you to take it out, andsince the money used to fund the
account was generally taxdeductible going in dear 401, K,
all that retirement money, youmost likely did tax deductions
on it is simply going to betaxed at ordinary income tax
rates when you pull it out.
(31:18):
So the risk is that these forceddistributions. When you combine
them with paying tax on some ofyour Social Security you've
received, it may push you to ahigher tax bracket between what
you got from Social Security,what you got from your
investments, what you got fromthis RMD withdrawal, and may put
you in a higher bracket so youpay a met a higher Medicare
(31:39):
premium tax. That's right,Medicare, when you're getting
it, they charge you for it.You're in a higher tax bracket.
They're going to charge more,smaller tax bracket, they charge
you less. And for those thatmake loads of money, there's an
extra 3.8% net investment incomesurtax. Lot of people don't know
about that, but that's anotherone. So the idea is, if I can
(32:01):
get more of my money over to theRoth side, so when I withdraw
it, it does not go on my taxreturn, so I can't raise my
Medicare premium, it can't raisemy taxes because it's not going
on my tax return, so it doesn'tpush me to a higher tax bracket.
So it does make sense to lookinto it, because it'll be great
(32:23):
to have future distributions taxfree. That's the idea. And
again, you want to keep in mindyou need your tax person there,
because the money you put out ofyour IRA to move to a Roth side,
you have to report on your taxreturn. Then once it's on the
Roth side, it's a free ride, butgetting it over there. So when
you pull out 50 grand to make upa number is that pushing you to
(32:46):
a higher tax bracket, excuse me,don't take out 50 grand. Maybe
only take 30 grand out of an IRAto move to a Roth, because you
want to stay in that lower taxbracket. You don't want to be
pushed to a higher one. But thenevery year, move some money
over. So slowly but surely,you're building up the Roth
side, where it comes out forfree, by the way, parentheses.
(33:10):
Think your beneficiaries like aRoth IRA to inherit You betcha,
they do. When they inherit aRoth IRA, it's all tax free. If
they inherit a regularretirement account. They got to
report it and pay income tax asthey take it out. So again, it's
something to consider. But Mr.Money, I should have done it
earlier. I'm now 65 I'm 70.Well, maybe your tax brackets
(33:34):
lower, so maybe now is a goodtime. But Mr. Money, I don't
want to pay income taxes on itwhen I move it over, I gotta pay
income tax. I don't want to payincome tax. I'm older now. I'm
on less income coming in, so Idon't want to do that. Just
remember, if you get it to theRoth side, and you're going to
keep living, and you got a lotof years of growth and a lot of
(33:55):
years of that money coming outtax free, that's going to be an
awfully good thing. It is asweet spots. And again, in
general, Roth IRA conversionsmake sense. If the Savers tax
rate on the converted amount islower than what the tax rate
would be on future withdrawals.Saying it another way. If I move
(34:16):
some money over and I'm in the24% tax bracket, okay, but if
later in life, by the time I gotto take all of my monies into
myself, whether it's socialsecurity, my pension, my
retirement, my RMD required, itmight push me to a higher tax
bracket, and therefore I'mpaying ordinary income tax rate,
(34:37):
maybe at 32% by the time you addup All the amounts coming to me.
By the way, don't forget statetaxes also. So it might make
sense, even though you're laterto start the process of moving
some money over. Yes, Mr. Moneyknows there'll be some taxes,
but if I can bring it over at aminimal tax, and then it's on
(34:57):
the Roth side, where gross four.Comes out for free. Wouldn't
that be great? You say one otherbenefit, I'm now retired. I need
money. If you pull money fromyour retirement account to do
life, that's income. You got itreported on your tax return. If
you have some money on the Rothside, you could pull some money
(35:18):
from the Roth IRA to pay allyour bills. Doesn't go on your
tax return. Pull some money outof your IRA that does go on your
tax return so you can fix it soyou're staying in a certain tax
bracket. Because I don't got totake it off from an IRA that
pushes me to a higher bracket.Taking some of the money I need
from a Roth, which doesn't getreported and pay taxes on.
(35:39):
Pretty neat. Again, you got toget some money to the Roth side,
if it makes sense. Another oneis something called the widow's
penalty. Thought I would mentionsavers analyzing Roth
conversions sometimes forget.The widow penalty is what I want
to talk about after one spousedies, their survivors top tax
(36:00):
rate often increases, eventhough he or she has much less
income due to social security.Now you're not receiving two
social security payments. One ofyou passed away. You're
receiving the higher of the two.You may even have lost a pension
payment from your spouse. Mr.Money, I'm in a lower tax
bracket if my spouse passesaway, maybe or maybe not. What
(36:23):
am I getting at? What's thewidow's penalty? The widow's
penalty is, all of a sudden, thesurvivor is not doing a joint
tax return. They're filing as asingle status now, and the tax
rates are a whole lot differentwhen you are single and when you
are married. So the tax bracketsare much higher. When you're
(36:44):
married, you get to make a wholelot more money before you hit
the 22% tax bracket or 24 versuswhen you're single, you're going
to hit that 22% or 24% taxbracket a whole lot earlier when
you're single. So while theincrease may not matter much,
that I've got only this muchmoney or I have this less of
(37:05):
money, you still got to checkwhat tax bracket you'll be in
when you're a surviving spousefiling single versus married
filing jointly. Again, just toremember, Roth, conversions are
taxable, but Mr. Money, where amI supposed to come up with the
funds to pay for it? Thefinancial models all show that
(37:28):
when you do an IRA to a Roth,you don't want to take it out of
the Roth to pay the income taxesto the government. Hopefully,
have a separate account that youcan use to pay the taxes. So you
moved over 20 grand, you end upowing 2000 to the government.
Find the two grand in yourcheckbook. Better than taking
(37:50):
two grand from the Rothconversion. Remember the Roth
conversions, a good side, crowsfor free, comes out for free. So
don't take the two grand to paythe taxes from there. It's a
whole lot better to have someregular money, tax free money,
brokerage account, money, moneymarket, money to use. One last
thing to mention, charitableminding. Savers. Once you're 70
(38:13):
and a half or older, can donatethrough what's called a
qualified charitabledistribution. What am I mean,
Mr. Money, I'm 73 I'm 72 I haveto take money out the required
minimum distribution. Was in awas in effect, as a result, I
must take out 10,000 every year.That's what my tax man said. My
(38:35):
tax woman said, I got to takeout 10 grand. The government
wants to tax me. It's therequired minimum distribution. I
got to take 10 out, and I don'twant the 10 out I can get by
without it pushes me to a higherbracket, does a lot of things to
me, you are allowed to have acharity donation with that. So
(38:56):
your RMD required minimumdistribution, the 10 grand you
must take out. You can fix it soit goes and transfers directly
to a charity. So you don'treport the 10 grand on your tax
return, because you took moneyout like you're supposed to, you
didn't receive it. You moved itdirectly, transferred to a
charity. As a result, charityloves you as a result, you don't
(39:19):
put the 10 grand on your taxreturn. That's what you want.
Got 10 grand out. Don't need it.Give it straight to charity, and
therefore I don't report the 10grand on my tax return because
it went directly to charity, notfrom you. You don't get a tax
deduction for the 10 grand tocharity. All you're getting is
not having to report the 10grand that went directly from
(39:40):
your retirement account to thecharity. So you did get,
definitely a benefit, because itdidn't get on your tax return.
And Ira heirs, I've talked aboutthis on shows. Current law
requires most non spouse heirs,your kids, they inherit your
money, to drain the accountwithin 10 years of. The owner's
death, and again, they got toreport it, they got to pay
(40:03):
income taxes, but as I mentionedearlier, they'll love you twice
as much, maybe if they'reinheriting a Roth IRA, because
there's no requirement to takeout the money, no 10 year limit.
There's nothing, because it'snot a taxable thing. Your heirs
don't have to take from a RothIRA. And if they take the money
and enjoy it, it is not incometaxable. Whole lot of benefit,
(40:28):
right there. So again, Mr. Moneysaying there for seniors. There
is some smart ways to considerdoing the Roth IRA conversion.
This is Mr. Money, and we'll beright back with another key
issue regarding things you needto know. Fact, it's very special
things you need to know. Rightback with you. Welcome back
Unknown (40:50):
to the Mr. Money show on K I do talk radio, 1075, FM
and 580 Am I Oh,
Mark Rothstein (41:05):
Mr. Money, wants to hold your hand, and it's
because people need handholding. In regard to what I'm
about to speak about, good luck.What do I want to talk about? No
one can find safety depositboxes anymore. Did you realize
that I didn't safety deposit boxare becoming increasingly
(41:26):
difficult to find as banks shutdown or scale back their
service. That's what's going on.Banks say this service is not
profitable, and it takespeople's time to do all this for
you. So a lot of banks havesimply stopped doing it. Long
(41:46):
time. Deposit renters aregetting kicked out of their
boxes too, by the way, as banksare shutting down, scaling back
service, customers say they'vebeen struggling to find small
boxes traditionally kept insidevaults to store their family
heirlooms and other valuables.That's right, people like their
safety deposit box, but to somebank the boxes are becoming more
(42:09):
trouble than they're worth.Banks say the service is just
not there. We don't want toprovide it, and especially now,
when people are increasinglymanaging their checking accounts
and investments on apps andwebsites. So they're saying not
needed. They're more convenientoptions to store values. They
say a search for a home safe onAmazon yields hundreds of
(42:32):
results. Home Security hasgotten more advanced. Burglaries
have tended downward over thepast two decades. Not sure about
that, but that's what the bankssay. Safe deposit box customers,
who tend to be affluent, middleage or older, see them as their
bread and butter bank service.They love them. They stash
(42:53):
important paper documents inthem, title to the house, title
to the car, family heirlooms andjewelry coin collections get not
doing it. JP Morgan Chase,nation's largest bank, said in
late 21 that it would stopoffering new boxes to customers
existing renters would losetheirs if their branch closed.
(43:15):
JP Morgan became the owner offirst republic bank last year,
if anyone remembers, it wasseized by regulators. They took
it over. JP Morgan, Chase, iteventually closed all deposit
boxes when it began renovatingand rebranding the branches. And
by the way, some 48% of Chasebranches have safe deposit
boxes, but there are no boxes inany new branches opening, and
(43:39):
it's likely to shrink. So Mr.Money said, What are we gonna do
about that? I have a depositbox. I like having my deposit
box. So what are we talkingabout? His clients get very
upset about this. They've askedthe bank where else we can go,
and banks have not had goodanswers, and they're just under
capitalized, by the way, CapitalOne stopped renting new boxes in
(44:02):
2017 PNC Bank said last weekthat it would open 100 new
branches, but none of them wouldhave safety deposit boxes. Wow.
So there is no officially tattletally of how many boxes do
exist, but the boxes areessential for a lot of people,
(44:27):
and they require a key to getin. I know that I've got one,
etc. I have not been closed onMr. Monies. I still have mine,
but I'm now worried about it,scratching my head. What happens
next? And by the way, the boxescan make customers more likely
to keep their money at the bank.And in my article, I read one
bank took away safety depositbox, and he said, Well, screw
(44:50):
you, if I can use that word, I'mtaking my money with me. You're
closing my box and I'm openingit up somewhere else. By the
way, bank safety deposit box aregood for your gold also. Not
just the jewelry. Thought he'dmention that lot of people are
collecting gold these days. It'sbecome very popular. Fact,
customers are buying gold barsat stores like Costco. They need
(45:11):
somewhere to keep them. So asbanks get out of the business,
some independent companies sensean opportunity. Blue vault is
one operates two private vaultsin California with safety
deposit boxes planning to openup in Texas and Arizona. So
you've got to look around. Itain't easy to find them, but it
(45:31):
is possible to find a safetydeposit box. And if that's where
you'd like to put your goods,shop around, find that bank that
exists. Just know it's going tobe difficult. By the way, credit
unions too have started to closedown theirs also. So it's not an
easy fix to simply go to acredit union to get that Mr.
Money's here to say if worsecomes or worse. Yes, get
(45:53):
yourself a safe in the house.Yes, put your goods in there and
yes, feel good knowing it'sthere. But of course, leave the
key or leave the combo in aplace that your executors, your
beneficiaries would know how toget access to your safety
deposit box or to your Safe atHome. This is Mr. Money.
Information and opinionspresented are for general
information
Unknown (46:12):
only and are not intended to provide specific
advice or recommendations forany individual you should
contact your investmentprofessional, attorney,
accountant or tax advisorregarding your individual
situation, the opinions of thepresenter do not necessarily
reflect those of independentFinancial Group LLC, its
affiliates, officers ordirectors. Mark Rothstein, aka
Mr. Money, is the owner of tristar financial LLC and tri star
Income Tax Services LLC. Mr.Money is a marketing name only
(46:35):
and is not intended as anythingother than a marketing name for
entertainment purposes.Securities and advisory services
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