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Does One Flesh Mean One Bank Account?

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
May 20, 2021 8:03 am

Does One Flesh Mean One Bank Account?

MoneyWise / Rob West and Steve Moore

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May 20, 2021 8:03 am

Does becoming “one flesh” in marriage mean that you each need to surrender your separate bank accounts? On the next MoneyWise Live, host Rob West will explain how combining your lives in marriage does require some special consideration about your individual finances. Then he’ll answer your financial questions from a biblical perspective. That’s on MoneyWise Live—where biblical wisdom meets today’s finances, weekdays at 4pm Eastern/3pm Central on Moody Radio. 

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This is Doug Hastings, VP of Moody radio and were thankful for support from our listeners, and businesses like United faith mortgage heading into spring. I've been spending a lot of time pondering, analyzing and debating something extremely important to men and even many women and that's whether a new driver would improve my golf game I would see them somewhere between embarrassing and appalling at golf man do I love it and all my buddies show up with these epic/big maverick Bertha drivers and I can't help but feel like they've got this massive advantage on me and my persimmons. It's right that our family mortgage team were proud to have a pretty special advantage ourselves and one that can be a big deal for you. Our team is an arm of the company who is a direct lender, which means our company uses its own money and make its own decisions within its own walls.

There's no middleman in this advantage often allows us to get you a better rate, saving monthly and lifelong money on a refinance or new home purchase were much better in mortgages than I am at golf. We are United faith mortgage United faith mortgage is a DBA of United mortgage Corp. 25 Belleville Park Rd., Melville, NY.

Licensed mortgage banker for all licensing information, go to an MLS consumer corporate MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah and Mark 1017 Jesus tells us that man shall leave his father and mother and asked to his wife and the two shall become one. But if you're of one flesh, one I have separate bank accounts. On arrival, as that's a question we get here a lot. Should husband and wife have separate checking accounts may be entirely separate finances, or should all of their money be merged all talk about that first today that it's all your calls at 800-525-7000 800-525-7000. This is money wise live where all of our financial decisions are based on God's principles. Regular listeners know this is an off fetid question here on the program and it's especially important for couples when they first get married but usually they just set up joint checking and savings accounts and it's not really an issue, but not always. Sometimes older folks may be getting married for the second time want to keep their accounts separate or one spouse might enter into the marriage with a lot of dad or a bad credit rating that they think that by keeping separate accounts, one spouse's bad history won't affect the other. That's because they've heard that when two people marry their credit histories are automatically merged into one by the credit reporting agencies experience echo facts and Trans Union. But that's not the case. In fact, each spouse's credit history is tied only to that person's Social Security number. If one of them applies for credit in his or her name only, only that person's credit history is taken into account. Here is an example of newlyweds decide to buy a new car with a loan, usually not a good idea, but that's another issue that now say one of the spouses has good credit. The other dozen if they take out the loan only in the name of the spouse with the good score only that person's credit history comes into play. So you see that having joint or separate bank accounts has no effect on getting that loan, but let's look at another situation. Many couples take a huge financial step within a few years of marriage and that's buying a house. Now the odds are, because the payments will be so much more that they'll have to put both names on the loan application in order to meet the income qualifications and of course that's when the other spouse's credit history will be taken into consideration. If that spouse has a bad credit history. It will have a negative impact on getting the mortgage approved will now that that's cleared up. Let's go back to the question of separate or joint bank accounts of the Bible doesn't tell us explicitly that spouses should share one account because people didn't have bank accounts. Back then, so we have to look at the bigger picture. As Jesus said in Mark 10 that marriage is about two people becoming one. Obviously, they both remain individuals, but marriage is a partnership that requires trust, openness and communication. That's especially true when it comes to finances joint checking and savings accounts promote transparency and communication between spouses. It prevents spouses from developing mine and yours mentality. It also promotes trust by ensuring that neither is making hidden purchases. There are some other practical considerations as well. Joint account simplifies bookkeeping and tracking your spending. Think about it.

Many couples have problems balancing a single checking account why double the problem with two accounts having separate accounts can also create a cash flow problem. Are there enough available funds in one account to meet obligations if not money has to be transferred from the other accounts with a single checking account. You don't have to worry about not having enough money to pay a bill or trying to track down the other checkbook that one argument that's often made for keeping accounts separate is that one spouse is only interested in, say, the grocery category in the budget and leaves everything else to the other spouse to be handled with a separate account but that of course would leave the one spouse fairly clueless about the family finances if something should happen to the other. Not a good idea that keeping open the lines of communication about money and making spending decisions together solves that problem, eliminating the need for separate accounts of God's word contains the solution to every problem very double space including finances Colossians 3 we read wives, submit to your husbands, as is fitting in the Lord.

Husbands, love your wives and do not be harsh with it in first Corinthians, it says in the Lord Mormonism is not independent of man or man safe to say that in most cases that would apply to the checking account as well. I hope this helps fosters great marriage to your calls and asked 800-525-7000 800-525-7000 Humber oblast and this is money wise live where all of our financial decisions are God's principles.

Thanks for joining us today in moneywise live on Rob West phone lines are open 800-525-7000 in just a moment. Will be taking your calls and questions on anything financial you were charged to be found faithful with what passes through our to be stewards of God's resources whether we have a lot to her a little and we talk to folks here in the program who run the gamut of that spectrum and we all find ourselves in different places. The apostle Paul said, I've learned to be content in times of plenty and times of need and it's about being found faithful and content with where God has us right now. And perhaps you're in a really desperate financial spot you're struggling just to make ends meet.

Maybe your job is been eliminated or hours reduced because of the covert pandemic that perhaps you're just a really tight financial position, wondering where God's provision is for you. Well, we'd love to talk to you again.

It's about being found faithful with what God has entrusted to us right now and for those that have more than they need sharing with others in need. That's how the body of Christ works, and by the way, generosity is what unlocks the grip that money can have over our lives will want to tackle whatever place you find yourself out today. Again, here's the number 800-525-7000 just a moment ago we were talking in her opening segment about two becoming one, including the area finances that we can't join everything together except that clearly we need to bring our finances under the Lordship of Christ. A question though that I often get is. But what if one spouse is not on the same page. How do we move forward. Whether it's the husband or the wife and I would just simply say start by praying. Ask God to enter that equation and walk with you. Second, after you pray I would approach your spouse and say, can we schedule a money date. A time where we talk about our finances and perhaps develop a joint vision for where God is taking us because before we get to the dollars and cents. The budget we really need to approach it from a value standpoint what's most important to us. What is God doing in our lives. Where is he taking us what lifestyle has he called the student what are we saving for how much are we giving what we trying to do in terms of the values were instilling in our kids as you begin to unpack all of that than the money becomes a tool to accomplish God's purposes, and by the way, there should be some flexibility in that spending plan for husband and wife to each be themselves to have their own hobbies and interests, but the big picture of how money is being handled is driving toward the values what's most important to us and how can money as a tool be used, to account accomplish God's purposes in your marriage and your family as you reframe that conversation, then it's no longer you can't spin this and I can't spend that it's about sacrificing the short term. Both of you so you can accomplish God's bigger vision, pray about it and approach that conversation that way and see if it doesn't make a difference.

All right, let's take your calls and questions. Lines are open 800-525-7000 any topic is fair game. As long as it's related to finances 800-525-7000 were to start today. Out West in Richland Washington. John your first on the program. How can we help user hello yeah I am fortunate in my work life amount engineering 59 in the almost $700,000 in 401(k). It's all been it all is has been in years, and Crescent funds and I'm just wondering if one I should start to think about making some than more conservative fund sure. Well, honestly, God has blessed you with an abundance you trying to be found faithful in managing those funds we been killed in the midst of a significant bull market that was just talking to Bob dollar and a resident market expert on Monday and he said jury still out on whether this is the tail end of the bull market we've seen for quite some time. Or perhaps we had a little mini recession last year and this is somewhat of a new bull market.

We don't know the bottom line is we won't know and so we need to allocate God's money in our investments as long as it's got the right time horizon of at least 10 years and I would say if this is retirement savings. It's 10 years plus plus for you because even when you reach retirement if the Lord Terry's you have good health.

This money needs the last.

Perhaps several decades. So what is the right allocation for those investments well yeah you could do some finer planning where you begin to look at. Okay, what is your lifestyle need how far out do you project retirement to be what income sources will you have and will those be enough or will you have to convert this 700,000 and whatever grows to between now and in retirement.

Will that become a primary source of income and if so when is that and you know you could begin to them through the eyes of a professional and with the professional money manager investment advisor begin to build that portfolio. You kind of a general rule of thumb. John would be at the age of 50. You know, a lot of folks will say take 100 minus your age will because were living longer take 110 minus your age.

And that would be your stock position so hundred and 10 minus your age would say it out. Perhaps you'd want 60% in stocks and 40% in other types of more conservative investments. You may say that's neo-to conservative and so I want to go 7030 you know whatever it is I think the idea is you know if your hundred percent invested in stocks right now at the age of 50, especially on the more aggressive end of the stock of spectrum in her we were to hit a recession here in your portfolio was all the sudden you know, down 35% and that wouldn't be unreasonable.

You know you could open a statement in that 700s were 450 now that would be a paper loss as long as you wouldn't work in a react emotionally and you would let that recover again of time is on your side. It should, and historically it has, but you may not want to find yourself in that position and therefore you need to, take some money off the table at least move it out of the. The stock of positions. Certainly, the aggressive stock positions. Does that make sense to you yet at the same soon so yesterday I appreciate So I think couple of approaches. One is if you've been managing this yourself and your comfortable doing that you could just begin to systematically move into more balanced type investments where you have a larger allocation to more conservative stocks. Perhaps dividend paying stocks, preferred stocks, even some bond exposure those types of investments or that you could connect with an investment professional and perhaps this is the time to seek some outside counsel. If you haven't already. And if you don't have someone you could find a certified kingdom advisor out there in Washington by going to our website moneywise just click find CK. We appreciate your call today 800-525-7000 is the number phone lines are open.

Let's head to Chattanooga, Tennessee, Marianne, how can we assist you all here now I think it out current trade credit. They wish to credit or a higher rate.

Yeah, it's really not a tax issue, unless you have a large estate of her most folks the reason they would have a trust is just to be able to designate a trustee that would take over and management of your assets you if you are incapacitated, so a trust can go into effect prior to death. If that with certain triggering events where a trustee either an individual or corporation could begin to manage what you have for your benefit and then based on the instructions of the trust distributed at various points, the assets of the trust to various beneficiaries can also happen outside of probate which makes it a little more efficient. It can be not a part of the public record. It doesn't go through the poor probate courts so those are the main reasons why you want to do that isn't necessary for everyone, absolutely not.

And so, once you know the everything is finished through probate and and everything is entirely in your name. You could just him handle it through a simple will that would basically you don't govern how the probate court would handle the distribution of your assets at your death and then you'd want to make sure you also have other documents up-to-date and enforced like a durable power of attorney for healthcare. Sarah get her living will you know where some of those end-of-life decisions could be made in advance for your loved one, so they don't have to do that themselves, but you don't necessarily need a trust. I would encourage you just because of what's happened I'm so sorry to hear about your husband's passing. I believe this is a good time Marianne for you to visit with a godly estate planning attorney doesn't have to be a drawn out process are terribly expensive but just somebody who can look over your will make any updates and changes. Talk to you about to yell how things should be structured and make sure everything is current and enforce, and you could find someone there to Chattanooga by perhaps asking for a recommendation from your church or maybe you connect with a certified kingdom advisor and asked for a referral to a godly estate planning attorney, but that would be time well spent for you to get everything in order and that'll give you a lot of peace of mind as well.

Just the you know how things will be handled got somebody asking the right questions so you can come up with the right answers and then the legal documents kind of come behind all of that just to make sure that your wishes are carried out with them and you'll find that you don't miss trust this will be right back.

Thanks for being with us today and moneywise live for God's word and reset your financial life were taking your calls and questions we want to hear from you what's going on in your financial wrestling with a giving decision. Perhaps you're in the position that many of our listeners are related to our opening topic you're just struggling to figure out the path forward as husband and wife as you manage your finances together recognizing you both come to the table.

The marriage relationship with the different past money was handled differently.

Growing up that's led to you forming your own habits and disciplines related to money your views on handling money. The perhaps are different from one another.

How do we form a path together in that and create a marriage that brings the finances under the Lordship of Christ as well. If you're struggling with that. We love to hear from you. Maybe it's your spending plan or your debt repayment.

Whatever's on your mind today would love to hear from you. Here's the number 800-525-7000 got some lines open 800-525-7000 to Tennessee.

Judy, thank you for your patience. How can we help you with multiple program popular. While I want to A Normal… All Night, Shout or I Would like to Know Article Talk to You Have 90 Forming As I Doubt Go Back Click Try Going at Any Time without You Right Now I'm a Narrow Financial Decay.

I Surely Divorced and Had Manual of the Carnatic down on My ID and Everything in Manhattan, and I Can't Do Anything Online Will Dictate Thank You. Now He Telling You Had Any Knowledge He Knew out at Chunk Everything Though. Now I Did the Right and I Can't Call You Sure Help Here.

Yeah Judy.

Well, I'm so Sorry to Hear about the Situation You've Gone through in or You Find Yourself in Today. There's a Couple of Things. Number One Is This Is the Divorce Already Been Completed Right and so I Think the Next Step Is Based on What You're Describing with the What Your Husband, the Ex-Husband Has Said Donner Is Actively Doing Related to Your Finances Just to Make Sure That You Are Taking Steps to Protect Yourself and the Resources You Do Have, Perhaps, Opening New Accounts in Your Name Only. I Would Freeze Your Credit Reports That's Going to Prevent Any New Loans from Being Taken out in Your Name without Your Authorization.

It's Free to Do so You'll Just Go to Each of the Credit Bureaus, Experian and Equifax and Trans Union and Tell Them You Want to Put a Credit Freeze, You'll Sign a Pin Number and Nobody Will Be Able to Access Your Credit without That Pin Number That Only You Would Know That's Gonna Prevent Again Any Accounts Being Opened in Your Name without Your Knowledge Because If They Can Access Your Credit File. No Lenders Can Extinguish Credit to Anyone Whether There You or Somebody Claiming to Be You.

Beyond That, You Want to Check Your Credit Report and Follow through on Anything You Don't Recognize Because of It's Not Yours. It's Being Reported, You're Going to Get That Cleaned up. I Think the Key for You Right Now Is Not Investing of the Key Is to Get on a Solid Financial Footing and What I Mean by That Is Establishing a Spending Plan in a Checking Account That Is in Your Name Alone. Perhaps Again a New Establishing That Spending Plan in Such a Way That It Balances the Income Minus the Expenses and You Have a Little Bit of Margin Left. We Want to Look at Getting Out Of Any Credit Card Debt That You Have Been If You've Got Somewhat Use That Margin to Pay That down. We Want You to Get an Emergency Fund Set up of 3 to 6 Months Expenses. That's More Important Than Long-Term Investments Right Now Because If You Don't Have an Emergency Fund, Judy. If Something Unexpected Comes in for All of Us. The Unexpected Does Come, Then You Need Something to Fall Back on, so You Don't Have To Borrow for That That Money Should Not Be in Stocks That Money Should Be in a Savings Account with FDIC Insurance That's Liquid and Available.

We Don't Need to Worry about the Return on That Money.

We Just Need to Worry about the Safety of That Money so We Can Access It, You Can If You Need It, and That Would Be Really Important. As a Next Step We Can Think about Investing a Bit Further down the Road. The Other Thing I Want You to Do Is Go to the FTC's Website and That's a Federal Trade Commission They Have Some Great Helpful Information on Identity Theft That I like for You to Read and Then Lastly Is Likely to Connect with One of Our Moneywise Coaches Moneywise at No Cost Still Walk with You to Get That Spending Plan Set up and Talk to You about the Things That I Just Mentioned Again Moneywise lesson moneywise live community be praying for you folks. More to come.

Just around the corner. Number 800-525-7000. Thanks for joining us today on moneywise live by God's wisdom to your financial life the matter where you find yourself that you have an abundance wondering how to be found faithful and what God has entrusted to you right now.

Perhaps it's an opportunity to be more generous and look to meet the needs of others around you. Or maybe you're really struggling just to make ends meet and wondering what that path forward is that no matter where you find yourself today. God has a plan and here's the good news is God's word has 2300 verses dealing with money and possessions in the Bible. And as we begin to understand God's heart related to our money. Meaning he owns it where the manager that he is our provider.

He will never abdicate that responsibility to anyone else, and that money is a tool to accomplish his purposes, and there's principles we can apply that are transcendent, they transcend markets and tax codes and economies, and there always right and relevant and we apply those to our situation. I think we can move forward with boldness and confidence knowing we've put ourselves in a position to experience God's best. Now he's not a cosmic vending machine that means were always gonna be flush with financial resources, but it does say at least we've been found faithful with what he does.

He's entrusted to us and we can trust him for the rest. Well, we will apply that thinking to whatever's going on in your life today. We do have a couple of lines open 800-525-7000 just a moment were to be talking about long-term care is that a good investment that's been to be with Priscilla. Also Sally is gotten remarried and wondering how to handle the distribution of assets in her new marriage.

But first, let's head to Florida. Susanna understand that you have a Florida retirement system plan that you have questions about your L match that will be retiring in about seven years and we have about 11 years between now I'm before I retiring with an out.

I had that health insurance that'll keep an ally reached Medicare and and fell for it and we can be debt free.

At that point out my question as a retirement that I want that an impact that I thought the content I want there, but it Access back on 59th and between the age of 50 and 59 with nine back and forth each yes well you would just assuming you're vested in that investment plan. Do you know have you been there long enough.

I believe it was six years if you're you are enrolled prior to July 1 of 2011 yeah I have okay great so if you're fully vested, then you're in the FRS investment plan, you would likely just leave that balance there and it would remain invested in you got a number of investments it to choose from inside the plan, you could continue to make changes and then you would be able to access that money after the age of 59 1/2 at that point you could do what most folks do, would roll that balance out to an individual retirement account what you would need to check on is whether you could do that prior to that age I don't believe you can. But in either case, you could still keep that money invested, it would just be frozen. Nothing else would be added to it. But you know you would be able to choose from among the investments inside the plan, so the idea would be that it would continue to grow until such time as you could begin to draw it out. Does that make sense how I wanted to check it. I want it back and out… I can't check it out right. Well, no, I don't believe so once you separate from service you would want to open then a different retirement account to be able to contribute you ongoing so you would want to look to an IRA or you could use a separate IRA something else that it would be if you would use in the interim to continue to accumulate retirement savings at all right, Susanna.

I'm excited for this upcoming new chapter of your life for you and your husband and all that God have what God will have for you then, and we appreciate you listening and calling today to bless you and let's head to Wisconsin Priscilla understand you want to know about long-term care insurance can help you helping my mom and her tight and I had been 56 and 48 second marriage 21 years of marriage and started looking at getting through college but were told some companies selling long-term care because they were losing money and just wondering if there still good company to get pilot plant efficient joint long-term care policy or separate lines. Yes yeah I think the key is your you're right, there are some companies that exited the space over the last number of years sitting on his healthcare cost been rising and when this 20 years ago was a fairly new product folks were still learning how to price to and they were very difficult in some of the insurance company said you know this is just not a space we want to be had and that kinda gotten out of it, but there are some really committed carriers to long-term care insurance and that's why think it's important Priscilla. As you look at this to make sure that the you have an independent agent to perhaps as a long-term care insurance specialist that knows the various companies that are the key players in this space as an understanding of your health status you and your husband, so he or she can shop it and find the company that would be the best fit for you all. In terms of meeting the needs that you have but also giving you the most beneficial pricing based on any health considerations you know if something is going to erode your assets during the retirement season of life to its most often going to be the need for long-term care and so it can be set up to pay for long-term care medical services. These are could include all the whole range of services but also it it can range from your in-home care to nursing home or assisted living and will pay a daily amount for services based on those costs, and there are a number of triggering events that qualify you for the payout to begin here we say you typically want to look at to securing this between 55 and 65 where your kids are off the payroll hopefully and you know frees up some your cash flow. It's the most effective time to get it from a cost standpoint and you know it it's not cheap or mean premiums can be several thousand dollars a year and they can change over time, they can increase of the key is want to buy something that fits well within your power at your your budget so you don't have to drop it down the road.


I say typically if someone has net a net worth not to encumber the net worth between 300,000 and 3 million is probably the range where you'd want to look at this at least consider it below that you would rely on government assistance above 3 million. You could self-insure. You want to probably have an inflation Rider.

So it's can increase over time, you'll want to look for a 3 to 5 year benefit. With a six month waiting period that can keep the cost down but I think the key is to make sure the tape you have that independent agent who understands it.

I can help explain all the different types of long-term care insurance, whether it's coupled within the life insurance or whether it standalone and then all these riders that are out there. You may or may not need an all add cost so I would connect to somebody in your area. If you don't know someone there in your area you could connect with a certified kingdom advisor and asked for referral to an independent insurance agent who specializes in long-term care find exactly all the best, folks, this is moneywise wise for God's word is applied to your financial situation and possibly come back some great questions lined up continue to unpack God's truth related to their financial situation. Stay with us back to moneywise.

I think you bring along with us today and checked out the new moneywise that we'd love for you to download it. It's available as a free download in your app store.

That's the Apple App Store the Google play store. Just search for moneywise biblical finance unified archives of all of our broadcast you'll find our Discover tab with all the best content blogs and podcasts in biblical finance all in one place, our community where you can post a question and get responses from others in the moneywise community as well as her moneywise coaches and that our digital envelope system where you can manage your spending on a monthly basis connecting all your institutions automatically downloading your transactions and using the tried-and-true envelope system in a beautiful digital interface to manage God's money well and stay on the same space, same page with your spouse itself out of the moneywise that begin in your app store.

Just search for moneywise biblical finance and you can download it today. I hate before we go back to the phones I mentioned. Periodically I have the chance to stay after the broadcast and just answer some additional questions today is one of those days. If you have a question. You haven't gotten through yet and you'd still like to.

We got a few lines open. I'd love to hear from you. 800-525-7000 to Cleveland, Ohio Sally, how can I assist you recently on and we are in our 60s that my second marriage. It third marriage, and I'm struggling with the part about putting your husband first finances on. I do have children. He did not.

They had had other family and the money that I have on it in a trust for me on but there's money that I get off of that to organize and put aside and I how I had set it up is that on. It happened to me first Hill L go into a trust and the same with his money and will go into the trust and we are allowed to use that money, you know, at the discretion of the bank and somebody else have to prove it by on and feeling like I should just leave something directly and I can met at the same time I felt torn because I feel like you need to come not your children. Well, you know, I can certainly appreciate where you're coming from and this is a challenging situation. You obviously want to honor your spouse in God's word and yet we recognize that when wealth was created in a prior marriage, especially where there's children from a prior marriage that you know we can approach that differently as long as there's a shared vision for why and how that's being done.

It's not for lack of trust. It's not for lack of unity but it's just a recognition that with the assets that were created prior to the marriage relationship, especially with children that the other children are going to be taken care of out of dad and I think it's perfectly appropriate again in the context of an open and honest communication and shared vision as husband and wife to design the estate that way is so that that the inheritance is passed appropriately. After both of your needs are met throughout this life that you win both of you pass that money could be absolutely directed to one set of children or another based on the wealth that was created prior to the marriage.

I would say perhaps what you know happens. From this point forward.

I think as husband and wife you would give careful consideration to how to handle that, perhaps separately from what you had coming into the marriage but I think all that needs to be done in the right way and in a God honoring way. I want to send you a book Sally that I think will help with this. Our friend Ron deal at family life blended is one of the foremost experts on this from a godly perspective he's written a book called the smart stepfamily guide to financial planning, money management before and after you blend the family. He's written it with his good friend Doug Greg Pettus Susan financial advisor and we have Ron on the program periodically, but I think this will help you got a process through this. He talks about something in the book that he calls a togetherness agreement where you do just what I'm describing. You really build relational trust you develop a shared vision for how you care for all family members throughout your life, but recognizing that the way you do. That is not necessarily a one-size-fits-all and there's room for you to build a plan that takes into account when the resources were created, and that what your desired outcome is for various portions of what God has entrusted to you and then that togetherness agreement is actually just the document whether it's legal, drafted by an attorney or not the just Doug defines all of that and of course you know much of that would require legal instruments to actually carry out but it's the process that I think is really important so you don't feel in any way erode trust, but you actually you'll come together. I think in in a really unified and powerful way in even drafting it is all that make sense though I say about the money there. It was created after we work together we had a couple number A that lack any money so I do not make a difference or not. Well so you know slightly, but I think again it just the fact that there are children from a prior marriage. You know is is part of the equation that I think the key is and where is your husband that in all of this and can you all talk openly and honestly about the path forward together and come to one mind and heart about that in a way that brings you together but you know reflects the fact that you may handle inheritances differently feel for each of your children and that's not a bad thing again as long as it's done in the right way so let me send you copy this book. I want you to read through it. Perhaps you guys read through it together or you could do it yourself and then pray through that conversation. The tell you all can have about how your estate planning should be constructed so you stay on the line will get your information get that right out to you Sally and I'm confident the Lord will give you some wisdom as you move forward.

But, let's head south to Florida. Marv E. Thank you for your patience today. How can I assist you during your show. I and divorced here and down. I have to start doing fine now concerned about How many get the government issuing out and I do have 401(k) fund the original and I have one that I transferred over to Ira taking property. I questioned out is back. I had maybe $10,000 that I cut down to free up and it wouldn't bother me and I was wondering should I take shining testing gold what you think gold versus what a public card code is pretty secure me your thoughts. Now yeah be happy to Marv the you know I'm not a big fan of concentrated positions in gold and for most folks. I would say don't take physical possession. If you want to have a gold allocation your portfolio do that through fund, a mutual fund or an exchange traded fund that would be a tracker investment the tracks the price of gold. You know want to buy. The refiners are know the some of the other companies involved in the process of manufacturing the gold or or mining it because you there based on their own quarters and how they do as a company that's can affect the price of the stock and what you're looking to do is is take the unit follow the price of gold per ounce.

Now the truth is, gold is usually less of an investment. It's more speculative in my view. It trades on fear and so this far as a hedge against inflation. In some cases it's worked in other cases it hasn't. Four out of the past nine decades. It's kept up with inflation. The 30s 70s. The 2000s in 2010's but it didn't keep up with inflation. And now, six of the past nine and I think because yes it's a store of value. So you actually don't want it to go up because it is sense when it is that means there's a lot that's going wrong around us, but even then, I think just based on the volatility and the overall long-term performance. The date is just not on its side saying that it's it's makes sense for you to put a highly concentrated position, a large porous percentage of your investments in gold just because of the overall performance. So what I would do is stick to the 5 to 10% rule, meaning no more than 5 to 10% of your investable assets in gold and again I wouldn't buy physical gold if it were me I would buy it through an exchange traded fund that tracks the price of gold. So that's just my perspective and I think you know that will serve you well. Over time, just based on historical data. We appreciate your call today. I will get it finished today in Florida. By the way we do a couple lines open. I'll be staying after to take a few calls 800-525-7000 Eddie, how can we help you and I just sold a rental property and proceeding property being sold. Maybe next month so I was going to a note to I am invested. My question is how much time do we have years ago used to be like you. 18 months to time frame that all you know is subject to an all pain through capital gains okay very good imports were short on time to give you my thoughts on that you can do something.

Eddie called the 1031 exchange was it's a like a properties similar property, meaning you go from investment property to investment property even though you know you may go from single-family to multifamily or something like that as long as it remains an investment you can do a 1031 exchange.

That's gonna push the capital gains tax out. Here's the rule on that. You have to nominate the potential replacement property within 45 days of the closing and then from within 180 days of closing have to acquire the replacement property.

So I connect with your tax preparer just to make sure you do that properly, because you don't want to get caught off guard. We appreciate your call folks.

Thanks for being with us today were so grateful that you joined us moneywise live is a partnership between Moody radio and moneywise media we say thank you to my producer today, Deb Solomon, engineer Amy Rios, Gary T's been answering phones for us today in rich Roswell providing research.

Thank you for being here come back and join us again tomorrow as we play God's truth to your financial life will see

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