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Talking Trusts

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
May 10, 2022 5:00 pm

Talking Trusts

MoneyWise / Rob West and Steve Moore

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May 10, 2022 5:00 pm

Navigating the legal definitions and requirements for leaving assets to your heirs is a complicated business. On today's MoneyWise Live, Rob West will explain about trusts and try to clear up some of the confusion about when you need to have one in place. Then he’ll answer your calls and questions on various financial topics. 

See omnystudio.com/listener for privacy information.

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There are wills and trusts, living wills and living trusts something called the testamentary trust will confused Rob West.

No wonder lawyers navigating the legal definitions of requirements for leaving assets to your heirs, is a complicated business try to clear up some of the confusion today will take your calls at 800-525-7000 800-525-7000.

This is my lifeline for financial decisions.

So let's will document the details how you want your assets distributed, and possibly your minor children cared for upon your death. Wills have to be processed through your local probate court, and if you die without one. That court will distribute your assets according to state law, and quite probably not the way you want. So at the very least, you need a will a living will is completely different and in fact has nothing to do with the distribution of your assets. Instead, it's a legal document that specifies medical treatments, you would and wouldn't want to keep you alive.

Should you become incapacitated. It might also spell out your wishes for other medical decisions like pain management and organ donation.

A testamentary trust will takes us back to the distribution of assets upon your death. Think of it as a mini trust within your will or in a separate document that specifies how your assets are to be managed usually to protect them for minor children, it only goes into effect upon your death. A living trust is sometimes called a revocable trust goes into effect while you're still alive. It allows you to manage and benefit from your assets during your lifetime and it's called living more revocable because you can change it whenever you want. So it's different from an ear revocable trust which also takes effect while your living but cannot be changed, so you have to be very careful with that one. Since we get so many questions about living more revocable trusts.

Let's look at that one more closely, typically with a living trust, you would designate yourself as the trustee. Technically, your changing legal ownership of your assets from yourself to the trustee, which of course is still you, and again that happens while you're alive and it's the big difference between a living trust and a will with the will, nothing legal happens until you die, then upon your death. The assets in the living trust are transferred to the beneficiaries you've named. And that's done by the person you designate as your successor trustee. So with a living will, you're really not giving up control of your assets, you're still free to manage your assets as you like but ownership has been legally transferred to the trust and as the name implies, you can revoke this type of trust as well whenever you want and it's easy to do. Now who needs a living trust. Well not everyone for sure.

In most cases with simple estates.

A regular old will works just fine but the more complicated your estate becomes, the more likely you are to benefit from a living trust. For one thing, they allow you to distribute your assets to errors without going through probate. Which is why a lot of folks like them during probate which is a public process. The court first determines if your will is genuine and then make sure creditors are paid in your heirs receive whatever assets you specified in the will that can take time and if there's a problem. Your heirs won't have access to those funds until it's resolved, but with a living trust your successor trustee takes care of all of that privately and usually much faster you'll have to do a little homework to determine if a living trust is right for you.

It may not be state laws vary in many states have streamlined the probate process, possibly making a will the better choice.

Some have made probate less costly to for smaller states. Also, some assets can be distributed without a will or trust. These would be retirement accounts with named beneficiaries joint accounts with survivorship rights pay on death accounts and life insurance living trust can solve a lot of problems, like naming someone to manage your assets to benefit your heirs.

If you own a business, not having to go through probate means your heirs could have immediate access to funds needed to keep the business operating but there are also a few downsides to a living trust. More paperwork for one thing you have to transfer all of your assets out of your name is the direct owner and into your name as the trustee, that would be things like the deed to your house and your bank and investment accounts. Also, you need to plan for the cost of will might cost you $500 a living trust more like 1500 if you use an estate attorney to prepare the documents which I strongly recommend.

I hope that clears up some of the confusion your culture.

Next, 800-525-7000 stick around to moneywise live a Rob West euros were delighted your long with us today. Dig your calls and questions here in just a moment the number to call is 800-525-7000 as you think about applying God's wisdom to your living expenses. That is your budget your spending plan. Your debt repayment your consumer debt.

Even your mortgage or student loans. Your growing account, your savings, that which are saving for the short term, like an emergency fund or the longer-term, like retirement or college savings and even your giving yes your giving. I would say should come first. Above all else, and that is how are you approaching your giving for you giving systematically or spontaneously, are you giving with a plan or you just giving as the Lord leads and understanding that you're never going to give to the maximum. Unless you have relationships that are encouraging it that you're grounded in Scripture that you have a vision for your giving and that you have a plan to do it well.

Any of those are in play for today. So if you have a question related to living your giving Olinger growing. We love to hear from you the number to call again is 800-525-7000. We got some lines open today 800-525-7000. Let's begin today in Chicago, Illinois. W MBI Sharon, thank you for calling the redhead open up family emergency pile of people in the family. Any help with bills or anything like that and we want to start investing card that I would want to do.

We need to TAXPAYER ID NUMBER FOR THE FAMILY THAT I'M HAVING IT REPORT UNDER ONE INDIVIDUAL, COUPLE OF OPTIONS THERE AND I WOULD TALK TO ATTORNEY ABOUT THE BEST WAY TO STRUCTURE THIS IN TERMS OF LEGALLY AND THEN YOU ALSO WANT TO HAVE THE TAX CONSIDERATIONS AS WELL, AND I WOULD CONNECT WITH A CPA, BUT ESSENTIALLY GOT A COUPLE OF OPTIONS. THE MOST COMMON AND SIMPLE WAY TO DO THIS WOULD BE THROUGH WHAT'S CALLED JOINT TENANCY, WHICH REFERS TO A LEGAL ARRANGEMENT IN WHICH TWO OR MORE PEOPLE OWN PROPERTY TOGETHER. USUALLY WE SEE THAT WITH REAL ESTATE, BUT IT DOESN'T HAVE TO BE. IT COULD BE EVEN A BANK ACCOUNT, YOU COULD HAVE MULTIPLE EITHER COUPLES OR BUSINESS PARTNERS THAT TAKE TITLES TO EACH OTHER'S ACCOUNTS, BROKERAGE ACCOUNTS, REAL ESTATE, PERSONAL PROPERTY IN THEIR JOINT TENANT SO EQUAL OWNERSHIP BUT WITH RIGHT OF SURVIVORSHIP SO THAT IT PASSES OUTSIDE OF PROBATE UPON SOMEONE'S DEATH, AND THAT WOULD BE A GREAT WAY AND SIMPLE WAY TO GO. WITH REGARD TO SOMETHING LIKE THIS.

NOW IF YOU DECIDED FROM A LEGAL STRUCTURE STANDPOINT BOTH BOTH TO LIMIT LIABILITY OR FOR TAX PURPOSES THAT YOU WANTED THIS INSIDE A LEGAL ENTITY LIKE YOU WANTED TO FORM AN LLC, A LIMITED LIABILITY CORPORATION, THEN YOU WILL NEED A AN EIN OR A TAX ID NUMBER ASSIGNED TO YOU AND THAT'S FAIRLY EASY TO GET, SO THAT'S OBVIOUSLY GO TAKE A LITTLE MORE WORK LEGALLY TO ESTABLISH IT AS WELL AS TO DO THE APPROPRIATE FILINGS TO GET THAT #WHEREAS SOMETHING LIKE A JOINT TENANCY ACCOUNT COULD BE VERY SIMPLE WAY TO GO ABOUT SHARING THE OWNERSHIP OF THE ACCOUNT AND MAKING SURE THAT EACH HAS RIGHT OF SURVIVORSHIP SO IT AGAIN PASSES OUTSIDE OF PROBATE. IF ONE PARTY PASSES AWAY, SO I WOULD GET SOME PROFESSIONAL COUNSEL JUST TO MAKE SURE THAT YOU'RE ACCOMPLISHING WHAT YOU WANT TO DO ON BOTH SIDES OF THAT WITH REGARD TO OWNERSHIP AND LIABILITY AS WELL AS THE TAX SIDE TO SOME EXTENT. I THANK YOU VERY MUCH ALL RIGHT SHARON I THINK YOU FORGOT IT. WE APPRECIATE YOU BEING A PART OF THE PROGRAM.

800-525-7000 IS THE NUMBER TO CALL.

LET'S HEAD TO TENNESSEE. GAIL, THANK YOU FOR CALLING.

HOW CAN WE HELP MICHAEL BARTLETT NOT HOW IT AT MY BROTHER I WILL MOM HER HOUSE THAT HAPPENED TO MY BROTHER LYLE WOULD NOT HAVE BEEN MADE RESPONSIBLE. HOW SAY IF HER MONEY IS GONE AND HE HAD LAST DEAL BEHIND THAT HE THINK RESPONSIBLE. THE POWER OF ATTORNEY IS BASICALLY JUST ALLOWING THAT PERSON TO ACT ON ANOTHER'S BEHALF.

IT HAS NOTHING TO DO WITH LEGAL RESPONSIBILITY FOR DEBTS SO WITH REGARD TO DAD. IF SOMEBODY PASSES AWAY, AND THEY HAVE NOT. NO ONE ELSE HAS TAKEN RESPONSIBILITY FOR THAT DEBT SO THERE'S NOT ANOTHER JOINT OWNER OF THE ACCOUNT SOMEBODY THAT HAS COSIGNED AND TAKEN LEGAL RESPONSIBILITY IF IT'S IN THEIR NAME ONLY. IT WOULD ONLY BE SETTLED BY THEIR ESTATES OF THE PERSON THAT PASS AWAY THERE AT THE ASSETS IN THEIR ESTATE WOULD BE THEN AVAILABLE TO SATISFY ANY OBLIGATIONS AND TO THE EXTENT THERE WASN'T ENOUGH ASSETS THAN THAT. THAT WOULD GO UNPAID. THE ONLY EXCEPTION TO THAT WOULD BE A IF AN ESTATE WHERE THE MARITAL PARTY WAS SEEN AS COMMUNITY PROPERTY AND THE SPOUSE EVEN THOUGH THEY WEREN'T A PARTY TO THE DEBT. IT'S TREATED AS THEIRS. OR IF SOMEBODY ELSE HAS ALSO ASSUMED RESPONSIBILITY FOR A PARTICULAR DEBT BUT APART FROM THAT, JUST BECAUSE YOUR HUSBAND'S BROTHER HAS POWER OF ATTORNEY DOESN'T MEAN HE'S TAKEN ON LEGAL RESPONSIBILITY TO PAY DEBTS BEYOND WHAT YOUR BROTHER'S ESTATE COULD SATISFY. HE JUST SIMPLY HAS THE POWER TO ACT ON HIS BEHALF IF HE IS UNABLE TO DO SO. DOES THAT MAKE SENSE OKAY VERY GOOD GAIL THANK YOU FOR YOUR CALL TODAY. I HUNDRED 525-7000 GOT A FEW LINES OPEN TODAY WOULD LOVE TO HEAR FROM YOU. I LET'S HEAD TO DERMATOLOGIST TENNESSEE MARCUS, THANK YOU FOR GOING TO AND I DON'T DO A GREAT, THANK YOU SO VERY MUCH FOR YOUR YOU DON'T THINK IT LEFT ME AT NIGHT YOU CANNOT INVITE THEM HOURS I WAS HEARING IT ON. I WOULD LIKE INVESTMENT CHURCH WITH ABOUT $90,000 FOR A CREDIT MAKING THE ALREADY OWNED ATLANTIC 20 DON'T WANT TO DEAL GOING TO GIVE THEIR $90 OVER THREE YEARS. I LOVE THE IS SO I WOULD NEED TO HAVE A SECONDARY JOB LIKE MARTIN CAN'T DELEGATE THAT YARD WEEK. CURRENTLY I MAKE AROUND 4500 55,000 YEAR WIND CLEANING THAT IT BRACKET COURSE THAT WOULD MEAN PICNICKING CLOSE TO 90,000 YEAR.

WHILE WE TALK OF THE DEAL. I NEED TO MAKE ON IT ON IT WAS THE FINAL PART OF THE QUESTION, WHAT WOULD BE A WISE DECISION RELATED TO WHAT I I'M HAVING IT. IT SECONDARY JOB OR IS THERE ANOTHER WAY TO I GET IT LATE, BUT MY CHURCH, WHAT YOU FIND.

I DON'T KNOW IF SECOND, ANOTHER WHACK IT. YEAH. WELL FIRST OF ALL MARCUS I JUST SAY I'M INCREDIBLY IMPRESSED AND EVEN CHALLENGED BY WHAT YOU'RE DESCRIBING HERE, HERE YOU ARE MAKING $45-$55,000 A YEAR IN YOUR WANTING TO FIND A WAY TO GIVE WHAT OBVIOUSLY THE LORD IS PROMPTED YOU TO DO WHICH IS TO GIVE $90,000 TO YOUR CHURCH OVER A THREE-YEAR PERIOD OF TIME.

THAT'S INCREDIBLE AND I'M EXCITED FOR YOU TO GO ON THIS JOURNEY TO SEE WHAT GOD DOES IN YOUR OWN SPIRITUAL WALK JUST AS YOU LEAN INTO THIS AND SAY GOD I BELIEVE THIS IS FROM YOU. I DON'T KNOW HOW IT'S GONNA HAPPEN BUT I'M WILLING TO PUT IN THE WORK AS YOU PROVIDE. I'M TO MAKE THESE GIFTS.

I THINK A COUPLE OF THOUGHTS.

NUMBER ONE IS YOU WANT TO LOOK AT WHETHER THERE'S OTHER WAYS TO GIVE OUT OF APART FROM JUST CASH. 90% OF GIVING MARCUS IS DONE IN THE FORM OF CASH MEETING WE GET PAID WE HAVE CASH IN A BANK ACCOUNT OR CHECKING ACCOUNT.

WE MAKE A GIFT WHAT THE PROBLEM IS ONLY 10% OF OUR WEALTH ON AVERAGES HELD IN THE FORM OF CASH, SO OUR BIGGEST OPPORTUNITY FOR GIVING IS ON OUR BALANCE SHEET, OTHER ASSETS, REAL PROPERTY, REAL ESTATE, STOCKS AND BONDS. YOUR OTHER THINGS THAT HAVE VALUE THAT WE COULD MAKE A GIFT OF AND IN DOING SO EVEN PAY LESS TAXES BECAUSE WE MAY BE MISSING A CAPITAL GAIN ON APPRECIATED STOCK OR PIECE OF REAL ESTATE THAT WE WOULD BE ABLE TO GIVE TO THE CHURCH.

I GUESS THAT WOULD BE MY FIRST QUESTION IS, IS THERE AN ASSET THAT YOU COULD LIQUIDATE IN A WAY THAT'S EFFICIENT FROM A TAX STANDPOINT TO HELP YOU MAKE THIS GIFT OR IF NOT, DOES THIS REALLY NEED TO COME FROM YOUR INCOME WHICH WOULD THEN LEAD YOU TO THE POSSIBILITY OF A SECOND JOB. I KNOW I DO HAVE BROUGHT BINDING, BUT I'M PRETTY SURE THAT IF I WAIT WHERE TO DRAW FROM THAT. IT LIQUIDATE THAT RUN AND I MEET AT MAKE THEM THINK WHAT YEAH THAT CHINA GET WELL IT'S GONNA BE IN THERE FOR FIVE YEARS AND THAT IF YOU TAKE OUT ANYTHING BEYOND YOUR ORIGINAL CONTRIBUTIONS WHICH YOU CAN GET OUT OF ANY TIME YOU ARE TO HAVE A PENALTY AND THEN PAY SOME YOU HAVE SOME OF THE TAXES THAT WOULD BE DUE.

SO I THINK THE KEY WOULD BE, YOU KNOW, ARE YOU IN A SITUATION WHERE YOU KNOW YOU'RE WILLING TO TAKE THIS ON AND DO SOME EXTRA WORK WHICH WILL ALLOW YOU TO PRESERVE YOUR LONG-TERM SAVINGS UNLESS THE LORD LEAD YOU TO GIVE AWAY YOUR RETIREMENT SAVINGS. I THINK THE OPPORTUNITY YOU HAVE IS TO KNOW, LIKE YOU SAID WE WILL AND ADD A SECOND JOB AND USE THAT TO MAKE THIS GIFT. HERE'S THE THING THOUGH YOU MENTIONED PUTTING YOU IN A HIGHER TAX BRACKET YOU WILL BE ABLE TO DEDUCT A MAJOR PORTION OF THIS IN ALL LIKELIHOOD, YOU'D BE ABLE TO DEDUCT UP TO 60% OF WHAT'S CALLED YOUR ADJUSTED GROSS INCOME 60% OF YOUR ADJUSTED GROSS INCOME, WHICH IS BASICALLY THE INCOME THAT YOU ARE MINUS A FEW ADJUSTMENTS THAT ARE MADE SO HERE TO BE ABLE TO GET A TAX DEDUCTION FOR THESE GIFTS TO YOUR CHURCH HAS THAT MONEY COMES IN RIGHT BACK UP MONEYWISE LIVE AND THANKS FOR JOINING US TODAY. I MONEYWISE LIVE BIBLICAL WISDOM FOR YOUR FINANCIAL DECISIONS.

IS IT RIGHT BACK TO THE PHONES TODAY. BY THE WAY, A FEW LINES OPEN 800-525-7000. JACKIE, YOUR NEXT UP IN CLEVELAND, OHIO FOUR REVOCABLE TRUST THAT THERE'S A WAY.

WHEN WE DIE GARLIC AND BOARDING KNEE ARE ETHNICALLY CURRENTLY. ALAN CAN GO DIRECTLY TO MY CHILDREN IF SOMETHING WERE TO HAPPEN HERE AND IF YOU WERE TO GET REMUNERATE WORKING OUT WELL. I'M NOT AN ATTORNEY, SO I THINK IT'S ALWAYS BEST FOR YOU TO VISIT WITH AN ESTATE ATTORNEY JUST TO TALK THROUGH EXACTLY WAY THINGS SHOULD BE STRUCTURED, BUT I WILL SAY THAT WITH A VOTE. REVOCABLE TRUST, YOU CAN OBVIOUSLY MAKE AN AMENDMENT OR AN ADJUSTMENT TO IT.

IF IT'S BEEN DONE BY BOTH OF YOU. YOU WOULD BOTH HAVE TO AGREE TO THAT BUT YOU COULD CREATE A NEW TRUST AND ASSIGN A TRUSTEE WITH CERTAIN PROVISIONS TO ENSURE THAT UPON CERTAIN SITUATIONS, INCLUDING REMARRYING ASSETS THAT ARE YOURS WOULD PASS A CERTAIN WAY, BUT THAT'S GONNA REQUIRE YOU TO A TRUST AMENDMENT THAT YOU BOTH AGREE TO. YOU MAY HAVE TO HANDLE IT THROUGH YOUR WILL WITH ASSETS THAT ARE OUTSIDE OF THE TRUST BASED ON THE DIVORCE DECREE SO I THINK THERE'S A NUMBER OF WAYS TO GO. THE BOTTOM LINE IS YOU'RE GOING TO NEED SOME LEGAL COUNSEL JUST TO MAKE SURE THAT THIS IS STRUCTURED PROPERLY, BUT I'M CONFIDENT THAT, BASED ON HOW THE ASSETS ARE DIVIDED THAT YOU KNOW YOU'LL BE ABLE TO SET THIS UP IN A WAY TO HONOR YOUR WISHES WITH THE ASSETS THAT ARE YOURS BUT IT IS LIKELY GOING TO INVOLVE SOME CHANGES TO THE WAY THE ESTATE IS CURRENTLY STRUCTURED MY I WOULD LIKE TO ARRANGE IT. NINE I CONTROL MY WARNING BACK IN 19 OUT FILING A CONTROL OF THE WAY HANK WOULD HAVE TO MEAN THAT RIGHT NOW ARE WORKING. I WOULD CHECK WITH YOUR ATTORNEY, BUT I WOULD JUST SAY HE'S GOING TO HAVE THE RESPONSIBILITY TO SET UP AND CONSTRUCT HIS ESTATE PLAN WITH THE PORTION THAT THIS IS A BASED ON HIS WISHES SO THAT WILL LIKELY CHANGE AND YOU WOULD BE ABLE TO HAVE CONTROL OVER THAT NECESSARILY NECESSARILY WITH REGARD TO HOW HE CHOOSES YOU OFTEN IF HE WERE TO DECIDE TO REMARRY. THAT WOULD BE DONE THROUGH A PRENUPTIAL AGREEMENT WHERE HE WOULD DECIDE UPON REMARRYING THAT HE WANTS THE ASSETS THAT WERE ACCUMULATED PRIOR TO THAT MARRIAGE TO PASS DIRECTLY TO HIS KIDS, BUT THAT WOULD OF COURSE BE HIS DECISION WITH THE ASSETS THAT ARE DEEMED TO BE HIS IS A PART OF THE DIVORCE PROCEEDINGS. SO I THINK YOUR BEST OPTION. FROM HERE, JACKIE IS TO SPEND SOME TIME TO VISIT WITH A GODLY ESTATE PLANNING ATTORNEY.

ONCE THE COURT HAS MADE A DECISION ON HOW ASSETS ARE TO BE DIVIDED AND AT THAT POINT TO GET A YOU CAN MAKE SURE THAT WITH WHAT'S IN YOUR CONTROL.

AT LEAST THAT YOUR ESTATE PLAN IS CONSTRUCTED ACCORDING TO YOUR WISHES. I KNOW THIS IS A DIFFICULT SEASON.

CELESTE LORD GIVE YOU SOME WISDOM AS YOU NAVIGATE THIS NOT ONLY FINANCIALLY BUT WITH THE KIDS AS WELL. WE APPRECIATE YOUR WEIGHING IN TODAY AND CALLING GOD BLESS YOU.

LET'S I HAD TO CHICAGO W MBI TAMMY, THANK YOU FOR GOING TO READ IT SO MANY DIFFERENT FINANCE COMPANY FOR THE RIGHT COMPANY NOW SO MANY DIFFERENT ONES. I'M NOT COMFORTABLE YEAH WHY THE KEY HERE IS YOU JUST WANT TO FIND THE VERY BEST RATES AND TERMS FOR YOUR CREDIT SCORE, YOU KNOW IT'S VERY POSSIBLE TO REFINANCE YOUR AUTO LOAN YOU COULD START WITH YOUR CURRENT LENDER WOULD BE EVEN EASIER THAN FILLING OUT AN APPLICATION WITH THE NEW LENDER. ASSUMING THEY'RE WILLING TO GIVE YOU A COMPETITIVE RATE. IF NOT, I'D CHECK BANK RATE.COM BANK RATE.COM OR NERD WALLET.COM EITHER OF THOSE TO ME WHAT I THINK, BE A GOOD SOLUTION WHERE YOU CAN SAY SPECIFICALLY THAT YOU'RE LOOKING FOR AN AUTO LOAN SPECIFICALLY FOR REFINANCE. THE GIVE YOU A LIST OF BANKS YOU SEE THE RATING OF THOSE BANKS, BUT YOU ALSO SEE WHAT'S MOST IMPORTANT AND THAT IS THE TERMS THAT THEIR OFFERING AND DEPENDING ON HOW MUCH MONEY THEY HAVE THE LAND AT ANY GIVEN TIME. SOME LENDERS WILL OFFER MORE COMPETITIVE RATES THAN OTHERS, AND THAT'S ALWAYS CHANGING SO THERE'S NO WAY TO KNOW WHO'S THE BEST ONE RIGHT NOW.

APART FROM DOING THAT RESEARCH, BUT I THINK IF YOU CAN IMPROVE YOUR SITUATION WITHOUT EXTENDING THE TERM OUT, THEN THIS COULD MAKE SOME SENSE. ESPECIALLY IF YOU HAD POOR CREDIT REPORT, CREDIT SCORE AND THAT'S IMPROVED SO YOU COULD DO FIND YOURSELF IN A BETTER POSITION BECAUSE IF NOT, RATES ARE HEADING HIGHER AND IT'S PROBABLY YOU CAN FIND UNLESS YOU HAD A DRAMATIC IMPROVEMENT IN CREDIT SCORE PROBABLY NOT FIND A MORE FAVORABLE LOAN RIGHT NOW AND LISTEN FOR SOME REASON THAT YOU HAD AN ABOVE MARKET RATE LOAN TO CHECK OUT NERD WALLET.COM BANK PAY MORE OF YOUR QUESTIONS JUST AROUND THE CORNER 800-525-7000. THIS IS MONEYWISE LIVE JOINED US TODAY FOR MONEYWISE LIVE WHEN WE APPOINT GOD'S WISDOM TO YOUR FINANCIAL DECISION DEALING WITH TODAY IN YOUR FINANCIAL LOVE TO HEAR FROM ONE LINE OPEN 800-525-7000 TO REMIND YOU MONEYWISE LIVE IN MONEYWISE MEDIA IS LISTENER SUPPORTED. THAT MEANS WE DO WHAT WE DO EACH DAY IS A DIRECT RESULT OF YOUR FINANCIAL SUPPORT AND GIFTS WOULD YOU CONSIDER A GIFT TO THE MINISTRY. WE'D CERTAINLY BE GRATEFUL YOU CAN HEAD TO OUR WEBSITE MONEYWISE.ORG, CLICK THE DONATE BUTTON THAT'S MONEYWISE.ORG AND CLICK DONATE FIND A MAILING ADDRESS TO SEND A PHYSICAL CHECK YOU FIND A PHONE NUMBER TO CONNECT WITH HER TEAM TOLL-FREE OR YOU CAN GIVE ONLINE SAFELY AND SECURELY.

WOULD YOU CONSIDER BECOMING A PATRON THAT IS A MONTHLY SUPPORTER, OR EVEN MAKING A ONE-TIME GIFT WOULD CERTAINLY BE GRATEFUL AGAIN MONEYWISE.ORG AND CLICK DONATE AND THANKS IN ADVANCE BY LET'S HEAD BACK TO THE PHONES 800-525-7000 COCONUT CREEK, FLORIDA. I KNOW IT VERY WELL ALL TO GARCIA, THANK YOU FOR CALLING A REDHEAD ON YOUR HOME ON A NUMBER LIKE WE DID. YEAH, I ACTUALLY PREFER YOU PAYING WITH AN ESCROW ACCOUNT AND HERE'S WHY.

ELSE ACROSS THE LENDERS WILL USUALLY OFFER BUYERS LOWER INTEREST RATES. IF YOU PAY THIS WAY IT'S.

IT PROTECTS THEM BECAUSE THEY CAN MONITOR WHETHER THESE PAYMENTS ARE BEING MADE, AND IT AVOIDS YOU KIND OF DELAYING PUTTING THAT MONEY ASIDE, HOPING YOU'LL HAVE MONEY AVAILABLE WHEN THE BILL COMES IN AND THEN GETTING CAUGHT WITH A BIG TAX BILL EITHER A PROPERTY TAX BILL LAURA H A HOMEOWNERS INSURANCE POLICY THAT YOU DON'T HAVE THE MONEY FOR. AND THEN YOU GET INTO A REAL PREDICAMENT AND SO THE ESCROW ACCOUNT IS GOING TO INSURER BECAUSE THE LENDER WILL MAKE SURE THAT IT HAPPENS THAT THE FUNDS ARE THERE AND DISPERSED ON A TIMELY BASIS.

THE ONLY DOWNSIDE IS YOU JUST HAVE TO KEEP TRACK OF IT BECAUSE MORTGAGE COMPANIES CAN MAKE MISTAKES AND SO YOU'RE GONNA WANT TO MONITOR THAT ACCOUNT JUST TO MAKE SURE EVERYTHING IS BEING APPLIED PROPERLY AND THERE OFTEN GOING TO WANT YOU TO HAVE A CERTAIN PERCENTAGE OF A BUFFER IN THERE SO THEY DON'T EVER GET INTO A SITUATION WHERE YOU KNOW THERE'S NOT ENOUGH MONEY TO MAKE THE PAYMENT AND SOMETIMES THAT INVOLVES ESTIMATES WHICH MAY MEAN FROM TIME TO TIME. YOU HAVE A LITTLE BIT MORE IN THERE THAN IS NEEDED AND SO THAT CAN FRUSTRATE SOME FOLKS. BUT APART FROM THAT, I REALLY LIKE PAYING THROUGH ESCROW. FOR THE REASONS I MENTIONED IS JUST TO MAKE SURE YOU DON'T GET SURPRISED WITH THE BILL THAT YOU DON'T HAVE THE MONEY FOR AND MAKING SURE YOUR TAXES SEE YOUR PROPERTY TAXES ARE PAID IN YOUR HOMEOWNERS INSURANCE IS PAID IS PRETTY IMPORTANT. DOES ALL THAT MAKE SENSE SO YOU'RE VERY WELCOME WALTER GROSSI. WE APPRECIATE YOU CHECKING IN WITH US TO HOUSTON, TEXAS. CHARLES, THANKS FOR CALLING GRANITES OR ALL NOW ESTIMATED AT ABOUT $2 MILLION LOAN $300,000 STILL ON IT AND WOULD LIKE TO STAY IN THE PROPERTY OUT CONSIDERING A REVERSE MORTGAGE MILLION DOLLARS EQUITY AND CAN'T SAY IT, BUT THAT PAY THE LOAN OFF AND I END UP WITH ABOUT NO MAYBE 600,000 HOW TO FIGURE OUT A CALL FOR YOU.

WELL YOU REALLY YOU HAVEN'T LIQUIDATED THE PROPERTY SO SINCE YOU DON'T HAVE AN INCREASE YET YOU'RE JUST BORROWING AGAINST THE ASSET, BUT THEORETICALLY YOU HAVEN'T REALIZED ANYTHING. EVEN THOUGH YOUR PULLING MONEY OUT UNTIL YOU SELL IT AND THEN YOU COULD CLEARLY ESTABLISH THE COST BASIS FOR THE ASSET WHICH WOULD BE THE SAME FOR TAX PURPOSES AS WELL AS FOR TITHING. IF YOU WANTED TO GIVE THE TIDE.

THAT IS THE 10TH OF THE INCREASE.

YOU WOULD HAVE TO DETERMINE WHAT IS MY SELLING PRICE MINUS MY ORIGINAL PURCHASE PRICE MINUS ANY TRANSACTION COSTS OR IMPROVEMENTS THAT REMAIN WITH THE PROPERTY YOU COME UP WITH YOUR NET PROFIT, AND THAT WOULD BE YOUR INCREASE AND THEN YOU COULD GIVE A GIFT OF THE TITHE BUT IN THIS CASE YOU'RE NOT REALIZING THE SALE OF AN ASSET. YOU'RE JUST BORROWING AGAINST IT, SO THERE REALLY IS NO INCREASE THAT'S BEEN REALIZED AT THAT POINT DOES IT MAKE SENSE YOU KNOW I'M NOT A BIG FAN. I MEAN I AM NOT ONE OF THOSE IT SAYS NO, NEVER BUT THEY'RE COSTLY YOU KNOW THERE'S QUITE A BIT OF FEES IN THEM. YOU KNOW YOU DON'T HAVE THE ABILITY TO DEDUCT INTEREST. ALTHOUGH 80% OF FOLKS DON'T DO THAT ANYMORE BECAUSE OF THE STANDARD DEDUCTION YOU NEED TO MAKE SURE THAT YOU KEEP THE ALL THE OTHER THINGS PAID SO THAT YOU KNOW YOU DON'T GET FORECLOSED ON AND YOU GOTTA HAVE THE MONEY TO PAY THE PROPERTY TAXES AND MAINTAIN THE HOMEOWNERS INSURANCE AND THAT KIND OF THING AND THEN YOU'VE GOT TO JUST UNDERSTAND THE IMPLICATION FOR YOUR HEIRS THAT IF YOU WANTED THEM TO BE ABLE TO KEEP THE PROPERTY IN THE FAMILY. LET'S SAY OBVIOUSLY THAT LOAN IS GONNA HAVE TO BE REPAID. WHEN THAT ASSET TRANSFERS WHICH MEANS THEY WOULD LIKELY HAVE TO SELL IT, BUT APART FROM THAT, IF THIS IS THE HOME YOU WANT TO BE AND YOU CAN'T SOLVE A GAP ON EURO INCOME THAT'S NEEDED TO SUPPORT YOUR LIFESTYLE. ANOTHER WAY BY DOWNSIZING. BEING ABLE TO DO THAT WITHOUT USING DEBT THEN OBVIOUSLY YOU'RE SITTING ON A MAJOR ASSET THAT COULD BE EITHER THROUGH A LUMP SUM OR A MONTHLY CHECK CONVERTED INTO AN INCOME STREAM FOR THE REST OF YOUR LIFE THAT COULD HELP YOU MEET YOUR OBLIGATIONS AND COVER YOUR EXPENSES AND STAY RIGHT THERE IN THE HOME. YOU LOVE SO I THINK FOR THAT REASON THERE IS A THERE IS SOME MERIT IN IT, EVEN THOUGH THERE ARE SOME DOWNSIDES FROM AN ESTATE PLANNING STANDPOINT AS WELL AS JUST NOTE THAT THE COST OF IT, SO TO SPEAK, TO SOME EXTENT A HIGH LOOKING AT GETTING THE MONEY OUT USE OF MONEY THAT I GET OUT HEIRS LIKE HERE YOU STAY HERE, YOU WILL HAVE A PAYMENT AND YOU CAN MAKE SOME EXTRA MONEY NOT HAVING TO MAKE WHAT I WAS GOING TO USE THE MONEY YEAH DO YOU OWN THE HOME FREE AND CLEAR TODAY. YOU $315,000 LOAN OCL THREE AND 50,000 ON MORTGAGE RIGHT NOW. I DON'T LIKE THE IDEA BORROWING AGAINST IT TO INVEST IN YOUR PRESUMING UPON THE FUTURE YOU YOU'RE GOING TO HAVE TO SPECIALLY AS INTEREST RATES HAD BEEN THERE TO BE EVEN A LITTLE HIGHER TO REVERSE MORTGAGE THAN CONVENTIONAL LOAN RATES YOU HAVE TO OUTPACE THAT AFTER TAXES AND SO THE IDEA THAT YOU YOU KNOW NOT, YOU'RE NOT USING IT TO FUND LIFESTYLE AND YOUR COST OF LIVING YOU'RE USING IT TO TRY TO INVEST IN OUTPACE THE OTHER MORTGAGE INTEREST RATE TO GROW THE MONEY QUICKER MEANS YOU HAVE TO TAKE A GOOD BIT OF REST WHICH MEANS YOU COULD LOSE MONEY ON THAT AND THEN YOU KNOW IF YOU DID YOU HAVE THE MORTGAGE TO BOOT.

SO I'M NOT A BIG FAN OF THAT APPROACH CHARLES, I THINK I WOULD TRIED TO MOVE TOWARD GETTING THIS MORTGAGE PAID OFF AND ENJOYING THE FREEDOM OF THOUGHT LETTING THIS ASSET CONTINUE TO APPRECIATE, SO THEY COULD BE A NICE INHERITANCE FOR THE KIDS IF THAT'S WHAT YOU WANTED TO DO OR GIVE A PORTION OF IT TO MINISTRY. THE QUICKER YOU CAN GET THAT PAID OFF. THE QUICKER YOU BRING YOUR LIFESTYLE EXPENSES DOWN EVEN LOWER. I WOULD PREFER YOU GO THAT WAY, AS OPPOSED TO USING THE DEBT OF THE HOME. THE EQUITY OF THE HOME TO INVEST IN. THAT'S JUST ME YOU THINK ABOUT IT PRAY ABOUT IT. THAT'S MY BEST ADVICE TO THIS OR WE APPRECIATE YOU CHECKING IN WITH US FOLKS AS WE THINK ABOUT APPLYING GOD'S WISDOM TO OUR FINANCIAL DECISIONS EACH DAY REALLY COMES DOWN TO FIRST SURRENDERING TO THE LORD AND RECOGNIZING THAT MONEY ISSUES ARE HARD ISSUES AND THAT THE WAY WE HANDLE OUR MONEY IS REALLY THE TRAINING GROUND OF THE HEART. WHAT IS GOD TRYING TO TEACH US. HE WANTS OUR HEARTS. HE WANTS US TO GROW IN OUR RELATIONSHIP WITH HIM, AND OFTEN MONEY CAN BE A STUMBLING WHAT IF WE HOLD LOOSE LIVE SIMPLY GIVE GENEROUSLY AND SAY LORD, WHAT WOULD YOU HAVE. I THINK THAT'S THE STARTING POINT FOR ALL OF OUR MONEY DECISIONS AND THEN WE CAN LIVE WITHIN OUR PROVISION AND WE CAN GIVE IT AWAY AND HAVE SOME MARGIN AND THE FREEDOM TO LIVE OR DIE. GIVE HER GO, AS THE LORD LEADS TO MORE MONEY WAS NOT JUST A SHORT BREAK, BUT RIGHT ALONG WITH HIS LIES LIVE BY GOD'S WISDOM TO YOUR FINANCIAL DECISION TO THE PHONES WE GO, INDIANA'S WORKERS LOCATED PATIENTLY. CHRISTINE AND HER NAME.

HE LINING YOUR LIVE.COM YOU ARE AND I DID YET. I'M REALLY HOPING I CAN GET A CREDIT CARD ONLINE WITH NO MJ, $29,000 YOU THINK THAT GAINING POPULARITY AND WILL I POSSIBLE. IT SCARES ME A LOT FOR CHRISTINE. SO TELL ME MORE.

WHAT ARE YOU BUYING BORROWING $29,000 ON THE CREDIT CARD LINE MAKE GOOD MONEY ON I'M BACK. I THINK THAT THE ACADEMY ON INTERNET CAN BRING A KNIFE FIGHT TO CARRY. I WILL HAVE MY HOME PAID OUT IN THE WIND SO I HAVE THAT LUGGAGE CASE WILL HAVE ALL THE LOOKING FOR CURRENT AND WILL CONTINUE TO LOOK FOR TIME AND ENERGY IN STUDYING NEXT YEAR 2023. I WANT TO GET DIANA HOME EVERYONE HERE A QUICK LEARNER AND ARE ACTUALLY Acting HEAVILY IN THE HALL AND WILL I NEED TO GET A PLANE HAD BEEN LYING TO GET IT NOW FINANCING A PLACE I CAN DO IT 18 INCHES THAT I DON'T HAVE TO. I GET THAT I LAID TRYING TO GET THAT MUCH MONEY I CAN EASILY PAN OFTEN, BUT THAT EXTRA STUFF TO CHARITY.

BUT NOW MORTGAGE AND RUNNING DOWN THE ANSWER I GOT IT MAKE SENSE OF AT LEAST PLEASED TO HEAR THAT YOU THOUGHT THROUGH IT AND LIKE YOU SAY YOU HAVE A GOOD INCOME YOU'RE ON TRACK TO PAY OFF YOUR HOME. THAT'S GOOD.

THINK YOUR BIGGEST EXPENSE OUT OF THE EQUATION YOU HAVE THIS ADDITIONAL INCOME THAT YOU BEEN DELAYING SO YOU GOT A PRETTY HEALTHY SOCIAL SECURITY CHECK. NOW THAT YOU'RE 70 AND YOU BEGIN COLLECTING IN SEPTEMBER AND YOU'RE WORKING UNTIL NEXT YEAR AND IT. I ASSUME YOU'VE THOUGHT THROUGH YOUR BUDGET AND YOU'LL BE IN PRETTY GOOD SHAPE AT THAT POINT.

I GUESS THE QUESTION IS YEAH CREDIT CARD KNOW YOU'RE GOING TO HAVE YOU HAVE TROUBLE. CHRISTINE GETTING THAT KIND OF LIMIT RIGHT OUT OF THE GATE. DO YOU HAVE A GOOD CREDIT SCORE.

DO YOU HAVE OTHER ACCOUNTS OKAY WELL THAT'S INCREDIBLE. YOUR THREE POINTS ARE, YOU'RE IN THE TOP 1% OF ALL AMERICANS TO SEE AND I NOW UNDERSTAND YOU.

THAT'S GREAT.

I GUESS YOU KNOW THE MENU CERTAINLY COULD DO A PORTION OF THIS I MEAN I I WOULD TYPICALLY NEVER ENCOURAGE SOMETHING TO DO THIS ON A CREDIT CARD AND I HEAR WHAT YOU'RE SAYING YOU'RE YOU'RE JUST LOOKING AT WHERE CAN I GET THIS AND SPEND THE LEAST AMOUNT OF MONEY AND IF I CAN DO THIS WITH USING SOMEBODY ELSE'S MONEY ON A 0% KIND OF BASIS THEN YOU LOVE TO DO THAT. TYPICALLY YOU WOULD SEE THAT WITH A BALANCE TRANSFER OFFER, BUT NOT USUALLY 30 GRAND YOU MAY FIND AN INTRODUCTORY OFFER FOR A NEW CREDIT CARD BUT TYPICALLY THEY'RE GOING TO START WITH A MUCH LOWER BALANCE, EVEN THOUGH YOU GOT A PHENOMENAL CREDIT SCORE SO YOU CAN LOOK AT THIS. I THINK THE OTHER OPTION IS YOU COULD LOOK IN ON A HOME EQUITY LOAN, YOU COULD TALK TO YOUR BANK ABOUT A PERSONAL LOAN ON THIS.

IS THERE NO REASON TO START TAKING SOCIAL SECURITY EARLY OR DELAYING THIS RENOVATION UNTIL NEXT FALL AND JUST TRYING TO DO IT OUT A CASH FLOW WOMAN.

I THINK THOSE WOULD BE OTHER OPTIONS.

OR YOU COULD DO A COMBINATION OF THE TWO WHERE YOU TAKE OUT A NEW INTRODUCTORY CREDIT CARD THEY GIVE YOU 10,000 AND YOU DO IT THAT WAY BUT TRYING TO GET OPEN THREE CARDS AND BUNDLING THEM ALL TOGETHER AND THAT KIND OF THING.

I THINK THAT'S JUST YOUR BE PROBLEMATIC SO YOU PROBABLY CAN HAVE TO PIECE THIS TOGETHER IN A COUPLE WAYS MAYBE DELAYING IT AS LONG AS YOU CAN AND THEN MAYBE NO TALKING TO YOUR BANK PERSONAL LOAN AND OR PORTION OF THAT ON A CREDIT CARD FOR VERY SMALL AMOUNT OF TIME. ALL $29,000 COMING THAT LOGGING CANNOT TELL MIKE THAT I THINK NO BUYER LIKE TO GIVE YOU A MINUTE FOR 12 MIND AT THAT DOLLARS. THAT'S RIGHT, THAT'S A LOT OF MONEY. YES, SO THIS CAN BE REALLY PROBLEMATIC SO THAT YOU HAVE TO GET CREATIVE AND FIGURE OUT HOW YOU CAN DO THIS, PERHAPS EVEN THE YOU KNOW IS THERE AN OPTION WITH THE PERSON THAT YOU BE DOING THE WORK WITH WILL THEY FINANCE IT FOR A PERIOD OF TIME.

I THINK YOU COULD LOOK AT THAT AS WELL SO I WOULD DO YOUR HOMEWORK. I DO LIKE NERD WALLET A LOT SO YOU COULD START YOU KNOW STALKING AROUND TALK TO YOUR BANK. YOU'RE OBVIOUSLY A VERY LOW CREDIT RISK BECAUSE OF HOW GOOD THAT SCORE IS. SO I SUSPECT WILL BE A LOT OF PEOPLE WANTING TO WORK WITH YOU CHRISTINE. JUST MAKE SURE YOU SAID AND I HEAR THIS IN YOUR VOICE, BUT I JUST WANT TO ENCOURAGE IT STAY LASER FOCUSED ON GETTING THIS PAID OFF JUST AS QUICK AS YOU CAN, NO MATTER WHICH WAY YOU GO OKAY I GOT BLESS YOU CHRISTINE. LET'S STAY IN INDIANA. PAMELA, THANKS FOR CALLING THE REDHEAD HERE I AND I APPARENTLY REPAVING CHARITY THAT MY 401(K) AND NOT EVERYTHING IN A LITTLE BIT OF MONEY. NOT A LOT OF THAT 21,008 THOUGHT MAYBE I SHOULD START TAKING.

HOWEVER, I WAS WONDERING IF THERE WAS A WAY INTO SOMETHING OUT OF WHICH I UNDERSTAND I CAN'T GET AN IRA WORKING INCOME THAT YOU KNOW YES I DO. WHAT IS YOUR AGE, I CURRENTLY OKAY SO YOU NOT TAKING REQUIRED MINIMUM DISTRIBUTIONS LAST WIRE YOU WANTING TO PULL THE MONEY OUT STOCK MARKET AND I YEAH I WOULDN'T DO THAT. I THINK THE FIRST QUESTION IS ARE YOU INVESTED IN THE RIGHT THINGS. GIVEN YOUR AGE AND WHAT YOU'RE TRYING TO ACCOMPLISH IS THIS MONEY, YOU DON'T NEED TO FUND YOUR EXPENSES ON A MONTHLY BASIS AND THEREFORE YOU CAN CONTINUE TO ALLOW IT TO GROW. UNLESS SOMETHING UNFORESEEN HAPPENS DOWN THE ROAD AND RETIREMENT PART OF THEIR DOLLARS AND HOW MUCH IS IN IT RIGHT NOW 21,000 OKAY WELL THAT'S NOT SURPRISING, JUST GIVEN WHAT'S GOING ON IN THE MARKET BUT I I DON'T KNOW THAT THE ANSWER IS TO PULL IT OUT. I THINK YOU COULD TAKE A LOOK AT WHAT ARE THE RIGHT INVESTMENTS AND DOESN'T NEED TO BE MOVED, BUT UNLESS YOU JUST ARE LOSING SLEEP OVER AND YOU LIKE PEACE OF MIND YOU, HERE'S THE THING YOU NOT 69 YEARS OLD OF THE LORD TERRY'S AND YOU'RE IN GOOD HEALTH. THIS MONEY YOU KNOW IS MONEY THAT YOU MAY NOT NEED TO TOUCH FOR 20 YEARS OR MORE, BECAUSE YOU DON'T YOU'VE GOT YOUR BILLS COVERED AND YOU HAVE THIS MONEY CAN CONTINUE TO GROW. SO IF YOUR TIME HORIZON IS LESS THAN FIVE YEARS. I'D SAY WELL YEAH MAYBE YOU NEED TO THINK ABOUT DOING SOMETHING DIFFERENT JUST TO PROTECT WHAT YOU GOT. BUT IF WE'VE GOT A MUCH LONGER TIME HORIZON AND YOU KNOW THE WAY PEOPLE ARE LIVING LONGER THESE DAYS. YOU LIKELY DO ONLY NOBODY KNOWS WHETHER WE HAVE OUR NEXT BREATH EXCEPT THE LORD BUT APART FROM HIM CALLING YOU HOME. THIS IS MONEY THAT CAN GROW FOR A LONG PERIOD OF TIME AND YOU KNOW WE HAVE THESE MAJOR PULLBACKS IN THE MARKET. YOU KNOW EVERY 12 YEARS OR SO WE WERE DUE FOR ONE.

BUT USUALLY THEY'RE VERY TEMPORARY AND THEN THE MARKET MOVES TO HIGHER HIGHS AND THAT'S JUST WHAT'S HAPPENED THERE'S NEVER BEEN A 20 YEAR PERIOD EVER IN THE LAST HUNDRED YEARS WERE THE MARKETS BEEN DOWN SO I THINK THE OPPORTUNITY IS TO REPOSITION THESE ASSETS OF THEIR INVESTED RIGHT AND THEN JUST LET IT GROW BECAUSE WITH INFLATION. IF YOU PULL IT OUT, YOU'RE NOT GONNA PAY A PENALTY, BUT YOU PAY TAX ON IT AND THEN IS JUST GO SIT IN A SAVINGS ACCOUNT POTENTIALLY AND IT'S LOSING MONEY EVERY MONTH BECAUSE WITH INFLATION YOU'RE LOSING PURCHASING POWER, WHEREAS AT LEAST IN THE STOCK MARKET, YOU KNOW IT THOSE STOCKS EVEN THOUGH THEIR DECLINING ON A TEMPORARY BASIS AND HAS THE ABILITY OVER TIME TO GROW AND OUTPACE INFLATION SO THAT YOU KNOW 10 YEARS DOWN THE ROAD. LET'S SAY YOU NEED THIS MONEY FOR SOMETHING UNEXPECTED AND IT'S A GOOD BIT HIGHER THAN IT IS TODAY BECAUSE IT HAS THE GROWTH COMPONENT ATTACHED TO IT, SO NO TELLING WHAT TO DO IF YOU JUST ARE UNCOMFORTABLE BEING INVESTED THEN BY ALL MEANS YOU CAN PULL IT OUT AND TO YOUR QUESTION, THERE REALLY ISN'T A WAY TO PULL IT OUT TAX-FREE. YOU CAN ROLL INTO AN IRA. YOU DON'T HAVE TO HAVE EARNED INCOME TO DO AN IRA ROLLOVER YOU DO TO CONTRIBUTE TO AN IRA BUT NOT TO DO A ROLLOVER SO YOU CAN ROLL INTO AN IRA.

BUT THEN YOU HAVE TO DECIDE WHAT TO INVESTED AND IF YOU JUST LEAVE IT IN CASH. IT'S GONNA LOSE VALUE, BUT YOU DO HAVE THAT OPTION. WHAT YEAH VANGUARD HAS PLENTY OF INVESTMENT OPTIONS. I'D PROBABLY CONTACT YOU THROUGH WHAT'S CALLED THE VANGUARD ADVISOR. THEY CAN HELP YOU BUILD VERY LOW COST PORTFOLIO USING VANGUARD INDEX FUNDS THAT GET THIS INVESTED IN A WAY THAT'S CONSISTENT WITH YOUR AGE.

TYPICALLY, THE 70 ROUGHLY 70-YEAR-OLD PERSON. YOU MIGHT HAVE 30 TO 40% IN STOCKS AND YOU KNOW 60 TO 70% IN FIXED INCOME TYPE INVESTMENTS AND YES THEY'RE GOING TO LOSE VALUE IN A DOWN MARKET BOTH ON THE STOCKS IN THE BONDS BUT YOU BE LOOKING LONG TERM. FOR THIS TO GROW OVER TIME.

IF YOU PULL IT OUT THAT YOU CAN ROLL OVER LEAVING CASH, THERE'S NO TAXES BUT AGAIN WITH INFLATION YOU'RE LOSING PURCHASING POWER. IF YOU PULL IT OUT OF THE TAX-DEFERRED ENVIRONMENT INTO THE 401(K) OR THE IRA YOU CAN HAVE TAXES ON TOP OF THAT, SO I WOULD PROBABLY REPOSITION THE ASSETS AND THEN JUST LET IT GO AND THEN YOU KNOW CHECK ON IT EVERY SIX MONTHS OR SO. BUT THAT'S JUST MY BEST ADVICE FOR YOU PAM I THINK YOU NEED TO PRAY ABOUT YOUR DISTORTED THESE ASSETS SO WE WANT YOU TO MAKE THIS FINAL DECISION AND ASKED LORD TO GIVE YOU SOME WISDOM, BUT VANGUARD THE ADVISORS THERE AT THE VANGUARD COMPANY SHOULD BE ABLE TO HELP YOU REPOSITION THIS IN A WAY THAT'S CONSISTENT GOOD ABOUT FITS WITH WHAT YOU'RE TRYING TO ACCOMPLISH, HOW WE APPRECIATE YOUR CALL TODAY APPRAISAL OR GIVE YOU SOME WISDOM ESTABLISH FOR US TODAY.

FOLKS, WE REALLY APPRECIATE YOU JOINING US IS WE EXPLORE THE SCRIPTURES AND APPLY GOD'S TRUTH.

THE DECISIONS AND CHOICES YOU MAKE MONEYWISE LIVES PARTNERSHIP BETWEEN THE RADIO AND MONEY WAS ROBERT SUTHERLAND ANDERSON WELL LOOKING FOR YOU AGAIN TOMORROW ANOTHER EDITION MONEYWISE LIVE


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