Ep 44: Mailbag - Gifts to Children, Money After Retirement, Hiring Advisors
RetirementOn This Episode
In today’s mailbag, we’re answering your questions. Carl wants to know if he can gift $150,000 to his daughter. Laura wonders what she should do with her money after retirement. And Eddie is debating whether to hire a financial advisor.
Takeaways
On today’s Saving With Silverman podcast, Mark Silverman CFP® answers your mailbag questions.
Carl’s mom died, and he needs to sell her house. He’ll be getting about $150,000 from the sale. He doesn’t need the money, and he wants to give it to his daughter so she can pay off her student loans and other debts. Can he just wire the money to her, or will that create a problem?
I’m not a CPA, so I can’t legally give tax advice. But depending on inheritance and the estate situation, you may have some taxes due. So just wiring her the money might not be the best option.
Reach out to your CPA and talk with an estate attorney if you have one. You can always reach out to us, and I can provide you with the name of someone here in town that does good work.
Laura is a federal employee and will have a nice pension when she retires next year. But she’s wondering about the money in her TSP. should she keep it invested there or move it someplace else?
That’s a good question. It’s good that you have a pension. We don’t see too many of those today. A TSP is basically a 401k for government workers. Once you leave your employer, it always makes sense to roll it to an IRA account.
You’re unlocking more choices and you’re more in control of that money. That's something we can help you do. TSP’s are decent plans, but you’re limited in what you can do.
Eddie manages his own money, but he’s having trouble turning it all over to somebody else. Why should he hire a financial advisor?
We’ve had one of the longest bull markets we’ve ever had. Anyone who’s not doing well in this market, there’s something wrong.
But could you have done better with an advisor? Probably. We look at your entire financial picture, including investments, tax planning, estate planning, insurance, legacy planning, education, risk, etc.
It’s not about how much money you’re making. It’s about how much money is made after fees and taxes are paid.
We’ve had one of the longest bull markets we’ve ever had. Anyone who’s not doing well in this market, there’s something wrong.
- Mark Silverman, CFP®
The Layout
Listen to the entire episode to hear more. Click on the timestamps below to skip to a particular segment.
0:33 – Gifting money to daughter
2:37 – Roll to an IRA?
4:05 – Hire an advisor?
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