What to Do With Inheritance Money? - 428
Your Money, Your Wealth · Joe Anderson, CFP® & Alan Clopine, CPA
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Show Notes
So you're about to receive a large inheritance - what should you do with it? Joe and Big Al spitball on suddenly becoming $85 million dollars richer. Plus, is it nuts to semi-retire early? Should retirement contributions be split between Roth and traditional accounts? Can you do conversions to your kids' custodial Roth accounts? The fellas also spitball tax bracket-based Roth conversion strategies to help you pay the least amount of tax possible, long term, and they discuss required minimum distributions on inherited assets, and whether to pay off a 401(k) loan if it's "paying" you 8% per year.
Timestamps:
- 00:48 - I'm Inheriting Millions of Dollars. What Should I Do With It? (Michael, Binghamton, NY)
- 07:04 - Should I Split Retirement Contributions Between Roth and Traditional 457? (Kevin, Folsom, CA - voice)
- 11:34 - Should I Do 100% Roth TSP Contributions? Am I Nuts to Semi-Retire Early? (Derek, Seattle)
- 16:30 - Should We Do Roth Conversions to the Top of the 22% or 24% Tax Bracket? (Bill, Maryland)
- 23:53 - Is My CPA Correct That I Can Convert $24K to Roth Tax-Free? (Sam, Newark, NJ)
- 26:52 - Can I Convert 457 Money to My Kids' Custodial Roth Accounts? (Brian, Binghamton, NY)
- 32:50 - RMD Rules for Inherited Roth IRA and Traditional IRA (Dan, Brick, NJ)
- 38:48 - Should I Pay Off My 401(k) Loan That's "Paying" Me Over 8% Per Year? (Anon, Denver, CO)
- 42:59 - Comments on Keeping Employer IRA Money Separated
- 44:46 - The Derails
Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-428
- Complete Roth Papers Package
- Episode Transcript
- Ask Joe & Big Al On Air