Joe Anderson
ABOUT Joseph

As CEO and President, Joe Anderson has created a unique, ambitious business model utilizing advanced service, training, sales, and marketing strategies to grow Pure Financial Advisors into the trustworthy, client-focused company it is today. Pure Financial, a Registered Investment Advisor (RIA), was ranked 15 out of 100 top ETF Power Users by RIA channel (2023), was [...]

Alan Clopine

Alan Clopine is the Executive Chairman of Pure Financial Advisors, LLC (Pure). He has been an executive leader of the Company for over a decade, including CFO, CEO, and Chairman. Alan joined the firm in 2008, about one year after it was established. In his tenure at Pure, the firm has grown from approximately $50 [...]

Andi Last

Andi Last brings over 30 years of broadcasting, media, and marketing experience to Pure Financial Advisors. She is the producer of the Your Money, Your Wealth® podcast, radio show, and TV show and manages the firm's YouTube channels. Prior to joining Pure, Andi was Media Operations Manager for a San Diego-based financial services firm with [...]

Published On
April 4, 2023

How can you reduce taxes, IRMAA, net investment income tax, and required minimum distributions when you’ve got too much money in your tax-deferred retirement account – and just how much Roth conversion should you do? Plus, can you contribute to a Roth by transferring stocks “in kind”? If the check you send off to pay your estimated taxes isn’t cashed before the deadline, is it late? How does SECURE 2.0 impact 529 plans, and is 529 better than Roth IRA for college savings? Finally, Joe and Big Al spitball a 401(k) in-plan Roth conversion and retirement account consolidation strategy.

Follow the YMYW podcast Subscribe to the YMYW newsletter

Show Notes

  • (00:48) We Have Too Much in Traditional IRA. How’s Our Roth Conversion Plan? (Kelly, Idaho)
  • (10:54) Can I Make a Roth IRA Contribution by Transferring Stocks “In Kind”? (GDO, Delco)
  • (14:36) How to Pay Estimated Taxes: If My Check Isn’t Cashed Immediately, Is It Late? (Judi, San Diego)
  • (16:51) 529 Plan vs. Roth IRA: Does SECURE 2.0 Affect 529 College Savings? (George)
  • (20:49) 401(k) In-Plan Roth Conversion and Retirement Account Consolidation (Steve, Maine)
  • (27:07) The Derails

Free financial resources:

Your Money, Your Wealth® on YouTube

Download the 2023 Tax Planning Guide
Tax Takedown - Your Money, Your Wealth® TV - S9 | E2
Download the Tax Takedown Guide

Free Financial Assessment

Listen to today’s podcast episode on YouTube:


How can you reduce taxes, Income-Related Monthly Adjusted Amount (IRMAA), net investment income tax, and required minimum distributions when you’ve got too much money in your tax-deferred retirement account – and just how much Roth conversion should you do? That’s today on Your Money, Your Wealth® podcast 423. Plus, can you contribute to a Roth by transferring stocks “in kind”? If the check you send off to pay your estimated taxes isn’t cashed before the deadline is it late? How does SECURE 2.0 impact 529 plans, and is 529 better than Roth IRA for college savings? Finally, the fellas spitball a 401(k) in-plan Roth conversion and retirement account consolidation strategy. I’m producer Andi Last, and here are the hosts of Your Money, Your Wealth®, Joe Anderson, CFP® and Big Al Clopine, CPA.

We Have Too Much in Traditional IRA. How’s Our Roth Conversion Plan? (Kelly, Idaho)

Joe: We got “Dear Andi, Big Al and yo Joe, raving fan here writing in from Idaho. Love, love, love your weekly podcast. You 3 are awesome, and I look forward to your banter and laugh every week. Yes, I have another one of those pesky Roth conversion questions. Here’s our situation. Husband is 67. I’m 63. I retired two years ago. Hubby is 90% retired from a small business. We spent the last two years unraveling our life in San Diego-” That’s backyard. Yeah. Or front yard.

Al: Yeah., it’s, it’s here, right?

Andi: Our yard.

Joe: Well, yeah. We’re in the kitchen.

Al: Right now.

Joe: “- and rebuilding a new life in Idaho.”

Al: Yeah. Awesome.

Joe: Okay. We just finished building our retirement home and we also bought a small farm that is owned free and clear. Our annual living expense is around $80,000 of current dollars. Hubby just started taking Social Security at $24,000 a year. He calls it his whiskey and shotgun shell money.” Ooh, boom. Hubby, I wanna hang out with hubby. We could have some whiskey and shoot some guns.

Al: I’m thinking maybe Idaho’s a good place for you there.

Joe: Look at Idaho. “I don’t plan to take Social Security until at least 67. That’s $40,000 a year- or at each 70, it’s $50,000 a year. Once that happens, most of our living expenses will be covered by Social Security. Until then, we are living on savings and dividends. Neither of us have pensions. We met with our financial planner last year, confirmed that we had plenty of money. And he even suggested we take a stab at spending more. Like many, our issue is we have too much in the traditional IRA and we’d like your spitball to whether our plan outlined below makes sense. Here’s a current portfolio. Got a traditional IRA $2,100,000, brokerage account $1,300,000, Roth IRA $220,000, HSA $175,000, Simple IRA $130,000, inherited IRA of $1,000,000. Total portfolio, $4,000,000.”

Andi: $100,000 on the inherited IRA.

Joe: I stand corrected, what did I say?

Al: $1,000,000.

Andi: $1,000,000.

Joe: “We are planning to start Roth conversions this year. Our taxable income will be around $90,000. We’re thinking of converting around $185,000 to keep us under the $250,000 AGI. Our thinking is we’d like to avoid the net investment income tax. Also since my RMD with the SECURE 2.0 has been pushed out to age 75, we have a few more years to work on reducing that potential RMD. We’re thinking we’ll convert about $600,000 in the next 3 years. Then after that, we’ll continue doing conversions, but in smaller amounts. Does this seem like a logical approach? Are we overthinking the impact of net investment income tax? We have funds in our brokerage account to pay the taxes, but we don’t want to overdue conversions either. Our goal is not to convert all to IRAs, just enough to achieve a better balance between these types of accounts. We have no children, so we can spend every penny we have. We have 3 hunting dogs, two German short-haired pointers and one Boykin spaniel.” Boykin?

Al: I guess.

Joe: All right.

Al: So it says.

Joe: “My husband-“ Oh, there it is. I knew it was coming up. “-Ford F150. It’s got shotgun and whiskey.

Al: Oh, I can see that.

Joe: And it says “big surprise.” Oh, that’s hilarious.

Al: Yeah, right.

Joe: Kelly. “And I drive a swanky 2022 Lincoln Navigator.” Oh wow. That’s sexy.

Al: Yeah, that’s totally cool.

Joe: Look at Kelly in Idaho.

Al: That brand new Idaho Navigator.

Joe: You got it. “That was my stab at spending more money. I sold my 2013 Toyota Highlander commuter car with 220,000 miles, and I just wrote a check for the new Navigator. That was a new experience and it felt great. I don’t drink often, but when I do, my drink of choice is an ice cold margarita on the rocks with salt. And I’m happy to say we found some great Mexican joints here in Idaho, so it keeps us from being homesick from San Diego. Thanks for all you are doing and keeping your show informative and entertaining. You are helping so many of us create a brighter financial future. All the best, Kelly.” Well, congratulations Kelly.

Al: Yeah, that’s fantastic.

Joe: Okay. Got a conversion question. Yeah, but here’s, here’s the deal. $2,500,000. They wanna convert $600,000 in the next 3 years, (two times 4, 8, 80 some, and they’re going to the $250,000 mark) $250,000 is gonna be in one tax bracket.

Al: That’s in the 24% bracket.

Joe: Yeah, I like that number. I would convert, yeah, to the 24% tax bracket.

Al: Well, she’s saying should I stop in the 24%? Because they don’t wanna pay net investment income tax.

Joe: But they have $220,000, no, hold on. They have $1,300,000 in Roth, so net investment income tax. So if they’re selling anything in their brokerage account, they have to pay a capital gains rate.

Al: Or dividends and interest.

Joe: And so-

Al: Got that too.

Joe: Then there’s another 3.8% tax on top of whatever is subject to capital gains. I would say it’s probably going to be somewhat minimal.

Al: Yeah. Right. Here’s what I would do. I would- I get your point, and it’s a good point because once you get above $250,000 adjusted gross income, you’ve gotta pay an extra 3.8% tax on your passive income, including interest, dividends, capital gains, rental income, and the like. So then it’s, if you could keep it under that, you can avoid that tax. But the way I would think about it, maybe even see what happens is if you take it to the top of the 24% bracket, which is a lot higher, just add that net investment tax in there and see what the tax rate is and compare that to your future rate. You might actually want to go to, what is it, $360,000 this year?

Joe: But you gotta also compute IRMAA in there too, because -they’re 62 years old.

Al: Yeah, true. That’s not gonna happen for, well, it’s gonna happen. I mean-

Joe: So at 65-

Al: At 65, so they’re okay this year.

Joe: Yeah, they’re okay this year.

Al: Yeah. Good point. So that’s another one.

Joe: Because here’s my point, they don’t have any kids. It’s this gonna be Shotgun Shelly and Kelly.

Al: Shotgun Shelly and Kelly?

Joe: Hubby, I just called him Shotgun Shelly. Driving that Ford F150 drinking a little Jack Daniels. Okay. $2,100,000. So $80,000 is the conversion- I mean is the RMD, right?

Al: Yeah. Although by the time they turn 75, it’ll be probably more than double that because they’re 62.

Joe: Oh, there’s- oh, okay. So you’re saying that $2,100,000 is gonna grow, so they’re 62, RMDs in 13 years. That could be, could be $4,000,000.

Al: $4,000,000. $4,000,000 or $5,000,000, yep.

Joe: Or it could be $2,000,000. So on the low end it’s it could be $160,000. Their other income is how much?

Al: Well, their taxable income is $90,000 this year. So I guess you add $25,000 for standard deduction. So it’s probably call it $110,000, $120,000.

Joe: Okay. And then-

Al: So you add another-

Joe: $160,000 on that, or $100,000?

Al: Yes.

Joe: So it’s $220,000.

Al: Yeah. Somewhere in there.

Joe: You’ve just gotta look at what tax bracket that you’re in now, what you’re gonna be in the future, that the Jobs Cuts and Tax Act. Or the-

Andi: Tax Cuts and Jobs Act.

Al: 2018.

Joe: Yes. Thank you. 2026 that’s coming right around the corners.

Al: I know.

Joe: So you got a couple years until the low tax rates expire. So I would look at net investment income tax, add that back in if you wanted to go to the top of the 24%. Maybe you just blow it out, go top of the 24% tax bracket, pay the tax, get that money into a Roth, and then look at it each year. And say, okay, well here we’re getting close to Medicare age. I wanna look at the IRMAA tax, the net investment income tax. And you put all those other added things that happens when you increase your AGI and you put that in the pool and then that’s, and then you- with the tax, and you add that together to see what tax rate that is. So you put your marginal tax rate, Idaho’s tax rate, plus whatever add-ons for higher IRMAA and the net investment income tax. And then you calculate it out to say, all right, well, is this gonna be a lower rate still then where we’re heading in the future? And if it’s still a lower rate, you convert. If it’s a higher rate, you don’t.

Al: Yeah, that sounds complicated, the way you explained it.

Joe: I know.

Al: But that is the correct answer.

Joe: Sorry. Alright. Yeah, just kind of babbled on there.

Al: It’s all good. I mean, that is the right answer.

Joe: So, thank you Kelly. And tell Shotgun Shelly, he’s got a new nickname.

Al: And Kelly, I would say any of this that you’re considering is fine. Stopping at $250,000 is fine.

Joe: Do nothing is still fine.

Al: Yeah, yeah. You’re in great shape.

Joe: Buy another Navigator. Buy more whiskey, play some golf.

Al: Right. Get some more bullets.

If you’re getting body slammed while wrestling with your taxes, check out Tax Takedown, the latest episode of the YMYW TV show, and download the companion guide from the podcast show notes. Get basic training on important tax filing dates, deductions, brackets and limits, get your game on by learning to maximize your retirement plans, and stay in the game with tips to pin your taxes to the mat with asset location, Roth conversion and capital gains strategies. Click the link in the description of today’s episode in your favorite podcast app and watch the Tax Takedown and download the companion guide right in the podcast show notes, just before today’s episode transcript. 

Can I Make a Roth IRA Contribution by Transferring Stocks “In Kind”? (GDO, Delco)

Joe: “Hi Joe, Big Al, and Andi. Just a great show and my hands down favorite podcast. Driving a 2014 Nissan Murano Morano-” Mureno? Murano.

Andi: Murano I believe.

Joe: Murano “-that I love and the drink of choice is a Mich Ultra, and occasional Bloody Mary.” All right. Well, thank you. “I’m 68 years old, retired. And usually do not have any earned income which would allow me to make Roth IRA contributions. This year I have about $8000 in earned income and wanna make a Roth contribution in that amount. I’d like to move my stocks in-kind valued at $8000 from my brokerage account to my Roth IRA so I don’t have to sell the shares, creating the capital gain to generate the cash to deposit in the Roth. My question is, can I transfer the stock in-kind to the Roth IRA as a contribution? or do I need to sell the shares to generate the cash to make the contribution? I know I could just put the $8000 I’m earning into a Roth IRA, but I’m trying to move brokerage stock in-kind so that I can avoid paying the capital gains on transfer. Thanks. GDO.” GDO.

Al: GDO.

Andi: And GDO is from Delco, which I looked up. It turns out that’s Delaware County, Pennsylvania, which is the blue-collar suburb of South Philly.

Joe: South Philly.

Al: Oh, cool.

Joe: GDO. Yeah, I could-

Andi: GDO in Delco.

Joe: I could say all sorts of things what GDO might stand for.

Al: Yeah. Well, GDO, you have to sell the shares. When you do a Roth contribution, you have- it has to be after-tax money. So the fact that you bought stocks, that is after-tax money, but there’s a gain, you have to sell the shares first. The only way you can transfer in-kind is when you do a Roth conversion. So that’s a little different. That’s taking IRA money and converting it to Roth. That’s okay. But if it’s money outside of retirement plan, you gotta sell the stocks. You gotta pay the tax. And by the way, it’s not- there’s limits on what you can give. It’s $7500 if you’re over 50, it’s $6500 if you’re under 50. You cannot put more than that in a Roth for a Roth contribution. If you do, you get penalized. And- and that’s an annual penalty that can add up over time.

Joe: Yeah. So you can’t put in the $8000.

Al: No.

Joe: $7500 GDO.

Al: That’s your number this year.

Joe: $7500.

Al: And you have to pay the tax, unfortunately.

Joe: Yeah. But if your income is $8000. You’re not gonna pay the tax because your capital gains rate is 0%.

Al: True.

Joe: Because you’re-  if you’re in the 12% tax bracket or lower, which is, if GDO is, was it, is he married or is he single?

Al: Doesn’t say.

Joe: All right.

Al: Well, but, but he also says $8000 is earned income. So he might have other income too.

Joe: If he’s got- let’s see, taxable income rate of under $45,000, there would be no capital gains rate, and if you are married, it’s roughly $90,000. I’m rounding a little bit here.

Al: Yeah, yeah, yeah. Although you can also add the standard deduction, which makes it-

Joe: So it’s $120,000 if you’re married. And another probably what, $60,000.

Al: Yeah. Yeah. So good point. The point is you don’t pay capital gains tax if you’re in the 10% or 12% tax bracket, so check that out. They’re different if you’re married versus single. Your state may or may not follow that same rule. Ours doesn’t. So there is no free lunch on our state, California, but some states probably do.

Joe: Hope that helps.

How to Pay Estimated Taxes: If My Check Isn’t Cashed Immediately, Is It Late? (Judi, San Diego)

Joe: We got Judi from San Diego. She’s asking for a favor. “Can I ask a favor? Can you ask your boys what is the best way to pay estimated taxes?” What did- did she send this to you, Andi?

Andi: She texted me, yes.

Al: So how does she have your cell number? So it’s somebody you know.

Andi: Because we talk gardening.

Joe: Oh.

Al: Okay.

Andi: So, yeah, she had me over so that I could check out her amazing gardens.

Joe: Yeah. Okay. All right.

Al: Cool.

Joe: “They offer an iOS app, send a check, or on their website. I’m wondering if it makes a difference. If I mail a check and they don’t cash it for a month, is that a late payment?”

Al: Yeah. So this is in reference to paying estimated taxes to the federal government, or state.

Joe: As long as the federal, I mean- as long as the check is dated, right?

Al: Yeah. So, so the way it works is, I don’t know what’s in the iOS app, but most people either mail in a check or pay it on the website. I pay it on the website. It’s just simpler. If you mail a check, the date it’s postmarked counts as the date. So if you really need a few more days’ float, then you know  April 15th, go ahead and mail that check. Make sure it gets postmarked though. You may have to stand in line with everyone else who’s taking their tax returns in at 11 o’clock at night, at the post office to get that done. But yeah, that works. For me, I like the website. Here’s why, because it’s easy, it’s quick. I get an email confirmation. It’s really easy to find what I paid just by doing search through my email, that’s what I like to do.

Joe: I agree.

The 2023 Tax Planning Guide contains all the important details you need to know before you file your taxes, a checklist of items that’ll help you prepare for the next tax season, and strategic tax planning moved that can help reduce your tax liability. The Tax Planning Guide is free courtesy of YMYW, and available now in the podcast show notes at YourMoneyYourWealth.com – just click the link in the description of today’s episode to get there. If you’ve got money questions, comments, suggestions or requests of your own, click Ask Joe & Big Al On Air in the podcast show notes and send ‘em on in, because the show wouldn’t be a show without you!

529 Plan vs. Roth IRA: Does SECURE 2.0 Affect 529 College Savings? (George)

Joe: “Hi. I listened to various financial podcasts and different podcasters have given different answers to this question.” Well, you’re gonna get another different one.

Al: We probably will have another. Yeah, you’re right.

Joe: “Question one, do you think savings for kid’s college, 529, is a good idea? We are California residents.” Yes. I think saving into a kid’s college 529 plan is a good idea.

Al: I think it’s a fantastic idea.

Joe: 100% tax-deferred. It will be tax-free on distribution to pay for higher education.

Al: And- and if you have more than one kid, if one kid doesn’t use it, you can transfer beneficiaries to another person even to a grandchild. So, yeah, I like that a lot.

Joe: Love it. “Or is it better to save the same amount of dollars in my Roth IRA instead of my 529?” No. I think, well, I see the logic there. Because if you don’t need the 529 plan, you can save it into the Roth IRA and it’s for your education, I mean, it’s for your retirement. If you do need the Roth for higher education, you can take FIFO tax treatment. And if you’re under 59 and a half it’s tax-free to you. You just can’t touch the earnings. Roth IRA’s not gonna hurt your, you know, I was gonna say FICO scores, but it’s not your FICO scores. It’s FAFSA.

Al: Oh yeah, yeah, yeah, I think that’s federal aid? FAFSA?


Al: You, you haven’t had to do that yet, have you?

Joe: Not yet.  “Question 3. If the kids end up having a large five- if the kid has a large 529 savings, will that prevent him from getting scholarships and federal aid students if need be?” Sure. It’s gonna be assessed in the FAFSA form.

Al: It’s from my understanding, it’s a factor. It’s not necessarily a huge factor, but it is a factor. Certainly merit-based scholarships, there’s no impact at all. We’re talking about financial aid is where it could be a factor.

Joe: “Does SECURE 2.0 affect 529 program?” Yes. Very lightly.

Al: Yeah. Yeah, right?

Joe: I think it’s more hype than- there’s more sizzle than steak there.

Al: So that you can transfer up to the contribution limits that year into, from a 529 plan into a Roth IRA. You have to have earned income. The account has to be open for 15 years. You can’t use any contributions or earnings for the last 5 years. You can only do, right now it’s $6500 per person or $7500 if you’re over, 50. And there’s a $35,000 limit lifetime. So it’s- and it’s not even available for a few years, I think.

Joe: Yeah. So I think there’s good points in all of this. That I like the 529 plan. I have money in a 529 plan. I never thought I would say that.

Andi: I was just- I was kind of surprised.

Al: Right.

Joe: Yeah. I was just-

Andi: And you’re not gonna use it for golf academy?

Joe: No. Well, maybe.

Al: Yeah. And I used to have 529 plans. I like them. I get the logic on the Roth IRA and there’s some merit there. It’s just that, I don’t know, just the, the way the, it’s hard to get money to Roth. It’s easier to get money into a 529 plan.

Joe: I’d rather take a loan to pay for kids’ education than to take money from my Roth.

Al: Yeah. But I guess if you’re thinking this is what’s going for the kids’ education and you get into a Roth if you got a bunch of money, I mean, there’s exceptions to what we’re saying, but I think in general, I’d rather use a 529 plan.

Joe: “Thanks, and look forward to hearing the answers on the podcast. You should consider doing Zoom classes online for the folks who are not local to the San Diego area.” We do a TV show, George, it’s called Your Money, Your Wealth®. Yeah, it’s kind of like a class.

Al: Yeah, kind of.

Andi: You can find it on YouTube.

Al: And we do webinars. Online.

Joe: All right. Well, maybe I’ll consider that for George. Thanks for the question, bud.

401(k) In-Plan Roth Conversion and Retirement Account Consolidation (Steve, Maine)

Joe: “Hello Gents. Currently unemployed, early 50s, $600,000 into a 401(k) plan, $100,000 in a Roth, $400,000 in a brokerage with all taxes paid. No important bills other than food and beer.“ Perfect.

Al: Yeah, I like it.

Andi: That’s an important bill.

Joe: Yeah. “Put a little golf in there. And that’s my, that’s my budget.”

Al: So there’s no rent needed or maybe, I guess house is free and clear, maybe.

Joe: “I’d like to do, number one, do a 401(k) in-plan Roth conversion to move $50,000 for this year, minimizing the tax hit. Then number two, roll my 401(k) to IRAs to consolidate all accounts at one financial institution and also provide greater investment flexibility. Got some questions. Would my new rollover IRA have the same protections, creditors, etc., as my current 401(k)?” Depends on what state he lives in. Where’s Steve from?

Andi: Maine.

Joe: Steve from Maine.

Al: Maine. This would be a great question for an attorney in Maine. I can tell you in California there are certain protections of taking IRA money into a 401(k). It’s the first $1,000,000, $1,500,000-

Joe: But I guess- is it criminal versus liability, because then that’s where it gets a little bit dicey, depending on the state. But if you roll money from a 401(k) into an IRA, and this is depending on state, the same protections apply because those monies were seasoned in a 401(k).

Al: Yeah. If it’s below certain level for that state, if Maine even has such a thing.

Joe: Correct.

Al: Which we, we don’t know. You like this? We’re just striking out.

Joe: It’s awesome. Awesome.

Al: This whole show. It’s spit balling, and people, we’re doing the best we can.

Joe:  It’s like oh my God. Just a couple of morons. Just, just, just making up stuff as we go. “Is it risky to have all my retirement money in one custodian?” No.

Al: Yeah, I agree with that. Doesn’t matter.

Joe: “Should I wait another year? And roll over another $50,000 in-plan Roth conversion for next year before rolling the 401(k) into an IRA. Thanks.” Why does he wanna do an in-plan conversion versus just doing- moving everything into an IRA and then converting to a Roth IRA?

Al: Yeah. Well, I guess he’s unemployed so he can do that. He can take it outta the 401(k) and put it into an IRA-

Joe: But if, okay-

Al: And so you could do a Roth conversion from your IRA, which is simpler anyway.

Joe: It’s a lot simpler than in the IRA.

Al: Yeah, that’s what I’m saying. I mean, if you’re 50 and working, you probably can’t, cannot do an in-service withdrawal yet. And so it’s- but you say you’re unemployed. So this is, this is an old plan, which means you could roll it anytime you want. It’s easier to do a Roth conversion from IRA to Roth IRA than it is from 401(k) to in-plan 401(k). But-

Joe: I would move the money from the 401(k) into an IRA.

Al: Yeah, that’s for sure.

Joe: Consolidate, that’s what you wanted to do. And then you do your conversion from there.

Al: But check with your attorney in Maine and find out if you get the same protection.

Joe: Yeah. I don’t know what, what, what’s Steve do? He’s drinking beer. He wants food. You know what I mean?

Al: Not too much likelihood to be sued?

Joe: I don’t know. Is he gonna get sued for something? Does he- I mean, are you worried about getting sued? If that’s- keep it in the 401(k).

Andi: “In Maine, IRAs are exempt only to the sum of $15,000, or to the extent reasonably necessary for the support of the debtor and any dependents.”

Al: Okay. Well that’s what we read off of Google, but still check with an attorney there.

Joe: Yes.

Andi: Yeah.

Joe: I would yeah, I don’t know if, if you’re worried about it, then keep it in the 401(k) plan. But if you want consolidation, then move it into the IRA.

Al: Yeah. I would say, I don’t know. I mean- so who should be worried about this? I mean, like, let’s say you were a doctor and you had several cases that went south and you’re afraid a lawsuit might come up. Or maybe you’re just in a- kind of doctor where things don’t necessarily go 100% just because it’s kind of risky surgery. And maybe you keep in the 401(k) just for that extra protection. On the other hand, if you’re just-

Joe: If you’re like, yeah, have your own practice doctor.

Al: Yeah, yeah. Right. If you’re just-

Joe: If you’re at Sharp-

Al: Yeah. Joe Worker at Target.

Joe: Yeah. You have your own practice and you’re in a litigious type of industry. Maybe you’re a contractor or something.

Al: Yeah. Subcontractor. And you’re not so sure about that one job you did 20 years ago. Yeah. Or even two years ago. But yeah, the, the real answer, that’s the second question we’ve done where we said ‘the real answer is talk to someone else’.

Joe: Talk to someone else.

Al: Talk to an estate planning attorney in Maine. They’ll give you the most correct answer.

Joe: There’s gotta be a better podcast you can start listening to where you would actually find the right answer.

Al: True.

Joe: All right. That’s it for us folks. Thanks a lot for joining- bringing your questions in. And we’ll see you again next week. The show’s called Your Money, Your Wealth®.

Andi: Spousal pet names and Idaho in the Derails at the end of the episode, so stick around. Hey, thanks to everyone who has recommended YMYW to a friend – the best way to help us grow the show is by telling someone about it, and we appreciate it when you do! You can also help new listeners find YMYW by leaving your honest reviews and ratings for Your Money, Your Wealth in Apple Podcasts, and any other podcast app that accepts them.

Your Money, Your Wealth® is presented by Pure Financial Advisors. Click the “Get An Assessment” button in the podcast show notes at YourMoneyYourWealth.com or call 888-994-6257 to schedule your free financial assessment, in person at one of our seven offices around the country or online, a time and date convenient for you, no matter where you are. Chances are, one of the experienced financial professionals at Pure will be able to identify strategies to help you create a more successful retirement.

Pure Financial Advisors is a registered investment advisor. This show does not intend to provide personalized investment advice through this broadcast and does not represent that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the broadcast in the process of making a full and informed investment decision.

The Derails



Pure Financial Advisors is a registered investment advisor. This show does not intend to provide personalized investment advice through this broadcast and does not represent that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the broadcast in the process of making a full and informed investment decision.

• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.

• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.

• Opinions expressed are not intended as investment advice or to predict future performance.

• Past performance does not guarantee future results.

• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.

• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.

• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.

CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.

AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.

CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.