And good evening.

You've got more than money.

You've got Gene Dickison your host, your personal financial advisor for the next half an hour.

I am at your service, offering you all of my 780 years of experience.

Life's great mysteries.

You can't explain.

How does this guy have 780 years?

There's no mathematical calculations.

It works.

It's a combination of algorithms and, an X and Y, an exponent exponent, exponential calculations and compound.

It's none of that.

It's just fun.

We're just having a little fun 780 years of experience.

Of course after this most election, the most recent election cycle.

I'm feeling all of the 780.

I think we all had, election fatigue at the end.

Now that it has been resolved.

Off we go.

Let's make America the very best that it possibly can for as many people as we possibly can.

Everybody deserves the great opportunity that America has to offer.

So let's, let's let's join forces and and be incredibly positive.

Folks go, Gene, You are certainly a half glass full kind of guy, and I, I tend to correct them.

I say, you don't know me very well.

His.

Yes.

I'm not a glass half empty.

Certainly.

But I'm not a glass half full either.

I'm a glass overflowing guy.

I am so, so very grateful for the the tremendous abundance that has been, a blessing.

I was, yeah, born very, very modest.

Means, without a doubt.

But I was born in America.

The most amazing opportunity right there, I had I had everything I needed right there, to be successful.

And, God's been blessed everywhere.

And one of the greatest blessings, greatest blessings that I have in my life is you.

You.

I don't know all of you by name.

Couldn't possibly that that be kind of weird?

Unless I only had, like, four viewers and then that would really be weird.

Bottom line is, I am blessed by you every single time I am able to, to show every time I'm able to respond to one of your emails.

I am blessed by you.

I have been, charged with a mission, and that's to serve as many people as I possibly can with the skills that I have.

Other folks have much more impressive skills.

They can make, rocket ships and they can, do, amazing things medically.

Fantastic.

Might be spiritual skills.

My skills happened to be in the financial arena.

And being able to serve you is a tremendous blessing.

And as a reward for that blessing you, you have made us the most, relevant financial show on television today.

Bar none.

So, we say that boldly, not because of our skills, my skills, but because you allow us, to share in your concerns and your your goals and your dreams for for yourself and your family.

And you allow us to help craft some strategies that might very well, benefit you and your family for generations to come.

That that's a tremendous blessing.

So thank you for all of that.

And, goodness, since I've.

Thank you.

Let's let's get right to work.

Some guys, have all the bad luck.

There is this is an article.

I will read as much of it as I can.

Skipping over the irrelevant parts, but it's an article written by a financial advisor about a gentleman named Harry dent.

Harry Dent is an author.

He's a book.

He writes books, has been around for a very long time.

And his particular genre, I hope I'm using that word correctly, that his particular genre is the financial world and and predicting he he's he's very big into predicting where the markets are going to go.

And, apparently this financial advisory has kind of had his fill of people coming and going.

Harry Dent says things are going to get really bad.

So he has written an article that talks about, the fact that Harry dent, who is currently, by the way, predicting that the S&P 500 is going to fall by 80%, he's predicting it's going to lose 35,000 points.

The doubt, apparently, if in his opinion, I would agree, you would do very, very well if over many, many years these past many years, 30 years or so, you had done exactly the opposite of what Harry dent had suggested to you.

He's suggesting this crash is coming in 1994, he published a book called The Great Boom Ahead The New ERA of Prosperity.

And in that year, 1994, the the S&P 500 made nothing zero great year.

Prosperity in 1999, five years later, he wrote The roaring 2000 how the stock market was going to go straight through the roof.

And in 2000, it fell 9%.

In 2001, it fell 12%.

In 2002, it fell 22%.

Three of the worst collective consecutive years ever.

Ouch.

Bottom line is that he came back.

Apparently, persistency is is his his character trait.

In 2004, the next great bubble boom.

How to profit from the greatest boom in History.

From 2005 to 2009, the market had some of the greatest declines.

Between 2007 and 2009, it dropped 54%.

Boom.

Perhaps not, 2008 The Great Depression ahead.

And for those of you that stuck in the market or entered the market after 2008, you already know that, story from 2009 forward, the market did absolutely beautifully, tripled in value.

So the Great Depression ahead again, not so good.

2002 how to prosper during the Global Meltdown 2015 what to Do When the Bubble Pops 2016 the sale of a lifetime.

The Great Bubble Burst of 2017.

For 30 years he has been consistently wrong.

We often, sadly, sadly, in our lives, we are often looking for experts.

We are looking for folks that, either through their academic achievements or just self-appointed, decided that they knew more than everyone else.

And often when someone is trying to win an argument, to be political, we've just gone through that goodness gracious.

But but it could be anything they will cite.

They they they will, quote an expert, someone who has written a book and sadly, I think one of the benefits of having lived through the last, what, ten years or so, maybe longer, is our growth, I think appropriately so.

Distrust of experts, just for fun.

So where does all this, how does all this help you?

There are folks out there, doom and gloom ers that will tell you that the sky is falling.

He's been doing it for 30 years.

He's been wrong.

Basically, every time there are other folks glass overflowing kind of guys, it's rosy sunshiny.

Life is glorious.

You can't lose.

Neither of those is correct.

And if you are constructing your financial life based on, an experts opinion, prognostication, psychic ability, you are doomed.

And it doesn't matter which direction they are projecting, which direction they are trying to convince you that they know more than you.

If you are basing it on someone's internal opinion project psychic ability, you're doomed as a result.

Quality financial advisors, quality financial advisors are always interested in creating investment platforms and financial plans that are.

Now I use the phrase I don't know that anybody else does, but I think you'll understand it pretty easily.

I call them evergreen.

These are investment platforms and strategies that are going to be successful in good times and bad.

They're going to be successful in the markets.

A little low markets a little high.

When the economy's struggling, when the economy is doing well, you should be able to get a good solid, consistent result from your strategies, whether they be, financial, estate planning, insurance, etc.

all of those taken together should be successful in dependent of all this noise that's out there in the world.

So quality financial advisors, there's lots of them.

Make sure that you're working with someone who hears all of this and goes and doesn't really mean much to us because we're working with a much stronger, much more consistent strategy.

Nice start, Megan, over here.

I'd give her credit for that.

Megan's on assignment.

Interesting.

Short question.

Moving from inherited IRA to Roth IRA.

My mom left me her IRA with nearly $200,000 earlier this year.

I know I have to take the money out over ten years and pay the taxes.

I want to convert those withdrawals into a Roth IRA.

Is it best to take it out evenly over ten years or more?

I'm sorry to, ensure that we get most of it.

Or is it better to take it out, in short order?

Okay.

We we in past shows, we have talked about the difference between, Roth IRA contributions and Roth IRA conversions.

A conversion says it's in an IRA, and I want to take a chunk of it out and put it into a Roth IRA.

I'll pay the tax, but I want to convert it.

Sadly, that is not permitted within inherited IRA.

Why?

I'm not sure.

I think it would benefit the government.

They get money up upfront.

They get the tax money sooner rather than later, would certainly benefit lots of you.

But conversion?

No.

Could you take, 50 grand for four years and convert?

The answer's no.

But contributions are a different question.

So is there a way to get $200,000 over ten years into a Roth, either IRA or 401 K?

We know we're going to pay tax.

We absolutely get the inherited tax idea, but is there a way to do that?

Well, there's a couple different ways.

As a matter of fact, let's assume just for the sake of argument, we're working with $20,000 a year.

That would end up being the $200,000 over ten.

If that is true.

And in your family unit, husband and wife, for example, you could contribute $14,000 to a Roth IRA, one for each of you.

That's a good start.

And if you're taking 20,000 out, depending on your tax bracket, you got to pay tax on that.

You may end up with about 14 or 15 grand.

You may end up being able to contribute, not convert contribute the net amount each year into a Roth IRA.

If that is the approach, then you want to do that year by year, by year by year.

You don't want to take out big chunks because you're limited to how much you can contribute to an IRA.

Now some folks are saying, well, wait a second, what if he can't contribute to an IRA?

What if they're already contributing to an IRA?

The answer is who else is in the family?

They might be able to help or might wish to help.

Is there a son, a grandson, a daughter, a granddaughter who's working really hard, doing a great job?

Maybe they would like to fund Roth IRAs for them.

So all of a sudden there's $20,000 through various combinations.

Even though we're paying some tax, we can get it into a Roth environment.

Like, we can get it into a Roth environment and end up having some tax free, capital going forward.

I mentioned in passing the Roth 401 K as a very interesting, possibility, particularly using these kind of numbers.

If you're 50 and over, you're allowed to put roughly $30,000 into your 401 K, and you can split that up.

It can go into a traditional, the four on K traditional side.

You'll get a tax deduction for that.

You can put it into the Roth side.

And you don't get a tax deduction.

But you're now into the Roth world.

And instead of $7,000 for each person, in, it's up to $30,000 for each person.

So, again, same numbers, 200,000, 20,000 bucks a year.

We're taking it out.

Let's say the gentleman who has the inherited IRA is currently putting ten in.

He could put 20,000 in, if he decides he wants that all Roth he can put it into the Roth, he will end up paying tax on 20,000 bucks, but he will have the net amount going into his Roth for one K and then be tax free for the rest of his life and maybe for subsequent generations.

Pretty exciting stuff.

Maybe, he and his spouse have those opportunities, but all of these can be examined rather easily, rather quickly.

This is with 3 or 4 questions, a couple of numbers, a good strategy.

And so having this money, God bless your mom, having this money come to you, excuse me, allows you all of these options, all these strategies to explore, pick the one that's best for you.

That's always good advice.

Pick the one that's best for you.

For those of you're going to wait.

Whoa, whoa.

Where's Megan?

Megan is on assignment.

It's it's my guess is that she's having a lot of fun on her assignment.

I'm a great guy.

I assign her to do fun things the way that works.

And so she has entrusted me, to handle both the reading and the answering of these questions.

And hopefully, so far, so good.

Let's go, let's go.

Move forward.

This gentleman, what happens to his wife when he chokes?

Now, for those of you, you're going.

Oh, that's so indelicate.

I cannot believe he said he croaks.

You'll understand why I said that in the headline.

When you hear the email.

Don't judge me too harshly.

Well, not yet.

Or maybe just not for that reason.

Gentleman writes I'm 81.

Fantastic.

My wife is, 79.

I'm wondering if we need a financial advisor.

I have managed our finances for our lifetimes, and I have done okay, but he puts a question mark after that.

We own two homes.

Value 600,000 for their primary residence, 300,000 for a vacation home.

They have $750,000 in Vanguard funds.

They have 110,000 in a CD, 100,000 plus in various banks.

And his comment is not too shabby for 80 year olds.

Not too shabby, sir.

I bow to you.

I bow to you.

Very fantastic.

Well done.

We talking about this election cycle and we want everyone to prosper.

Yes.

Not bad at all for 80 year olds.

I don't know where you started, but where you're ending is fantastic.

Chris, you probably only have 20 or 30 more good years left, so we'll have to make do.

Goodness.

Now, he says, I will probably croak, before my bride, and that scares her to death.

She is reluctant to assume responsibility for almost $2 million in cash investments in real estate.

So I'm looking for a, I'm looking for an assistant to take over now, so that when I croak, she will have reliable information and guidance.

Please advise.

Well, Bless you.

You've done wonderfully well.

You should be very, very proud of yourself.

Hopefully your wife appreciates it and is very proud of you as well.

Now, having said that, we all have to face our mortality.

By the way, you're 81.

You're facing your mortality.

Someone who's listening this evening, who is 31, you have to face your mortality, too when you track the obituaries the way our company does on a daily basis.

Yeah, there's a lot of folks who are dying at 81, 85, 87.

Sadly, we lose folks at 31, 33, 37.

So understanding this challenge, understanding the the the very serious nature of this challenge is extremely important.

The age is interesting, but not terribly relevant.

So having said that, what's the best approach?

He uses a word in this email that would cause some financial advisors to say, we're not interested.

And that word is assistant.

Many financial advisors are of the mind, that they are so bright, so capable, so professional, and so talented that they really don't want their clients to get too terribly involved.

They don't want too much discussion.

They simply want them to give them the money, let them handle it however they decide is best.

And basically trying to move along.

Quality financial advisors don't believe that at all.

Quality financial advisors see their work with their clients as very much a team effort.

One of the comments I have made for the vast majority of my 780 years of experience is that for financial advisory clients who wish to, kind of bleed over and start telling me how to invest money, the comment I have made to them, as to the importance of our partnership, is this they will never know ever as much about all of this as I do.

They will never know as much about investing, about estate planning, about tax planning.

They will never know as much about retirement as they will never know as much as I do.

Now, before you get too offended at the arrogance of that statement, that is not arrogance.

That's fact.

Here is another fact.

I will never know as much about their personal situation.

Dreams, aspirations, goals, fears, hopes as they do in order for a financial advisor to do an outstanding job, the very best job possible.

Knowing all the stuff, all the solutions is actually, I was going to say half is probably less than half of solving the problem.

Knowing all the personal stuff is more than half.

I can't be an effective advisor without knowing all that, without them being actively engaged.

Very, strong levels of communication and persistent levels of communication in our world.

Minimum interaction with a financial advisor should be at least every 90 days.

Some folks say, well, my advisor, as you know, at our last annual meeting, I don't know how an advisor, first of all, with with 12 months separating our last meeting, I guarantee you, their advisors who would pass you in the grocery store and not know who you are, not recognize you when you're working with a quality advisor who provides minimum quarterly reviews.

And often those quarterly quarterly reviews are in addition to tax planning, estate planning, wills and trust, executors, meetings, insurance examination, etc., etc..

So maybe four, six, eight, ten different meetings in a year.

That level of communication is vital for a financial advisor to make the correct recommendations, the most appropriate, the most specifically appropriate recommendations for a client.

So when this gentleman uses the word assistance, I like it, I like it.

I think he's got exactly the right idea.

I think now is the time.

You don't want your bride going through that fear at your passing.

What you want is that fear to be, is eliminated to the greatest extent possible right now.

So you work with a financial advisor as a team.

We don't give up on your ideas.

We embrace them.

We, build that relationship with your wife.

We help her understand more and more and more about the the things that are being done, the actions that are being taken both now and what will be taken in the future so that that relationship is on very solid ground, a sound foundation of that relationship that will allow her when the time comes.

If the time comes, when you pass first, that she can go.

I'll be okay.

I know exactly who to call.

I've been in the office many times.

I know exactly who the people are.

I'm very comfortable with them.

They've been helping us for years.

That's the better way to go.

Outstanding question.

Congratulations to you for all you've accomplished.

That is fantastic.

You've got at least I have a suspicion 20 or 30 more good years.

But you have at least one more important thing to accomplish taking that fear away from your wife and giving her peace of mind.

I think we got time for one more, Let's see.

Taxing issues when your home is sold.

Oh, that could be interesting.

I've created a revocable trust, including my home and assets, to avoid probate.

I'm, waiting to move to a CCRC continuing care retirement community.

We've talked about this in prior shows.

If you have questions of course, send us an email.

I know I can easily sell my home without upsetting the trust.

That part is true, of course.

I am my husband now, deceased.

Never used our capital gain tax.

Waiver as we move from house to house over the years, when I sell my current home and move to the CCRC where I have to pay capital gains taxes, going back to all of those sales.

Talk about a disturbing fear.

This young lady is remembering a time where in the tax code, you were allowed to sell your residence one time in your lifetime, and you got a a, a waiver of of $125,000 of profit that you did not have to pay capital gains on.

So let's say you bought several homes over the course of your lifetime.

The total capital gains was 300.

When you sold 125, you did not have to pay tax on, but you did have to pay tax on, $175,000.

Ouch.

And you had to add up the profit from each sale right on through.

Those laws have been changed for many, many years, and for folks who are not aware of that, it comes as great relief as it should.

So, the current scenario is all that you need to worry about.

And since your husband is deceased, you actually have two rules that you might, fall under.

I'll give you both.

The first rule says, that he has been deceased for less than two years.

So when a spouse passes and the surviving spouse sells their home within a two year period, they retain a full $500,000 waiver.

So 500,000 of profit.

You bought your home for 200, you're selling it for 600.

You have 400,000 of profit.

You pay zero tax.

You bought your home for three.

You're selling it for a million.

You have 700,000 of profit.

You pay zero tax on the first 500.

You'll pay capital gains on 200.

That's if you are selling within two years.

If it's beyond two years, you're now considered an individual taxpayer.

And the rule is that you can eliminate $250,000 of capital gains and that will not be taxable.

So again we bought it for two.

We sold for six.

It's 400.

If it's beyond two years since your husband has passed the first 250 is tax free.

The next 150 is capital gains.

So it's very straightforward.

If you have any concerns whatsoever.

Again quality financial advisors have access to cash outstanding tax counsel.

In the more than money world, we have an entire tax division under our roof so that we can answer these types of questions rather easily.

Most quality advisors have exactly that, or they have access to a partner, who gives outstanding tax advice.

So make sure that you run those numbers with someone that you trust.

But my suspicion is that you're going to do very, very well.

And my, my, my best wishes for you at your CCRC.

They can be wonderful experiences.

And I pray that for you it will be a wonderful experience as well.

Speaking of wonderful experience, it's always a pleasure, always a joy to spend time with you.

Answer as many of your questions as I possibly can, and hopefully send you some ideas that are appropriate for you and your circumstance.

If what you heard doesn't quite fit you, make sure you send those questions to me, Gene, GENE at ask mtm dot com.

They come directly to me.

Our entire team then has access.

We divide them up and we get all those questions answered back.

Do you answer every single question back to you?

Limited number on air.

Of course, that's the way that works.

But in terms of getting you great information, no charge, no obligation, we're happy to help.

And speaking of happy, it would make me very, very happy if you learned enough tonight or enjoyed yourself enough tonight that you're going to want to return next week for another edition of More Than Money.