And good evening.

You've got more than money, you've got Jane Dickinson,r host, your personal financl adviser for another half an hour of you and me trying o figure out ways to make yor financial life just a litte bit better, maybe a lot be.

That's up to you.

We are so very happy to bek with you in the next half n hour.

We're going to answer as my of the email questions that we've been receiving as we possibly, possibly can understanding.

Of course, we can't get tol of them, but we get to as y as we can that you send to.

So if you have a question r concern as you watch our s, send me that email directl, UGI.

And ask MTM .com Jr and E t ask MTM .com.

I can't promise you that yr question will be on your fe show, but I can promise you that we answer every single question and we wish to bef service to you.

So please allow us to do jt that.

Speaking of service, we knw this is a challenging time.

There's so many things goin the world that cause us con that causes anxiety in many cases.

In some cases, folks actuay losing sleep over the evenf the world.

And while it seems I'm noto sure it's true, I think ity be a portrayal that some fs want to believe.

While it seems that lots of folks are at loggerheads ad that he simply can't agreen anything, I don't think tht you I don't think that's yr audience.

I don't think that's you ir audience or our PBS39 audi.

I don't think that's the average American.

I think the average Americn not only understands some s disagree with them, but the OK with that.

I think the average Americn not only understands that e don't agree on everything,t we're OK. With that because we care t each other because we can e courteous to each other, because we can enjoy life together even if we don't e on every single item on the agenda.

And for most of us, we dont even have the agenda.

So to all of you out thereo are exercising great court, making sure that you're cag about your friends and your neighbors no matter what beliefs they may have, I ty hat to you and I encouragel of the rest of you who feel like there maybe should bea reason.

There should be a lot of friction and a lot of conft and a lot of confrontation.

I would ask you pump your brakes on that just a litte bit, maybe bring that backt a little bit, maybe have a little more of a discussion over a cup of coffee or a s of wine instead of a face y face or face to face conference.

So courtesy it's a fantasy stick thing, compassion, understanding.

These are all wonderful, wonderful things that I thk all of you I believe in my heart of hearts, all of yoe already demonstrating.

I just wish some other fols would pay attention.

Speaking of paying attenti, we love to pay attention to you.

So we want to answer as may email questions as we can.

Let's go right to our final correspondent.

Megan, what's our first question this evening?

Hi, Jean.

Great to be back.

Let's see what our first question is.

This person says we made a serious mistake years ago d bought a timeshare after ja short time.

They started raising the monthly fees and we couldnt use it as much.

So we wanted out.

It took us four years to finally get rid of this th.

We lost almost 14,000.

Can we deduct that on our income taxes?

As if you haven't already n through enough?

Sadly, the answer is no.

Sadly, the answer is no.

In spite of the fact that u were undoubtably presenteds opportunity as if it were n investment, as if it were n opportunity that over many years you could use it andn sell it for a profit.

Timeshares have never I say never.

I don't want to over speak.

So in 99% of the cases thaI have examined, they have nt not only not turned a prof, but they have often turnedo a real nightmare.

People needing being requid to pay ongoing fees for an asset that they are unableo use, unable to sell, unablo liquidate.

So it would be logical thaf you've lost all that moneyt you could get a tax deduct.

Unfortunately, the IRS code does not permit that by the way, it's similar to the wy that they treat antiques, artwork, gold people go gos fantasy.

It always goes up.

No, it doesn't.

Currently trading in the md 1700s and ounce gold not my years ago was over 2000 an ounce.

If you were to sell it, yoy it's an investment.

I should get a deduction.

That's not how the IRS vies gold.

So sadly the answer is no.

The fact that you're out ia tremendous advantage.

A tip of the hat to you.

There are lots of folks vig us this evening who are sag we would love to find out w to get out there are certan techniques that you can use that are far more useful tn others in general.

The service has I use thatd loosely that advertise ther ability to get you out of a timeshare typically are overpriced and typically ct do much more than you can o yourself if you're comforte doing, including starting t with just contact a timesh, people themselves go direcy to them, tell them you dont want it any more.

You are willing to sell itk to them, sign it over back.

Then you'll get zero.

We understand that.

But at least you'll be offe hook for all the monthly maintenance charges, cetera that are constantly rising, whether you use them or no.

That's a very reasonable ft step.

If you run into problems ad you don't get good results there and you want next sts two and three, make sure yu send us an email.

Jean, and ask Hampton .comd we'll give you as much guie as there is available.

It's a tough spot.

These folks got out you cao Megan, what do we have as r email number to email?

Number two says My husbandd I both work and pay into Sl Security at the maximum le.

We both expect to retire in four years when we reach or full retirement age.

I think it's 67 for us.

We each have been online.

Thank you for the suggestio set up our account and we'e both showing about 3500 dos a month for each of our moy amounts.

My husband's boss told him there is a maximum family benefit of only 5800 dollas each month.

Does that mean we have to e up 1200 dollars a month?

Where does that money go?

Yeah, this is a much better answer than sadly we gave o our email our number one.

This is a much better answr You won't give up any benes whatsoever.

Your husband's boss.

I'm sure in it with good intent, unfortunately shara bit of information that dot apply to you.

There are family limits and typically that occurs whena taxpayer, a Social Security participant has passed awad there is a spouse surviving spouse.

There are surviving minor children.

There are a number folks wo are receiving benefits basn survivor benefits and those indeed are limited.

I think.

58 hundred's about the rigt number, if not precisely.

It's about the right numbe.

So there are limits to howh a family of a deceased taxr might receive, but not for folks who have paid into te system and are receiving tr normal retirement Social Security benefit as the twf you will.

So the two of you are goino have big smiles on your fas because with cost of living adjustments and adjustmentn social Security as you get closer and closer, your nus should grow even larger.

So nope, you won't lose a thing.

The two of you will be wha, about $7,000 a month?

84,000 Bucks a year.

You paid in for a long tim.

Now it's time to collect i.

You've done very well.

I want to before I forget,I don't want to go to the net email without mentioning te minus the kind words of mentioning a Social Securiy account.

There are lots of folks out there who are years away as these folks are from receig Social Security that are nt aware that they are not ony eligible, but they are encouraged to go online.

SSA .gov .gov govi go onlie and establish their social Security account now established their own acco, established their own passd so that they can do a numbf things.

Of course they can access r online accounts.

They can go through their employment record, they mit find it.

There are errors that needo be corrected.

That would be great to fint for years before you applyt a year or two after you're already receiving benefitsu can make an estimate.

You can make projections.

It's a very useful tool for planning and for monitorin.

But most importantly, especially if you're very g 35, 40 45, etc if you estah your Social Security accout and add that email protectn will prevent identity thies from stealing that informa.

But logging on, pretendingo be you, setting up an accot in your name and your Socil Security number, but lockig you out by having their own password and then claiming benefits in your name.

Sadly, tens of thousands of people have fallen victim o their Social Security benes being hijacked in just this way, getting your social Security number, you would think that you are very, vy careful.

I will tell you that theree sadly scenarios where thous and thousands and thousandf Social Security numbers hae been accessed through cyber security hacks through cybr hacks, I should say, or thh hacks into professionals tx preparers perhaps, or estae planning professionals that have access to that type of information.

And they can get hundreds r thousands in one blink.

So do yourself a favor, dor entire family a favor.

If you have not yet set upr Social Security account on, make sure you do that.

It takes ten minutes.

How about doing it tonight right after Megan?

What else should we be loog at this evening?

Let's take a look.

This person says I'm having difficulty finding a local lawyer willing to do a revokable living trust.

I found at least five placs and most of them come in ad we'll explain why this isnt necessary and a will is sufficient.

When my ex-husband passed,r two children had an awful experience going through probate court and being proactive in trying to avod that hassle for them.

Again, please explain why m having such a difficult tie finding a firm who will doa revokable living trust witt trying to talk me out of i. I am aware it does not eliminate inheritance tax.

I have to property.

I have property in two sta.

Sorry.

So again there probate cous what I'm trying to avoid.

Any thoughts that you have would be greatly appreciat.

.

I understand the value of second opinions.

I get that doctor says youe got to have a knee replace.

You go to another doctor sI think with PT we can get yn good shape.

That's a valuable second opinion.

But what if first Doctor Szczesny replacement second doctor says knee replacemet and the third doctor says,, Nery placement and the fouh and I see a pattern here.

And while I absolutely understand that you are determined that you have identified the solution tor problem, at least five attorneys have counseled yu that it is unlikely that ts is the solution that you're seeking and perhaps you shd be open minded to some othr options.

So I'm glad to share with u my thoughts.

My first thought is when yu get the same answer from fe different professionals, te likelihood is that you shod be listening to those professionals and I tend to agree with them as well.

In my experience now 780 ys of experience, life's great mystery.

First documents that I saw Forest planning were writtn parchment with quill pens.

You'll figure that out.

Bottom line is, for many, y years I've seen these revoe trusts often sold as and ts the right word sold as livg trust because they are establishing them.

Why you are alive, not a testamentary trust.

One that would be establisd in your estate planning documents that would take effect after your death.

A living trust often sold r Sals of dollars in fees is quite often able to be repd by several very simple techniques.

I'll give you a short liste momentarily that will costu either nothing or very few dollars indeed and cause yu little or no heartbreak.

My apologies that your kidd a bad experience going thrh probate court.

There are a lot of folks ot there that would like you o believe probate is the boogieman of estate planni.

That has not been my expere in my experience, there's a problem in probate court.

It's because the estate planning documents were not up properly where they wert set up clearly where theree some other issues that camp that caused an issue for te court.

It wasn't as it needed to e properly prepared.

Documents going through pre should provide little or no obstacle to a very efficiet settlement process, a resolution process for the estate.

Now, having said that, are there ways to avoid probate without a revocable trust t these attorneys are sugges?

The answer is sure.

No.

One, if you have an IRS na, your children is the beneficiary.

Those funds will go from yr IRA to the children.

No probate, no will, no revocable trust.

If you have an annuity, ifu have a 401k, if you have ar or three B, if you have a e insurance contract, those l have attached to them benet SRI designations, use thoss efficient and name your children exactly as you wod in a will.

They will pass outside of probate.

They will go very quickly,y efficiently.

All your children will neeo do is show up with death certificates and a demonstration that you have passed a legal demonstratin and those assets will go to them days or weeks, not mos or years, little or no cost Luzerne no issue.

You're talking about real estate in two states.

Real estate is one of the y assets to pass without goig through probate.

If you wish, you can add to your children's names to te deed of your home.

Now all of you are on the .

If you properly title thatd joint tenants with rights f survivorship you're passint will automatically go to yr children and it will automatically be theirs wit going through probate, witt going through your will.

Bank accounts can be done a similar way.

There are very, very few ts it cannot be passed without using a living trust, irrevocable trust, without using these kinds of what I think are in many ways mony generators for a sales organization or a law firm.

Now let me be very clear.

I am not an attorney.

Make no claims to being an attorney.

We are very happy in our me than money world headquart.

We have legal partner thate very sharp spend their ente professions practicing in e area of law.

So are there areas a stateI should say, are there areas where or situations where e folks should have irrevoca, irrevocable trust?

Sure, absolutely.

But those are few and far between these other technis are available to everyone.

So work with an attorney tt you find trustworthy and credible and then follow tr lead and accept their suggestions if you want top before you go to such an attorney sitting with a financial advisor you truso lay out your goals, undersd all of moving parts of your estate is not a terrible ia that will be allow you to e very organized as you get r legal counsel and with anyk at all that will even saveu a few more dollars because legal counsel time is money speaking money, I'm just guessing, but I'll bet ourt email has something to do h money.

Next, what do you got?

I think that's a pretty god guess.

Let's see.

This person says I lost my husband in July.

He was 63.

I am 56.

We have our house together, some money in the bank, alt $30,000 and his 401k about $810,000.

I have a small IRA about $65,000 from when I worked years.

Go see I did get $75,000 in life insurance.

I'm trying to figure out te best way to pay my bills fm all of this.

My husband really enjoyed listening to your show andd I could always ask you if e wasn't around.

I would very much appreciae your advice.

Goodness.

July bless you.

God bless you indeed.

Very challenging time, very challenging time, obviousl.

First, I would encourage yo take a deep breath, make aw major decisions right aways you have to, even though te will be days where you're feeling very competent, vey together, as if you're weathering really, really l some times that's a little misleading and sometimes ls folks who have lost loved s to make decisions that mayr may not be in their best interest.

Number two, I am prayerfult you will have someone in yr life.

It might be a child or grandchild, a best friend o can be your second set of s and ears.

So that as decisions need e made in your counseling is, say, a financial adviser, n accountant, an estate atto, someone as you're getting t information, there's someoe else there that's listenins well.

Figuring out whether what you're hearing is what was actually said and if your interpretation and your memories, your agreement ot as the recommendations beig made makes sense for you, what's in your best intere.

So one of the first thingsI would encourage you to do because you've got access o some cash right now that 70 from the life insurance is income tax free.

It's yours to do with as yu wish you had some money ine bank.

30,000, if I recall correc.

Hopefully that amount is eh to get you through, say, te next six months or so.

Hopefully six months is enh time for you to meet with e advisors that you want to t with.

Get your good plan in place that you need and pay atten not just to cash flow but y attention to income tax is, pay attention to the mechas of how these things work.

I'll give you an example.

Your husband left you a vey substantial sum of money ad you're in his four one if u handle that in a typical fashion because a spouse is allowed to inherit the decd spouse's four one KS IRAs,c and add them to their own , that's a very common thingr the surviving spouse to do.

You will put yourself in a potential difficult positin that you could avoid.

And here's how this works.

You're only 56 if you take money out of your IRAs, yor retirement plans prior to 9 and a half.

In addition to paying incoe tax on that money, you alsy a 10% penalty.

So if using a simple numbeI need to take $50,000 out, u will pay tax if you're in e 20% bracket that's $10,000n tax and you'll pay a 10% penalty $5,000 very, very painful.

If, on the other hand, this 401k plan is either left rt where it is or rolled inton inherited IRA, then you wil have access to all of those funds.

This moment.

There are no penalties.

So using the same $50,000,r example, you would still py the income tax.

That's not to be avoided, t you would save $5,000 eachd every year for the next the or four years as you took t money out.

So not doing what most peoe would do not doing what mot financial advisors, sadly,f they're not familiar with e tax laws, would recommend u do.

And by the way, as an asida Trimmel is percentage of financial advisers are not familiar with tax laws, evn though you would expect thy would be Natrium.

And this number would simpy say to you, I have no opin.

You have to go seek your financial your tax advice m your own tax professional.

So goodness gracious, makee you're dealing with someboy who understands not just yr current scenario but the br picture so that you don't t yourself behind the eight .

So to speak, and don't put yourself in an awkward posn with the IRS.

God bless.

Makes one more sure thing.

This person says I am plang to make PBS39 a beneficiary benefits Harry on a CD or A and I want to know which is easier for the beneficiary.

It sounds like from the lie I have heard that an IRA is complicated for the beneficiary.

Can you explain how both wk from the beneficiary side?

My IRA is a conventional I, not a Roth.

Does the beneficiary have o pay taxes or does my estaty them?

Well, goodness.

First of all, thank you soy much.

I'm sure PBS is looking att a good deal.

This is very, very good in.

So many of you lots of youe already asked me about makg PBS39 part of your estate , part of your charitable gig at your passing.

I think it's a fantastic i.

The work that we that we nw I've made myself part of P, the work that PBS39 does is fantastic.

I think you're going to be very, very happy to learn t it really doesn't matter fa complication standpoint whr you decide to name PBS39 as your beneficiary on your Ir on a CD, it absolutely doet matter from the beneficiars standpoint whether it's PB.

39 Folds of Honor laughingn There are lots of great charities that people loveo support.

From the charities standpo, there is literally no stres whatsoever because they are nonprofits.

They pay neither income tar estate tax because you're directing money to a nonpr, the estate tax that your executor will calculate wil eliminate that.

If you had an estate of 100 thousand dollars and you decided that 50 of it was g to go to charity, that's 5s not taxed to your estate ie state of Pennsylvania.

So by directing funds to fs who are in the nonprofit a, to organizations that you respect and admire and yout to help them to continue tr mission, you will be savinn estate taxes.

No one will pay any income taxes from a mechanic standpoint, mechanical standpoint, process standp.

The nonprofit can accept Is except CDs all of the above with no stress whatsoever.

You are a very generous spt that is very, very kind of.

And there's lots of you out there that are thinking the same thing.

Hey, I had that same idea.

I wasn't sure how that woud work.

Not to worry.

And of course, if you're wanting to make sure it's buttoned up nice and tighte sure that you are counselig with an estate planning attorney that you trust ora tax advisor you trust or a financial advisor that's familiar with these types f things as well.

But thank you for your generosity and thank you fr watching our show.

That makes us very, very hy indeed.

Folks are coming down to jt seconds left in this editif More than Money.

A couple of things that we would like you to know.

Every single email that you sent to us.

Genette, ask MTM .com is answered directly to you.

Lots of you have some concs in your emails.

You put it right up there n bold print.

Please don't share on TV.

We're happy not that we're happy not to violate any confidences or your privac.

We can answer your questios directly to you and give yu all the information you ned without it appearing on TV.

Others of you are very kin.

You say if you want to uset on TV, it helps other folko right ahead.

So again, Gene and ask MTM.

.Com works very, very well, comes directly to me and it allows me and my team to ar all of your questions.

Folks, I want to thank youo very much for spending parf your evening with us is a t delight that we come to yod that we offer off all of or 780 years of experience tor