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The Smart Take:
Have you thought about helping your family financially? Perhaps you considered saving in an account for your grandchild’s education or gifting money to your adult child to buy their first home?
These are just two examples of goals we commonly see when advising clients. In fact, it’s not uncommon to see these goals grow as your own confidence grows that you have more than enough to sustain your lifestyle throughout retirement. A good advisor can glean experience and wisdom in seeing how these goals tend to evolve over time for other families and provide insight on how to best help you today and down the road.
So, what are smarter ways to save for or gift to your family?
In this episode, listen to Tyler Emrick, CFA®, CFP®, discuss how to gift wisely, be supportive of and not inhibit responsible financial behaviors, utilize intra-family loans, and optimize benefits for your family today and into the future.
Here’s some of what we discuss in this episode:
- What the statistics tell us about how closely tied parents and young adult children are emotionally and financially these days.
- Smarter ways to gift to your children and grandchildren.
- Best practices for 529 accounts and mistakes you need to avoid.
- Why use a custodial account or Roth account instead of a 529 plan.
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The Hosts:
Kevin Kroskey, CFP®, MBA – About – Contact
Tyler Emrick, CFA®, CFP® – About – Contact
Episode Transcript:
Tyler Emrick:
In this episode of Retire Smarter, we explore the intricate world of parental support and saving for the younger generation, with compelling statistics highlighting the strong emotional and financial ties between parents and young adults. We discuss smart gifting strategies, tax implications and avenues for savings, such as 529 accounts, custodial accounts and Roth accounts, all coming up today on Retire Smarter.
Walter Storholt:
Hey, it’s another edition of Retire Smarter. I’m Walter Storholt, alongside Tyler Emrick, CERTIFIED FINANCIAL PLANNER and Chartered Financial Analyst as well, with of course, True Wealth Design. A wealth advisor on the team and someone here to help guide us, each and every episode, through the intricacies and the complexities of the financial landscape. If you’d like to set up a time to meet with Tyler and the team, you can do that by going to truewealthdesign.com. Look for the Are We Right For You button to schedule your time to visit.
Tyler, it’s great to be with you. The podcast almost didn’t happen today. You had a little snowstorm come through.
Tyler Emrick:
We did.
Walter Storholt:
I guess if you got trapped inside, you’d still be able to do the show, so maybe it wasn’t that much in jeopardy.
Tyler Emrick:
Yeah. As long as I had electricity.
Walter Storholt:
That’s right. That’s the key.
Tyler Emrick:
We did, we got a little snow. Although that’s probably not the biggest thing I’m trying to get acclimated to from the weekend-
Walter Storholt:
Oh?
Tyler Emrick:
Because we had Daylight Savings.
Walter Storholt:
Savings time.
Tyler Emrick:
Yes. I don’t know about your household, but mine is on a strict regiment. I feel like if any of us get off that regiment, it takes a while to get back in the groove. I had to actually wake up my two girls this morning. I can’t remember the last time I had to go in the room, and wake them up, and get them ready for school. We’ll see.
Walter Storholt:
That’s funny.
Tyler Emrick:
They’re definitely taking a minute.
Walter Storholt:
It spilled over not even from the Sunday initial shock, but into the beginning of the week as well.
Tyler Emrick:
Oh yeah, into Monday morning.
Walter Storholt:
Yeah.
Tyler Emrick:
That’s right. I had to cook breakfast by myself, with not two little toddlers running around the kitchen this morning, which gosh, I don’t even know the last time that’s happened.
Walter Storholt:
That’s funny. You know, I think maybe it’s something about being on the other side of 35 now. For the first time ever, Daylight Savings Time affected me. I’ve always just thought, “What is the big deal, people? It’s one hour.” I’ll tell you what, Sunday, I was dragging at the start of the day. I was like, “Oh man, this is awful.” I’ve turned some sort of corner.
Tyler Emrick:
All right. Come on though, you are in the camp that you like this better, this time, lighter for longer. I’m definitely in that camp. I know that some people aren’t. But are you in that camp where you’d much rather be on this?
Walter Storholt:
I suppose I am, yeah.
Tyler Emrick:
Okay.
Walter Storholt:
I don’t know. I definitely am. I guess that’s the other thing, too. This winter, I have been affected a little bit more by the short days than in past years, too. I felt it a little bit, wanting that little bit of a longer evening and that sort of thing. Yeah. I was in that side of the equation too, I think. You’re right, I’m happier for the longer days.
Tyler Emrick:
Okay.
Walter Storholt:
In fact, noticed it right away on Sunday because we were coming back from something in the evening, and I wanted to go out and take some pictures. I was like, “Ah, we’re not going to be back before dark.” Then all of a sudden, I was like, “Oh, wait a second. No. It’s going to be perfect.”
Tyler Emrick:
See?
Walter Storholt:
“I’ve got an hour, I’ve got the golden hour. I can get out and get some good sunset photos. Oh, this’ll be perfect.” Yeah, it does-
Tyler Emrick:
Look at you.
Walter Storholt:
It does make things a little bit easier for catching your sunsets and things like that.
Tyler Emrick:
Oh, absolutely. Yeah, so you’re already reaping the benefits.
Walter Storholt:
Absolutely.
Tyler Emrick:
I’m glad I got you over into the other camp.
Walter Storholt:
Yeah.
Tyler Emrick:
It didn’t take much convincing, but hey.
Walter Storholt:
Yeah. You got it, my friend.
Tyler Emrick:
That’s good. You ready for today?
Walter Storholt:
Well hey, we’ve got a great show-
Tyler Emrick:
Yeah.
Walter Storholt:
On the way today. You teased us already, Tyler, that we’re going to be talking about some intergenerational or intra-generational conversations here, and one generation helping out and supporting the other. There’s no surprise that this is something that you would want to discuss and talk about. I know we’ve heard lots of different conversations over the years, and new stats about sandwich generations.
Tyler Emrick:
For sure.
Walter Storholt:
It does seem like there’s a lot of back-and-forth support between the generations. I don’t know if it’s necessarily more than ever, but certainly, it’s a big topic of conversation for, I think, any family preparing for their financial future right now.
Tyler Emrick:
Absolutely. It seems like anyway, it comes up very frequently in conversations with our clients and families that we work with. What prompted me to think about this for the podcast was I ran across some research through the Pugh Research Center that dove into that a little bit.
You had mentioned, “Hey, I don’t know if statistically, the younger generation’s getting any more help than they have in the past.” It does seem like, if you dive into the numbers a little bit, I wouldn’t say there’s anything too out there or too staggering, or something that’s out of the norm, but when you look into the numbers, it’s about 6 in 10, or about 60% or so, of families say they helped their children financially in the past year. About, oh a little over half, so almost 60% as well, younger adults are still living with their children.
I think that’s a slight uptick, at least from this study, that was reference data from the past year against 1993 numbers. I guess a slight uptick, but nonetheless, I think families all across are certainly helping their children in many different ways, as they continue to grow, and move into young adulthood, and start their lives.
Walter Storholt:
Well, I know what we’re going to explore here is some of the this being the show Retire Smarter, of course, some of the smart ways to do some of these transactional things within the family unit. And talk about I guess, gifting loans and the like, when families are exchanging money and that kind of thing?
Tyler Emrick:
Absolutely. I think we’ll probably break it down into just two separate segments if we could today. You hit the first one, nail on the head, smart ways to gift to your children and grandchildren. Then, maybe we’ll finish up and start thinking about just maybe smarter ways to save for your children, towards the end of the podcast here.
When we think about gifting to your children and your grandchildren, and the like, I get a question all the time and I wanted to start out with it. That question, Walt, is, “Hey, do I get a tax deduction for gifting to my children?”
Walter Storholt:
It would be nice.
Tyler Emrick:
It would be, it would be. But unfortunately, there is no tax deduction for gifting to your children. The only way for us to get that deduction, depending on your tax situation, money has to go to a charity or 503C organization. No tax deduction for gifting to your children. But there could be some tax considerations that we want to think about. Of course, when I think about smart ways to gift, taxes are always going to be in the back of my mind and something that we want to think through.
The first thing we want to think about is well, how much can you gift to a family member on a year-in and year-out basis? That number does change, typically from year to year. In 2024, you can gift $18,000 to one individual with no tax considerations tied to that. They call that the annual gift tax exclusion.
Now, Walt, of course, there is I guess a little bit of details here, that I always want to make sure that we’re pointing. That is that’s $18,000 that you can gift to one individual.
Walter Storholt:
That’s one individual to one individual?
Tyler Emrick:
You got it.
Walter Storholt:
Okay.
Tyler Emrick:
You got it. If you and your spouse want to give your son or grandchild money, well technically, then you can gift 18K, and then your spouse would be able to gift 18,000 as well, so that totals $36,000 in that year that you could gift to them. So a minor detail, but for those listeners that are married and have a spouse, that number is essentially doubled up to $36,000 a year.
Walter Storholt:
Then, could you potentially double that again, if you wanted to give to both of your, let’s say your son or daughter and their spouse?
Tyler Emrick:
Correct.
Walter Storholt:
As a family unit, you could in theory give $72,000 to your “son or daughter?”
Tyler Emrick:
Yes.
Walter Storholt:
To their family unit? Okay.
Tyler Emrick:
Absolutely. So a pretty nice number. The reason why that number becomes important is because if you want to go above that number, well then there can eventually be, or could be, some tax considerations. Well, there certainly is some tax considerations. What you would have to do if you gift over 18K to any one person is file a gift tax return in that year. Then depending on your state and some other factors, that could eventually have some tax considerations for you down the road. You want to be mindful of that $18,000 number. If you want to go over it or gift any amount above it, well certainly, there are some strategies out there. But if you don’t use any of those strategies, then you will have to file that gift tax return because you gifted more than that annual exclusion amount.
Walter Storholt:
That would have implications for both you, the giver, and the receiver?
Tyler Emrick:
Potentially.
Walter Storholt:
Okay.
Tyler Emrick:
It just depends on how the estate works out, it would depend on how that tax comes in. What happens is if you go over the 18,000, that goes against your lifetime gifting limit. Depending on the size of your state, there could be some tax considerations there.
Walter Storholt:
Ah. Gotcha, okay.
Tyler Emrick:
Now, we can get pretty granular here too, because another consideration here, when you’re thinking about smart ways to gift, is well what do you gift? Of course, cash comes up, I think quite a bit. But sometimes, cash isn’t always the best thing to gift. Sometimes, gifting a highly appreciated investment might be a better source of gifting.
A scenario I think about, that I ran into last year, is I had a family who had an investment they’d had for a number of years. A lot of times, when you hold investments for a long period of time, there are gains in those investments. If the family would have actually sold that investment and gifted the cash to their son, then they would have had to pay long-term capital gains tax on those gains inside the investments. For this family, that would have been 15% tax on the gain of the investment. Whereas, we had a chance to have a little bit more of an in-depth conversation, and got to know and understand the son’s financial situation and it actually, in that scenario, made more sense to gift the actual investment itself over to the son. Then that way, the son could then sell the investment, and then that tax on the capital gain now becomes his. But, in his situation, of course his taxes were a little different than his parents, and he actually paid no taxes on those gains.
There could be some considerations here on actually what you want to be gifting your children and grandchildren, depending on the insights that you have into their actual financial situation. In that case, it saved that family 15% of the gains they had on that individual investment. Not a small chunk of change, especially as you think about larger dollar value gifts.
Now, another thing that we might run into is, if your child is still dependent on your taxes, you got to be careful when you do these things because you could run into kiddie tax rules. You ever heard about kiddie tax, Walt?
Walter Storholt:
No.
Tyler Emrick:
Have you ran across that one yet?
Walter Storholt:
No. But I can imagine if a child’s still a dependent on your taxes, that just makes sense that that would complicate things.
Tyler Emrick:
It does. It adds another layer of complexity because the IRS, they don’t want you to take advantage and just be gifting money to your children to avoid taxes. In circumstances to we’re within the legal limit, where you can do that, then sure, it makes sense. But when your child is still a dependent and you’re providing their support, and you gift them investments like that, well they might go in and reach back, and say, “No, no, no. Just because they don’t make any money and they wouldn’t be taxed on the capital gains, we’re going to claw it back and make you pay taxes at your own rate.”
Those kiddie tax rules can get a little complex so make sure, if you are doing any type of gifting of an appreciated investment, those are stocks, mutual funds, ETFs, it could be anything, and your child is still a dependent, you need to be mindful of those kiddie tax rules.
Thinking through this and understanding well hey, does cash or an investment make sense from the gift standpoint, there could be some tax savings there. You’re not deducting them from your taxes, Walt, but there could be some tax savings there, especially in the situation as we discussed with appreciated investments.
Walter Storholt:
Okay, makes a lot of sense. I guess the monthly exchange between families doesn’t always have to fall under the “gift” category though, does it?
Tyler Emrick:
That’s right. No, it doesn’t. Sometimes, I think it makes sense for it not to. In these circumstances, we set up what’s called an intra-family loan, which is a loan from you, the parent or grandparent, to the family member. The scenario that I can think about this, we ran into it actually a handful of times last year. Housing market is still very tight. Housing prices are expensive. I don’t know, Walt, if you’ve looked at where interest rates are lately, but boy, we’re still in the six, seven percent range on mortgages.
Walter Storholt:
Yeah. I’m happy to have something with a five in front of it.
Tyler Emrick:
That’s right.
Walter Storholt:
Just from our move right before things even skyrocketed more. Yeah, for sure.
Tyler Emrick:
You got it. Those rates have been higher for longer. Really, all throughout 2023, rates were in that six, seven percent range if you were trying to buy a house. That could be very challenging for the younger generation, especially for those first-time home buyers. They’re contending with all-cash offers, and they’re contending with high competition in these areas. Even if they got financing and got a deal going through, those financing rates, at least in the near term of what we’ve been used to, are what we would consider to be high.
We expand our horizon out and go back to the ’80s, I get a lot of comments where, “Hey, my first mortgage was in 12% range” or 13% range. We certainly have seen interest rates higher than where they are today, but in the more recent history where interest rates were down in the two-and-a-half, three percent range for mortgages back in 2021, that’s a big difference.
Families are really looking and saying, “Well, how can we help the younger generation get into their first home?” This family loan can be something that would be set up to help family members or the younger generation purchase that first home. It avoids those higher interest rates and makes their offers a little bit more competitive when they are putting them in on those first-time home purchases.
What happens is we can set up this intra-family loan and it’s very similar to if you’re buying a house, a traditional mortgage. This doesn’t have to be for a first-time home purchase, I wanted to use that as an example that we ran into over the last year or so with a couple families. But it can be for anything when you want to loan them money. Now what the loan does is it allows you to, as the giver, to set parameters and have some flexibility on how and when you actually make those completed gifts.
You think of a scenario where you want to gift more than $18,000 a year to a family member, but yet you don’t want to file that gift tax return. Well, a family loan can be a way where you actually can gift that money through the loan, so it’s not technically a gift, but you loan it to that family member. Then, there are parameters on how they pay you back, when they pay you back, what the term is on that loan. You really have quite a bit of flexibility on how you set this thing up.
A lot of times, what some families will do is they’ll set that loan up with, “Hey, I don’t know if I want to make a completed gift right now, but maybe over the course of five years, I want to slowly forgive the loan amount.” Or, “No, I want them to actually pay it back after this certain event.” You maintain control, as the individual that is actually loaning the money to the family member. These things can be set up pretty easily, but want to make sure that you’re doing it smart. What I mean by that is you want to have a lawyer draft up the documents, you want it to be official. Then, you want to have some type of tracking mechanism, that way in the IRS’s mind, you don’t want to get in a scenario where that family loan is considered a completed gift, and then you would trigger some of these estate tax issues that we talked about if you gift over the 18,000.
There are some other caveats to be aware of, where the loan has to have a certain interest rate tied to them. These are what we call AFR rates. There are some other things to be mindful of. You really do want to make sure that you have a professional, a legal professional drafting up the loan document, and then your financial professional on board, helping you track this over the years. But that’s what a good professional’s going to be able to do for you, is get that set up, make it very easy, and have all the recordkeeping for you, so that way you can use this money and have some protections in place, and not necessarily say, “Hey, here’s an outright gift.” There are some parameters here that, if certain circumstances kick in, maybe you have them start paying back that loan or you get that money back, or whatever the case may be. A lot of flexibility. As I’ve said multiple times, I think flexibility is the term of the day, Walt.
Walter Storholt:
Yeah. I think it’s one of the things too, where that that can be a tough one, the whole gifting money but also loaning money. Either direction, you can deal with a lot of different preconceived notions and attitudes with clients. Sometimes, this comes down to the dollars right, Tyler, when you’re working with clients? But I would imagine other times, you’re serving as a counselor, advice giver, just on the other softer dynamics of something like this, when you’re helping families navigate through these things. Or am I wrong on that? Is it usually just about what makes the most financial sense?
Tyler Emrick:
No, I think you’re absolutely right. I think understanding the financial benefit of it, that’s probably the starting point when we might start talking about an intra-family loan. But then, the facilitation and the understanding of all parties involved. Well, what are the expectations of this? How do we see this coming to fruition? Then, really working out how this thing is going to be used over the next five, 10 years, or whatever the case may be in that particular family’s situation.
But not only that, it helps build a little bit of … We’ve had families use it to build accountability to where they just didn’t want to make an outright gift but they’re wanting their child to have some skin in the game. Two, there are also some protections there to where, well hey, if your child is married and he is purchasing a house together with their spouse, and heaven forbid it doesn’t go in a good direction and there is maybe a divorce down the road, having a family loan in place could help protect your child in the case of a divorce, to equalize that whole process and hold everybody accountable. There are a multitude of different scenarios where an intra-family loan might make sense and give the parent or grandparent control and power, over a number of years, to make sure that things come to fruition the way that they would like them to, in whatever the case may be.
Walter Storholt:
Okay, very good. Well, those are all the ways to give, and to help and assist, at least that category number one that you talked about, Tyler. I know you wanted to make sure we dedicate some time on the episode to also just talking about more traditional savings methods or opportunities.
Tyler Emrick:
We do, yes. The first one that comes to mind, when I think a lot of families start thinking about, “How do I start saving for my child or grandchild,” are 529 accounts. I could see why. You look at the benefits of a 529, there are quite a few of them. Depending on the state that you’re in, you might get some tax deductions for making contributions to a 529. I think about here in Ohio, you can deduct up to $4000 per beneficiary on your state income tax return. You get tax-free growth, assuming you use that money for qualified education expenses. This is something that you could start when the child is very young, and then over the years as the account continues to grow, you used it for its intended purpose, then hey, that growth becomes tax-free, which can be very, very powerful.
Then, we look at some recent legislation, we’ve talked about Secure Act 2.0 many times here on the podcast, it was signed in December 2022. But it had some language in it that made 529 accounts even a little bit better, which allows individuals to use 529 money to transfer tax-free over to a Roth IRA. Now, there are certain circumstances and criteria that you need to meet to be able to do that, so you want to make sure that you understand those and are working within them. But having the ability to, “Hey, we got through college, we got through school, there’s still some money left in the 529. Uh oh. What do we do with it?” Well hey, now there are some outs where you might be able to get that money over into a Roth IRA.
It helps alleviate or dampen that whole concern of the 529s where families go, “Hey, what if I put too much money in here? How do I get that money out?” Hey, here’s a nice, easy way for you to be able to do that, get that money out, and still take advantage of some of those tax benefits that the 529 provides.
I also look at these 529 accounts, and they have this handful of benefits, some better than others. But I also look at the 529s and there are a few things that I see over and over again, where individuals maybe aren’t using them to maximize the benefit that they provide. The first of which, I think a big one, is using the 529 for private tuition for K through 12 education. I think a lot of individuals still think of those 529 accounts just for college, Walt. But there are rules to where you can pull out up to $10,000 per year from that 529 and use it for private tuition costs for K through 12, which I think is a huge benefit, especially if you’re a family who has your children going to private high school or whatever the case may be.
Walter Storholt:
Makes a lot of sense. Yeah, you don’t want to make mistakes when it comes to these types of accounts.
Tyler Emrick:
Sure. Oh, absolutely. It’s maximizing the benefit. A lot of times, maybe they’re small benefits, but you’re taking advantage of them over a number of years, those benefits can add up.
There was another thing where we had to be very mindful of who was the 529 account owner. Was the grandparent the owner? Was the parent the owner? That played into, when you filled out FASFA, how the 529 money was considered towards that. There have been some new rules passed which have lightened that, to make it to where the actual account owner isn’t as big a deal now. To where, if you’re a grandparent, you have the 529s in your name, it’s not as big a deal as it once was. Having the appropriate account owner is not something we necessarily need to pay as much attention to, or has as much financial impact as it did prior.
But the final thing is, as I think about these 529s, is really making sure that you have a game plan for how to use them. Especially once your child moves on to college because there are a multitude of tax benefits as you think about covering education costs. There’s the American opportunity tax credit, there’s the lifetime learning credit. There are all sorts of rules around, well hey, if you use 529 money to pay for the education expenses and you don’t have a certain amount coming out of your pocket outside of the 529, you could miss out on some of these tax credits. These tax credits are not insignificant, we’re talking just over a couple thousand dollars a year that could get back in the form of a tax credit, depending on how you are actually paying for those college education expenses. You want to make sure that you’re not just blindly saying, “Hey, I’m using my 529 for all of those college expenses.” You might miss an opportunity to pick up some tax credits on your return.
But all in all, the 529 accounts, I think are a good place to start as you start thinking about saving for your children. But there are a couple others that I want to point out. The other one I run into quite a bit is just what we call a custodial account.
Walt, have you ran into these at all? I think of them just like the general savings account at the local bank, in the name of the child.
Walter Storholt:
Yeah. I think now, you’re obviously ringing bells by talking about that. I’m pretty sure that this is what my grandmother did for me when I was growing up, on my mom’s side. She had a custodial account set up with Fidelity, and would gift small amounts of stock over the years, for birthdays and Christmases, and things like that.
Tyler Emrick:
Walt, that is great. You picked up a really key point there that I want to point out, is that your grandmother had gifted stock and investments, because these custodial accounts, that’s where they can be substantially different than just using a savings account in the child’s name at a local bank.
The custodial accounts actually work just like any other taxable brokerage account, to where you can actually hold investments inside of them. Whether those investments are mutual funds, ETFs or the like, they’re all available inside of there. You can treat it is a longer-term investment, and invest it in the market based off the child’s risk comfortability, and hopefully get more return over the long run than just having it into your traditional savings account.
Now, a couple things that we need to be cautious of with the custodial accounts. Going back to earlier in the podcast, I mentioned those kiddie tax rules. Walt, these come into play again, especially as we start looking at investments because those investments might kick off profit income, capital gains distributions, and the like. Once those accounts start to get too high, what can happen is those gains can become high enough to trigger kiddie tax, which can then flow back through on the parent’s tax return. We really need to be mindful of well, what type of investments are we holding into this custodial accounts and how portfolio income are they kicking off for the child or grandchild, so that way we can be mindful of the accounts from a tax situation.
But while the child is considered a minor, what happens is it’s ran by the parent or grandparent so the money can be used for the benefit of the child at any time. Then once they become of age, they get access to the account and then gain full control over it at that time. I think these custodial accounts have really a big leg up on just opening up a savings account at your local bank account. You mentioned Fidelity, any custodian will be able to hold these things and get them set up, and start actually investing for your child or grandchild.
Walter Storholt:
Yeah. It’s pretty helpful when you have some of these different flexibilities and things that you can lean on, isn’t it?
Tyler Emrick:
Oh, absolutely. There is one other account that I would probably put a little bit better than a custodial account-
Walter Storholt:
Okay.
Tyler Emrick:
If you can swing it, that’s a Roth account. Now, I know you’ve heard Roth account many of times.
Walter Storholt:
Oh, yeah.
Tyler Emrick:
Shoot, all the listeners. Most retirees are probably hearing me say, “Hey, we got to do Roth conversions, we got to try to get money into a Roth,” for our retirees. That concept is really no different, especially for the younger generation. These Roth accounts could be wonderful places for where, when you gift money to your children or grandchildren, they can then take that money and then fund a Roth account with it.
Now of course, with the Roth account, there is a little caveat. I wouldn’t say little, it’s actually a big caveat. The individual has to have some type of earned income to be able to make contributions to the Roth account. That amount of earned income can determine how much money can actually be contributed to the Roth. The Roth could be great for teenagers who have summer jobs, who have some income coming in, or individuals that are just graduating college and they’re just getting started in their career. A lot of expenses at that time of life. You as the maybe grandparent want to help them get started, and make sure they’re still saving for retirement, well helping them out with a Roth contribution because they do have some earned income could be a tremendous way to give them a foundation or start the foundation for longer-term savings for retirement.
Of course, the Roth account, there are some options on where they might even be able to get access to that money for a down payment on a house or some other things. It doesn’t necessarily just have to be set aside for retirement money, but those Roth accounts, because they’ll grow tax-free, are just really tremendous places for younger professionals and the younger generation to start putting some money. If you can help with that, that’ll give them a huge leg up as they start their careers, or whatever the case may be.
Walter Storholt:
Well, we covered a ton of ground today, Tyler, from gifting to talking about then those intra-family loan agreements, 529 accounts, custodial accounts, and now this Roth option for family giving. It’s just fantastic that families do have a lot of these resources and flexibilities to help each other out, to try to make financial sense, and just help guide us through this complex financial world we always talk about here. It’s neat that you can get that family support in a variety of ways. Thanks for detailing all of those different ways for us on the show today.
Tyler Emrick:
Oh yeah, happy to do it.
Walter Storholt:
Absolutely. Well hey, if you need this kind of planning, creative, True Wealth Design, that’s the name of the company, obviously, and want to Retire Smarter, the name of the show, that’s why we’re here, to help you learn a little bit more about the financial landscape and how you can take best advantage of it for you and your family, and your situations. If you want to talk a little bit more in-depth about your particular situation, you can see the need from all the different things we talked about today to getting that customized advice, not just off-the-shelf guidance, definitely reach out. See if you’re a good fit to work with the True Wealth team. All you have to do is go to truewealthdesign.com and click on the Are We Right For You button to schedule a 15-minute introductory call with an experienced advisor on the team. Then you can work with Tyler Emrick, Kevin Kroskey, and the great folks at True Wealth Design. Again, just go to truewealthdesign.com, or you can call 855-TWD-PLAN. 855-TWD-PLAN and start your conversation that way. You’ll be well on your way to building your confidence when it comes to your financial future.
Well, Tyler, thanks for all the help on this week’s show, really appreciate it. Good luck recovering from that lost hour this weekend, and we’ll be chatting with you again in a couple of weeks.
Tyler Emrick:
Yeah, will do. It was fun.
Walter Storholt:
Yeah, sounds good. That’s Tyler Emrick, I’m Walter Storholt. We’ll see you next time, right back here, on Retire Smarter.
Speaker 4:
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