Timothy Sumer

What does it mean to have a step-up in cost basis on an appreciated asset? (An appreciated asset could be a stock, bond, mutual fund, etc. that has gone up in value) For estate planning purposes, how is the gain on the asset taxed for the beneficiary? Pete Keller, CFP® of Pure Financial Advisors walks through stepped-up basis for beneficiaries, for spouses where the asset is held as joint tenants with rights of survivorship, and for spouses where the asset is held as community property. Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people across the nation. Schedule a free assessment with an experienced financial professional: Office locations: Ask Joe & Big Al On Air: Subscribe to our YouTube channel: Subscribe to the Your Money, Your Wealth® podcast: IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Service...

On the Your Money, Your Wealth® podcast episode #211, Joe Anderson, CFP® and "Big Al" Clopine, CPA answer a phone message from Rob: "Joe was saying that the Roth is passed on to your kids tax-free. I was told by my tax accountant that no, it is not passed on to your kids tax-free, only to your spouse. See if they can clear that up for me, that’s a big question mark for me – alright, thanks. This is Rob and I live in Ohio, okay? Thanks." Read the transcript and show notes or listen to the full podcast: Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people across the nation. Schedule a free assessment with an experienced financial professional: Office locations: Ask Joe & Big Al On Air: Subscribe to our YouTube channel: Subscribe to the Your Money, Your Wealth® podcast: IMPORTANT DISCLOSURES: • Investment Ad...

Grant Sabatier (author, Financial Freedom) share some of the steps that led him from $2.26 in the bank to over a million bucks in just 5 years, and the myth that he believes is the #1 barrier keeping the rest of us from achieving the same thing. Plus, a conversation about Senator Elizabeth Warren’s wealth tax proposal, Joe and Big Al answer a question about keeping taxes in mind as part of an investing strategy, and a look at the complete disaster that was the Fyre Festival. :48 - How Grant Sabatier Became a Millennial Millionaire 14:45 - Grant Sabatier on How You Can Become a Millionaire, Too 29:42 - I Make Too Much to Deduct Traditional IRA Contributions. Why Not Just Go After-Tax? 35:44 - Joe and Big Al's Take on "The Wealth Tax" 42:53 - The Disastrous Fyre Festival Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people...

On the Your Money, Your Wealth® podcast episode #218, Joe Anderson, CFP® and "Big Al" Clopine, CPA answer this question from Ross in Ventura, CA: "I enjoy watching you characters on You Tube. Does a Sep-Ira have the same protection through ERISA as a 40lK?" Read the transcript and show notes or listen to the full podcast: Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people across the nation. Schedule a free assessment with any one of our experienced financial professionals: Office locations: Ask Joe & Big Al On Air: Subscribe to our YouTube channel: Subscribe to the Your Money, Your Wealth® podcast: IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor. • Pure Financial Advisors Inc. does not offer tax...

On the Your Money, Your Wealth® podcast episode #208, Joe Anderson, CFP® and "Big Al" Clopine, CPA answer this question from Tom: "My wife turns 62 in Feb of 2019. I turn 70 in July. I have been drawing SSI since 62, as it was necessary. We were wiped out in the housing crash of 2017-ish, so no saving or other income. My wife could take her SSI at about $700 per month, or I hear she could apply for half my $1990 that I receive. Question; Do I lose half my SSI if she claims half? Given the scenario above, should she take her SSI? Thank you." Listen to the full podcast and read the transcript and show notes: If you would like to schedule a free assessment with one of our CFP® professionals, click here: Make sure to subscribe to our channel for more helpful tips and stay tuned for the next episode of “Your Money, Your Wealth.” Channels & show times: IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through P...

Gid Pool took a standup comedy class 13 years ago at age 61 on a lark. He shares the story of his retirement hustle, traveling the US and 50+ countries as a standup comic, inspirational speaker, and the author of Act II and Beyond: Making the Rest of Your Life Spectacular. Plus, Joe and Big Al follow-up on ERISA protection for SEP IRAs, they discuss the Qualified Business Income Deduction for owners of rental real estate, and they offer financial tips and investing ideas for high school grads and college students. Transcript & show notes: Subscribe to the podcast & share: 00:51 - Standup Comedy is Gid Pool's Retirement Hustle 18:53 - Follow-up: ERISA Protection for a SEP IRA 24:48 - Can Rental Real Estate Owners Use the Qualified Business Income Deduction? 35:06 - 8 Financial Tips For High School Graduates 41:12 - Where Should a College Student Begin Investing? If you would like to schedule a free assessment with one of our CFP® professionals, click here...

On the Your Money, Your Wealth® podcast episode #215, Joe Anderson, CFP® and "Big Al" Clopine, CPA answer this question from Scott in New York: "Good day and thanks for the podcast. My question is, do you still advise contributing to a company 401(k) or 457 even if the company DOES NOT provide any matching funds? Since I work for a state agency, there is no matching, however, I have a pension that I contribute to which amounts to 5% of my income each year. Would you suggest contributing some funds to the 401(k)/457 and some funds to an IRA, or some combination? The tax deductibility is good, but I would also like the “free money”. But seems you can not have both working for the state. Thanks for your time." Read the transcript and show notes or listen to the full podcast: If you would like to schedule a free assessment with one of our CFP® professionals, click here: Make sure to subscribe to our channel for more helpful tips and stay tuned for the next...

On the Your Money, Your Wealth® podcast episode #218 with Joe Anderson, CFP® and "Big Al" Clopine, CPA, Kristin Wong (author, Get Money, columnist, Joint Accounts @ Medium.com) talks about relationships and money and explains how communication, specificity, and gamification can improve your financial life. Joe and Big Al answer money questions: should you increase your Roth 457 contribution when your spouse wants to retire 8 years before you? Does a SEP IRA have the same protections as a 401(k)? Does your company HAVE to allow third-party management of your 401(k)? Plus, Big Al admits he answered a question incorrectly last week - stick around for the right answer. Transcript & show notes: 2:01 - My Wife Wants to Retire 8 Years Before Me. Should I Increase the Contribution to My Roth 457? 15:43 - Kristin Wong on Joint Accounts, Get Money, Communication, Specificity, and Gamification 32:21 - Big Al Corrects a Mistake (Excess Scholarship Contribution to a Roth...

Pure Financial's experts have educated you on the importance of having an IRA and given you some basic tools and strategies that you can put in place to get the best results from your retirement accounts. But on this show, Joe Anderson and Alan Clopine take you to a whole new level to help you master your IRA and maximize its full potential. Make sure to subscribe to our channel for more helpful tips and stay tuned for the next episode of “Your Money, Your Wealth.” Important Points (1:00) - We’ve educated you about the importance of having an IRA and some of the basic tools and strategies you can put it in place to get the best results. But today we are taking you beyond the basics of IRA 101 to Master Your IRA. (1:53) • To Roll or Not to Roll • Net Unrealized Appreciation • RMD Aggregation • Stretch IRA • Beneficiary Mistakes (3:20) - How You Can Add Funds to Your IRA (4:05) - Reasons to Keep your 401(k) • 401(k) fees may be low • Penalty-free access at age 55...

Do you know what your income will be in retirement? Having a good estimate of your retirement income is needed to help you set goals for saving and knowing when you can quit your day job. A pension can be a big part of that formula. Financial professionals Joe Anderson and Alan Clopine discuss how to determine if you can reliably count on your pension plan. Visit our website for the full transcript: If you would like to schedule a free assessment with one of our CFP® professionals, click here: Make sure to subscribe to our channel for more helpful tips and stay tuned for the next episode of “Your Money, Your Wealth.” Channels & show times: IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor. • Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with a tax advisor or attorney regarding specific situations. • Opinions expressed are subje...

On the Your Money, Your Wealth® podcast episode 216, Joe Anderson, CFP® and "Big Al" Clopine, CPA answer this question from Nick in Moreno Valley, CA: "I am 54 and plan to retire to the Philippines in January 2020. Total monthly income needed to start is $4000. We will have no mortgage when I retire – current home will be sold with a gain of $80,000 to pay off home in the Philippines and money left to purchase car and build a vacation home. My pension starts at 55 - $1900/mo with 50% survivor. Will start withdrawing 3% from 401k with 3% inflation or wait 2 more years and get $2400/mo pension and withdraw $4000/year from the 401k for two years. Will claim Social Security at 65 - $3,000/mo for me and wife combined. We have $550,000 in 401k, $120,000 in Roth, $12,000 in IRA, $120,000 brokerage acct., $8,000 savings bond, $14,000 Philippine mutual fund, $75,000 emergency fund money market at 2% interest. Allocation of assets invested is 40% stocks 60% bonds. ...

Today on Your Money, Your Wealth podcast #209: Nationally recognized investing expert Paul Merriman makes the case that owning only two funds for life is a "home-run" investing strategy for some investors. Plus, Joe and Big Al answer your money questions: how should teachers, and others without Social Security or pension, save for retirement? How do you record flexible spending account contributions on your taxes? How long should you keep your tax records? And of course, this wouldn’t be YMYW without some talk about Roth IRAs - specifically, making Roth conversions and back door Roth contributions. Listen to the podcast, read the transcript and see the show notes for resources and giveaways: :46 - Paul Merriman: Teaching Financial Literacy to Kids and 2 Funds For Life 12:43 - Paul Merriman: 2 Funds For Life 21:54 - Teachers: How to Save for Retirement Without Social Security or Pension 28:39 - SEP IRA, Solo 401(k), Company 401(k) and Roth Conversions 31:31 -...