Richard, Friday May 7Th, Td Ameritrade discussed on Best of Financial Issues with Dan Celia


Gonna get to questions? We are live here today. Friday may 7th glad you're with us. 16 363 11 10 6 10 363 11 10. We're gonna get to calls. Let me go to Richard Richard's going us from Arkansas. Hey, Richard. Hi there. Good morning. Quick question. Good morning. My wife works for an employer. She quit that employers, she transferred her for a one k two vitality for a higher a account. And, uh, we did a transfer, so there was no cash taken out. Do that, But we're getting a 10 99 are from her previous employer for that for one K. Um, is that just something they do? Uh, my concerns is that trigger desire I arrest thinking we should be paying taxes on it. No, I mean you rolled it into a traditional Ira Wright. Yes. Okay. Yeah, No, that Z nothing. You have to worry about. So we just ignore that 99 are nothing to do with it. Well, do you do your do you do your own taxes? Yes. Okay, so you'll have to file that. But as a you know, roll over, there will be a box for that to file, but it's not a taxable event. The only you know. Did a quick look over the tax form. I did not see a box that showed roll over, But there is something that just doesn't look very enter that correct. Yeah. Yeah, that should be. You're going to have to Okay, file. But if not call H and R block or something and ask him, But I think you need to file that. But It is. It is a roll over. It does ask you in the tax form. Did you have any qualified distributions? You did not, or did you have any non qualified distributions? That would be 4 59.5. And that would be not true, either. So it wasn't a distribution. So director all over and you'll be fine. Okay. All righty. Thank you. And and by the way, the reason people aren't working is because of global warming. You do know that I You know what? I never thought of that until I heard Christine Lagarde this morning. Yeah. So that must be what it is. It's too hot to work. It's too hot to work. I'm in Arkansas is getting hot already. So no terrible Um God. Help us, Richard. That's all I could say. God help us. Thank you, brother. All right, we'll see you. Yeah. Um, let me go to John. John's going is from South Carolina. Hey, John. Hey, Uh then this is, uh, my wife and left me a trust. It's a considerable amount of this trust is with Marilyn Church, the investor and, um I'm at a standstill. I've got banks, including me. Want to One. I was telling me the cash in because the way the taxes are coming up. And they start all over. Which distrust is with Marilyn Chin. There's a portfolio probably two inches thick on investments with utilities. Uh, gasoline. Automobile. I'm new with all of this and I get a portfolio from them every month, and it's got me confused. I'm talking to the investor now, and he's helping me get my trust set up to just roll it over into that trust. Under a Type of trusted acted, Uh, Take care of myself. Which, um, I understanding, you know, I have total control over. What? What? What is your suggestion with this? Wouldn't don't listen. It's frustrating to me, of course. They want you to sell out of its start over because then they get all the commissions. And they're going to make a ton of money from that. And the individuals going to make a lot of money. You don't do that. That would be ridiculous to do that. Just leave it alone. If it's a good trust, and it's set up in a positive way, and you've got some good holdings in there, there's no reason to be moving in and out and churning over. The account. You shouldn't do that The account should stay in the trust and be done with it once it's in the trust name. Of course, the other thing is you could move it anywhere you want. It doesn't have to be a Merrill Lynch. You could move it to fidelity. You can move to TD Ameritrade. You move it anywhere you want. So keep that in mind. I'm not saying you have to do that, or you should do that. But there's no there's no issue with that. Either is you don't have to be there. But, um, you would have tol. I would have to know all the things that are in there. Are there some things that you ought to move or there's some things that you want to combine. Probably. I don't know how many positions total Are there. There's probably some things that might serve you better in the long run, But but not not because somebody wants to Make a commission so I would not I would leave it alone if it has been performing well. Over the last. You know, several years. I wouldn't. I wouldn't be concerned about it. I mean, I would like to see you at a place where you could maybe manage it, you know, or or look at it. A little bit different. It's hard to do anything so moral inches of full service broker. They're getting big commissions. You could have that account in Fidelity and It would be wouldn't cost a nickel to make the changes. So I just think that you you leave it alone right now, until you get more familiar with what's in it, or maybe you are familiar with it. If you have some bad things you can. You can sell them, But, um I wouldn't. I wouldn't be looking to turn the whole count over. Her dad is set this thing up back in the eighties and invested in it, and it is had grown tremendously. But he was a low risk investor. And I think when we went to the bank, and they set up a portfolio off of it, it wasn't using. But like 3%, because he was He was a low risk investor. Uh, also, um They're advising me to put it in the Revokable Trust. That way, I'll have control over myself. You mean you mean it? And have revokable or did they say you're revokable? Revokable. That way. I'll have control over that. That was my understanding, you know, So it's a brother should be a revokable living trust. But it's probably it's probably that now. Well, it was when her dad was under the the family name and care of her and her brother with her brother passed away with her and she passed away and it goes to me as the Beneficiary. Um So it was a revokable. And then I think he changed it to a revokable. Their amendment. Uh so They want me to say that? Well, it was the remarkable but they want me to set it up. Revokable. That way I could handle Could have control of my investments along with Marilyn. Sure, I could decide to set myself up on a monthly budget. Send it to me, you know, and still invest whatever I got invested. Well, let me just say to you, Apparently, Merlin change. Doesn't know this which would be Crazy. If it's already.

Coming up next