California, Missouri, Paul discussed on Allworth Financial's Money Matters


Someone and I remember when I was 20 a friend of mine All of a sudden shows up with a Carmen Ghia right back in the day. Volkswagen Karmann Ghia for those young kids, you won't know what a Karmann Ghia is. But a Carmen Ghia and this kid had nothing in a Mike. Where did you get this? Carmen Ghia? He goes well. Had this fund My parents have been saving for me, and I turned 21. Yeah, I got it. And he erected three weeks later. I thought that was classic. Hey, did s Oh, that's another avenue and the Third Avenue is where you just You said you It's kind of a pain, but you set up six different accounts. Your name, or, you know your wife's name your trust him, Robbie, hold your assets. And you just hear Markham part internally that that I'm setting this up for Johnny and no kids named John anymore. Whatever, Kyle. Whatever their names are Devin, and then you earmarking yourself. You're the one who's gonna be responsible for any sort of Capital gains or dividends or interest that are paid out over that, Presumably, you'd invest in something that's more growth oriented. So wouldn't be very expect much and then you could. You could give those assets to the child later. Like, Hey, By the way, I've been saving up money. There's 10 grand. That's in this account that I've got for you and you got set up in your Will who trust such that If you die early, the dollar's going to certain trust, accomplish your objectives. So we gave you all the choices that the and the pros and cons you want to use. The 5 29 plan you That's all you want to do And what state do you in? Am in Missouri and real quick, my son. He has three of the grandkids out in California, so I told him to go ahead and start teaching them about stocks and buying. So he set up accounts and, um TD Ameritrade and what I told you to start teaching them right now, you know about, you know, Of course, young people, kids mind is all about gaming and Tex and things of that nature, but I thought that would be a good idea for them to start. Yep. Yep. And So what you want to do is just set these up. I don't know about the fight. 20 nines are funny because each state is only allowed to have one. And so, But, you know, some states give you a tax deduction. Some states don't and you don't have to use the one that the state that you're actually residents to see if you get some tax deduction for the state of Missouri, and if not, I'd use the state of Utah's plan. Which is the one that way. I can definitely has that. Yeah, well, they all have. The question you want to see is if you get a deduction to the state of Mississippi, if the money is not used for any sort of education expenses whatsoever, Worst case you pay taxes and the 10% penalty on the game And when it comes back to you, but you could always rename another. That's right. Grandchild is the beneficiary. Kid didn't turn out so well like that. I'm gonna help him. Yeah, So anyway, we appreciate your service in the Marine Corps and the U. S Postal Service there appreciate the call, and we wish you well. We're gonna talk and hear from Mick Mick. You with all words. Money matters. Hi. Thank you very much for taking my call. Paul. Um, I've been on your show for maybe seven or 10 years ago, but this time, I think I've reached the end of my rope, but I don't think I'm qualified anymore to do the taxes from my family or Prepare for retirement. My wife and Irish 64, she's entrepreneur. She started three companies here in Davis, California. Oh, I remember you. Do you? Really? Yeah, yeah, yeah, actually in your company just got a new CEO, right? That's exactly correct. Yeah, Remember, remember you and the last time you called. It's because you had a heavy concentration of this biotech saw. That's just like e mailed in Fort. Yes, exactly. Right. So we have this is her company. By the way. Listen, congrats to your wife. She is absolutely brilliant. You guys have obviously some people gonna connect the dots. This company had a C F O. That was cooking the books and it's a publicly traded company. And it, uh it cratered. I mean, it was on the edge after that CFO was cooking the books. So what he was doing is he was actually booking sales without actually. Doing the sales short story. It wasn't the CFO was C o. I don't wanna get the CFO, but the investigation. Okay, Deformation E got half of the story, right? But listen, your trial he's supposed to be getting is set. It's pretty soon. Good, by the way, many times. What a great by the way, uh, much admiration for your wife and the company you have built in the spaceship your building. And what the new proxy you're coming out with. Right now are just absolutely amazing. And for the rest of us, we have no idea what you're talking about. But anyway, questions zero recollection of this conversation. She's an entomologist, and she creates green products, too. Grow crops on this Is there anybody that you did with? And so what's your question that what she's become retired, and now she has our issues, and she's got all these apple butt soup stuff, but I don't understand. One of the biggest ones is that when you first went public The different people told her that she had Qualified small business stock. Yes, she could get a lower capital gain trade. Correct correct cramps all over the place online, you know, trying to figure out retirement strategy and charitable contributions, strategy and stuff like that. Which shares the stock do, I would do we actually selling used to live on? Maybe with a diversified. The big thing is to diversify that way. Huge percentage of her stop. Are you, Leo? And which ones do we just hold on to it? Maybe nieces and nephews will get when we die..

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