Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask Suze & KT Anything: How Do I Do Dollar Cost Averaging?
Aug 31, 2023
Topics discussed in this podcast include: the benefits of having a revocable trust, managing finances for an elderly parent, when to collect social security benefits, and the importance of financial knowledge and empowerment.
31:04
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Quick takeaways
- Having a living revocable trust provides greater protection in case of incapacity, making it easier to designate someone to handle financial matters and distribute assets.
- Converting a traditional 401(k) to a Roth IRA can maximize growth potential by allowing tax-free growth and withdrawals in the future, but consulting with a CPA is recommended for determining the optimal conversion amount.
Deep dives
The Importance of Having a Living Revocable Trust
In this episode, the importance of having a living revocable trust is discussed. Having a trust can provide greater protection in case of incapacity, as financial powers of attorney can become null and void. Trusts also make it easier to designate someone to handle financial matters in the event of incapacity and can provide clarity for distributing assets if both partners pass away simultaneously.
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