WCI #376: Trusts, Direct Indexing and High Yield Savings Accounts
Jul 18, 2024
Topics covered in this podcast include trusts, direct indexing, high yield savings accounts, real estate investing, and financial planning for surgery residents. The discussion also touches on retirement planning, investment strategies, CD and bond rates, and the benefits of community support for financial independence.
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volunteer_activism ADVICE
Avoid Trust as IRA Beneficiary
Avoid naming a revocable trust as the beneficiary of IRAs to prevent higher taxes.
Name individual beneficiaries directly unless you need control over the inheritance timing.
volunteer_activism ADVICE
Avoid Adding Kids to House Title
Never put your child's name on your house title to avoid losing step-up in basis.
Instead, use a trust to avoid probate and preserve tax benefits.
volunteer_activism ADVICE
Use 5% Real Return
Use a 5% real return assumption for long-term retirement calculations.
Adjust the assumption over time as you approach retirement for accuracy.
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We are tackling your questions again today. First we answer a few questions about trusts. We cover topics like revocable trusts and probate. We talk about direct indexing and what exactly that means and if it is worth doing. We discuss high yield savings accounts and CDs and bonds. We close out the episode with Dr. Dahle sharing how his views and ventures in real estate have changed over the years.
Today’s episode is brought to you by SoFi, helping medical professionals like us bank, borrow, and invest to achieve financial wellness. SoFi offers up to 4.6% APY on their savings accounts, as well as an investment platform, financial planning, and student loan refinancing…featuring an exclusive rate discount for med professionals and $100/month payments for residents. Check out all that SoFi offers at https://www.whitecoatinvestor.com/Sofi *Loans originated by SoFi Bank, N.A., NMLS 696891. Advisory services by SoFi Wealth LLC. The brokerage product is offered by SoFi Securities LLC, Member FINRA/SIPC. Investing comes with risk including risk of loss. Additional terms and conditions may apply.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
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