Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Give My Child Money and Get a Tax Deduction?
Apr 10, 2025
Explore the intricacies of family finances and the emotional weight of gifting money, especially regarding tax implications. Discover the benefits of transferring retirement funds to IRAs for better diversification. Learn about the importance of trusts, including an incapacity clause to manage bills. Uncover the impact of short-term capital gains on Roth IRA contributions and gain insights on affordable dental care options. Ultimately, the discussion promotes values prioritizing people and thoughtful financial planning.
24:32
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Quick takeaways
- Establishing an emergency savings account is vital for financial security, providing a buffer against unexpected expenses and debt.
- Gifting money to family members can alleviate financial burdens, but it lacks tax deductibility for the giver while affecting family dynamics.
Deep dives
The Importance of Emergency Savings
Having an emergency savings account is essential for financial security. It serves as a foundation that helps individuals manage unexpected expenses without resorting to debt. Establishing an emergency fund affords peace of mind and protects against financial hardship during unforeseen circumstances. Engaging with options like the Ultimate Opportunity Savings Account at Alliant Credit Union can help individuals begin building this financial safety net.
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