Theonomoney 094: Investing and Banking Accounts with Joe Garrisi
Sep 1, 2023
Joe Garrisi, owner of Backwards Planning Financial, shares his expertise on navigating joint accounts and investment strategies. He dives into the pros and cons of various financial account titling methods, including tenants by entirety for married couples. Joe emphasizes the importance of trust in co-owned accounts and discusses gift tax regulations, highlighting smart strategies for wealth transfer. Listeners gain insights into effective financial planning and the necessity of professional guidance for optimal decision-making.
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Titling Review
- Consider titling reviews for efficient asset transfer.
- This avoids unnecessary costs and delays like probate.
JTWROS Pros and Cons
- Joint with Rights of Survivorship (JTWROS) accounts offer immediate ownership transfer upon death, avoiding probate.
- However, they expose the entire account to lawsuits against either owner.
JTIC Usage
- Use Joint Tenants in Common (JTIC) for non-married individuals or business partners.
- JTIC accounts allow for percentage ownership and selling of shares.