Smarter Ways To Financially Help Your Children & Grandchildren

03/14/24 • 32 min

Retire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®

So, what are smarter ways to save or gift to your family? In this episode listen to Tyler Emrick, CFA®, CFP® discuss how to gift wisely, be supportive of and not inhibit responsible financial behaviors, utilize intra-family loans, and optimize benefits for your family today and into the future.

Here’s some of what we discuss in this episode:

What the statistics tell us about how closely tied parents and young adult children are emotionally and financially these days.
Some smart ways to gift to your children and grandchildren.
Best practices for opening and saving into a 529 account and the mistakes you need to avoid.
Why you might choose to use a custodial account or Roth account instead of a 529 plan.

Have questions?

Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.

http://bit.ly/calltruewealth

Here’s some of what we discuss in this episode:

What the statistics tell us about how closely tied parents and young adult children are emotionally and financially these days.
Some smart ways to gift to your children and grandchildren.
Best practices for opening and saving into a 529 account and the mistakes you need to avoid.
Why you might choose to use a custodial account or Roth account instead of a 529 plan.

Have questions?

Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.

http://bit.ly/calltruewealth

Previous Episode

How Risky of An Investor Are You?

In this episode, Tyler Emrick, CFA®, CFP®, takes a deep dive into the world of risk. Is filling out a simple questionnaire sufficient? How about telling your advisor, "I'm moderately conservative?" Don't these seem fuzzy at best?

Hear how your perceived risk and diversification may differ – sometimes substantially – from mathematical reality. And be sure to listen in to how Tyler and the team at True Wealth can help you more appropriately find the right risk level, which probably should change over time, to best align your money to achieve your goals.

Here’s some of what we discuss in this episode:

Risk applies to everyone we work with so there are no exceptions when it comes to this topic.
What are the general rules for risk that the industry follows?
The True Wealth Design process for building a plan and determining risk.
How diversification and market conditions are used to construct a portfolio.
What ongoing portfolio management should you be doing to manage risk as you move through life?

Have questions?

Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.

http://bit.ly/calltruewealth

Next Episode

How to Avoid A Surprise Bill at Tax Time

When it comes to finances, paying a big bill at tax time is the worst. Worse yet, is if that bill comes as a surprise because your CPA, Investment Professional, and Financial Planner were not on the same page.

In this episode, Tyler Emrick, CFA®, CFP®, sheds light on traditional culprits that cause nasty surprises at tax time. Whether it is capital gain distributions, higher interest rates, or under-withholding on your income we cover it all on today’s episode of Retire Smarter.

Here’s some of what we discuss in this episode:

Interest rates have increased ordinary income and what most Americans are used to being taxed on.
Investment considerations to factor in that will impact taxes.
Stats on capital gain distributions and better investment options for tax purposes.
Sometimes you are under-withholding taxes on your income so what should you change?

Have questions?

Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.

http://bit.ly/calltruewealth