and good evening.

You've got more than money.

You've got Gene Dickison, your host, your personal financial advisor here.

What do.

I'm smiling already, aren't you?

You're wondering.

I'm smiling because shortly, just a short time from now, March 6th, to be exact, we're going to be hosting a very special more than money event.

And we're getting great news already about it.

That's why I'm smiling.

March 6th, we're going to invite you to join us live in the more Than Money studios here at PBS 39 on Sesame Street.

Doesn't that have a cool ring to it?

We're going to have a very, very engaging evening.

Few hours with me, a little meet and greet.

I'm not sure that's that exciting, but we're doing two live shows.

Fantastic.

You're going to have a chance to be involved in that.

You're going to see behind the scenes.

You're going to meet a tremendous production crew that we have here, all the great folks that bring us more than money every single week and do such a great job making me look good.

That talk about a challenge and and go wine with hors d'oeuvres.

That's going to be fun to our entire more than money team of advisors will be here.

So for so very many of you who have had your questions asked and answered, even though we've never met, this will be a chance to meet perhaps the person that answered your question and thank them personally.

It's very, very exciting.

Now, many events folks will say seating is limited and what they mean is limited to as many million people as will show up.

That's not the case here.

We have a studio, we have limits, and 75% of those seats have already been taken.

So if you are interested, PBS 39.org slash events is a great way to sign Make sure that you go there and let them know that you'd like to attend.

And, gosh, I look forward to meeting you.

We are even there.

There are threats that we're going to be taking questions from the audience to air during the live shows.

That's going to be exciting as well.

Lots still evolve.

So you as you can hear, if you've been listening week by week, it's better and better and better.

And yes, big smile on my face when we've already got 75% of the seats filled.

That means very few seats are left.

I would if I were you.

Hurry up.

If you're joining us for the very first time, you go.

What is all this about?

Well, the title of the show is More Than Money.

So we're doing lots more than just investing.

We're doing obviously everything that's necessary to make someone's financial life a little bit better.

And because of you, because of our audience, we are the most relevant financial show on television today.

And wherever you may find television shows coast to coast and border to border, we'll go up against anyone because it's not just because of me and my immense skills, but because of you.

You set the agenda is you set the questions, you set the tone, and you allow us to serve you.

And that certainly makes us the most relevant.

That certainly puts us in that very special category of most relevant, particularly to you.

If you are just joining us and listening in on this, this sounds fantastic.

How do I get my questions asked and answered?

You send those directly to me, gene at ask mtm dot com.

Gene at ask mtm dot com works beautifully.

And then we distribute those to our advisors and they're happy to answer your questions and provide as much information as we can.

All for the low, low introductory price.

It's free.

There's no cost.

There's no obligation.

It's just a chance to get good information, good, intelligent information that, we keep hearing about AI, artificial intelligence.

Yeah, we got plenty of the AI part.

We're not that artificial, but we sure are intelligent.

So give us a go.

And if you're wondering, how exactly does that work for questions that might be aired on a future show, this is how it works.

We go to our first show, gentlemen.

Right.

So I'm 81.

My wife is 79.

I'm wondering if we need your assistance.

I've managed our finances for a lifetime and done okay.

Good for you.

We own two homes, a 600,000, our primary residence, and $300,000 vacation.

I've already.

I'm impressed.

We have $750,000 invested.

We have, one point.

I'm sorry, $110,000 in CD's.

We have $100,000 in various banks at various interest rates.

Not too shabby for 280 year old.

Not shabby at all.

Your wife's not going to be happy with that because she's only 79.

Here's the problem.

I will probably croak.

I will probably croak before my bride, and that scares her to death.

The irony in that sentence overwhelms me.

She is reluctant to assume responsibility for almost $2 million in cash investments in real estate.

I'm looking for a reliable assistant to take over now so that when I croak, she has someone that she can turn to that I know is reliable.

Please advise and thank you.

Well, thank you.

Thank you for trusting us, with your question and in many ways, thank you for trusting us with your wife's future at 81.

Yes, you may only have ten, 15, 20 more good years, maybe longer.

Wouldn't that be fantastic?

Be part of our triple H club.

Happy, healthy 100.

Your wife undoubtedly has more.

That's the likelihood.

High probability.

So your concern is an appropriate one.

The fact that you've done so very well up to now is quite a testament to your good judgment.

The fact that you are concerned for your wife's future and her peace of mind is also a very good testament to your good judgment.

Your wife's anxiety is ever present.

It is not an anxiety that will automatically appear, suddenly appear at your passing.

That's not how this works.

I'm sure you already know that.

But for everyone listening out there, if you happen to be the spouse 50 years ago, 100 years ago, it was always the husband in charge of the money and the little lady just didn't want to worry her pretty little head about it.

That is long gone.

And today's economy, today's world.

It is lovely that many spouses husband has little or no interest.

The wife runs all the money or vice versa.

Whomever is not running all the money is fine with that.

In their 20s, 30s, 40s, 50s they might start to get a little concerned as they enter retirement age because now I know you've done a good job, sweetheart, but I'd really like to have a little more confidence.

I'd like to have somebody that we both trust.

Look at our plans.

Look at our our, our investments.

Look at our our documents.

Look at our income tax returns and and give us a second opinion to ensure that we're doing everything that we should be doing as we enter this new phase of life.

Well, the next new phase of life is where one spouse departs and one is left behind.

And that's a absolute high probability event.

Is it, on occasion, the case where one spouse dies and the other passes within 24 hours?

Sure.

That's not an unusual circumstance at all, but it is far more likely when you pass, your wife will enjoy hopefully many, many more good years of life and she is already fearful.

She walks around on a daily basis because she doesn't know.

You don't know.

None of us know the day of your departure, so she's constantly anxious and you can relieve that right now.

You are correct in looking for someone to join your team.

Not someone to replace you, but someone to join your team.

Someone has a that has financial advisory background, obviously tax background, estate planning background, all of the kinds of pieces that you would need to know about and all the kinds of things that will bring peace, peace to your wife.

So you are wise to do it now.

Many firms, many firms, high quality firms would be very pleased to work with you under the circumstances and are more than money.

Life are more than money.

World headquarters.

How we approach things.

We embrace, our clients who are, actively involved.

We look at them as part of our team.

Admittedly, there are some financial advisory firms, some very large firms that do not want to be your partner.

They simply want to tell you what to do.

So you will need, perhaps, to interview several companies before you find the one that invites you to become part of their team and being part of the team.

It's a beautiful thing allowing your wife to stand side by side with you through all of it and see and get comfortable and get confident and have her fear melt away and gain peace of mind.

Again, I salute your good judgment.

Well done you.

Shall we go next?

What's next?

Yes.

The term is catch up, not catsup, I never grow, I never said catch up.

Is that how people really say it?

Catsup.

catch up.

Come on, let's not be too fancy.

Gentlemen rights.

If you, actually, this is an email he received from his 401k plan.

If you're receiving this, you currently do a catch up provision contribution to your 401K savings plan.

So translation folks who are over age 50, if they are participating in a 401k or a 403B have what's the availability of a catch up provision currently if you're under 50?

I think the the limits roughly 22,020, 25.

And if you're over 50 you're allowed to go up to 30,000.

Isn't that lovely?

May even be just a bit more.

They've changed the they changed the rules year by year.

And we're in the new year.

So it might be a bit more.

But you see the differential under 50 a relatively large number over 50 a very substantial number.

So in this case this gentleman is above 50.

And he has been participating by adding a way into his catch up provision, for 2025.

And going forward, the catch up provision that you have elected will not start until you have met the maximum contribution.

Actually notes in here 23,500.

So that's a very good jump indeed.

Once you have reached that amount, reach that amount your catch up provisions will start.

This is an interesting email for two reasons.

Number one, lots of folks are under the impression that once they sign up for their for one K, it's kind of set it and forget it.

Absolutely not the case.

You may have signed up originally for your for on K when you were 25, 35, 45, and you set it up with a certain contribution level based on what you could afford at that point in time.

If you're 35 and you've got two kids, they're both early teens and they're eating you out of house at home, or you're 50 and you've got, two in college and they're not eating your outhouse at home.

They're just bankrupting you with college payments.

And then all of a sudden you're 52, 53, the kids are out of school, maybe out of the house.

Maybe your cash flow is better, and maybe you have the ability to really ramp up your retirement savings.

That's called the catch up provision.

Many of you have not even thought through that because you're not yet even in that retirement thought process, you're too young, well, 50s, not too young.

And even though you may be saying, I got 20 more years, you've got an instant opportunity to add dramatically to your retirement savings.

And depending on what your spouse is doing at his or her retirement, you may need to coordinate this so you get the maximum benefit.

We recently counsel the client where he and she both had 401 K plans.

They both had similar, types of investments.

Not a big differentiation there.

They both have they're both of a similar age.

So that was not a big differentiator either.

What was a big deal was that her 401 K, every dollars she put in, they matched 11%, 11%, for his it was for big differential.

And they were able to take advantage of that.

Now, before I get too far off course.

And that's always a risk.

There is a new catch up.

And for folks who are between 60 and 64, there's a super catch up and it's approximately $4,000 a year.

So if the base is 23 five, if the catch up is 7500, that's 31.

If you are between 60 and 64, you can add another 4000 approximately on top.

All of a sudden what, $35,000?

Plus, hopefully your company is matching.

This is a good deal.

Excellent question.

Just a sip for the for the home fans.

Where do we go next, sir?

I remember this one.

This one does make me wonder.

Goodness gracious.

Gentleman.

Right.

So I've contacted two financial analysts, to help me in my retirement planning.

Unfortunately, I have an arrest record on my background.

I was told by these financial companies that it is against their policy to represent me in retirement planning.

I'm actively looking for financial advice.

Is this the norm for all financial companies, or is there an option for me to receive advice?

My house is paid off.

I have IRAs I have for one case and I really do need their help.

Is this something you can help me with?

Thank you for your advice.

I look forward to your response, yada yada yada.

Thank you very much.

Okay, this one does make me wonder for two reasons.

The first, it is very unusual for a financial advisory firm to do a criminal background check on prospective clients.

As a matter of fact, I have checked with a number of registered investment advisor firms, broker dealer firms.

No one does that.

Gosh, you had a dust up as a kid.

Maybe, early teens, maybe in your 20s.

A little too much.

And that was not a good thing.

Lots of folks have those.

By some estimates.

I was told by some estimates, 20% of Americans, adult Americans, have some form of legal yuck in their background.

And yet financial advisors accept them as clients all day long.

So this one makes me wonder the term criminal background arrest record, is a little vague.

And what I will assure you does happen, does happen, is that there will be a screening done by every, by any financial or any reputable financial firm for what's what's the diplomatic term, anti-American activities, if you have connections, with countries that are anti-American, with organizations that are anti-American, if if, if if there is a background, is there something in your background, excuse me, that indicates that you are money laundering, funding, terrorism, etc., etc.?

Oh, absolutely.

Done.

Not interested.

No one will touch you and for good reason.

If, on the other hand, it is a minor infraction or an infraction of any kind short of what I've just described, you really should not have a problem now as the ultimate.

This makes me wonder.

As I was discussing this with our legal department, one of the questions was is this a for real question?

Well, we get lots of email questions.

99.9% are absolutely for real because we end up having conversations back and forth.

And I said, why would someone ask a question if it's not for real?

And the answer was, perhaps they are fishing.

Perhaps they're looking for something that they could cause a, disturbance or or challenge you or or make you uncomfortable and, and, and I.

How would I know?

So I came up with my own strategy, which was I answered directly back and said, for everything you've told me, there doesn't appear to be any reason why you wouldn't be acceptable.

I'd be happy to meet with you.

And we have had radio silence ever since.

So it makes me wonder.

Makes me wonder why he was turned down in the first place.

It makes me wonder number two, whether this criminal, or arrest background has something more, sinister involved.

And number three, whether this was, fishing expedition or not, and sadly, in today's world, there are lots of folks out there doing lots of things that make you scratch your head.

And that's maybe one of them we don't know.

Right back.

Where do we go next?

Account titles really do matter.

This is very, very interesting.

I'm I'm going by memory, so let's get right to it.

And maybe I can help.

Thanks for all the advice you've been teaching me.

On More Than Money.

Well, you're very kind.

And thank PBS for hosting your show.

So done.

I've learned a great deal.

You have probably covered this in the past, but I am unsure.

I am an 82 year old widow.

Bless you.

I have the blessings.

I had the blessings of 53.5 years of a wonderful marriage.

Wasn't that beautiful?

I have a designated beneficiary account, which was my husband's IRA.

He also had a Roth IRA, which I inherited.

I know I can't combine my IRA with the designated beneficiary account if I understood that correctly, but can I move the designated beneficiary account into the Roth without tax consequences?

I sincerely appreciate your show, your willingness to help us all out on the and hope to be in the triple digit club with God's help.

Triple H happy, healthy 100.

I hope you are as well.

I wanted to answer this question for a number of reasons.

The first is so sweet, so kind.

She mentions, hey, you've probably talked about this in the past, but I need to have this question answered now.

It doesn't matter if I've talked about in the past.

We are in our sixth season.

We've done something.

I'm guessing in excess of 200 shows.

Have we covered this question in the past?

The answer is, of course we have.

And at the moment that we covered it, it did not catch her ear because it did not apply to her.

Going back to my bold claim that More Than Money is the most relevant financial show on television today.

Any station, any size, any reach, coast to coast and border to border.

It's because of this.

Folks ask questions that are both relevant and timely to them.

So if I'm talking about RMDs that start for people who are 73 and right this moment, as you're listening, you are 61, probably not going to be high on your radar screen.

But in ten years, when we're in our 16th state, season, you're going to be going, wait a second, that's coming up fast.

I really have to pay attention.

It is a constantly evolving, set of challenges for everybody throughout their lives.

Similar challenges at similar stages but constantly evolving for you as an individual and certainly for our audience.

We are very, very blessed.

Our audience is growing at a lovely clip, all thanks to you, mostly because you tell your friends and they show up and that's fantastic.

But because of that, there are folks who have joined us tonight for the very first time.

They've never heard this question.

So please, when you are asking your questions, when you're considering asking your questions, ask them.

If we just covered it 10s ago, of course I'm going to take a pass.

But in general, reviewing the material very, very important.

And in this particular case, even more so, she mentions that she received a designated beneficiary account, which was her husband's IRA.

Those two phrases don't really match up a designated beneficiary account, particularly in a bank.

A brokerage account is typically not an IRA.

It is typically a non IRA that has a transfer on death or a payable on death, designation beneficiary connected to it.

Those rules are very different than the rules for an IRA.

She mentions that it's her understanding she cannot combine her IRA.

And this IRA she received from her husband.

Yes, she can, yes she can.

The spousal exceptions include this ability to co-mingle combine as one.

The IRA becomes hers, and she treats that as if she always had it.

So she can simplify her life, simplify her situation, and goodness.

Maybe give herself just a little bit more peace of mind by bringing those together.

Now, our second question about the Roth is it possible to take her husband's IRA directly into a Roth without paying taxes?

Sadly, no.

It would be lovely if you could.

It would be lovely if every inherited IRA could go directly into a Roth without taxation.

The fly in the ointment with this plan, the fly in the ointment is the IRS.

The IRS is not interested in having you do these transactions without them getting paid.

Now, under the current administration, they're getting tighter.

Things are they're saving dollars where they can.

And, perhaps someday in the future that will be the case.

But in this particular case, keeping that Roth IRA as is keeping your designated, your, your husband's inherited IRA co-mingled with yours makes perfect sense.

Thank you.

So much for the question, sir.

One more, maybe a short one.

Oh, is that, here we go.

Getting out and coming in.

For those of you are wondering, you know, the headlines right over there.

Well, peek behind the scenes.

Hey, if you show up on March 6th, you'll see all of this.

You'll see how the sausage is made.

All right.

That's as well disturbing.

Gentlemen.

Right.

So I'm looking for some financial help navigating a business partner, buying me out, and laying the groundwork to manage the wealth that I'll receive through investments.

Should all of this actually come to fruition, I'd like to come in and chat.

Short question.

Deep, impact.

Very, very meaningful impact for this individual.

For those of you that own business is the opportunity to create an exit strategy or an exit event is, for many of you, the ultimate goal.

I want to create a great business, build great value and then exit.

Take the money, be able to invest it and create wealth.

Aside from my business, the realities are that these types of transactions are very challenging.

The most successful ones are almost always internal.

I own the business.

I have great employees.

I sell it to them.

That generally works out really, really well.

Selling to an outside firm, unless it's a high tech company, can have some significant challenges.

And I even read between the lines that this gentleman is saying, maybe it ends up selling, maybe it doesn't.

That's a good approach, but having your ducks in line makes a great deal of sense.

So sitting with a financial advisor before this all happens.

Excellent idea.

Tax planning.

Maybe there are ways that we can cut some of the taxes on this transaction that goes from you to someone else.

Investment planning indeed.

What what kind of needs might you have once this event has occurred, and how can we best meet them?

And how do you explore all those options and be comfortable with those decisions before they become urgent?

And can you sit with a financial advisor?

Has experience doing all that?

The answer is, of course you can.

Wherever you find yourself in this country, there are wonderful financial advisors that can do exactly this.

I wish you great success.

Speaking of great success, thank you so much.

You have successfully navigated the entirety of our show.

Hopefully you've picked up a couple ideas, maybe found a couple things here and there that fits you rather well, and if so, fantastic.

If you need clarification or you have a completely different question, completely different scenario, please send those to me.

Gene at ask mtm dot com works beautifully.

Well, our entire More Than Money team is at your service and happy to answer your questions.

And of course, if you'd like to join us on March 6th, you can use the same email gene at ask mtm dot com will be happy to welcome you.

Speaking of welcoming, we'd be happy to welcome you back next week if you are so inclined to return to us for another edition of our information to you on More Than Money.