What you need to know about the transfer of wealth
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- Опубликовано: 7 сен 2024
- Asset protection attorney Ann-Margaret Carrozza discusses how Baby Boomers are leaving more than $70 trillion to millennial and Gen X heirs.
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For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.
Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
Mind if I ask you to recommend this particular advisor you using their service?
Vivian Jean Wilhelm a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
The whole point of wealth for me is freedom. My magic number in my mind is 5 million needed at 65 to not worry about anything. Am i better off investing a good portion of my income into stocks or saving my earnings to achieve this goal?
Varied sources of income is wise and especially living within your means. My net worth is $2M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.
Money advice is subjective, what works for you may not work for someone else, but it's always better to plan. I'm quite lucky exposed to personal finance at an early age, started job 19, bought first home 28, got laid-off work 36 amid covid-outbreak, and at once I consulted an advisor to handle growing my finance. As of today, I'm only 25% short of my $2m goal after subsequent investments.
@@ThomasChai05who is your advisor please, if you don't mind me asking?
@@ThomasChai05Could you possibly recommend a CFA you've consulted with?
Yes indeed.... *Gertrude Margaret Quinto* has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
I feel It's getting harder to satisfy Wall Street. The market has gotten so unpredictable post covid.
No disrespect but you are wrong... Believe it or not, the market isn't as bad as some people have made it look... Companies are making record profits... In all honesty, as a beginner investor who knows next to nothing, I have made over $15k net profit in a few months... I was retrenched recently, and I am using these resources to keep body and soul together that I want.
Hi Herbert Anderson, your profit margin is quite impressive for a beginner. Good for you!!!! inadvertently, i sold a boatload of my portfolio recently. i would love to see your spreadsheet or trading journal; what is your trading technique??
I have never drawn up a spreadsheet or trading journal, it's of no relevance to me... I follow Kelly Matwick's investing instructions & techniques... You can look her up she runs a reputable CFA firm.
If by “unpredictable” you mean “endlessly devouring”
What are the best additions to a $500k portfolio to boost performance?, ETH is Up and will do better, I believe as indicators for profits continue to improve. investors like me believe that “Santa has come early” to the markets
I think you're better off with majority investment in bitcoin and uprising equities cos they always outperform. Alternatively speaking to a certified market strategist can help with pointers on which to acquire
wow massive gains! my partner recently hinted on going same direction.. what did you invest in, and who is your investment advisr please, if you don’t mind me asking? in dire need of asset allocation.
ashley airagahi is the licensed advisor I use. Just research the name. You'd find necessary details to work with to set up an appointment.
Thank you for this amazing tip. I just looked the name up, wrote her explaining my financial market goals.
i just do bitcoin and spy
A friend of mine mom sold her house at 81 years old and rented a small apt and uses those funds on the rent. Whatever is left when she passes she leaves to her kids. She avoided the government taking 40%
wait Im confused
I’ve hired 4 probate attorneys. 1 was incompetent and the other 3 were thieves. Probate attorneys feel entitled to their cut when someone dies. I hired one to draft my estate papers, he drafted the Enhanced Life Estate Deed so it would have to be probated. I called him on it refused to sign. He said I would have to pay for it since he drafted the document. He didn’t even offer to amend the document. I guess his boiler plate software wouldn’t let him do that. God forbid he actually create the proper document himself. He was the owner of a small firm. I asked him if the $800 was worth all of the bad reviews I was going to write in every possible forum I can find. He decided not to charge me.
Thank You. This detailed contribution should educate and help many.
Good on you, and yes thank you for sharing your story with all of us.
Lawyers are like any service - and they’re a dime a dozen. Good on you for calling him on his BS.
Please still leave the bad reviews to warn others.
Lawyers: crooks in suits😅
Trusts are only as trustworthy as the people who manage the trusts… That includes the attorneys involved…
I believe there's a lot of wealth transfer in this downtime if i could know where to look. Bloomberg and other finance media have been recently stated how worthless cash savings are. How do invest my 300k in savings for steady cashflow for my 3 kids?
Chose quality stocks and follow them up. If you're not one for such complexities, hire a wealth manager to grow your money. I use the latter
True. I’ve been investing in the stock market for 11 years now, last 5 years with the help of a financial advisor. Through this period of advisory support alone, I've been fortunate enough to achieve a 10x return compared to my previous efforts as a DIY investor, summing up nearly 85% ROI as of today.. My best so far!!
@greekbarrios this is huge! your advisor must be grade A, mind sharing more info pleas? in dire need of proper asset allocation
Well, I chose *Jennifer Leigh Hickman* as my advisor after her interview on CNBC In 2020. She is SEC regulated with offices in the US and quite frankly a genius with portfolio diversification. You should look her up
Thank you for sharing, I must say, Jennifer appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled
Meanwhile most Americans are really not getting any transfer of wealth except the funeral bills. 🙄
exactly💯
All I got transferred was, good luck out there kid.
Not necessarily. My grandfather had a million dollar estate. Quite an accomplishment back then. His estate was divided between 4 children including my father. My father’s estate was just under a million dollars. Divided between 3 children. My estate will be into 7 figures. I have one child. She has multiple advanced degrees and makes more money than I ever did even inflation adjusted. Her only child (my granddaughter) is college bound and has universities fighting for her admission. I admit I was born on third base but I did contribute to our families generational wealth.
Cremation costs minimum, very popular in Europe
There SO much more than just theft in Trusts that need to be thought through. My aunt passed away last year leaving a mess of the title because she never took it out of Trust when Grandpa died 30 years ago. We got it fixed, but it was a hassle and VERY expensive.
It’s shameful that by taking 40%, we’re ripping off families just as they’ve lost a loved one. It’s literally a death tax.
Just plan right. The laws are there to protect the rich.
Boomers literally put America $23 trillion dollars in the hole and have condemned our government to the brink of bankruptcy. It is a lie to call it a death tax, because it is what boomers owe to American taxpayers after putting our country in such a deep hole.
@@user-hf2dr7sh4ypoliticians did that, not boomers as a whole!
99.75% of Americans pay no estate taxes. The 0.25% who do are getting so much money that no one needs to cry themselves to sleep over it.
@@VulcanLogic Get real. You're only exempt from the first $13.5 Million. As I drive to McDonald's for second shift, and dream of owning my dad's 1998 toyota, I can tell you just how alarmed I am at these prospects.
If you love your kids or relatives give them your money while your still alive. Little by little they will appreciate it and you will feel good giving it to them. Lawyers make enough money… 👍
''Blended family warfare, lets avoid it. '' Awesome advice.
You shouldn’t have to transfer what money youhave it should go to your kids ,if that’s what my will says … and I already paid taxes on it’s not right.
Lesson learned if you want to be a millionaire make sure you have millionaire parents
As said by every lazy POS
dougk2932@Stop. A study by Fidelity Investments found that 88 percent of all millionaires are self-made, meaning they did not inherit their wealth
Not much money to be transferred in my family. My family isn’t rich. Anything that does gets passed down has to be distributed between family members so lots of family really thins the amount. Shocked so many boomers have so much money.
Many boomers have/had their homes paid off, some of them for many years. That will lead to extra money.
She's a very beautiful woman. I especially like her hair.
An old-school blowout... timeless!
@@LondonCalling12 1970s Playmate😃
What property exemptions? That stopped a while back even though we still have a mortgage. The new laws took away our ability to deduct mortgage interest or real estate property taxes.
Putting everything in Trust to avoid taxes, get taxpayers to pay for your nursing home care and your kids can get pell grants. 🤦
Tax avoidance to allow you to get taxpayers to support you.
The rich neighbors next door (Trump cult lovers) is exactly who you are talking about. Bragging about avoiding taxes at every turn and letting the taxpayers support them.
@@jimknarr yeah-- this whole segment makes me sick.
@@jimknarrlol
We inherit homes at a stepped-up basis, not what the parent paid for it. Nice 'tax advice'.
The government and states just waste our hard earned money anyway. I don’t blame people for avoiding taxes.
Big subject. Lots of inheritance stolen. Quite easy to do so its done often
Most Americans are wealthier than you think. Young people will eventually inherit lots of money. Most Americans are rich.
@@chrisphilips2768🤨 what?
Transfer of wealth usually occur during market crash, so the more stocks drop, the more I buy, in the meanwhile I'm just focused on making better investments and earning more as recession fear increases, apparently there are strategies to 3x gains in this present market cos I read of someone that pulled a profit of $350k within 6months, and it would really help if you could make a video covering these strategies.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money or you could hire a financial expert.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2020, and I return at least $30k ROI, and this does not include capital gain.
bravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
The decision on when to pick an Adviser is a very personal one. I take guidance from Vivian Jean Wilhelm to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
What I’m seeing is people are so concerned with having the prettiest house on the block, that they haven’t thought about leaving legacies behind!
Precisely. If 40% of boomers would aspire to hiring families members instead of the Government to do the jobs
$70 trillion 😮?!? What the...? Who are these wealthy boomers?
The top 10% of boomers. More are struggling.
The ones that worked for a living. Not the ones that rent all their life.
If a boomer worked for 30 years at a job that offered a 401k with an employer match, and they selected mainly mutual funds or index funds, and didn’t mess with it , then they are retiring now with $1-2M. Even if they live for a few more decades, the odds are that there will be a decent balance in it when they die.
@wreckim your comment doesn't even make sense, u can work AND rent.
This is a very good segment, thank you!
Okay but I am sure that most of the $70 trillion is owned by the top 1% lol.
Yes, as it should be. They worked for it.
@@wreckimlmaoooo worked for it what a clown comment
@@wreckim lol
70 Trillion proves that most Americans are wealthy, but are very quiet about it. It’s called silent wealth The economy is still booming.
What it means is the benefactors are about to get the big one from the government.
All I need to know it’s never getting transferred to me😩
Not really a A.D.O.S problem. Some of my mentors stated this fact on their podcast a year and a half ago. How them folks were preparing to leave their ill-gotten gains to The Offspring that they're not legally earn.
I clicked on this post and I was sure it was about BS complaints of rich people taking all the money from poor people. Surprise...this is gold. I'm buying this book.
maybe for the rich boomers, your same news channel just aired about boomers having to go back to work because of the cost of living crisis and SSI not being enough to live off of in retirement. so how much will those boomers leave their kids? 🙄
Several months ago, my grandmother designated money to be left to her grandchildren. She wanted it divided equally. My grandfather and ex cousin co-conspired to devise a scheme to steal the money, which they ultimately did for a portion of the funds. It's inheritance hijacking.
@donaldjohnson-wn6ps Nursing care or other expenses don't apply here. It was simply a matter of a relative stepping in because of their greed and entitlement, plain and simple.
All good advice.
Glad I don't have to worry about this, I have no money because it all goes to golfing and traveling
Key words: Heirs. Wealth transfer to the heirs. Not everyone.
All of this just to make sure the government get their share of my parents hard work. Even after they take 28% when they earn it %7 when they spent it. Now how much to they steal when they die? Our founding fathers fought a war with the world power of the tax of their tea. We are soft and it’s costing us. Now hurry up and give them your money because some other county needs it!
Homes are inherited at a stepped-up basis, not the price the parent paid for it. Horrible misinformation from the start.
She was talking about parents putting the home in the kids name before the parents were deceased. If a parent transfers ownership prior to passing away, the children would not inherit the property (because they already own it) and would not get the step-up basis.
My understanding stepped up basis upon death and transfer. Advice order a Appraisal to determine the transfer price, A lot of city/county real estate information is Not Fair Market Value Price. Need to know if depreciation is transferred at Stepped up basis/price
@@benjaminscott285 ah, I see that now. Such a dumb idea it didn't cross my mind she would mention doing that.
She never said homes were inherited at the purchased price! She said they're inherited at market value. Maybe rewatch the video?
This subject matter is far too complicated and varies too much from state to state to be meaningful. There are always federal tax, state tax, and state statutes and case law for the wide array of areas she's speaking on. Folks need to get a CPA or tax attorney for federal tax consequences and consult an attorney for probate and asset protection from a divorce, minor children, etc. No one has a book that's going to be accurate for your situation in Texas versus Illinois. The state laws are too different. This is coming from a Texan attorney, who focuses primarily in real estate, probate and family law.
So essentially the millennial game plan is to live in their parents basement, until the parents drop dead.
there's a step up in basis upon death right now what is she talking about
She is probably the best looking attorney in the U.S.
But not the most articulate and knowledgeable.
The government gonna take it all anyways, if you REALLY think about it. 😅
Only if you let them.
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THIS is the “transfer of wealth” you choose to cover…. 🤦♂️
This is her first job
I need someone to transfer to me
💎✍🏾📝
GIVE ME MY INHERITENCE!!!
I DESERVE IT!!!
Whole life insurance folks!
Who wants to receive money that they didn’t earn though? Best give that money to the needy
Thisbis why you don’t have wealth. They pass it down to the next generation. This is how the wealthy stay wealthy. They keep the wealth within their bloodline and donate while donating just enough to get tax deductions.