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RMDs & Charitable Savvy: Tax Smart Choices for Retirement Funds · Money In Motion with Klaas Financial

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This is Money in Motion with Class Financial, a fun and informative show designed
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to help you get answers to all your retirement questions in one place. And
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the phone lines they are open for you right now. I'll love to have
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you join us here Money in Motion with Coss Financial. The telephone number to
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get on the air six so eight three two one thirteen ten. That's three
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two one thirteen ten gets you on the air with our retirement planning professionals from
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COSS Financial, CJ. Closs and Malia Quavis. You can learn more about
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Class Financial also get to know CJ and Malie a little bit about their background
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and the rest of the team at claus Financial. All on the website class
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financial dot com that's Klaas Financial dot com. You can also learn a little
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bit more about Cosses separate divisions how they can help you. Also, if
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you're an employer, some great options there for you as well. And if
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you scroll down even further, there's a little envelopes of state current right there.
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You can subscribe to the weekly Market pol snowsletter. It's a fantastic weekly
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email gives you a little snapshot of what's been going on in the markets.
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Also link to the most recent podcast that available to you at class financial dot
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com and a telephone number six oh eight four four two five six three seven.
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No charge for that initial get to know your appointment at Loss Financial.
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It will be complimentary to you. As mentioned, we are joined this morning
1:14
by CJ Closs and Malia Quavis of Class Financial. CJ. How you doing
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this week? Good morning, Sewan, I'm doing great. How are you
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doing? Really well? Great to talk with you, Malia. Are you
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ready for the day. It looks like it's going to be perfect? Yell,
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looks beautiful. We're happy to be here. Yes, it's an exciting
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day and a great day ahead. And of course we talk about this week
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r mds, which are a fantastic, fantastic thing you need to know about.
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But there's some really, really fantastic things you can actually do with rmds,
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so we're going to get in to that in just a moment. A
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couple of things to keep in mind as we do the program. I mentioned
1:48
the website class financial dot com. Don't forget if you ever miss part of
1:51
the program, you can always listen back to the podcast right at classfinancial dot
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com. Subscribe there as well. The telephone number for Class Financial's office six
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oh eight four four two five, six three seven. There is no charge
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for that initial get to know your appointment ACHLSS Financial. It will be complimentary
2:05
to you. You also want to hold on to that telephone number because a
2:07
little bit later in the program we will do the Class Quiz Question the week.
2:09
Your chance to win a fantastic prize this week a chance to win a
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twenty five dollars gift card to Cabela's that provided by our friends from Class Financial.
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Little tip if you listen closer to the show. Oftentimes just about every
2:22
time the question and answer come up during the week's program, so listen closely
2:25
for your chance to win. Speaking of the Class Quiz Question the week in
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excellent Programs, last week we had a great show, did a class quiz
2:34
question week. Let's actually take a look back at last week's show get the
2:36
question and answer there as well. Yeah, so last week we spoke about
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one of our favorite subjects, which is social security and when is the right
2:45
time for you to collect your benefit? And everyone's ears perks up as they
2:47
get closer to that event. So great conversation about that and the question of
2:53
the week was true or false. If you wait to begin collecting your Social
2:57
Security benefit till after your retirement age, which is your FRA, your benefits
3:02
can grow eight percent per year till age seventy So true or false. Shout
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out to our winner last week, Dan Jay of Middleton was the first one
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to call with the correct answer, So congratulations to him, and listen carefully
3:15
to today's question. You two can be like Dan. Just pay close attention
3:20
to the program. You'll be rewarded in a number of ways, and of
3:23
course one reward maybe a chance to win that twenty five dollars gift card to
3:25
Kabeli. You'll also leave here a whole lot smarter, So pay attention.
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You're going to have a lot of fun. And today we are going to
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be talking about an alternative way to donate to your favorite charity for you know,
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for folks who are in retirement and managing their yearly rmds. There's a
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connection there, is there? What do we need to know? Yeah,
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so when we discuss r mds these days, it makes sense to also be
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discussing Philanthroy philanthropy at the same time, since there can be significant tax benefits
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when you combine these two elements. So again RMD stands for required minimum distributions.
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Another form of that statement is an MRD, which is a minimum required
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distribution. But when you start thinking about that, you also should be thinking
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about charitable giving. Now, before we get too deep into the charitable aspect,
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we are going to first set the stage with what kind of rm ds
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are and understand what you know why the IRS put them into place in the
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first place, and then we're going to also talk about them in relation to
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the passing of the Secure Act that went into effect on January first of twenty
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twenty. We're going to do that because there were some changes with regards to
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the required minimum distribution schedule and ages and different factors like that. And remember
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that rmds are designed to ensure that investments in your iras do not grow tax
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deferred forever. The IRS wants to begin receiving the associated taxes that have been
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deferred on these accounts at some point. So with the passing of the Secure
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Act, the IRS now requires that most owners of iras withdrawal art of their
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tax deferred savings each year after reaching the age of seventy three or seventy five,
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depending upon when you were born. Now, these ages for those who
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have been around for a while, used to be seventy and a half.
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Then it got moved to seventy two. Then it got moved to seventy three,
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with another bailout at seventy five if you were born after a certain year.
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So it's got a little confusing because a lot of people say, oh,
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yeah, rmds seventy and a half, like, oh, that's true,
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that's true, that's what it used to be, but it's just not
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anymore. So specifically, your first required minimum distribution must be taken by April
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first following the year you turn age seventy three. Now, again, this
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is assuming your RMD age is seventy three. So if your required minimum distribution
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age is seventy three, your first minimum distribution must be taken out by April
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first of the year after you turn seventy three. That is known as your
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RBD, you're required beginning date. You guys know, we love our acronyms
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in this industry. But here's what's interesting. If you do that, if
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you decide to push off your first RMD to April first of the following year,
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So let's say you turn seventy three in June of twenty twenty four.
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You don't have to pull that first one until April first to twenty twenty five.
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However, if you do that, then you have to double up in
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that year, So we don't often suggest people do this, but anyway,
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just an fyi. Another kind of update here is that subsequent rmds must be
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completed by December thirty first of every year thereafter, So just make sure that
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you know, once you've kind of bypassed that first one to the following year,
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every subsequent RMD has to be out by the end of the calendar year.
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And if you would draw less than your required minimum distribution as part of
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the passing of the Secure Act, you may owe a penalty, but that
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penalty has been reduced down to twenty five percent, and in some circumstances even
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less if the taxpayer takes the missed misdistribution in a specific timeframe. So for
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those who ever listened to our show for a while, we used to say,
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oh my gosh, you know, if you miss an RMD, the
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penalty is fifty percent and there's no exceptions, and it was just really really
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challenging. Well, as part of the passing of the Secure Act, they
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back that down to twenty five percent, and they kind of added in what
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I will call a reasonableness provision that says, and if you get it taken
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care of in a reasonable amount of time, we'll just kind of get rid
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of that penalty. And remember, your required minimum distribution is the minimum amount
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you must withdraw from your account each year, not the maximum. So certainly
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if you are already drawing the minimum or more, then when you turn our
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MD age, this is going to be a non issue because very often you're
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drawing from these accounts all ready to support your income, and so turning that
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magical age of seventy three can be a non issue for a lot of people.
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Talking this morning, Oh sorry, excuse me, No, you're good,
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Go ahead, i'd say, talking this morning with our retirement planning professionals
7:59
for Class Financial, CJ. Closs and Malia Quavis. Thewebsite Class financial dot
8:03
com that's klaas Financial dot com. Great website and resource to learn more about
8:09
Class Financial. Also, you can sign up there for the weekly Market Pulse
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newsletter. There telephone number six oh eight four four two five six three seven.
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Don't forget no charge for the initial get to know your appointment at Class
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Financial. It will be complimentary to you again the number six oh eight four
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four two five six three seven. Love to have you join us as well
8:26
this morning if you've got a question for our retirement planning professionals, gets you
8:30
on the air at six oh eight three two one thirteen ten. That's six
8:33
soh eight three two one thirteen ten. You're mentioning earlier CJ. How your
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industry love loves acronyms. They also love tables, don't they do. Yeah,
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we love our acronyms and tables and oh it's fun. You know,
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listen everybody I know Sean just mentioned this, But truly, this this stuff
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gets confusing. So if you have questions, call in. I mean,
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it's actually one of the fun aspects of this show is it actually is live.
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This is not pre recorded, and so you can call in and we
8:58
can answer any questions you might have about this. But some other factors.
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Your withdraws from your pre tax I ray or from any of your retirement accounts
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will generally be included in your taxable income, except for any part that was
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taxed before before it went into the account, which is known as a basis
9:18
inside of a retirement account, or in the case that it's a WROTH account
9:24
with required distributions because maybe it's an inherited wroth and those wroth distributions typically do
9:30
not have any tax. Or finally, if it's part of a qualified charitable
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distribution, which Malia will be talking much more about and is kind of the
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emphasis of our show today. But a couple just final points here. The
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calculation of your required minimum distribution for any year is the account balance as of
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the end of the immediate preceding calendar year, so December thirty first, divided
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by a distribution period from the IRS's uniform lifetimetable. This table gives U a
10:00
life expectancy factor, which you can take that balance divided by that factor,
10:05
and it gives you a distribution amount. Now, a separate table is used
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if the sole beneficiary is the owner of the account's spouse, so think of
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this as your spouse who is ten years or more younger than you than a
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different table is used. And also remember a new life expectancy table has been
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started to be used as of January first of twenty twenty two, so make
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sure you don't have an old one that you printed off a few years ago
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that's posted up in your office somewhere, go ahead and google the new one
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that's available. And finally, you can go to investor dot gov, which
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is a website hosted by the Securities and Exchange Commission, and you can see
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and calculate what your rm ds may look like. Or go to IRS dot
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gov and type an RMD worksheet and you can do an easy kind of back
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of the napkin calculation to figure out your distribution. Really important stuff, great
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websites, resources and information from CJ. Closs as well as malitiic Uavis,
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our retirement planning professionals, Last Financial. Will check in with Malia in just
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a moment on talk a little bit about when it comes to charitable giving.
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What's the connection there. We're going to get the details in just a couple
11:07
of moments. As CJ mentioned, we love getting questions, love getting your
11:11
calls, So I got to just pick up the phone, give us a
11:13
ring. We'll get you right on the air this morning at six oh eight
11:15
three two one thirteen ten. That's six oh eight three two one thirteen ten
11:18
gets you on the air with CJN Malia of course they come to us from
11:22
Coss Financial. Their office right here in Madison, telephone numbers six oh eight
11:26
four four two five six three seven. No charge for that initial get to
11:30
know your appointment tech Loss Financial. It will be complimentary to you again.
11:33
Their number six oh eight four four two five six three seven. The website
11:37
Coss financial dot com. That's k l aa s Financial dot com. And
11:41
the number to get on the air six oh eight three two one thirteen ten.
11:43
That's three two one thirteen ten. More of Money in Motion with Coss
11:48
Financial is next right here on thirteen ten. Wiva. This is Money in
11:56
Motion with Class Financial, a fun and informative sit so designed to help you
12:01
get answers to all your retirement questions in one place, talking with our retirement
12:05
planning professionals from Class Financial, CJ. Closs and Malia Quavis. The website
12:09
coss Financial dot com. That's k l aas financial dot com. Great website
12:15
resource to learn more about Coss Financial. Their telephone numbers six o eight four
12:18
four two five six three seven. No charge for the initial get to know
12:22
your appointment at Class Financial. It will be complementary to you again. The
12:26
telephon number for Class Financial six oh eight four four two five six three seven
12:31
and the telephon number to get on the air six oh eight three two one
12:33
thirteen ten. That's six eight three two one thirteen ten. Head down to
12:39
Beautiful Stoton and Thomas checks in. Thomas, welcome to the program. You're
12:43
on there with CJ. Closs and Malia Quavis of COSS Financial. Hi.
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There him the question on a qualified charitball distribution. I saw on some charity
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websites there's a form I could fill out, and I was sporntine. First
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question is can I actually contribute to more than one charity from a traditional IRA
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and can a contribution be set up for monthly distribution? Is at one time
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a year? Oh? Such a great question, Thomas. So let me
13:16
let me kind of repeat your questions so to make sure everybody heard it and
13:18
understand it. So Thomas's question is, Hey, I've heard that I can
13:22
fill out a form and work with a charity to do a qualified charitable distribution
13:28
of a retirement account. But can I do this monthly? Or can I
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do it to just one institution or multiple institutions? How does that work?
13:35
And so, Thomas, what I'd say to you is it depends on your
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custodian. So custodian is where your money is held. Think of this as
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like Fidelity or Schwab or something like that. Sometimes they will not like the
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administrative burden of accomplishing this, I'll be frank. It is administratively burdensome to
13:50
these companies. However, assuming they don't throw up any walls relative to the
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administrative burden, which you know, like we don't, right, don't create
14:00
walls for that, then the answer is you can do it however often and
14:05
to as many organizations as you want. As a matter of fact, something
14:09
that we've started to do with some of our clients is actually set up what
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we call a check writing non tax withholding IRA. All that means is you
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put money into an IRA, it's it's in a money market fund, and
14:20
then you get a checkbook on it, and every time you write a check,
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there's no taxes withheld because we assume that is your QCD checkbook, which
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is pretty slick right. Then as you get those opportunities to give you can
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just write it out of your IRA QCD checkbook and then you just kind of
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have to manage the ledger, so to speak, of of what's happening throughout
14:39
the year. So to answer your question as often as you want to as
14:43
many entities as you want, you just need to keep track of that and
14:46
then notify your accountant. Because the custodians don't typically break out what went to
14:50
a charity and what went to you. They'll just say, here's how much
14:54
came out of the IRA, and you're ten ninety nine, you have to
14:56
tell you your accountant. Hey, of the forty thousand that came out of
15:01
my IRA, twenty thousand went to charities. The other twenty thousand came to
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me. And then that's what controls your taxes. So remember, folks,
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you cannot qualify this as a QCD and also simultaneously take a deduction. That
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would be double dipping. The benefit here is that you're not taking an itemized
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deduction. You're actually just not paying tax on the money when it comes out.
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So I know I rambled there for a little bit, Thomas, but
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hopefully that answered your question. Ask another question absolutely, Oh, you said
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I have to write a check myself. Can there be no? No,
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you don't have to. I'm talking about different ways to do it. You
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can you can work with the custodian to say, hey, I want to
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have this sent to a third party because it is it is a third party
15:43
distribution. It's not coming to you, right. So a QCD is going
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directly from your IRA to the charity, so you can fill out paperwork with
15:52
them to have them send that check directly to the charity from your custodian.
15:56
But what I'm saying to you is that is the administs of burden I'm talking
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about, right, every time I want to add a new one, I've
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got to fill out new paperwork, and then i want to change the amounts,
16:06
and I've got to fill out new paperwork. So sometimes it can be
16:08
easier to set up a checkbook IRA. But you know, listen, I'm
16:14
on the air. I'm already getting too detailed. Uh. Talk to your
16:17
advisor, talk to your custodian and UH and they can help you, you
16:19
know, set it up in the way that's best for you. Thomas,
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Really good question, great call this morning. You two can be like Thomas,
16:26
join us on the show. I gotta speak up. Don't give us
16:27
a ring. Six oh eight three two one thirteen ten. That's six soh
16:30
eight three two one thirteen ten. Gets you on the air with CJ.
16:33
Closs and Malia Quavis, our retirement planning professionals from Claus Financial. Their website
16:38
class Financial dot com. That's k l Aasfinancial dot com. And the telephone
16:44
number six oh eight four four two five six three seven. No charge for
16:48
the initial gets to know your appointment at Claus Financial. It will be complimentary
16:51
to you again their number six oh eight four four two five six three seven.
16:55
So I've got time also to get you on the air at three two
16:56
one thirteen ten. That's three two one teen tensil. CJ did a great
17:00
job laying out RMD's card minimum distributions. Tom has called about qcds, and
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I think folks say, okay, what do rmds have to do with charitable
17:07
giving? Leiah. Yeah, so there are a lot of people unaware of
17:11
this opportunity. Obviously, our caller is right on top of things, so
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I love hearing that. But given the fact that higher standard deductions actually increased
17:21
back in twenty eighteen, a lot of people stopped itemizing. There's still about
17:26
twenty two percent taxpayers that do itemize their taxes, but for a lot of
17:30
people, when those those standard deductions were rows for a couple, that's up
17:37
to twenty nine thousand, two hundred for single fil arts fourteen thousand, six
17:41
hundred that gave way too. Are there other ways perhaps for me to lessen
17:47
my tax burden? So hence comes in the idea of perhaps utilizing a QCD
17:52
or qualified charitable distribution as a potential way to have lesser tax burden. So
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first of all, we want to shout out that we personally are not accountants,
18:06
however we interact with them frequently, but you should check with your own
18:10
accountant and see if the strategy might make sense for your situation. So a
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little a little history about qcds. They were made permanent back in twenty fifteen
18:22
with the Path Act protecting Americans from tax hikes. We love that disclosure there.
18:29
A QCD gives gives you the opportunity to transfer up to and this is
18:33
a new new amount this year, up to one hundred and five thousand dollars
18:37
per taxpayer in twenty twenty four. And again this has to come directly from
18:44
your IRA, which is held by custodian to a qualified charity. So if
18:49
you're married, you know that rises the potential up to two hundred and ten
18:56
thousand from a household, so one hundred and five thousand personal limit, though
19:00
applies to the sum of all the qcds contributions over the course of the calendar
19:06
year, so you obviously don't have to give up to one hundred and five.
19:08
We just want to make it clear that's the most you can do this
19:12
year. A donor can make one large contribution or several smaller ones like our
19:18
caller asked about, over the course of the calendar year, and that's only
19:22
available for iras and individuals who've reached seventy and a half years old. So
19:29
you're going, well, okay, I thought we're talking about rmd A and
19:33
that's risen to seventy three. Well, qcds are available starting at the age
19:37
of seventy and a half, so a clear distinction that was not adjusted when
19:42
they adjusted the RMDH. But unlike conventional rmds where you are paying taxes,
19:49
this is the whole idea here. If you give directly from that IRA that
19:55
custodian directly to your charity as long as it is indeed a charity, those
20:00
qcds are not subject to federal income taxes, and the amount processed does count
20:07
towards your RMD distribution line item. So the point here though is that these
20:15
these funds do need to be out of your IRA by your rm D deadline,
20:18
which is the thirty first of every December, so you got to get
20:22
those out. You can't wait till April of the following year. And we
20:26
like to point out who's eligible to receive those donations so it will count as
20:30
a QCD. Those would be five oh one c three organizations, houses of
20:34
worship. Children are not on that line item, or your friends and family,
20:38
so keep that in mind. And also donor advised funds. Those are
20:44
not permitted to receive qcds on a tax advantage basis. And as CJ mentioned,
20:51
you know you don't also get to take the charitable deduction. You do.
20:53
You can either do qcds or you can make charitable contributions, but you're
20:59
not going to get both. And then finally again follow up on what CG
21:04
mentioned about the tax documents. People many times will have their advisor make these
21:11
contributions from the custodian to the charity and then they kind of forget that they
21:17
did these. They count and gets the paperwork, but doesn't really see anything
21:22
but rm D distributions happened. It is up to you or hopefully your financial
21:26
advisor can can help you along this way to make sure that those are recorded
21:30
so that you do get credit and not have to pay taxes in that tax
21:34
here. Keeping records very important to talk about this kind of imparting. YEA
21:40
talking this morning with our retirement planning professionals Malia Quavis and CJ. Closs.
21:45
Of course they come to us from Class Financial the website class financial dot com.
21:49
That's k l Aasfinancial dot com. Fantastic website to learn more about Class
21:55
Financial. Also, if you missed part of the program, you can always
21:56
listen back to the podcast right online US Financial dot com. And of course
22:02
they're telephone number six O eight four four two five six three seven. No
22:04
charge for that initial get to know you appointment at Loss Financial. It will
22:08
be complimentary to you their number six oh eight four four two five six three
22:12
seven. Donor advised funds here to mention what exactly are they and how can
22:17
they help us save on tax as we'll get some details from CJ and Malia
22:21
next as Money in Motion with Class Financial continues here on thirteen ten wib A.
22:29
This is Money in Motion with Class Financial, a fun and informative show
22:33
designed to help you get answers to all your retirement questions in one place,
22:38
talking with our retirement planning professionals from Class Financial, CJ. Closs and Malia
22:42
Quavis. The website coss Financial dot com that's k l Aasfinancial dot com.
22:48
Great website to learn more about COSS Financial. Also, if you miss part
22:52
of the program sometimes you know, step out, you grab some coffee,
22:55
dropping the kiddos, grand kiddos off at school. He turned the radio down
22:57
briefly and you miss something, you can always get caught back up at class
23:00
Financial dot com. That's k l a a s Financial dot com. Also
23:04
subscribe to the podcast. How convenient is that? Right at the website as
23:08
well. Their telephone number six oh eight four four two five six three seven.
23:12
No charge for the initial gets to know You appointment dech loss Financial.
23:15
It will be complimentary to you again their number six oh eight four four two
23:19
five six three seven. Talking this week about our mds when it comes to
23:25
charitable aspects of it and UH. The term donor advised funds came up in
23:30
the last segment, What are they and are there opportunities CJ to to save
23:34
taxes by using them? Yes, So you know, Meline did a good
23:40
job there of lining out what is a QCD. And I think it was
23:42
Thomas who called in earlier with a great question about you know how that functionally
23:47
works and you know how you give and who you have to work with to
23:49
make it happen. But I want to create a clear line in the sand
23:53
here because literally this very morning, I am dealing with a confusion around what
24:00
we would call like above the line ways to give above the line. By
24:04
the way he talks about your adjusted gross income is the line, so above
24:07
the line ways to give to charities and below the line itemized ways to give
24:14
to charities. So when Malia is talking about a qualified charitable distribution for those
24:19
who are seventy and a half and over directly from their IRA to a charity,
24:23
that is happening above the line above your adjusted gross income. So therefore,
24:29
if forty thousand dollars comes out of your IRA and twenty thousand went to
24:33
a charity, you are only paying tax on twenty thousand. The other twenty
24:37
thousand dollars goes to the charity and never shows up as taxable income to you.
24:41
It is a huge monumental benefit to you to do it that way.
24:47
I cannot overemphasize that enough. However, for those who are maybe not yet
24:52
seventy and a half, meaning they're not eligible to do qualified charitable distributions,
24:57
or for those who have an unbeliev pievable spike in income, think I sell
25:02
my business and have a liquidity event, or I do really great in my
25:04
sales job and get a huge spike in my income. This is where donor
25:10
advised funds come in, because a donor advised fund is no different than doing
25:14
an itemized gift to a charity. Now, but the key is that the
25:18
standard deduction is so high that most amounts that American families give don't itemize up
25:25
to be more than the standard deduction. So your charitable giving is great.
25:29
I'm thankful you help the charity, but it doesn't help you on your taxes
25:32
most of the time. Well, if I have a huge year in income
25:36
and I want to do a larger donation, but I don't want to give
25:38
it all away at one time, this is where a donor advised fund comes
25:45
in. I could take Now I'm going to talk big numbers, but just
25:48
stick with me. I could take and put one hundred thousand dollars into a
25:52
donor advised fund, which is a charitable entity, get the deduction for putting
25:56
the money into that donor advice fund as an itemized deduction in that calendar year,
26:03
but then it sits in the DAFF until it goes to its final resting
26:07
place, which can happen over the next ten years if you want to.
26:11
So think of it as pre giving into a holding account. You're pre giving
26:15
into a holding account maybe your next five or ten years worth of charitable gifts.
26:21
And the reason you're doing this is because you had the spike in income
26:22
and you wanted to bring down your taxable income and save all that tax.
26:26
So I just truly cannot emphasize to everybody enough on this show. If you're
26:32
not our MDAG yet but you're very interested in philanthropy or charitable giving and you
26:37
have higher spiking income years, donor advise funds are a spectacular way of addressing
26:41
what we call tax bunching. You are bringing multiple years of donations into one
26:47
year, getting way above the itemized deduction level and getting a significant tax benefit
26:52
for doing so. Any statistics and things to note there, CJ. Yeah,
26:56
So just a couple things here before we finish up. According to a
26:57
study by National Hilanthropic Philanthropics Philanthropy Trust, in twenty nineteen, there were over
27:06
seven hundred thousand individual donor advice funds in the US holding more than one hundred
27:10
and fifty two billion in AFFT in assets. So giving from dafts now accounts
27:15
for over twelve percent of all individual giving in America today. Also, for
27:22
those who are thinking to this themselves, ooh, I'm going to merge a
27:26
required distribution with a donor Advice Fund contribution. So as they tell me I
27:30
have to pull money out of MYRA, I'm just going to send that to
27:32
a DAFT. You can't do that, So that's one of the prohibited transactions
27:37
that are out there. And also contributions to a donor advice fund are irrevocable,
27:41
so don't do it lightly. You want to make sure that you're not
27:44
going to need that money for yourself later on. And there are other ways
27:48
to give, by the way, we're talking about above the line and below
27:51
the line, but there are if for our lawyers sitting out there, they're
27:53
like, what about split interest trust like charitable remainder trust and charitable remainder annuity
27:59
trust. So there are different ways you could give where you can get some
28:02
benefit now but also give some benefits to charities upon death. But that gets
28:06
much more complicated than we have time for today. So hopefully for those who
28:11
are listening, this has kind of peaked your interest, and if it has,
28:15
talked to your financial advisor, talk to your accountant, give our office
28:18
a call and we can give you more information. It feels like lawyers are
28:21
always going butt butt butt they're listening, but well I feel that way sometimes,
28:25
right We say how does this work? And we say it depends.
28:27
It always depends. Yes, absolutely, fantastic show this week, fantastic show
28:33
every week. And if you haven't had a chance yet, head on over
28:34
to class financial dot com that's k l a a s Financial dot com and
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subscribe to the podcast. That way you don't miss anything. You can also
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share the podcast and link with your friends and this great information as well.
28:47
Again, that all available to you at cossfinancial dot com. That's k l
28:51
a a s Financial dot com. Speaking of class financial dot com. Their
28:55
telephone number and class financial in general. They're telephone number six so eight four
28:57
four two five six three seven. No charge for that initial get to know
29:02
you appoyment tech costs Financial. It will be complimentary to you again their number
29:04
six oh eight four four to two five six three seven. Don't lose that
29:08
number because it's time now for the Cost Quiz Question the Week. It works
29:11
like this. In just a moment, I'll ask you the coss Quiz question
29:15
of the week. You'll then have thirty minutes from the inter Today's program to
29:17
call the cost Financial Office right here in Madison at six oh eight four four
29:21
to two five six three seven. If you are the first call with correct
29:25
answer, you'll win this week's prize, which is a twenty five dollars gift
29:27
card to Cabela's. This week's cost Quiz Question the Week is this in twenty
29:33
twenty four, what is the maximum amount an individual who is seventy over seventy
29:37
and a half years old can transfer from their IRA into a charity as a
29:44
qualified charitable distribution? Is it ninety five thousand dollars, ninety five thousand dollars
29:51
or one hundred five thousand dollars? Again, is it is it ninety five
29:55
ninety five thousand dollars or one hundred and five thousand dollars. Delville number six
30:00
soh eight four four two five, six three seven. If you know the
30:03
correct answer, your chance to win right now the twenty five dollars gift card
30:07
to Cabela's c Jmialia. It is always fun. As some reason, those
30:11
numbers are messing with me. This one. Good job, Sean. You
30:14
got it out. Yeah, I did get it out. And that's why
30:15
we've got people like you in this world. Guess we'd be lost with el.
30:18
So thank you so much. Cji Y's have a fantastic day, Thanks
30:23
Sean. News comes your way next to here on thirteen ten WIBA. This
30:32
is Money in Motion with Coss Financial Asset Advisors, LLC, a registered investment
30:37
advisor registered with the SEC. The content of this show is for informational purposes
30:42
only and should not be considered individual investment advice. Coloss Financial does not offer
30:48
tax or legal advice. Any opinion offered during the course of this show is
30:52
the opinion of that particular investment advisor representative, and not necessarily the opinion of Coss Financial