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Transcript

Can I Retire Next Year? · Suze Orman's Women & Money (And Everyone Smart Enough To Listen)

• 0:08
  Suze: October 26, 2025. Welcome to the Women and Money podcast
• 0:14
  Suze: vacation edition. It's the vacation edition because...
• 0:18
  KT: That's great. I love that.
• 0:20
  Suze: Because KT and I are on vacation right now as
• 0:23
  Suze: you're listening, in Italy, we have 4 days...
• 0:27
  KT: Painting and eating...
• 0:28
  Suze: ...left, before we back and that's what we're assuming we're
• 0:32
  Suze: doing anyway so we're doing another ask KT and Suze
• 0:38
  Suze: Anything
• 0:39
  KT: Sunday...
• 0:41
  Suze: Which by the way, I'm just going to tell all
• 0:42
  Suze: of you I'm really loving because KT, I have to
• 0:46
  Suze: say something.
• 0:47
  Suze: I've done this podcast now for many years without you.
• 0:51
  KT: It's lonely.
• 0:52
  Suze: And not besides the fact that it's lonely, but not
• 0:55
  Suze: so lonely.
• 0:57
  KT: It's lonely.
• 0:58
  Suze: Sometimes you aggravate me, but not really, no, but truthfully
• 1:01
  Suze: I love it when you're doing it with me, and
• 1:06
  Suze: I know there's a lot of people who want the
• 1:08
  Suze: Suze Schools and everything, but honestly, everybody.
• 1:12
  Suze: I don't have many si schools left in me only because,
• 1:17
  Suze: with 700 podcasts...
• 1:21
  Suze: I've taught you a lot that you need to know,
• 1:24
  Suze: and it's already there so unless a new topic comes
• 1:27
  Suze: up that I really want you to know.
• 1:30
  Suze: I think there's a lot to learn from these questions
• 1:33
  Suze: and given that we have thousands of them coming in.
• 1:36
  KT: We try so hard to answer all of you. We
• 1:39
  KT: really want to answer all of you.
• 1:41
  Suze: So just know that may be happening.
• 1:45
  KT: But also I just want to say if a world
• 1:47
  KT: event or something catastrophic may happen.
• 1:51
  KT: And Suze will absolutely jump on and give you every
• 1:56
  KT: bit of advice that she can to help
• 1:58
  KT: you.
• 1:58
  Suze: And the way you'll really know that, by the way,
• 2:01
  Suze: is if you go to YouTube.com/ Suze Orman, my official
• 2:08
  Suze: YouTube channel, because when the government shut down, I immediately
• 2:13
  Suze: went there.
• 2:14
  Suze: And I did a little five minute video saying exactly
• 2:19
  Suze: what you should do and everything because it wasn't a
• 2:21
  Suze: day that the podcast would drop.
• 2:24
  KT: Thousands of people listen to that.
• 2:27
  Suze: Well, they did not so many, I think 80,000 or
• 2:29
  Suze: something like that.
• 2:31
  Suze: But the first one I did, KT, really with the
• 2:33
  Suze: tariff 630,000. But anyway, that's because people were really afraid.
• 2:40
  Suze: They weren't so afraid when the government shut down and
• 2:42
  Suze: it didn't affect everybody, or so they thought. But anyway,
• 2:46
  Suze: go there and subscribe so you'll know
• 2:49
  Suze: when I do something, especially when it's live. All right, KT.
• 2:53
  KT: So my first question is from Bernadette. She said, Suze,
• 2:58
  KT: what are the steps for creating a separate trust if
• 3:02
  KT: a marriage is in jeopardy or dissolving and a joint
• 3:05
  KT: trust had already been created? Must a divorce be finalized first? Hmm,
• 3:12
  KT: my concern is that anything can happen at any time.
• 3:17
  KT: She's nervous.
• 3:18
  Suze: I know I read this one and answered.
• 3:21
  KT: Oh well, what, what tell everyone listening what to do.
• 3:24
  KT: I'm sure there's a lot of people in that same
• 3:27
  KT: situation
• 3:27
  Suze: When I read an email like this, and Bernadette knows
• 3:32
  Suze: I answered her. Of course I'm going to send an
• 3:35
  Suze: email to her directly only because I don't know if
• 3:38
  Suze: she's going to listen to the podcast and hear the answer.
• 3:42
  Suze: Right, so therefore, here's what I told Bernadette. You absolutely
• 3:48
  Suze: can create a separate trust, and you should create a
• 3:53
  Suze: separate trust prior to your divorce. You should fund the trust.
• 3:58
  Suze: Just make sure that you don't take marital assets, and
• 4:02
  Suze: you should absolutely do it before
• 4:05
  Suze: you are divorced, just that simple. After you actually go
• 4:10
  Suze: and get divorced and start that proceedings, you might not
• 4:14
  Suze: be able to do it. So do it now. That
• 4:17
  Suze: was a short version of what I told her to do.
• 4:20
  KT: But then what happens with the joint trust?
• 4:22
  Suze: The joint trust will then get dissolved after she's divorced.
• 4:24
  KT: After the divorce.
• 4:27
  Suze: Absolutely. All right.
• 4:30
  KT: OK, that sounds easy, but it's still a little scary.
• 4:35
  KT: So Rachel, Rachel's asking about VOO.
• 4:38
  Suze: You know what scares you about that?
• 4:41
  KT: What?
• 4:41
  Suze: Because you can never imagine us divorced.
• 4:44
  KT: We have separate trust number one.
• 4:46
  Suze: Yes, that's one of the reasons, right? Just in case
• 4:48
  Suze: I was stupid enough to ever want to do something, right?
• 4:52
  Suze: But it's hard for you. I can see when you
• 4:56
  Suze: read me emails like that, it's hard for you when
• 4:59
  Suze: you see that somebody is separating or divorcing. It doesn't
• 5:04
  Suze: quite sit well with you.
• 5:05
  KT: Never, um.
• 5:07
  KT: Because you, you, you just don't know about the what
• 5:10
  KT: ifs of life. And even though you and I are
• 5:12
  KT: so 100% solid and connected, you just never know about
• 5:18
  KT: the what ifs, which is why Suze has actually established
• 5:22
  KT: for us and especially for me, everything that would legally
• 5:27
  KT: protect me, as she said in the event that she
• 5:30
  KT: was so stupid to want to divorce me.
• 5:34
  KT: Right, yeah, but it's true...
• 5:36
  Suze: In KT's name like the island is all in KT's name,
• 5:43
  Suze: an incredibly valuable asset, incredibly everybody. I want to know
• 5:49
  Suze: that she's OK no matter what. All right.
• 5:52
  KT: All right. Next, thank you, Suze.
• 5:54
  Suze: You're welcome, KT. Oh, KT, let me have the boat though.
• 5:57
  Suze: The boat's in my name. That's OK. No problem.
• 6:01
  KT: Little boat, how many years old? Over 10. Like our,
• 6:06
  KT: our car, the car is Suze's car and she doesn't
• 6:10
  KT: want to sell it. She loves that car. It's 12 years old.
• 6:14
  Suze: No, it is not.
• 6:15
  KT: How old is it?
• 6:15
  Suze: 14.
• 6:17
  KT: Oh 14 years old, that thing. We love that little car.
• 6:21
  KT: And it has like 55,000 miles on it.
• 6:24
  Suze: I just can't selling it and and buying what?.
• 6:28
  KT: Gonna keep it. OK, next question is from Rachel. Hi
• 6:31
  KT: KT and Susie. I love VOO as much as Suze,
• 6:35
  KT: but I'm worried that the top 10 stocks now make up 38%.
• 6:39
  Suze: Yes, that's why I like VOO.
• 6:43
  KT: It seems I'm buying the S&P 10 rather than the
• 6:46
  KT: S&P 500.
• 6:49
  Suze: Yes.
• 6:49
  KT: Suze, what do you recommend for us to keep diversified
• 6:52
  KT: when we own mostly VOO?
• 6:55
  Suze: The way things work today, the markets, it's very different
• 7:00
  Suze: than how it worked years and years and years ago.
• 7:05
  Suze: Not only do I love, which is why I chose VOO.
• 7:09
  Suze: And also because of its small expense ratio that the
• 7:13
  Suze: top 10 stocks now make up 38% of it. And
• 7:16
  Suze: if you really look at the Spiders or VTI, whatever
• 7:20
  Suze: it may be, the top 10 stocks are all the same.
• 7:24
  Suze: They're all the same. Everybody is in AI.
• 7:28
  Suze: But not only do I love that you have VOO,
• 7:31
  Suze: but I would actually, besides VOO, have you even more
• 7:35
  Suze: heavy weighted in those stocks and have you buy even
• 7:39
  Suze: more of them on an individual basis. So a lot
• 7:44
  Suze: of times when a friend or somebody asks me what
• 7:46
  Suze: should I invest in or what should I do, I'll say,
• 7:49
  Suze: all right, let's put 50% of your money in VOO.
• 7:52
  Suze: And then let's buy Nvidia, AMD, Palantir, IONQ, Iit, and
• 7:59
  Suze: all of those. So I'm actually even making it more
• 8:04
  Suze: heavy weighted in those stocks than just what VOO has done.
• 8:09
  Suze: So I have to tell you I don't have a
• 8:11
  Suze: problem with it at all. Diversification, not in the right
• 8:17
  Suze: sector will leave a lot of money on the table
• 8:21
  Suze: in these kinds of markets. Which is why
• 8:24
  Suze: I switched from the VTI, the Vanguard Total Stock Market Index,
• 8:29
  Suze: to Vu because I wanted more concentration in those top 10 stocks.
• 8:34
  KT: Tell everyone what VOO means, what it stands for.
• 8:38
  Suze: It's just the Vanguard Standard and Poor's 500 ETF. Just
• 8:41
  Suze: that simple.
• 8:42
  KT: All right. Next question is from Darlene. The subject in
• 8:47
  KT: Darlene's email said, I really need her advice.
• 8:51
  KT: And I'm going to say, Suze, I really need to
• 8:54
  KT: know more about Darlene. Are you ready? She said, I
• 8:58
  KT: will be 67 in April 2026. No mortgage, no debts,
• 9:04
  KT: no car loan. I have an emergency fund, a 403B,
• 9:09
  KT: and a Roth IRA. I want to retire in May 2026.
• 9:15
  KT: Can I do that?
• 9:17
  KT: So Darlene gives us all this information, but never a
• 9:22
  KT: dollar amount against it. All I know is she's going
• 9:25
  KT: to be 67.
• 9:27
  Suze: So why did you pick it?
• 9:28
  KT: Because it's too short. So I need everyone that's listening
• 9:32
  KT: to know.
• 9:32
  KT: that when you send me an email that says, I
• 9:35
  KT: really need her advice, she's not going to be able
• 9:39
  KT: to give you any advice unless you fill in the blanks.
• 9:42
  Suze: So here's the thing, everybody, KT's correct. More than what
• 9:46
  Suze: you have, I need to know.
• 9:49
  Suze: What do you spend? What are your expenses? You don't
• 9:53
  Suze: have to itemize them for me. But if Darlene, and
• 9:56
  Suze: we'll just use this as an example of if you
• 9:59
  Suze: want to know something, how it should read. Hi Suze,
• 10:03
  Suze: I'll be 67 in April. Have no mortgage. My house
• 10:07
  Suze: is worth $500,000. I don't have any debts. I don't
• 10:12
  Suze: have a car loan, but
• 10:13
  Suze: I think I may need to buy a car in
• 10:15
  Suze: the next few years. I do have an emergency fund.
• 10:19
  Suze: How much of an emergency fund? I want to know.
• 10:22
  Suze: I have a 12 month emergency fund, then I don't
• 10:25
  Suze: have to worry about you. I have a 403B and
• 10:28
  Suze: a Roth IRA. Well, how much do you have in them?
• 10:32
  Suze: I need to know that. I want to retire in
• 10:35
  Suze: May 2026.
• 10:38
  Suze: I will need X amount of money after tax in
• 10:43
  Suze: order to be able to do so. My Social Security
• 10:46
  Suze: will be x, period.
• 10:50
  Suze: Then I can kind of tell you.
• 10:52
  Suze: Also say, and I'm in good health and I have
• 10:56
  Suze: a long term care insurance policy.
• 10:58
  KT: And you also want to know a little more about Darlene.
• 11:01
  KT: Does she have dependents? Is she married? Is her spouse
• 11:05
  KT: working or not working?
• 11:07
  Suze: Well, the truth is I would just take this one, KT,
• 11:10
  Suze: and assume that she's single with no
• 11:13
  Suze: dependents and she just wants to take care of herself.
• 11:16
  Suze: So that's how you would do it, Darlene. You want
• 11:20
  Suze: to write back and if KT sees it, maybe she'll
• 11:23
  Suze: choose it. All right.
• 11:25
  KT: Fill in the blanks, Darlene. This next question from Liz
• 11:28
  KT: I love makes me laugh, but you got to set
• 11:32
  KT: her son straight. You ready?
• 11:34
  KT: Liz says...
• 11:35
  Suze: I'm gonna like this one art't I?
• 11:37
  KT: Yes, you will. Hi, Suze and KT. You inspired me
• 11:41
  KT: in late 2023 when you spoke to Humana employees. She's
• 11:47
  KT: been with Humana for 13 years.
• 11:50
  KT: You spoke to them, Suze, just so everyone knows about
• 11:52
  KT: having an emergency fund with Secure Save. Susie's one of
• 11:56
  KT: the founders of Secure Save, and it's a great program, uh,
• 12:00
  KT: that she's established.
• 12:02
  Suze: Actually, I just have to say something since you brought
• 12:05
  Suze: that up. So five years ago now, myself and two
• 12:09
  Suze: other people, right, Devin and Bassam, founded a company called
• 12:15
  Suze: Secure Save.
• 12:16
  Suze: And all of you could go to secureave.com/Suze and you'll
• 12:22
  Suze: find out more about it, but it's simply an employer
• 12:27
  Suze: sponsored employee savings plan. So you put in $25 the
• 12:33
  Suze: employer puts in $5 whatever it may be, you have
• 12:37
  Suze: access to that money anytime you want. It is fabulous
• 12:41
  Suze: and it's been very successful. Therefore,
• 12:44
  Suze: if you want your employer to offer it, go to secureSave.com/
• 12:49
  Suze: Suzeorman or just go to secureSave.com and you'll see it there.
• 12:54
  Suze: And if you're an employer and you want to find
• 12:56
  Suze: out more about it, to offer it to your employees,
• 13:00
  Suze: go to those places as
• 13:01
  Suze: well. All right.
• 13:01
  KT: Yeah, because Liz is one happy employee. She said not
• 13:05
  KT: only Suze,
• 13:07
  KT: did you talk to her about an emergency fund with
• 13:09
  KT: Secure Save, but many other important tips like having a
• 13:13
  KT: Roth account. So she's learned so much from you, she said,
• 13:18
  KT: since then I am a devoted listener and taking action
• 13:22
  KT: on so many things you have opened my eyes to.
• 13:25
  KT: I now have a Roth. I save biweekly in Secure Save,
• 13:30
  KT: and I've purchased the must have documents and so much more.
• 13:34
  KT: Here is my question.
• 13:36
  KT: I'm now paying it forward with my four sons with
• 13:40
  KT: all the great info you provide each week on your
• 13:43
  KT: podcast and Ask Suze and KT anything. Connor, age 30,
• 13:50
  KT: doesn't want to use the documents, the must have documents... Ready?
• 13:57
  KT: These are, um, so just so everyone knows they're distributed
• 14:00
  KT: through Hay House, and he's telling me these companies use
• 14:05
  KT: and or sell people's personal information.
• 14:08
  Suze: He's an idiot.
• 14:09
  KT: This is, well, his mom thinks so too, right? So
• 14:12
  KT: he won't do it, unfortunately, he won't listen to me
• 14:16
  KT: on how important those
• 14:18
  KT: documents are and like you have said could be very
• 14:22
  KT: costly elsewhere, but the most important that worries me is
• 14:27
  KT: the fact that if he is incapacitated in some way,
• 14:31
  KT: he should appoint someone to make decisions on his behalf.
• 14:35
  KT: So Connor's single. She said, I know it's his choice
• 14:38
  KT: to make.
• 14:39
  KT: Maybe you could shed some light on Hay House and
• 14:42
  KT: how they handle personal info. Hoping this will knock some
• 14:46
  KT: sense into my son's brain. She said thank you both
• 14:51
  KT: for making my life better now and in my retirement
• 14:54
  KT: years better late than never.
• 14:57
  KT: And that's from Liz. I thought you would love that
• 15:01
  KT: Liz is a Humana employee, and she really, really benefited
• 15:05
  KT: from the talk you gave them almost three years ago now.
• 15:09
  Suze: Yes, a lot of corporations hire me to give talks
• 15:14
  Suze: like that to them.
• 15:15
  Suze: Although I said to KT the other day, KT, what did I say to you?
• 15:18
  KT: She's not sure if she wants to do any more
• 15:21
  KT: speaking engagements, which makes me really sad because she's so great.
• 15:26
  KT: It's the best of Suze you would ever experience is
• 15:30
  KT: in front of a live audience on a stage.
• 15:33
  KT: And I can't begin to tell you how thrilling it
• 15:36
  KT: is because no one ever knows what she's gonna say,
• 15:40
  KT: what mood she's in, how she's gonna, you know, handle
• 15:43
  KT: her audience. It's a big surprise. It's like Christmas every
• 15:48
  KT: time she does these live talks, really, really fun. I
• 15:52
  KT: miss them.
• 15:54
  KT: I always miss them.
• 15:55
  Suze: I tell you one of my favorite sayings? What was
• 15:58
  Suze: was and what was will never be again. So here, Liz,
• 16:03
  Suze: this is what I would say to Conor. Connor, the
• 16:07
  Suze: biggest mistake you will make in life is the mistake
• 16:11
  Suze: you don't even know that you're making. At 30, you
• 16:14
  Suze: think you know so much. You think you know what
• 16:17
  Suze: companies do. Don't you get it, Connor, that Hay House
• 16:21
  Suze: doesn't have a clue
• 16:23
  Suze: what your information is that you put on it, you
• 16:27
  Suze: keep it on your computer, you have it. They don't
• 16:30
  Suze: have any access to it. That's why you create your
• 16:33
  Suze: own passcode.
• 16:36
  Suze: They just give you an activation code. You open up
• 16:39
  Suze: the documents. Then from that point on they are all yours.
• 16:44
  Suze: They know nothing about it. So Liz, first of all,
• 16:47
  Suze: you don't have to worry about it. You don't have
• 16:50
  Suze: to let his fear of the unknown put fear into
• 16:54
  Suze: you of what does Hay House do with all these documents.
• 16:58
  Suze: They don't know. So how many times have we been
• 17:02
  Suze: contacted
• 17:03
  Suze: by a lawyer, seriously that says this person died, her
• 17:08
  Suze: children said that this person did the documents with the
• 17:13
  Suze: must-have documents, but they don't know where they are. Do
• 17:16
  Suze: you have a copy of them? And Hay House has
• 17:19
  Suze: to write back and say, no, we don't have anything.
• 17:22
  Suze: They don't even know if you filled them out or
• 17:25
  Suze: ever used them. So grow up, Conor, seriously.
• 17:30
  Suze: You don't want to do it fine. Go to a
• 17:32
  Suze: lawyer and spend $2,500 or $5,000 or whatever just so
• 17:39
  Suze: you can sit there and let the lawyer know everything
• 17:42
  Suze: that you have. How do you know what the lawyer
• 17:45
  Suze: does with that information? Really, Connor? Just saying. Don't be stupid.
• 17:52
  Suze: You want to be smart.
• 17:54
  Suze: Take advantage of the fact that your mother bought the
• 17:58
  Suze: must-have documents and she is allowed to share them with
• 18:02
  Suze: anybody in her family for absolutely free. You can make changes.
• 18:08
  Suze: Are you kidding me? $2,500 worth of state of the
• 18:12
  Suze: art documents and you don't want to do it.
• 18:16
  Suze: So Liz, here's the other thing I would say...
• 18:19
  KT: Tell everyone how much the must have documents are.
• 18:21
  Suze: They're $99. They are going to go up sometime next year,
• 18:28
  Suze: a considerable amount, by the way, everybody, so you should
• 18:32
  Suze: take advantage of it now. Go to musthavedocs.com, just that simple.
• 18:39
  Suze: Now one other thing, Liz, your fear about if something
• 18:43
  Suze: happens to Connor.
• 18:45
  Suze: And he doesn't have an advanced directive and a durable
• 18:49
  Suze: power of attorney for health care because he is over 18.
• 18:53
  Suze: You cannot help him. So if you want, print out
• 19:00
  Suze: again the documents. He doesn't have to sign the trust.
• 19:03
  Suze: He doesn't do anything but just have him give you
• 19:08
  Suze: the power
• 19:09
  Suze: to make decisions for him if anything were to happen
• 19:13
  Suze: to him. Just that simple. And again, hey, he doesn't
• 19:17
  Suze: trust that. Go to a hospital, go somewhere
• 19:21
  Suze: and get one so that he is protected in case
• 19:25
  Suze: something happens to him.
• 19:27
  KT: This is my final um email. It's from Jean and
• 19:30
  KT: it's a UTMA account. First, Suze, tell everyone what that is.
• 19:34
  Suze: Uniform transfer to minor's account. It can also be a
• 19:37
  Suze: UGMA account with a uniform gift to minor's account.
• 19:42
  KT: All right, so...
• 19:43
  KT: This is from Jean, she said. Dear Suze and KT,
• 19:46
  KT: thank you so much for all of your advice over
• 19:49
  KT: the years. You responded to a question of mine two
• 19:53
  KT: years ago about my plan to use money from my
• 19:57
  KT: Roth to make a down payment on a house for
• 20:00
  KT: my family. You gave me the confidence to go forward
• 20:04
  KT: with a scary but wonderful decision. We are so happy
• 20:09
  KT: in our new home.
• 20:10
  Suze: Love that.
• 20:12
  KT: And now Jean said, I'm writing today to ask for
• 20:16
  KT: some guidance regarding UTMA accounts for my daughters aged 6
• 20:21
  KT: and 8. My husband's great uncle is opening these accounts
• 20:26
  KT: for them this month. I have no idea what the
• 20:29
  KT: dollar amount is going to be, but probably in the
• 20:33
  KT: five to $15,000 range for each of them.
• 20:37
  KT: I did my homework and I know that you don't
• 20:40
  KT: recommend UTMA accounts, but there's no way I will say
• 20:45
  KT: anything about it to my in-laws. The family dynamic will
• 20:49
  KT: not allow it, and my kids are likely to end
• 20:52
  KT: up with nothing if I do so. So ready, but,
• 20:57
  KT: but wait, Jean's really smart here, she said. So given
• 21:00
  KT: what I know, I was thinking I would just
• 21:03
  KT: plan to transfer $2,500 each year into a 529 plan
• 21:10
  KT: for each kid. Can you expand more on what actions
• 21:14
  KT: you would recommend to make the most out of this
• 21:17
  KT: gift to my children?
• 21:19
  Suze: I love that idea. You are so spot on, I
• 21:24
  Suze: have to tell you, to transfer it each year. Now
• 21:27
  Suze: listen to me. First of all....
• 21:30
  Suze: The reason everybody I don't like UTMA or UGMA accounts
• 21:36
  Suze: is that especially if your kid is going to apply
• 21:39
  Suze: for financial aid, it's considered your kid's asset, and it
• 21:44
  Suze: will hurt them for financial aid. A 529 plan does
• 21:49
  Suze: not hurt your child for financial aid. That is why
• 21:53
  Suze: I'd rather you do a 529 plan than a UTMA. However,
• 21:59
  Suze: since Jean can't say anything about it.
• 22:03
  Suze: What you're going to do is you're going to do
• 22:05
  Suze: your plan of transferring your money from a UTMA to
• 22:10
  Suze: a 529. However, you can't directly transfer UTMA funds into
• 22:17
  Suze: a regular 529 plan.
• 22:21
  Suze: Because the money legally belongs to the child, however, you
• 22:26
  Suze: can open a UTMA/529 account, which is a 529 plan
• 22:33
  Suze: funded with UTMA money. Now remember it must remain in
• 22:37
  Suze: the child's name. The custodian must use it for that
• 22:41
  Suze: child's qualified education expenses.
• 22:46
  Suze: You can't change the beneficiary to another person unlike a
• 22:50
  Suze: normal 529, so you have to know all these things, Jean.
• 22:54
  Suze: And to fund it, the custodian sells the investments in
• 22:58
  Suze: the UTMA. So don't invest the money in the UTMA
• 23:03
  Suze: once the uncle gives it to the kid, all right?
• 23:07
  Suze: And then you have to contribute it to the UTMA/529.
• 23:12
  Suze: And there you go, just that simple. Now if you
• 23:17
  Suze: invested it, everybody, let's say you had money in a
• 23:21
  Suze: UTMA or a UGMA in the kid's name, you had
• 23:25
  Suze: invested it and now you want to put it in
• 23:28
  Suze: a 529 plan for them.
• 23:32
  Suze: You would have to sell the investments and then the
• 23:35
  Suze: kids would have to pay taxes on the gain if
• 23:38
  Suze: there's any.
• 23:40
  Suze: That's why Jean, in your particular situation, just take it,
• 23:44
  Suze: don't invest it, leave it in cash, but immediately transfer
• 23:49
  Suze: it to a UTMA/529 account in cash. Just that simple,
• 23:56
  Suze: brilliant girlfriend.
• 23:58
  KT: Why can't the uncle open the the UTMA/529?
• 24:04
  Suze: Well, they wouldn't have...
• 24:05
  KT: Why can't he open that?
• 24:08
  Suze: He would just open up truthfully a 529 regular plan
• 24:13
  Suze: would be 10 times smarter than doing a UTMA first.
• 24:18
  Suze: There's no need KT, to open up a UTMA/529 if
• 24:24
  Suze: you just have a 529.
• 24:27
  Suze: So you would never put money into a UTMA first.
• 24:31
  Suze: You would bypass it all together. However, Jean can't tell
• 24:35
  Suze: the uncle. Could you just put it in a 529
• 24:38
  Suze: plan rather than a UTMA? She's not open to do
• 24:43
  Suze: that according to her email. So he thinks he's giving
• 24:47
  Suze: the kid a gift, and he is, but to make
• 24:50
  Suze: it a true gift to the kid,
• 24:54
  Suze: Jean's gonna transfer it to a UTMA/529 account, just that simple.
• 25:02
  Suze: Good thinking girlfriend. Anyway, KT.
• 25:07
  Suze: That's it. So there's only one thing you want to
• 25:11
  Suze: tell people as we leave this podcast. What is it?
• 25:14
  KT: There's only three things we want you to remember...
• 25:18
  Suze: Three?
• 25:18
  KT: Not one, three, and it's this people first, then money,
• 25:23
  KT: then things.
• 25:25
  Suze: Now you stay safe, secure, and healthy, and
• 25:30
  Suze: make sure you subscribe to my YouTube channel. Go to YouTube.com/
• 25:36
  Suze: Suzeorman and be smart. All right, everybody.
• 25:40
  KT: Arrivederci!
• 25:42
  Suze: See you soon. Bye-bye.