All Forum Posts by: Carl Fischer

@Daniel Dietz

Contribution limits apply and contributions should be made in cash.

FYI-If you get rid of the debt 1year before the sale/redemption there is no UDFI.  I’m not sure if that is possible in your situation. Remember it may just be long term capital gains Tax if the Ira is holding it for more than a year. 
The answer to you’re question is no-you can’t sell between your plans. 

@Lee Ancona

First don’t jump unless you have a reason.  Don’t sell low and buy high. I administer SDIRAs and they provide more choices and diversity but only when the time is right. 
cash is king today and Generally hold it while things are crazy. “When in doubt get it out”
if you think the markets/assets are tanking sell what is going down and buy it back when it’s bottomed or on the way up. 
if the markets/assets are going up buy the assets going up the fastest and furthest.
Account type will depend on your assessment of the economy and asset types. 
Panic does not end well—get a plan preferably before panic sets in. 

Try to not only to survive but to thrive in the uncertain times. 
what you do will depend on your assessment of what is happening. There are ways to mitigate risk but those strategies can’t be easily put in the forum. 

@mary 

@Mary Jayundefined

1 is not trustee but grantor

Trustee name has to be disclosed with the deed and affidavit of trust or sometimes called the certification of trust with the trust address and contact info. Trustee can be anyone you trust -related or not. 

you are the beneficiary and your child is the contingency beneficiary 

This is top level and there are different types of trusts. You need to understand the reasons you are using the trust. Wealth transfer, eliminate probate, anonymity, asset protection, etc. The following concerns also arise taxation, getting a loan, Patriot act questions, trustee death, etc 

@Justin Jones

Great options available to you. I don’t think it matters where you are -you’ll always be able to find deals -do what you want or think is best for you and your family.

The tone of your post makes me believe you’ll be successful either way. Enjoy!

@Kin Lay

If you convert now the tax won’t be do until 4/15/2021. If you are not working in 2020 seems like a perfect time to convert.

If you get a 30% up move in your investments you will be looking very smart. If you invest in hard hit industries such as cruises and airlines you can see even a better return maybe doubling your money-again genius. However you may also see a company go “belly up” and lose your money-not good especially if you paid taxes on it.

I put my Roth IRA in real estate and RE related investments- so no help/advice on what you should do. I know more about real estate than the stock market. I do feel cash is king right now. If you find a bargain be ready to buy in. Good luck.

If you convert to a Roth IRA you will have to pay taxes. I think it is generally a good idea to convert to Roth. However I do t know how much money you would convert, what tax bracket you are in, how much your return will be, etc.

invest in what you know and understand to reduce risk. 

@Darren Looker

Another way to do it is to add grandkids to grand parent accounts. Look at it from an estate planning wealth transfer as well as how it is taxed. 
you have a lot of options-Ages of kids and grandparents, amount of money, financial position of everyone, health of individuals, etc will make the Proper options float to the top. 

@Darren Looker

No use a brokerage house for mutual funds- not a SDIRA company  

Have your parents put it in IRAs or ESAS for the kids and you won’t have to worry about taxes at all.