1869: Ask Farnoosh: Managing Windfalls, Inheritance, Severance and More

Summary

So Money with Farnoosh Torabi — Episode 1869: Ask Farnoosh: Managing Windfalls, Inheritance, Severance and More

Date: August 22, 2025
Host: Farnoosh Torabi
Guests: Pam Krueger (Founder, Wealthramp) & Marianella "Nella" Collado (CPA, CFP, Tobias Financial Advisors)

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Episode Overview

This episode of So Money focuses on one of the most pressing topics for listeners today: how to manage financial windfalls — whether they come from inheritances, severance packages, or other sudden influxes of cash. With a record-setting wealth transfer underway in the US, many are navigating complex emotional and practical questions about unexpected lump sums. Farnoosh is joined by two experts, Pam Krueger and Marianella Collado, to answer listener questions and offer rich, actionable guidance.

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Main Topics & Key Insights

1. The Viral Allowance Reel and Family Chore System

[04:00–13:30]

• Farnoosh shares her viral Instagram reel on managing allowances and chores for her children, which resonated deeply with her audience (over 1.5 million views in 48 hours).
  • She describes the personal frustration that sparked their household change:

    “I had a meltdown, basically, like a parent meltdown, where I was like, these kids... ‘Evan, just please go get your own water.’ ... I got the water for him, but on the way to getting the water, I said, ‘That's it. No more.’" (06:28)

• The Torabi Allowance/Chore Framework:
  • $15 per week, per child (above the common $1-per-year-of-age rule).
  • Paid only if “every single chore, every single day for the week” is completed — “It’s all or nothing.” (09:30)
  • Savings rule: 2/3 ($10 of $15) must be saved in a GoHenry account for at least three months, used for holiday gifts or larger purchases.
  • Chores include making beds, rotating dishes and setting the table, taking out trash, and keeping the basement tidy.

    “They know that this can be very rewarding. And it can also mean that they can get nothing if they don't cooperate.” (12:45)

• Motivational insights: Farnoosh emphasizes the importance of knowing what inspires your kids (money, accomplishment, autonomy) and being prepared to adapt as schedules or needs change.

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2. Introduction of Guests and Expertise

[15:00–16:30]

• Pam Krueger: Founder of Wealthramp, a rigorous matchmaker for vetted, independent, fee-only financial advisors.
• Nella Collado: CPA, CFP, with deep experience in inheritances and trusts — particularly in helping clients optimize the tax implications of wealth transfers, and a Wealthramp advisor herself.

  “They don’t work for me. I have curated them, harvested them and brought them... because they fit the criteria I’m looking for. I vet these advisors and monitor these advisors so I make sure when I make the match it’s going to be a really good match.” – Pam Krueger (16:31)

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3. Nuances of Inheritances and Lump Sums

[21:50–24:22]

• Common complexities:

  “There are a lot of issues that can come up, issues that we don’t always think about or we’re not prepared for.” – Farnoosh (21:50)

• Important tax detail: "Step-up in Basis":
  • Nella tells the story of saving a client over $200,000 by making sure inherited assets received the correct “step-up in basis.”

    “If custodians, if it’s stocks, they’re not adjusting the basis of those individual holdings on the date of death... they’re paying tax on what they shouldn’t be paying tax on.” – Nella (22:28)

  • Explanation: On inheritance, the cost basis for assets like stocks or homes should be reset to fair market value on date of death, wiping out built-in gains, and thus mitigating taxes if sold.

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4. Listener Questions: Severance/Lump Sum Decisions

[24:22–32:22]

Q1: Katie’s Severance Windfall

• Scenario: 35-year-old Katie, recently laid off with $35k severance, $800k in investments/savings, $200k cash originally for a down payment, prefers to rent, unsure how to use the severance.
• Advice from the panel:
  • Consider emotional and life goals, not just numbers.
  • Pam: Prioritize “socking away more money for your emergencies and an emergency cushion."

    “This is not the time to put funds that you may need within the next six months or 12 months into the market. That’s not a risk that I would like anyone to take.” – Nella (28:01)

  • Review cashflow and budget to see how long the current nest egg lasts, especially given high cost of living.
  • Nella emphasizes diversifying stock options, if any, especially after an IPO, and not being “too concentrated.”

Q2: Ruth’s Inheritance vs. Student Debt

[32:22–37:17]

• Scenario: $50k inheritance, $240k spouse's student loans (mostly federal, on payment plan), solid retirement savings, mortgage, trying for a child.
• Pam:

  “I would string [paying off the loans] out as long as possible and I would make that my last priority… take care of yourself first with your own money and look to every program that's available.” (34:00)

• Nella:
  • Explore loan forgiveness options first (government, nonprofit employment paths).
  • After maximizing forgiveness, compare loan interest vs. investment returns before using lump sums for debt repayment.
  • Prioritize personal retirement before future kid’s college funds:

    “The biggest gift is our own financial freedom… that’s the biggest inheritance [my parents] gave me.” (37:17)

Q3: “First-Time” Homeownership and Inherited Retirement Accounts

[37:17–40:42]

• Scenario: Karen inherits mother’s share of a house, mother’s Roth IRA/IRA; wants to know if she can use “first-time homebuyer” withdrawal rules from both her own and inherited accounts.
• Nella explains:
  • Secure Act changed rules — inherited IRA/Roth must be fully distributed within 10 years.
  • She’s no longer a first-time homebuyer due to inherited real estate, but inherited Roths can be distributed anytime penalty- and tax-free (contribution portion).
  • On own Roth, can always withdraw contributions (not earnings) penalty-free.

Q4: Special Needs Trusts and Medicaid Recovery

[40:42–46:24]

• Scenario: Mary’s family has set up a trust for her severely autistic brother (who receives Medicaid); Mary is a backup beneficiary and worries about Medicaid “clawback.”
• Nella unpacks the trust types and estate planning:
  • Emphasizes the necessity for “special needs” or “supplemental needs” trusts with correct language, so government benefits continue.
  • Because the trust is "third-party" (set up by parents for child), there is no Medicaid estate recovery (“clawback”), and inheritance for Mary (should her brother pass) is protected.

    “This is a very special distinction because this is a third-party trust, not a first-party trust... there is no clawback.” (43:26)

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5. Tax Tips on Receiving Inheritances and Windfalls

[46:50–52:21]

• Don’t “DIY” inheritance planning:

  “Don’t try to do your own estate planning by shifting assets from mom and dad before they pass away. ... You’ve just shot yourself in the foot with the step up in basis.” – Nella (47:47, 49:02)

• Gifting vs. Inheriting: Gifting (parents putting children on home title before death) carries the old basis, which can trigger big capital gains tax; true inheritance gets the step-up.
• Asset protection: Ownership/title adjustments can expose a property to unwanted creditors and diminish asset protection.
• Bonus/Lump sum income: With work bonuses, consider maximizing pre-tax contributions (employer plans) to soften the tax blow—though there are limits to how much you can “shield.”
• Advanced equity compensation: On receiving company equity or startup units, the 83(b) election can shift taxation from higher ordinary income to lower capital gains rates later.

  “I see people miss it all the time.” – Nella, on 83(b) elections (51:59)

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Notable Quotes

• “If custodians, if it’s stocks, they’re not adjusting the basis of those individual holdings on the date of death... they’re paying tax on what they shouldn’t be paying tax on.”
  — Marianella Collado (22:28)
• “Don’t try to do your own estate planning by shifting assets from mom and dad before they pass away... You’ve just shot yourself in the foot with the step up in basis.”
  — Marianella Collado (47:47)
• “The biggest inheritance [my parents] gave me is their own financial freedom.”
  — Marianella Collado (37:17)
• “This is not the time to put funds that you may need within the next six months or 12 months into the market. That’s not a risk that I would like anyone to take.”
  — Marianella Collado (28:01)
• “Let the government and let some of these [loan forgiveness] programs help you, then dig into your pocket.”
  — Pam Krueger (34:00)
• “This is a very special distinction because this is a third-party [special needs] trust, not a first-party trust... there is no clawback.”
  — Marianella Collado (43:26)
• “You live, you learn, you listen to So Money, you learn.”
  — Farnoosh Torabi (52:21)

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Timestamps of Key Segments

• 04:00–13:30 — Farnoosh shares and breaks down her family’s allowance and chore experiment
• 15:00–16:30 — Introduction of guests and Wealthramp’s advisor-matching process
• 21:50–24:22 — The importance of “step-up in basis” with inherited assets
• 24:22–32:22 — Advice for Katie on post-layoff severance and emotional/financial planning
• 32:22–37:17 — Should inheritance be used for massive student loans?
• 37:17–40:42 — Can inherited Roth IRAs be tapped for home purchases as a “first-time” buyer?
• 40:42–46:24 — Medicaid recovery, special needs trusts, and protecting family assets
• 46:50–52:21 — Key tax mistakes and tips with inheritances, bonuses, gifting, and 83(b) elections

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Tone & Closing Thoughts

Throughout the episode, the conversation is warm, supportive, and practical — Farnoosh and her guests offer both tactical steps and big-picture wisdom, all with an empathetic awareness of the emotional complexities involved in sudden financial change.

Pam and Nella’s expertise shines especially in their clear explanations of tax- and estate-planning pitfalls, their actionable guidance on what to prioritize, and their nuanced take on when and where to seek professional help. Listeners are reminded that making windfalls “meaningful” is as important as making them last — and the best inheritance is often financial independence itself.

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For More Resources:

• Wealthramp.com — Pam Krueger’s advisor-matching platform
• Tobias Financial Advisors — Nella’s firm

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Transcript

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[Pam Krueger]

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[Farnoosh Kharabi]

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[Pam Krueger]

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[Farnoosh Kharabi]

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[Marianella Collado]

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[Farnoosh Kharabi]

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Elevate your fall wardrobe essentials with Quince. Great. Go to quince.com sewmoney for free shipping on your order and 365 day returns. That's Q-U-I-N C E.com somoney quince.com somoney so Money Episode 1869 Managing financial windfalls, Inheritances, Pay Severances, and more. You're listening to so Money with award winning money guru Farnoosh Kharabi. Each day, get a 30 minute dose of financial inspiration from the world's top business minds, authors, influencers and and from Farnoosh herself. Looking for ways to save on gas or double your double coupons. Sorry, you're in the wrong place. Seeking profound ways to live a Richer, happier life. Welcome to SO money. Welcome to SO Money everybody. Today's show is all about managing and making the most of a windfall. Whether that's an inheritance, a pay, severance. The great wealth transfer as we know is unfolding A record number of assets being passed down from one generation to the next. And many in our audience are wondering about this and I've got some of your questions. And to help navigate your questions, I have two experts on standby who are going to join us later on the show, including Pam Kruger, who is the founder of wealthramp. For those of you who are curious about working with a financial advisor, wealthramp is a platform that offers a bespoke matching service. You've heard Pam on the show before. I'm a fan. Pam works with you to match you with a qualified pre vetted feature fee only financial advisor that cares about your priorities, your preferences, even your price points. Also joining Pam and I is Marianella Collado, or Nella as she likes to be called. She's a certified financial planner or certified public accountant for Tobias Financial Advisors. And Nella is here because she has extensive experience helping her clients navigate the topic of today, which is wealth transfers, inheritances. She's also very experienced in tr and we have a question later about that. She's also one of Pam's favorite financial advisors and through wealth Ramp clients have the opportunity to work with Nella and her team. So ahead of all of that, hang tight. We have some really important discussions ahead of us, but here's what's going on in my community and our Sew Money community. So firstly, if you follow me on Instagram, does any story end well when you start with back on Instagram, but on Instagram you may have caught a reel this week that I created on a hunch, completely unplanned. I just did it. I had been thinking about it during the day and I was like, I'm just going to do it. I'm not going to overthink it. And it went bonkers. Viral, folks. I have finally made it. I have finally gone viral on the Internet and I'm here to report that nothing has changed. My life is still the same. But the topic of the reel is what surprises me. I didn't realize this was something that was so popular. I've shared a lot of opinions and insights and advice on all sorts of things, but this topic about running chores and allowances in our house and how we're doing it or how we're attempting to do it has gone viral. Over one and a half million views in 48 hours. So I'm officially now the allowance lady. And if you haven't caught it, I just want to take a second here and tell you the gist of how we're doing this. And this all started basically over the weekend. I had a meltdown, basically, like a parent meltdown, where I was like, these kids, literally, I think it was my son who was on the couch, and he was like, mommy, can you get me some water? And I was just. I was so tired. It was like 7pm And I'm like, evan, just please go get your own water. You have arms, you have legs. You know where the water is. Like, I've had a long day. And he goes, I've had a long day. I'm like, really? What's your long day? What's your long day, kid? I got the water for him, but on the way to getting the water, I said, that's it. No more. We are going to. Officially, I'm going to. This is on me, too. Because I have tried to start allowances with my children in the past. It's been difficult because they have an age gap, right? My daughter and my son are three years apart, more or less. And interestingly, she. My younger is more enthused and ready and willing to help out around the house. My son is not. And at least he wasn't. And now they're on the same page, okay? They're both motivated by money. They're both motivated by accomplishment and finishing tasks and accountability. And they work well together in some cases. So I was like, let's come up with a plan where we're going to have chores, and I need to be on board just as much as them because it's hard for me and my husband to keep on top of them. Their kids, they don't remember. They fall off the bandwagon. I get tired of reminding them. I forget to pay them. All these issues, right? Which, hey, I know I'm not alone here. And I think that's why this topic resonated so much with my audience and new people who've discovered me since this video went viral, that people need more advice on this topic because it is draining. It's like you feel like you're running in circles. You know, you want to do something. But what is the thing? So here's what we're attempting now. I caveat this and say that this could completely change in the next week. I also fully assume and anticipate meltdowns and fights and arguments, but it's been five days since we implemented this and so far so good. Our framework is the following. Again, my daughter is 7 and my son is 10. The video said in our house we pay well for chores, but there are rules. There are rules. So now we have a daily list of chores. I thought about putting these on a board. I haven't gotten to that yet. The list is not long, so they're pretty easy to remember. And I guess we don't really need a chore board even because here's why. While we pay handsomely and we pay $15 per week per child, that's $60 a month if you're doing the math before anyone falls back in their chair, I know this is above market price. I've often talked about how the rule of thumb if you're not sure where to start is give your kid a dollar for every year of their age per week. So if you have a 10 year old, $10 a week, 7 year old $7 per week, we are way above and beyond that. I know it's a lot, but here are my rules and I'll tell you the chores later. But here are the rules. This income, you earn it only if you do every single chore, every single day for the week. It's all or nothing, my friends. Of course you're going to get sick. There are days when we're not home, we're on vacation. Actually one day this week my son had a long day at camp. They went on a off site trip, we had to pick him up and we didn't get home until 8pm I'm not going to make them do the dishes because there's no dishes to be done. We had dinner out, okay, I'm reasonable. But if they don't do what's expected of them on a day when it is expected of them, there are consequences. Rule number two, they have to save 10 of the $15 that we provide them every week. So what is that? A 67% savings rate. And so while yes, the $15 is a lot, what they can spend is really just five and the other 10 has to go into a savings account. We have an, we use a GoHenry account. I don't work with GoHenry. It's just what we have found to be easy. They give you a debit card and that $10 a week that they must save must be saved for at least three months. Now we were starting this in the summer so I looked ahead and I said okay, by the time November rolls around, they're Going to be creating their holiday wish lists. I think it's a good time to have this lump sum by then. $10 a week times three months. That's over $100. But it must be budgeted to include. And here's where I'm going to encourage teamwork. Any gifts. And they may choose not to buy gifts for each other, but if they want to buy gifts for their siblings or their family, they have to use what's in their savings accounts. And so here's how I foresee this playing out. Or in theory, right. If my daughter gets lazy one day and is I don't want to do my chores, it's also going to affect my son. Right. Because that means she's not going to have money in her budget to potentially buy him some gifts later this year. And they always want to do that. So that's. I know them. And here's the thing. You have to know your kids. You have to know what motivates them. My kids are very motivated by money. They know that it provides them with options. They love the autonomy that comes with it. And I want to be able to foster that. But I also want to make sure that the chores get done, because this has been great for my husband and I, to be honest. Like, after dinner, it's usually us doing all these things, which is. Here's the list. Okay. Clean your rooms and make your beds every day. It doesn't have to be in the morning because mornings are rough. I get it. I'm not a tyrant. But if you know me like, I've been known to make my bed right before I get into it. It. And I'm not encouraging that with them. But if they don't make it in the morning, then when they come home from camp and it's the summer, they have to go to their rooms and make their rooms and their beds and be done with it. Then they rotate between setting the dinner table and doing the dishes every week. So right now, this week, my son is setting the dinner table and my daughter is doing the dishes. My son is taking out the trash every day or whenever it needs to be taken out. Actually, yesterday the trash wasn't full and he took it out. And we said, in the future, don't do that. You can get a pass because that's wasteful. We want to use the full trash bag. Then they have to keep the basement clean and tidy. And this isn't an everyday chore, but once a week, they need to go down there, check it out, make sure that things look sane that it doesn't look like an earthquake happened. So that's the list. It can grow. And how I come up with this list is just I know them, know what they're capable of. I know what's doable for them, what's a little bit challenging. And they're taking a lot of pride in it. They know that this can be very rewarding. And it can also mean that they can get nothing if they don't cooperate. And it's also encouraging them to negotiate. So early on in this, my son and daughter, they were having an offline discussion about who was going to do what. They were seeing if they could maybe trade, because I know there's one chore that they're going to flip every week, which is setting the dinner table. And so Evan suggested, hey, can I do that? Because I'm not really into doing the dishes. And my daughter said, sure, that's fine. Again, it's been five days and one day they were off because we had that long night out and it's the summer and I actually think the summer can be a great time of the year to implement these sorts of rituals and practices and experimentations with your kids. I'm fully prepared that in the fall, with their schedules changing, that some of these tasks may shift, they may be replaced. But one and a half million views, everybody. This is what you're telling me? This is the content you want? What have I been doing with my life all these years? One last bit of news before we go to the mailbag. I just want to give a final reminder to anybody out there who would like to work with me and be a part of my mentorship program. My applications for the next cohort, which we kick off in August, ends this weekend on Sunday. I have stretched that it was going to be today day and giving everybody their weekend to think about it. The application is at farnoosh. Bts. Com. If you've been listening to this show, if you've been subscribing to the newsletter, you've probably heard about what this is. But this is my once in a while offer where I like to take some entrepreneurs and creators and small business owners under my wing to show them, if they're interested, to learn about all of the ways to make all of the money as a creator and brand builder, someone who uses her personal brand, that's me, to essentially create a thought leadership business that spans podcasts and books and speaking who appears regularly in the media. How do I do all of these things? What are my strategies? What do I charge. How do I negotiate? This is a tell all experience. It's four months and it's a very small group. So you would get a lot of access to me and others in the group like you who are ambitious. There's a lot of resource sharing, there's a lot of advice giving. So. So last call for the year. This is going to be my last cohort this year. Go to Farnooshbts.com and fill out that application and I will be in touch very soon after that. Okay. Joining me now is our friend, Pam Krueger, founder of wealthramp, the largest fee only network of top independent advisors. You've heard me say it before and I will say it again. If you're seeking a financial advisor, which I know many of you are, or a planner, you want to work with someone to help you with your retirement goals, your investment strategies, any financial goal. I highly recommend connecting with Pam. She helps every single person who comes to Wealth Ramp her company. Identify the most suitable expert based on your needs, your goals, your budget, all of it. We not only have Pam with us, we also have Marianella Collado, or Nella as everyone calls her. She's a certified public accountant and a certified financial planner with Tobias Financial Advis, which is a fee only independent firm in South Florida. And fun fact, Nella is an advisor on the Wealth Ramp platform. So maybe you'll get paired with Nella when you go to wealthramp.com Farnoosh But Pam, Nella, thank you both for hanging out with me. This Friday our topic is Inheritances the lump sums. We know there is this thing called the transference of wealth. We keep hearing about it and I know it's on a lot of our audience's minds what to do with a lump sum. I know maybe it's a good problem, but you also want to and mindful. So we're going to offer some strategies. But thank you so much for agreeing to coming on and making this our topic today.

[Pam Krueger]

You're so welcome.

[Marianella Collado]

Love being here.

[Farnoosh Kharabi]

You two know each other, right? You two go way back?

[Pam Krueger]

Oh, yes.

[Marianella Collado]

Oh yeah, we know each other. Yes.

[Pam Krueger]

Pam is the feel inspiration. That's what she inspires all of us to be really passionate about what we do. So thank you, Pam, for all your efforts in the Feeling Network world.

[Farnoosh Kharabi]

Yeah. Just to give the audience a little bit of the behind the scenes. So Pam, you run Wealth Ramp and Nella works for Tobias, but also is one of your go to favorites when you're looking to pair someone up with a Financial planner, which is what Wealthramp does. It's like the matchmaker.

[Marianella Collado]

But you are right.

[Farnoosh Kharabi]

You're like really careful about who you work with.

[Marianella Collado]

I'm the advisor matchmaker whiz for yes. So people come to me when they are often overwhelmed with look, I know I want an advisor but I can't slug through the thousands of potential advisors that would work with me. That's where I come in. And I have already rigorously vetted Nella and 229 other advisory firms that are in the Wealth Ramp network. And Nella works for her own firm. They are independent advisors. They don't work for me. I have gone out and curated them, harvested them and brought them and invited them into the network because they fit the criteria I'm looking for. And I vet these advisors and monitor these advisors so I make sure when I make the match it's going to be a really good match and you don't have to spend your time worrying about doing all of that vetting and fretting.

[Farnoosh Kharabi]

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[Farnoosh Kharabi]

Awesome. Nella, you're Pam approved. I love it. Nella, I understand that you help many of your clients make the most of their inheritances. This is a big category and we know inheritances. It can come in many forms, right. It can be cash, it can be, my husband inherited an IRA from his late aunt real estate. And look, it's beneficial in the end for many of these recipients. You're richer than you were yesterday. But there are a lot of issues that can come up, issues that we don't always think about or we're not prepared for. What do you see as some of the common issues or complexities that you're often helping your clients with when they first receive an inheritance?

[Pam Krueger]

Yeah, and I love that you're bringing this up because there's so many opportunities when someone is just informed of an inheritance. We recently had a client that received an inheritance via trust and we were able to save them over $200,000. Because what's supposed to happen when someone passes away is the infamous step up in basis. And sometimes custodians aren't catching that there's supposed to be a step up in basis. So all of the built in gains are supposed to disappear. But sometimes if custodians, if it's stocks, right. They're not adjusting the basis of those individual holdings on the date of death. It's supposed to, the basis is supposed to be brought up to fair market value. And if they forget to do that and nobody catches that, they're paying tax on what they shouldn't be paying tax on. Yeah, sometimes it's a home, they don't realize that the basis is now the, the fair market value so they can sell it the very next day and there's no capital gain. But one of the things that is overlooked inside a trust, sometimes, even though the inheritance is coming through a trust, that trust might have provisions that allow the assets inside the trust to get a step up in basis. And that's the recent situation where we were able to save the client over $200,000 in capital gains tax.

[Farnoosh Kharabi]

Step up. Invasive. I was 8 years old when I learned about this. Okay, so that's referring to the adjustment in the cost basis of an inherited asset to its market value, which you say a lot of people overlooked, especially.

[Pam Krueger]

In the Trust when you have the opportunity. Maybe the creator of the trust made an election to allow the assets inside the trust to get that step up when they pass away. And people don't realize that, that it's in there.

[Farnoosh Kharabi]

Yeah. All the good reason to maybe work with an expert when you get the inheritance. Our audience over the many months has been asking questions about these lump sum inheritances. A lot of times transferences of wealth from a parent. But this first question I want to talk about is a severance that came in the form of a payout in the aftermath of a layoff, which I wanted to talk about because I think a lot of us sadly are in this camp where I guess bad news, you're laid off, hopefully good news you're, you've been given a severance and that always is different depending on your time at the company. In this case with Katie, she's received $35,000 in severance. This is from a tech company where she was let go. She'd been there for seven years. And these are her words. She says the lump sum feels scarier than the bi weekly checks that I expected. She's 35. Katie is renting a home with her partner in a high cost of living city. They don't have a plan to start a family or buy a home. She has a Roth IRA, she has a 401k, she's got a brokerage account and all of these accounts total about $800,000. So in the grand sch scheme of her net worth, this 35,000 is a small fraction. But she's. I just want to feel like I'm making the most of this severance check. She also has stock with this former company and has options that she has yet to exercise. I think she also mentioned the company went public prior to her getting laid off. And so with all that, she's got about 200,000 liquids sitting in the money in a money market account originally meant for a down payment on a home, but now they just want to be renters. So what do we advise for her to do with this 35,000? Part of me just wants to say go on a vacation, so go on a safari. Like she's done so much. And let's not forget that there is an aspect of when you get laid off and you're about to get back into the job market, you want to give yourself some time to recoup.

[Pam Krueger]

Right.

[Farnoosh Kharabi]

And collect your thoughts. Because maybe you don't want to go back into the tech industry. Maybe you don't want to Stay in the same career. Like I'm going to give her advice that's financial, but also maybe making this money meaningful in a way that could help her also feel more energized and ready to go back and do something that she's excited about.

[Marianella Collado]

Yeah, it's such a good point because everyone thinks of financial advice as, okay, let's look at the numbers. Look at your quarter. Oh, the market went up, the market went down. And in this case, this is such great detail that it really paints a picture. And Nella will address the nuts and bolts of it. I'll just be the, the peanut butter to her jelly. I guess in this case what I want to say here is this is fantastic. 35 years old and has this 35,000 in the context of having this nest egg that they're already saving for. And I know I'll defer to Nella on the details, but this is where I would come from on this personally looking at the life side of it too, I would really consider socking away more money for your emergencies and an emergency cushion. And I say that because you can park money in a Bank account at 5% these days and just get paid to wait. And the reason is because if you're not working and just as Farnish said, if you decide you want to pivot your career, you need a bigger net, you need a bigger cushion, a bigger emergency cushion. So for me, that would be what I would do with the 35,000. But let's hear what I'd love to.

[Farnoosh Kharabi]

Yeah, Nella, what do you think?

[Pam Krueger]

Yeah, and I think every time there's a change, right? Change is not always comfortable to people. But I think change allows us to reflect, as you said Farnouche, on values and what's important and meaningful in our lives. And I think when there's a break, especially if it's unexpected, it allows you to sit back and review what is it that you want out of life and where do you see yourself going. So if a person like this, if Katie wants to take some time and give herself the time to re energize, she may want to look at her budget, right? Kind of think about what life is going to cost for the next six months, 12 months, whatever time period she thinks she needs to reassess where she wants to go. And then Pam said, earmark that in a money market. To me, this is short term money. I wouldn't look to try to get sexy with this. I wouldn't put this in the market just because we don't know Right. We're in an election year is the other thing that people need to be aware of. This is not the time to put funds that you may need within the next six months or 12 months into the market. That's not a risk that I would like anyone to take. Now as you mentioned, she's got 200,000 in a money market already. So I think once we've gone through her cash flow needs, maybe reassessing what are those long term goals so that we can align a bulk of those savings because it is a lot of cash into sort of this long term plan that she has. Whatever her vision is for retirement future.

[Farnoosh Kharabi]

It reminds me of a question we got. I think it was last week or two weeks ago where, and I think Pam, you were on that show where one of our audience members wanted to know what do I do with my money? I don't have goals. And it was not a situation where she didn't have enough money. Like she actually had, I think hundreds of thousands of dollars. She had been an incredible double saver but was like, what's it for? I don't know. And I think that that is something to sit with and that is something important to figure out. And I'm not saying that our friend here doesn't have goals. There are Those people who get 35, 000 and know exactly what they're going to do with it because they know they like have a wish list, a to do list. And not to say she should go back and try to buy a home or do these traditional things, but maybe think outside the box. What are your wildest dreams, hopes and dreams? Katie, I want you to think about it because you've earned. Not only does everyone deserve this, but you have earned this. You have created a cushion for yourself and now you get this windfall from your previous employer. It's like the universe telling you like, hey, do something for yourself now. Like you've done a really good job of squaring away your future and working to save up and bulk up your retirement. But okay, do you want to start a business? Do you want to open a winery? Do you want to just travel the world and take nicer vacations?

[Marianella Collado]

Yeah, it does. It gets you thinking about what you get. It's prompting you, yeah, think about what do I want to do with this. But one quick note is that the thing that I think about when I talk to people like this, when I'm talking to people through wealth ramp is she's probably a really high earner which is why in the tech industry, which is why she's been able to put so much money away. Fantastic. But the only thing, the flip side to that is that we don't know how much you spend spending. So we don't know if in a high cost because remember she mentioned she lives in a high cost area. A hundred thousand sounds like a lot to us. 200,000 sounds like a huge amount of money. But if you're talking about taking real time off and you're used to a lifestyle where you're spending a lot of money, that might not be as much as we think.

[Farnoosh Kharabi]

It doesn't go that far.

[Pam Krueger]

Yeah. And I love that Pam brought that up because that's why you have to look at cash flow. Right. So it's, it sounds like a big windfall, but you might get through this in three months or six months. And then all of a sudden what are we going to do with ourselves? So it might sound great to go on a cruise. You mentioned something that would prompt someone to look at this from a tax perspective is those, those stock grants, Right. What are we going to do with them? Company just went ipo. Do we hold on to them if they're grants? Do we exercise them? What are we thinking the stock is going to do going forward? Do we do an exercise in hold? So there's a lot of planning here that she could be really. And if that's a concentrated position, that also poses a risk to her that she may want to diversify out of some of this stock.

[Farnoosh Kharabi]

Yeah, yeah, that's a good point. It's a really good point. All right, Katie, lots to think about. Thanks for your question. Ruth has a question also about an inheritance, but in the context of having student loans. So Ruth's husband, she has what she calls an albatross of student loans of over $240,000. And. And at the same time, the couple is set to inherit about $50,000 from a parent. Should they use this money to pay off the loans? A little bit of background Ruth provided us. She says we both contribute to 401ks. We have four months worth of emergency savings and no credit card debt. Her income is solid, smaller though, than her spouse's. They have a mortgage with about 28 years left on it, but the interest is really low. They bought it during the pandemic. The home is appreciated very nicely. No kids, but hoping to be pregnant this year. Should we be putting amounts like that towards the student loans or towards other goals like home renovation or college fund for our future kids? A lot of this Debt, by the way, is also federal. I've since caught up with Ruth and she did say that her husband's on a payment plan already with the government, so that's good. That said, it's still $240,000. And I know, but with that amount of debt, getting a lump sum like 50, you feel like instinctively this should go towards that because it's, it's just hanging over you and they may be feeling really uncomfortable about it. But what's the smart money do? Who wants to go first?

[Marianella Collado]

Okay, I'll just take again the big, the bigger picture for me because I'm dying to hear what Nell has to say for the advice part of it. But I know you want to get rid of the albatross, so it will be in that exact same position, but with thinking about getting pregnant and future college and retirement. I kind of want to say take care of yourself first with your own money and look to every program that's available. Remember, during the Obama administration, a lot of programs, payback programs that could shorten the life of the loan, federal programs came up. So if she's already, if they're already taking advantage of that is fantastic. Let the government and let some of these programs help you then dig into your pocket. But I just would, I hate to say it, but I would string it out as long as possible and I would make that my last priority. I understand it's an albatross, but it's not as big of an albatross as, say, having a mortgage or other things that are really immediate family pressures. I'm not saying you're not going to stay, keep making payments on time, obviously, and keep paying it off, but I just wouldn't rush to take, take new money and put it toward, I don't know. Nella?

[Pam Krueger]

Yeah, I have a couple of thoughts. We had a client, he had about $400,000 in student debt. So Ruth could feel somewhat comforted with 240. I think, like Pam said, exploring avenues where there is potential forgiveness. If they work with a tax exempt organization. There are programs that once you meet the annual qualification process, the loans would be forgiven within 10 years. So before I look to any student debt, I would look at whether there's a possibility to get on a program sometimes evaluating, do I change my employer? Do I take a pay cut today to work for a tax exempt organization that's going to make me eligible for forgiveness in 10 years. And you might say, you know, what's doing the math, right? This is a big debt. There's a Big cloud over someone's shoulder. So if you think about taking the pay cut today for a big forgiveness later, it might make sense. So that's something to evaluate and if that's not an option then I'm always going to look at what is the rate of return I'm getting in my investments, in my assets versus what is the rate that I'm paying on this debt. If there's no potential silver lining on debt forgiveness, then maybe you do want to pay down debt that it doesn't make sense to put cash in this account earning 5% if the debt is costing you 8. So once you have exhausted potential forgiveness program programs and that's not going to work, then evaluate savings rate versus debt rate. And then I'm with Pam. I, I say take care of yourself first because the biggest gift is our own financial freedom and our financial security and I love my parents for that. The fact that they're 75 and they travel, they don't have to ask us for money. To me that's the biggest gift and the biggest inheritance they gave me is their own financial freedom. So I'd say that you only think about funding student college savings after you've ensured that your own financial security has been met.

[Farnoosh Kharabi]

That is true. There's no Stafford loan for a retiree unfortunately. Thank you both for that answer. Ruth, good luck. Karen has a question. She has inherited her mother's share of their parents family home as well as her mother's ROTH and the ira. She's considering buying her own home now. Now and she understands that first time home buyers are eligible to withdraw $10,000 from a retirement account if the account is over 5 years old. I think this is the ROTH that allows for this. So would she still be eligible to withdraw from her own retirement account as well as her mother's retirement funds to buy a house if she has partial ownership ownership of the parents home. So she's really the issue is like would I still be considered a first time owner if I've inherited this home which I didn't buy directly. I inherited it but I guess it gets a little confusing. Do you have any experience with this Nella?

[Pam Krueger]

Yeah, so a couple of things. First, Karen should know that they changed the rules for retirement accounts. So this is huge. There was a little piece of legislation that was passed right before COVID took over and then it was completely overshadowed by the CARES act and this was called the Secure act which left us feeling very insecure because this piece of legislation really ripped the rug from under all of the planning that we had been doing for years and what that piece of law did is that when you inherit an IRA and you're not a spouse, you have to fully distribute that IRA within 10 years.

[Farnoosh Kharabi]

Years.

[Pam Krueger]

So with respect to this situation, she's going to have to take the inherited Roth out by year 10. So she can take any dollar amount out of a Roth and there's not going to be any penalty subject to it because she has to take it out by year 10. She can take it all in year one, she can stretch it over 10 years, but there's no limitation on what she can draw from that inherited Roth Roth. So that's one point. So that might solve her question altogether. And two, you hit the nail on the head. She's no longer a first time home buyer because she's now she owns a home. So really her, she doesn't have to worry about it A, because she can take anything she wants out of the inherited Roth and B, she's not a first time home buyer. So that's going to be irrelevant. But also there's a very quirky rule with Roth IRAs that you created and you fund it and it's called the fifo. FIFO is normally an accounting term which I love, but that's first in, first out. So if you set up a Roth IRA and you put in a dollar, you can take your dollar back. That's what comes out first. And you can do that penalty free.

[Marianella Collado]

You can, that's your contribution. Just breaking in real quick to make it clear you're talking about the money that you put in, that's your contribution separate from your earnings.

[Pam Krueger]

Earnings, correct, Correct. So the dollar that goes in first is your contribution. And so you can always pull your dollar back and not have to pay tax or penalty because it's a Roth. The only time you run into some limitations is once you're talking about earnings, as Pam mentioned.

[Farnoosh Kharabi]

All right, all in all, good news. Good news for Karen. Yeah. All right, last question from the audience and then I have a question, but Mary wants to know about. There's some complications with Mary. So basically, long story short, she's 30 and she has a brother who is severely autistic, has and always will need full time care. She says Medicaid pays for most of it, thankfully. But she's recently learned that each state has what's called Medicaid estate, has a Medicaid state recovery program which will attempt to recoup state funds spent on a disabled person from their own estate, which is a bummer. And here's why. It's especially a bummer for Mary. Because her parents have put money aside for her brother in a trust. She's also a beneficiary of the trust in the event that her brother passes before she does, which she thinks is likely because his health is poor. Will that protect any money they've saved for his care? Will this trust protect any of the money that they've saved for his care? Will his current guardian, which is their mother or her, the legal guardian in the future be on the hook for any of this estate recovery? She says, I assume that I will not be eligible to inherit anything from him, but I'm concerned about my parents passing away first and then leading us something jointly. What are your thoughts? Should I be doing anything now to protect myself and my family from future legal headaches? I wonder if this also, I do not know, this is like way above my, my, my intelligence but I wonder if like her mom should get re involved with her in this estate plan that they put aside. Do we need to reopen the estate plan? Her mom is still alive.

[Pam Krueger]

Yeah, so I don't. Pam, did you want to take some high level remarks or do you want me to.

[Marianella Collado]

Okay, I'll do the, I'll do the big picture color.

[Farnoosh Kharabi]

Okay, so here's the global frame as we say in the world.

[Marianella Collado]

That's. Yeah, that's where as I'm listening and taking all this in and hearing it from others who come with similar questions, this is where I just want to say there's so much legal estate planning, financial emotional family and all of that. That's why you guys, that's why I feel so strongly that this is not the kind of thing you can just go in and go, oh yeah, I need a financial advisor. This is why. And thankfully we didn't know we were going to get this question. But thankfully Nella is one of those advisors who does have a sub specialization in special needs trust and planning. And that is a specialization not every advisor offer it. So with that I'll step aside.

[Pam Krueger]

Yeah, I have some. When I saw this, this case I thought, oh, Mary's gonna be super happy with what I'm about to tell her because yes and yes. So yes, we should make sure that we're revisiting your parents estate plan because we have to make sure that the language is such, that enables the share that's for the brother, for her brother whose special needs that it, it has special language to make it what's called a supplemental needs trust. So mom setting up A trust for a special needs child that has this language that says in no circumstance should this trust be considered a primary resource to fund the special needs beneficiaries expenses. So government assistance comes first and only to the extent that government assistance is not covering expenses that beneficiary needs should the trust be used. So what that means is that this inheritance will not disrupt the government provided benefits. So check. Right. We want to make sure that happens first. And secondly, because this is what's called a third party trust. Right. The inheritance is not going first to the special needs brother and then he sets up a trust that's really bad that situation. Right. But this is the parent setting up a trust for their children, one of which happens to be special needs. This is known as a third party special needs trust. This has no clawback, there's no repayment provided assistance. Right. Because this is a third party trust. So this is a very special distinction because this is a third party trust, not a first party trust. Whereas if you and I choose to take all of our assets and put it inside a trust to be able to take advantage of Medicare benefits, that's going to be considered a first party trust where there is clawback and Medicare payback. So very different.

[Marianella Collado]

Nella, can I ask a dumb question in between here? So for Mary, really the answer to the part about are they going to come after me for those benefits, the answer is because it's a third party trust. It's. She's safe, she's safe.

[Pam Krueger]

She just wants to make sure that the mom's trust has all of the, the language in there to ensure that it is treated as a, as an irrevocable trust for the benefit of the. I would almost split it so that you can have one for the brother, one for the sister and the one for the brother has all of the special needs language. And then when brother, if he passes away first, then it reverts back to her trust. So that's generally how I like to structure this for my clients. When there's ever a special needs child is protecting the special needs child but also making sure that when that child passes away it goes to the siblings, the surviving siblings.

[Farnoosh Kharabi]

Wow. I love my audience. They ask the best questions and they're not afraid to really get specific, which is great. And I'm so grateful that you both were able to be on. Nella, you're a triple threat. You are a financial plan manner, you are a CPA and you happen to have this encyclopedic brain about trusts and estate planning. As it pertains also to special needs families. What? What?

[Marianella Collado]

That's the way we roll here.

[Farnoosh Kharabi]

Because you're such a wealth of knowledge, I didn't want you to leave the show without I wanted to ask you a little bit about taxes and inheritances because. Or even just lump sums. I know even if I get like a bonus from my employer. Back in the day when I had an employer, I excited and then I would see the IRS take 40% because bonuses are taxed at a higher tax rate and so are there. I don't know if this is. We can summarize this, but what are your best tips or things you want our audience to know about the tax implications of receiving a lump sum? And maybe we can just focus on inheritances here since that's the theme. But when they get a family inheritance, what are usually the tax considerations and should they work with a cpa?

[Pam Krueger]

Yes and yes. For me there's always some tips here.

[Farnoosh Kharabi]

So you should ask leading questions only on this show you should always seek.

[Pam Krueger]

Professional guidance because every time I get the client that says I did this and I'm like oh, why? As far as inheritance, I want to Just one tip if I could tell the whole world this is don't try to do your own estate planning by shifting assets from mom and dad before they pass away. I see this a lot where they're like oh, we did our own estate planning and I'm on the titan and I'm like no a you've just shot yourself in the foot with the step up in basis. So now what could have been a tax free inheritance, right? You can get rid of capital gains and inheritance is not subject to tax for the recipient. There's no tax for the person receiving the inheritance. But if you've changed title gifts have what's known as carryover basis.

[Marianella Collado]

I talked about that once furnished when. When or somebody was talking about the fact of oh, I'm an adult child. My parent is talking about putting me on as a on the title of the house and the answer is a hard no, don't do it just for the reasons that Nella mentioned. Because you want to inherit, you want to get that step up. Whereas if you sold it and your parent died and you were on the title, you are going to pay humongous tax.

[Pam Krueger]

I had a call not too long ago and it's all we are we put my mom's house up for sale. It's gon sell for a million dollars. I said oh that's great. When did she pass away and say, oh, she passed away three weeks ago. I'm sorry for your loss. I said that's great. So then you would get step up in basis property in her name when she passed. Oh no, we had put it in my name five years ago. I'm like, oh my God. So he basically a gift carries over its original basis to the recipient of that gift. It's not like a bequest or an inheritance. So that's one thing I want to make sure people don't put your kids on the title. Don't.

[Farnoosh Kharabi]

Why do they think that's a good thing? They think, they' it's just this seems.

[Marianella Collado]

To be going to be more direct. They think, they think, why would I wait until my parent dies? That it opens up a can of worms. Imagine you have a husband and he go, and you're the person owning the house. You're the parent and you're now your son in law is telling you, oh, you can't do that kitchen renovation mom in law, because I now own part of this house. Oh my God, no, don't do it.

[Pam Krueger]

Yeah. And the other thing people don't realize is your primary residence usually has the highest level of assets protection. Like here in Florida, your homestead is sacred. And once you've added another person to that title, you've now opened your exposure to the creditors and predators of this other person whose house this is not their primary residence. So they don't get the same level of asset protection as you do because it's your primary residence. So that's one thing on inheritance. And I always see these fouls. And then you had asked about bonuses and lump sum payments that are taxable. There's usually some planning opportunity with bonus. W2 is a W2. It's probably the hardest thing to plan around with. But even there you can look to maximize contributions to employer provided programs. Look at things that you can do that are above the line deductions in a year where there's a potentially a big windfall. I just had a client yesterday, he's looking at an employment opportunity with a private equity backed company. He's like, oh, are there things I should consider? I said, oh my God, yes. If there's one thing you're gonna do is you're gonna do this little thing known as an 83B election. He said, what is this? I said they're gonna pay. Some of your comp is gonna be made up of units in this, in, in this company. And so because it's a startup, usually the value of these shares when they first hire you is zero. So you're gonna do a little 83B election and you're gonna say here I IRS, even though I have invested in these units that they just gave me, I want to go ahead and report this as taxable income today based on the value of the shares today, which I just told you is zero.

[Marianella Collado]

It's graduate school tax plan. But it's true that I did it myself. I did the 83B election myself because my business is a startup.

[Pam Krueger]

And so what you're doing is you have converted what is would be ordinary income at the time of invest. You've created that that growth in value from ordinary income to long term capital gain. So you went from potentially 37% tax rate to 23.8. It's just and it's a little form and I see people miss it all the time.

[Farnoosh Kharabi]

I could have benefited from that at some point in my career or many points in my career. Oh boy. Okay. You live, you learn, you listen to so many, you learn. Thank you both so much, Pam Krueger and Nella. This was so, such an important episode. This is big stuff we're talking about and I appreciate the audience for trusting us and asking us these questions. More next week. Thank you.

[Pam Krueger]

Thank you. So much fun. Thank you.

[Farnoosh Kharabi]

And that's our show. If you like what you're listening to. Remember, leave a Review Subscribe Tell your friends Share I hope your weekend is so money.

[Pam Krueger]

Foreign.

[Maya and Sim]

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