Move Out, or Stay At Home With My Mom?

Summary

Podcast Summary: Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Episode: Move Out, or Stay At Home With My Mom?
Date: April 2, 2026
Host: Suze Orman & KT
Theme: Financial Decision Showdowns – Who’s Right?

---

Episode Overview

This energetic episode of Women & Money centers on the theme of “Who’s Right?” as Suze Orman and co-host KT field listener questions where loved ones, financial advisors, or even the hosts themselves disagree on money strategies. With a tone that is candid, accessible, and peppered with humor, Suze dissects financial dilemmas—ranging from margin account mishaps to family living arrangements, retirement withdrawal nuances, and trust document troubles. Ultimately, the core message is about trusting your financial instincts, prioritizing emotional security, and, as always, putting “people first, then money, then things.”

---

Key Discussion Points & Insights

1. Margin Account Madness (03:40-09:28)

• Question: Is opening a margin account just smart financial flexibility, or a set-up for disaster?
• Suze’s Take: Margin is highly risky and not suitable for those who don’t deeply understand it. The risk of losing all your invested money (and more) outweighs potential returns.
  • Quote (04:23): “If you are a sophisticated investor, you would absolutely know what margin is and how dangerous.”
  • Suze explains margin: it’s borrowing to invest more, which amplifies gains AND losses. Margin calls can wipe out your investment and leave you with debt.
  • Quote (07:20): “Margin is high risk, the highest risk that is out there, and the most stupid thing in my opinion anybody can do.”

---

2. Gas Prices vs. Moving Out (09:28-13:37)

• Question: Is it smarter to live with mom and commute long distances, or move closer to work and pay rent?
• Suze’s Take: Spending $60/day ($1,200/month) on gas with a high-mileage car is wasteful compared to rents in many locales. The emotional comfort of home cannot justify the financial and physical wear-and-tear.
  • Quote (10:54): “Mama…your son is paying $60 a day for gasoline…That is depending on how long he’s going to be doing this…close to $16,000 or $17,000 a year to spend four hours a day in his car.”
  • Strong suggestion: Move out, find a place closer to work—even a studio or shared housing.
  • Insight (13:39): “Gasoline prices go up like a rocket, but come down like a feather.”

---

3. Roth IRA Emergency Strategy (14:38-19:39)

• Question: Can you withdraw and then repay Roth IRA contributions within 60 days multiple times in an emergency?
• Suze’s Take: You can withdraw your original Roth contributions at any time, for any reason, tax and penalty-free (as long as you’re only taking out contributions, not earnings).
  • The “60-day rollover” can only be used once in 12 months, regardless of the account, and only for one withdrawal. Multiple withdrawals = only the first is eligible for rollover.
  • Quote (16:52): “You should absolutely listen to your gut. …That’s the voice of God…speaking to you to protect you.”
  • Best method: Take out all the money needed in one withdrawal, replace it within 60 days if possible.
  • Quote (19:31): “You can trust my gut on that one, KT.”

---

4. Credit Card Debt vs. HELOC (Home Equity Line of Credit) (19:39-22:43)

• Question: Should you use HELOC at a low intro rate to pay off 18% credit card debt?
• Suze’s Take: Never trade unsecured credit card debt for secured debt like a HELOC—risking your home is not worth it. Address why the debt exists first.
  • Quote (20:39): “You never, ever trade unsecured debt... for secured debt, that’s number one.”
  • Instead, check your credit score and look for a 0% balance transfer card before considering any HELOC.

---

5. Renovation: Cash or HELOC? (22:43-26:25)

• Question: For a $300K renovation, should you use cash or a HELOC to keep cash invested and take the tax deduction?
• Suze’s Take: The wife’s caution is valid; use cash if it brings emotional security. If splitting, limit the HELOC to the tax-deductible limit ($750K mortgage+HELOC combined).
  • Quote (23:53): “Truthfully, when somebody doesn’t feel secure, you lose far more than just the amount of money that you could have made.”
  • Suggestion: Consider compromise—use part HELOC up to $750K deductible cap to maximize tax benefits and keep peace.

---

6. HSA (Health Savings Account) Beneficiaries (26:25-28:58)

• Question: Can kids inherit an HSA, or is that a myth?
• Suze’s Take: Kids can inherit an HSA but it loses its tax-free medical benefit—becomes taxable income to non-spouse heirs.
  • Quote (27:07): “The article is wrong. Kids absolutely can inherit an HSA, but is it a wise thing? … Whatever you do, never make a trust the beneficiary of your HSA.”
  • Key tip: HSAs are best used for medical expenses or left to a spouse.

---

7. Paying the IRS vs. Investing (28:58-32:09)

• Question: Should you keep owed taxes in an account earning interest for a few more weeks or just pay now and be done?
• Suze’s Take: The tiny interest gained does not justify emotional upset or marital strife.
  • Quote (31:14): “For $25, you want to upset your wife? Are you kidding me? You pay it right now, she’s right.”
  • Golden rule: “The goal of money is to feel secure and be happy.”

---

8. Missing Trust Documents (32:09-37:21)

• Question: Is a copy of a trust sufficient to claim funds at a bank after someone passes away?
• Suze’s Take: Banks need the original or a certified copy; a mere copy is not valid or safe.
  • Quote (32:51): “A plain copy of a trust means nothing to a bank. It simply proves the document existed at some point. It does not prove that it’s the final version.”
  • Tips:
    • Track down the drafting attorney (most keep originals/certified copies).
    • Check all safes, deposit boxes, files, and even with trusted advisors.
    • A certification of trust may suffice; if not, probate is the (unpleasant) fallback.
    • Must Have Documents by Hay House: they have no backup copy—your only record is your own saved file.

---

Notable Quotes & Memorable Moments

• Suze, on margin accounts:
  “Have I ever in my entire career invested on margin? I have not and I never would.” (08:49)
• On family and money priorities:
  “Let your little baby boy go. Let him see if, in fact, he can find something closer to work…” (12:49)
• Financial security vs. relationships:
  “Truthfully, when somebody doesn’t feel secure, you lose far more than just the amount of money that you could have made.” (23:53)
• Emotional costs over money:
  “This isn’t a financial question. This is an emotional question. The goal of money is to feel secure. To be secure and be happy.” (31:14)
• Foundational advice:
  “People first, then money, then things. And remember, trust your gut more than you trust others.” (37:53)

---

Timestamps for Key Segments

• 03:40 – Margin Account Dangers Explained
• 09:28 – Commuting vs. Moving Closer to Work
• 14:38 – Roth IRA Withdrawals in Emergency (and rollover rules)
• 19:39 – Credit Card Debt vs. HELOC Debate
• 22:43 – Home Renovation: Cash vs. HELOC
• 26:25 – HSA Beneficiaries Truths
• 28:58 – Paying IRS Now vs. Waiting
• 32:09 – Dealing with Missing Trust Documents

---

Closing Takeaways

• Always ask, “Who’s right?”—and trust your financial gut.
• Prioritize emotional and family well-being in financial decisions.
• Education and caution trump hasty “opportunities”—especially with complex products like margin, HELOCs, and trusts.
• Documentation is everything—keep originals safe and accessible.
• The Suze Orman mantra endures:
  “People first, then money, then things.”

---

For more episodes and to join Suze’s Women & Money community, download the app or visit the website mentioned in the episode. Catch the next “Suze School” on Sunday for more straight talk on money—and life.

---

Transcript

[A]

Hey, Susie, Spring is in the air.

[B]

It most certainly is, my dear. And listen, everybody, you should all spring into action if in fact you're looking for a home equity line of credit. If you have a home equity line of credit at a high interest rate, check out the ultimate opportunity Home equity line of credit at Alliant Credit Union. Go to myalliant.com and look for all the details right there.

[A]

April 2, 2026. Welcome to the Women and Money podcast. And everyone's smart enough to.

[B]

Who did you play an April Fool's joke on yesterday?

[A]

You. Should we tell everybody what you did or not? No, this is.

[B]

Come on.

[A]

No way. April Fools is between you and I. And it was April Fools.

[B]

It wasn't very nice and I fell for it.

[A]

It was funny.

[B]

I fell for it.

[A]

This is the Ask Susie and KT Anything podcast. Yes, it is the favorite one of the two we do.

[B]

And what a great time did we have in New York City?

[A]

Oh, my God. Well, I'll tell you, Susie said to me something over our coffee this morning. She said, I'm looking at apartments in New York. I said, no, we did that already. Next.

[B]

I don't know. All of a sudden I've been thinking

[A]

I wouldn't mind going more often, but I don't think I want another home in New York.

[B]

Just a little tiny house.

[A]

No, no, no. We had a little tiny. We had two relatively small. I wouldn't say tinies. We had two relatively small apartments once at the same time. Remember that? Yeah, yeah. So been there, done that. Next. Okay, are we ready? So I put together a very interesting podcast today, Susie. I hope you like it called who's right?

[B]

Why would you do that? Well, I know exactly why you did that. Because part of the April Fool's Day joke boiled down to whom, who's right between the two of us. And it was because we have a saying. What's our saying? Kt.

[A]

KT is always right.

[B]

Right. But this time she was purposely wrong. And I was like, but no, you're always right. And that's why you did this, isn't it?

[A]

Yes, but it's a good one. I think you'll enjoy it. So we're going to kind of. We're not stumping Susie. Larry King used to try to trick Susie with his call in questions and. And stump her all the time. And she was on that show almost, what, 30 times, 32 times. He could never, ever find a question she did not know the answer to. And I believe you'll know the answer to all of these. But I'm curious to see who you think.

[B]

But he sure stumped me with his jokes that he told me.

[A]

Oh, my God.

[B]

So it was live. Larry King Live was live tv. And when they went to commercials, Larry would love to tell me dirty jokes.

[A]

He.

[B]

He just would. And I would laugh, but she didn't

[A]

know what they meant.

[B]

I had no idea. So back then, my mama was still alive. And we would come back, and I would call my mom. I'd say, mom. During the commercial, Larry King told me this joke, and I told her the joke. I said, but I didn't get it. And my. My mom did. And she explained it to me every single time. All right, kt, Ready? Let's do the podcast.

[A]

Okay. My first who's Right Is about Margin Account Madness. I saw someone in the community app say that buying on margin is dangerous. And Susie, you agreed, saying it was just plain stupid. But I just opened an account at my brokerage firm, and my advisor told me I should absolutely sign up for margin, even if I don't plan to use it right away. So now I'm confused. Is having margin access smart financial flexibility, or am I just setting myself up for trouble? Who's right, Susie? My advisor, or you?

[B]

Here's the problem, kt. The mere fact that he's even asking that question shows he doesn't have a clue about margin. Because if you are a sophisticated investor, you would absolutely know what margin is and how dangerous.

[A]

I don't know what it is because

[B]

you are not a sophisticated investor. However, wait, kt. The mere fact that this person is asking that question says to me you absolutely should not do it. And why your broker would be even telling you to do it is beyond me. So KT just said she doesn't know what.

[A]

Now tell us, what is a margin account?

[B]

So, margin is very simple. You're borrowing money from the brokerage firm to give you the ability to. To buy more stock than probably money you have to buy on your own. And for that loan, they charge you an interest rate. Now, that sounds like a great deal. Let's just say you have $10,000 that you want to invest in XYZ stock, and this stock is at $10 a share. Now, normally, you'd only be able to buy 1,000 shares, but your brokerage firm, because you signed up for margin, says, hey, I'll lend you $10,000. And guess what? That means you can buy 2,000 shares. And you really think that this stock is going to go up and you think, yeah, if I have 2000 shares. I can make twice the amount of money. So let's say that's true. Let's say it goes from 10 to 15. It's now gone up $5 a share, and you decide to sell. If you had just purchased 1,000 shares KT, you would have $15,000 after you sold, or you would have made $5,000 on your $10,000 investment. Maybe a short period of time. That's a 50% return on your money. Not bad. But what you did instead is you bought 2,000 shares because they gave you the 10,000 to do so. So 2,000 shares at 15 is $30,000. You sell, you pay back the broker 10,000. Now you have $20,000. So rather than making just $5,000 on your money, you now made $10,000 on a $10,000 really investment of your own money, which is almost 100% return on your money after, of course, you've paid interest on the $10,000 that you borrowed. That's why people do margin.

[A]

However, ready, everyone.

[B]

Stocks just don't go up. Have we not seen what happened to the stock market and what's gone up and down and all over the place and really obliterated in many areas. Let's say it doesn't go up. It goes from 10 to 5. Let's say that's true. If you had 1,000 shares and now you sold at 5, you'd have $5,000. You lost half of your money. Okay? However, if you borrow $10,000 and now what happens is you have 2,000 shares and it goes to five. Now what do you have? You have $10,000 that you sold. But guess what? You have $10,000 after you've sold 2,000 shares. Katie, at $5 a share is 10,000. But you owe the broker 10, $10,000 and some and interest. Now, you lost all of your money. But here's the thing. The brokerage firm is not going to allow you to get that low. There's something called a margin call that if the stock starts to go down and they think that there isn't enough money in your account after you sell to get back their $10,000, they're going to call, they're going to want more money for you to be able to stay on margin. You can't come up with that. Or if it continues to go down, oh, they're going to sell the stock and you're not going to have any money. It's going to be gone. Margin is high risk, the highest risk that is out there. And the most stupid thing in my opinion is anybody can do. Have I ever in my entire career invested on margin? I have not and I never would. Which is why you don't know about it because we've never done it. All right, kt, next question.

[A]

The title is gas prices versus moving out. Okay, listen up, Susie. Oil prices have been all over the place, but garlic gas prices where I live are definitely not going down. I drive two hours a day for work, 120 miles each way. Gas is costing me $5.60 a gallon.

[B]

Must live in California.

[A]

He's from California. I get 22 miles a gallon. It is costing me about $60 a day. And oh yes, Susie, my car has almost 200,000 miles on it. 60, $60 a day.

[B]

Day.

[A]

Yeah. For him to drive to and from work.

[B]

Is it even worth it for him to work? All right, go on.

[A]

All right, so he said my mom says just wait, gas prices will come down soon and that I should look at how much money I'm saving on rent. He lives with his mom. All right, I don't know if, if I said that yet, but he's living with his mom. They share utilities and food. So who's right? Do I stick it out and wait for gas prices to drop or is it smarter, Susie, for me to move now closer to my job and cut my daily costs? My mom listens to your podcast every week and I know she will listen to you.

[B]

Mama. Listen to me, sweetheart. Your son is paying $60 a day for gasoline. That is $300 a week. That is $1,200 a month. That is depending on how long he's going to be doing this or gas prices are up there, even if they came down to $3. Are you kidding me? He's spending close to with oil maintenance and everything, probably close to 16 or $17,000 a year to spend four hours a day in his car.

[A]

Part time job.

[B]

Now wait a minute. Also 200,000 miles on his car.

[A]

How long is that car going to last?

[B]

What are you going to do, mama, when his car breaks down? Also, he could easily just move closer to work somewhere, get himself a little studio or maybe, I don't know how young he is, share with lots of people, whatever it may be. But I would absolutely stop this right now. Especially because he probably at that kind of money could find something, somewhere to live. He's still paying utilities, he's still buying. He's still doing all the stuff that he's doing living with you. Now, is it possible, Mama, you just Want to keep him at home with you. Do you think that's true, kt?

[A]

Probably right. He sounds like a young man. He's obviously single, and his mom knows he's. She wants him to know I'm saving you money.

[B]

Yeah, and I'm sure you are. But guess what? You're not saving his back. You're not saving really any money for him, because that's a lot of money. So, Mama, let your little baby boy go. Let him see if, in fact, he can find something closer to work, how much it would be, and then figure it out from there. But bottom line, number one, thank you very much for listening to me every week. Don't stop now that I said this to you, by the way, right? But if it were me and my son, I would want him to move closer to work because, I don't know, being on the road that much isn't good. It's just not good. All right, next. Katie.

[A]

And the price of gas out there is crazy.

[B]

Even it's crazy now.

[A]

It's crazy everywhere. You know, Katie's the worst.

[B]

Here's the thing that he has to learn about this, and so do you, Mama. There's a saying that gasoline prices at the tank, like when you go in at the station, right, Go up like a rocket, but come down like a feather. And what that means is they shoot up, way up, even faster than the price of oil is going up. But when oil comes down, they don't come down as fast. They come down like a feather. So it can be months before you correct itself. Yeah. You see it correcting itself, right? So go on, kt. Next.

[A]

Okay, so my next who's right is.

[B]

That's kind of like me. I can. I can get mad and I can, like, just shoot up like a rocket, can't I?

[A]

Yes, you do.

[B]

Yes, you do. I tend not to come down like a feather either. I kind of go anyway. Go on.

[A]

So my next. Whose right question is about Roth's Roth IRA emergency strategy?

[B]

Oh, this one's for you.

[A]

All right, I'll give it a shot. I'll give it a shot. All right, so the question is from our good old TSA workers. I am a TSA worker, Susie, and when I get a paycheck, I take home about eighteen hundred dollars every two weeks.

[B]

That's all they make?

[A]

Well, it depends probably where they're working, but it's. I don't think they make a lot. And they have such an important job,

[B]

you know, that's like a $50,000 a year job. But anyway, go on.

[A]

It's an important job.

[B]

I.

[A]

Go on. Last time when this happened, I took cash advances on all my credit cards. They are still maxed out to this day. So I decided rather than taking money to pay down the credit card debt, I should save as much as I could so I'll have money to pay the bills if it ever happened again.

[B]

And bingo, it did. All right, so go on.

[A]

And then, Then he said, I get that we are going to get back pay, but last time it took a month to get it.

[B]

Are you kidding me? Are you telling me this? Last time, a long time ago, they didn't get their money for one month.

[A]

Some of them even longer. You think? All right.

[B]

Okay, go on.

[A]

Now, the good news is I have $35,000 sitting in a Roth IRA, as you suggested, all in cash as my emergency fund. I don't think you suggest it in cash. I know you definitely said use it

[B]

as an emergency fund, but in a money market account making interest. But it's fine that it's in cash,

[A]

just has it for an emergency fund.

[B]

Good on you.

[A]

So he said, I've been told from my co workers I can withdraw monthly any amount I need to cover my bills. Then when I receive my back pay, I can put it all back within 60 days from my first withdrawal. Is that actually how Roth IRA rules work? Or am I setting myself up for penalties and taxes? Who's right, Susie? My co workers or my gut telling me something sounds off?

[B]

You know what's so great about this person, kt, right? Is that I have a saying, trust yourself more than you trust others. And forever. I would say, listen, if you have that little feeling in your gut, listen to it. Listen to it. That's the voice of God. God, in my opinion. Seriously, I'm not kidding, kt speaking to you to protect you. So you should absolutely listen to your gut. Now, here are the rules and this is how it works. Given that all you have in there is the amount of money you originally contributed because it's been in cash. So it's not earning any money. You don't have any interest. Anything, you can take out anything you originally contributed, regardless. Listen closely. Regardless of your age or how long the account has been open without penalties or taxes whatsoever. That's true. You could take all that money out right now if you wanted to and you needed to. However, Roth IRAs and traditional IRAs can also do something known as an IRA rollover, where you are allowed to once every 12 months. Just once every 12 months. You can Withdraw any money you're allowed to do from a Roth or an ira, but you have to have it back the exact amount back within when? 60 days. That's good, KT. Now, the reason that your co workers are wrong is if you withdraw, let's just say $3,600 one month, the clock now has begun, and 60 days from there, you have to put that $3,600 back. Month two, you take out another 3,600. That's fine because it's still part of your original contribution, but you cannot pay that back. So that is money that you will have taken out of your Roth that can't get back into your Roth. So if I were you, I would take all of the money out at once, put it in a money market or somewhere that's earning interest, pay your bills till you get your back pay, and then put all of it back within the 60 days. That's how you do it. And hey, you can trust my gut on that one, kt. Next question.

[A]

All right, who's right? Credit card debt versus a heloc. This is a good one, Susie.

[B]

They're all good. Katie, this is.

[A]

This is.

[B]

You can't hurt people's feelings and say, this one's good. That one.

[A]

No, I like this one a lot. I have $12,000 in credit card debt at 18% interest. But here's the good news. I also have about $100,000 of equity in my home. I listened to you a few Sundays ago and I thought I would take advantage of. Of the ultimate Alliant HELOC at 3.99% fixed for six months and pay as much as I can to get it paid off. But you said, don't do that. So who's right? Cutting my interest big time, allowing me to get out of credit card debt, or you? There has to be exceptions to your advice, Susie. I'm hoping I'm one of them.

[B]

You are so not one of them.

[A]

Not one of them. Not, not, not.

[B]

Let me tell you why. Okay? Obviously you've heard me say it before. You never, ever trade unsecured debt, which is credit card debt. Like, if you can't pay, really, what are they going to do to you? Really? All right, for secured debt, that's number one. Number two, you have a really high interest rate. Why do you have such a high interest rate? Does that mean that you have a really low credit score? Because if you had a really great credit score, rather than have an 18% interest rate, you would have just done a balance transfer on A card that's paying 0% for like 21 months and you absolutely could have had that paid off the entire time. But no, you think you want to have a home equity line of credit? Number two, if you don't have a good, good credit score, you're not going to get the 3.99%. You're not going to get possibly the prime plus zero percent. It's all based on your credit score. Number three, why do you have that credit card debt? What did you spend that money on? Because I'm telling you what's going to happen if you do this. You're going to go and get a home equity line of credit. Okay? Now you're going to have a credit card that has a lot of available credit on it. And before you know it, do you know what you're going to do?

[A]

Max it out.

[B]

You're going to max it out again. And then what are you going to do? You're going to transfer it again over to your home equity line of credit. Are you crazy? You are not an exception to this rule. You want to be smart, Then take the ultimate opportunity. And do what? Check to see what your credit score is. If it's a really good credit score, then shop around for a balance transfer card at a 0% interest rate. And that is how you deal with credit card debt.

[A]

Kt, I have another HELOC question. Who's right? Susie Renovation Cash or heloc?

[B]

But it's a. It's a married couple.

[A]

Yeah, it's the wife here. She. It's the wife and husband. They say we have a $600,000 mortgage on a home worth about 1.7 million.

[B]

That's fabulous.

[A]

I want to take out a 300,000 renovation HELOC using the ultimate opportunity. HELOC at Alliant Credit Union. They have the best package I could find. So thank you.

[B]

No, don't thank me. Thank Alliance.

[A]

Yeah, thank alliant.

[B]

Go to myalliant.com and check it out, everybody. Okay, Go on.

[A]

It is really good. So check it out. If you need a heloc so. Or want to use one.

[B]

Yeah.

[A]

My thinking is keep our cash invested in our money market account earning 3.5% and take advantage of a tax deductible loan. My wife says absolutely not. Just pay the cash and stay out of debt. Who's right, Susie? Me or my wife?

[B]

Who's right? K.T.

[A]

i think the wife is.

[B]

Why?

[A]

Well, number one, she just wants to pay off the.

[B]

Yeah, but maybe he could make more money with it. Maybe he could invest it. Da, da, da da.

[A]

Maybe they do. Maybe they split it. Maybe they split it. Take, don't take 300, take 150 and then use cash for the rest, kind of share it. Then they're both in. Then they both, you know, they're satisfied.

[B]

All right, so ding a ding a ding.

[A]

That's what I would do, but for

[B]

more reasons and then just sharing it. He currently has a $600,000 mortgage. I'm sure he just bought the house probably recently.

[A]

It's only a few years.

[B]

A few years. All right, so therefore, the most he can take off of his interest on a mortgage and a home equity line of credit is the interest on an amount up to $750,000. If he has a $600,000 mortgage, which he does, he takes out a $300,000 HELOC. That's $900,000 or $150,000 over his tax deductible amount. So if he only took out $150,000 HELOC, now he's at the 750amount, as long as it's for renovation or something with his home. And he still has 150,000 making interest, which may make his wife feel better. So I would think about that. Talk about it. But here's the bottom line. Truthfully, when somebody doesn't feel secure, you lose far more than just the amount of money that you could have made. Now, it will be possible that she is upset. She is worried every time interest rates go up, she's going to say this or she's going to say that. Who knows what it will be? So if she really, really feels strongly about it, then I'm here to tell you, just do the cash. Or again, just adopt my attitude, which I did yesterday. KT is always right. You know, she was. She was wrong. She was purposely wrong and she tricked me anyway. All right, go on.

[A]

All right, who's right? HSA beneficiaries. I name my two kids as beneficiaries on my hsa, but I recently read an article that kids cannot inherit an hsa. So, Susie, I'm wondering, did I set this up wrong? Can my kids benefit from this account the way I intended? Or the article that said the kids cannot inherit HSAs?

[B]

Who is right? Do you have an idea to that one? Kt?

[A]

Yeah. Kids can't inherit an hsa.

[B]

Why not?

[A]

Can they?

[B]

Question. Don't ask me. Can they? What's your question? What's your answer?

[A]

I don't. I think that no HSAs really are medical, you use it for like.

[B]

All right, never mind.

[A]

Can they, can they.

[B]

You're wrong. Can they listen to the answer. Okay, all right, so the article is wrong. Kids absolutely can inherit an hsa, but is it a wise thing for them to inherit? An HSA is a health savings account and it's attached obviously to a high deductible health insurance policy. But within that hsa, you have the ability to invest that money. And if used properly and for certain things, when you go to take it out, it's tax free. So you got a tax deduction. When you put it in, it has been in there growing. And then when you go to take it out, it is tax free if it's for a medical qualified expense. As a spouse, you could pass that tax freedom to a spouse, but you cannot pass it down to your children. And whatever all of you do, never make a trust the beneficiary of your hsa, because a trust is not a person, therefore a trust or anybody other than your spouse. When they get the money, they will have to pay ordinary income tax on it. So, yep, you can leave it to your kids, but you do not want to. You want to spend all that money while you can or do whatever and find other money that you leave them and in a more tax efficient way. Next question.

[A]

Kt so Susie, my next one is who's right paying the IRS versus investing.

[B]

Well, that's easy.

[A]

Pay the irs, pay the tax.

[B]

Well, let's hear the question. You never know.

[A]

We owe $36,000 to the IRS and that is due April 15th, literally around the corner.

[B]

I wish we only owed 36. Actually, that's not true.

[A]

No, don't say that.

[B]

I don't say that.

[A]

Take it back, Take it back.

[B]

Sorry. Cancel, cancel, cancel, cancel, cancel, cancel.

[A]

She owes a ton of money, a mountain of money to the irs, thankfully, because you make a lot of money.

[B]

I make a lot of money.

[A]

I do rightfully pay the irs.

[B]

But wait, I have to tell you a story, everybody. KT so KT was saying something. We were doing something a few days ago and KT said, well, I'll just take it on my taxes and I'll write it off. Something we were talking about.

[A]

I said, KT Oh, a charitable donation.

[B]

I said, KT what are you talking about? Right? I said, we are married. We file a joint tax return. My taxes are your taxes. So you can't do things the way as that. As if we're not married. What's wrong?

[A]

I looked at her and I said, what was I Thinking.

[B]

Yeah, what were you thinking? Anyway? All right, so go on.

[A]

Oh, my God. I married like a. I didn't marry a tax haven. I married a tax. I don't know what. Oh, my goodness. So who's right?

[B]

Yeah. You married somebody who's taxing. I can tell you that much.

[A]

Paying the IRS versus investing. We have the money sitting in a Fidelity account earning about 3.5% interest. My husband and the financial advisor say, just leave the money invested and pay the IRS when it's due. I hate. The wife says, I hate owing money, especially to the irs. I want to just pay it off now and be done with it. Who's right? Should we hold on to the cash and earn interest or pay the IRS immediately?

[B]

Let's just talk about how much money we're actually talking about here. 36,000 they owe.

[A]

Yes.

[B]

All right, 36,000 for the next, like, 13 days at 3.5%. What are we talking about? $40, $50. That's taxable to you. So you're only going to owe more taxes next year because of that interest or whatever. So when it's all said and done, we're talking about like $25 maybe. And for $25, you want to upset your wife. Are you kidding me? You pay it right now. She's right. This isn't a financial question. This is an emotional question. What is the goal of money? The goal of money is to feel secure. To be secure and be happy. And be happy. So 25 bucks. Do me a favor. Give your husband $25 and tell him to go out and have a good time and add it to go have dinner with his friend. Whatever. I don't care. And that. You're even now. Just give him 25 bucks and have him pay it right away.

[A]

All right, this is my last question. Missing trust documents, this one. This is really important. Everyone listen carefully so we get a question. It said my mom passed away and had a revocable living trust.

[B]

Well, that's good.

[A]

The only document we can find is a copy of the trust. And my brother says it's all we need. The bank is refusing to accept it. Says they need the original or a certified copy.

[B]

You bet.

[A]

We don't have anything else. Who's right? My brother or the bank? The bank. Right, Susie?

[B]

Yeah, the bank is right. Listen, everybody, you don't want to have your money somewhere that if somebody just comes in with a copy of something, they could have forged it. Who knows? Whatever. There's no real marks on it. Maybe there's a notary stamp, but that even could have been faked. Everything could be faked today, right? All right. You don't want a bank to say, oh, okay, here's all the money and just sign it over for you. But here's the thing, everybody is that a plain copy of a trust means nothing to a bank. It simply proves the document existed at some point. It does not prove everybody that it's the final version. Now, it doesn't prove that it wasn't amended, it doesn't prove that it wasn't revoked, and it doesn't prove that it's legally valid. That is why they are asking for either one of these. The original trust document that has a stamp on it, has the signatures on it, a certified copy from the attorney or sometimes a court if you don't have the original. And really, a certification of trust is simply a summary document that legally confirms the trust terms and trustees. Now, right now you're kind of saying in this email you don't have any of that. So if your brother thinks that you can just walk in with a copy and access the money, that's not just wrong. It's stupid. It's just stupid. We started this KT with me calling somebody stupid who was on margin. This is equally just as stupid. So here's the thing, number one, that you should learn from this. And I'm going to tell you what I want you to do to hopefully fix it. Don't listen to your brother. Your brother absolutely acts like he knows what he's talking about and that he knows. He's probably the big brother and you need to listen. Thank God you wrote in. So here's what I really want you to do. I want you to track down the attorney who drafted the trust, all right? Because most attorneys, believe it or not, if she used, an attorney keeps either the original or a certified copy on file. So that's your fastest path. Second, have you checked everywhere? Really? Your mommy wouldn't have gone to the trouble of creating a trust, making a copy of it and giving it to you and didn't put the original somewhere that was probably safe and sound. Did she have a safety deposit box? Did she have a home safe? Does she have filing cabinets? You know, does she have maybe a financial advisor or CPA that she asked to hold it for her or even a really good friend? Third, all you have to do is ask the attorney for a certification of trust. And truthfully, banks often accept this instead of the full document and it avoids privacy issues. If you can't do any of that, everybody listen closely to me because you may find yourself in this situation one day. Then the last thing that's going to happen is you're going to have to head to probate, probate court, and then that will be a very lengthy procedure. Depending on where you are, it could be an expensive procedure. So always make sure that you have the original. And I just have to say this, kt, because Hay House, the publisher of the Must have Documents, everybody thinks that, oh, they probably have a copy of it on the computer system or whatever. Nothing that you put in those documents are able to be accessed by anybody other than you. So the copy of it or whatever lives on your computer, on your phone, possibly in the cloud. But don't think, think that Hay House or anybody associated with the Must have Documents has a copy of your trust. No information is stored whatsoever with them. So just know that everybody. So kt, is that really it?

[A]

That's what I've got. Who's right?

[B]

Kt, Me or you? Most of the time, kt, she's never.

[A]

I'm still right.

[B]

You're still right. All right, everybody. Until.

[A]

When it comes to money, Susie's always right.

[B]

That's not necessarily true.

[A]

When it comes to money, with. Between you and I, you are always right. Yes.

[B]

Okay, I'll take it.

[A]

Yeah, take it.

[B]

I'll take it. All right. So until Sunday when we'll have another Susie School. There's only one thing that we want you to remember when it comes to your money. And what is it, Katie?

[A]

It is people first, then money, then things.

[B]

And remember, trust your gut more than you trust others. Now you stay safe. Bye.

[A]

Bye. Bye.

[C]

We are strong, we are wise we will not apologize we are here we will thrive Together we will rise we're the man of faith and everything it takes we are strong, we are wise Together we will rise

[B]

Hi, everybody. Suzy O here. And I have to tell all of you, there is one benefit that I know all of you need and your corporations need to offer. And it comes from a company that I helped co found over 5 years ago by the name of Secure Save. So whether you're an employee or an employer, I want you to go to securesave.com Suzie S U Z E and take a look at what I have for you there. I promise you you're gonna like it.

[D]

All right, now, neither Suze Orman Media nor Suze Orman is acting as a certified financial planner advisor, a certified financial analyst, an economist, cpa, accountant or lawyer. Neither Suze Orman Media nor Suze Orman make any recommendations as to any specific securities or investments. All content contained in this podcast is for informational and general purposes only and does not constitute financial accounting or legal advice. You should consult your own tax, legal and financial advisors regarding your particular situation. Neither Suze Orman Media nor Suze Orman accepts any responsibility for any losses which may arise from accessing or or reliance on information in this podcast and to the fullest extent permitted by law, we exclude all liability for loss damages, direct or indirect, arising from the use of this information. The must have documents discussed in this podcast are legal documents created by a lawyer and distributed by Hay House. Thanks for listening.