Rob’s Favorite Financial Things

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Some times it's nice to make a list of our favorites.

It helps us recognize and appreciate I am Rob West, you know, we could make lists for many different things. Favorite Bible verses. For example, I recently made a list of my favorite financial things and I'll share it with you today. We have some great calls lined up but we will be taking your life calls today because we're prerecorded.

This is moneywise live where finances are always in sync biblical truth so just on my list of financial things. It involves yup you guessed it, your emergency fund.

Specifically, the best place to keep it that we talk about this a lot and how higher yield savings rates are found in online banks not brick-and-mortar types and within that category. I have three favorites ally Marcus and capital one 360 and of course all of these are FDIC insured and right now offer around .5% on savings of those markets may top the list for me there you'll find no fees or minimum deposit linking to other banks for same-day transfers and a US-based contact center to answer your questions. I also love their app and website all right. My next favorite financial thing you're ready. It's 13 checking accounts and were setting them up in the West household is a tool to teach your kids to manage their money wisely. Proverbs 22 six is clear, train up a child in the way he should go, even when he is old he will not depart from it.

Now I recommend a capital one money team checking account. That's what they call it.

It is no fees or minimum balance offers a debit card for teens with parental locking and unlocking in a mobile app that allows you to easily transfer birthday and allowance money into the account. I'm regularly moving money around for my app right into their account really really simple so I recommend it wholeheartedly. Now you might be surprised that a credit card is on my list of favorite financial things. But keep in mind that any advice I give you about credit cards always includes the warning that you have to pay off the balance in full every month. Otherwise, the interest you pay will wipe out any rewards you received. That said, my favorite credit card is the Fidelity rewards Visa signature card and why do I like it so much.

Well, it has no annual fee and listen to this. It gives you 2% on every purchase.

That's pretty unusual. It's not for specific categories. Here's why they're doing it though. You have to sign up to automatically deposit your cash back into one or more Fidelity accounts, such as a Fidelity 529 plan for college could be a Roth or traditional IRA or even an HSA, so you don't get to spend the 2% cash you get back. It has to go into savings, but I think that's a smart idea were using it to fund 529's in our friend Ron blue often says that you can't make money by spending it, but this may be the only exception is certainly one of the only ones I've seen is always use this piece signature card from Fidelity for budgeted purchases only and you pay off the balance in full every month. You can actually save money for the future by spending wisely. Right now the next category. My list of favorite financial things are digital envelope budgeting systems and my favorite, of course, is the moneywise outfits based on the old-school tried-and-true paper envelope system, only it's digital and it's innovative.

Your envelope balances carry over month-to-month. You can only use the money in your accounts to fund those envelopes so you stay on budget of the moneywise app easily keep your transactions organized.

You can split transactions between envelopes you can record memos to help you remember what you purchased. You can even run custom reports to see where you're spending the most money so you can manage all of your accounts in one place. Connect over 11,000 institutions securely and that way you can easily see all of your accounts and have balances and transactions automatically imported all that plus the absolute best financial content from a biblical perspective that you'll find anywhere from all of our contributors the best voices and thought leaders in this space. So go download it it's free. You can get it where ever you get your apps just one more of my favorite things about hearing from you. If you have a story to share, send it to us@mystorymoneywise.org my story moneywise.org we always love you have God's working life. I there you have it.

My favorite financial things. You are listening to moneywise live with Rob West today's broadcasters prerecorded and that means were not taking any calls but we got some calls lined up and great information coming your way that we think you'll find helpful. So stick around for more moneywise live in this brief.

It's great to have you with us on moneywise live today but unfortunately today were not live were prerecorded and therefore won't be taking your calls. However, we've lined up some calls in advance that we think you'll find helpful.

So stay tuned and enjoy the rest of the program back to moneywise live am Rob West so glad that you're alone with us today. Looking forward to diving into your questions as we apply God's word God's truth to your financial life. You might wonder how does he know there's 2350 verses on money and possessions in God's word.

Well Howard date.

My good friend and one of my mentors actually counted them. Here's the story so he is was in a men's Bible study. They discovered early in their faith journey that God's word had a lot to say about this topic so they said let's find out how much he has to say.

They divided the Bible into Old Testament and new Howard being the newest believer said I'll take the half. In the Old Testament, and that you take the new, not realizing it was much longer.

They actually cut out with the scissors every verse dealing with money and possessions stacked them on the table over weeks that they were using in categories. And then they counted them up 2350 verses later they knew God's word has a lot to say about this topic. Why is that what I believe there's such a connection between our money and our hearts. In fact, Jesus said that where your treasure is, there your heart will be also.

So far, heart follows our money. It means we really have to understand what's driving us. Why are we making the decisions we are and is God and his plan for life at the center.

Because remember, it's all his were stewards or managers of his resources. The key is our money reveals what we value. What's most important to us. So here's the question we all need to ask my self included what story are we telling with the way we're using God's money about what's most important to us and are we okay with that. If we are great.

Let's continue on that track, but if not, maybe this is a time to make a course correction and say Lord with your money.

I want to show what I value and it's not the way I'm spending your money today I want to make a change. Well the good news is God's word. As we've said is chock-full of principles and passages that can inform every financial decision we make. So let's apply it to your questions today. Let's start with Marilyn would love to hear your question it at your own moneywise live go ahead and wanting to confirm information about my annual income housing nation aspect of for now I guess I remember your expenses completely optional, but I was just concerned about my daily doing it and have never had it before serves Marilyn how did they contact you by letter. Okay, yeah, that's a key you want to make sure that is exact coming from who you think it is regardless of who they claim to be in generally, if you were to get that by email or you would get that, but by a phone call I would immediately be suspicious. In fact, I would just terminate that communication and move on. But if it's coming to the mail. It likely is something that's legitimate. Often times, credit card companies will update their account profiles for their cardholders. It's not unusual they do it simply to reevaluate customers ability to pay. It can lead in some cases to a credit limit increase it's not a problem but you do want to contact them directly. So I'd perhaps call in on the number on the back of your card if you want to provide this information, you can do it that way or you can return it by mail is not anything it's can help you it's for their benefit. Unless you're looking for them to come back with either an increase in limit, perhaps even better terms are interest rates, but it's normal routine business again as long as it's coming by mail.

I wouldn't be concerned about it and if you choose not to provide that information that's entirely up to you and we appreciate your call today.

Let's head to Illinois and now you're next on the program. What's on your mind.

Yeah, I bought a timeshare years ago, and probably 2001 and upgraded four times.

They kept saying well if you just paid more money and I paid it off every time. As soon as it was new, but I have $88,000 in this thing and can't get at time that I want out of place. I want and so I just like out of it.

I'd like my money have possible but the I'm just wondering about your thoughts on this. If that's a possibility, and who I should do it through. Yeah let's a great question now. Unfortunately I don't have a great answer for you.

There are more sellers than buyers when it comes to timeshares in terms of those people who have followed through on your perhaps a solicitation to buy one of these and regretted it to her, at least at this season their life there thinking that they don't really want it any longer and so they're looking for a way to unload it.

The problem is that the companies behind these are more interested in selling new ones than they are making the market for somebody that might be looking to get out of bed and so it's going to be challenging couple of thoughts in terms of where you might go from here there is the timeshare users group set hug to.net that's TU G number two.net they have a lot of great information about selling a timeshare and a marketplace to help you do it. Unfortunately, as I said the secondary market for timeshares is not great because of low demand, in addition to that, then you're going to have varied success with this but I just mention a few other options. You can contact the management company that oversees it to see if they can resell it for you people who are staying at the resort would be your best prospects and they're already talking to the management company I would at least make the call to see how you could consider renting it. Instead of selling it. I'd try to work through the management company if it all possible. You can advertise it locally in a local newspaper local realtor who deals with timeshares. Not all do. But this would be an option and you can even advertise it through social media. I don't recommend in Matthew and SOI thinking of this but I don't recommend giving it to a charity since they be responsible for the ongoing maintenance. So check out the timeshare users group a tug to.net or some of those other options and will wish you well in terms of getting rid of that. I know it can be a real hassle and expensive to keep up over time.

We appreciate your call today. Let's head to Chicago, Illinois man well at your next on the program. What's on your mind will not call so I get up $28,000 and I would like to know how things back. I do have a mic print default of 135 S. then that while maturing may of 28 and my car loan of 14,000 and you came into 28,000 tell me about any savings that you have you have an emergency fund.

In addition to this 20 and do you have any credit card okay so your only debts at this point are your car loan and your home mortgage. What would you say the total of your monthly expenses are when you put all of your monthly expenses together, including food in your mortgage payment in that car payment and everything else insurance it takes to fund your family for a one month. What would you guess that would be about out about 2000 right. Let's say you're off by a bit. Let's say it's 2500 or even 3000 just to be conservative enough, you were to put 3 Months Expenses Way that be 9000 if you were to put six months that be 18,000 that would be the number that I be targeting somewhere between nine and 18,000 that I would move from that 20,000 into an online savings account. As I mentioned at the top of the program. I like Mark SOI capital one 360. I like Ally Bank. Anyone of those are to pay about 1/2 a percent in interest. There's not convening fees to open the account. You can link it right up to your checking you can do same-day transfers to the ACH system. Therefore, if you have an unexpected expense man. Well, if you're not going to have to put that on a credit card or you know that not be able to take care of it. You'll have the money there to do it and the unexpected will come in so that's why wanted liquid in a savings account again earning some interest, but more importantly than that available when you need it. So let's say you were to do that with 18,000 that would mean that you have about 10,000 remaining. Do you have any immediate needs to princesses that car in good working order. Are you saving for anything else that might be a major expense in the next five years are in good shape.

27. Yell out 2017 Nino yes it though. I would be the only thing that I would have to fill out are you putting something away for retirement. Now I do not have a retirement plan that will cannot be my next batch 10 yeah very good. Well, I think that would be a great option you could look at funding Roth IRA which you could open to fidelity. You can open it betterment you can open it Vanguard basically open a Roth IRA. You could funded $6000 if you're over age 50. You could put in 7000 per tax year. If you're married, you and your spouse could do that for 12,014. Depending on your age.

I think that would be a great next step for you and anyone of those options would have some great investment options for you. Once you funded it, put it in. We have broad diversification and low fee. So I think that might be the best next step. Let's fully fund that emergency savings and then let's get that money working for you for the longer term. If you have a company-sponsored plan at work like a 401(k) or 43BI think about putting some money away there starting with maybe 5% of your pay. Try to get up to 10 to 15%. Over time this can make sure you have good savings for the future. We appreciate your call. Pay more to come right around the corner. This is money wise live. You're listening to money wise live when you can find this online money wise live.org.

However, today would not live so if you hear that phone number.

These don't call to stay with this. There's lots of great information ahead. The top of the program today. I mentioned our money wise. So excited. How quickly you all are downloading the app getting involve setting up your envelope system and tracking your expenses by downloading all your transactions you're getting involved in the community inside the posting your questions. Our coaches are responding with their answers giving you feedback and all of our great content. Remember all the best content in biblical finances flowing into our app and our website where you can read the latest in great topics on God's word applied to the financial issues you're dealing with right there in our Discover tab that's all in the money wise out, plus all of our episodes here for money wise live. You can access it right there where you download it will just head over to your app store. Whether that's the Apple App Store the Google play store and go download the money wise app today and I'll see you in the community and look forward to taking your questions.

By the way, speaking of that community a great question that came in recently, Christie and Jeff, you asked, should we pay off our credit card debt or fund our emergency fund. What advice do you have for us and Christie and Jeff. That's a great question, but here's my take on that.

If you've got credit card debt. Presumably, high interest credit card debt and you've not yet funded your emergency fund. Maybe just started listening to money wise live in you starting to think about the need to have some funds set aside which by the way is very biblical.

This precious oil treasure in the house of the wise, the foolish man swallows it up so you want to have something for the unexpected.

Ultimately, I'd like for you to have Christie and Jeff, 3 to 6 months expenses in that emergency fund in an online savings account link to your checking.

But if you've got high interest credit card debt. Here's the way I'd approach it. Let's dial into that spending plan. Get in the money wise app download your expenses start managing your budget and free up as much margin as you can without margin. I want you to focus on your emergency fund. First let's get to $1500 when you get to 1500 stop there and then let's focus on the credit card debt, snowballing it paying all the minimums but with the smallest balance apply 100% of your surplus every month until that was gone and then move on to the next one in the next one. Once they're all paid off credit card debt. Only an attorney about cars and other loans. Once your credit card debts are paid off. Let's go back to the emergency fund and get that up to 3 to 6 months expenses and I hope that helps you write back to the phones Winter Haven Florida manager next on the program. What's on your mind today, good afternoon. I enjoy the show that I have a mortgage of the $60,000.

I have the ball $5000 that I can put towards it but I'm not sure of whether or not I should just make extra payments on a mortgage or just pay $5000 towards the principal yes I know it's always better if this money has been earmarked for debt reduction specifically for your mortgage Manny going pay that as soon as you can. The quicker you get that money directly going toward principal and get that balance down you're going to be paying less in interest over the remainder of the loan so it certainly be better for you to go and apply all of that to the principal. The key though is, I'd make sure that you talk to them so that you apply that in the way that they want you to could be that they want you to add a note to the coupon when you send it out or maybe need to designate that on the website. Just make sure that that amount over and above your payment is 100% going right to principal.

It's probably going to happen that way. But it's worth a phone call. Given that this is a little bit unusual for you, that's great thing to do and I'm excited you can get that mortgage paid off early and we come back much more of your questions so money wise live where God's truth meets our financial decision you're listening to an encore presentation of money wise live. You can find out more information about the topics were talking about when you visit our website money wise live.org.

Today's program is prerecorded, so keep that in mind.

Working to pause for a brief break, but will be back in a moment with more money. Wise live back to money wise lives of leisure today just ahead of me talking about building credit for gentlemen marrying someone from another country. Also talk about diversifying investment portfolio in your IRA when retirement is just around the corner and an alternative for 401(k)s, but first let's go to ox Austin Texas and welcome Yvonne to the broadcast about what's on your mind today. I okay I found it almost paid off on 41 he owned a home and I will sell my home to hand it paying a rental fee for about four years or 700 a month. I would tell there's no way to keep that payment at that time that I would like to know how to dictate that so that I can sell the house and I could have a retirement you so you're looking to sell the home to your son, you're going to cash out and invest that money and he wants to move into.

This property is that right already living in the property and rights and are you looking to sell it at market value are you looking to sell it to him at below market way below market. Okay, about how much below.

Probably about 80,000 market like 250 okay alright well I think the key here is to understand a couple of things.

Number one is if it sold below market to a family member that's good to be treated as a gift from the IRS and if that goes beyond what is an annual gift exclusion you're going to need to report that it's you want to talk to your tax preparer about that. You also want to get a real estate attorney to help you with this transaction just to make sure everything is filed properly and that your documents are handled appropriately so that legal title passes and then once you receive the proceeds of the sale.

Assuming you handle it properly, legally, as well as from a tax standpoint and from a gift standpoint since the IRS will see it that way then it's just a function of how you should invest the money to generate an income that will allow you to meet your needs.

Will you have another income source to bond other than the proceeds of this home sale and when is okay excellent and so how much will you be looking to draw off of this, the proceeds of the home sale to supplement your husband's income and I never will have a share okay. Do you have a shortfall every month.

Are you able to cover your bills with your husband's income. However, it's pretty tight okay what are you selling the home to your son for around 80 grand okay all right very good but I think the key for you at this point would be first of all, just to come to go through the priority orders you know if you have an emergency fund grade if you don't, I'd love for you to sure that up with this 80,000 essentially putting away the equivalent of 3 to 6 months expenses in the savings account given a high interest credit card debt get that paid off or any other types of loans. Beyond that, it could be that the very best place for you to put this money is to start investing it so they can so that it can grow for your future. So when your husband is no longer able to work for the Lord reassigned him to something else. This money is writer, then the proceeds of this home sale down the road and you can allow that to supplement Social Security or other any other income sources you might have. I think the only other thing to consider is just whether you're in a position financially to sell this home to your son at this great a discount you know it could be that you all need to go ahead and sell it at full market value. Because you know that's money that you're counting on for the future and there's other ways to bless your son maybe you could give them a smaller gift and then leave them an inheritance down the road.

I not saying you shouldn't sell it to me to discount it. That's what the Lord's leading you both to do. I would just think through it you would want to put yourself in a real financial bind. Years from now when you don't have, perhaps enough in the in retirement savings and when your husband is is no longer able to work beyond that I would get some help in investing these funds so that tell you not going it alone and you could do that with our friends@soundmindinvesting.org, or you could do contact a certified kingdom advisor there in Austin, Texas. Just go to moneywise live.org and click find CK I hope that helps you today. We appreciate your call up next is Ajay you're calling from Cleveland today and how can we help you do a great Ajay thanks thank you all. I have union building here in a lot of negative moral one.

And I don't wear that right now you but I do not know the route I actually wanted to go there will other alternative to think it probably is your best option. So what's going to be made available to you will be a 401(k) through your employer and will there be matching okay that's great so you put in 6%.

They give you another 3% on top of that, that's 50% return on your money and I can get that anywhere else.

That's great in the nice thing about the 401(k) is you can get the tax deferral through the traditional version you can get the tax-free growth deal with the Roth version of the 401(k) but the contribution limits are much higher than you're going to see elsewhere unless you're self-employed at 19,500 versus an IRA. Let's say which is that 6000 so you can put away more money on an annual basis and again that 50% return on your money in the form of a match is money or not, can find anywhere else. You know, by contributing outside of that 401(k). The good news is, by fully maxing out that match your to have 9% going every year just note that minimum level. I'd love for you to get that up to as much as 15%. I'm not concerned about the future 401(k)s any of the massive amount of money in 401(k)s would make it very difficult politically for anything to change with regard to how 401(k)s are handled and treated. It would take an act of Congress. So I feel like that's the very best place for you to invest moving forward. As you come out of this union option and move into a self-directed option to set make sense.

So yeah, you're welcome. Last thing I'll say Ajay is get some counsel as you think about how to invest the money that goes into that 401(k). Whether that's the plan administrator, they can give you some guidance or the pay of financial advisor on for a few hours of his or her time that'll be well worth that the money you spend as you get that invested properly based on your age, your goals and objectives in your risk tolerance. You don't want it invested too aggressively. We certainly don't want it invested too conservatively. You want to make sure that it's got to good growth, especially if you got 20 years between now and retirement. We appreciate your call today. Thank you very very much.

Let me mention before our next break moneywise live is funded solely based on your generous support, weary listener supported radio program and ministry, and I'd love for you to think about partnering with us as we move forward in app development and the radio broadcast and all the things were doing with our moneywise coaches if you would prayerfully consider being a partner with us, you can head to moneywise live.org and click the delete button give one time a monthly will be right back after the stay with us back to moneywise live on the last to align your financial counsel with your values as a believer. Well, the certified kingdom advisor designations for professionals who are specially trained to bring God's word to bear in the context of competent financial advice. If you'd like to find CK in your area in the arenas of investments, financial planning, tax and accounting legal for estate planning and insurance.

You can do so@ourwebsitemoneywiselive.org just click find CK by the way, right next to that, you'll see how you can connect with the coach and we have just graduated a whole new group of moneywise coaches. These are volunteers that want to serve you as part of their ministry help you get on a spending plan and set up your moneywise app and get on a debt repayment plan and giving plan also teach you some key biblical financial principles along the way. Just click connect with a coach when you visit again moneywise live.org, let's go back to our phones, Woodstock, Illinois, Rebecca, you're next on the program.

What's on your mind. If I should have paid.trinket condition I had about five months training for emergency class Monistat and yes. Anyway, I am just wondering I have been raining and it said to diversify Eric's IRA and Frank and not quite sure I have everything right now and one pot which is mid-cap retiring in about training. Three years I tell me what's going to happen when you retire Rebecca in terms of your income sources. Would you be relying on Social Security alone or do you have other income legal becoming security and now whatever you know I'm thinking about 5000 a year on my IRA has accumulated currently in the hundred thousand and then I have another element found in a 401(k) okay so let's say that gross 225,000 we would typically say you don't want to pull about 4004% a year which should be about five thrashing total.

But you do pull about you said how much a month to year.

Okay, about 1000 year you have to stop and let her have her. Okay, that's great. Yeah so I think the key right now is that you need to be more conservative than having 100% of your assets you that the risk of the stock market in mid-cap stocks first. Well even if you had much longer and much more properly diversified with small-cap, mid-cap and large-cap. It want to make sure you have some domestic international investments. You probably won't have a little bit a bond exposure maybe 5% toward the precious metals that's going to be a really well-rounded portfolio so you're not counting on just one not only one asset class stocks to perform well in your case you're counting on stocks to perform well and very specific subset of those stocks which happen to be mid-cap sized companies. That's just a little too narrow so we need to broaden that out.

The other thing is, given the you're only 3 1/2 years away from really relying on this to be a key part of your you know income to supplement Social Security at 45,000 a year which is very doable but you don't want to be in a position where you're at 100% risk of the market and let's say two years from now I'm not saying I know this can happen, but I'm just putting a hypothesis out there or scenario. Let's say two years from now, the market really starts to take a downturn we had into a recession that lasts a couple years and the year after that you're ready to retire but your hundred and 25,000 is now 80,000 because the markets taken a pretty big hit you want to be able to let that recover but you'd be in a position where you have to start selling at least a portion of those investments to be able to supplement your income and I don't want you to be in that spot so I began moving to a much more conservative portfolio, you probably can want to seek some professional assistance either through like a certified kingdom advisor there in Illinois or by the very least using one of the Robo advisors that can help you determine what the right allocation is based on your age, risk tolerance and your proximity to retirement, you're probably not going to have more than to say 30 at the most 50% of your investments at the risk of the stock market at this point, just because you're so close to retirement and you're not can have time to let you know that portion recover if you can have to start selling things to pull out. Whereas, if you let's see you at 50% for the next year and then 40 and then 30% of the idea would be that you could go ahead and start withdrawing that 4000 a year out of the fixed income portion while you waited for the stock portion to recover and that's you know what you want to do, typically in that season of life that you got a growth component in the good years and historically speaking, those about it. A pace that the bad years of theirs. Note, I would expect many more good years ahead but Damon you know there's gotta be bumps along the way and we hit those bumps, we want to be able to not have to sell any of those stock investments we want to be able to wait for them to recover. So I think your next step.

If you want to seek out an advisor to help you build the portfolio that I'm describing.

I'd had to moneywise live.org click find a CK interview two or three your portfolio sizes right at the size were noted it for some advisors it may not be enough for others, it will be but they could build your portfolio.

That makes sense based on where you're at right now.

Does that make sense. Very good moneywise live.org click find a CK.

We appreciate your call today. Next up were to talk about building credits when you're getting married to Kyle, tell me what's going on in your life you know when I get some fiancée visa and a Merry Merry girl from another country and others seem the best way to get a credit on single may be as authorized user on my credit card yeah well you certainly could do that. Do you will she have an IT IN number individual taxpayer ID number will she execute a social when you get married to Beyoncé.

I don't know yeah I would look into that immune at the very least, she's gonna want to request an individual taxpayer identification number.

You could see about adding her once she has that as an authorized user. That would certainly do the trick. There is something called nova credit. You may want to research if you're new to the US and you want to apply for financial products of the benefit of that is it.

In some cases will allow you to transfer your credit history from a previous country of residence and that credit is then plugged into the top global consumer credit bureaus to bring your credit to the US for use by the American lenders essentially moves your credit file over it may or may not apply to the country. She's coming from and it doesn't work in every case but it's at least work worth looking into. In addition Kyle to being an authorized user. Once she has that taxpayer ID number. She can look at opening a secured credit card at your bank perhaps should put a certain amount on deposit and then she be issued a credit card against that she can only charge up to what's on deposit and then as she charges budgeted items that would begin reporting her credit file. There's also something called a credit builder loan. Just Google that you'll see what it is. It's not used for making purchases. Basically, the lender deposits a small amount of money in a secured savings account on your behalf.

It's a loan that stays deposited in your savings you pay off the loan with monthly payments. The whole idea behind it is to establish good habits and to build credit. Most of them are small so the be small monthly payments and their fairly easy to qualify for. So I think between those options.

You should be on the right track, but by the way, congratulations. What an exciting time all right and we appreciate your call today. Kyle calls back anytime if you have any questions on to Joliet, Illinois, John, your to be our last color today. What's on your mind's or okay I'm getting ready to pay off my home in about another month from now and the I wanted to make sure that you know my two adult children are on the title, and make sure that if once I leave the world to make sure that they don't have to go to of the state and go to court and all of that to have to pay a lot of fees to make sure you know that they don't have to be worried about. So I got a preplanned that I want to plan E. It so once that is not been told that once I pay off the house I'll be getting to DD had my name on it from the county, but I want to make sure that I can put them on the deed, so they decide to keep the whole rented out what they decide to sell it down the middle. Whatever the topic would be I want to make sure they can do that but appreciate that question John.

Essentially you're looking to keep this out of probate and you know there's better ways to do with them putting them on the deed. While you're alive and I'd always seek the counsel of a competent estate planning, real estate attorney to help you think through this, but estate planning attorney would be best. But here's the idea is that if there on the deed. Now let's say this is obviously a worst case scenario, let's say one of them predeceased you. Now they are legally entitled to it and then it's gonna pass to their you know whoever's that their next of kin or whoever. Their assets are going to, which may not know, follow what your intentions are. That would be an unintended consequence that would be negative in obviously if you wanted to sell it at any point they be immediately entitled to their portion which may happen prior to you wanting to give this to them at death.

You want to be able to take the proceeds and go buy something else and see you got ended in a situation where you just said you needed to downsize or you need to move. For some reason, the most common way to do what you're talking about is through revocable trust. I would look at that it's can allow you to maintain control of your property, but it's collated to decide how it's distributed after death without going through probate which was your goal and you just title the home in the name of the trust. So given estate planning attorney Tindell help you figure that out folks think survey along with us today moneywise live is a partnership between Moody radio and moneywise media want to say thank you to Dan Anderson, Amy Rios rich arousal along with us today.

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