Cover of Never Leave Money To Grandkids: Instead do This!

Never Leave Money To Grandkids: Instead do This!

Never Leave Money To Grandkids: Instead do This!

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Leaving money to your grandchildren is one of the greatest gifts you can give, but making the wrong estate planning decisions could leave them with unexpected taxes, legal complications, or an inheritance they aren't prepared to manage. In this video, Colin Exelby, CFP® discusses 4 costly mistakes grandparents make when leaving money to their grandkids, including misunderstanding the $19,000 gift tax exclusion, naming minors as beneficiaries, passing down traditional IRAs without considering the 10-year withdrawal rule, and adding grandchildren to a home's deed too early. I'll also explain how trusts, Roth conversions, 529 plans, and proper beneficiary planning can help protect your family's wealth, minimize unnecessary taxes, and ensure your grandchildren receive their inheritance the right way. If you're planning to leave behind a financial legacy, these are mistakes you'll want to avoid. #EstatePlanning #InheritancePlanning #RetirementPlanning #WealthTransfer #Grandchildren #FinancialPlanning #InheritanceTax #EstateTaxes #IRAPlanning #GenerationalWealth 00:00-Intro 00:50-Mistake One Confusing the Gift Tax Rule With a Medicaid Rule 03:02-Mistake Two Naming a Minor Directly Without a Plan 05:09-Mistake Three Treating an IRA Like Ordinary Cash 08:00-Mistake Four Adding a Grandchild to the Deed Colin Exelby, CFP® is a CERTIFIED FINANCIAL PLANNER™ Professional, founder of Celestial Wealth Management, and creator of See the Forest Through the Trees (STFTTT), an educational platform focused on retirement planning, retirement tax strategies, Social Security analysis, Roth conversions, and financial planning for retirees and business owners. This channel focuses on helping retirees, pre-retirees, and business owners make smarter financial decisions through tax-aware planning, long-term thinking, and real-world retirement strategies. Topics covered regularly include: • Social Security claiming strategies • How Social Security is taxed • Roth conversion timing • Retirement withdrawal strategies • Tax-efficient retirement income • IRMAA and Medicare premiums • Retirement mistakes to avoid • Survivor planning strategies • Retirement planning for business owners No fear-based financial media. No hype. Just clear explanations and practical retirement planning frameworks. ➡️ ➡️Free Retirement and Financial Planning Resources Here: https://celestialwm.com/ptpebook-go/ ⬅️⬅️ ⭐Support the Channel by Becoming a Community Member⭐ 👇https://www.youtube.com/channel/UC13s0hQVkEv-azgzhOe8QXA/join Recommended Financial Planning Tools👇 Budgeting...👇 ★☆★ Rocket Money (originally called as TrueBill) ★☆★ https://rocketmoney.sjv.io/CelestialWM Wealth Management...👇 ★☆★Personal Capital ★☆★👇 https://personalcapital.sjv.io/CelestialWM Bookkeeping...👇 ★☆★Gusto Bookkeeping★☆★👇 https://gusto.pxf.io/CelestialWM Affiliate Link Disclaimer: I only recommend products I would use myself and all opinions expressed here are our own. This post may contain affiliate links that at no additional cost to you, I may earn a small commission. Read full privacy policy at celestialwm.com. Celestial Wealth Management LLC receives compensation from YouTube for the presence of advertising before, after, and during this video content. Celestial Wealth Management LLC does not control the content or presence of any advertisements. The presence of any advertisement does not constitute an endorsement of the ad, company, entity, or product by Celestial Wealth Management LLC. DISCLOSURES Celestial Wealth Management, LLC is registered as an investment adviser in the State of Maryland and Texas. Neither the information nor any opinion constitutes an offer or an invitation to make an offer, to buy or sell any securities or other financial instruments. This video is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment and planning strategies discussed in this video and should understand that statements regarding future prospects may not be realized. Nothing provided here constitutes tax advice. Individuals should seek the advice of their own tax advisor for specific information regarding tax consequences of investments. Investments in securities entail risk and are not suitable for all investors. This is not a recommendation nor an offer to sell (or solicitation of an offer to buy) securities in the United States or in any other jurisdiction. All investment strategies have the potential for profit or loss.
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