Thinking about my kids' future with gold - anyone else?

Ronald Morris

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Thinking about my kids' future with gold - anyone else?

ronald_morris👑Elite (1m-5m)

about 2 months ago

Key Takeaways

•Lately, I’ve been spending a lot of time thinking about my kids and grandkids, especially with my son getting ready to deploy again.
•It makes you really think about what kind of legacy you're leaving behind.
•My portfolio is solid, thankfully, sitting right around the $3.5M mark, and a good chunk of that is in my Gold IRA.

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Lately, I’ve been spending a lot of time thinking about my kids and grandkids, especially with my son getting ready to deploy again. It makes you really think about what kind of legacy you're leaving behind. My portfolio is solid, thankfully, sitting right around the $3.5M mark, and a good chunk of that is in my Gold IRA. I started really focusing on precious metals after I retired from the Navy back in '08, saw the writing on the wall with all the quantitative easing, and honestly, the stability has been a godsend. Plus, being here in Virginia Beach, we've seen our share of economic ups and downs, and gold always felt like a steady hand.

My wife brought up the idea of direct gifting some physical gold, outside of the IRA, to our eldest who's just starting to get serious about his own financial planning. He's a sharp kid, and I've always preached diversification to him. We've talked about his 401k and brokerage accounts, but I think having some physical assets he can actually hold might resonate more, especially with what's happening post-COVID and the general global instability. The Gold IRA is obviously a long-term play for my retirement, but I'm wondering about the mechanics and tax implications of passing on physical gold directly or even setting something up with him as a beneficiary for a smaller portion of my IRA down the road. Has anyone here gone down that path for their own children or grandchildren?

I know the rules around gifting and inheritance can get a bit complex, and I'd like to do it right without creating a headache for him later. It's not about making him rich overnight, but more about giving him a tangible asset that holds its value, a real "store of wealth" that isn't tied to the whims of the stock market. Any admirals, or even petty officers, who have navigated this particular channel? What strategies did you find most effective for setting up a family legacy with gold, especially considering different tax brackets and estate planning?

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5 comments

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Best Answer▲ 10 upvotes

charles_lewis💎Premium (500k-1m)

Totally get this. My parents actually did something similar for me and my siblings when we were younger, albeit on a much smaller scale at the time. They weren't thinking "gold IRA" specifically, but they bought physical gold coins and some silver as a hedge. Ended up being a pretty sweet nest egg by the time I was an adult, especially in a few of those rougher economic patches. It's definitely a solid idea for long-term legacy planning.

Comments (5)

charles_lewis💎Premium (500k-1m)Real Investor•about 2 months ago

william_davis💎Premium (500k-1m)Real Investor•about 2 months ago

That's a really thoughtful way to look at things, especially with your son deploying. It definitely puts priorities in perspective.

You mentioned a "good chunk" of your portfolio being in gold. Are we talking physical gold here, or more like gold ETFs/mining stocks within your portfolio? Just curious about the specifics of your allocation there.

jennifer_martinez💰Established (100-250k)Real Investor✓ Verified•about 2 months ago

That's a thoughtful approach, wanting to secure their future. While gold definitely has its place as a hedge, I wonder if a more diversified approach might offer even greater long-term growth for future generations. Historically, broad market indices have outperformed gold significantly over multi-decade periods, even with the dips. Just something to consider alongside your gold allocation!

michael_anderson🏆Advanced (250-500k)Real Investor•about 2 months ago

Hey, that's a really thoughtful approach to generational wealth! It's awesome you're looking at gold as part of that legacy, especially with everything going on.

One thing to consider, particularly if you're thinking about a Gold IRA for the long haul, is understanding the difference between segregated and unsegregated storage for your physical gold. Segregated means your specific bars/coins are stored separately, which many people prefer for peace of mind when it comes to passing assets down. A good article I found explaining the pros and cons is this one from Forbes Advisor. Might give you some more to think about as you plan!

helen_turner💰Established (100-250k)Real Investor•about 2 months ago

Totally feel this. My parents did a similar thing for me and my siblings when we were younger, and it’s made such a difference knowing there’s a solid foundation. My own portfolio is closer to $2M, but I've also been thinking about allocating a portion to physical gold for my own kids' future, especially with the way things are going globally. It just feels like a smarter, more tangible way to secure some wealth for them.

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