Thinking about passing on the shiny stuff to the kids

David Brown

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🥈 Silver IRA

Thinking about passing on the shiny stuff to the kids

david_brown💎Premium (500k-1m)

about 1 month ago

Key Takeaways

•Now, with the kids getting older, I'm starting to think more seriously about legacy planning, especially with the gold.
•I've got two kids in their mid-20s, one just starting out and the other established.
•I don't want them selling it off at the first dip because they don't get it.

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I've been holding physical gold in my IRA for a few years now – got in around 2019, riding the wave nicely as a way to diversify beyond stocks and real estate. As a doctor here in Boston, I've always been pretty meticulous with my investments, and my portfolio (sitting comfortably between $750k and $1M) reflects that. Now, with the kids getting older, I'm starting to think more seriously about legacy planning, especially with the gold.

My initial thought was just to let them inherit it through the IRA, but I'm wondering if there are more tax-efficient or just smarter ways to go about this. I've got two kids in their mid-20s, one just starting out and the other established. I want to make sure they understand the value of a hard asset like gold, not just the dollar amount, but also its role as a hedge against inflation and market volatility. I don't want them selling it off at the first dip because they don't get it.

Has anyone here navigated gifting gold outside of an IRA or setting up some kind of trust for it? I'm curious about the mechanics, potential pitfalls, and of course, any tax implications I might be overlooking. I'd love to hear your experiences, especially from those of you who've successfully passed on precious metals to the next generation without it turning into a headache. What did you do to educate them on its importance beyond just being a shiny object?

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5 comments

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Best Answer▲ 4 upvotes

laura_sanchez💰Established (100-250k)

Hey, that's a solid move getting in on gold back then. Boston doc, huh? Always interesting to see how different professions approach diversification.

Quick question though: when you say "physical gold," are we talking actual coins/bars in a depository, or a more indirect way like gold ETFs within the IRA? Just curious about the mechanics of it for your situation.

Comments (5)

margaret_chen🏆Advanced (250-500k)Real Investor•about 1 month ago

Totally get this! My dad actually did something similar with some silver he’d accumulated over the years. Wasn't in an IRA, just some physical rounds and bars he’d bought in the 90s. When he passed, it was a pretty straightforward split between my sister and me. No crazy tax headaches or anything, which was a relief during an already tough time. Sounds like you're thinking ahead for your kids, which is super smart, especially with gold being such a tangible asset.

laura_sanchez💰Established (100-250k)Real Investor✓ Verified•about 1 month ago

Hey, that's a solid move getting in on gold back then. Boston doc, huh? Always interesting to see how different professions approach diversification.

barbara_white🏆Advanced (250-500k)Real Investor✓ Verified•about 1 month ago

That's great you're thinking proactively about your kids' inheritance! While gold has been great for you, and definitely a smart diversification, I wonder if passing down physical gold directly is always the *most* efficient way. Have you considered the tax implications for them when they eventually sell? Or even just the logistics of them safeguarding it? Sometimes, inheriting a more liquid asset or even a diversified fund might be less of a headache for them down the line, even if they're still investing in precious metals.

jennifer_martinez💰Established (100-250k)Real Investor✓ Verified•about 1 month ago

Hey there! That's a solid move diversifying with gold, especially with the market being a bit wild lately. You mentioned thinking about passing it on to your kids – have you looked into the rules around inherited IRAs, especially with physical assets? It can get a little complex with distributions and potential tax implications for beneficiaries.

A good resource to check out for inherited IRA rules is often the IRS website directly, or even a reputable financial planning firm's blog. They usually have breakdowns of the different scenarios (spouse vs. non-spouse beneficiary, etc.) and how the 10-year rule might apply. Might be worth a quick read to help clarify your planning!

mark_adams👑Elite (1m-5m)Real Investor•about 1 month ago

Totally agree with this approach! I did something similar for my niece and nephew last year, though on a much smaller scale. Started their accounts with some silver in 2020 after seeing how volatile everything else was getting. It's a great way to introduce them to investing and asset protection early.

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