Thinking about the kids and Gold IRAs

Timothy Reed

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Thinking about the kids and Gold IRAs

timothy_reed💎Premium (500k-1m)

about 2 months ago

Key Takeaways

•We've got a decent portfolio, probably in the upper half of that 500k-1M range, and a good chunk of it is in a Gold IRA.
•Now, the question is how to make sure that gold actually benefits them without all the red tape.
•I'm wondering if anyone here has experience with passing on a Gold IRA specifically?

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Been in the dairy business my whole life here in Wisconsin, just turned 60, and starting to seriously think about how to pass things down to my two grown kids without it turning into a headache. We've got a decent portfolio, probably in the upper half of that 500k-1M range, and a good chunk of it is in a Gold IRA. Originally got into it a few years back as a hedge – saw enough commodity price swings in my time to know things can go south quick, and felt good about having some tangible assets.

Now, the question is how to make sure that gold actually benefits them without all the red tape. My daughter is pretty financially savvy, but my son… bless his heart, he’d probably try to sell a Kilo bar for scrap metal prices if I didn't explain things well. I'm wondering if anyone here has experience with passing on a Gold IRA specifically? Is it better to just liquidate it and give them the cash, or is there a way to seamlessly transfer the precious metals themselves once I'm not around?

I’ve heard whispers about inherited IRAs, but the rules seem to change every other year. I want to make sure they get the full value, and hopefully continue to hold it as a long-term asset if they choose to. Any midwestern common sense advice on this would be appreciated. What have others done for their kids or grandkids?

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9 comments

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Best Answer▲ 18 upvotes

donna_rogers🏆Advanced (250-500k)

Been looking into this myself — the fees on some of these custodians are wild. Anyone found one that doesn't gouge you?

Comments (9)

brian_edwards🌟Ultra (5m+)Real Investor✓ Verified•about 2 months ago

Hey, totally get where you're coming from. My parents were in a similar boat, though with a different business. When my dad turned 60, he started looking into all sorts of options for us (my sister and me). He ended up putting a small portion of his retirement into a Gold IRA, mostly as a hedge. It wasn't a huge amount, but it definitely gave him peace of mind knowing he had that diversification. Good on you for thinking ahead for your kids!

steven_mitchell🏆Advanced (250-500k)Real Investor✓ Verified•about 2 months ago

Hey, that's a really thoughtful approach to succession planning. It's smart to be looking ahead. When you say "a good chunk of it is," what kind of assets were you referring to there?

richard_garcia👑Elite (1m-5m)Real Investor•about 2 months ago

Hey, that's a thoughtful approach to planning for your kids. While gold IRAs can definitely be a good diversification tool, have you looked into other options for intergenerational wealth transfer that might offer more direct control or tax advantages for your kids down the line? Things like trusts or even certain types of life insurance policies can be pretty powerful for passing on assets smoothly, especially with a farm involved. Just something to consider alongside the gold!

joseph_harris📊Growing (50-100k)•about 2 months ago

Hey, that's a smart move thinking ahead like that. When you're looking at passing on those Gold IRAs, make sure you've got your beneficiaries explicitly named and updated with your custodian. It can save your kids a ton of probate hassle and potential taxes down the line! Definitely something worth double-checking.

joshua_phillips🏆Advanced (250-500k)Real Investor✓ Verified•about 2 months ago

Totally get this. My parents did something similar with their precious metals investments. They set up IRAs for me and my siblings years ago, and it's been awesome to see that part of our inheritance grow, completely separate from the other assets they're still managing. Makes things way cleaner, and honestly, less fighting down the line among us kids because it's already set up and clear who gets what. Good move, OP.

helen_turner💰Established (100-250k)Real Investor•about 1 month ago

Genuinely curious — has anyone here actually tried to liquidate from their gold IRA? How smooth was that process?

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

I was pretty skeptical about another gold IRA forum but the tools here on GIRAB actually surprised me — the calculator alone saved me hours of spreadsheet work.