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Music: Music In 

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KT: Good morning Suze

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Suze: Guess what today is?

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KT: It's my birthday.

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Suze: It's your birthday.

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KT: It's my birthday. It's my birthday,

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Suze: July 21, 2022. Alright everybody, welcome to a very special Ask

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Suze: KT and Suze Anything surprise podcast special for KT's Birthday.

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Music: (Music Plays)

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Suze: Remember that song?

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KT: I remember when you played it for me for the

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KT: first time I cried like a baby.

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Suze: That was composed and created by our very good friend Woody Simmons

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Suze: who was actually with us

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Suze: that night in Florida

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Suze: for my 50th birthday on the beach. Watching turtles come

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Suze: in when nobody else really knew that KT and I

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Suze: were madly in love

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KT: Madly in Love... it was a secret.

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Suze: And that song is from Woody Simmons.

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Suze: But it was a beautiful song that was presented to

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Suze: KT on her very first birthday that she shared with

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Suze: me

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Suze: 21 years ago today. How does that make you feel?

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KT: It makes me want to cry again. You can cry.

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KT: It does, it makes me want to cry again because

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KT: sometimes you want to cry because it's gone so fast

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KT: so fast. Too fast.

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Suze: Now I have another surprise by the way

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Suze: for those of you who also want to hear other

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Suze: things that woody has written, you can go to woody

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Suze: Simmons dot com.

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Suze: W O O D Y S I M M O N

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Suze: S dot com.

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Suze: One of my oldest oldest friends in the world who

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Suze: worked with me at the buttercup bakery. They go way

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Suze: back to 1973, An extraordinary musician, an extraordinary friend and

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Suze: her wife, Paula Cannon, an extraordinary lawyer.

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Suze: We're so lucky to have them in our lives.

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Suze: So KT,

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Suze: I have a little birthday surprise for you today.

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Suze: You have in front of you

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Suze: all these questions that you have picked out for today's podcast.

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KT: Right? Yeah. We went through, I have like too many.

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KT: I keep telling you and guess what? We're not going

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KT: to do any of them? You're kidding. No, because I'm

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KT: studying these because...

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Suze: I have a birthday quizzie for you now. Yes you do.

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Suze: I have 30 questions.

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KT: Is this what we're doing today? And we're doing rapid. Sorry,

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KT: everybody that you're going, you're going to miss all her

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KT: great financial advice because my birthday,

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Suze: No, this this topic is series I bonds again.

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KT: I mean this is a quizzie about money and me?

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Suze: No, I just wait, Just wait, Just listen.

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Suze: Happy birthday. Happy birthday. Okay, 30 quizzie questions. What do

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Suze: you think I was going to give you 70 and

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Suze: I thought, oh my God shall die right in front

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Suze: of me will never make it to this trip Anyway.

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Suze: Ever since I introduced the topic of gifting Series, I

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Suze: Bonds

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Suze: putting them in a gift box and delivering them later.

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Suze: You have all gone berserk on me. You are writing

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Suze: thousands of emails asking can you do this? Can you

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Suze: do that? Can you do that? Can you do this?

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Suze: So I thought, okay,

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Suze: We'll ask KT and see if she knows. And these

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Suze: are 30 questions that all of you need to know

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Suze: the answer to. For those of you who don't know

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Suze: about series, I bonds

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Suze: bam.

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KT: That's not nice. That's not nice.

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Suze: I just slapped them down.

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KT: No, that's not nice. No slap down some.

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Suze: Oh, sorry about that. Take that these 30 quizzes. But

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Suze: again on April 17th is an entire master class on

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Suze: Series I Bonds. Again on May 12

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Suze: there was an entire quizzie again

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Suze: on Series I Bonds and now this entire quizze is

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Suze: about gifting I Bonds.

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Suze: Okay,

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KT: let's do a lot of Ding, Ding, Ding.

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Suze: Right. And for those of you who don't know what

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Suze: that means very simply.

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Suze: Obviously individuals can only gift I bonds to other people

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Suze: And the maximum that you can gift is 10,000 a

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Suze: year or so you may think so I want you

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Suze: to listen to this carefully.

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Suze: All right,

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Suze: KT,

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Suze: Are you ready to start today's quizzie that's really all

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Suze: about gifting Series I Bonds? The first few questions maybe

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Suze: about the first 10 are about how you title bonds

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Suze: period because so many of you are still confused about

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Suze: what happens if you take it in your own name

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Suze: with a primary beneficiary with a secondary owner. So let's

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Suze: see if KT can answer these. KT, these are very quick.

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Suze: Yes or no answers rapid fire. If I buy an

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Suze: I Bond in just my name with no joint owner or

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Suze: beneficiary

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Suze: and I die, will the bond have to go through Probate? (KT says: "Absolutely.")

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Suze: Ding Ding Ding Ding Ding Ding. Alright. If I buy

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Suze: an I Bond and name a beneficiary and I die.

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Suze: Will the beneficiary get the I bond without probate?

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Suze: (KT Says "yes") Ding Ding Ding Ding Ding. Oh you're getting a birthday

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Suze: celebration here. Right.

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Suze: Can the beneficiary view the amount

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Suze: of my I Bond that their beneficiary of? Yes or no.

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KT: Not sure.

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Suze: Right, You little rascal. You alright? Ding Ding Ding Ding.

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Suze: Can the beneficiary sell my I Bond ? Yes or no.

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Suze: (KT Says "yes") Ding Ding Ding Ding. If I add a secondary owner

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Suze: rather than a beneficiary and I die, Can they get

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Suze: my I bond without probate?

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KT: Yes, I believe they can.

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Suze: Ding Ding Ding Ding. Oh you are five for five.

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Suze: Come on, let's get 30 for 30.

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Suze: Are we taking bets on her? Are we taking bets

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Suze: on her?

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KT: Don't ever bet on me.

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Suze: If I always bet on her, I bet on her

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Suze: a long time ago and I won the jackpot.

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Suze: If I add a secondary owner, can they view the

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Suze: I Bond Yes or no.

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KT: Yeah. I think they why not? If I add a

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KT: secondary owner, can they buy or sell my I Bond

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Suze: They most certainly can. That is the difference. Everybody between

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Suze: a primary beneficiary and a secondary owner. Both can view

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Suze: the I Bonds that are in your name only the

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Suze: secondary owner can sell it and have access to it.

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Suze: When you buy an I Bond as a gift. Now we're

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Suze: going to gifts. Alright that's why I did this. Do

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Suze: you get it? So smart, so smart when you buy

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Suze: an I Bond as a gift. Does the person you

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Suze: bought the gift for

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Suze: have

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Suze: to know that you bought it for them? Yes or no (KT says "Yes")

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Suze: Correct. Ding Ding Ding. However you must have the person's

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Suze: name and social Security number.

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Suze: Can a trust or business account buy a gift

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Suze: of a Series I bond for someone yes or no.

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KT: I'm not sure but

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KT: I don't think so. I think just a person can

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KT: buy as many as they want for repeating.

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Suze: Ding Ding Ding Ding Ding Ding, correct. You can only

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Suze: buy a gift of an I Bond

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Suze: if you are doing it in your personal I Bond account.

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Suze: Where do the I bonds you buy for someone go?

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KT: In your box.

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Suze: What's that box called?

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Suze: (KT says: "Your Gift Box" Ding Ding Ding. You are doing so good. You are

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Suze: like one out of 10. You're good. Alright so again

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Suze: just so you're all clear, you've purchased the maximum of

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Suze: an I Bonds for this year

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Suze: and you've done that for yourself.

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Suze: You have the ability

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Suze: To buy up to $10,000

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Suze: for as many people as you want and put them

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Suze: in as many individual gift boxes as you want.

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KT: Got that. You can even give, can you give me

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KT: like 70 gift boxes?

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Suze: Yes, that would be a lot of money. But I

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Suze: can so be very careful everybody and realize

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Suze: That KT can buy for me $10,000 of a Series

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Suze: I Bonds. Put it in her gift box. She can

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Suze: buy another $10,000 for me and put it in another

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Suze: one of her gift boxes. If she wants to gift

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Suze: me 50

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Suze: 1000

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Suze: dollars, $100,000 in $10,000 increments in gift boxes. She can

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Suze: do that and I can do that for her. There's

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Suze: no limit, no limit. The key is. And KT, you

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Suze: can give $10,000

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Suze: in a gift box to as many people as you want.

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Suze: Okay. The only thing you have to keep in mind

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Suze: is since you already bought $10,000 of an I Bond in

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Suze: your personal account. And so did I. I can't deliver

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Suze: that gift to you

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Suze: Because it's disqualified because you already have $10,000 in your

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Suze: name in the year that you don't buy $10,000 for

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Suze: yourself for yourself. But in the meantime it can sit

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Suze: in your gift box or my gift box

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Suze: earning these really high interest rates. So you don't have

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Suze: to wait till next year. See what happens with inflation.

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Suze: You can take advantage of it right now.

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KT: Can I ask you a question? Can you buy too

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KT: many gift boxes for me? Because I can only get

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KT: one a year.

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Suze: That's right. So you can only deliver, let's say you

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Suze: put $10,000, KT or I put $10,000 in a gift

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Suze: box for you

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Suze: and I want to deliver that to you. I can

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Suze: only deliver one a year. I don't buy that many. No,

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Suze: it's not. Even if you're too old. Remember everyone when

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Suze: you buy a series, I Bond and put it in

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Suze: a gift box, that money is just sitting there

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Suze: and until you deliver it it cannot do anything other

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Suze: than earn interest And we do not know how long

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Suze: inflation is going to last.

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Suze: Maybe it will last two years, three years, four years,

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Suze: five years. But KT, there were many years when I

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Suze: bonds were paying 0% interest. So when I say you

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Suze: can buy a lot or you hear me say, KT,

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Suze: we've purchased a lot.

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Suze: I'm talking about five gift boxes each. That's it. Right?

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Suze: But because

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Suze: you know you don't want to buy more than that

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Suze: because it's going to take us five years to deliver

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Suze: each one of those gift boxes when we want to

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Suze: deliver them. So be reasonable. Everybody don't go crazy on this.

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Suze: Got that too. That makes sense to you. That makes

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Suze: perfect sense.

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Suze: How do you like the present I gave you this

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Suze: morning that I made for you?

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KT: I can't wait to pop the cork and enjoy it with you.

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KT: Maybe not today, but in the near future I'd like

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KT: to save that and also enjoy it with my sister.

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Suze: It was a great thing. I made KT a label.

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KT: Maybe we'll maybe we'll post a photo of me holding

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KT: it for everyone.

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Suze: All right now. Where were we?

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KT: Go back to the my quizzie.

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Suze: Alright, here we go next.

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Suze: How long can a series I Bond stay in a gift box?

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Suze: Stay there in your account before you have to deliver

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Suze: it to the recipient.

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KT: I don't know.

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Suze: That's not an answer.

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KT: We'll kind of give me a guideline.

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Suze: No time limit at all.

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KT: That's why I said I don't know. I don't.

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Suze: All right, I'll give you a Ding Ding Ding on that.

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Suze: So everybody, there is no maximum amount

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Suze: that that bond can sit in your gift box. You

235
00:15:01,350 --> 00:15:04,260
Suze: do not have to deliver it if you don't want.

236
00:15:04,260 --> 00:15:08,910
Suze: But remember once it's in a gift box within your

237
00:15:08,910 --> 00:15:12,950
Suze: Treasury direct dot gov account. You can't touch it. You

238
00:15:12,950 --> 00:15:16,250
Suze: can't change it. It is no longer yours. It was

239
00:15:16,250 --> 00:15:18,360
Suze: gifted to the person that you intended it for.

240
00:15:20,200 --> 00:15:23,860
KT: Suze. Wait, I have another question. Okay, so you buy

241
00:15:23,860 --> 00:15:26,050
KT: me a gift box in my name

242
00:15:26,540 --> 00:15:29,260
KT: and I buy you a series. Is the box... my gift

243
00:15:29,260 --> 00:15:32,560
KT: box for you and it's under my name and it's

244
00:15:32,560 --> 00:15:35,380
KT: in your gift box. Something happens to me and I die.

245
00:15:35,390 --> 00:15:37,420
KT: What happens to that gift box?

246
00:15:37,420 --> 00:15:40,470
Suze: You have to wait for a quizzie question. Don't jump

247
00:15:40,480 --> 00:15:42,350
Suze: the gun here. Right.

248
00:15:42,940 --> 00:15:46,150
Suze: Does the person you are gifting the bond to

249
00:15:46,540 --> 00:15:49,840
Suze: have to have their own Treasury direct dot Gov account

250
00:15:49,850 --> 00:15:52,490
Suze: before you can deliver the bond to them?

251
00:15:52,840 --> 00:15:53,150
KT: Yes.

252
00:15:54,570 --> 00:15:54,960
Suze: Oh you're so good.

253
00:15:55,440 --> 00:15:57,350
Suze: Did you cheat? Did you know I was going to

254
00:15:57,350 --> 00:15:57,940
Suze: do this?

255
00:15:57,950 --> 00:16:01,730
KT: No, I did not. And I can't believe I studied

256
00:16:01,730 --> 00:16:04,770
KT: all this pile of questions in front of me.

257
00:16:05,140 --> 00:16:09,490
Suze: We sat here before we went on the podcast this morning.

258
00:16:09,490 --> 00:16:12,060
Suze: I let her go and look at him and just

259
00:16:12,060 --> 00:16:14,360
Suze: pretended like this was going to be a normal

260
00:16:15,350 --> 00:16:17,750
Suze: Ask KT and Suze Anything podcast.

261
00:16:18,040 --> 00:16:21,360
Suze: I fooled you did. Now we have to do another

262
00:16:21,360 --> 00:16:24,360
Suze: one with all these good questions. Alright, we can do that. Right.

263
00:16:24,840 --> 00:16:26,550
Suze: Just remember

264
00:16:27,240 --> 00:16:30,960
Suze: that the person that you're gifting the I Bond to,

265
00:16:31,440 --> 00:16:36,150
Suze: they have to have their own Treasury direct dot gov account.

266
00:16:36,640 --> 00:16:40,150
Suze: So before you can deliver a bond to them

267
00:16:40,740 --> 00:16:44,970
Suze: you need to know their Treasury direct dot gov number

268
00:16:45,940 --> 00:16:47,650
Suze: for you to complete that. Alright,

269
00:16:48,340 --> 00:16:51,420
Suze: Can you change your mind and decide to take that

270
00:16:51,420 --> 00:16:54,550
Suze: gift back once you have given it to some way?

271
00:16:54,560 --> 00:16:59,090
KT: No, you know you are so locked. You're locked. So you

272
00:16:59,100 --> 00:17:01,700
KT: I mean I'm just thinking about people that get divorced

273
00:17:01,700 --> 00:17:05,139
KT: in the middle of these gift box. They're gonna do

274
00:17:05,180 --> 00:17:06,790
KT: they're gonna do?

275
00:17:06,800 --> 00:17:13,540
Suze: Anyway Dign Ding Ding. Okay. Can you deliver a portion

276
00:17:13,550 --> 00:17:14,460
Suze: of the bond

277
00:17:14,940 --> 00:17:17,270
Suze: that's in the gift box or do you have to

278
00:17:17,270 --> 00:17:20,850
Suze: deliver the entire gift? That's in that box?

279
00:17:21,340 --> 00:17:24,670
KT: That's a good question. I'm going to take a guess.

280
00:17:25,040 --> 00:17:27,460
KT: I think you have to deliver the entire.

281
00:17:28,340 --> 00:17:30,459
Suze: I'm so excited to do this.

282
00:17:30,840 --> 00:17:32,990
Suze: (Suze makes the "wrong answer" noise)

283
00:17:32,990 --> 00:17:35,110
Suze: You can take a piece of, you can do some of

284
00:17:35,109 --> 00:17:37,330
Suze: it any amount you want and if you put in

285
00:17:37,330 --> 00:17:41,610
Suze: $10,000 and you want to deliver $2,000 to them. You can.

286
00:17:41,619 --> 00:17:43,460
Suze: Alright okay.

287
00:17:44,140 --> 00:17:47,950
Suze: Does the Series I Bond once you deliver it

288
00:17:48,340 --> 00:17:53,150
Suze: count towards the $10,000 limit of the person you are

289
00:17:53,150 --> 00:17:54,160
Suze: giving it to.

290
00:17:55,540 --> 00:17:56,230
KT: Yeah.

291
00:17:56,440 --> 00:17:59,730
Suze: Ding Ding ding Ding. It does. So be careful everybody.

292
00:17:59,740 --> 00:18:03,800
Suze: You just need to remember that. What is the maximum

293
00:18:03,800 --> 00:18:04,450
Suze: amount

294
00:18:04,840 --> 00:18:06,960
Suze: of one purchase as a gift?

295
00:18:07,440 --> 00:18:11,390
KT: $25. Oh you mean the smallest amount that you have to?

296
00:18:11,400 --> 00:18:13,560
Suze: Did you just listen to my question, what is the

297
00:18:13,560 --> 00:18:18,810
Suze: what amount maximum amount? The maximum amount that you can

298
00:18:18,810 --> 00:18:19,909
Suze: buy in the gift box?

299
00:18:19,910 --> 00:18:27,260
KT: 10,000 and the smallest is $25 that people need to

300
00:18:27,260 --> 00:18:30,190
KT: know that they all think you have to have? 10 grand.

301
00:18:30,190 --> 00:18:31,260
KT: You don't you don't,

302
00:18:31,440 --> 00:18:33,659
Suze: how many gifts can you set up

303
00:18:34,040 --> 00:18:34,760
Suze: in a year?

304
00:18:35,140 --> 00:18:36,340
KT: As many as you want.

305
00:18:36,350 --> 00:18:41,670
KT: That's right is unlimited. And that includes, as I said earlier,

306
00:18:42,140 --> 00:18:45,450
Suze: it's in an unlimited amount that you can give to

307
00:18:45,450 --> 00:18:49,570
Suze: one person. Just each gift has to have its own

308
00:18:49,720 --> 00:18:52,359
Suze: separate gift box. Alright,

309
00:18:53,340 --> 00:18:55,790
Suze: how many gifts can you give to one person in

310
00:18:55,790 --> 00:18:56,360
Suze: a year?

311
00:18:58,040 --> 00:18:59,970
KT: I think as many as you want.

312
00:18:59,980 --> 00:19:04,200
KT: That's right. I'm driving this home everybody because so many

313
00:19:04,200 --> 00:19:07,500
KT: of you are wanting to get in so much money

314
00:19:07,510 --> 00:19:10,840
KT: into the series I bonds. So you're setting up trust,

315
00:19:10,840 --> 00:19:15,490
KT: you're setting up LLCs, you're setting up trust accounts, all

316
00:19:15,490 --> 00:19:18,050
KT: kinds of things. Sub chapter s accounts

317
00:19:18,240 --> 00:19:19,350
Suze: just so you can have

318
00:19:19,440 --> 00:19:24,449
Suze: Individual Trust business accounts and put $10,000 each in.

319
00:19:24,840 --> 00:19:26,060
Suze: Maybe it's just easier

320
00:19:26,440 --> 00:19:29,659
Suze: to do a gift box with somebody you know is

321
00:19:29,660 --> 00:19:32,460
Suze: going to stay in your life forever.

322
00:19:32,940 --> 00:19:35,960
Suze: Also, just remember KT and everybody

323
00:19:36,540 --> 00:19:39,360
Suze: putting money in their gift box

324
00:19:39,740 --> 00:19:44,270
Suze: is different than delivering money to that person.

325
00:19:44,940 --> 00:19:48,560
Suze: So, there are two steps when you buy a bond

326
00:19:48,570 --> 00:19:52,170
Suze: in a gift box. The first step is buying it

327
00:19:53,040 --> 00:19:55,680
Suze: and it can sit in that gift box forever if

328
00:19:55,680 --> 00:19:56,670
Suze: you want it to.

329
00:19:57,440 --> 00:20:00,710
Suze: The next step is however you have to deliver it

330
00:20:00,710 --> 00:20:03,460
Suze: when you want to to that person's

331
00:20:04,140 --> 00:20:07,460
Suze: I Bond account at Treasury direct dot gov.

332
00:20:07,840 --> 00:20:10,650
Suze: So do you think everybody understands all this so far

333
00:20:10,660 --> 00:20:14,970
Suze: I get if I get it, they get it. All

334
00:20:14,970 --> 00:20:15,550
Suze: right

335
00:20:16,140 --> 00:20:19,730
Suze: if I gift or even buy for myself and I

336
00:20:19,730 --> 00:20:22,169
Suze: Bond at the end of the month

337
00:20:22,640 --> 00:20:25,850
Suze: one does interest on that bond start earning

338
00:20:27,540 --> 00:20:30,770
Suze: so right now let's say I buy an I bond

339
00:20:32,040 --> 00:20:33,020
Suze: or a gift.

340
00:20:34,240 --> 00:20:36,760
Suze: On June 28.

341
00:20:37,340 --> 00:20:41,270
Suze: When does that bond start earning interest?

342
00:20:41,640 --> 00:20:42,959
KT: I think when you buy it

343
00:20:43,640 --> 00:20:46,270
Suze: On June 1st.

344
00:20:47,240 --> 00:20:50,830
KT: So it's in the month month. Right.

345
00:20:50,840 --> 00:20:54,150
Suze: So if all of you take note of that because

346
00:20:54,150 --> 00:20:56,960
Suze: if you want a free month of interest

347
00:20:57,340 --> 00:21:00,060
Suze: and you do it at the end of the month

348
00:21:01,140 --> 00:21:03,960
Suze: you get a whole free month of interest because they

349
00:21:03,970 --> 00:21:07,170
Suze: dated back to the very first of the month that

350
00:21:07,170 --> 00:21:07,770
Suze: you did it

351
00:21:08,440 --> 00:21:12,500
KT: Isn't that something? I didn't know.

352
00:21:12,500 --> 00:21:16,070
Suze: It's the government. Right. If I purchase an I Bond

353
00:21:16,080 --> 00:21:17,050
Suze: as a gift,

354
00:21:17,440 --> 00:21:19,960
Suze: then four years later

355
00:21:20,340 --> 00:21:23,930
Suze: deliver it to that person can they redeem it in

356
00:21:23,930 --> 00:21:28,760
Suze: one more year without penalty? Remember when somebody buys an

357
00:21:28,760 --> 00:21:32,140
Suze: I Bond they can't touch it for the first year, no

358
00:21:32,140 --> 00:21:36,860
Suze: matter what years. Two through five there's a three month

359
00:21:36,869 --> 00:21:39,560
Suze: interest penalty. So KT,

360
00:21:39,640 --> 00:21:42,930
Suze: I buy you an I Bond . Put it in my

361
00:21:42,930 --> 00:21:46,320
Suze: gift box for you. It's been in there for four

362
00:21:46,320 --> 00:21:47,050
Suze: years

363
00:21:47,440 --> 00:21:50,790
Suze: now I give it to you. I deliver it to you.

364
00:21:50,800 --> 00:21:54,939
Suze: How many years before you can take it out without

365
00:21:54,950 --> 00:21:56,070
Suze: any penalty?

366
00:21:56,290 --> 00:21:56,790
KT: One year

367
00:21:58,440 --> 00:21:59,369
Suze: Oh you're so good. You're so good.

368
00:21:59,369 --> 00:22:00,859
KT: I just did the math.

369
00:22:01,310 --> 00:22:05,750
Suze: Yeah well good. Alright. Just did the math...

370
00:22:07,340 --> 00:22:09,169
Suze: Can you do the math on Roth IRA's?

371
00:22:09,170 --> 00:22:15,139
KT: No, don't don't do that quizzie. Right. 30 Roth. Don't

372
00:22:15,150 --> 00:22:16,150
KT: do that to me.

373
00:22:16,160 --> 00:22:17,660
Suze: All

374
00:22:17,660 --> 00:22:21,500
Suze: right. So are you getting this everybody? Do you understand

375
00:22:21,500 --> 00:22:24,560
Suze: how incredible this can be? All right.

376
00:22:25,040 --> 00:22:29,190
Suze: Can I give gifts to my minor kids in a

377
00:22:29,190 --> 00:22:30,220
Suze: gift box?

378
00:22:32,040 --> 00:22:32,670
KT: No.

379
00:22:33,640 --> 00:22:34,120
Suze: Why

380
00:22:36,340 --> 00:22:37,560
KT: Because they're your kids and they're minors.

381
00:22:38,640 --> 00:22:42,220
Suze: You have to you have to put it in. You

382
00:22:42,220 --> 00:22:44,060
Suze: have to do it up in your account

383
00:22:44,440 --> 00:22:45,550
Suze: as a custodial.

384
00:22:48,440 --> 00:22:53,120
Suze: All right. She's right. Ding Ding Ding. You cannot give

385
00:22:53,119 --> 00:22:55,060
Suze: your own children.

386
00:22:56,040 --> 00:23:00,040
Suze: I Bonds in a gift box. You have got to

387
00:23:00,040 --> 00:23:02,060
Suze: set up a minor linked account

388
00:23:02,540 --> 00:23:06,260
Suze: and buy them directly in your kid's names.

389
00:23:06,940 --> 00:23:10,950
Suze: Next question, can I give gifts of I Bonds in

390
00:23:10,950 --> 00:23:15,060
Suze: a gift box to my grandkids, nieces, nephews

391
00:23:15,440 --> 00:23:19,119
Suze: who are minors or even kids that are you know

392
00:23:19,130 --> 00:23:22,070
Suze: minors kids that are friends of mine. Yes or no.

393
00:23:22,070 --> 00:23:23,620
KT: Absolutely. Yes.

394
00:23:23,630 --> 00:23:27,930
Suze: Alright. So do you all understand that your own kids?

395
00:23:27,940 --> 00:23:31,649
Suze: You cannot put their I bonds if they are minors

396
00:23:31,690 --> 00:23:33,440
Suze: in a gift box,

397
00:23:33,840 --> 00:23:37,050
Suze: you have got to put them in a minor linked account,

398
00:23:37,240 --> 00:23:39,160
Suze: in your own Treasury direct account

399
00:23:39,740 --> 00:23:42,129
Suze: if they are not your own kid.

400
00:23:43,240 --> 00:23:48,210
Suze: So they are anybody else. Doesn't matter grandkids. Whatever you

401
00:23:48,210 --> 00:23:51,060
Suze: can do that in a gift box for them.

402
00:23:51,840 --> 00:23:54,730
Suze: So earlier, KT, remember we talked about the difference between

403
00:23:54,730 --> 00:23:58,100
Suze: a secondary owner and a beneficiary. And the difference is

404
00:23:58,100 --> 00:24:02,560
Suze: that the two of them can do. So, next question,

405
00:24:02,570 --> 00:24:06,140
Suze: can you be a secondary owner on an I Bond

406
00:24:06,140 --> 00:24:08,000
Suze: that you give as a gift?

407
00:24:09,040 --> 00:24:09,389
KT: No

408
00:24:10,080 --> 00:24:14,419
Suze: Ding Ding Ding Ding. You can't. Remember that. And the reason is if I'm

409
00:24:14,420 --> 00:24:18,960
Suze: giving KT $10,000 and putting it in a gift box,

410
00:24:19,640 --> 00:24:25,359
Suze: I can't change that at all. Remember, secondary owners

411
00:24:25,940 --> 00:24:31,760
Suze: can sell I Bonds, view I Bonds that you yourself purchase.

412
00:24:32,140 --> 00:24:35,860
Suze: So when you have a secondary owner, it's like they

413
00:24:35,869 --> 00:24:39,760
Suze: and some level own what they can do with that bomb.

414
00:24:40,140 --> 00:24:40,770
Suze: So

415
00:24:41,140 --> 00:24:44,169
Suze: you are not allowed to be a secondary owner

416
00:24:44,740 --> 00:24:46,710
Suze: on a bond that you give us a gift because

417
00:24:46,710 --> 00:24:50,869
Suze: it's irrevocable. But can you be a beneficiary on a

418
00:24:50,869 --> 00:24:53,350
Suze: bond that you give as a gift

419
00:24:53,840 --> 00:24:54,669
Suze: you can

420
00:24:55,240 --> 00:24:58,650
Suze: How do you know the answers?

421
00:24:59,040 --> 00:25:02,180
KT: Because of the because you and I talk about this

422
00:25:02,190 --> 00:25:05,430
KT: all the time. We've been talking about it. A lot people,

423
00:25:05,430 --> 00:25:09,170
KT: because we are buying these gift boxes for each other.

424
00:25:09,180 --> 00:25:12,230
KT: A lot of, a lot of them, especially at our age.

425
00:25:12,230 --> 00:25:14,169
KT: This is a great time to do it.

426
00:25:14,440 --> 00:25:15,760
Suze: Ding Ding Ding Ding.

427
00:25:16,140 --> 00:25:20,410
Suze: So I can buy a $10,000. I bond for KT

428
00:25:20,420 --> 00:25:23,330
Suze: put it in the gift box and I can make

429
00:25:23,330 --> 00:25:29,430
Suze: myself the beneficiary of that. Okay, so if KT dies,

430
00:25:29,440 --> 00:25:31,350
Suze: it will come back to me.

431
00:25:32,040 --> 00:25:32,670
Suze: Okay,

432
00:25:33,440 --> 00:25:35,770
Suze: can the recipient of the gift?

433
00:25:36,240 --> 00:25:39,450
Suze: So once you deliver this I Bond

434
00:25:39,840 --> 00:25:42,270
Suze: to the person that you bought it for.

435
00:25:42,840 --> 00:25:48,560
Suze: Can they change who the secondary owner or beneficiary is?

436
00:25:49,340 --> 00:25:52,800
KT: I can't, I can't imagine why not. So I suppose

437
00:25:52,800 --> 00:25:53,480
KT: they can.

438
00:25:53,490 --> 00:25:56,060
Suze: Ding Ding ding ding again. Now you delivered it, You

439
00:25:56,060 --> 00:26:01,230
Suze: delivered it and it is now completed gift it's theirs.

440
00:26:01,290 --> 00:26:04,960
Suze: They can do anything that they want with it.

441
00:26:05,340 --> 00:26:12,060
Suze: What happens if you die before you deliver the gift? KT?

442
00:26:13,740 --> 00:26:14,960
KT: Oh

443
00:26:15,740 --> 00:26:16,270
KT: well,

444
00:26:17,440 --> 00:26:19,859
KT: I think it's going to have to go to probate,

445
00:26:20,540 --> 00:26:24,390
Suze: nope. It does not have to go through probate because

446
00:26:24,390 --> 00:26:28,250
Suze: you might have a beneficiary on there. Whoever is handling

447
00:26:28,250 --> 00:26:32,330
Suze: your affairs should notify the person of the gift that

448
00:26:32,330 --> 00:26:35,560
Suze: they can claim it through Treasury Direct.

449
00:26:35,940 --> 00:26:39,530
Suze: Therefore it's always a good idea to tell the person

450
00:26:39,540 --> 00:26:43,370
Suze: or the parents you did that gift for that. They

451
00:26:43,369 --> 00:26:44,360
Suze: have a gift

452
00:26:45,140 --> 00:26:47,600
Suze: because they might not ever know it and therefore they

453
00:26:47,600 --> 00:26:50,120
Suze: would never get the money. So again, just to be

454
00:26:50,119 --> 00:26:51,459
Suze: clear everybody,

455
00:26:52,340 --> 00:26:55,869
Suze: if you have purchased a gift box with a series

456
00:26:55,869 --> 00:26:57,050
Suze: I Bond on it,

457
00:26:57,840 --> 00:27:00,680
Suze: if you have purchased a series, I Bond in a

458
00:27:00,680 --> 00:27:04,170
Suze: gift box and you have died.

459
00:27:04,940 --> 00:27:08,450
Suze: The person who you're giving the gift to

460
00:27:09,740 --> 00:27:12,770
Suze: needs to contact Treasury Direct

461
00:27:13,240 --> 00:27:15,359
Suze: and claim that gift

462
00:27:16,140 --> 00:27:21,190
Suze: not probate nothing. It just immediately goes to them because

463
00:27:21,190 --> 00:27:23,960
Suze: you've already gifted it to them.

464
00:27:24,640 --> 00:27:28,240
Suze: So it would go through probate if it wasn't in

465
00:27:28,240 --> 00:27:31,270
Suze: a gift box, it was in your individual account

466
00:27:31,840 --> 00:27:35,570
Suze: and nobody was designated as a secondary owner or a

467
00:27:35,570 --> 00:27:38,670
Suze: primary Beneficiary, then it would go through probate

468
00:27:39,140 --> 00:27:41,670
Suze: again, KT, just to be clear because I can see

469
00:27:41,670 --> 00:27:45,950
Suze: your little face here. Alright, when you set up a

470
00:27:45,950 --> 00:27:49,709
Suze: gift box for somebody, you need their Social Security number

471
00:27:49,710 --> 00:27:54,409
Suze: in their name to deliver the gift box. They have

472
00:27:54,410 --> 00:27:56,960
Suze: to have a Treasury Direct account

473
00:27:57,440 --> 00:28:00,459
Suze: and you need to know that number. However

474
00:28:01,340 --> 00:28:05,270
Suze: I die before I've delivered that gift.

475
00:28:06,440 --> 00:28:08,770
Suze: They need to know that they have a gift

476
00:28:09,140 --> 00:28:10,360
Suze: waiting for them.

477
00:28:10,740 --> 00:28:13,170
Suze: They would only know if you told them

478
00:28:13,540 --> 00:28:17,500
Suze: if you told their parents, you would have to tell them.

479
00:28:17,510 --> 00:28:19,359
Suze: Otherwise they won't know.

480
00:28:19,840 --> 00:28:22,060
Suze: Then they contact Treasury Direct,

481
00:28:22,540 --> 00:28:26,040
Suze: They claim it. They set up their own Treasury Direct

482
00:28:26,050 --> 00:28:30,920
Suze: dot gov account And Treasury Direct will give them that money.

483
00:28:30,950 --> 00:28:34,560
Suze: No probate if you die.

484
00:28:35,040 --> 00:28:37,740
KT: Does Treasury... And you never told me I have a

485
00:28:37,740 --> 00:28:41,510
KT: gift in there. Does Treasury Direct contact that person.

486
00:28:41,510 --> 00:28:43,790
Suze: No, it just it just sits there.

487
00:28:43,790 --> 00:28:45,920
KT: So there's a lot of loss. There's a lot of

488
00:28:45,920 --> 00:28:46,770
KT: lost money.

489
00:28:46,780 --> 00:28:51,960
Suze: That's why everybody. The question that KT asked was really smart.

490
00:28:52,340 --> 00:28:57,560
Suze: Should have been your real quizzie. T hat if you're

491
00:28:57,560 --> 00:29:00,540
Suze: going to the trouble to set up these gift boxes

492
00:29:00,550 --> 00:29:05,340
Suze: with all this money in them for somebody, please let

493
00:29:05,350 --> 00:29:07,270
Suze: them know what you have done.

494
00:29:07,640 --> 00:29:11,620
Suze: Also instruct them what they need to do if you

495
00:29:11,620 --> 00:29:12,670
Suze: were to die

496
00:29:13,140 --> 00:29:16,220
Suze: and also tell them that you will deliver it to

497
00:29:16,220 --> 00:29:20,050
Suze: them when you want to. So they better be nice

498
00:29:20,050 --> 00:29:20,230
Suze: to

499
00:29:20,230 --> 00:29:22,050
KT: you.

500
00:29:22,440 --> 00:29:24,520
Suze: You don't have to tell them how much is in

501
00:29:24,520 --> 00:29:26,360
Suze: the gift box. You don't have to tell them to

502
00:29:27,110 --> 00:29:28,830
Suze: keep them in suspense.

503
00:29:29,940 --> 00:29:32,950
Suze: KT We're almost at the end here. Is there any

504
00:29:32,950 --> 00:29:36,060
Suze: tax to the recipient of the gift?

505
00:29:38,240 --> 00:29:38,860
KT: Yeah.

506
00:29:39,540 --> 00:29:42,660
Suze: No, there is. No. I don't have to pay interest

507
00:29:42,660 --> 00:29:45,080
Suze: in tax on the interest because it's still in the

508
00:29:45,080 --> 00:29:45,770
Suze: account

509
00:29:46,340 --> 00:29:50,420
Suze: when they when they redeem it. That is not what

510
00:29:50,420 --> 00:29:54,950
Suze: I am talking about when they redeem it. Little snookums.

511
00:29:54,950 --> 00:29:57,870
Suze: That's what they pay tax on the interest. Yes, that's

512
00:29:57,870 --> 00:30:00,820
Suze: in there. If they redeem it. But right, if you

513
00:30:00,820 --> 00:30:04,350
Suze: just are delivering it to them, there is no tax

514
00:30:04,350 --> 00:30:07,270
Suze: to them whatsoever. Okay?

515
00:30:07,640 --> 00:30:11,370
Suze: Now remember you are only allowed to give up to

516
00:30:11,370 --> 00:30:13,360
Suze: $16,000

517
00:30:13,740 --> 00:30:17,360
Suze: per person per year as a gift.

518
00:30:18,040 --> 00:30:22,230
Suze: If you go over that amount, this doesn't include spouses, spouses.

519
00:30:22,230 --> 00:30:25,530
Suze: You can give them anything. If you give more than

520
00:30:25,600 --> 00:30:29,770
Suze: $16,000 to 1 person in a gift box

521
00:30:30,340 --> 00:30:33,980
Suze: you have to be careful everybody because you're going over

522
00:30:33,980 --> 00:30:38,640
Suze: the amount that you're allowed to give each year to people.

523
00:30:38,700 --> 00:30:40,560
Suze: It doesn't affect them.

524
00:30:40,940 --> 00:30:45,430
Suze: But it's off your own unified gift tax return.

525
00:30:46,040 --> 00:30:46,460
KT: What

526
00:30:46,940 --> 00:30:50,050
KT: I think that's a little bit difficult to understand when

527
00:30:50,050 --> 00:30:51,420
KT: you're not supposed to

528
00:30:52,140 --> 00:30:54,650
KT: By more than $10,000,

529
00:30:54,660 --> 00:30:58,450
Suze: KT, you can buy 10. No, it's $10,000 in one

530
00:30:58,450 --> 00:31:01,480
Suze: gift box. Then I can do another gift box that

531
00:31:01,480 --> 00:31:01,950
Suze: year

532
00:31:02,740 --> 00:31:07,600
Suze: For somebody. So now that's $20,000. I'm now exceeded the

533
00:31:07,600 --> 00:31:14,040
Suze: gift by $4,000 to give to that one person without

534
00:31:14,050 --> 00:31:18,850
Suze: any tax ramification to me, they never have a tax ramification.

535
00:31:19,240 --> 00:31:21,670
Suze: But if I give more

536
00:31:22,040 --> 00:31:27,490
Suze: To anybody other than my spouse $16,000 a year, then

537
00:31:27,490 --> 00:31:29,560
Suze: you have got to file

538
00:31:30,040 --> 00:31:36,820
Suze: A gift tax return, which is the IRS Form 709.

539
00:31:37,840 --> 00:31:39,850
KT: What else you got Suze?

540
00:31:40,340 --> 00:31:41,170
Suze: Your last

541
00:31:42,740 --> 00:31:44,860
Suze: two. All right.

542
00:31:45,810 --> 00:31:48,959
Suze: Is it smart right now if you have the money

543
00:31:49,840 --> 00:31:54,040
Suze: for your spouse in particular to give each of you

544
00:31:54,040 --> 00:31:59,070
Suze: as much as they can right now in gift boxes.

545
00:31:59,080 --> 00:31:59,830
KT: Yes.

546
00:31:59,830 --> 00:32:03,640
Suze: And why is that? The interest rate is great. Great.

547
00:32:03,640 --> 00:32:06,330
Suze: Now all of you, I really want you to listen

548
00:32:06,330 --> 00:32:09,060
Suze: to me. We're doing it right. We did it, KT.

549
00:32:09,060 --> 00:32:09,850
Suze: I've already done it.

550
00:32:10,140 --> 00:32:10,670
Suze: So

551
00:32:11,140 --> 00:32:13,710
Suze: you may think they've gone a little bit crazy with

552
00:32:13,710 --> 00:32:14,460
Suze: I Bonds.

553
00:32:14,940 --> 00:32:17,620
Suze: And it's like, you know, it reminds me of when

554
00:32:17,620 --> 00:32:20,430
Suze: I first started talking about Fico scores and there was

555
00:32:20,430 --> 00:32:23,270
Suze: a Fico frenzy, you know, I would walk down the

556
00:32:23,270 --> 00:32:24,660
Suze: street and people would say

557
00:32:25,040 --> 00:32:27,950
Suze: I'm a 800 Suze. I'm a 7 30.

558
00:32:28,340 --> 00:32:32,370
Suze: Everybody was talking about Fico scores way back in the

559
00:32:32,370 --> 00:32:34,960
Suze: late 90s when I first started talking about it.

560
00:32:35,340 --> 00:32:39,530
Suze: Now everybody is talking about I bonds and I have

561
00:32:39,530 --> 00:32:41,540
Suze: to tell you I was one of the first people

562
00:32:41,550 --> 00:32:45,660
Suze: to talk about I bonds. Now everybody is doing so

563
00:32:46,140 --> 00:32:50,550
Suze: The reason why these gift boxes are so important is

564
00:32:50,550 --> 00:32:55,860
Suze: currently I bonds are paying 9.62% annualized.

565
00:32:56,340 --> 00:32:59,459
Suze: Obviously you only get half of that for six months.

566
00:32:59,940 --> 00:33:03,180
Suze: It's based on the inflation rate that will come out

567
00:33:03,190 --> 00:33:07,300
Suze: in november. But chances are that inflation rate is going

568
00:33:07,300 --> 00:33:09,860
Suze: to be relatively high if not higher,

569
00:33:10,240 --> 00:33:12,670
Suze: maybe a little lower than it is right now.

570
00:33:13,040 --> 00:33:16,770
Suze: So you don't have to buy these thinking you are

571
00:33:16,770 --> 00:33:19,270
Suze: going to keep them forever.

572
00:33:20,240 --> 00:33:23,800
Suze: What you're going to do is while interest rates are

573
00:33:23,800 --> 00:33:29,800
Suze: this high and remember interest on an I Bond accumulates. It's

574
00:33:29,800 --> 00:33:33,940
Suze: compounded semi annually. You do not have to pay taxes

575
00:33:33,940 --> 00:33:36,170
Suze: on it until you redeem it.

576
00:33:37,140 --> 00:33:42,570
Suze: So the interest that you are making also is making interest,

577
00:33:42,580 --> 00:33:47,959
Suze: it's compounding and you right now are beating inflation.

578
00:33:48,740 --> 00:33:53,050
Suze: Remember in years two through five there is a three-month

579
00:33:53,060 --> 00:33:56,910
Suze: interest penalty. But I have a feeling this could go

580
00:33:56,910 --> 00:34:01,090
Suze: on for another year. Listen it started like a year

581
00:34:01,090 --> 00:34:02,960
Suze: ago at 7.12%,,

582
00:34:03,530 --> 00:34:07,480
Suze: Then it went to 9.62%. I mean who cares if

583
00:34:07,480 --> 00:34:08,860
Suze: it goes to 8%

584
00:34:09,640 --> 00:34:13,390
Suze: that is a great interest rate on money that you

585
00:34:13,390 --> 00:34:14,670
Suze: can lock up.

586
00:34:15,340 --> 00:34:17,549
Suze: So you have to lock it up for a year.

587
00:34:17,560 --> 00:34:21,720
Suze: Years two through five there is a three-month interest penalty.

588
00:34:21,730 --> 00:34:23,760
Suze: But as time goes on

589
00:34:24,239 --> 00:34:27,540
Suze: if I Bond shouldn't be purchased anymore because the interest

590
00:34:27,540 --> 00:34:29,250
Suze: rate becomes too low.

591
00:34:29,940 --> 00:34:33,060
Suze: Then you might think about starting to redeem them

592
00:34:33,540 --> 00:34:37,239
Suze: Pay the three-month interest penalty or maybe keep them five

593
00:34:37,239 --> 00:34:37,859
Suze: years

594
00:34:38,239 --> 00:34:40,969
Suze: and then you've made all this money

595
00:34:41,440 --> 00:34:43,360
Suze: on this money.

596
00:34:44,040 --> 00:34:46,859
Suze: Right? So that's why I've gone. So

597
00:34:47,239 --> 00:34:47,859
Suze: I Bond

598
00:34:48,640 --> 00:34:50,250
Suze: Crazy on all of you.

599
00:34:50,250 --> 00:34:52,390
KT: I Bond bonkers. We call her.

600
00:34:52,400 --> 00:35:01,959
Suze: Yes, bonkers . I don't want you to know.

601
00:35:02,440 --> 00:35:04,860
Suze: I don't want you to have any idea

602
00:35:06,630 --> 00:35:08,870
KT: The best part about the quizzie. I get to ask you a

603
00:35:08,870 --> 00:35:12,750
KT: question how many gift boxes and you bought me.

604
00:35:12,750 --> 00:35:18,190
Suze: And you bought me equally as many. Alright, so tomorrow's our day that

605
00:35:18,200 --> 00:35:20,820
Suze: we are both going to at this moment in time, g

606
00:35:20,830 --> 00:35:23,700
Suze: et on that plane and go fishing. What do you

607
00:35:23,700 --> 00:35:24,140
Suze: want to say?

608
00:35:24,140 --> 00:35:30,690
KT: I want to wish my twin sister happy, Happy fabulous birthday.

609
00:35:30,690 --> 00:35:35,170
KT: We are apart this year, she's with her beautiful daughters

610
00:35:35,180 --> 00:35:39,080
KT: having a spa weekend and I'm not going to reveal

611
00:35:39,080 --> 00:35:42,859
KT: the location but it's gorgeous. Suze and I are gonna

612
00:35:42,860 --> 00:35:45,940
KT: have a surprise for her. It's a surprise. Suze and

613
00:35:45,940 --> 00:35:51,910
KT: I are freezing tomorrow, catching salmon, having fun. And I

614
00:35:51,910 --> 00:35:55,260
KT: just want to tell Lynn, I love you so much sister.

615
00:35:55,270 --> 00:36:00,960
KT: I couldn't imagine having these 70 years without you. Happy,

616
00:36:00,969 --> 00:36:08,220
KT: Happy birthday, My beautiful, creative, talented and such a nice sister.

617
00:36:08,230 --> 00:36:09,350
Suze: And Lynn.

618
00:36:09,430 --> 00:36:13,350
Suze: I can't imagine these past 21, years without you as well.

619
00:36:13,730 --> 00:36:18,710
Suze: So from my heart, happy birthday Now I'm going to

620
00:36:18,719 --> 00:36:19,339
Suze: end

621
00:36:19,830 --> 00:36:21,150
Suze: this podcast

622
00:36:21,530 --> 00:36:25,660
Suze: with a birthday song that was created for KT

623
00:36:26,730 --> 00:36:33,880
Suze: and again written and composed by Woody Simmons. But it's special, KT.

624
00:36:33,920 --> 00:36:38,750
Suze: It's special for you. So everybody listen to it,

625
00:36:39,230 --> 00:36:42,629
Suze: listen to the love that it has in it and

626
00:36:42,630 --> 00:36:46,100
Suze: may you always find somebody in your life that you

627
00:36:46,100 --> 00:36:51,760
Suze: love as much as I love my KT. Bye bye Now,

628
00:36:51,770 --> 00:36:52,790
KT: I love you.

629
00:36:52,800 --> 00:36:55,090
Suze: I love you more.

630
00:36:58,330 --> 00:36:58,960
Music: Music plays...