What are the risks associated with buying gold in an ira?

Posted on by Lance Wallace

Special risks of gold “In many ways, gold IRAs carry the same risks as any investment, says Moy. No one can predict their future precisely. But despite the risk, there’s a reason to invest some of your retirement savings in the yellow stuff, according to Moy. Gold IRAs offer inflation hedging, portfolio diversification, and tax benefits

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As with any financial product, however, they also have disadvantages, including contribution limits and low returns compared to other investments. Get advice from a financial advisor on which option is best for your situation. For some investors, gold is an attractive asset for retirement savings. Gold provides an additional source of diversification and is (perhaps mistakenly) seen as a hedge against

volatility.

As with most important financial decisions, opening a Gold IRA isn’t a decision you should make lightly or before you do your research. Gold IRAs follow the same general rules as traditional IRAs when it comes to tax benefits. You can choose between traditional IRA or Roth IRA contribution limits and withdrawals. The best gold IRA companies offer transparent and competitive pricing for purchases and offer to buy back your precious metals when needed. Gold can play a valuable role in a portfolio by serving as a store of value, meaning it maintains its value over time

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You can invest in gold stocks, such as shares of gold mining companies or gold licensing companies, which help finance mines. There are easier ways to save for retirement with assets invested in gold than buying physical gold bars yourself. Furthermore, Gold IRA companies make their money by essentially calculating a so-called “spread,” a two-tier pricing structure, which means that the Gold IRA company will sell you gold at a higher price than it will pay you if you sell that gold. This company helps you open and fund your account and connects you to an IRA custodian and a depository institution, both of which must be approved by the IRS

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Remember that not every self-managed IRA custodian offers the same investment options. So make sure that physical gold is among their offerings before you open an account. With this type of IRA, you can manage the account and invest in a wider range of products than other IRAs. These investments are available in a normal brokerage IRA, meaning you wouldn’t have to go through the work and additional costs of setting up a self-directed gold IRA. Traditional gold IRAs, Roth and SEP gold IRAs are subject to contribution limits, just like their counterparts, which

have nothing to do with gold.

To do this, you’ll need a Gold IRA, although there are additional rules to follow and fees to pay for this particular type of individual retirement account. Gold IRAs have some distinct advantages and disadvantages. You must therefore ensure that they suit your personal financial situation. When the price of gold rises, these companies are more profitable, so their share price should also rise. Gold IRAs are a niche investment product that is best for sophisticated investors who are already familiar with buying and selling

physical precious metals.…

What are the benefits of buying gold in an ira?

Posted on by Lance Wallace

A gold IRA has many of the same benefits as investing in gold itself.. Gold is often used as a hedge against inflation, allowing investors to bet against uncertainties on the wider market.. Furthermore, while it is possible for the price of a particular stock or bond to fall to zero, the price of gold can never fall to zero.. In addition to adequate insurance coverage (home, health, car, life, etc.).

Some people, particularly those who may be averse to stock market volatility, prefer to prepare for retirement with a self-directed precious metals IRA. The first step to diversifying is understanding how diversified your portfolio is right now.. To get started, take our free diversification quiz. For some people, investing part of their savings in physical gold and silver is like taking out an insurance policy when they retire..

Since the first discovery of gold and silver, they have had different types of significance. The same is not true for many traditional paper investments, such as stocks and mutual funds.. In addition, traditional IRAs, which consist of stocks or mutual funds, can be inflation-prone.. This balanced approach offsets risks, suggests Edmund C.

Moy, 38. Director of the USA,. In times of inflation, paper-based and paper-based assets can fall in price or in relative value.. In the case of cash, for example, there may be a drop in general purchasing power, and stocks may fall in price.. Inflation can also weaken the health of IRAs, which only hold paper-based or paper-based assets..

However, gold has historically performed well during periods of inflation, which could provide a unique opportunity to diversify.. Many experts agree that diversification is an essential part of protecting a retirement portfolio from inflation and other market changes.. Inflation is a normal part of the business cycle and a factor that every retirement portfolio must survive from time to time.. However, as gold and other precious metals have performed well in times of inflation and recession in the past, a precious metal IRA can be a good way to improve your diversification and support long-term portfolio growth..

Precious metals IRAs are self-directed, meaning you are in control of the asset mix. You’re not limited to holding only traditional retirement account assets, such as listed stocks and bonds, mutual funds, or government bonds. Whether you’re looking to upgrade existing employer-sponsored 401 (k) accounts to more secure options or transfer some of your existing traditional, Roth, or other types of IRA accounts to a gold IRA, Allegiance Gold can help you meet regulatory requirements, avoid tax pitfalls, and diversify with physical precious metals that can help stabilize your retirement portfolio. A self-directed gold IRA can give you peace of mind if you want to hold physical assets. However, if you want to diversify precious metals without the hassle and expense of a gold IRA, you can also invest in gold ETFs, gold mutual funds, and stocks of gold mining companies.

While you could in theory transfer the entire balance of your existing retirement account to a Gold IRA, doing so would be extremely risky. Unlike paper stocks, which could lose value in a future crisis, the value of precious metals (and precious metal IRAs) can never fall to zero.. Consider adding silver to your precious metal IRAs, as some experts believe that pressure on available supply could lead to a massive increase in silver prices in the coming years.. It has the same contribution limits and rules for required minimum distributions (RMDs) as normal IRAs.

However, to qualify for gold IRAs, depositaries must be insured, which would protect your investment as long as your account does not exceed the value stated in the accounts by the custodian bank.. If gold seems like a good choice for you, Sentell suggests investing no more than a third of your retirement savings in a gold IRA.. Gold and other precious metals form an alternative asset class that is generally regarded as a “safe haven” in recessions and as a hedge against inflation.. Since it often moves in reverse with the stock market, gold can reduce losses in recessions and provide peace of mind in times of market volatility..

Furthermore, Gold IRA companies make their money by calculating a so-called “spread,” essentially a two-tier pricing structure, meaning that the Gold IRA company will sell you gold at a higher price than it will pay you if you sell that gold.. As with all traditional IRA holdings, writes the Journal of Accountancy, distributions are taxed at the taxpayer’s marginal tax rate at the time of distribution. Since IRA owners are required to accept distributions when they are 73 years old, they could be forced to sell gold at a lower price than they would like. Because the gold in a gold IRA must be stored in an IRS-approved depot, you can’t store it in a safe, a home safe, or under your mattress..

If you’re planning to open a gold IRA, make sure that your time horizon is enough to survive these fluctuations. A conventional IRA is like a basket where you can store assets such as stocks, bonds, and mutual funds until you’re ready to retire.

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What types of gold can i buy in an ira?

Posted on by Lance Wallace

Although IRAs used to be limited to holding American Eagle gold and silver coins, IRAs can now invest in IRS-approved gold, silver, palladium, and platinum bars and coins. Not all gold investments can belong to an IRA. The basic rule is that an IRA cannot own a collectible and precious metals are defined as collectibles, regardless of whether it is an investment in gold bars or coins. Fortunately, there are exceptions to the general rule for gold, silver, platinum, and palladium, which are held in certain forms. You can store coins or gold bars in a precious metal IRA

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Despite the colloquial term “gold IRA,” you can hold silver, platinum, and palladium on this account. A Roth Gold IRA is a type of self-directed IRA that allows you to invest in various tangible assets such as art, antiques, collectibles, and even real estate. Gold and other precious metals are just one of the many things you can buy with a Roth Gold IRA. It may be better to invest your IRA in a precious metals ETF or own precious metals in a

taxable account.

First, you’ll need to buy IRA-qualified gold and choose an IRS-approved custodian that will ensure that your gold is compliant. Buying physical gold for a retirement account can also be more expensive than investing in assets such as stocks, bonds, or mutual funds. Even with a long time horizon, gold investors have no guarantee that they will make money from their investment, especially if you plan to rely on a gold IRA company’s repurchase program to sell your gold when you need to accept distributions from that IRA. Self-managed IRAs, which include gold IRAs, have the same contribution and distribution limits

based on your age as traditional IRAs.

Or, if you have a traditional retirement savings account and want to increase your exposure to gold, read here how you can buy a gold ETF, an exchange-traded fund that tracks the performance of gold. That means the price of gold would have to rise by at least 30% from the time you bought it, plus any fees you pay to maintain the account before you could start making a profit. With a Roth Gold and Silver IRA, your contributions are after tax, which means you pay tax on the money before you deposit it into your IRA account. A gold IRA is an alternative investment option for pension savers who want to own gold to hedge against inflation or diversify their assets beyond

the stock market.

One gold investment to consider is a gold IRA, which works like a standard IRA but allows you to keep gold in your retirement account. According to the Retirement Industry Trust Association, the custodian is a financial firm tasked with carrying out investment activities and administrative tasks necessary to keep your IRA in good standing with the IRS. This is crucial to maintain their tax status. You should be particularly careful if you contribute to the IRA, as metals that are not approved will be rejected by the deposit. Examples of unapproved precious metal products include gold from before 1933, Krugerrand in

gold and 90% US silver coins.

If you withdraw gold from your IRA before you reach the age of 59½, you’ll have to pay income tax on the value of that gold plus a 10% penalty for an early withdrawal from a retirement account. They sell gold coins, gold bars, and the like, but they don’t offer IRA investment advice (although their websites or other

marketing materials might suggest so).. …

How do i buy gold in an ira?

Posted on by Lance Wallace

While you can’t buy physical gold (only self-directed IRAs allow you to do that), you can invest your IRA funds in other types of gold investments, such as gold-oriented mutual funds, gold futures, gold ETFs, or gold stocks. You can even invest in gold mining companies. A gold IRA is a type of self-directed IRA that allows you to invest in gold bars for retirement. In a regular IRA, you can’t own physical gold, although you can invest in a wide variety of assets that are invested in gold, such as gold stocks or gold ETFs.

To use an IRA to invest in gold, you must follow two IRS guidelines. First, you can only invest in IRS-approved gold. Although the list of approved options is changing, the IRS says it must be “highly refined precious metal.” Because the gold in a gold IRA must be stored in an IRS-approved depot, you can’t store it in a safe, a home safe, or under your mattress

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Many investors choose gold to diversify their portfolio, either by investing in a gold IRA or buying the metal outright. A gold IRA also has similar tax benefits to a normal IRA, allowing interest to accrue tax-free until the owner is ready to retire. However, the IRS has introduced additional tax reporting and record keeping requirements for gold IRAs due to the more complicated assets they hold. If you already have an IRA or 401 (k), either Regular or Roth, you have the option to convert some or all of your funds into a Gold IRA

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In other words, when you buy gold in your Roth IRA, you can’t keep the physical bars or coins yourself. When you’re ready to sell the physical gold holdings in your Roth IRA, contact your brokerage firm. Once you’ve opened a self-managed gold IRA, you can transfer cash to the account to fund your purchase of physical gold. Make sure you check the list of allowed gold objects with your custodian bank before you transfer gold to

your IRA.

The ability to use gold and other materials as securities in an IRA was introduced by Congress in 1997, says Edmund C. Some IRA companies guarantee that they will buy the gold back to you at current wholesale prices, but you could still lose money if you close the account, which is not usually the case when opening and closing regular IRAs. Your custodian bank can refer you to an approved institution and process the gold transfer as part of setting up your Gold IRA. Gold IRAs are usually defined as alternative investments, meaning that they are not traded on a public stock exchange and require specialized expertise to value them

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Record gold sales combined with the appearance of many more companies processing and simplifying transactions have made investing in a gold IRA a one-stop shop. If gold seems like a good choice for you, Sentell suggests investing no more than a third of your retirement savings in a gold IRA. Gold IRAs have higher maintenance fees than other types of IRAs, which is due to the additional costs associated with investing in

gold.…

The Emergence Of The Gold Standard

Posted on by Lance Wallace

The gold standard is a monetary system in which paper money is freely convertible into a fixed amount of gold. In other words, in such a monetary system, gold supports the value of money. Between 1696 and 1812 the development and formalization of the gold standard began as the introduction of paper money created some problems.

The US Constitution of 1789 gave Congress the sole power to mint money and the power to regulate its value. The creation of a single national currency made it possible to standardize the monetary system, which until then consisted of circulating foreign coins, mainly silver.

Because there was more silver than gold, in 1792 a bimetallic standard was adopted. While the officially accepted 15:1 ratio of silver to gold accurately reflected the market ratio at the time,6 after 1793 the value of silver steadily declined, pushing gold out of circulation, following Gresham’s law.

The problem would not be resolved until the Coinage Act of 1834, and not without strong political animosity. Hard money enthusiasts advocated a ratio that would put gold coins back into circulation, not necessarily to displace silver, but to displace small denomination paper notes issued by the hated then by the Bank of the United States. A 16:1 ratio was set which overpriced gold and reversed the situation by putting the US on the de facto gold standard.

By 1821, England became the first country to officially adopt the gold standard. The dramatic increase in world trade and production in this century led to major discoveries of gold, which helped the gold standard remain unchanged well into the next century. Since all trade imbalances between countries were settled with gold, governments had a strong incentive to stockpile gold in case of more difficult times. These stocks still exist today.

The international gold standard appeared in 1871 after its adoption by Germany. By 1900, most developed countries were tied to the gold standard. Ironically, the US was one of the last countries to join it. A strong silver lobby kept gold from being the sole monetary standard in the US throughout the 19th century.

From 1871 to 1914, the gold standard was at its peak. During this period, there were almost ideal political conditions in the world. The governments worked very well together to make the system work, but that all changed forever with the outbreak of the Great War in 1914.

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The Fall Of The Gold Standard

Posted on by Lance Wallace

With the First World War, political alliances changed, international debt increased, and public finances deteriorated. Although the gold standard was not suspended, it was in limbo during the war, demonstrating its inability to endure good times and bad.

This created distrust of the gold standard, which only exacerbated the economic hardship. It became more and more obvious that the world needed something more flexible to establish its global economy.

At the same time, the desire to return to the idyllic years of the gold standard remained strong among the nations. As the supply of gold continued to lag behind the growth of the global economy, the British pound sterling and the US dollar became the world’s reserve currencies. Smaller countries began to hold more of these currencies instead of gold. The result was increased consolidation of gold in the hands of several large countries.

The stock market crash of 1929 was just one of the world’s post-war hardships. The pound and the French franc were incompatible with other currencies; war debts and repatriations were still choking Germany; commodity prices were falling, and banks were overextended.

Many countries tried to defend their gold reserves by raising interest rates to encourage investors to keep their deposits intact rather than convert them into gold. These higher interest rates only worsened the world economy. In 1931, the gold standard in England was suspended, and only the United States and France were left with large gold reserves.

Then, in 1934, the US government revalued gold from $20.67 an ounce to $35 an ounce, increasing the amount of paper money it took to buy one ounce to help improve the economy. As other countries were able to convert their existing gold reserves into more US dollars, there was an immediate sharp devaluation of the dollar.

This higher gold price increased the conversion of gold into US dollars, effectively allowing the US to take over the gold market. Gold production skyrocketed, and by 1939 there was enough gold in the world to replace all of the world’s currency in circulation.

As World War II drew to a close, the leading Western powers met to develop the Bretton Woods Agreement, which would be the basis for world currency markets until 1971. Under the Bretton Woods system, all national currencies were valued against the US dollar.

The US dollar has become the dominant reserve currency. The dollar, in turn, could be converted into gold at a fixed rate of $35 per ounce. The world financial system continued to operate on the gold standard, albeit in a more indirect way.

The agreement has led to an interesting relationship between gold and the US dollar over time. In the long run, a falling dollar usually means a rise in the price of gold. In the short term, this is not always true, and the relationship can be negligible at best, as the following yearly daily chart shows.

At the end of World War II, the US held 75% of the world’s monetary gold, and the dollar was the only currency still directly backed by gold. However, as the world recovered from World War II, the U.S. gold reserves steadily dwindled as money flowed into the war-torn countries and their strong demand for imports. The high inflationary environment of the late 1960s sucked the last breath of air out of the gold standard.

In 1968, the Gold Pool, which included the United States and several European countries, stopped selling gold on the London market, which allowed the market to freely determine the price of gold.

From 1968 to 1971, only central banks could trade with the US at $35 an ounce. By making the pool of gold reserves available, the market price of gold can be maintained in line with the official parity rate. This has reduced the pressure on member countries to strengthen their currencies to support their export-led growth strategies.

However, the growing competitiveness of foreign nations, combined with the monetization of debt to pay for social programs and the Vietnam War, soon began to put pressure on America’s balance of payments. With surpluses turning into deficits in 1959 and growing fears that foreign nations would buy their dollar holdings for gold, Senator John F. Kennedy stated in the later stages of his presidential campaign that if elected, he would not there be an attempt to devalue the dollar.

The gold pool collapsed in 1968 as the member countries were unwilling to cooperate fully in keeping the market price at the level of the American gold price. In subsequent years, Belgium and the Netherlands cashed gold in dollars, with Germany and France expressing similar intentions.

In August 1971, Britain demanded payment in gold, forcing Nixon’s hand and officially closing the gold window. By 1976 it was official; the dollar would no longer be defined by gold, ending any semblance of a gold standard.

In August 1971, Nixon stopped the direct conversion of US dollars into gold. With this decision, the international currency market, which since the entry into force of the Bretton Woods agreement has been increasingly dependent on the dollar, has lost its formal connection with gold. The US dollar, and by extension the global financial system it effectively supports, has entered the era of fiat money.…

Gold Standard System Compared To The Fiat System

Posted on by Lance Wallace

As the name suggests, the term gold standard refers to a monetary system in which the value of a currency is based on gold. A fiat system, in contrast, is a monetary system in which the value of a currency is independent of a physical commodity, but instead can fluctuate dynamically against other currencies in the foreign exchange markets. The term “order” comes from the Latin “fieri”, which means an arbitrary act or decree. Under this etymology, the value of fiat currencies is ultimately based on the fact that they are defined as legal tender by government regulation.

In the decades before World War I, international trade was conducted on what became known as the classical gold standard. In this system, trade between countries was conducted using physical gold. Countries with trade surpluses hoarded gold as payment for their exports. Conversely, countries with trade deficits saw their gold reserves shrink as gold flowed out of those countries as payment for their imports.

Gold standard: history

“We have gold because we cannot trust governments,” President Herbert Hoover said in a 1933 statement to Franklin D. Roosevelt. This statement heralded one of the most draconian events in U.S. financial history: the Emergency Banking Act. which forced all Americans to convert their gold coins, bars, and certificates into US dollars. Although the legislation was successful in stopping the outflow of gold during the Great Depression, it did not change the belief in gold bugs, people who have always believed in the stability of gold as a source of wealth.

Gold has a history similar to that of any other asset class in that it has a unique influence on its supply and demand. Gold bugs still cling to the past when gold was king, but gold’s past also includes a fall that needs to be understood to properly assess its future.

A gold standard love affair lasting 5,000 years

For 5,000 years, gold’s combination of brilliance, malleability, density, and rarity has captivated mankind like no other metal. According to Peter Bernstein’s The Power of Gold: A Story of Possession, gold is so dense that one ton of it can fit in a cubic foot.

At the beginning of this obsession, gold was used exclusively for worship, as evidenced by a trip to any of the world’s ancient sacred sites. Today, gold is most often used in the manufacture of jewelry.

Around 700 BC coins were first turned from gold, which increased its usability as a monetary unit. Before that, gold had to be weighed and checked for purity when settling transactions.

Gold coins weren’t the ideal solution, as it was common practice for centuries to cut off these slightly irregular coins to accumulate enough gold to be smelted into bars. In 1696, the Great Recoinage in England introduced technology that automated the production of coins and put an end to coin cutting.

Because he could not always rely on additional supplies from the land, the supply of gold only increased through deflation, trade, plunder, or depreciation.

The first great gold rush came to America in the 15th century. The looting of treasures from the New World by Spain in the 16th century increased the supply of gold in Europe by five times. Subsequent gold rushes in America, Australia, and South Africa occurred in the 19th century.

The emergence of paper money in Europe occurred in the 16th century using debt instruments issued by private individuals. While gold coins and bullion continued to dominate Europe’s monetary system, paper money only began to dominate in the 18th century. The struggle between paper money and gold will eventually lead to the introduction of the gold standard.…

The Essence Of Having A Retirement Account And Gold Investment

Posted on by Lance Wallace

Gold IRAs are commonly defined as ” alternative investments “, meaning that they are not traded on a public exchange and require specialist knowledge to evaluate. While gold has a high yield potential, it can be easily blinded. Gold prices may suddenly drop sharply. When gold rises, you also have to decide if you will buy at the top of the market – or close to it if you are investing at that moment. The wait could have made more sense.

If you are considering a gold IRA, consult with a financial advisor to determine how the metal will align with your overall portfolio objectives. In general, you should never put all your eggs in one basket. If gold seems like a safe bet, Sentell suggests putting no more than one-third of your pension funds in a gold IRA. Gottlieb recommends that you have no more than “10-15% of your personal portfolio invested in gold, whether in paper form [which is not allowed in a gold IRA] or in physical assets.”

A gold standard is a monetary system in which a country’s currency or fiat money has a value directly related to gold. Under the gold standard, countries agreed to convert paper money into a fixed amount of gold. A country using the gold standard sets a fixed price for gold and buys and sells gold at that price. This fixed price is used to determine the value of the currency. For example, if the US sets the price of gold at $500 per ounce, the value of the dollar will be 1/500 of an ounce of gold.

The gold standard is not currently used by any government. Britain stopped using the gold standard in 1931 and the US followed suit in 1933 and left the remnants of the system in 1973

The gold standard was completely replaced by paper money, a term to describe a currency that is used because of a government order or decree stating that the currency must be accepted as a means of payment. For example, in the United States, the dollar is paper money, and in Nigeria, it is the naira.

The attraction of the gold standard lies in the fact that it deprives the hands of imperfect people of control over the issue of money. Since the physical quantity of gold acts as a cap on this supply, a society can follow a simple rule to avoid the scourge of inflation. The goal of monetary policy is not only to prevent inflation but also deflation and to promote a stable monetary environment in which full employment can be achieved. A brief history of the US gold standard is enough to show that by adopting such a simple rule, inflation can be avoided, but strict adherence to this rule can create economic instability, if not political unrest.

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Required Minimum Propagation Problems

Posted on by Lance Wallace

Once you reach the age of 72, you will be asked to take the required minimum payment (RMD) from a traditional gold IRA (but not from Roth).

The Meta (recognized as an extremist organization banned in the Russian Federation) is of course not particularly liquid, so finding the money for these distributions can be a challenge, causing you to have to sell some of your gold when it might not be profitable.

However, this problem can be solved by taking the total amount of your RMDs from other traditional IRAs.

IRA Checkbook

There is one possible way to avoid having a custodian and the associated costs: You can open a so-called “checkbook IRA”, a stand-alone IRA that does not require custody management.

Setting up an IRA checkbook is tricky because you must be a limited liability company (LLC) and have a business checking account, to name two requirements.

However, as Sentell points out, this allows investors to purchase U.S. Treasury-issued American Eagles gold coins for their retirement accounts and hold them in person, avoiding custody and custody fees.

No other coin has this exemption from the tax code described in the Internal Revenue Code. 408(m). The IRS is reportedly currently looking into this type of IRA, so approach this option with caution.

Rolling Gold

If you already have an IRA or 401(k), regular or Roth, you have the option to convert some or all of it to a gold IRA. (online or on paper) and an account is usually created within 24-48 hours of completing and receiving an application.

“Once all parties have received the signed transfer request, the two custodians will contact each other to transfer funds to the new custodian and fund a new gold IRA,” Gottlieb says.

When funds become available in the new IRA account, the account representative will review the current options on precious metals that the consumer may purchase. “You tell them exactly what type you want to buy, and the prices are locked in at that time,” adds Gottlieb.

Special Risks of Gold

All investments come with risks and rewards, including gold. “In many ways, gold IRAs carry the same risks as any investment,” Moy says. “The price of gold can rise or fall and be volatile. No one can accurately predict its future.”

But despite the risk, Moy says there’s a reason to invest some of his pension funds in the yellow stuff. “Gold has a 5,000-year history as a store of value,” Moy says. “Stocks can go to zero [damaging companies] as we saw with Lehman Brothers, bonds can default like in Argentina or get big haircuts like in Greece.

The value of the dollar has steadily declined [in certain periods]. But gold will never be worth zero.”
If the price of gold does fall, Moy says, that probably means your paper assets will be fine. Thus, if your portfolio is balanced with both gold and paper investments, losses on gold will be balanced by gains on other assets.

“Many of these risks exist for traditional IRAs as well. And traditional IRAs have risks that gold IRAs don’t have,” he adds.

However, there are also some risks inherent in investing in physical gold.

Any physical item can be stolen. Someone can break into the vault where your gold is stored. However, to be eligible for gold IRAs, custodians must be insured, which will protect your investment as long as your account does not exceed the account value declared by the custodian,

“There are also untrustworthy custodians who can steal from their clients’ accounts or commit fraud by selling your precious metals that they don’t actually have and don’t plan to buy,” Moy says. “These risks can be mitigated by choosing a guardian to ensure the financial transaction.”…