Відео

In the State of Ohio, Life Estates offer minimal protection. There is a chart under the Ohio Revised Code that shows what ownership percentage the Life Tenants still own, despite transferring the property via a Life Estate. My grandparents set up a life estate in 2005. In 2021 after my grandfather died, my grandmother needed nursing care. Despite achieving the 5 year look-back, Medicaid determined she still owned 24% of the life estate property and instructed the family to sell off her position in the Life Estate (who would buy that?) or, sell off parts of the estate until she hit 24%, spend it down, then she would become eligible for Medicaid. Life Estates used to offer protection due to Mediaid recovery rules that indicated only probated assets could be recovered against. That law changed in 2005, removing a lot of the protections Life Estates used to offer.

So that means if ur monthly 1900 then u have to pay each month 700 dollars

Here's a situation. Couple buys a house and Mom, who is 87 co-signed on the loan to help the kids qualify. So, Mom is on the Mortgage and Tile to the house. Couple takes care of Mom at home but now wants to place mom in a facility. Mom has no Assets and the house has no equity. No Trust is in place... YET! So, if they place mom in a community that accepts medicaid, can the State put a lien on the kids house? Or what would the options be?

Asking for a friend, how foes anyone know/track if someone gives any amount of money to someone else?

Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.

Don’t ever have a car loan. Buy only what you can afford.

Fucking Republicans party has screwed us for the rich. I have had to paid taxes in seventy two years ,so, I am ask to paid taxes after I retire, because I can not survive on just social security. I must continue to work in order to paid my bills. I will never again vote Republican. They are a bunch of a crooks.

That was helpful. I'm thinking of starting my SS at 64 as opposed to FRA of 67. My family history and health indicate an early exit from this mortal coil so rather than wait until FRA for the full amount I think having some money now for savings and quality of life is a good trade off. And if I do go over the income limit and the SS holding a few months a year may be worth it. Thank you.

Govt needs your money to go to Ukraine and Illegals

Can I have child dependent ss benefits deposited to my own personal bank account for me to subsidize my childrens expenses and prevent ssa from asking it back when they turn 18?

They did not withhold any full months to get paid back. They are taking 10% per month until paid off. The payoff runs past FRA so not sure how that affects the refund from them.

Over contributed how ridiculous does that sound,you have been taught all your life to save and then the irs puts a cap on how much you can such bs

The new rules worked out for me. I inherited an IRA in 2020 while still working and in the top tax bracket. RMD penalties have been forgiven for 2020 through 2024 so I saved vs the old stretch rules. Now I have 6 years to empty the account while I am retired and in a low bracket emptying the account before SS kicks in.

I just retired and spouse still works. If I understand it correctly she can contribute $31k to her 401k and $8k to an IRA and I can do $8k to an IRA for a total of $47k totally wiping out her income. Am I missing something? We are below all income limits to contribute.

You never really pay 20% because in that bracket you would have to pay the additional 3.8% tax so it’s 23.8%.

Do 401k contributions impact the earned income penalty for example if you make $39k and eliminate it all via 401k and IRA. Also if you start collecting early and keep working will they increase as some zero years drop off the calculation?

What happens if you start SS while still working and have some zero income years in your calculation. Does the calculation reset each year so you get more as the zero income years drop off. Also how does 401k contributions impact the penalty calculation. Example what if you eliminate all your income by 401k and IRA contributions.

Can rental proptery be put into a medicaid irrevocable trust?

What if my daughter doesn't live with me?

My wife recently passed at 64 three months before her 65th birthday and when she planned to claim SS benefits. I retired about 2 years prior to her passing and was receiving my pension benefits. I applied for and was awarded survivors benefit but the benefit was reduced to zero because (as it was explained to me) my pension benefit - 75%, was more than the awarded survivor benefit. That's when i was made aware of the GPO. (Government Pension Offset) The rule that says a government (federal, state or local) employee who earns a pension, and you DON'T contribute to SS... My issue is I've been contributing to SS while working at this same job for nearly 40 years. I never stopped contributing to SS and it was never offered to me as an option to stop. Am I missing something? I've since submitted a "reconsideration" application, but I've not heard from SS yet.

Can you tell us how SSDI is taxed?

Too late for me 😭

This is an illegal vote bribery trying to take advantage of young people. It is Biden's another illegal practice to American people with American taxpayers' money.

Hi Mike, just wanted to add one piece to Roth IRA distributions. Yes you are able to take your own contributions tax and penalty free, but only AFTER the Roth IRA has been open for 5 years

Total Student Debt is 1.6 TRILLION. Typical Democrat Proposal: day late, dollar short. Nevermind the Genocide, have some crumbs.

Do you give any consulting?

Thank You parents for raising valueless human beings with nothing to contribute but more misery. I am sure parents everywhere are smiling at theirs children's ACHIEVEMENTS but Grandparents are thinking contraception might have been the better choice.

Born August 3, 1955. What age must i take the first RMD?

how long would take to recoup the held money after 67 if you worked let's say a whole year or would you be better off just waiting a year to file

Creating wealth entails establishing positive routines, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital subject that many avoid, often leading to future regrets.

What if you make more than your "best 35" while your takeing SS at 62, does that increase your benefits at FRA also, with the payback from the penalty

Does this work in california? Step-up would mean here the explosion in property tax????

very very helpful thank you

Great Information!!!!!

So true

They know a certain number will die before fra, saving them money.

Medicaid Vulnerability Vultures,The Law should Be Changed to Protect Generational Wealth.

Risky Business with a Trust. Thank You

Excellent video thanks

In your example 1, Jim $2500 and Sara $2000. When Jim dies does Sara get $2500 no matter what age she or Jim started benefits? For example Jim’s $2500 is based on age 70 vs Sara $2000 is age 62.

What about if its a survivor benefit that you take before yout FRA? Do you still get penalty back?

Why don’t people ever cover the primary use of a 401k - to invest in assets outside of stocks/bonds? What if someone want to purchase a $500k rental property and they have $400k in their 401k? Can they put the LLC of the property in their 401k? Does the 401k have to have the $500k before purchasing the property or can the account hold partial ownership?

Ok so go spend 35k and put 5k in a shoe box in your room. Come tax season when you owe on the 40k you have it in cash. Why is this rocket science? F#ck it I'm taking out my 401k.

What if you lease? This seems to be the way around this.

I assume if the inherited retirement account is a Roth IRA, then there will be no required RMDs because the original owner didn't have RMDs because RMDs are not required with original Roth IRAs. So the non-spouse beneficiaries can keep the inherited Roth IRA whole, undisturbed for the whole 10 years, at which point the account must be liquidated and closed; but not until the 10th year.. That's basically what Ed Slott says, what do you think. I have no idea what the IRpeSt thinks.

i have 40k negative equity i don’t know what to do

Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.

I saw a video earlier today that made super sense. If you have to get a car loan, you cannot afford the car. Understand folks have to get to work, but the video more or less laid out that one should use cash, save, cash save, and cash to elevate ones self to a moderately priced car....with NO car loan.

Hello. If I understand correctly...I over contribute for 2023 and had filed a tax extension. I can width draw contribution and NIA from my Roth, pay capital gain for my NIA amount (from form 1099-R?) but I don't need to file form 5329 because there is no penalty since I am correcting this before the extension deadline, Oct. 15, correct? Basically, I don't need to worry about form 5329?

My wife bought the Tesla and we had no income so we lost the entire 7500.00. This was never told to us we were expecting to get the money back or be able to carry it forward so this really hurts the lower income people the most who do not rely on the government for any support. I feel like we should be able to carry it forward so thats just really sad for my wife and I.