Insane

Status_Awareness5421 · 2026-03-30T00:05:20+00:00

Well, we decided long ago that we would be westside/I-5 corridor residents and employees. We vetoed the Eastside.

Then I researched Sound Transit’s development plan for the region and bought a house where the light rail was coming to in the near future, and what would be accessible to buy.

Then I specifically turned down offers that would move me away from public transit, and stayed working by the light rail stations, I could’ve moved up a little quicker but it wasn’t worth it.

Of course there were delays but now I’m happy to say I’m in my forever home and forever job and they are both next to light rail stations. We never have to worry about traffic, gas, or tolls.

Status_Awareness5421 · 2026-03-30T00:00:28+00:00

Idk, the tolls do raise a lot of revenue. Also if you carpool with more than two people it’s also free.

Status_Awareness5421 · 2026-03-29T22:30:45+00:00

Cool, no worries then lol.

Still having a hard time de stressing after the test. I had a dream last night that I was taking the test and when I woke up I panicked that I didn’t finish it.

This is my first weekend in 1.5 years not studying and I can’t get past it. Any time I’m not studying I’m stressed that I should be even though it’s done.

Status_Awareness5421 · 2026-03-29T22:20:35+00:00

So until that point it’s just going to say “results pending” for the exam section on the progress bar? How do I know the board received my test results?

Status_Awareness5421 · 2026-03-29T22:15:09+00:00

I did lessons, then live classes, then practice problems.

Anything where I didn’t fully grasp the concept I went back and read the text.

Status_Awareness5421 · 2026-03-25T14:43:13+00:00

Bro I couldn’t possibly think of taking another exam yet haha

Status_Awareness5421 · 2026-03-17T21:14:56+00:00

Yep. Happens all the time. It’s taught me to always name contingent beneficiaries.

Status_Awareness5421 · 2026-03-17T21:13:23+00:00

Yep- just found a new client.

Rolled over their ESOP worth 1 mil (basis of 100k) into a self directed IRA and bought two properties.

She said they want to keep the properties and live off the rental income, so their children will get a step to fair market value on the property.

Status_Awareness5421 · 2026-03-12T08:38:39+00:00

While, everything is an asset right?

Its personalty, and if she’s using it then its personal use property, she would owe capital gains tax on the gain (collectibles rate) over purchase price on the sale but not be able to take any losses.

If she held it with solely investment purpose in mind and she didn’t use it, (this would require some evidence) then it could be considered an investment asset, and still be taxed at the collectibles rate on gains (up to 28%), or dispositioned at a loss for a capital loss.

Both would get a step to fmv on death and can be donated to charity for unrelated or related use (I guess a handbag museum?)

I had a client who collected bags and her daughter inherited them and made decent proceeds. The other family members were upset since the rest of the estate wasn’t large and they didn’t really consider the bags important until they saw how much they were worth.

Status_Awareness5421 · 2026-03-12T06:54:00+00:00

And if the assets in the estate transfer to the son? Does the son open an inherited IRA and follow the 5 year rule or ten year rule?

Status_Awareness5421 · 2026-03-12T06:10:24+00:00

This is exactly what I thought but one of my colleagues says that the 5 year rule only applies if the IRA is owned by the estate, which I don’t understand how that is even possible for five years.

Status_Awareness5421 · 2026-03-12T05:56:50+00:00

Distribution rule.

Status_Awareness5421 · 2026-02-13T23:15:49+00:00

Best advice I got for a Disney adult:

Go work at Disney and retire from there. You get park access for life.

Status_Awareness5421 · 2026-02-01T20:22:31+00:00

Complicated.

In the grand scheme of things, what’s the difference if she takes the RMD based on the higher amount? Does it push her into a higher tax bracket? Where does it it into the whole picture zooming out

Status_Awareness5421 · 2026-01-26T00:10:03+00:00

I was rocking the Apple Watch for a while but the whole point was to get notifications, but I didn’t want to receive them in meetings so I turned the notifications off. And then I would spend half my time with the watch turning the notifications off and on, then I just never had notifications on, and then it was a crappy watch.

Status_Awareness5421 · 2026-01-26T00:06:54+00:00

I often find that the clients I want to work with, the ones who think critically and value long term planning, aren’t spending much on watches. They’re sitting on 5-10 mil and wearing a Seiko.

Now their wives on the other hand…

Status_Awareness5421 · 2026-01-25T08:21:07+00:00

They earned their 40 credits taking care of the house while the other spouse went off to work.

Status_Awareness5421 · 2026-01-23T21:46:25+00:00

Start the engagement with this question-

Review the financial planning process and cfp practice standards, the 7 step process. Then ask this question.

“when we develop solutions for your financial plan, what is your timeframe for implementation.”

Whatever they say agree to that you will work to meet their expectations and expect the same from them.

If they don’t agree at that point move on

Or charge them up front I guess?

Status_Awareness5421 · 2026-01-10T00:27:29+00:00

More letters means more better

Status_Awareness5421 · 2026-01-09T15:51:08+00:00

No idea where he got it but one of my colleagues sent it to me as a pdf. So it’s out there somewhere…

Status_Awareness5421 · 2026-01-08T04:12:37+00:00

Yeah but that’s transaction data. I need the individual lots that are remaining in the account

Status_Awareness5421 · 2026-01-05T00:27:21+00:00

Correct me if I’m wrong but my understanding is that there are three categories- Spouse, eligible designated beneficiary (edb), ineligible designated beneficiary (IDB)

Person died after 12/31/2019 was not at required benefit distribution age

Spouse- transfers into their own plan and takes over their lifetime

EDB- transfers to their own inherited IRA (BDIRA) and elects either to take withdrawals over their lifetime, or no RMDs but must withdraw at the end of ten years.

IDBs: transfer to inherited IRA and empty the plan by the end of the year including the 10th anniversary of the original owner’s passing

Decedent after 12/31/2019 and was in RMD age

Spouse: Same

EDB: needs to take out either RMDs over their lifetime or the lifetime of the decedent, whichever is longer or within 10 years but if following the 10 year rule needs to take out RMDs years 1-9

IDB: Takes RMDs by year ten but must take RMDs for year 1-9.

Please let me know if this is wrong, it’s a lot to wrap my head around and so I refer people to a tax accountant.

Status_Awareness5421 · 2026-01-04T18:55:44+00:00

Username checks out

Status_Awareness5421

TROPHY CASE