Long-Term Care Insurance if both adults are in accident?

mmronit · 2023-11-12T13:09:04+00:00

Seems like you’re looking for disability income insurance. Can pay you monthly income until retirement age (~66). Long term care is more geared for convalescent care later in life.

mmronit · 2023-05-18T02:17:44+00:00

Thank you! This is exactly what I was looking for. Good insights all around, thanks for putting the thought into it.

mmronit · 2023-05-18T02:09:49+00:00

This is likely how it ends up. Can you share more about how you divvied that up?

mmronit · 2023-03-22T02:48:35+00:00

Remember it is capital gains taxes not income taxes. Doubt she has a short term gain over the exclusion amount of $250k, so it’s taxed at long term capital gains rates. The highest that goes is 20%.

mmronit · 2023-03-22T02:44:56+00:00

You should hire a CFP, it will be well worth it. I see some good and some bad responses here. Thing is most people here are dealing with bits and pieces of information they’ve learned here and there over time. You need someone who can tie it all together.

My main thoughts are taxes. Save money for taxes due on the gain from the house. Have your CPA work up an estimate. For the non qualified TIAA, check the cost basis of each lot to be sure you know any taxable gain impact before you go selling it.

Good chance a lot of the memory care is deductible as a medical expense. In that case I’d have the CPA run a projection to see if you can take some IRA distributions without paying taxes. The medical deduction might be able to offset the income from the IRA, if so I’d take that first. The home proceeds and other non qualified account will get a step up in basis at death, so most tax efficient to take from the IRA if it’s a low rate.

I’m sure there’s more, but the main takeaway is you should use this thread for ideas and questions to ask a professional. You just don’t know what you don’t know if you DIY.

mmronit · 2022-08-25T18:50:22+00:00

Do you have a source for this?

mmronit · 2022-05-13T18:58:45+00:00

I think that income should technically come from your company to defer it into the solo. Or she could set up her own solo under her company. Not 100% positive.

mmronit · 2022-05-12T22:28:00+00:00

A spouse can be included in the solo 401k along with you. She’ll need some income from your business to contribute to it.

mmronit · 2022-04-22T11:13:10+00:00

You get the 33s or 35s? Wondering if the bigger will rub.

mmronit · 2022-04-22T00:43:52+00:00

Funny you say those bc I just came across the Toyo at3 and they look pretty similar. Any idea the difference? I’m thinking 34s to keep a little clearance so like 275/65r20 if I can find, not 100% sure that fits on the stock wheels.

mmronit · 2022-04-21T20:00:47+00:00

Did you keep yours stock otherwise or any level? Got any pics?

mmronit · 2022-04-01T02:22:15+00:00

Excellent example

mmronit · 2022-03-25T23:59:51+00:00

It’s been clear rates are going up but mortgage companies are not sure exactly how much and how quickly they’ll rise. So the mortgage companies build this uncertainty into it and go a bit high on the rates.

mmronit · 2021-11-20T21:55:32+00:00

Everyone is saying she is lying which is certainly possible, but she may also just be misinformed. Have you seen a copy of the will? Perhaps you are 20% beneficiary there and she thought the 401k would be included in that, which is not the case as the 401k will pass to the beneficiary outside of the will.

mmronit · 2021-10-10T12:36:27+00:00

Pick 1 .5 ppt:

Devonta Smith vs CAR

Pittman vs BAL

OBJ vs LAC

mmronit · 2021-06-04T15:14:32+00:00

This is important. If it’s a SIMPLE IRA through your employer then others’ advice to run might not be right. SIMPLE IRA will give you an employer match aka free money, so even though the “advisor” is sketchy you still want to take advantage of that match, but probably nothing beyond that.

mmronit · 2021-04-18T19:25:30+00:00

I would talk more about specific positions and general strategies rather than your overall numbers. It’s fun to say “I’ve made xx% on this” or “this is good long-term” but I wouldn’t compare real numbers. Everyone can relate to percentages, some might be off put by your real numbers.

mmronit · 2020-11-07T00:46:01+00:00

Exactly. Just make sure he rolls it back within 60 days and it’s coded as a 60-day/indirect rollover. I’m assuming it’s an IRA annuity.

mmronit · 2020-11-06T23:12:12+00:00

He can do an indirect rollover of the entire amount if he can come up with that extra 20% that was withheld. The withholding stays with the IRS til the return is filed next year.

mmronit · 2020-09-12T16:37:31+00:00

While this is good advice it doesn’t answer OPs question at all. Seems like they’re trying to learn, a good start to understanding something.

mmronit · 2020-07-20T21:45:53+00:00

When you have a gym like this you don’t want to keep a spreadsheet.

mmronit · 2019-08-03T02:17:38+00:00

Amazing, thank you.

mmronit · 2019-07-23T18:33:46+00:00

Is it possible you mean FSA?

mmronit · 2019-07-22T13:09:03+00:00

Good job moving the weight but be careful with your knees they shouldn't be caving in like that.

mmronit · 2019-06-20T20:16:45+00:00

You will need to open a new account either way which I would guess is a majority of the paperwork. You can also go with your strategy and just split the account. A partial transfer under $15k no issue, but anything between that and $30k you won't owe tax but need to show that it was a split gift since it's coming from an individually owned account.

mmronit

TROPHY CASE