Joe Anderson, CFP® and Big Al Clopine CPA answer your burning financial questions in episode 61 of the YMYW podcast, ranging from how to avoid gift taxes to why it’s worth it to invest in a 401(k). Original publish date September 3, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.
00:00 – Intro
04:17 – “When we talk about long-term care planning, a lot of people assume we mean you have to buy insurance and that’s one way to solve an issue, but not the only way.”
06:20 – “Medicare covers skilled care; they don’t necessarily cover custodial care. Custodial care means you’re not necessarily going to get better. Skilled care can patch you up and get you out the door.”
11:20 – “What type of loan should I use to buy out my sibling for inherited property?”
16:59 – “You may have a will or a trust and that will spell out how the assets will be divvied up, but a letter of instructions and meeting beforehand goes a long way.”
20:24 – “Can I avoid paying gift tax? Can a grandparent gift a grandchild money for college and not have to pay a gift tax? Would the grandchild have to pay taxes on it too?”
27:55 – “I think it’s really important to take advantage of the tax laws that are given to us. If you are a business owner, you can pay your child do something for your business and it becomes a deduction for you.”
28:20 – “If you really understand what the rules and opportunities are, you can take some control over your taxes.”
30:45 – “I recently opened an LLC and landed my first client. Is there a limitation to how much income I can make off a single client?”
31:51 – “I withdrew $8,000 from my 401(k). I have retired at 59 and have not cashed the check. If I send it back, what happens? Will I still be penalized?”
34:56 – “How much capital gains tax will I pay on a home I sold after living in it for only 13 months?”
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IMPORTANT DISCLOSURES:
Pure Financial Advisors is a registered investment advisor. This show does not intend to provide personalized investment advice through this broadcast and does not represent that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the broadcast in the process of making a full and informed investment decision.
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are not intended as investment advice or to predict future performance.
• Past performance does not guarantee future results.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. As rules and regulations change, content may become outdated.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.
