- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: What to do with half mill?
Posted on 4/26/14 at 11:24 am to Iowa Golfer
Posted on 4/26/14 at 11:24 am to Iowa Golfer
quote:
What to do with half mill?
They shouldn't overlook payable on death options.
They spent their entire life accumulating this asset, in my opinion, in addition to keeping it in a safe investment vehicle, they should also spend some of it and enjoy it.
This chunk is in addition to a checking account they have that provides them with enough to pay monthly bills and go camping occasionally. They are enjoying retirement and living comfortably.
Please elaborate on "payable on death options"
2
Posted on 4/26/14 at 11:31 am to purpngold
LINK
This is a general overview. Obviously you should seek the advice of a competent and trusted advisor. Having said that, I have POD provisions on my Simple IRA, Roth IRA, brokerage accounts, commodity accounts and bank accounts and I'm 47.
Many seem to get all caught up in placing assets in a trust. There are some reason to be very careful with this including every time an asset is purchased after the trust is created one needs to remember to place it in the trust, otherwise it isn't in the trust. Many advisors and attorneys disagree with this, many Judges do not.
This is a general overview. Obviously you should seek the advice of a competent and trusted advisor. Having said that, I have POD provisions on my Simple IRA, Roth IRA, brokerage accounts, commodity accounts and bank accounts and I'm 47.
Many seem to get all caught up in placing assets in a trust. There are some reason to be very careful with this including every time an asset is purchased after the trust is created one needs to remember to place it in the trust, otherwise it isn't in the trust. Many advisors and attorneys disagree with this, many Judges do not.
This post was edited on 4/26/14 at 11:33 am
Posted on 4/26/14 at 12:04 pm to purpngold
quote:
Please elaborate on "payable on death options"
Basically, it has a beneficiary so the money spent go thru probate and get taxed heavily.
Why diesnt he do something like gift the max amount to each kid each year, I think it's $13k/year (double if kid is married). It's tax free and it's a way to transfer it to whoever he wants.
Talk to a financial guy you trust. They will explain how to keep it away from taxes. If he dies w that much cash, the tax man cometh!
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News