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I need help planning my parents finances - my dad is going

I need help planning my parents finances - my dad is going into a nursing home and we want to shield as many assets as possible they have 36k in savings, 9k in mature bonds and 35k in a 401k - if it was me iwould by a new car (theirs is 10 years old) put 30k in a special needs trust fund which the disab led person will hold for them. and then have the state perform the financial assessment form. Where they split the assets in half, determine community spose need for income. and determine the spend down amount - am I giving foolish advice

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,384 satisfied customers
I am the sole beneficiary of my late mothers money market

I am the sole beneficiary of my late mothers money market account, and executor of her estate. When I visited the bank, they opened an estate account with funds from her saving and checking account. But, opened a Traditional IRA with the money market account, giving me basically no other option. When I questioned the opening of the IRA, the banker advised me that I could take a lump sum, but I would be hit with quite a high tax if I did so. Isn't a money market account just like a savings account? If so, why would it be taxed at such a high rate? Also, I realized that evening that I was not given any information regarding the IRA, not an account number, information sheet..nothing.

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TaxRobin

Vocational, Technical or Trade School

 
20,340 satisfied customers
If you pull money 401k/IRA purchase of a home or college

If you pull money for a 401k/IRA for the purchase of a home or college tuition, is it tax exempt?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,384 satisfied customers
I would like you to evaluate my retirement and personal

I would like you to evaluate my retirement and personal investments. My wife and I are 74 and only debt is home mortgage ($156K) and vacation cabin ($95K). Our SEP value is $162K and invested in these Equities: Enerplus Corp, Ford Motor Co New, GE Cap Corp, Callable, Ishares Gold Trust, Kinder Morgan, Northwest Pipe Co, and, Tembec Inc New; AND, in this mutual fund: Nuveen Small Cap Select; AND, in these two Taxable Bonds: Goldman Sachs Cap II FLTG, and, Transocean Inc.We are interested in income and income/growth, so that is the reason for the bonds and others that pay dividends/interest.We are too old for growth alone. Our broker is not too hot on investing in long term growth stocks/mutual funds. Not much time at our age to recoup significant losses.Our Personal Savings value is $58K, and, is invested in: Enerplus Corp, Telecom Argentina SA, and, American Cap World Grow and Inc Fd.We have $252K in cash (savings and checking). We have $228K in equity of our home, cabin, cars, and travel trailer.Our estimated net worth is $700K. We get $30K/year from our SEP ($2,500/month) and $36K/year in SS benefits.What are your thoughts of our investments? What changes would you suggest in any area of this information? Good paying interest/dividends on Bonds are very rare now. Our broker keeps an eye open for good paying bonds. We are conservative in our spending and our main checking account grows some each month. Do you think we are pulling out too much from our SEP-IRA?

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PDtax

Owner

Master's Degree

 
6,682 satisfied customers
There Lane. Jamie Eckard here again. I hope all is well

Hi there Lane. Jamie Eckard here again. I hope all is well your way. I have a client who has $22k in a traditional IRA and they want to convert to a Roth IRA. The client has the following items as far as income for 2016.W-2 - $13,000Interest - $2,100Dividends - $17,600 and $6,700 qualifiedCapital Gains - $15,000Social Security - $16,000 (taxable, she is only in her 30's, her husband passed away in 2013)My question is what would be the best way to make this transfer? Roll the amount over and just pay the tax? Or is there some other way to do this now?Thanks so much for your help.Jamie

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,384 satisfied customers
1. You are considering opening a bagel restaurant aimed

1. You are considering opening a bagel restaurant aimed primarily at the breakfast trade. You'll sell bagels, coffee, and other items in relatively fixed proportions to one another. For each bagel sold, you expect the company to sell two cups of coffee and $2 of other items. You'll earn $0.50 on each bagel, $0.50 on each cup of coffee, and $1.00 on the other items. Salaries, equipment, and rent cost about $100,000 per year. What is the break-even quantity of bagels?2. You are a financial planner who helps clients plan for retirement. Suppose one of your clients is 4 years away from retirement and has only $1,500 in pretax income to devote to either a Roth or traditional IRA. The traditional IRA permits investors to contribute the full $1,500 since contributions to these accounts are tax-deductible, but they must pay taxes on all future distributions. In contrast, contributions to a Roth IRA are not tax-deductible, meaning that at a tax rate of 17 percent, the investor is able to contribute only $1,245 after taxes; however, the earnings of a Roth IRA grow tax-free. Your company has decided to waive the one-time set-up fee of $25 to open a Roth IRA; however, investors opening a traditional IRA must pay the $25 set-up fee (in the first year only). Assuming that your client anticipates that her tax rate will remain at 17 percent in retirement and will earn a stable 8 percent return on her investments, will she prefer a traditional or Roth IRA?

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PDtax

Owner

Master's Degree

 
6,682 satisfied customers
I am writing you to get an opinion. I am getting a

I am writing you to get an opinion. I am getting a settlement soon approximately 25,000.00.I will be utilizing a good part of this within next 6 months and wondering what is the best way to allocatemonies at my bank WITHOUT LOCKING MONIES IN and HAVING IT AVAILABLE to withdraw within nextseveral months?Perhaps there is a wise option you can recommend? I could even put some of it in IRA or whatever you think.I appreciate your help/expertise with this. Thank you.

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TaxRobin

Vocational, Technical or Trade School

 
20,340 satisfied customers
I have an ira. at what age can i draw it out without having

i have an ira. at what age can i draw it out without having penalties? will i have to pay taxes on the amount withdrawn.?am i limited to the amount i can draw out at one time?

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bkb1956

Enrolled Agent, Paralegal

 
4,702 satisfied customers
My son runs a tile and grout cleaning business. He is the

My son runs a tile and grout cleaning business. He is the only worker, but will get a friend to help out occasionally for large jobs. What can he do to place money in a retirement account, PC, LLC, etc, which will help reduce taxes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,384 satisfied customers
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