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"Fiscal Cliff" Implications

Old 12-04-2012, 07:56 AM
  #11  
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Originally Posted by the walrus View Post
but i'm still dead, right?

ba-da-boom!!!!
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Old 12-04-2012, 06:41 PM
  #12  
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Originally Posted by The Walrus View Post
But I'm still dead, right?
No..you're on a Taipei layover.
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Old 12-05-2012, 01:06 AM
  #13  
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Originally Posted by Flyinhigh View Post
The other way is to go to an estate planning attorney and have them draw up a Revocable Trust. You name the Revocable Trust as the beneficiary of all your assets (same for your spouse) and then it doesn't matter who passes away first. Everything is shielded from the estate tax.
For the FedEx guys, Hyatt Legal through Met Life covers the cost of doing this. Just some food for thought.
If you're trying to be smart with life insurance, a better method is through use of an irrevocable life insurance trust (ILIT). There are significant benefits to using this estate planning tool in combination with a revocable living trust.
Variables include marital status, the current size of your estate and potential estate value in the future and how much life insurance you're carrying. If you're going to consider a living trust, it's worth asking if an ILIT is appropriate as well.
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Old 12-05-2012, 05:11 AM
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Originally Posted by Adlerdriver View Post
If you're trying to be smart with life insurance, a better method is through use of an irrevocable life insurance trust (ILIT). There are significant benefits to using this estate planning tool in combination with a revocable living trust.
Variables include marital status, the current size of your estate and potential estate value in the future and how much life insurance you're carrying. If you're going to consider a living trust, it's worth asking if an ILIT is appropriate as well.
Great suggestion. Sometimes we don't realize just how much all of our "stuff" is worth. Everyone needs to be proactive and informed to protect as much as you can for your family. After all; it's what you have worked all of your life for. Make sure the right people get to keep it. Just takes a little time and effort.
With the massive changes coming in the near future, stay on top of this.
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Old 12-05-2012, 02:55 PM
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Originally Posted by Flyinhigh View Post
Sometimes we don't realize just how much all of our "stuff" is worth.
What really matters is what the IRS says our "stuff" is worth...

http://www.nytimes.com/2012/07/22/ar...gewanted%3Dall

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Old 12-06-2012, 03:52 AM
  #16  
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Falling off the fiscal Cliff will have a devastating effect on the economy, and very quickly trickle down to all sectors....How can someone not think this is the case?
Another few years of recession as a minimum.
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Old 12-06-2012, 04:40 AM
  #17  
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The so called "cliff" is on the edge of a mountain of debt. If that mountain gets higher we would eventually fall off a higher cliff. Great Britain, Ireland and Germany are handling their "cliff" at much earlier stages than Spain, Italy and Greece chose to.

Pay now or pay much more later. The eventual rise of interest rates without fixing it now is what we should all fear.

But harbingers will continue to be derided. Those without children just want to maintain their comfortable lifestyle a little while longer.

Last edited by Gunter; 12-06-2012 at 05:07 AM.
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Old 12-06-2012, 05:50 AM
  #18  
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Now is the time to put all of your financial and tax plans in place. Get it done before the first of the year. The "wealthy" are already going to take a hit from Obamacare and the surtaxes that legislation imposes on MediCare taxes and investments. Every pilot at FedEx took a tax hit on the HCSA reduction. The proposed increase in tax rates for 2013 on income and dividends will just be an extra slap in the face. It doesn't take a stretch to figure a FedEx pilot and his spouse are "wealthy." A widebody Captain thats been here 20 years, military retiree, working spouse, a few decent investments and you are square in the crosshairs of this administration.
Get it done this week or next. This train is coming at you and you are sitting on the tracks!!
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Old 12-06-2012, 05:59 AM
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Originally Posted by Flyinhigh View Post
Now is the time to put all of your financial and tax plans in place. Get it done before the first of the year. The "wealthy" are already going to take a hit from Obamacare and the surtaxes that legislation imposes on MediCare taxes and investments. Every pilot at FedEx took a tax hit on the HCSA reduction. The proposed increase in tax rates for 2013 on income and dividends will just be an extra slap in the face. It doesn't take a stretch to figure a FedEx pilot and his spouse are "wealthy." A widebody Captain thats been here 20 years, military retiree, working spouse, a few decent investments and you are square in the crosshairs of this administration.
Get it done this week or next. This train is coming at you and you are sitting on the tracks!!
Hey, he's just "asking" you wealthy to pay "just a little more" so your fellow Americans don't have to work as hard. What's so wrong with that?
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Old 12-06-2012, 07:03 AM
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Quit your b!tch!n and back the PAC you union haters. The contributions to obamacare opponents is up to 25% this cycle. That doubles the percentage from 2008 and 2010.
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