"Fiscal Cliff" Implications
#13
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.
For the FedEx guys, Hyatt Legal through Met Life covers the cost of doing this. Just some food for thought.
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.
#14
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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.
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.
With the massive changes coming in the near future, stay on top of this.
#15
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http://www.nytimes.com/2012/07/22/ar...gewanted%3Dall
#16
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.
Another few years of recession as a minimum.
#17
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.
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.
#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!!
Get it done this week or next. This train is coming at you and you are sitting on the tracks!!
#19
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Joined APC: Apr 2011
Posts: 128
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!!
Get it done this week or next. This train is coming at you and you are sitting on the tracks!!
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