An IRS-Approved Way to Cut your Required Minimum Distribution.

Wealth growth ( with Clipping Path )Chutes and Ladders comes to mind when you’re trying to figure out how much you must take out of your IRAs, etc. at age 70½ and after. If you land here, you slide to there and take that much out.  If you get here, you go down the chute to there and take something else.

But now there’s a ladder, an opportunity to let a significant part of your IRA keep growing. And it’s courtesy of IRS. Read more

What’s Wrong With a Handwritten Will?

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One morning, farmer Cecil George Jones told his wife that he was going to work with his tractor on some land away from their house, and he’d be home by 10pm. When he wasn’t, she went looking for him.

It was raining when she found him lying on the ground. He was still alive, but unable to move because his entire left leg – from his ankle to his hip — was pinned under the tractor’s left wheel. The tractor only had metal wheels, no tires. On each wheel were 4-inch v-shaped metal lugs.

She rushed to get help, and with the others, was able to jack up the tractor. Her husband was still breathing, so they were able to lift him into a car. Ironically, the rain had turned the road into a muddy path, and so the friends had to use the tractor to tow the car out of the mud and up to the main, gravel road. Read more

Charitable IRAs Are Back!

Over 70 ½? Once again you can deflect up to $100,000 to a charity, without paying tax on those dollars first. The charitable rollover can also be part of any Required Minimum Distribution you have to take.

The President signed the new tax act on Friday, and it resurrects this charitable move.

Call us or your CPA for more details.

The Anti-Doc Antidote: The Advocate.

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When waves of medical professionals are trying to help diagnose or treat a tough condition, it’s easy for the patient to become a puzzle, an experiment, an object. So who’s best to judge what’s best for the patient, especially when he or she can’t communicate? The patient, the spouse, the children . . . who need to be the patient’s very vocal advocate. Here’s a real-life example why. Read more

George In The News. . .

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Turkey! A Thanksgiving Questionnaire for You.

3866850No, not the bird in the oven, soon to be on the table. You, turkey. Or really, your parent or your adult child is the turkey if they won’t fill out this questionnaire.

But there’s more fowl play: not pushing them to share this information makes you an ostrich, head in the sand, ignoring the obvious. And making the legal and family situations much, much worse.

A word of explanation. This is your third chance to get critical information. Many readers have mentioned that the two previous Thanksgiving Questionnaires were very useful. Some readers even thought they were funny. Read more

31 Reasons Why Your LLC Needs an Operating Agreement

OAHow about 31 reasons to maximize the liability shield of your Limited Liability Company? They apply to every business, professional practice, and investment entity which holds stocks, real estate and anything else in the name of an LLC.

First, though, here’s why you want to consider these 31 reasons.

Read more

Insurance, the Flying Toilet, and the Leaky Body.

Insurnace Claims picsInsurance companies get bum raps, and lots of people figure “If I file suit, they’ll come up with some money to just settle things.” But this doesn’t always happen, and an insurer isn’t going to roll over and play dead.  Sometimes, they’ll even have grounds to claim “Uh uh” and deny that the insured wasn’t covered for whatever happened.

And sometimes, the facts are bizarre, as in these two cases. Read more

The $2 Million Comma and the Four-Letter Word

4117260“The difference between the right word and the almost right word is the difference between lightning and a lightning bug.”
Mark Twain

 

Choice 1: The POA Board acted on the requests from the neighbor, an ostrich breeder and other people.

Choice 2: The POA Board acted on the requests from the neighbor, an ostrich breeder, and several other people.

The question: was the Board hearing from two people that day, or three people?

The answer: the comma. Or lack thereof. That funny, tiny little mark changes things in everything you write. Read more

Five Little-Known Things To Do with Your IRA

Nest eggHere are five little-known things you can do with your IRA that most people don’t know about . . . including a way to reach into it before age 59½ without the 10% penalty.

Why consider any of these? Well, in the words of Ecclesiastes 9:11, “Time and unpredictable events overtake all.”  Consequently, waiting on your IRA to ripen (or over-ripen) may not be in your interest at all when other things are available to you.

Here’s Idea #1. You don’t have to wait to start using your IRA.  Read more