Are you "lucky"if you have a secure retirement?

[TomSeller]

The tactic is hide your wealth protect it and let State pay

Is this your tactic?

 

[houstonscott]

I have heard of people late in life divorcing to hide or split assets to keep from losing wealth accumulated over a life time and leave assets to kids rather than let State take it all to be in the same facility, it's what trusts are all about. HS

 

[RedNeckGeek]

... hey, do you fish Hat Creek? Love that place. HS

I've camped several times along Hat Creek, and I enjoy fishing, and now that time permits, it sounds like a good idea to combine the two and learn how to fly fish, perhaps along Hat Creek! Thanks for the idea! :cool2:

 

[TomSeller]

I have heard of people late in life divorcing to hide or split assets to keep from losing wealth accumulated over a life time and leave assets to kids rather than let State take it all to be in the same facility, it's what trusts are all about. HS

It sounds to me like your plan is to unload or hide your $4M and let the State take care of you in your elder years.

 

[houstonscott]

It sounds to me like your plan is to unload or hide your $4M and let the State take care of you in your elder years.

Hey, you never had guts to say if your number was above four, so I could let you know if you won. Oh, those are not my plan , but most certainly people do it. HS

 

[TomSeller]

Oh, those are not my plan , but most certainly people do it. HS

Fair enough. Thank you for clearing that up.

 

[randy41]

I have heard of people late in life divorcing to hide or split assets to keep from losing wealth accumulated over a life time and leave assets to kids rather than let State take it all to be in the same facility, it's what trusts are all about. HS

trusts are about avoiding taxes.

 

[check]

I commented in the long term care insurance thread linked above. I was trying to make sure that we'd have security in our retirement, so I looked into a few long term care insurance options. The policies I looked at had maximum monthly benefits and then a lifetime cap on the payout. And if I just added up the premiums we'd pay until we were likely to need long-term care, we'd be able to save about the same (or more) money than the maximum benefit on our own. There might be a "sweet spot" for getting the coverage. If you're too young, you'll pay way too much in premiums over your lifetime to make it a good financial decision. If you wait until you're older, the premiums go up a lot. There might be a time in the middle where you get good value from a policy.

And Don't forget, with the "self-funding" option, if you kick off all of a sudden, your heirs get to keep the money, whereas the insurance company will say "got away with another one."

 

[houstonscott]

trusts are about avoiding taxes.

Oh, much more than just that. HS

 

[JDgreen227]

trusts are about avoiding taxes.

While on the subject of taxes, several members who have contributed to this thread have a case for waiting until your full retirement age to collect Social Security. One of the things to consider about that is how a higher SS monthly benefit will affect your Federal tax liability if you have other retirement income sources. 2014 was the first year I was able to draw a full 12 months of benefits, and by planning ahead I saw that collecting the full 12 months was going to push about one third of my adjusted gross income into the 25% tax bracket, so I stopped skimming off about $8,000 in interest a year from my 457 plan investments and reduce my AGI to keep the bracket creep amount lower.

Can anybody advise me of the best way to reduce my future tax liability when I have to begin drawing from my 457 plan again? Thanks for any input.