tag:blogger.com,1999:blog-27697009.post4380616092485069561..comments2024-02-29T03:21:35.007-08:00Comments on The Great Depression of 2006 : Under the Mattress and Backyard Shovel BankingJim in San Marcoshttp://www.blogger.com/profile/09435296419912935381noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-27697009.post-34759033790893802392015-06-06T07:32:24.384-07:002015-06-06T07:32:24.384-07:00Top rest homes don't accept those on Medicaid....Top rest homes don't accept those on Medicaid. Some cost as much as $200k/year. Many in this country want to reduce help for the poor and think best they die sooner, thus reduce taxes on the rich.Joseph Oppenheimhttps://www.blogger.com/profile/09037175611181710409noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-56343253418997226912015-06-06T01:40:52.271-07:002015-06-06T01:40:52.271-07:00In this country you are rewarded for being poor an...In this country you are rewarded for being poor and penalized for being rich. Backwards and upside down. Just like our government.AIMnoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-28241946769593710102015-06-04T05:06:34.909-07:002015-06-04T05:06:34.909-07:00You make a good argument going the traditional and...You make a good argument going the traditional and legal route. Plus living trusts can transfer assets in a few days at no costs.Joseph Oppenheimhttps://www.blogger.com/profile/09037175611181710409noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-72634464259610600372015-06-03T21:36:20.909-07:002015-06-03T21:36:20.909-07:00Hi Joseph
I think the tax deductibility is a moot...Hi Joseph<br /><br />I think the tax deductibility is a moot point after retirement. Kind of reminds me of my unemployed neighbor complaining about the deductibility of his mortgage interest-- "Deduct it from what?"<br /><br />What I was indirectly suggesting is that you have to have "unregistered assets" in cash or precious metals two years removed from your date with the rest home. Otherwise it could be recovered by anyone owed a debt.<br /><br />Also the point of being able to give the kids a bunch of money on your death usually involves probate. Between the state, the lawyers, the bank and the executor, you've lost 40 percent. A living trust can avoid a lot of that.<br /><br /><br />What we are really dealing with here is the ability of others to control how your funds can be disbursed when you become incapacitated. If you don't plan for the contingency of a rest home, your savings are toast. <br /><br />It use to be that your kids footed the bill for the rest home, and they still do somewhat. It's nice if they have the safety deposit box of your loot to access, while they tell the government, you are broke. Your kids can give you an "allowance" just like you gave them as a child.Jim in San Marcoshttps://www.blogger.com/profile/09435296419912935381noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-10166775141088335142015-06-03T06:31:08.899-07:002015-06-03T06:31:08.899-07:00The Romans had a silver coin called a denarius. A...The Romans had a silver coin called a denarius. Allegedly someone buying something in the 18th century in the West of England found one in his change. Handy things, coins made of precious metal.deariemenoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-28894634245524875292015-06-02T17:39:16.784-07:002015-06-02T17:39:16.784-07:00I think that the amount is less than 10k now for a...I think that the amount is less than 10k now for a withdrawal to be reported by your bank to the Fed Reserve.<br /><br />Retirees hoarding, people not spending, etc. are some of the deflationary actions that are also slowing down the velocity of money. This all has the government so nervous that it is moving quickly towards abolishing cash and going fully electronic. The US Treasury's, IRS's and Congress's wet dream... being able to track EVERY penny of EVERY transaction in order to obtain higher tax revenues. Our desperate and misguided government, after years of fiscal and monetary idiocy, will start turning the thumbscrews tighter and tighter on us.<br /><br />It will take a lot of pain and suffering to get the American people to the threshold of taking action and ridding themselves of an oppressive and destructive government. AIMnoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-2793686028446242972015-06-02T07:36:03.388-07:002015-06-02T07:36:03.388-07:001. Cost for a rest home can be up to totally tax d...1. Cost for a rest home can be up to totally tax deductible depending on a person's level of disability, So, can easily reduce costs.<br /><br />2.Can gift child $14k ($28k from married couple) tax free, per year, also, up to $5.43M tax free anytime, just taxable when after reaching that limit over any or all years, and filing IRS form.<br />Joseph Oppenheimhttps://www.blogger.com/profile/09037175611181710409noreply@blogger.com