excelsidor

Comments:

• Good article Dick. One point that is important to note is timing. It may seem obvious but it is important to know that you must do the QCD BEFORE you take your RMD. Once you have taken your RMD for the year you can't then do a QCD for that year.

  Post: Giving Made Easy

  Link to comment from January 25, 2023

• I was always told, "Max out your 401 k, you will be in a lower tax bracket when you retire". Well I did that and guess what? With the RMD, I am in a high tax bracket and the IRMMA hits hard as well. So I would offer young people saving for retirement the advice to work hard to get as much in a Roth account as possible. Be it an employer sponsored 401 k Roth or use a "back door" Roth if your income is high, or both. But the focus should be on Roth accounts!

  Post: A Place to Start

  Link to comment from January 11, 2023

• Thank you for clarifying. I am not very well versed in this subject and I wonder if I could ask you a follow up question. Our estate attorney didn't feel that a trust was necessary to achieve the objective of our three kids dealing with the vacation home. They will each inherit enough from our estate outside the vacation home to buy out a sibling who wants out. They will also have enough money to carry the expenses of the vacation home. Although I do like your idea of setting $ 100,000 aside and adjusting it for inflation. Furthermore when my wife or I die, I am not sure the surviving spouse will want to hold on to the vacation home. So my question is what are the benefits of establishing a trust? You have me thinking that maybe we should do that.

  Post: Counting Down

  Link to comment from October 9, 2022

• Richard I have enjoyed your posts on HumbleDollar and this post on Counting Down struck home. My wife and I have a vacation home and have seen other families children who have inherit their parents vacation home fight over what to do with it. You mentioned, "We spelled our how our vacation home will be handled among the children." Would you be willing to share with your readers how you chose to handle your vacation home when you and your wife are gone?

  Post: Counting Down

  Link to comment from October 8, 2022