Jonathan - In our last annual wellness visit I told our family physician that if it's late in December and I'm on a respirator to keep me on it until January 1st of the following year so my wife could file a joint income tax return for that year. I figure that will save her a couple thousand dollars in taxes and give her some time to sort things out. - Dave
I think you guys are all smarter than I am and you disagree a lot. That tells me my decision to delay taking benefits until age 70 might have been the right one. I'm OK with that.
Thank You - Dave Baese
Johnathan
You've done great work and I've been reading you since your WSJ days. I like Humble Dollar for the polite conversations and insights of the readers. They are a reflection of you. I suspect that 99% of us are educated and financially secure. What I wish is that we had conversations with currently poor folks. I suspect we'd have a lot to learn from each other. Thank you for existing. - Dave
Jonathan,
I very much appreciate your writing and what you've created with this website. I especially like your use of the word "resilience." I call it "sleep good" money. The market can go down 1000 points in a day and it's more of an opportunity than a problem. Thank you for your generosity with your insights, - Dave Baese
Jonathan - Regarding # 3, "The Widows Tax," I've told my wife and our M.D. that if I'm dying on Dec. 31 I want to be put onto a cheap resuscitator so I stay alive until Jan.1. Then they can yank the cord, let me die, and my widow can file a joint return for that year, and have that full year to figure out the best tax strategies for her remaining years. - Dave
My wife and I are in the happy position that everything we like to do is either free, cheap, or only a misdemeanor if we stole it. We started our estate planning when our boys were in grade school by educating them through college and grad school. We helped them purchase their first homes, and have then contributed enough to our grandchildren to pay for the first year of college at a good public university. We are also rewarding our grandchildren for having 1099 employment income with contributions to their Roth IRAs. Having done all this we have managed our own affairs in such a way that we can both check into nursing homes for a couple of years and still leave money from our estates. If we both live longer than that and have to move into a cheap Medicaid nursing home we'll probably both be so senile we won't know the difference and won't care anyway
We've given each of our four grandchildren enough for 1 year at a state university. We figure their parents should be good for 2 years, and it will be part of the grandkids educations to be on the hook for the forth year. We are also matching current earnings and contributions to Roth IRAs. I like to fantasize about each of our grandchildren going to a bank after graduation and having more money in their Roth IRAs then they want to borrow.
Comments:
Jonathan - In our last annual wellness visit I told our family physician that if it's late in December and I'm on a respirator to keep me on it until January 1st of the following year so my wife could file a joint income tax return for that year. I figure that will save her a couple thousand dollars in taxes and give her some time to sort things out. - Dave
Post: Death Benefits
Link to comment from October 24, 2024
I think you guys are all smarter than I am and you disagree a lot. That tells me my decision to delay taking benefits until age 70 might have been the right one. I'm OK with that. Thank You - Dave Baese
Post: Just the Facts by Jonathan Clements
Link to comment from October 19, 2024
Johnathan You've done great work and I've been reading you since your WSJ days. I like Humble Dollar for the polite conversations and insights of the readers. They are a reflection of you. I suspect that 99% of us are educated and financially secure. What I wish is that we had conversations with currently poor folks. I suspect we'd have a lot to learn from each other. Thank you for existing. - Dave
Post: No Regrets
Link to comment from September 10, 2024
You are a good man, Richard. My wife feels a lot better about me after reading your articles.
Post: Women and men are different. Quinn’s in trouble again
Link to comment from August 19, 2024
Jonathan, I very much appreciate your writing and what you've created with this website. I especially like your use of the word "resilience." I call it "sleep good" money. The market can go down 1000 points in a day and it's more of an opportunity than a problem. Thank you for your generosity with your insights, - Dave Baese
Post: Turning on a Dime
Link to comment from August 10, 2024
Jonathan - Regarding # 3, "The Widows Tax," I've told my wife and our M.D. that if I'm dying on Dec. 31 I want to be put onto a cheap resuscitator so I stay alive until Jan.1. Then they can yank the cord, let me die, and my widow can file a joint return for that year, and have that full year to figure out the best tax strategies for her remaining years. - Dave
Post: Unasked Questions
Link to comment from August 3, 2024
Excellent article. Excellent insights in the comments. Thanks to all of you. - Dave
Post: Better to Be Rich?
Link to comment from July 14, 2024
My wife and I are in the happy position that everything we like to do is either free, cheap, or only a misdemeanor if we stole it. We started our estate planning when our boys were in grade school by educating them through college and grad school. We helped them purchase their first homes, and have then contributed enough to our grandchildren to pay for the first year of college at a good public university. We are also rewarding our grandchildren for having 1099 employment income with contributions to their Roth IRAs. Having done all this we have managed our own affairs in such a way that we can both check into nursing homes for a couple of years and still leave money from our estates. If we both live longer than that and have to move into a cheap Medicaid nursing home we'll probably both be so senile we won't know the difference and won't care anyway
Post: Long Odds
Link to comment from May 4, 2024
We've given each of our four grandchildren enough for 1 year at a state university. We figure their parents should be good for 2 years, and it will be part of the grandkids educations to be on the hook for the forth year. We are also matching current earnings and contributions to Roth IRAs. I like to fantasize about each of our grandchildren going to a bank after graduation and having more money in their Roth IRAs then they want to borrow.
Post: Is it better to give away money now or upon death?
Link to comment from April 13, 2024
I congratulate you on the happiness your good choices have brought you.
Post: Money Buys Choices
Link to comment from March 15, 2024