EASY BREEZY ESTATE PLANNING
WHEE! MOM AND DAD FIGURED it OUT!
The Grandkids are GOING to COLLEGE!
PLAN YOUR ESTATE. This one action guarantees that your grandkids will NOT BE STRESSED like you've been and may even parlay it into being multi-millionaires!! I watched a KOCE PBS-TV pledge drive late last night which featured Estate Planner Ed Slott talking about retirement planning, i.e. essentially, the content of his book "Stay Rich Forever & Ever" His talk was relaxed, clear, exciting, motivating and full of good information about what to DO set in a bunch of utter scare stories about people who left big estates and all of it was TAKEN. First he described how THE AVERAGE CITIZEN is guaranteed to lose everything they earned in their lifetime. The Nursing home will reliably take all the real estate, cash and wealth that you ever had. That is the first way. These cost 9,000 a month nowadays, 2008, but will go up. A LUCRATIVE BIZ by the way, for the owners, but demolishing inheritances for YOUR HEIRS! So the second concept is, to stay out of such a HOME, you must stay vital until you're 100. EAT WELL, HOLISTICALLY, and DO YOGA for your joints and bones to stay young. HALLMARK sold 85,000 "HAPPY l00th BIRTHDAY cards last year, so there's a serious chance you can do it. When you get up in years that much, you usually go in an eyeblink, while asleep, with no illness unless you have chronic pneumonia in your lungs, reappearing periodically, or are exposed to that microbe in a hospital.
AVOID regular IRAS or 401Ks as the IRS will GLOM on to your heir's take, take ALL of it down to the last dollar by taxing your IRAS, as you didn't leave the cash the right way. Your heirs will get NOTHING. If they take the IRA MONEY it will be taxed into absolute non-existence. First the IRA is taxed, then the heir who tries to spend it is taxed. The details of this grab are in the Slott books. I didn't quite get it, but no IRA ever gives its inheritor a penny is what he said.
FEDERAL GOV takes back any medical expenses you had after age 55. So AVOID using nursing homes or HMO's as every cent the GOV spends on you WILL come OUT of your estate. Google terms like Social security + Estate Recovery and you will find this horrifying info. Most in PDF but not all. It's in every state. So google your state's name Then "estate plan" in quotes and "bureau of fiscal" Juggle that with "estate planning". Always adding your state's name, seeking out specific laws.. Not sites that are just 'general and generic for all America.'
LAST, any jewels, stocks, bonds, dollar bills or guns that you leave in a safety deposit box are totally taken for GOV to sell at auction, or at least be taxed. They don't ask your kids to DUTIFULLY REPORT what was in the box,. no sir. They go to the bank WITH YOUR CHILDREN and OPEN your safety deposit box with a court order, family and IRS guy together. So never leave valuables in a S.D.B!!! UNLESS, say you rack up your car on the freeway, your family knows to HIT THAT BANK IMMEDIATELY but if it's DAD's box, not the KIDS, that VISIT is illegal. NOBODY except IRS can get in the thing if it's not your /his/ her box, and third, the BANK leaves a record of your visit. So save yourself distrss and fees. If you are making thousands in cash over the years, not wanting to use CITIBANK as it COULD go broke or do the CYPRUS MANEUVER.... DITTO BANK OF AMERICA, then use water tight boxes, plastic wrapped, waterproof taped, under the rose bushes! That works. Crystals that absorb moisture packed around bucks in tight plastic, tape. You can dig up a rose EVERY JANUARY when it's dormant and rebury it. Only DO TELL THE FAMILY. Some dumb lady cleaning out the pantry sent the SOUP CAN to the FOOD BANK with the family jewels in it. If your family doesn't know exactly where the cash is.....or can't find a MEMO from you, then do this. SAY "IF I HAVE AN ACCIDENT and DIE and MOTHER IS WITH ME and SHE DIES, then you will open this letter that is sealed and follow instructions exactly." Last alternative is drag dying senior to bank, get the stuff outta the box! If you survive a parent or aunt, THE IRS will look to see if the son/ daughter or nephew opened a safety deposit box the day he/she died, and that's an easy piece of info to fish out of banks. The kid has to be instructed to say, Yeah, sure I got this old map of a gold mine, handing it over reluctantly, realistically... so make such a crazy map now showing BARSTOW California hills with an X or two and "OUR GOLD HIDDEN HERE" written on it, stick it in there as a prop. The Gov will go to that cave and search and you put them thru that misery. HOORAY!
So back to what Slott says ...which is that you must use the three DEVICES that make your wealth go straight to your children and grandchildren and totally escape taxation.. They are THE THREE COLLECTION DEVICES THAT THE IRS and GOV and THE INFAMOUS NURSING HOME racket CANNOT TOUCH.
1.) LIFE INSURANCE - This will go to whom you say and cannot be taxed. Give each child a million dollar policy. Great start up a biz money. Leave them some htm files or LIVE LINKS that lead them to a free seminar on HOW TO START A COTTAGE INDUSTRY.
2.) ESTATE TAX EXEMPTION is TWO MILLION PER PERSON. You can leave up to two million and the IRS cannot touch it. Great for a wife or child. But not both. If your spouse remarries, your child may get nothing. Think carefully about that. It happened to my pal D. Mom at 350 pounds met a gigolo. Two daughters lost a huge amount of their Dad's millions.
3.) CREATE an IRA with a SPECIFIED BENEFICIARY.Never leave it to a mate as who knows if they'll even outlive you and everything in it could vaporize. Instead, leave it to a loved grandchild as the IRA can then become a STRETCH IRA. While it lies around waiting for the grandkid to cash it in, the thing keeps multiplying at an 8% per annum rate, so the principal GROWS.. If you leave it to your child who's forty years old, over their life it will become 15 million. But if you leave it to a grandchild who is one year old, over their life, it will become 163 million, all of it tax free. Now, if your child drives badly and he's your beneficiary, age 40, pick a contingent beneficiary, designating a first born grand child.
If you have IRA's now, update your beneficiaries immediately to grandchildren. Get spouse's name off it!
Slott says not to bother using your 12k a year tax free gifting privilege as it's just money and evaporates without trace. Kids buy one car and the money's gone. You are forgotten. A better use would be to spend that money with your grandchildren and kids, Disneyland, Paris, Tuscany, Bali or Vietnam. Get a video camera. Shoot the entire vacation with these beloved relatives. That gift will last a thousand years and boy will they remember the grandparent decades from now while they've got both your many millions and the videos with Mickey Mouse grabbing granny's waistline. The next great thing to do for the grandkids is build floor to ceiling book shelves in their den and put all your books in them. 800$ for the shelves to be custom built. l00$ for a truck and a Mexican to box, carry to your kids' place.
Now if you also used the "Rich Dad Poor Dad" series related to real estate holdings, and left those properties in a TRUST, you would probably have a system to make your stay on earth VERY profitable for those you love. AND THE IRS would be enraged!
Don't bother googling "Ed Slott" as you will only come up with his BOOKS for sale. He does not teach freebies online until I wrote this. Oh well, he's collecting for his heirs as we all should probably be doing but DO take down the titles and go to ABEBOOKS and buy them used. Or have your library order them from other libraries, usually a 25c fee. They phone you when they come in.
So get busy building that estate, ya hear? This whole concept will motivate you to get your butt in gear, won't it? That means sending this file to Mom, Dad, or printing this file out, (no graphics) giving the piece to Mom / Dad. That starts them doing the research online. Then a few Cafeteria dates, (SENIOR favorite!) i.e. your taking them out to dinner a few times, (SERVING LIVER WITH ONIONS which PROLONGS THEIR LIFE by two decades,) and discussing what you've all learned. Be sure to take the grandkids along, having first put them on their best behavior. And the last fillip is to invite them to LIVE WITH YOU for those two extra decades that Smart eating will give them. And pay off your house with their rent contributions. That builds the estate from BOTH ENDS!
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