WCI #389: Estate Planning, Navigating Your First Attending Job and 529s
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Oct 17, 2024
A guest host delves into the intricacies of estate planning, highlighting a widow's challenges with trust decisions for her dependent son. The conversation shifts to cost segregation studies, revealing tax benefits for rental property owners and the importance of CPA consultations. New physicians receive guidance on transitioning to attending positions, focusing on job location and salary negotiation strategies. Finally, the discussion covers 529 plans, their qualified expenses, and new rollover options to Roth IRAs, emphasizing the need for thorough documentation.
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volunteer_activism ADVICE
Decline Trustee Role
Avoid taking responsibility for a family trust if it involves managing a dependent adult and significant tasks.
Suggest your mother hire a professional trustee to manage the assets and ongoing issues.
volunteer_activism ADVICE
Avoid Adding Names To House Deed
Do not put your or your brother’s name on your mother’s house deed to preserve the step-up in basis for capital gains tax.
Keeping the deed only in her name avoids higher taxes when the house is sold after inheritance.
volunteer_activism ADVICE
Consider Cost Segregation Studies
Use cost segregation studies to accelerate depreciation deductions on rental properties for tax benefits.
Consult your CPA to determine if accelerated depreciation makes sense for your rental property situation.
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Today our friend Margaret Curtis is taking on the role of host while Dr. Dahle is recovering. She is answering your questions off the speak pipe. She talks about a tough estate planning situation with a listener finding her self in an undesirable situation, then she answers a question about cost segregation studies and rental properties, how to navigate your first attending job and ends with a question about 529s.
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The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
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