WCI #374: Asset Protection, 529s and the SAVE Plan
Jul 4, 2024
Explore the dark side of financial fraud and its devastating impact on victims. Learn effective strategies for asset protection tailored for healthcare professionals facing unique challenges. Dive deep into the intricacies of 529 plans and how to maximize their tax benefits for education. Finally, uncover the generous SAVE Plan and its advantages for medical professionals navigating student loans. Essential insights await for those looking to secure their financial future!
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question_answer ANECDOTE
Elderly Mother's IRA Fraud
A doctor shared how their elderly mother was defrauded, losing half of her IRA savings.
Jim Dahle empathizes deeply and explains the tax and deduction options available after such fraud.
volunteer_activism ADVICE
Don't Blame Fraud Victims
Victims of fraud should report the crime and seek to recover funds without self-blame.
Fraud is complex and victims are never at fault, despite feeling embarrassed.
volunteer_activism ADVICE
Asset Protection Across States
Asset protection laws differ by state and can be unpredictable if sued out-of-state.
Consult an asset protection attorney and don’t rely on retirement accounts inside trusts for full protection.
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Today we are answering more of your questions. We start off talking about a terrible fraud situation and how to attempt to mitigate the damage. We answer a few questions about asset protection and then a few questions about 529 accounts and how to use them. Finally we discuss the SAVE Plan and the current and extremely generous governmental programs available to docs.
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