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.
Today’s episode is brought to you by SoFi, helping medical professionals like us bank, borrow, and invest to achieve financial wellness. SoFi offers up to 4.6% APY on their savings accounts, as well as an investment platform, financial planning, and student loan refinancing…featuring an exclusive rate discount for med professionals and $100/month payments for residents. Check out all that SoFi offers at https://www.whitecoatinvestor.com/Sofi *Loans originated by SoFi Bank, N.A., NMLS 696891. Advisory services by SoFi Wealth LLC. The brokerage product is offered by SoFi Securities LLC, Member FINRA/SIPC. Investing comes with risk including risk of loss. Additional terms and conditions may apply.
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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