WCI #400: Contribution Limits, Estate Planning, and Emergency Funds
Jan 2, 2025
Explore the nuances of estate planning, including the ins and outs of Grantor Retained Annuity Trusts. Discover contribution limits for multiple 401(k)s and how to handle a property gift with potential tax implications. Learn practical steps for building a robust emergency fund, tailored for new attending physicians. Dive into the complexities of anesthesia reimbursement and the real factors affecting healthcare costs. Finally, grasp the importance of proactive tax strategies for financial success.
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volunteer_activism ADVICE
403(b) and Solo 401(k) Limits
Max out your 403(b) plan up to the $69,000 limit.
You cannot contribute to a solo 401(k) if you've maxed out your 403(b).
insights INSIGHT
SEP IRA vs. Solo 401(k)
Solo 401(k)s are generally preferred over SEP IRAs.
A SEP IRA does not offer a workaround for the shared 415c limit between 403(b) and solo 401(k) plans.
volunteer_activism ADVICE
Handling Gifted Property
Accept the gifted property, even with the tax implications.
Consider selling the property or a 721 exchange for a more passive investment.
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Today we answer a few questions about estate planning and then explain what a Grantor Retained Annuity Trust is. We talk about contribution limits when you have multiple 401(k)s. We give some advice to a listener who is being gifted a property that is not going to get a step up in basis and what he should do to prepare for the potential tax bomb. We end with helping a new attending know how long it should take to save up a 4 - 6 month emergency fund.
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