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Re: Life Insurance Taxable

Death benefits are income tax free. Estate taxes both federal and state could apply depending on amount.
by dhodson
Fri Apr 17, 2015 1:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Life Insurance Taxable
Replies: 1
Views: 232

Re: How Is UL Cash Value Growth Taxed

Depends on how the cash is accessed. If the policy is surrendered/lapse, then all gains are taxed as income. if the policy is kept in force until death then the death benefit is income tax free (not estate). Loans are never taxed (insurance likes to pretend this is something special). There is neve...
by dhodson
Fri Apr 17, 2015 9:27 am
 
Forum: Personal Finance (Not Investing)
Topic: How Is UL Cash Value Growth Taxed
Replies: 7
Views: 284

Re: How Is UL Cash Value Growth Taxed

Depends on how the cash is accessed. If the policy is surrendered/lapse, then all gains are taxed as income. if the policy is kept in force until death then the death benefit is income tax free (not estate). Loans are never taxed (insurance likes to pretend this is something special). There is never...
by dhodson
Fri Apr 17, 2015 8:56 am
 
Forum: Personal Finance (Not Investing)
Topic: How Is UL Cash Value Growth Taxed
Replies: 7
Views: 284

Re: Interesting article on improving LTC policies

while id personally be interested in such a policy, im not seeing it happen at least any time in my lifetime. As you mentioned, it might be tough for the actuaries to get it right (and so far they have done a pretty lousy job with LTCi). But even if they could get it right, im not sure there is enou...
by dhodson
Fri Apr 17, 2015 7:36 am
 
Forum: Personal Finance (Not Investing)
Topic: Interesting article on improving LTC policies
Replies: 3
Views: 340

Re: How do I find a good local Financial Adviser?

Is there a good reason why you cannot do this yourself? Nothing you asked about requires a rocket scientist. Thanks for your reply but I asked how to find a financial planner that met my criteria...that's it. I didn't ask about retirement saving, life ins, etc. I feel like I'm a fairly well informe...
by dhodson
Wed Apr 15, 2015 1:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: How do I find a good local Financial Adviser?
Replies: 20
Views: 1425

Re: Buy new Acura? Nearest dealer service is 125 miles away

While acuras are pretty good in regards to limited issues, I wouldn't buy an Acura in this situation. I'd consider a Honda if you have a local dealer instead. I have a MDX and TL by the way.
by dhodson
Wed Apr 15, 2015 12:28 pm
 
Forum: Personal Consumer Issues
Topic: Buy new Acura? Nearest dealer service is 125 miles away
Replies: 23
Views: 1819

Re: How do I find a good local Financial Adviser?

I'd read the recommended books and then look in the mirror.
by dhodson
Wed Apr 15, 2015 12:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: How do I find a good local Financial Adviser?
Replies: 20
Views: 1425

Re: Can nursing homes evict Medicaid patients?

They don't have to keep you. I imagine some families think they do or they think of the rehab as a "nursing home" or don't realize that part of the building is rehab and you aren't guaranteed a switch to the other. The big problem is that people want a free lunch. Either people need to pay...
by dhodson
Wed Apr 15, 2015 9:31 am
 
Forum: Personal Finance (Not Investing)
Topic: Can nursing homes evict Medicaid patients?
Replies: 19
Views: 2382

Re: Can nursing homes evict Medicaid patients?

Unfortunately you really can't get much from this article. I imagine people commonly think they are getting "kicked out" after rehab if the family really wants the person to stay in a nursing home. The rules on this are pretty clear and I doubt there is widespread breaking of the rules giv...
by dhodson
Wed Apr 15, 2015 8:25 am
 
Forum: Personal Finance (Not Investing)
Topic: Can nursing homes evict Medicaid patients?
Replies: 19
Views: 2382

Re: Indicator of a bad advisor?

That's what I was talking about
Not surprising at all
by dhodson
Sun Apr 12, 2015 9:54 am
 
Forum: Investing - Help with Personal Investments
Topic: Indicator of a bad advisor?
Replies: 13
Views: 1645

Re: Couple of Term Life Questions

Also consider you are saving for 2 people for retirement. If one dies a few years before then the other may have more money in retirement.
by dhodson
Sun Apr 12, 2015 8:00 am
 
Forum: Personal Finance (Not Investing)
Topic: Couple of Term Life Questions
Replies: 5
Views: 409

Re: RVU model new hire problem

It seems like you were paid appropriately for what you could bill for. Now what they did with the other encounters would be interesting to know. Did they collect?

Now they didn't treat you well. I'd find a new job fast.
by dhodson
Sat Apr 11, 2015 8:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: RVU model new hire problem
Replies: 14
Views: 940

Re: Jane Bryant Quinn: Prepay your mortgage

People in this situation with a mortgage problem in retirement either never had the resources to pay it down or weren't willing to save/invest extra they had.
by dhodson
Sat Apr 11, 2015 7:49 pm
 
Forum: Investing - Theory, News & General
Topic: Jane Bryant Quinn: Prepay your mortgage
Replies: 31
Views: 3654

Re: Long-term care hybrid insurance - is this a good idea?

Grabiner is correct. Most insurance companies use different morbidity and mortality assumptions for the hybrid products than for the stand alone ones. There are also human behavior aspects to it like hybrid owners tend to delay claims longer than stand alone LTC policy holders. And the hybrid makes...
by dhodson
Sat Apr 11, 2015 4:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long-term care hybrid insurance - is this a good idea?
Replies: 12
Views: 1400

Re: Indicator of a bad advisor?

i guess it depends on what you mean as transactions. Wouldnt be surprised if the purchases were for loaded mutual funds.
by dhodson
Sat Apr 11, 2015 4:54 pm
 
Forum: Investing - Help with Personal Investments
Topic: Indicator of a bad advisor?
Replies: 13
Views: 1645

Re: Portfolio question. I have a captive insurance company.

Good luck with the captive. I looked into it and felt it wasn't worth the risk. If it's a real risk you are insuring against then you will need cross or reinsurance. If the premiums are outrageous for the risk or the risk isn't real then additional good luck. I always find people with these things a...
by dhodson
Sat Apr 11, 2015 12:51 pm
 
Forum: Investing - Help with Personal Investments
Topic: Portfolio question. I have a captive insurance company.
Replies: 14
Views: 832

Re: Long-term care hybrid insurance - is this a good idea?

Can still get two polices for cheaper or with more benefits.

When agents don't favor them such as bru,u know its bad.
by dhodson
Sat Apr 11, 2015 6:20 am
 
Forum: Personal Finance (Not Investing)
Topic: Long-term care hybrid insurance - is this a good idea?
Replies: 12
Views: 1400

Re: Has Anyone had a Credit Card Cancelled for not Using It

They should cancel them if not used.

It protects both you and them.
by dhodson
Fri Apr 10, 2015 7:06 pm
 
Forum: Personal Consumer Issues
Topic: Has Anyone had a Credit Card Cancelled for not Using It
Replies: 49
Views: 3385

Re: Medically-underwritten annuity question.....

sorry for your difficulties. Given that most arent medically underwritten and that each person's medical condition is different who do get one, i think your best bet is just to apply and see if you are happy with the results. If not then dont take it. Do you have concerns that the lump sum will not ...
by dhodson
Fri Apr 10, 2015 9:16 am
 
Forum: Personal Finance (Not Investing)
Topic: Medically-underwritten annuity question.....
Replies: 2
Views: 185

Re: Paid two co-pays to doctor for one procedure. Question.

Nothing "wrong" was done the 2nd time. You will actually find it to be the norm.
by dhodson
Wed Apr 08, 2015 10:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Paid two co-pays to doctor for one procedure. Question.
Replies: 7
Views: 597

Re: What should I do with this Whole Life 65 policy?

I believe the non guaranteed dividend info is supposed to be based on historical information - I don't think they can just publish any number. Here are the questions I would have: 1. Does the premium stop at any age. I would have guessed it would have stopped at 65 but the illustration data goes on...
by dhodson
Tue Apr 07, 2015 12:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: What should I do with this Whole Life 65 policy?
Replies: 17
Views: 1511

Re: What should I do with this Whole Life 65 policy?

To start with don't concentrate on the dividend number. The reason being is that insurance companies use a formula that doesn't correspond to actual returns you get. The only reason to look at it is to see if it is continuing to go down or is finally starting to go back up. If you want to know your ...
by dhodson
Tue Apr 07, 2015 8:51 am
 
Forum: Personal Finance (Not Investing)
Topic: What should I do with this Whole Life 65 policy?
Replies: 17
Views: 1511

Re: Do CPI-Indexed Single-Premium Deferred Annuities exist?

I'm not sure what you feel will be actuarially fair but in essence your return is based on the following: 1. Investment returns from the insurance company 2. Mortality credits IMO, investment returns are always going to be a bad deal over the long haul since the insurance company doesn't have any ma...
by dhodson
Mon Apr 06, 2015 8:04 pm
 
Forum: Investing - Theory, News & General
Topic: Do CPI-Indexed Single-Premium Deferred Annuities exist?
Replies: 27
Views: 2141

Re: What should I do with this Whole Life 65 policy?

I requested illustration a few weeks ago, but I'm not entirely sure what's most important. Example...dividend is 5.6% based on 2015 scale Non-guaranteed dividends used to reduce premiums [NO PREMIUM] 2015-16, Net Insurance $75k, Cash Surr Value of $20k 2024-25, Net insurance $88k, Cash Surr Value o...
by dhodson
Mon Apr 06, 2015 7:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: What should I do with this Whole Life 65 policy?
Replies: 17
Views: 1511

Re: Do CPI-Indexed Single-Premium Deferred Annuities exist?

I don't believe this allows you to take more equity risk. If anything less. Let's just say stocks tank, you can't access your annuity period. You are stuck. I suppose I was taking the view that you build a safe floor out of conservative investments and/or annuities to generate enough income for bas...
by dhodson
Mon Apr 06, 2015 8:57 am
 
Forum: Investing - Theory, News & General
Topic: Do CPI-Indexed Single-Premium Deferred Annuities exist?
Replies: 27
Views: 2141

Re: Advice for a 17 Year Old VUL Nearing 0 Surrender Charge

Google unmet promises life insurance

You will see your odds are about 10% of performing as illustrated and that article was written by insurance folks.
by dhodson
Sun Apr 05, 2015 8:10 pm
 
Forum: Investing - Help with Personal Investments
Topic: Advice for a 17 Year Old VUL Nearing 0 Surrender Charge
Replies: 16
Views: 1348

Re: Do CPI-Indexed Single-Premium Deferred Annuities exist?

I don't believe this allows you to take more equity risk. If anything less. Let's just say stocks tank, you can't access your annuity period. You are stuck.
by dhodson
Sun Apr 05, 2015 7:50 pm
 
Forum: Investing - Theory, News & General
Topic: Do CPI-Indexed Single-Premium Deferred Annuities exist?
Replies: 27
Views: 2141

Re: Do CPI-Indexed Single-Premium Deferred Annuities exist?

Better to have the annuity payouts begin "soon" after paying the premium. Of course, the sooner the payments begin, the smaller they are. Gill My point is that if you want an income to start 20 years from now, then wait 20 years to buy a SPIA. I don't think it's a good idea to have a long...
by dhodson
Sun Apr 05, 2015 9:53 am
 
Forum: Investing - Theory, News & General
Topic: Do CPI-Indexed Single-Premium Deferred Annuities exist?
Replies: 27
Views: 2141

Re: Do CPI-Indexed Single-Premium Deferred Annuities exist?

id want my money to grow at a rate greater than inflation prior to the payout period.

i currently plan to purchase a non inflation protected SPIA at age 80 for basic needs (assuming good health).
by dhodson
Sat Apr 04, 2015 1:04 pm
 
Forum: Investing - Theory, News & General
Topic: Do CPI-Indexed Single-Premium Deferred Annuities exist?
Replies: 27
Views: 2141

Re: Do CPI-Indexed Single-Premium Deferred Annuities exist?

You are likely over estimating mortality credits since only healthy people but these things. The insurance companies know this and use tables accordingly.
by dhodson
Sat Apr 04, 2015 10:40 am
 
Forum: Investing - Theory, News & General
Topic: Do CPI-Indexed Single-Premium Deferred Annuities exist?
Replies: 27
Views: 2141

Re: Advice for a 17 Year Old VUL Nearing 0 Surrender Charge

No it won't

You can reduce the death benefit but there is some money thus then thrown away on a higher death benefit
by dhodson
Fri Apr 03, 2015 2:37 pm
 
Forum: Investing - Help with Personal Investments
Topic: Advice for a 17 Year Old VUL Nearing 0 Surrender Charge
Replies: 16
Views: 1348

Re: Advice for a 17 Year Old VUL Nearing 0 Surrender Charge

Usually you can also request these numbers
by dhodson
Fri Apr 03, 2015 1:19 pm
 
Forum: Investing - Help with Personal Investments
Topic: Advice for a 17 Year Old VUL Nearing 0 Surrender Charge
Replies: 16
Views: 1348

Re: Advice for a 17 Year Old VUL Nearing 0 Surrender Charge

frankly the history isnt important when making decisions on these bc those costs are sunk but i know what you mean. this is why you should likely get the in force every year. sort of like a free credit report request every year. the insurance companies hate to give you past information which in my v...
by dhodson
Fri Apr 03, 2015 10:08 am
 
Forum: Investing - Help with Personal Investments
Topic: Advice for a 17 Year Old VUL Nearing 0 Surrender Charge
Replies: 16
Views: 1348

Re: IRS Identity Theft Tax Fraud

One way though to prevent this is to file very early. Now sometimes thats hard for folks bc they are waiting on w2s or what not but if you can get yours filed first, then the scammer cant file with your ssn. I am self employeed so i can more easily give my accountant all the information he needs on ...
by dhodson
Fri Apr 03, 2015 9:49 am
 
Forum: Personal Consumer Issues
Topic: IRS Identity Theft Tax Fraud
Replies: 47
Views: 4071

Re: Advice for a 17 Year Old VUL Nearing 0 Surrender Charge

The in force illustration will have all that and the projected values in years to come both guaranteed and illustrated. It contains much more information than the yearly statement. Frankly all statements i have seen say on the bottom you should consider requesting the in force illustration.
by dhodson
Fri Apr 03, 2015 9:46 am
 
Forum: Investing - Help with Personal Investments
Topic: Advice for a 17 Year Old VUL Nearing 0 Surrender Charge
Replies: 16
Views: 1348

Re: Advice for a 17 Year Old VUL Nearing 0 Surrender Charge

There is a big difference between keeping an old whole life and any variation of a UL (VUL in this case). With whole life the insurance component is sort of level and thus it is easier to keep an old whole life policy in force in addition to the going forward returns doing better. With a UL, the cos...
by dhodson
Fri Apr 03, 2015 7:44 am
 
Forum: Investing - Help with Personal Investments
Topic: Advice for a 17 Year Old VUL Nearing 0 Surrender Charge
Replies: 16
Views: 1348

Re: IRS Identity Theft Tax Fraud

Welcome to the club. I too had the same problem this year. Id love to know how much the fraud folks got bc i paid a lot in taxes last year. Im sure you know this but just in case, you are supposed to fill out a affidavit form and submit your taxes in writing (i assume your accountant is on that). Fi...
by dhodson
Fri Apr 03, 2015 7:33 am
 
Forum: Personal Consumer Issues
Topic: IRS Identity Theft Tax Fraud
Replies: 47
Views: 4071

Re: Can consumers assess the value of life annuities?

I dont blame consumers alone.

It's next to impossible to get an agent to sell you a SPIA. After you have been double talked into a VA or permanent insurance, I doubt many want to asses the situation any further.
by dhodson
Wed Apr 01, 2015 7:32 am
 
Forum: Investing - Theory, News & General
Topic: Can consumers assess the value of life annuities?
Replies: 7
Views: 780

Re: Minimizing income taxes in retirement

Minimizing taxes is not the goal. Maximizing money when considering taxes is the goal. Don't get them confused otherwise you will get talked into things that minimize taxes but also minimize your retirement.
by dhodson
Tue Mar 31, 2015 8:09 am
 
Forum: Personal Finance (Not Investing)
Topic: Minimizing income taxes in retirement
Replies: 54
Views: 5103

Re: Whole Life Insurance 'Gift' from Parents

That's accurate, no argument from my end. With that said, I'm not deciding to get whole term life insurance, I'm deciding whether I should keep it. In that context, the better question when it comes down to whether or not to sell is are there any other assets that returns ~1-3% above inflation with...
by dhodson
Sun Mar 29, 2015 6:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Insurance 'Gift' from Parents
Replies: 57
Views: 4136

Re: Whole Life Insurance 'Gift' from Parents

If you want the death benefit then you aren't really missing anything. It is typically a reasonable thing to keep at this point if you want that but it does cost you money. That 25k can earn money in other ways and that is an opportunity cost. Keep in mind that inflation erodes the value of things....
by dhodson
Sun Mar 29, 2015 1:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Insurance 'Gift' from Parents
Replies: 57
Views: 4136

Re: My Term Life Insurance

With no kids I have no idea why you would need insurance now other than it is cheap. Why do people always say this? You'd feel pretty bad giving this advice to a 25 year old that was diagnosed with cancer next year. No harm in buying insurance a couple years early to hedge against the worst case sc...
by dhodson
Sun Mar 29, 2015 10:10 am
 
Forum: Personal Finance (Not Investing)
Topic: My Term Life Insurance
Replies: 39
Views: 3358

Re: Whole Life Insurance 'Gift' from Parents

I had decided to not chime in again, as it seems as all of the bases have been touched... but I just can't help myself. Given the miniscule annual premium, I think it would be foolish to do anything but keep paying the policy. People keep mentioning term insurance as the "right" life insu...
by dhodson
Sun Mar 29, 2015 9:57 am
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Insurance 'Gift' from Parents
Replies: 57
Views: 4136

Re: Whole Life Insurance 'Gift' from Parents

Once a policy has been in force a long time, the insurance company has taken most of its profits for the most part and thus would prefer you to surrender it. The death benefit is always more expensive for them. My insurance company periodically bugs me about cashing out a policy my grandfather gave...
by dhodson
Sun Mar 29, 2015 9:51 am
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Insurance 'Gift' from Parents
Replies: 57
Views: 4136

Re: Whole Life Insurance 'Gift' from Parents

i went to term4sale to run the numbers and for 20 year term for excellent health for 150k of death benefit (giving some room for the death benefit growth) cost is $120.50 per year and 30 year term is $172.50. Both way less than $300.
by dhodson
Sat Mar 28, 2015 9:49 am
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Insurance 'Gift' from Parents
Replies: 57
Views: 4136

Re: Whole Life Insurance 'Gift' from Parents

Term will still likely be cheaper even when you consider the rising death benefit from PUAs especially at this age especially for the time period they would need term. Add on a few decades and that could change this is bc of reasons for death in the young. Bottom line is that the death benefit retur...
by dhodson
Sat Mar 28, 2015 9:45 am
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Insurance 'Gift' from Parents
Replies: 57
Views: 4136

Re: Whole Life Insurance 'Gift' from Parents

Changing to paid up is a bad choice for someone who repeatedly said didn't need/want a death benefit and has debt at a higher rate. The OP can not increase the death benefit at this point on even a kiddie WL policy except by PUAs and the OP doesn't want more permanent death benefit and this increase...
by dhodson
Sat Mar 28, 2015 8:06 am
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life Insurance 'Gift' from Parents
Replies: 57
Views: 4136
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