Blog Archives

Washington State Long Term Care Act - Part D

9/30/2021

In last blogpost, we discussed some considerations you should have when deciding opt in or out, now we will introduce a few alternatives.

Alternatives to emerging state-provided options:

Stand-alone LTC policy
Life insurance with an LTC rider
Annuity with an LTC rider
Single-premium options for all of the above

Lifestyle consideration points:

Is there a need for life insurance as well as LTC benefits? If so, are you insurable? If not, an annuity with LTC rider might be the best way to provide LTC benefits without underwriting.
Are you planning to retire outside your current home state? If so, a state-run program might not work for you in the long run.
Have you considered changing you target retirement date? For Washington employees in particular, this is now a valid question. For example, if you need two more years to vest in the state plan, is it worth working longer? How would that change your current retirement plan?

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Washington State Long Term Care Act - Part C

9/29/2021

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In last blogpost, we discussed Washington state long term care act and should you opt in or out.

Program caveatsWashington’s program isn’t intended to be a cure-all. It’s intended to help mitigate costs, not pay for all of them. That $36,500 will be indexed for inflation, but it’s currently a lifetime maximum. If someone needs LTC, it’s very likely it will cost more than $36,500.
That means you still need a plan!
There are lots of questions to go over before you decide whether to stay in the program or opt out:

Is it likely you’ll be eligible? There are any number of reasons you might not be eligible – if you’re set to retire within a year or two, for example.
Is it likely you’ll still be in Washington when it’s time to make a claim? Let's say if you pay into the system for the required amount of years. But if you retire in, say, Arizona, you aren’t eligible to receive benefits after leaving the state.
How much do you likely to pay into the system…versus how much do you likely to get out? Interestingly, there’s no cap on how much income is taxed for this program. That means high net worth people could pay more than the amount of benefits they’d stand to receive.
How comfortable are you with the “use it or lose it” aspect of the program? A lot of people don’t like the idea of a stand-alone LTC policy because they might not need its benefits. This state program works the same way. What if you pay into the system for years and never need care? You might be more comfortable with an annuity or life insurance rider that allows you to pay for care if you need it, but you aren’t losing any benefits if you don’t.

In next blogpost, we will discuss the alternatives you could consider.

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Washington State Long Term Care Act - Part B

9/28/2021

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In last blogpost, we introduced the new Washington state long term care act.

How to become eligible for the benefits?For program participants to claim a benefit, they'll need to meet both (a) LTC impairment requirements, and (b) a certain amount of vested contributions to the plan in order to qualify. Currently, here are the requirements:

LTC requirement: Unable to perform 3 out of 10 activities of daily living (ADLs) or have a cognitive impairment.
Contribution requirement: The equivalent of 10 years paid into the system (with at least 5 of those consecutive) OR 3 of the last 6 years. In both instances, the employee must work at least 500 hours a year for the years that apply.

Recipients can use the money to pay for a variety of types of care: in-home healthcare, assisted living, or a nursing home. Family members can even take state training courses to qualify for reimbursements if they help with in-home healthcare.

Will other states follow?

It’s likely. Other states that have brought up similar ideas include California, Illinois, Michigan, and Minnesota.

In next blogpost, we will discuss the program caveats.

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Washington State Long Term Care Act - Part A

9/27/2021

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What is the Washington State long-term care act?

Effective January 1, 2022, workers in Washington state will see a payroll deduction of $0.58 per $100. That money will go into the Washington State Long-Term Care Trust, created by the 2019 state law, H.B. 1087. In return, that trust will pay a benefit to qualified individuals starting on January 1, 2025 via The WA Cares Fund. That benefit is currently fixed at $100/day, up to a total of $36,500.

The program not only provides workers with basic LTC protection – it also aims to reduce the amount the state pays every year for LTC benefits issued through Medicaid.

Opting In or Out?

Currently, state residents can opt out from October 1, 2021 through December 31, 2022 if they can prove they have other long-term care coverage. The state has defined “long-term care coverage” to help make that distinction clearer. For example, a rider counts as coverage as long as it provides coverage for at least 12 consecutive months.

There are exclusions, however – and they’re detailed here. Specifically: “However, long-term care insurance does not include life insurance policies that:
(i) Accelerate the death benefit specifically for one or more of the qualifying events of terminal illness, medical conditions requiring extraordinary medical intervention, or permanent institutional confinement;
(ii) provide the option of a lump sum payment for those benefits; and
(iii) do not condition the benefits or the eligibility for the benefits upon the receipt of long-term care.”

Unless they opt out, Washington workers who receive a W2 from their employer will automatically be opted in. There is one catch to the opt-out system, however. Once someone opts out, they can’t opt back in.

In next blogpost, we will discuss how to be eligible for such long term care benefits.

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4 Health Care Options If You Retire Early

9/26/2021

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If you decide to retire early and cannot rely on Medicare, here are several options for health care:

Work part-time or just enough hours to get health insurance.
Buy health care insurance on the market — keep in mind that the premiums increase as you age and are usually more than what you’d pay when you’re employed.
Join a health-sharing ministry, which are religious organizations that pool health care costs across their members.
Self-insurance and costs can often be lower if you choose to retire outside of the United States.

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Smart Charitable Giving in 2021

9/25/2021

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Part of legislation that became effective in 2020 carved out a new break for taxpayers who donate to charity and claim the standard deduction, as most do, instead of itemizing their deductions. For the 2021 tax year, here are the changes:

Married couples filing jointly for 2021 can deduct as much as $600 of charitable donations if they don’t itemize, while the limit is $300 for singles. For 2020, the maximum deduction was $300 per return for joint filers and singles.

On federal income-tax returns for 2020, this deduction was an “above-the-line” deduction, meaning it was entered above the line for adjusted gross income, or AGI. That reduced AGI, a number that can affect many other tax items. Congress wrote the law slightly differently for 2021, making it below the line—not reducing AGI, but still reducing taxable income. A draft of IRS Form 1040 for 2021 shows it on line 12-b.

A few reminders on points that haven’t changed:

This provision applies to “cash” donations, such as cash, check and credit cards. Make sure you have the required documentation.
Contributions of “noncash” items, such as clothing or securities, don’t count.
Gifts must go to “qualified” charities; donor-advised funds aren’t considered qualified for this provision.

Meanwhile, a popular provision known as a qualified charitable distribution, or QCD, remains alive and well. With a QCD, investors 70½ or older typically can transfer as much $100,000 a year directly from an IRA to charity without owing taxes on that transfer. This move, which must be done directly from the IRA to a qualified charity, counts toward the taxpayer’s required minimum distribution for that year. Donations to donor-advised funds don’t count. Transfers of more than the exclusion amount are included in income, the IRS says. See IRS Publication 590-B for more details.

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What To Invest In Different Business Cycles

9/24/2021

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A typical business cycle contains 4 distinct phases.

Early cycle: Generally, a sharp recovery from recession, as economic indicators such as gross domestic product and industrial production move from negative to positive and growth accelerates. More credit and low interest rates aid profit growth. Business inventories are low, and sales grow significantly.
Mid-cycle: Typically the longest phase with moderate growth. Economic activity gathers momentum, credit growth is strong, and profitability is healthy as monetary policy turns increasingly neutral.
Late cycle: Economic activity often reaches its peak, implying that growth remains positive but slowing. Rising inflation and a tight labor market may crimp profits and lead to higher interest rates.
Recession: Economic activity contracts, profits decline, and credit is scarce for businesses and consumers. Rates and business inventories gradually fall, setting the stage for recovery.

Historically, different investments have taken turns delivering the highest returns as the economy has moved from one stage of the cycle to the next. Due to structural shifts in the economy, technological innovation, regulatory changes, and other factors, no investment has behaved uniformly during every cycle. However, some types of stocks or bonds have consistently outperformed while others have underperformed, and knowing which is which can help set realistic expectations for returns.

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4 Signs You Are Ready for Roth IRA Conversion

9/23/2021

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The sweeping tax overhaul enacted in 2017 lowered tax rates starting with the 2018 tax year. These lower rates are scheduled to end with the 2025 tax year.
The Setting Every Community Up for Retirement Enhancement (Secure) Act eliminated the ability to stretch an inherited IRA for most non-spousal beneficiaries and requires that these beneficiaries fully withdraw the money in the IRA within 10 years. This applies to inherited Roth IRAs as well, but there is no tax to the beneficiaries in most cases with an inherited Roth IRA.
There are many unknowns as to what impact President Joe Biden’s tax proposals might have on rates, making Roth IRAs a viable option for many investors.

Here are 4 signs that the time may be right for Roth IRA conversion:

1. You earned less than usual this year.
A key issue to consider is your tax bracket for the year. If you are still working and fall into a lower-than-normal tax bracket, that can present an opportunity to do the Roth IRA conversion at a lower tax rate then you would incur during a more normal earning year.

2. You have retired but want to delay Social Security.
One time period where you might be in a lower tax bracket is your first few years of retirement. Your income is likely lower due to not receiving a salary or self-employment income. If you’ve decided to delay taking Social Security to maximize its benefit, this could provide a window of several years in which you are in a low tax bracket.

It is important to know that if you have reached the age where RMDs have commenced that the RMD money cannot be diverted to a Roth IRA conversion and that RMDs must be taken before any conversions are done.

3. You want to donate to charity.
Along the lines of managing your tax bracket, if you plan to give appreciated assets to charity, the tax deduction from these donations can be used to offset the tax hit of the Roth IRA conversion. It’s important that you are able to take an itemized deduction for the contribution, however.

4. You have cash on hand.
While it probably goes without saying, it’s critical that you ensure you have the cash available outside of your IRAs to pay the taxes. Having to take money from your traditional IRA to cover the taxes due will reduce the net amount that is ultimately converted to a Roth.

Additionally, the money to pay the taxes would end up as a distribution from the traditional IRA in this case. That money would be subject to taxes and to a 10% early withdrawal penalty if you are under age 59 ½. This type of situation would greatly diminish the benefits of a Roth IRA conversion and should be avoided in virtually all cases.

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2 Great Websites With Tons of Useful Financial Planning Information

9/22/2021

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Professor Laurence Kotlikoff of Boston University: https://kotlikoff.net/
This site includes an easy-to-navigate compendium of his columns, articles, and books on the left sidebar. Super useful.

Ed Slott’s resources page: https://www.irahelp.com/iraResources.php
His specialty is IRAs, but this resources page has a ton of helpful links to retirement planning resources, including his monthly advisor newsletter.

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3 Different Interesting Crediting Methods for Life Insurance

9/21/2021

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There are three different interest crediting methods for cash value life insurance products:

Cap rate. This means your subaccount is credited with interest up to a stated rated, or cap. For example, if your cap rate is 10% and the S&P 500 experiences a 13% gain, your subaccount will be credited with 10%.
Participation rate. This means your subaccount is credited with a percentage of the total market gain, also expressed as a percentage. For example, if your participation rate is 75% and the S&P 500 experiences a 13% gain, your subaccount will be credited with 75% of 13% of your cash value total (i.e., 9.75%).
Spread. This means your subaccount is credited with the percentage of growth experienced by an index minus a stated spread. For example, if your spread is 3% and the S&P experiences a 13% gain, your subaccount will be credited with 10%.

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Free ETF Screen and Research Sites from Fidelity

9/20/2021

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Once you have identified an ETF in the asset class, sector, or region of the market that you want to invest in, you can use a tool like an ETF screener, for example, to find ETFs in this space with your desired attributes, such as a low average daily bid-ask spread and high average daily trading volume.

Other tools, like Fidelity’s ETF research page, can help you investigate additional characteristics of an ETF you are analyzing, including the underlying fundamentals of the stocks within the fund.

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Are All ETFs Tax-efficient?

9/19/2021

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Taxes are an important consideration for any investment held in a taxable account. In general, passive ETFs are considered tax-efficient on an absolute basis due to their unique structure, generally lower portfolio turnover, and how they are managed. One of the primary advantages of the ETF structure is that when an investor buys or sells shares of the ETF, the ETF administrator can match purchases and sales with other investors so that no actual security purchases inside the fund need to be made. As a result, this creation/redemption structure avoids triggering a taxable event.

However, not all ETFs are equally tax-efficient.

For example, ETF dividends are subject to taxes, and ETFs that pay nonqualified dividends may be less tax-efficient than those that pay qualified dividends. Annual distributions from an ETF to investors may be treated as qualified or nonqualified dividends.

Qualified dividends are taxed at no more than 15%. However, just because the ETF reports that its distribution was a qualified dividend, that does not automatically make it qualified for the investor. The investor must have held the ETF for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date. ETF investors, like mutual fund investors, are subject to the relevant tax rates on distributions that flow through to end investors, whether they take the form of dividends on stocks or coupon payments on bonds.

It's also possible to invest tax-efficiently with ETFs by selecting those that minimize capital gains distributions and maximize exposure to qualified dividends, as well as holding tax-inefficient ETFs in tax-deferred or tax-exempt accounts.

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Do ETFs Pay Dividends?

9/18/2021

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If a stock is held in an ETF and that stock pays a dividend, then so does the ETF.

While some ETFs pay dividends as soon as they are received from each company that is held in the fund, most distribute dividends quarterly. Some ETFs hold the individual dividends in cash until the ETF’s payout date. Others reinvest the dividends back into the fund as they are received, and then distribute them as cash on the ETF’s payout date.

ETFs may provide the option of forgoing receiving cash in exchange for the purchase of new shares with the dividends received. And certain brokers, including Fidelity, might allow you to reinvest dividends commission-free. You can find out if and how an ETF pays a dividend by examining its prospectus.

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Annuity Wealth Transfer Concept

9/17/2021

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Meet Rick and Karen, both age 59, decided that they do not need the annuity for retirement and want to pass the value to their children at death. However, they want to maximize the money they can pass to their children and avoid passing a tax burden.

Enter annuity wealth transfer concept, this method helps people like Rick and Karen to minimize tax and leave more assets for their beneficiaries. See details below.

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Fixed Index Annuity — A Solution in Ultra-low Rate Environment

9/16/2021

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Fixed index annuities are long-term insurance products that can help consumers grow their assets, while protecting their principal in changing markets. By allocating a portion of their retirement assets to a fixed index annuity, consumers can reinforce their retirement savings foundation and help:

1. Generate higher growth and income than many fixed income instruments.

2. Protect against interest rate risk and bond market volatility

3. Guarantee more income for life

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How to Buy Chinese Stocks In the US

9/15/2021

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There are multiple ways for investors who are bullish on the Chinese economy and want to buy Chinese stocks.

1. Buy ADRs.
American Depositary Receipts (ADRs) entitle investors to foreign shares being held on their behalf at a bank.

2. Buy H-Shares (Chinese stocks listed in Hong Kong)
Those are called H-shares, and U.S. investors need Hong Kong dollars to purchase H-shares. You have two options: a) convert U.S. dollars to Hong Kong dollars; b) buy Hong Kong stocks on margin, borrowing Hong Kong dollars from a brokerage firm with U.S. investments as collateral.

Interactive Brokers, Fidelity, Vanguard, and Charles Schwab all support this option.

3. Buy A-Shares (China's domestic listed stocks) through two special programs
The Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect programs are cross-boundary channels that allow investors in each market to trade shares on the other market using local brokers and clearing houses.

Only Interactive Brokers supports this option.

4. Buy ETFs that hold Chinese stocks
For investors who don't want to directly own any Chinese stocks, here are some major ETFs that mainly hold China A-shares or H-shares:

Xtrackers Harvest CSI 300 China A-shares (ASHR): A-shares only
KraneShares Bosera MSCI China A (KBA): A-shares only
iShares MSCI China A (CNYA): A-shares only
iShares China Large-cap (FXI): Hong Kong-traded shares only
SPDR S&P China (GXC): mainly H-shares

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Financial Do's and Don'ts If You Have A 7-Figure Retirement Fund

9/14/2021

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8 Financial Do's and Don'ts for the 7-Figure Retirement is an article from Morningstar.com, it highlights a number of key decision points - and the related do's and don'ts - to consider in helping people with high retirement assets make the transition from working to retirement.

Some of the important points include:

It's important to be mindful of sequence of return risk, especially when retiring early (thanks to all of that wealth), as the longer the time horizon, the more risk there is with an untimely early retirement market decline;
Most pre-retirees have relatively stable tax planning because their income is consistently buoyed by annual wages, and consequently may underestimate the volatility of their taxable income in the early retirement years (and miss opportunities for tax planning to maximize tax-efficient retirement withdrawals);
Be mindful of the timing when starting Social Security retirement benefits, especially for those who otherwise have plenty to live on, expect a long life, and can afford to bridge the early retirement years from their portfolios in order to delay Social Security;
Beware locking in "expensive" payments and financial commitments... including not only the second/vacation/retirement home, but over-extending the "Bank of Mom and Dad" to adult children;
and finally, remember that just because you have the financial affluence to be able to afford not working anymore, doesn't mean you will find a life without work to be fulfilling, as in the end it's much better to be retiring towards something rather than just retiring away from our current life!

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How the Very Rich Uses Private Placement Life Insurance (PPLI) to Avoid the Looming Biden Tax Increases

9/13/2021

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Private Placement Life Insurance (PPLI) has long been a tax-shelter vehicle for ultra-high-net-worth clients, leveraging the tax-deferral build-up of cash value in a permanent life insurance policy but in a structure that accommodates more specific investment choices (for that particular HNW client) and without the sometimes-expensive commission structure that can overlay 'traditional' permanent life insurance.

However, a change to life insurance reserve requirements under the Consolidated Appropriations Act in late 2020 now allows insurance companies to use lower interest rate assumptions (based on a new variable rate tied to current market rates) in determining whether a life insurance policy will become a taxable Modified Endowment Contract (MEC), which has the end result of allowing substantially higher cash value contributions into permanent life insurance without triggering MEC status.

At the same time, the rise of a potentially significant increase in the taxation of both ordinary income and especially capital gains under President Biden's proposals is leading to growing interest in a wide range of 'tax shelters' for ultra-HNW clients.

The combination of the two is leading to a rapid increase in the number of HNW individuals now exploring PPLI as a tax shelter, with the new, more appealing tax-deferred cash value accumulation potential, coupled with a looming Biden tax increase. Of course, the reality is that surrendering a high-growth life insurance policy is itself still taxable, which means the value of high-growth PPLI, once implemented, can generally only be extracted partially via policy loans, or by holding the policy until death (though that option itself may still be appealing for those otherwise concerned that the Biden administration will eliminate the step-up in basis rules).

Because of the complex rules involved in establishing PPLI, it's generally recommended only for those who can contribute at least $2M (and more commonly, $5M+) to the policy.

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THE MEGA BACKDOOR ROTH IRA STRATEGY AND SOLO 401(K) PLANS

9/12/2021

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Do you know Solo 401(k)s for side jobs or businesses can possibly be rolled into mega backdoor Roth IRAs? This blogpost shows you this strategy - the required conditions and caveats to implement it, worth a read if your situation fits the bill.

Note: only after-tax contributions are allowed to be used in this strategy, and your side business must not be related to your regular job to take advantage of this rollover, and of course your side business must be successful so you can afford the cash flow contribution.

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Tax Consequence of Leaving Life Insurance Surrender Value With the Insurer under Interest-only Option?

9/11/2021

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Q. What are the tax consequences of leaving life insurance cash surrender values or endowment maturity proceeds with the insurer under the interest-only option?

A. The interest is fully taxable to the payee as it is received or credited. Under some circumstances, election of the interest option will postpone tax on the proceeds. If the option is elected before maturity or surrender without reservation of the right to withdraw the proceeds, the proceeds are not constructively received in the year of maturity or surrender.

But if the right of withdrawal is retained, the IRS apparently considers the proceeds as constructively received when they first become withdrawable. (It can be argued, however, that the proceeds are not constructively received when the policyholder has a contractual right to change to another option.) If the option is elected on or after the maturity or surrender date, the proceeds are constructively received in the year of maturity or surrender.

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Is Interest Paid on an Insurance Loan Tax Deductible?

9/10/2021

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Q. Can a taxpayer deduct interest paid on a loan to purchase or carry a life insurance, endowment, or annuity contract?

A. Interest paid or accrued on indebtedness incurred to purchase or continue in effect a single premium life insurance, endowment, or annuity contract purchased after March 1, 1954, is not deductible.

For this purpose, a single premium contract is defined as one on which substantially all the premiums are paid within four years from the date of purchase, or on which an amount is deposited with the insurer for payment of a substantial number of future premiums.

When a single premium annuity is used as collateral to either obtain or continue a mortgage, the IRS has found that IRC Section 264(a)(2) disallows the allocable amount of mortgage interest to the extent that the mortgage is collateralized by the annuity.

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Tax Impact When Life Insurance Dividends Used to Buy Paid-up Additions?

9/9/2021

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Q. What are the tax results when life insurance or endowment dividends are used to purchase paid-up insurance additions?

A. Normally, no tax liability will arise at any time when life insurance or endowment dividends are used to purchase paid-up insurance additions.

Dividends not in excess of investment in the contract are not taxable income, the annual increase in the cash values of the paid-up additions is not taxed to the policyholder, and death proceeds are tax-free.

In effect, dividends reduce the cost basis of the original amount of insurance and constitute the cost of the paid-up additions. Consequently, upon maturity, sale, or surrender during an insured’s lifetime, gross premiums, including the cost of paid-up additions, are used as the cost of the insurance in computing gain upon the entire amount of proceeds, including proceeds from the additions.

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Are Dividends From a Life Insurance Policy Taxable?

9/8/2021

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Q. Are dividends payable on a participating life insurance policy taxable income?

A. As a general rule, all dividends paid or credited before the maturity or surrender of a contract are tax-exempt as return of investment until an amount equal to the policyholder’s basis has been recovered. More specifically, when aggregate dividends plus all other amounts that have been received tax-free under the contract exceed aggregate gross premiums, the excess is taxable income.

It is immaterial whether dividends are taken in cash, applied against current premiums, used to purchase paid-up additions, or left with the insurance company to accumulate interest.

Thus, accumulated dividends are not taxable either currently or when withdrawn (but the interest on accumulated dividends is taxable) until aggregate dividends plus all other amounts that have been received tax-free under the contract exceed aggregate gross premiums. At that point, the excess is taxable income.

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Tax Consequence of Giving Spouse a Life Insurance Policy

9/7/2021

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Q. If a taxpayer gives a spouse a life insurance policy, is the taxpayer entitled to a gift tax marital deduction?

A. Yes. An outright gift of a life insurance policy to the donor’s spouse qualifies for the gift tax marital deduction on the same basis as the gift of a bond or any other similar property. The same should hold for subsequent premiums paid on the policy by the donor.

An annual exclusion may be allowed instead of the marital deduction if the recipient spouse is not a U.S. citizen.

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Use Permanent Life Insurance as a Tool to Pay for Tuitions

9/6/2021

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The primary purpose of life insurance is to provide a death benefit to beneficiaries. It can be designed to meet your changing needs with features such as a flexible death benefit and flexible premiums. The death benefit protection can make life insurance an attractive choice for establishing a self-completing plan to help fund a college education.

Earning a college degree today can now cost a significant amount—and that amount continues to rise faster than the rate of inflation. With the spiraling costs of earning a diploma, you should review your options. An option to consider is permanent life insurance. Permanent life insurance provides death benefit protection and a way to potentially accumulate tax-deferred cash value growth.

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<<Previous

Washington State Long Term Care Act - Part D

Washington State Long Term Care Act - Part C

Washington State Long Term Care Act - Part B

Washington State Long Term Care Act - Part A

4 Health Care Options If You Retire Early

Smart Charitable Giving in 2021

What To Invest In Different Business Cycles

4 Signs You Are Ready for Roth IRA Conversion

2 Great Websites With Tons of Useful Financial Planning Information

3 Different Interesting Crediting Methods for Life Insurance

Free ETF Screen and Research Sites from Fidelity

Are All ETFs Tax-efficient?

Do ETFs Pay Dividends?

Annuity Wealth Transfer Concept

Fixed Index Annuity — A Solution in Ultra-low Rate Environment

How to Buy Chinese Stocks In the US

Financial Do's and Don'ts If You Have A 7-Figure Retirement Fund

How the Very Rich Uses Private Placement Life Insurance (PPLI) to Avoid the Looming Biden Tax Increases

THE MEGA BACKDOOR ROTH IRA STRATEGY AND SOLO 401(K) PLANS

Tax Consequence of Leaving Life Insurance Surrender Value With the Insurer under Interest-only Option?

Is Interest Paid on an Insurance Loan Tax Deductible?

Tax Impact When Life Insurance Dividends Used to Buy Paid-up Additions?

Are Dividends From a Life Insurance Policy Taxable?

Tax Consequence of Giving Spouse a Life Insurance Policy

Use Permanent Life Insurance as a Tool to Pay for Tuitions

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