|
Post by graybeard on Sept 20, 2009 19:52:57 GMT -6
Saw him on a two hour PBS special today. His emphasis is on keeping more of your money from the tax man, especially the 401K.
Has anybody watched this program, or bought it?
GB
|
|
|
Post by cheshireprofessor on Mar 30, 2010 17:37:33 GMT -6
Ed Slott's not your everyman advisor. He speaks generally (or at least in that PBS show) to an affluent albeit financially ignorant audience (so much for this being a meritocracy). The fact that he discusses estate issues at length should give one an idea as to the affluence of the audience. If you are of that class of client then seek him or an equivalent advisor for specific help. The basic tactics (one primarily being the formation of an insurance trust) he cites are valid though not always accurately presented as in saving taxes on one's IRA/40k. Regarding 401Ks, (and IRAs), there is no avoiding taxes unless you need to rely on them almost exclusively for your retirement income and that income minus deductions and/or exemptions is not high enough to become subject to taxes. One thing Ed Slott validly advises is that on any and all your financial accounts (IRAs, Roths, Insurance policies, etc., name primary AND contingent beneficiaries - never leave it blank and never just your spouse - (you can always name me if you have no heirs Another point of his I support is to educate yourself on these topics. You could try to do it for free first even if you do hire an advisor or account manager - it has never been easier - what you may buy is sometimes just as wrought with misinformation and/or inapplicable tactics as a lot of what you may find for free, but a lot of what you find for free will also be just as legitimate and correct as what you may buy. Read enough, think enough, and assuming you acquired your funds legitimately and that effort required some acumen, you likely will learn to recognize good from poor advice quickly enough.
|
|
|
Post by graybeard on Mar 31, 2010 7:03:01 GMT -6
Great first post, Cheshire. Welcome and thank you.
GB
|
|