March 26, 2025 • 49 mins
Aired: 03/15/25, Recorded: 02/01/25
Financial expert Mark Rothstein looks back at the key financial strategies, tax changes, and economic insights from 2024. Gain valuable retrospective advice on home equity, tax filing, Social Security updates, and estate planning that can help you make smarter financial decisions.
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Episode Transcript
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Unknown (00:00):
The Information and opinions presented are for
(00:01):
general information only, andare not intended to provide
specific advice orrecommendations for any
individual you should contactyour investment professional,
attorney, accountant or taxadvisor regarding your
individual situation. Theopinions of the presenter are
not necessarily those of eventtax wealth management. It's
subsidiaries, officers ordirectors. Mark Rothstein, aka
Mr. Money, is a financialadvisor and the owner of Tristar
financial LLC and tri starIncome Tax Services LLC, Mr.
(00:23):
Money is a marketing name onlyand is not intended as anything
other than a marketing name forentertainment purposes.
Securities offered throughavantex Investment Services,
Incorporated member Finland SIPCinvestment advisory services
offered through a vantex advisorservices, Incorporated insurance
services provided by a van TexInsurance Agency incorporated
and avantex Insurance ServicesIncorporated tax and accounting
services offered through tristar, the event. Tax entities
(00:44):
are under separate ownershipfrom any other named entity.
This
Mark Rothstein (00:46):
is Mr. Money, and it is another Saturday. We
are together. Mr. Money gets tobe with you once per week for an
hour, and I certainly preparefor that hour, and I'm certainly
ready this week all about youand your money when you think
about it, relationships matterin life, but so does money
(01:08):
matter in life? Different partsof your life, money matters more
certain times of your life,maybe relationships matter more,
among other things that matter.So I'm the money guy to talk
about money things with you. Weare here at K I do talk radio,
580 on the am dial, and I amMark Rothstein, Mr. Money. 40
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plus years as a certifiedfinancial planner and an
enrolled agent tax expert. Myclients go from money worries to
money confidence. I'm giving youthe confidence. Hopefully, every
single week, my clients knowthey've got a financial plan
that will last their entirelifetime. That's right.
(01:53):
Additional 20 years, 30 years,40 years. We have made them a
plan. It works, and they sleepwell at night. All that
knowledge, all those years of mydoing it, I want to share it
with you, and that's why I'mhere, making a difference for
you and your financial life. Oneof the things I ran across this
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last week is Americans, quote,miscalculate health care
expenses. Health care costs inretirement are severely
underestimated, says a newreport by Jackson life, and this
report came in that says thefindings have been conducted,
and it shows that pre retiredinvestors are low balling
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prospective health care expensesin the long term, with nearly
two thirds anticipate spendingat least $1,220 below the 8600
annual estimate is that, in yourcalculations, do you feel in the
future, you may have more healthcare issues, more medical
issues, maybe even down Theline, long term care of an
(03:01):
assisted facility, possibly, youmust, must, must have that in
mind when you make yourfinancial plan. You must, must,
must have some money preparedfor that, because, after all,
you'd like to have a securefeeling good about your future
and not always worrying abouthealth care issues. You just
(03:21):
don't want to do that. If you'dlike to dial in Mr. Money, would
like to talk to you, and Mr.Money wants to talk about one
big item. I keep hearing from myclients, what's the big item?
It's your house. I'm alwaysgetting calls about my house. So
I thought I'd start with thattoday. After all, you could use
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your house, your home, equity inyour house, to pay off high
interest debt, your creditcards. Borrow from my house and
pay off my credit cards. Youcould borrow money from your
house and fix the kitchen, fixthe bathroom, do improvements to
your house. Some people takemoney out of their house help
pay for college for theirchildren or others. Some people
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take money out for otherreasons, like a business, they
need to put money in theirbusiness. So I thought I would
share, when is it the best placeto go to take money out of your
house, your home equity? Again,if you've owned your home for a
while, odds are you're sittingon a whole lot of equity,
meaning what you could sell itfor, minus the debt, whole lot
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of equity. Statistics show atthe end of the third quarter, of
24 average homeowner with amortgage had $319,000 of equity
across the US. This is,according to the
Intercontinental exchangetechnology firm that researches
this, and of that amount,270,000 is the tappable or the
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amount you can take out of yourhouse to go do things you want
to do. So, Mr. Money, should Itake money out of my house? Does
it make sense? Or when does itmake sense? Insurance, or maybe
I should go get money elsewhere,not go into the equity in my
house. There's two types. Let memention, there's one called a
home equity loan. You just takea second on your house. You just
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take one fat loan for X amount.Or you could do what's called a
HELOC home equity line ofcredit, where you can simply
draw on a line of credit as youneed the money again. You can
fund your business. You can payoff a high interest rate credit
card. You can fix up your home.You can do a whole lot of
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things, because home equityloans a one time loan, and he
locks are secured by your home,they typically come with a lower
interest rate than those creditcards that we've seen sky high
at over 20% and it's even lowerthan if you took a personal loan
from some people. But before youpull the trigger and you say,
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Great, I'm going to go take theloan, I'm going to handle my
credit card debt, and I'm goingto handle X, Y or Z, you should
evaluate the options, and that'swhat Mr. Money is here to do
today. So again, home equityloans provide one single lump
sum disbursement a home equityloan. Notice the word home
equity you're taking againstyour home. It's usually at a
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fixed rate. It's recentlyaveraged around 8.4% according
to my research@bankrate.com inmost cases, you start making
monthly payments because youjust borrowed a chunk of money.
And again, you start makingthese monthly payments to repay
the principal and interest onthe loan right away. Repayment
plans, the period for it canusually be anywhere from five to
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30 years. Obviously, you take aloan. For 30 years, you're
paying less per month. Take aloan for five years, you're
paying a whole lot more permonth. So again, look at the
amount of loan, length on it,the period of time for it. He
lock home equity line of credit.It's a revolving line of credit,
so you can borrow and repayfunds as you need them. He lock
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interest rates, again, aretypically variable, tied to the
prime rate, which changes intandem with the Federal
Reserve's target, federal fundsrate. Mr. Money always talks
about the Fed funds rate, theinterest rates they're charging
after cutting short terminterest rates by a quarter of a
percentage point in December,that was talked about on my last
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call. Actually, my last was itlast one or last two of my
talks, or maybe even three talksago, we talked about interest
rates dropping. I did mentionhow there were third rate cuts
in the year of 24 and again,when interest rates drop, that's
supposed to have your rate dropon a HELOC. So that's the good
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news you like hearing when FedReserve Board has lowered
interest rate. And again, we'llsee what the future is. A lot of
people are planning on one totwo more quarter point changes
in 25 again, Mr. Money willmonitor it every week as we're
together. And again, while rateson the Home Equity Line of
Credit recently of averaged 8.5%slightly higher than those on
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the home equity loans. Thoserates are expected to decline.
Why are they expected to declineas time goes on this year?
Simply because they may dropinterest rates the Federal
Reserve and again, we reportthat each week. By the way, if
you have a good credit score,that means 740 or above, that
will help you qualify for thelowest rates when you take the
loan. And within a HELOC, youcan borrow from your home equity
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during the draw period, whichtypically lasts about 10 years,
could be longer. So in otherwords, when you go for a home
equity line of credit where youstart paying only when you take
the money and you originally setit up, let's say for 10 years.
It can borrow money when youwant over the 10 years, or not
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borrow over the 10 years totallyup to you. Can also pay it back
anytime you want during the 10years. Again during this draw
period, you may be able to makeinterest only payments on the
amount that you borrow. And ifyou want to reduce the balance
more quickly, you can pay theprincipal bound at any time.
Again, negotiable when you takethe loan. Something good to know
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there, okay, and again, you canuse a check a credit or debit
card, credit or debit cardconnected to the account or an
electronic transfer to accessthese funds from the he luck and
talk to your bank, talk to themortgage lender on here. If you
owe money on the he luck, at theend of a draw period, you'll
enter a repayment period that'stypically up to 20 years, during
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which you'll pay principal andinterest at whatever the rates
are, payments are usually mademonthly. Yes, we know that
amortized to retire the debt bythe end of the repayment period.
Okay, a lot of easy stuff inthere, whether a line of credit
or a loan better suits yourneeds. Now, key point depends on
how you plan to use the moneyand your comfort. Level with the
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structure of the loan or creditline. So let's get into that a
little bit if you're concernedthat interest rates may rise
again in the future, which couldvery well happen with high
inflation returns again, peopleare worried about that right now
with the Trump error and hisimmigration policies, his tariff
policies, et cetera.
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So you may want a one timedisbursement called the home
loan, a home equity loan, onebig fat loan period. You'll get
the interest rate now when youborrow it, you know you got that
interest rate on there. So ifrates go up or down, you're
unaffected again. If you want tohave continuing access to the
funds over the course of severalyears, though, or would like to
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have more flexible repaymentoptions than the HELOC. Is it
the home equity? It's a line ofcredit. Maybe a better choice,
by the way, I should mentionthis, any co owner of the home,
remember, I'm taking a loanagainst my house, so any co
owner of the home, such as yourspouse or partner, will be
required to sign off on the HomeEquity Line of Credit or the
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home equity loan. So your oneloan, or whether it's a home
equity line of credit loan,that's true even if you're the
sole earner in your household.Again, why? Because your shared
home is collateral for the loanof the line of credit. By the
way, late payments, defaults orforeclosure will negatively
impact both owners of thiscredit, this line of credit. So
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let's talk about possible uses,popular uses. Here's the big one
everybody talks about, and theyask me about Mr. Money, debt
consolidation is one of the mostcommon reasons of why people are
taking out their HELOC a homeequity loan. They got themselves
in trouble. Borrowing againstyour home may look especially
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attractive to refinance yourhigh credit card debt. You know,
there's 20% rates or higher.They've averaged recently over
20% again, I researched it atBank rate.com but it's important
to understand the risks. That'swhat I'm getting at. Important
to understand the risks of usingdebt that's secured by your home
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to pay off these unsecured debtthat you got if you're already
struggling to keep up with yourexpenses, which is a common
reason people get into creditcard debt in first place. I
don't want you to also have thestruggle to pay off your HELOC
or your home equity loan. Ifthat happens, the lender could
take possession of your propertyif you don't make back the
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payments could require you tovacate your home. Most he locks,
by the way, home equity lines ofcredit come with a curtailment
clause. Don't know if you knowabout that curtailment clause,
which allows lenders to cut offaccess to the line of credit if
they detect a significant changein your financial situation or
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the value of your home. I'veseen that over the years, all of
a sudden, my clients lost theirHELOC because their value of
their home went way down. Howabout the fire people hard to
borrow against a house you don'thave anymore in Los Angeles, in
addition, borrowing against yourhome could be more expensive
than other strategies. That'sthe point I want to get at to
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pay off your high debt, so maybeyour credit card debt, you
should go elsewhere, notnecessarily to your house.
That's the key point here.Again, depends on the amount you
borrow. Your lender may requireyou to get an appraisal. So in
other words, there's cost herefor you to get your HELOC, get
your home equity loan. Thelender may require you get an
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appraisal, which can costanywhere from a few $100 to a
few 1000. Closing costs for aHELOC may run anywhere from 2%
to 5% of the loan amount. Somelenders may even waive the fees
if you keep the credit line openfor three years or more. So
remember to ask, remember torequest, not paying so much in
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fees. And again, lenders alsousually charge an origination
fee of about 1% of the loanamount or credit line. Again, if
you're only buying a smallamount, they may not charge you
that. But if it's a largeramount, lender may charge a 1%
of the loan origination fee.That's a whole lot of fees. Mr.
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Money, I got appraisal fees. Igot this loan origination fee.
I've got the interest on it.I've got all these things that
may show up when I go to buy it.Versus how about Mr. Money, I
simply transfer my high ratecredit card debt to a card with
a low introductory interest rateon a balanced transfer that may
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cost you less than going throughthis whole steps of doing a line
of credit. Again, if you havegood credit, you could probably
get a 0% rate for 18 to 21months when you transfer to a
lower. Interest rate creditcard, by the way, they do
usually have a pay make you paya balance transfer fee. I've
(15:07):
seen that before, typicallythree to 5% of the amount you
transfer from your high creditcard to your low credit card,
they charge you that balancefee. So it ain't all free,
everybody. Yes, you may get 0%interest rate for 18 months, but
when you balance transfer itover, there's another two 3% fee
on that balance you transferredover. So it does possibly make
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sense, money wise, cost wise,only if you could pay off the
balance in full before the 0%rate expires. Remember, after
that, you're likely to becharged a much higher variable
interest rate on any remainingbalance, probably back to that
20% plus. If a balance transferisn't a good option, consider
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maybe contacting a nonprofitcredit counselor, many of them
offer debt management plans withinterest rates of seven to 8%
over four to five years, whichmay be even less costly than the
HELOC. So lot of key items inthere. I wanted to get at one.
Last one I want to mention here,Home Improvement. That's another
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one. I hear a lot of Mr. Money.I'm fixing the kitchen, my value
my house will go up. Tell meit's a good idea. Home
Improvement projects, let memention are another popular one,
as I just mentioned, using aHELOC or a home equity loan, one
big fat loan to pay for aproject that will enhance your
home's value, the remodeling,the Re Roofing, other things
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you're going to do is less riskythan paying off unsecured debt
with the funds, and if youitemize, meaning on your tax
return, you get to takedeductions the interest you pay
on your home equity that is usedto buy, build or improve your
primary residence, or if youborrowed money for a qualified
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second residence, it may be taxdeductible. So notice that if
you're borrowing to do a homeimprovement, the interest on
those loans may be deductible onyour tax return. You can deduct
interest on a combined mortgageand home equity debt of up to
750,000 from married people. 3705000 if single. So if you move
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before the loan is repaid.Proceeds from the home sale
could be used to pay off theloan, so that one may not be
such a bad idea for you to do.And so Mr. Money likes that idea
again, some homeowners use thehome equity to finance the
purchase of a second home,absolutely possible to do. And
then when you sell your personalhome, you'll pay off your equity
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line that you use to buy thesecond home. Very possible, and
yes, lot of people do that. Someparents use home equity loan, by
the way, pay for their child'scollege education. Just
remember, when you're going foryour college loans, they do look
at your home they do look atyour debt, so please know that
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will come into play when you'regoing to do that and look at the
interest rates you're payingbefore tapping your home equity,
families should always max outon federal student loans, which
have a fixed rate of 6.53% forloans disbursed from July of 24
till June of 25 so maybe gettinga student loan at 6.53 is a
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cheaper way to go than usingyour money there. The only thing
I don't really like but youcould use it, is you take money
out of your home equity line ofcredit to serve as a source of
emergency funds in the event ofa job loss, especially if you
work in an industry that's proneto layoffs. So again, there, I'd
rather you every two weeks onyour paycheck, or every month
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you put money away into anemergency account. Mr. Money
always talks about that part ofyour financial plan is to have a
savings account, an emergencyaccount, a contingency account
for when stuff happens in life.Don't want you to go straight to
your credit card. For thatmatter, I don't want you to go
straight to a home equity lineof credit to pay for expenses if
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you lose your job. Good idea tohave an emergency account set up
already at your bank creditunion. That's there in case you
lose your job. Yes, Mr. Moneylikes three to six months put on
the side for an emergency. Yes,but a HELOC could be used if you
got that Home Equity Line ofCredit where they start charging
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you when you take money out. Soat least you got the line of
credit, you'll use it if youneed to. So yes, it can be used
that way. Mr. Money just prefersyou put money away each month to
the retirement account. When wecome back, Mr. Money is going to
talk about what's new this taxseason. Yep, we're in the
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season, and Mr. Money wants tore mention to you some of the
key. Items that you shouldlisten for to help your tax
return. I don't believe inpaying more taxes than you
legally have to. I believe inbigger refunds that are legal.
We're going to handle that whenwe come back. This is Mr. Money.
Let me tell
Unknown (20:22):
you. There's one for you, 19 for me.
Mark Rothstein (20:36):
This is Mr. Money being Mr. TaxMan. It is
Saturday afternoon. It's alittle gloomy out today. Mr.
Money is talking about taxes,all about giving you the game
plan, telling you what isappropriate and can be done to
reduce your taxes. Mr. Moneysounds boring. It sounds boring,
(20:57):
but also it puts money in yourpocket, so that may alert you
just a touch more. So I want tomention couple things that are
new this tax season that cansave you money, and even though
Congress did not make any majorchanges for this year, remember,
we're doing the tax returns forthe year 24 there are some
wrinkles to be aware of, fewthings to let you know about
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that, I want to re mention toyou. And I should also mention
the IRS is upgraded its onlineservices, adding features and
making it easier to check thestatus of refunds. They say,
going to talk about that rightnow, and where you go for those
type of things. And again, thisyear, the annual inflation
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adjustments are there, so yourtax brackets and standard
deduction are a bit higher. Thebig deal is, at the end of this
year, all things are going tochange. The big revamp, and it
is absolutely going to be plentyfor me to talk about. It's
always in the news is howPresident Trump and Congress
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addressed the fate of the 2017tax rate cuts that Trump put
into existence way back thenlowered the taxes a whole lot.
It expires at the end of 25 sothey're now looking at where
they're going to expand it,where they're going to get rid
of those favorable tax rates,tax credits, tax deductions. So
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we'll be talking about that awhole lot as Congress and the
president come up with theresults of that discussion this
year. By the way, for this year,according to the IRS, takes
taxpayers an average of 13 hoursto do their tax return, and, on
average, a $290 to prepare andfile according to the IRS, okay.
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According to the IRS, they sayit's worth it, spend the 13
hours of your life reading theIRS code and or spending $290 to
prepare and file your return.The average tax return last
year, 3001 38 according to theIRS. And remember, taxpayers who
file electronically choose todirect deposit their money.
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Should get your payments within21 days. If not, you can start
thinking, where's my money?Where's My Refund. So again,
deadlines for this year, usuallythe 24 returns are due by April
15. For most filers, that'sstill true for all of us in
Idaho. There are exceptions, theroughly 10 million taxpayers
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live in LA County have anextension till October 15. So if
you're from LA now and you werein those fires, living in LA
County anywhere, even if thefire didn't affect you directly.
You're in LA County, you have anextension of time until October
15 to file and pay what moniesyou also get to delay paying
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your quarterly estimates thisyear in 25 remember those self
employed people are supposed topay money in quarterly during
the year, April 15, it's duethis year, June 16, September
15, and after the year's over,on January 15 of next year's and
again, certain people that havea disaster, if you've got one,
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talk to your tax person.Sometimes they let you go back
to the prior year to take theloss in the year of 23 even
though the disaster wasn't 24 soyou can, if you got a whole lot
of income in 23 but not in 24maybe it's better to take the
big deduction in the year 23 soagain, key items check on that.
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The other one I've mentionedbefore, I want to mention it
again, is the 10, 99k K incomeyou get from online sales of
concert tickets, goods andservices, anything you're
selling online is generallytaxable. The threshold for
platforms like PayPal that youmay be using, eBay, you may be
(24:57):
using, is $5,000 So again, ifthere were sales in any way,
shape or form for 5000 or more,you are going to receive a 10
99k that reports that number.It's also that 1099 going to the
IRS. So they're looking for it.If you get a 10 99k Mr. Money's
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here to say, report it. But Mr.Money, it's not, I didn't sell
something that was business. Itwas something personal, like I
maybe I paid my babysitter,maybe I had some other goods
that I was buying or selling, orsomething, something personal,
personal again, you must reportit on your tax return. Yes, you
can take deductions against it.But again, that means millions
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more Americans this year havegot to report it on your return.
If it is business, you need toreport the income on your tax
return and pay taxes on it, ofcourse. But if you've got that
10, 99k the IRS computers arelooking for it on your tax
return, and they'll be checkingagain, again, again, again,
again. Make sure you get it onthe return. Another thing you
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can do is the IRS says itexpects more people to sign up
for online accounts this season.What are they getting at getting
a Identity Protection number?Yes, some of my clients
experience theft of their ID.They sent in their tax return,
got a note back. Your return wasalready filed. They're saying,
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here it is, this is my return,but somebody had stolen their
identity, did a fake tax returnand filed it. You can get an
identity protection pin, p, i n,and again, just go open up your
own online account. You'll getyour pin Yes, go to I R, s.gov,
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and by the way, your spouse canget a PIN number, a protected
number. Your dependent can alsoget one of those. So again, when
you file your return, you putyour identity protection number
on there that the IRS gives you,and then the IRS knows it's you
that's filing the return. Don'tforget, this year EVs electronic
vehicles, everybody, manyelectronic vehicle buyers took a
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7500 tax credit that was the maxat the dealership at the time of
sale. Effectively, they got aninstant discount, but they still
need to report the purchase onyour tax return that you bought
it and they're checking was theIRS make you report it. They're
checking to make sure you didn'thave too much income to qualify
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for this tax credit. So again,when you do your tax return, you
got to put the VIN number, theID number on the car. Make sure
your income, if you're married,is not over 300,000 if you're
single, make sure your income isnot over 150 otherwise you don't
qualify for it again. The creditis up to 7500 you could take new
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car, get up to 4000 by the way,if it's a used car, yes, check
with your dealer about whichcars qualify. And by the way,
those prices have to usually be80,000 or less for it. But Mr.
Money, but Mr. Money didn't youknow, Trump signed an executive
order on january 20 to roll backthe EV policies, but Mr. Money,
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he's buddies with Mr. Tesla,with Mr. Musk. Why do you do
that? He is not for EVs and allthe credits. So Trump did sign
an executive order on 120 25 toroll back these EV policies and
these credits. But no change atthis time has been put into the
(28:45):
legislation, and it is not law.So yes, for the year of 24 your
EV credit exists. Take your$7,500 credit and again, report
the EV on your tax return,probably the last year you can.
But if you can, and you did itin 24 go for it. We'll wait and
see what the tax legislationcomes up with. How about tax
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penalties? More taxpayers,according to
IRS statistics, more taxpayersare getting hit with penalties
for underpayment. Why? Manytimes it's underpayment because
you had extra gig income, selfemployment income, and you
simply didn't have any taxeswithheld on it. When you're self
employed, you're supposed tosend it in during the year. And
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so the number of taxpayersreporting the penalty for
failing to pay estimated taxesthrough the years rose more than
15% to 14 million people. That'sin fiscal year 23 I believe it's
bigger. In 24 Mr. Money'sbringing it up. I am bringing it
up basically to say, Would youplease pay your estimates on
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time? Or would you please adjustyour tax withholdings on your
wages, your W twos you don'twant to be. Hit with that
penalty, which is quarterly, andit's currently at 7% so again,
quarterly, make your paymentsin. If you don't, you're getting
hit with some fees, and it's nowat a 7% number for failing to
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pay estimated taxes. That couldbe a really big number. So
again, watch for that as time isgoing on, because you don't want
to be hit with that extra oneother things Mr. Money is here
to mention on today's show isfree filing. That's right, the
IRS is expanding. It's calleddirect file. Yes, Idaho
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participates in it. What is it?It is a free online tax filing
service for people with simplereturns, and now 25 states are
using it. So you can do directfile for your IRS return and
your Idaho tax return. Theservice will also now cover more
tax situations than last year onit, so it doesn't quite cover
(30:59):
everybody, but nowadays, versuslast year, you can now do your
health savings accountdeduction, one of Mr. Money's
favorites. By the way, theTreasury Department estimates
more than 30 million people areeligible. Taxpayers with an AGI
adjusted gross income of 84,000or less also can file free using
(31:21):
commercial software via IRS FreeFile. So again mentioning it i r
s Free File is a place to go andconsider getting it free filed
without charging you any money.One other thing that happened
this year versus last year wasthe Treasury ended a program
where, in the old days, UStaxpayers could direct part of
(31:44):
our refund that we would getinto savings bonds. US savings
bonds, you could do that, and itwas into these inflation bonds.
Part of my family actually didthat, and now it's gone. So for
this year, if you like getting arefund and splitting it into
some bonds. You cannot do that.Can you split your direct
(32:06):
deposit refund between two ormore accounts, put some in a
savings account, some in an IRAsure or even an education
savings account? You can dothat. So you can still direct
your refund a bit, but not intothose savings bonds. Speaking of
what you can do this year,should mention this also, which
(32:26):
is the increase goes into effectJanuary of 25 what's the
increase? The IRS rate has goneto 70 cents per mile driven for
business use. So I've switchedto this year 25 and in this year
of 25 remember, keep track ofall your business miles. That's
one of the key tax deductionsMr. Money uses on the returns,
(32:49):
which is 70 cents per mile forevery business mile. I'd
certainly keep track of it, andI am so that's a very nice
deduction. One last thing I wantto mention here is this gambling
winnings? Mr. Money, do I gottareport gambling winnings? It's
awfully fun to win money, butdon't forget, it is taxable. A
(33:12):
recent report by the TreasuryInspector General for Tax
Administration, T, I, G, T, Afound that many taxpayers with
gambling income did not file taxreturns. What do you think of
that this occurred even thoughthey received Form W 2g w2 as in
wages, G for gambling. So yes,the places you gamble are
(33:34):
supposed to issue a W 2g for thegambling and over the last three
years, it showed 148,000 908,persons who were sent the form,
W, 2g they won more than 15,000and they all 148,000 failed to
report it on their tax return.Wow. How much winnings did they
(33:56):
have? 13 point 2 billion inwinnings were not reported on
the tax return. So again, justknow gambling winnings are
taxable. Yes, you can write offgambling losses against
winnings. Yes, I know that goesdifferent spots on the tax
return. But again, if you're agambler, it's good idea to go to
(34:18):
the cage at the beginning ofgambling, get a card where it
record, records all of yourlosses. So if you got a big,
huge win all of a sudden, on thepenny machine, the nickel
machine, the quarter machine,and you end up with one of these
1099, forms, or W, 2g forms,shows you got this money, you're
going to want to have some proofthat you didn't keep it all that
(34:40):
you gambled some of it back, soyou pay tax on the net income
when we come back, Mr. Money'sgot to talk about why contingent
beneficiaries matter. That'sright. So when you're doing your
will, you're doing all of yourlegal items. Many times you put
a primary. Beneficiary, you putyour spouse, okay, I got it. Or
(35:03):
maybe you put your children, Igot it. But many times you need
to add something, and it costsyou hurt. It hurt lot of hurt if
you don't have those contingencyboxes filled in. We'll talk
about that when we come back.This is Mr. Money. I
Unknown (35:18):
need somebody, not just anybody. You know, I need
someone. This
Mark Rothstein (35:28):
is Mr. Money, and we're talking about money,
like the name Mr. Money, we'retalking about money. And I ran
across something this week. Iwanted to make sure I spoke
about and that is, of course youshould have a will. Of course
(35:48):
you should have a legal documentthat says something happens to
me, who's going to handle myaffairs, called an executor, if
it's a lady executrix, I need tohave beneficiaries on there, who
gets my assets? Which assets goto which people that I'm leaving
it to? Course, you want to havea piece of paper that says my
(36:11):
guardianship, if I've got kidswho's taking care of my kids if
something happens, or if you gota disabled person that you're
handling who's going to takecare of the disabled person that
you're taking care of. So again,a will trust is a fancy version
of the will. It's justessential. When I'm with my
clients, they don't walk out ofthe office without us having a
(36:33):
long discussion. And many times,I provide a will for them to
have. I also provide somethingcalled the durable power of
attorney for health care to makehealth care decisions, and a
durable power of attorney forfinancial matters, if I'm
incapacitated, can't rent myrental property. I want to
assign somebody to do that. Soagain, your will is the
(36:54):
foundation of the estate plan.It provides the disposition of
all your possessions, includingyour house, your investments,
your property. These go to thebeneficiaries named in your
will. So you got to have somenames in your will. In addition,
this foundation is usuallysupported by documents. So in
other words, you would also havea retirement plan document
(37:17):
there. You might have a lifeinsurance policy document there,
etc, I have all these. Butwhat's key in all this is, of
course, you're going to name thebeneficiary on the accounts, but
it's also imperative, imperativeto include the contingent
beneficiaries for peace of mind.What's that all mean is naming
(37:39):
these backup beneficiary says ifI'm leaving it to my spouse, and
my spouse is no longer here. Weboth passed away in a car
accident. Now, all of a sudden,I'm leaving it to my primary
beneficiary, my spouse, but I'mnot here any longer. What
happens then? Or my spouse dieda long time ago, but I never
updated the form. So it says itgoes to my spouse, but my spouse
(38:03):
is no longer here to get it. Sothose things do happen in life.
The bottom line is, you need tohave a contingent beneficiary, a
secondary beneficiary. Yes, myprimary beneficiary can get 100%
of course, but if they're justnot here. You should have a
contingent beneficiary where youname another person, ideally not
(38:26):
a trust, but a person. So if themoney comes to a person, they
can open their mouth and saywhat they want to do with it. So
it goes to a person or persons.So if I'm leaving it to my
spouse, 100% I could leave it tomy two daughters. In my case,
50% to my daughter and 50% to myother daughter. It's a safety
(38:47):
net. In case of the primarybeneficiary can't take the
distribution. For that matter,maybe my primary benefician
doesn't want it. And by the way,avoid the consequence. What
happens if you forgo naming acontingent beneficiary, if the
primary beneficiary inherits theasset, nothing wrong happens.
(39:08):
You named your spouse. Yourspouse got it. All is well.
However, if the primarybeneficiary can't receive the
asset, the process becomes waymore complicated. This process
without a contingentbeneficiary, the asset is
returned to the estate where itcould be subject to lengthy and
costly probate proceedings,meaning going through probate,
(39:32):
going through the legal systemin your state. Then the
distribution is made accordingto prevailing state laws, what
your judge said laws even ifthey run contrary to your
wishes. And by the way, thiscould result in conflicts among
family members, bitterlycontested legal actions may
follow, et cetera. Furthermore,a death benefit from a life
(39:56):
insurance policy could be paidto the estate which. Creates
maybe estate tax exposure.Again, some states have estate
taxes where, if you die andleave x amount, a large amount
over, there's another tax calledthe estate tax. So that's
possible too. So again, you canavoid all these common estate
(40:19):
planning mistakes while there'stime, simply choose
beneficiaries. Keywordbeneficiaries. Who should you
name? By the way, you may say,Mr. Money, I can name other
people, but who should you name?Choice is purely personal. Of
course, you can name who youlike, and you can change it if
you like, but there's commonthemes to observe, I thought I'd
(40:41):
mention primary beneficiaries,usually your spouse. You can
name your children as contingentbeneficiaries. By the way, you
could leave it a third to yourwife. A third meaning primary
could be a third your wife, athird your child, a third your
other child. So you get tochoose who your primary adding,
or your secondary names you wantto add again, you can be with
(41:06):
these assets or a different setof assets to other family
members or friends or charities.You're in charge. Keep in mind
that if a family member listedas a contingent beneficiary is a
minor child and you pass away,the court will appoint a legal
guardian to manage the assetsuntil the child reaches the age
(41:28):
of majority, usually 18. In moststates, by the way, also note
you can't legally name a pet.Hopefully you're giggling on
that you cannot legally name apet as a contingent beneficiary,
despite your fondness for yourpet, by the way, but Mr. Money,
I want to take care of my pet.No problem. Just leave a
(41:48):
paragraph. Leave someinstructions inside your will, a
document that says, I want mydog, my cat, my fill in the
blank, pet to be taken care of.I name Aunt Tilly, whoever you
name, I'm giving antilly Xamount of dollars. Would you
please take care of my petagain, if you spell it out, very
important, by the way, you can'tjust change it and you think
(42:13):
you're done. If you're makingchanges to your will, it has to
be witnessed by two differentwitnesses, and so it's important
you can change it, just rememberit has to be witnessed by
people. Frequently, a retirementaccount, IRA, or life insurance
policy, will have multiplecontingent beneficiaries. Notice
(42:34):
that life insurance has its ownbeneficiary form, not the same
as your will. You will covers awhole lot of your assets, but it
does not cover your lifeinsurance. There's a separate
form for life insurance. Don'tforget to name your primary
beneficiary there and yourcontingent beneficiaries there.
(42:55):
Also remember make sure you haveyour contingent ones there. True
for retirement accounts too. Bythe way, your retirement
accounts have a separate form, abeneficiary form, for the
retirement accounts. Make sureyou are listing those people
that you want to receive, thatprimary and again, secondary or
(43:16):
contingent. So again, look tomake sure you understand all the
beneficiary forms on aretirement account, a life
insurance account. Mr. Money, Igot an annuity. I'm not sure
what it is, but I got anannuity. What about that? Yes,
it has its own beneficiary formsagain, remember to name a
(43:37):
primary beneficiary to receive100% if that's what you'd like,
and remember to put contingentbeneficiaries, in case the
primary is not willing and ableand alive to take it. Haven't
really in all my 40 plus years,seen anyone not take their
inheritance. Actually, I have,now that I think about it. So it
(43:58):
is possible that you could benamed as a beneficiary on an
account, choose not to take itand pass it on to your children
or others. That is possible,that you can do legally. Yes, it
can be done. So you don't takeit, you therefore don't have
that income on your side or thatretirement receipt on your side,
because you forgo it and passedit on again. It's just a good
(44:22):
idea to have multiplebeneficiaries so you're not
caught with any trouble andmaking sure your money gets to
where you want it to get to.When we come back, Mr. Money's
got another item to talk about.It's all about Social Security
benefits that are changing. Yep,Social Security benefits are
(44:43):
changing, brand new law thatjust went into effect, and want
to make sure we're all aware ofthis new change. It's brand new.
I didn't even see it coming.Brand new change all when we
come back. This is Mr. Money,yeah.
Unknown (45:00):
Welcome back to the Mr. Money show on K I do talk radio,
1075, FM and 580 AM.
Mark Rothstein (45:08):
Mr. Money's in the house. Mr. Money's talking
about a Social Security change.That's right. It was in early
January this year, 25 formerPresident Joe Biden signed into
law, a bipartisan bill thatrepeals the Windfall Elimination
Provision WEP and GovernmentPension Offset. Again, these are
(45:30):
federal policies that reducesocial security benefits for
certain workers who receive apublic pension. In English, what
does that mean? Mr. Money inEnglish, it means teachers,
firefighters, police officersare among those that are most
commonly impacted by this WEPand GPO. The new law affects
(45:54):
social security payments madeafter December of 23 including
retroactive saying it anotherway. Under this, WEP workers
faced a cut in benefits if theyreceived a government pension
paid from an employer that didnot withhold Social Security tax
from wages. In other words, I'ma teacher as getting my
(46:16):
retirement from the teachingorganization, and therefore,
when I had my years working as aregular person with a regular w2
and paying into Social Security,I should be able to get money
from there too, but they werenot able to get it. So again, if
you were a public employeegetting a pension, there you
(46:38):
were hurt, because all thoseyears you worked in the private
sector, receiving a w2 payinginto Social Security on that one
side, on my regular job, youwere hurt and your Social
Security was affected. So again,that's what the issue is about
here. Supporters of this brandnew law say the W, E, P and G,
(46:59):
P, O, derive deprived publicworkers of retirement benefits.
They had earned them, theyearned them, but they were
deprived them. These provisionshave disproportionately impacted
individuals who serve theircommunities in dual roles, and
so they should be receiving botha government pension and and
(47:21):
qualify for Social Securitybenefits also. So again, very,
very important. Critics pointout that removing this WEP and
GPO will be a cost of 195 point7 billion over 10 years, and we
can't afford it. Social Securityis already going broke by the
(47:41):
year 2033 at which point payoutswill stop around 20% so they'll
only be paying about 80% 79 to80% of benefits. So it
absolutely matters on this soagain, look for that you may get
an increase in your SocialSecurity, if, in fact, you had
(48:01):
years as a w2 working personpaid into Social Security, and
you also spent many years as ateacher firefighter, where you
are not in the Social Securitysystem, but in the private
industry. This is Mr. Money. Seeyou next week. The Information
and
Unknown (48:17):
opinions presented are for general information only,
and are not intended to providespecific advice or
recommendations for anyindividual you should contact
your investment professional,attorney, accountant or tax
advisor regarding yourindividual situation. The
opinions of the presenter arenot necessarily those of event
tax wealth management, it'ssubsidiaries, officers or
directors. Mark Rothstein, akaMr. Money, is a financial
advisor and the owner of tristar financial LLC and tri star
(48:39):
Income Tax Services LLC. Mr.Money is a marketing name only
and is not intended as anythingother than a marketing name for
entertainment purposes.Securities offered through
avantex Investment Services,Incorporated Member FINRA SIPC
investment advisory servicesoffered through a van TX Advisor
Services, Incorporated insuranceservices provided by a van Tex
Insurance Agency, incorporatedin a van Tex Insurance Services,
Incorporated tax and accountingservices offered through
(48:59):
Tristar. Avantex entities areunder separate ownership from
any other named entity.
The Information and opinions presented are for
(00:01):
general information only, andare not intended to provide
specific advice orrecommendations for any
individual you should contactyour investment professional,
attorney, accountant or taxadvisor regarding your
individual situation. Theopinions of the presenter are
not necessarily those of eventtax wealth management. It's
subsidiaries, officers ordirectors. Mark Rothstein, aka
Mr. Money, is a financialadvisor and the owner of Tristar
financial LLC and tri starIncome Tax Services LLC, Mr.
(00:23):
Money is a marketing name onlyand is not intended as anything
other than a marketing name forentertainment purposes.
Securities offered throughavantex Investment Services,
Incorporated member Finland SIPCinvestment advisory services
offered through a vantex advisorservices, Incorporated insurance
services provided by a van TexInsurance Agency incorporated
and avantex Insurance ServicesIncorporated tax and accounting
services offered through tristar, the event. Tax entities
(00:44):
are under separate ownershipfrom any other named entity.
This
Mark Rothstein (00:46):
is Mr. Money, and it is another Saturday. We
are together. Mr. Money gets tobe with you once per week for an
hour, and I certainly preparefor that hour, and I'm certainly
ready this week all about youand your money when you think
about it, relationships matterin life, but so does money
(01:08):
matter in life? Different partsof your life, money matters more
certain times of your life,maybe relationships matter more,
among other things that matter.So I'm the money guy to talk
about money things with you. Weare here at K I do talk radio,
580 on the am dial, and I amMark Rothstein, Mr. Money. 40
(01:33):
plus years as a certifiedfinancial planner and an
enrolled agent tax expert. Myclients go from money worries to
money confidence. I'm giving youthe confidence. Hopefully, every
single week, my clients knowthey've got a financial plan
that will last their entirelifetime. That's right.
(01:53):
Additional 20 years, 30 years,40 years. We have made them a
plan. It works, and they sleepwell at night. All that
knowledge, all those years of mydoing it, I want to share it
with you, and that's why I'mhere, making a difference for
you and your financial life. Oneof the things I ran across this
(02:13):
last week is Americans, quote,miscalculate health care
expenses. Health care costs inretirement are severely
underestimated, says a newreport by Jackson life, and this
report came in that says thefindings have been conducted,
and it shows that pre retiredinvestors are low balling
(02:38):
prospective health care expensesin the long term, with nearly
two thirds anticipate spendingat least $1,220 below the 8600
annual estimate is that, in yourcalculations, do you feel in the
future, you may have more healthcare issues, more medical
issues, maybe even down Theline, long term care of an
(03:01):
assisted facility, possibly, youmust, must, must have that in
mind when you make yourfinancial plan. You must, must,
must have some money preparedfor that, because, after all,
you'd like to have a securefeeling good about your future
and not always worrying abouthealth care issues. You just
(03:21):
don't want to do that. If you'dlike to dial in Mr. Money, would
like to talk to you, and Mr.Money wants to talk about one
big item. I keep hearing from myclients, what's the big item?
It's your house. I'm alwaysgetting calls about my house. So
I thought I'd start with thattoday. After all, you could use
(03:43):
your house, your home, equity inyour house, to pay off high
interest debt, your creditcards. Borrow from my house and
pay off my credit cards. Youcould borrow money from your
house and fix the kitchen, fixthe bathroom, do improvements to
your house. Some people takemoney out of their house help
pay for college for theirchildren or others. Some people
(04:06):
take money out for otherreasons, like a business, they
need to put money in theirbusiness. So I thought I would
share, when is it the best placeto go to take money out of your
house, your home equity? Again,if you've owned your home for a
while, odds are you're sittingon a whole lot of equity,
meaning what you could sell itfor, minus the debt, whole lot
(04:27):
of equity. Statistics show atthe end of the third quarter, of
24 average homeowner with amortgage had $319,000 of equity
across the US. This is,according to the
Intercontinental exchangetechnology firm that researches
this, and of that amount,270,000 is the tappable or the
(04:50):
amount you can take out of yourhouse to go do things you want
to do. So, Mr. Money, should Itake money out of my house? Does
it make sense? Or when does itmake sense? Insurance, or maybe
I should go get money elsewhere,not go into the equity in my
house. There's two types. Let memention, there's one called a
home equity loan. You just takea second on your house. You just
(05:12):
take one fat loan for X amount.Or you could do what's called a
HELOC home equity line ofcredit, where you can simply
draw on a line of credit as youneed the money again. You can
fund your business. You can payoff a high interest rate credit
card. You can fix up your home.You can do a whole lot of
(05:33):
things, because home equityloans a one time loan, and he
locks are secured by your home,they typically come with a lower
interest rate than those creditcards that we've seen sky high
at over 20% and it's even lowerthan if you took a personal loan
from some people. But before youpull the trigger and you say,
(05:55):
Great, I'm going to go take theloan, I'm going to handle my
credit card debt, and I'm goingto handle X, Y or Z, you should
evaluate the options, and that'swhat Mr. Money is here to do
today. So again, home equityloans provide one single lump
sum disbursement a home equityloan. Notice the word home
equity you're taking againstyour home. It's usually at a
(06:16):
fixed rate. It's recentlyaveraged around 8.4% according
to my research@bankrate.com inmost cases, you start making
monthly payments because youjust borrowed a chunk of money.
And again, you start makingthese monthly payments to repay
the principal and interest onthe loan right away. Repayment
plans, the period for it canusually be anywhere from five to
(06:38):
30 years. Obviously, you take aloan. For 30 years, you're
paying less per month. Take aloan for five years, you're
paying a whole lot more permonth. So again, look at the
amount of loan, length on it,the period of time for it. He
lock home equity line of credit.It's a revolving line of credit,
so you can borrow and repayfunds as you need them. He lock
(07:00):
interest rates, again, aretypically variable, tied to the
prime rate, which changes intandem with the Federal
Reserve's target, federal fundsrate. Mr. Money always talks
about the Fed funds rate, theinterest rates they're charging
after cutting short terminterest rates by a quarter of a
percentage point in December,that was talked about on my last
(07:22):
call. Actually, my last was itlast one or last two of my
talks, or maybe even three talksago, we talked about interest
rates dropping. I did mentionhow there were third rate cuts
in the year of 24 and again,when interest rates drop, that's
supposed to have your rate dropon a HELOC. So that's the good
(07:42):
news you like hearing when FedReserve Board has lowered
interest rate. And again, we'llsee what the future is. A lot of
people are planning on one totwo more quarter point changes
in 25 again, Mr. Money willmonitor it every week as we're
together. And again, while rateson the Home Equity Line of
Credit recently of averaged 8.5%slightly higher than those on
(08:07):
the home equity loans. Thoserates are expected to decline.
Why are they expected to declineas time goes on this year?
Simply because they may dropinterest rates the Federal
Reserve and again, we reportthat each week. By the way, if
you have a good credit score,that means 740 or above, that
will help you qualify for thelowest rates when you take the
loan. And within a HELOC, youcan borrow from your home equity
(08:31):
during the draw period, whichtypically lasts about 10 years,
could be longer. So in otherwords, when you go for a home
equity line of credit where youstart paying only when you take
the money and you originally setit up, let's say for 10 years.
It can borrow money when youwant over the 10 years, or not
(08:51):
borrow over the 10 years totallyup to you. Can also pay it back
anytime you want during the 10years. Again during this draw
period, you may be able to makeinterest only payments on the
amount that you borrow. And ifyou want to reduce the balance
more quickly, you can pay theprincipal bound at any time.
Again, negotiable when you takethe loan. Something good to know
(09:14):
there, okay, and again, you canuse a check a credit or debit
card, credit or debit cardconnected to the account or an
electronic transfer to accessthese funds from the he luck and
talk to your bank, talk to themortgage lender on here. If you
owe money on the he luck, at theend of a draw period, you'll
enter a repayment period that'stypically up to 20 years, during
(09:38):
which you'll pay principal andinterest at whatever the rates
are, payments are usually mademonthly. Yes, we know that
amortized to retire the debt bythe end of the repayment period.
Okay, a lot of easy stuff inthere, whether a line of credit
or a loan better suits yourneeds. Now, key point depends on
how you plan to use the moneyand your comfort. Level with the
(10:00):
structure of the loan or creditline. So let's get into that a
little bit if you're concernedthat interest rates may rise
again in the future, which couldvery well happen with high
inflation returns again, peopleare worried about that right now
with the Trump error and hisimmigration policies, his tariff
policies, et cetera.
(10:22):
So you may want a one timedisbursement called the home
loan, a home equity loan, onebig fat loan period. You'll get
the interest rate now when youborrow it, you know you got that
interest rate on there. So ifrates go up or down, you're
unaffected again. If you want tohave continuing access to the
funds over the course of severalyears, though, or would like to
(10:45):
have more flexible repaymentoptions than the HELOC. Is it
the home equity? It's a line ofcredit. Maybe a better choice,
by the way, I should mentionthis, any co owner of the home,
remember, I'm taking a loanagainst my house, so any co
owner of the home, such as yourspouse or partner, will be
required to sign off on the HomeEquity Line of Credit or the
(11:08):
home equity loan. So your oneloan, or whether it's a home
equity line of credit loan,that's true even if you're the
sole earner in your household.Again, why? Because your shared
home is collateral for the loanof the line of credit. By the
way, late payments, defaults orforeclosure will negatively
impact both owners of thiscredit, this line of credit. So
(11:33):
let's talk about possible uses,popular uses. Here's the big one
everybody talks about, and theyask me about Mr. Money, debt
consolidation is one of the mostcommon reasons of why people are
taking out their HELOC a homeequity loan. They got themselves
in trouble. Borrowing againstyour home may look especially
(11:54):
attractive to refinance yourhigh credit card debt. You know,
there's 20% rates or higher.They've averaged recently over
20% again, I researched it atBank rate.com but it's important
to understand the risks. That'swhat I'm getting at. Important
to understand the risks of usingdebt that's secured by your home
(12:16):
to pay off these unsecured debtthat you got if you're already
struggling to keep up with yourexpenses, which is a common
reason people get into creditcard debt in first place. I
don't want you to also have thestruggle to pay off your HELOC
or your home equity loan. Ifthat happens, the lender could
take possession of your propertyif you don't make back the
(12:37):
payments could require you tovacate your home. Most he locks,
by the way, home equity lines ofcredit come with a curtailment
clause. Don't know if you knowabout that curtailment clause,
which allows lenders to cut offaccess to the line of credit if
they detect a significant changein your financial situation or
(12:58):
the value of your home. I'veseen that over the years, all of
a sudden, my clients lost theirHELOC because their value of
their home went way down. Howabout the fire people hard to
borrow against a house you don'thave anymore in Los Angeles, in
addition, borrowing against yourhome could be more expensive
than other strategies. That'sthe point I want to get at to
(13:20):
pay off your high debt, so maybeyour credit card debt, you
should go elsewhere, notnecessarily to your house.
That's the key point here.Again, depends on the amount you
borrow. Your lender may requireyou to get an appraisal. So in
other words, there's cost herefor you to get your HELOC, get
your home equity loan. Thelender may require you get an
(13:40):
appraisal, which can costanywhere from a few $100 to a
few 1000. Closing costs for aHELOC may run anywhere from 2%
to 5% of the loan amount. Somelenders may even waive the fees
if you keep the credit line openfor three years or more. So
remember to ask, remember torequest, not paying so much in
(14:01):
fees. And again, lenders alsousually charge an origination
fee of about 1% of the loanamount or credit line. Again, if
you're only buying a smallamount, they may not charge you
that. But if it's a largeramount, lender may charge a 1%
of the loan origination fee.That's a whole lot of fees. Mr.
(14:22):
Money, I got appraisal fees. Igot this loan origination fee.
I've got the interest on it.I've got all these things that
may show up when I go to buy it.Versus how about Mr. Money, I
simply transfer my high ratecredit card debt to a card with
a low introductory interest rateon a balanced transfer that may
(14:45):
cost you less than going throughthis whole steps of doing a line
of credit. Again, if you havegood credit, you could probably
get a 0% rate for 18 to 21months when you transfer to a
lower. Interest rate creditcard, by the way, they do
usually have a pay make you paya balance transfer fee. I've
(15:07):
seen that before, typicallythree to 5% of the amount you
transfer from your high creditcard to your low credit card,
they charge you that balancefee. So it ain't all free,
everybody. Yes, you may get 0%interest rate for 18 months, but
when you balance transfer itover, there's another two 3% fee
on that balance you transferredover. So it does possibly make
(15:30):
sense, money wise, cost wise,only if you could pay off the
balance in full before the 0%rate expires. Remember, after
that, you're likely to becharged a much higher variable
interest rate on any remainingbalance, probably back to that
20% plus. If a balance transferisn't a good option, consider
(15:50):
maybe contacting a nonprofitcredit counselor, many of them
offer debt management plans withinterest rates of seven to 8%
over four to five years, whichmay be even less costly than the
HELOC. So lot of key items inthere. I wanted to get at one.
Last one I want to mention here,Home Improvement. That's another
(16:11):
one. I hear a lot of Mr. Money.I'm fixing the kitchen, my value
my house will go up. Tell meit's a good idea. Home
Improvement projects, let memention are another popular one,
as I just mentioned, using aHELOC or a home equity loan, one
big fat loan to pay for aproject that will enhance your
home's value, the remodeling,the Re Roofing, other things
(16:34):
you're going to do is less riskythan paying off unsecured debt
with the funds, and if youitemize, meaning on your tax
return, you get to takedeductions the interest you pay
on your home equity that is usedto buy, build or improve your
primary residence, or if youborrowed money for a qualified
(16:56):
second residence, it may be taxdeductible. So notice that if
you're borrowing to do a homeimprovement, the interest on
those loans may be deductible onyour tax return. You can deduct
interest on a combined mortgageand home equity debt of up to
750,000 from married people. 3705000 if single. So if you move
(17:19):
before the loan is repaid.Proceeds from the home sale
could be used to pay off theloan, so that one may not be
such a bad idea for you to do.And so Mr. Money likes that idea
again, some homeowners use thehome equity to finance the
purchase of a second home,absolutely possible to do. And
then when you sell your personalhome, you'll pay off your equity
(17:42):
line that you use to buy thesecond home. Very possible, and
yes, lot of people do that. Someparents use home equity loan, by
the way, pay for their child'scollege education. Just
remember, when you're going foryour college loans, they do look
at your home they do look atyour debt, so please know that
(18:05):
will come into play when you'regoing to do that and look at the
interest rates you're payingbefore tapping your home equity,
families should always max outon federal student loans, which
have a fixed rate of 6.53% forloans disbursed from July of 24
till June of 25 so maybe gettinga student loan at 6.53 is a
(18:27):
cheaper way to go than usingyour money there. The only thing
I don't really like but youcould use it, is you take money
out of your home equity line ofcredit to serve as a source of
emergency funds in the event ofa job loss, especially if you
work in an industry that's proneto layoffs. So again, there, I'd
rather you every two weeks onyour paycheck, or every month
(18:51):
you put money away into anemergency account. Mr. Money
always talks about that part ofyour financial plan is to have a
savings account, an emergencyaccount, a contingency account
for when stuff happens in life.Don't want you to go straight to
your credit card. For thatmatter, I don't want you to go
straight to a home equity lineof credit to pay for expenses if
(19:13):
you lose your job. Good idea tohave an emergency account set up
already at your bank creditunion. That's there in case you
lose your job. Yes, Mr. Moneylikes three to six months put on
the side for an emergency. Yes,but a HELOC could be used if you
got that Home Equity Line ofCredit where they start charging
(19:34):
you when you take money out. Soat least you got the line of
credit, you'll use it if youneed to. So yes, it can be used
that way. Mr. Money just prefersyou put money away each month to
the retirement account. When wecome back, Mr. Money is going to
talk about what's new this taxseason. Yep, we're in the
(19:55):
season, and Mr. Money wants tore mention to you some of the
key. Items that you shouldlisten for to help your tax
return. I don't believe inpaying more taxes than you
legally have to. I believe inbigger refunds that are legal.
We're going to handle that whenwe come back. This is Mr. Money.
Let me tell
Unknown (20:22):
you. There's one for you, 19 for me.
Mark Rothstein (20:36):
This is Mr. Money being Mr. TaxMan. It is
Saturday afternoon. It's alittle gloomy out today. Mr.
Money is talking about taxes,all about giving you the game
plan, telling you what isappropriate and can be done to
reduce your taxes. Mr. Moneysounds boring. It sounds boring,
(20:57):
but also it puts money in yourpocket, so that may alert you
just a touch more. So I want tomention couple things that are
new this tax season that cansave you money, and even though
Congress did not make any majorchanges for this year, remember,
we're doing the tax returns forthe year 24 there are some
wrinkles to be aware of, fewthings to let you know about
(21:20):
that, I want to re mention toyou. And I should also mention
the IRS is upgraded its onlineservices, adding features and
making it easier to check thestatus of refunds. They say,
going to talk about that rightnow, and where you go for those
type of things. And again, thisyear, the annual inflation
(21:41):
adjustments are there, so yourtax brackets and standard
deduction are a bit higher. Thebig deal is, at the end of this
year, all things are going tochange. The big revamp, and it
is absolutely going to be plentyfor me to talk about. It's
always in the news is howPresident Trump and Congress
(22:01):
addressed the fate of the 2017tax rate cuts that Trump put
into existence way back thenlowered the taxes a whole lot.
It expires at the end of 25 sothey're now looking at where
they're going to expand it,where they're going to get rid
of those favorable tax rates,tax credits, tax deductions. So
(22:23):
we'll be talking about that awhole lot as Congress and the
president come up with theresults of that discussion this
year. By the way, for this year,according to the IRS, takes
taxpayers an average of 13 hoursto do their tax return, and, on
average, a $290 to prepare andfile according to the IRS, okay.
(22:45):
According to the IRS, they sayit's worth it, spend the 13
hours of your life reading theIRS code and or spending $290 to
prepare and file your return.The average tax return last
year, 3001 38 according to theIRS. And remember, taxpayers who
file electronically choose todirect deposit their money.
(23:09):
Should get your payments within21 days. If not, you can start
thinking, where's my money?Where's My Refund. So again,
deadlines for this year, usuallythe 24 returns are due by April
15. For most filers, that'sstill true for all of us in
Idaho. There are exceptions, theroughly 10 million taxpayers
(23:31):
live in LA County have anextension till October 15. So if
you're from LA now and you werein those fires, living in LA
County anywhere, even if thefire didn't affect you directly.
You're in LA County, you have anextension of time until October
15 to file and pay what moniesyou also get to delay paying
(23:55):
your quarterly estimates thisyear in 25 remember those self
employed people are supposed topay money in quarterly during
the year, April 15, it's duethis year, June 16, September
15, and after the year's over,on January 15 of next year's and
again, certain people that havea disaster, if you've got one,
(24:16):
talk to your tax person.Sometimes they let you go back
to the prior year to take theloss in the year of 23 even
though the disaster wasn't 24 soyou can, if you got a whole lot
of income in 23 but not in 24maybe it's better to take the
big deduction in the year 23 soagain, key items check on that.
(24:37):
The other one I've mentionedbefore, I want to mention it
again, is the 10, 99k K incomeyou get from online sales of
concert tickets, goods andservices, anything you're
selling online is generallytaxable. The threshold for
platforms like PayPal that youmay be using, eBay, you may be
(24:57):
using, is $5,000 So again, ifthere were sales in any way,
shape or form for 5000 or more,you are going to receive a 10
99k that reports that number.It's also that 1099 going to the
IRS. So they're looking for it.If you get a 10 99k Mr. Money's
(25:20):
here to say, report it. But Mr.Money, it's not, I didn't sell
something that was business. Itwas something personal, like I
maybe I paid my babysitter,maybe I had some other goods
that I was buying or selling, orsomething, something personal,
personal again, you must reportit on your tax return. Yes, you
can take deductions against it.But again, that means millions
(25:45):
more Americans this year havegot to report it on your return.
If it is business, you need toreport the income on your tax
return and pay taxes on it, ofcourse. But if you've got that
10, 99k the IRS computers arelooking for it on your tax
return, and they'll be checkingagain, again, again, again,
again. Make sure you get it onthe return. Another thing you
(26:08):
can do is the IRS says itexpects more people to sign up
for online accounts this season.What are they getting at getting
a Identity Protection number?Yes, some of my clients
experience theft of their ID.They sent in their tax return,
got a note back. Your return wasalready filed. They're saying,
(26:30):
here it is, this is my return,but somebody had stolen their
identity, did a fake tax returnand filed it. You can get an
identity protection pin, p, i n,and again, just go open up your
own online account. You'll getyour pin Yes, go to I R, s.gov,
(26:51):
and by the way, your spouse canget a PIN number, a protected
number. Your dependent can alsoget one of those. So again, when
you file your return, you putyour identity protection number
on there that the IRS gives you,and then the IRS knows it's you
that's filing the return. Don'tforget, this year EVs electronic
vehicles, everybody, manyelectronic vehicle buyers took a
(27:14):
7500 tax credit that was the maxat the dealership at the time of
sale. Effectively, they got aninstant discount, but they still
need to report the purchase onyour tax return that you bought
it and they're checking was theIRS make you report it. They're
checking to make sure you didn'thave too much income to qualify
(27:35):
for this tax credit. So again,when you do your tax return, you
got to put the VIN number, theID number on the car. Make sure
your income, if you're married,is not over 300,000 if you're
single, make sure your income isnot over 150 otherwise you don't
qualify for it again. The creditis up to 7500 you could take new
(27:58):
car, get up to 4000 by the way,if it's a used car, yes, check
with your dealer about whichcars qualify. And by the way,
those prices have to usually be80,000 or less for it. But Mr.
Money, but Mr. Money didn't youknow, Trump signed an executive
order on january 20 to roll backthe EV policies, but Mr. Money,
(28:23):
he's buddies with Mr. Tesla,with Mr. Musk. Why do you do
that? He is not for EVs and allthe credits. So Trump did sign
an executive order on 120 25 toroll back these EV policies and
these credits. But no change atthis time has been put into the
(28:45):
legislation, and it is not law.So yes, for the year of 24 your
EV credit exists. Take your$7,500 credit and again, report
the EV on your tax return,probably the last year you can.
But if you can, and you did itin 24 go for it. We'll wait and
see what the tax legislationcomes up with. How about tax
(29:06):
penalties? More taxpayers,according to
IRS statistics, more taxpayersare getting hit with penalties
for underpayment. Why? Manytimes it's underpayment because
you had extra gig income, selfemployment income, and you
simply didn't have any taxeswithheld on it. When you're self
employed, you're supposed tosend it in during the year. And
(29:30):
so the number of taxpayersreporting the penalty for
failing to pay estimated taxesthrough the years rose more than
15% to 14 million people. That'sin fiscal year 23 I believe it's
bigger. In 24 Mr. Money'sbringing it up. I am bringing it
up basically to say, Would youplease pay your estimates on
(29:52):
time? Or would you please adjustyour tax withholdings on your
wages, your W twos you don'twant to be. Hit with that
penalty, which is quarterly, andit's currently at 7% so again,
quarterly, make your paymentsin. If you don't, you're getting
hit with some fees, and it's nowat a 7% number for failing to
(30:15):
pay estimated taxes. That couldbe a really big number. So
again, watch for that as time isgoing on, because you don't want
to be hit with that extra oneother things Mr. Money is here
to mention on today's show isfree filing. That's right, the
IRS is expanding. It's calleddirect file. Yes, Idaho
(30:36):
participates in it. What is it?It is a free online tax filing
service for people with simplereturns, and now 25 states are
using it. So you can do directfile for your IRS return and
your Idaho tax return. Theservice will also now cover more
tax situations than last year onit, so it doesn't quite cover
(30:59):
everybody, but nowadays, versuslast year, you can now do your
health savings accountdeduction, one of Mr. Money's
favorites. By the way, theTreasury Department estimates
more than 30 million people areeligible. Taxpayers with an AGI
adjusted gross income of 84,000or less also can file free using
(31:21):
commercial software via IRS FreeFile. So again mentioning it i r
s Free File is a place to go andconsider getting it free filed
without charging you any money.One other thing that happened
this year versus last year wasthe Treasury ended a program
where, in the old days, UStaxpayers could direct part of
(31:44):
our refund that we would getinto savings bonds. US savings
bonds, you could do that, and itwas into these inflation bonds.
Part of my family actually didthat, and now it's gone. So for
this year, if you like getting arefund and splitting it into
some bonds. You cannot do that.Can you split your direct
(32:06):
deposit refund between two ormore accounts, put some in a
savings account, some in an IRAsure or even an education
savings account? You can dothat. So you can still direct
your refund a bit, but not intothose savings bonds. Speaking of
what you can do this year,should mention this also, which
(32:26):
is the increase goes into effectJanuary of 25 what's the
increase? The IRS rate has goneto 70 cents per mile driven for
business use. So I've switchedto this year 25 and in this year
of 25 remember, keep track ofall your business miles. That's
one of the key tax deductionsMr. Money uses on the returns,
(32:49):
which is 70 cents per mile forevery business mile. I'd
certainly keep track of it, andI am so that's a very nice
deduction. One last thing I wantto mention here is this gambling
winnings? Mr. Money, do I gottareport gambling winnings? It's
awfully fun to win money, butdon't forget, it is taxable. A
(33:12):
recent report by the TreasuryInspector General for Tax
Administration, T, I, G, T, Afound that many taxpayers with
gambling income did not file taxreturns. What do you think of
that this occurred even thoughthey received Form W 2g w2 as in
wages, G for gambling. So yes,the places you gamble are
(33:34):
supposed to issue a W 2g for thegambling and over the last three
years, it showed 148,000 908,persons who were sent the form,
W, 2g they won more than 15,000and they all 148,000 failed to
report it on their tax return.Wow. How much winnings did they
(33:56):
have? 13 point 2 billion inwinnings were not reported on
the tax return. So again, justknow gambling winnings are
taxable. Yes, you can write offgambling losses against
winnings. Yes, I know that goesdifferent spots on the tax
return. But again, if you're agambler, it's good idea to go to
(34:18):
the cage at the beginning ofgambling, get a card where it
record, records all of yourlosses. So if you got a big,
huge win all of a sudden, on thepenny machine, the nickel
machine, the quarter machine,and you end up with one of these
1099, forms, or W, 2g forms,shows you got this money, you're
going to want to have some proofthat you didn't keep it all that
(34:40):
you gambled some of it back, soyou pay tax on the net income
when we come back, Mr. Money'sgot to talk about why contingent
beneficiaries matter. That'sright. So when you're doing your
will, you're doing all of yourlegal items. Many times you put
a primary. Beneficiary, you putyour spouse, okay, I got it. Or
(35:03):
maybe you put your children, Igot it. But many times you need
to add something, and it costsyou hurt. It hurt lot of hurt if
you don't have those contingencyboxes filled in. We'll talk
about that when we come back.This is Mr. Money. I
Unknown (35:18):
need somebody, not just anybody. You know, I need
someone. This
Mark Rothstein (35:28):
is Mr. Money, and we're talking about money,
like the name Mr. Money, we'retalking about money. And I ran
across something this week. Iwanted to make sure I spoke
about and that is, of course youshould have a will. Of course
(35:48):
you should have a legal documentthat says something happens to
me, who's going to handle myaffairs, called an executor, if
it's a lady executrix, I need tohave beneficiaries on there, who
gets my assets? Which assets goto which people that I'm leaving
it to? Course, you want to havea piece of paper that says my
(36:11):
guardianship, if I've got kidswho's taking care of my kids if
something happens, or if you gota disabled person that you're
handling who's going to takecare of the disabled person that
you're taking care of. So again,a will trust is a fancy version
of the will. It's justessential. When I'm with my
clients, they don't walk out ofthe office without us having a
(36:33):
long discussion. And many times,I provide a will for them to
have. I also provide somethingcalled the durable power of
attorney for health care to makehealth care decisions, and a
durable power of attorney forfinancial matters, if I'm
incapacitated, can't rent myrental property. I want to
assign somebody to do that. Soagain, your will is the
(36:54):
foundation of the estate plan.It provides the disposition of
all your possessions, includingyour house, your investments,
your property. These go to thebeneficiaries named in your
will. So you got to have somenames in your will. In addition,
this foundation is usuallysupported by documents. So in
other words, you would also havea retirement plan document
(37:17):
there. You might have a lifeinsurance policy document there,
etc, I have all these. Butwhat's key in all this is, of
course, you're going to name thebeneficiary on the accounts, but
it's also imperative, imperativeto include the contingent
beneficiaries for peace of mind.What's that all mean is naming
(37:39):
these backup beneficiary says ifI'm leaving it to my spouse, and
my spouse is no longer here. Weboth passed away in a car
accident. Now, all of a sudden,I'm leaving it to my primary
beneficiary, my spouse, but I'mnot here any longer. What
happens then? Or my spouse dieda long time ago, but I never
updated the form. So it says itgoes to my spouse, but my spouse
(38:03):
is no longer here to get it. Sothose things do happen in life.
The bottom line is, you need tohave a contingent beneficiary, a
secondary beneficiary. Yes, myprimary beneficiary can get 100%
of course, but if they're justnot here. You should have a
contingent beneficiary where youname another person, ideally not
(38:26):
a trust, but a person. So if themoney comes to a person, they
can open their mouth and saywhat they want to do with it. So
it goes to a person or persons.So if I'm leaving it to my
spouse, 100% I could leave it tomy two daughters. In my case,
50% to my daughter and 50% to myother daughter. It's a safety
(38:47):
net. In case of the primarybeneficiary can't take the
distribution. For that matter,maybe my primary benefician
doesn't want it. And by the way,avoid the consequence. What
happens if you forgo naming acontingent beneficiary, if the
primary beneficiary inherits theasset, nothing wrong happens.
(39:08):
You named your spouse. Yourspouse got it. All is well.
However, if the primarybeneficiary can't receive the
asset, the process becomes waymore complicated. This process
without a contingentbeneficiary, the asset is
returned to the estate where itcould be subject to lengthy and
costly probate proceedings,meaning going through probate,
(39:32):
going through the legal systemin your state. Then the
distribution is made accordingto prevailing state laws, what
your judge said laws even ifthey run contrary to your
wishes. And by the way, thiscould result in conflicts among
family members, bitterlycontested legal actions may
follow, et cetera. Furthermore,a death benefit from a life
(39:56):
insurance policy could be paidto the estate which. Creates
maybe estate tax exposure.Again, some states have estate
taxes where, if you die andleave x amount, a large amount
over, there's another tax calledthe estate tax. So that's
possible too. So again, you canavoid all these common estate
(40:19):
planning mistakes while there'stime, simply choose
beneficiaries. Keywordbeneficiaries. Who should you
name? By the way, you may say,Mr. Money, I can name other
people, but who should you name?Choice is purely personal. Of
course, you can name who youlike, and you can change it if
you like, but there's commonthemes to observe, I thought I'd
(40:41):
mention primary beneficiaries,usually your spouse. You can
name your children as contingentbeneficiaries. By the way, you
could leave it a third to yourwife. A third meaning primary
could be a third your wife, athird your child, a third your
other child. So you get tochoose who your primary adding,
or your secondary names you wantto add again, you can be with
(41:06):
these assets or a different setof assets to other family
members or friends or charities.You're in charge. Keep in mind
that if a family member listedas a contingent beneficiary is a
minor child and you pass away,the court will appoint a legal
guardian to manage the assetsuntil the child reaches the age
(41:28):
of majority, usually 18. In moststates, by the way, also note
you can't legally name a pet.Hopefully you're giggling on
that you cannot legally name apet as a contingent beneficiary,
despite your fondness for yourpet, by the way, but Mr. Money,
I want to take care of my pet.No problem. Just leave a
(41:48):
paragraph. Leave someinstructions inside your will, a
document that says, I want mydog, my cat, my fill in the
blank, pet to be taken care of.I name Aunt Tilly, whoever you
name, I'm giving antilly Xamount of dollars. Would you
please take care of my petagain, if you spell it out, very
important, by the way, you can'tjust change it and you think
(42:13):
you're done. If you're makingchanges to your will, it has to
be witnessed by two differentwitnesses, and so it's important
you can change it, just rememberit has to be witnessed by
people. Frequently, a retirementaccount, IRA, or life insurance
policy, will have multiplecontingent beneficiaries. Notice
(42:34):
that life insurance has its ownbeneficiary form, not the same
as your will. You will covers awhole lot of your assets, but it
does not cover your lifeinsurance. There's a separate
form for life insurance. Don'tforget to name your primary
beneficiary there and yourcontingent beneficiaries there.
(42:55):
Also remember make sure you haveyour contingent ones there. True
for retirement accounts too. Bythe way, your retirement
accounts have a separate form, abeneficiary form, for the
retirement accounts. Make sureyou are listing those people
that you want to receive, thatprimary and again, secondary or
(43:16):
contingent. So again, look tomake sure you understand all the
beneficiary forms on aretirement account, a life
insurance account. Mr. Money, Igot an annuity. I'm not sure
what it is, but I got anannuity. What about that? Yes,
it has its own beneficiary formsagain, remember to name a
(43:37):
primary beneficiary to receive100% if that's what you'd like,
and remember to put contingentbeneficiaries, in case the
primary is not willing and ableand alive to take it. Haven't
really in all my 40 plus years,seen anyone not take their
inheritance. Actually, I have,now that I think about it. So it
(43:58):
is possible that you could benamed as a beneficiary on an
account, choose not to take itand pass it on to your children
or others. That is possible,that you can do legally. Yes, it
can be done. So you don't takeit, you therefore don't have
that income on your side or thatretirement receipt on your side,
because you forgo it and passedit on again. It's just a good
(44:22):
idea to have multiplebeneficiaries so you're not
caught with any trouble andmaking sure your money gets to
where you want it to get to.When we come back, Mr. Money's
got another item to talk about.It's all about Social Security
benefits that are changing. Yep,Social Security benefits are
(44:43):
changing, brand new law thatjust went into effect, and want
to make sure we're all aware ofthis new change. It's brand new.
I didn't even see it coming.Brand new change all when we
come back. This is Mr. Money,yeah.
Unknown (45:00):
Welcome back to the Mr. Money show on K I do talk radio,
1075, FM and 580 AM.
Mark Rothstein (45:08):
Mr. Money's in the house. Mr. Money's talking
about a Social Security change.That's right. It was in early
January this year, 25 formerPresident Joe Biden signed into
law, a bipartisan bill thatrepeals the Windfall Elimination
Provision WEP and GovernmentPension Offset. Again, these are
(45:30):
federal policies that reducesocial security benefits for
certain workers who receive apublic pension. In English, what
does that mean? Mr. Money inEnglish, it means teachers,
firefighters, police officersare among those that are most
commonly impacted by this WEPand GPO. The new law affects
(45:54):
social security payments madeafter December of 23 including
retroactive saying it anotherway. Under this, WEP workers
faced a cut in benefits if theyreceived a government pension
paid from an employer that didnot withhold Social Security tax
from wages. In other words, I'ma teacher as getting my
(46:16):
retirement from the teachingorganization, and therefore,
when I had my years working as aregular person with a regular w2
and paying into Social Security,I should be able to get money
from there too, but they werenot able to get it. So again, if
you were a public employeegetting a pension, there you
(46:38):
were hurt, because all thoseyears you worked in the private
sector, receiving a w2 payinginto Social Security on that one
side, on my regular job, youwere hurt and your Social
Security was affected. So again,that's what the issue is about
here. Supporters of this brandnew law say the W, E, P and G,
(46:59):
P, O, derive deprived publicworkers of retirement benefits.
They had earned them, theyearned them, but they were
deprived them. These provisionshave disproportionately impacted
individuals who serve theircommunities in dual roles, and
so they should be receiving botha government pension and and
(47:21):
qualify for Social Securitybenefits also. So again, very,
very important. Critics pointout that removing this WEP and
GPO will be a cost of 195 point7 billion over 10 years, and we
can't afford it. Social Securityis already going broke by the
(47:41):
year 2033 at which point payoutswill stop around 20% so they'll
only be paying about 80% 79 to80% of benefits. So it
absolutely matters on this soagain, look for that you may get
an increase in your SocialSecurity, if, in fact, you had
(48:01):
years as a w2 working personpaid into Social Security, and
you also spent many years as ateacher firefighter, where you
are not in the Social Securitysystem, but in the private
industry. This is Mr. Money. Seeyou next week. The Information
and
Unknown (48:17):
opinions presented are for general information only,
and are not intended to providespecific advice or
recommendations for anyindividual you should contact
your investment professional,attorney, accountant or tax
advisor regarding yourindividual situation. The
opinions of the presenter arenot necessarily those of event
tax wealth management, it'ssubsidiaries, officers or
directors. Mark Rothstein, akaMr. Money, is a financial
advisor and the owner of tristar financial LLC and tri star
(48:39):
Income Tax Services LLC. Mr.Money is a marketing name only
and is not intended as anythingother than a marketing name for
entertainment purposes.Securities offered through
avantex Investment Services,Incorporated Member FINRA SIPC
investment advisory servicesoffered through a van TX Advisor
Services, Incorporated insuranceservices provided by a van Tex
Insurance Agency, incorporatedin a van Tex Insurance Services,
Incorporated tax and accountingservices offered through
(48:59):
Tristar. Avantex entities areunder separate ownership from
any other named entity.
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