TAXES

[JackieMooooon]

could someone explain to me how we will be taxed when the RV/RI happens????

[new york kevin]

heavily depending on what state you live in? I hesitate to say but after i scrapped up the dollars to join the VIP I got some okay info. Basically we need to get a cfp certified financial planner, a estate planning attorney who is a member of the wealth counsel ( www.wealthcounsel.com ) , and a cpa. Make sure each member of your team realizes that they need to work for your maximum benefit planning for retirement, college for children, income benefits for you, et, and not just the usual package they use for their clients. By the way the cfp should not be commissioned based . Think about forming a nevada corporation. If i may say its a whole new world out there and as for me I must protect what the Lord will be placing in my lap. The fed taxes will be the same regardless of any state you live in.

[terrigray]

could someone explain to me how we will be taxed when the RV/RI happens????

There is a lot of info about taxes on the site. Go through some older post. It seems like it is not a straight forward answer.

[Doctor Smith]

could someone explain to me how we will be taxed when the RV/RI happens????

IF and when it RV's.

It seems nobody knows for sure. I say get enough so that if it RV's it won't matter even if you lose half. Some say 35% federal plus state tax (CA about 10% more). Others say just capital gains plus state tax.

Hiring all these specialists could be more expensive than just paying the taxes. And I don't want to tie up the money or have it extorted out of me.

I'm successful investor and I know what to do with the money. I might hire a tax specialist. Or I might just use Turbo Tax like always but also talk to their specialists. If I don't think they know what they are doing I'll hire someone that does.