Richard Stumpf | Wimple

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Economic Stimulus

Most likely we will see a major downturn.  Every article you read about the rebound in the stock market talks about how the stimulus money is what is driving it.  It certainly isn't the rebounding economy!  So if the sti

Published: 11/29/2020
Is Whole Life Insurance a good investment?

Are you asking about life insurance or investments?  All life insurance is a bad investment, from an investment point of view.  You would be better off sticking to traditional investment vehicles, stocks, mutual funds, etc. 

Published: 11/29/2020
College saving

I agree with 529s.  I have them for a couple of my grandkids.  I also have used variable life insurance for grandkids as a funding vehicle.  Not as great an investment vehicle as the 529, but the assets are non-countable in

Published: 11/29/2020
Self Directed IRA

I'm guessing you are asking this question because you want to buy an asset that most custodians won't hold, like real estate or precious metals.  Did I guess right?  If so, there are custodians who will hold those assets.

Published: 11/29/2020
Capital Gains

yes.  But there is an exclusion for the first $250,000 (or $500,00 for a couple) of gain on the sale of a primary residence. Capital gains only apply above that amount.

Published: 11/29/2020
Tax Effective Business Loan

A loan is not a taxable event.  Paying back the loan is.  For the business to deduct the interest paid, it must be taxable to the loan maker.  If no interest is paid, the IRS can impute interest anyway, ie you give a loan to

Published: 11/29/2020
What is the most tax effective way to receive an inheritance check/money?

Unless you are inheriting a huge estate, there is no estate tax.  If there are assets coming to you from a retirement account (IRA,401k, etc) then that money has never had income tax paid on it before, so you will have to pay income t

Published: 11/29/2020