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Bringing Michael Kitces on the Podcast

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  • Avatar wa2106 
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    Status: Physician
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    Joined: 11/29/2017

    Great guest.

    What does he currently advise clients as to an appropriate safe withdrawal rate?  For both early-ish retiree (50s) and full retirement

    #239991 Reply
    Liked by childay, Lordosis
    Avatar docnews 
    Participant
    Status: Physician
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    Joined: 01/09/2016

    Ask him about strategies to max the QBI deduction with those limited by taxable income because in a service industry.

    #240002 Reply
    Avatar Peds 
    Moderator
    Status: Physician
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    Joined: 01/08/2016

    Also also: why he ever thought the step doctrine could be avoided by waiting a year on conversion steps and then repeating that yearly for decades was literally not the same thing as converting it the next day…..

    Oo sorry tax court, those 10 yearly conversions in a row were totally not on purpose.

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    That one seems kind of mean to ask. I already did my gloating.

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    mean is fine since i think hes still promoting it

    “If Congress wanted to permit contributions with immediate conversions, they would simply repeal the income limit on Roth contributions in the first place. They have repeated declined to eliminate that income limit, including under TCJA, which is a clear expression that Congress still does NOT want high-income individuals to make Roth contributions. Which means the timing issue of a “backdoor Roth” contribution remains.
    – Michael”

    #240118 Reply
    Avatar Tim 
    Participant
    Status: Accountant
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    Joined: 09/18/2018
    Earnest refinancing bonus
    which is a clear expression that Congress still does NOT want high-income individuals to make Roth contributions.

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    Or Congress clearly declined to prohibit the transactions because they did not wish to have a recorded vote giving tax breaks to the rich?

    Has the IRS or tax court taken a position to indicate a denial or the Backdoor Roth?

    Those are not mean, reading the mind of Congress is not data. The IRS and Congress have NOT taken a position and obviously know the technique is being used by thousands of tax payers. The lack of action seems to favor “carry on” rather than prohibiting the technique.an

    I have never heard of any indication that Congress “wants” or the IRS “wants” to prohibit Backdoor Roth contributions. Lack of action is not a confirmation.

     

    #240122 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 1863
    Joined: 02/11/2019

    If you choose not to decide you still have made a choice

    “Never let your sense of morals prevent you from doing what is right.”

    #240137 Reply
    Avatar MD/PhD_wishingitwasanMBA 
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    Status: Resident
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    Joined: 08/07/2017

    I would be interested on this thoughts regarding asset allocation for the young high income professional who has a high earning potential, appropriate savings rate (say 30% of gross), and is debt free (so as to avoid the invest vs. pay off debt question).

    I am currently 85/15 stocks/bonds because it helps me sleep at night but I keep thinking that with a 20-30 horizon I should be in 95 to 100 percent stocks.

    I would also be interested in hearing his thoughts on the value added by employing a financial planner when setting up estate planning. (I think that having a disinterested third party would be really valuable b/c everyone is personally vested in the process). This is of course explicitly ignoring the eventual need for a lawyer to set up trusts etc.

    #240275 Reply
    Liked by Tim
    The White Coat Investor The White Coat Investor 
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    Status: Physician
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    Joined: 05/13/2011

    “I have read of the very wealthy superfunding 529 plans (even in multiple states) as a way to transfer wealth and also achieve tax protected growth.  I have also heard of 529 plans being used as a tax deferred wealth accumulation vehicle, if the 529 owner will be in a much lower tax bracket in retirement (to overcome the 10% penalty).  Does Mr. Kitces see any changes coming to 529 plans, perhaps due to unintended planning practices around their use, or because they will come to be seen as a benefit only for ‘the wealthy?’ “

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    I’ve got a post coming up on this one. In short, for most, it’s not a good idea.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #241760 Reply
    Lordosis Lordosis 
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    Status: Physician
    Posts: 1863
    Joined: 02/11/2019

    PoF had a link to this on his Sunday best post.  It seemed to have some ways it would be beneficial but it would be hard to plan around all the variables needed to make it worth it.

    It just goes to show how the taxable account is not really that bad.

    https://www.fiphysician.com/the-fire-529/

    “Never let your sense of morals prevent you from doing what is right.”

    #241763 Reply
    Lordosis Lordosis 
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    Status: Physician
    Posts: 1863
    Joined: 02/11/2019

    Sorry. What is bond tent stuff for 1000.

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    I was disappointed this was not mentioned.

    “Never let your sense of morals prevent you from doing what is right.”

    #247921 Reply
    Liked by Anne, Tim
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4546
    Joined: 05/13/2011

    You ever talked to Michael in person? He tends to be a little wordy. I had at least 4 podcasts worth of questions to ask him. At any rate, I hit the bond tent thing myself in a couple of weeks.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #247942 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 1863
    Joined: 02/11/2019
    You ever talked to Michael in person? He tends to be a little wordy. I had at least 4 podcasts worth of questions to ask him. At any rate, I hit the bond tent thing myself in a couple of weeks.

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    I get that impression from reading the post.  I have read a few of his things as well and I have actively maintain focus.  Don’t get me wrong. He has great ideas and very useful information but I do not think I would be able to read/listen to it every day without it starting to feel like work.

    As I am sure you already know there is more to blogging then just conveying information.  You have to do it in a way that feels like entertainment to us readers.  I feel you have nailed it.  PoF as well.  I find JLCollins and Actuary on Fire amusing as well with a surprisingly similar writing/humor style.  (That is meant as a compliment to both).  Side Hustle Scrubs very much had it as well.

     

    I look forward to your “Bond Tent Stuff for 1000” post when it comes out!

    “Never let your sense of morals prevent you from doing what is right.”

    #247950 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4546
    Joined: 05/13/2011

    It’s on the podcast, but it’d be a good post too. I think I’ve actually hit it on the blog before, but didn’t call it a “bond tent.” Here it is:

    https://www.whitecoatinvestor.com/common-questions-about-investing-in-retirement/

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #248134 Reply
    Liked by Tim, Lordosis

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