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  • Avatar drdanburger 
    Participant
    Status: Physician
    Posts: 5
    Joined: 05/03/2018

    We live in IL. Looking at living trusts for 2 main reasons –
    1. To avoid probate costs
    2. To exert some control over funds for our son’s well being in the case we both died in an accident.
    Have less than $200k in assets mostly seperately held retirement accounts and mutual funds + about 2MN life insurance.
    We are newlyish married and I like the idea if things went south of being able to update my own trust without involving divorce lawyer (or at least less).
    I am FP so not super worried about asset protection though perhaps I should be.

    Avatar drdanburger 
    Participant
    Status: Physician
    Posts: 5
    Joined: 05/03/2018

    Thanks everyone for the advice.

    Turns out my pension is 401a but does not affect the 18.5 cap because it is mandatory. Plan on doing backdoor roth for 5.5k per year.

    Regarding an individual/solo 401k – while I do moonlight $10-20 k per year, I receive a W2 from my moonlight employer not a 1099 and I’m not a huge fan of surveys nor are there a ton of them for primary care docs. Do I understand correctly that I am ineligible to open an individual or solo 401k?

    If this is not an option what is my next best bet to put away another $20k per year?

     

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