As another Lame Cherry exclusive in matter anti matter.
Thanks for starting some education on trusts. Don't have that much but it bothers me that the cop following you can get on the Internet and drill down on your personal and financial information. Same for city, county, and state govt, hospitals, etc
My only understanding of inheritance was in watching the diabolical godfather and his vile wife plotting to get my Beloved Uncle’s things and her daffy mother’s CD’s. My parents were holding only a small CD paid out from my sister’s death benefits which they lost in trying to buy this farm which failed on balloon payments after 5 years.
For the evil ones they knew enough to put their names on geezer things like land, but it had to be done 7 years before the old folks home called, or that racket could get their hands on houses and properties for their 6000 dollar a month care which always ran out when the insurance money ran out, and the nurses would cough on the clients to hurry things along.
The subject is is IRA ROTH and IRA CD’s. I had heard of them, but having no money I did not pay attention to the things. The reality is though in this form of hiding your money that you end up paying taxes for the most part or you can’t get at your money.
IRA vs. CD: Key Differences, Pros & Cons - Raisin
IRA vs. CD: Which savings option is right for you? · IRAs offer tax advantages and long-term growth: Traditional and Roth IRAs provide tax benefits and access to ...
IRA vs. CD: Difference between an IRA and a CD
Here is an overview of the key differences, which can help you decide what product is right for you:
Feature
IRA (Traditional or Roth)
CD
Purpose
Retirement savings account
Short- to medium-term savings
Tax benefits
Yes: Traditional IRA = Tax deferred; Roth IRA = tax-free growth and withdrawals
No tax benefits unless in an IRA
Growth potential
High (Invested in stocks, bonds, etc.)
Low to moderate (Fixed interest rates)
Risk level
Varies (Can be high with market-based investments, returns on high-risk investments not guaranteed)
Very low (Guaranteed returns based on fixed interest rates)
Withdrawal flexibility
Restricted before age 59½ (penalties may apply), withdrawals on contributions in Roth IRAs allowed at any time
Early withdrawal penalty if taken before maturity (Does not apply to no-penalty CDs)
Time horizon
Long-term (Retirement focused)
Short- to mid-term (three months – five years)
The basics of this is, a CD you pay your taxes right away on earnings. With a ROTH you may or may not pay taxes, but you have to wait until age 59 1/2 to being withdrawals. If you die, that opens a new can for people who get your money, as they have to take the money out in a certain period……meaning paying taxes and if they take it all out, as in a huge IRA, they get a huge income tax bill.
There are set limits, time limits and in my simple mind, it is this is all set up to get your money into some institution, who use your money for their benefit, and when you die, the government forces the inheritors to pay a fine (taxes) in order to get at the money.
As I stated, this breaks down to paying the fine as your get interest or delaying the fine. It all goes back to the reality that Americans are taxed in life for breathing in excise taxes which are hidden into everything as gas transports everything and that drives inflation like this record spending by the regime. The entire system is rigged to steal from you and you just have to decide if you pay the piper now or later.
All this usury is in savings accounts which pay nothing since HW Bush made free money for rich people in destroying Reagan’s economics for the poor, and moves to bonds which who knows about regime solvency, banks holding up as the FDIC only insures money up to 250,000 dollars, so you have to have a number of banks if you have allot of money or credit union structures to keep the money insured, and that moves into the IRA’s and ROTH accounts.
The alternatives are stocks which are hyper inflated now, property hyper inflated now too, or precious metals, again hyper inflated, and it will only be a matter of time until they deflate to dry up all this bogus money out there as it did before Hitler took over Germany.
You have to be your own decision in this, but just know that everyone is taking a cut out of your money, no matter where you put it. Brokers do not work for free, no more than lawyers or bankers.
This though I hope in short explains a bit more about the mystery of IRA’s and IRA ROTH’s, as I honestly had no idea what they were and how they operated. What you just kind of have to understand is, there is little free money in this world. The 59 1/2 year old clause is set up knowing that people of that age will probably spend it, give it to their kids to waste on mortgages or business investment, or roll it into another tax delay structure where it will accrue and some day be forced to the tax skimming again.
That sounds allot like a gal I know whose old man was quite rich as a farmer. She had some bags of money, still held the land with her siblings, but her children decided that buying a lumber yard was the way to go as the owner was retiring and ready to unload it on some suckers…………and now money she got taxed on, is in a profit venture of risk helping her kids out, as it is held in reserve for the government to tax when they sell it if it survives, or they pay taxes on that business every year that will generate more revenue for the government than it would sitting in a bank or brokerage.
Honestly until the government stops taxing people, and money stops being cheap, is the only time as with Ronald Reagan where poor people have a shot at any kind of keeping their money.
I hope that helps broaden your insights.
Nuff Said
agtG
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