ROTH IRA'S??

 

BASEBALL

 

Brett Ahrends writes for Marketwatch, “Congress is about to kill this popular retirement tax move”.

That is, Roth IRA conversions, even for those making less than $400k. 

what happens when an executor doesn't understand the grantor's digital onterests?

baseball

James Ferrari has a nice article May 2021"Whay happens to your digital assets when you pass?" and 5 reasons to specify what happens to your digital assets.

Well, this expert likes nft's.   

But the big question is what happens when an executor or beneficiary doesn't understand or care about the grantor.s esoteric interests.

Fed starts looking at really extraordinary measures if Republicans nix debt ceiling limit increase in October

 

small town PA 2021-9

Today, while the nation is pondering booster shots (and the FDA) and Afghanistan, President Biden warned Congress of severe economic repercussions if Congress doesn’t extend the debt ceiling, presumably by mid October. 

Forbes and Reuters seemed to have the best stories.  The Federal Reserve (Janet Yellen) is already looking at “unthinkable”, as described by Reuters.

There would be issues of wild market volatility, and possibly concerns about Social Security payments (although the trust fund ought to stop that from happening).  Yet one possibility could be almost immediate means testing, as of the start of 2022.  This story indirectly led me to a Twitter thread where David Hogg (who has talked about the filibuster before and is a major threat do debt ceiling increase)  has a Harvard class assignment to craft a "right to privacy amendment", which is Chapter 6 of my own DADT-1 book! 

Low-income families (especially black) follow "heirs property" without wills, and heirs get into trouble

 

Columbia SC state capitol 2015-9

NBC News (Sept 2) talks about the practice of passing down property without a will, called “Heirs Property”, which is held under the concept of Tenants in Common.

If an heir decides to share their share, all the other heirs could face forced sale of the property at below-market value.

The problem is common with low income families.

It is especially a problem with black, latino, indigenous, and Appalacia families.

FEMA recently relaxed the loan rules after disasters, as explained in the video, with people in South Carolina. 

Will the Fed's likely ending of quantitative easing affect retirees?

 

Sunset near Leesburg VA 2021-8

Allison Morrow in CNN Business discusses the issue of the Federal Reserve letting up on its policy of quantitative easing, or buying up Treasury debt.     

That was what floated the economy by late spring of 2020 as it had been largely shut down because of the pandemic. 

The economy is picking back up with the vaccines, but there are lingering fears that variants could still outrun them as the public has not behaved very well, and we have superspreader potential from events like Sturgess and now the hurricane.

The article does not discuss debt ceiling, which is likely to become dangerous later this month when it comes up in Congress and Republicans rebel.

One way to help ease the strain on the country’s solvency is to get tougher on inheritances, starting with the basis date rules for inherited assets, as discussed before.

Today's wealthy seniors seen as the most illegitimate beneficiaries of systemic racism

 

Gateway Park, Fairfax VA, 2021-8

Karlym Borysenko has a 2-hour stream “What is the white man’s role in advancing equity and inclusion?”

She refers (satirically) to a column by Alvin Sallee “Only old white men can end systemic racism in the US”.

That would include me.

Because we the closest to the system of implied privileges?

Possibly some sort of social pressure movement to return unearned wealth?  Maybe means test now?

Interesting points, live longer so collect more social security (which functions partially as an annuity even though legally it is “welfare”). 

Confiscate or tax inheritances by individuals already with high net worth?

 

One Loudoun 2021/8

I just wanted to mention another proposal regarding inheritances on Twitter:  limit, or severely tax, distributions to individuals over threshholds of income or net worth (after subtracting debts).

It’s just a citizen proposal so I wouldn’t wait on its going anywhere but the idea is scary. It might also encourage more restless acquisition of personal debt.