Life can get really hard.
One of the things that we
Recently, we had someone that was spending over $100,000 a year on their medical issues.
It's obviously potentially catastrophic from a financial point of view.
Then, our thought, along with the CPA, was can we do anything to improve the financial situation, given the huge
The money ultimately will go to the children, which will likely have a much higher tax bracket than basically zero.
Together we effectively found about a $20,000 plus improvement for the family, or maybe 2+ months of care!
So, the lesson is, if you have a family member with medical expenses like this, please talk to your CPA about potentially accelerating income or making other moves to improve the after-tax utility of the dollars to your family.
This tough situation turned out to have a bit of a silver lining!
Thank you for taking a look,
This article represents opinions of the author and not those of his firm and are subject to change from time to time and do not constitute a recommendation to purchase and sale any security nor to engage in any particular investment strategy. The information contained here has been obtained from sources believed to be reliable but cannot be guaranteed for accuracy.