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| Name | How to Build a Tax Efficient Taxable Account as a Physician |
| Video Uploader | Video From WealthKeel LLC |
| Upload Date | This Video Uploaded At 14-09-2023 22:51:13 |
| Video Discription | Unlock the secrets to maximizing your investments with our latest video on taxable accounts! These versatile brokerage accounts offer unmatched flexibility and significant tax benefits, making them a powerful tool in your financial arsenal. Dive into the advantages and strategies that can help you achieve your wealth-building goals. In this video, you'll discover why taxable accounts are often the unsung heroes of a comprehensive financial plan. Learn how to enjoy unrestricted access to your funds without penalties and avoid mandatory distributions as you age. We'll also explore the potential for favorable tax treatment on capital gains, qualified dividends, and losses, as well as the incredible step-up in basis benefit upon inheritance, which can save your heirs significant amounts in taxes. We'll also cover two powerful strategies to reduce your tax burden within a taxable account. First, tax-loss harvesting—selling investments at a loss to offset capital gains and even up to $3,000 of ordinary income per year. Just make sure to navigate the wash sale rule carefully. Second, the "die with it or donate it" strategy involves holding highly appreciated investments until death to take advantage of the step-up in basis or donating appreciated securities to charities to avoid capital gains tax altogether. When it comes to building a solid taxable account, we'll guide you towards tax-efficient investments like index ETFs with low turnover and qualified dividends. Municipal bonds can also be a great choice, providing tax-free income at both the federal and, sometimes, the state level. Understanding asset location is crucial—aim to keep tax-inefficient investments in your tax-advantaged accounts while reserving the taxable account for more tax-efficient assets. Avoiding unnecessary taxable events like frequent selling in the taxable account is key to optimizing your tax situation. We also delve into asset protection strategies for your taxable account. If you're married and live in certain states, holding the account as "tenants by the entirety" provides free asset protection. For those in other states, domestic asset protection trusts offer a viable alternative to safeguard your assets. This video is packed with valuable insights that can help you make the most of your taxable account, ensuring that it's not just a part of your financial plan but a pivotal component that drives your financial success. Whether you're new to investing or looking to refine your strategy, you won't want to miss this! Key Insights 💡 - 💰 Tax loss harvesting is a strategy to offset losses against gains and income, reducing overall taxes. - 💸 Donating appreciated stock or passing it on through inheritance can provide tax benefits while fulfilling charitable intentions. - 📈 Building a tax-efficient taxable account involves choosing the right asset classes, such as ETFs for stocks and municipal bonds for fixed income. - 🏢 Including REITs in taxable accounts can offer diversification, but tax efficiency depends on the type of income generated. - ⚖️ Asset location strategies focus on placing tax-inefficient assets in tax-advantaged accounts and tax-efficient assets in taxable accounts. - 💼 Estate planning considerations include tenants by the entirety for asset protection and step-up in basis for minimizing capital gains taxes. - 💡 The taxable account provides flexibility and can be tailored to individual goals, but it requires careful planning to optimize tax efficiency. Highlights 🕒 0:00 Introduction 0:38 What Is a Taxable Account and Why Should a Physician Use It? 04:43 What Strategies Can I Use to Pay Fewer Taxes? 08:35 How to Build a Tax-Efficient “Taxable” Account? 12:17 Asset Location and Its Goals 15:52 Planning & Asset Protection for Taxable Accounts 17:41 Conclusion 📚 Full Blog Post: https://wealthkeel.co/TaxEfficientTaxableAcctBlog ------------------------------------------- Please share any topics or questions you would like to see featured in our videos in the future! Drop us a line in the comments 🙏 👉 Follow us on socials, join our weekly newsletter, get our free eBook, and more: https://go.wealthkeel.com/m/WK Music from Intro Video: Sunburst by Tobu & Itro - http://bit.ly/2p6JaWw Disclosures: This information is for general purposes only. This information is not intended to be a substitute for specific professional financial or tax advice, as individual circumstances vary. Please see a financial professional, CPA, and/or an attorney in regards to your own individual situation.. |
| Category | People & Blogs |
| Tags | white coat investor | taxable brokerage account | tax loss harvesting | tax efficient | taxable account | tax arbitrage | tax strategies | qualified accounts | brokerage accounts | individual accounts | joint accounts | financial planning | stepped-up basis | asset protection | charitable donations | long-term capital gains | municipal bonds | tax-deferred accounts | tax-advantaged accounts | tax diversification | physician finance | doctor money | high income earners |
