Skip Ahead Here! 0:00 - What to do with settlement money? 1:31 - Where should I keep the money? 2:50 - Give some to family? 3:34 - How to invest? 5:09 - Life goals?
Thank you! Doing your research now is a smart move. When the time comes, working with a reputable financial advisor can help ensure you make the best decisions for your situation. Wishing you the best with your settlement and future investments!
Definitely want to purchase a townhouse condo & a vacation home in Flordia & wait a few months to purchase my dream car & travel & stock up on firearms to protect my assets and values and property and myself and loved ones & help my mother to decrease on bills
I’ve been waiting almost 7yrs for my Respirdal lawsuit settlement to hit they said the deadline is December 2023 but they said they’re getting me out the way before the deadline maybe idk anymore but they said my case is strong is payout is Big
@@Dyrin Mannnnnnnnn i don’t even know they said my case is strong and they just waiting on a $ number and the deadline is this coming December long as I get it by December for my NYE Vegas trip I’m good
Hello I understand that state taxes will vary from state to state but, is there any way to protect a taxable settlement from federal taxes (or at least reduce it)? 350k-400k is a ridiculously large debt to pay the IRS simply because you won a 7 figure settlement.
Thanks for you question. Protecting a taxable settlement from federal taxes can be challenging, as settlements are generally subject to federal income tax. However, there are a few strategies that individuals may consider to potentially minimize the tax liability associated with a settlement. It's best to consult with a financial planner or qualified tax professional to determine the best approach based on your specific circumstances.
You can contribute up to $6,000 or the amount you earn in income, whichever is less. If you make more than $6,000 in a year of earned income, you can add the maximum amount to your IRA from any source.
You mentioned one of the options is to invest in index funds, do you recommend just putting the entire balance into index funds in one shot or over time? in what increments do you suggest?
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Skip Ahead Here!
0:00 - What to do with settlement money?
1:31 - Where should I keep the money?
2:50 - Give some to family?
3:34 - How to invest?
5:09 - Life goals?
Love the point about having a holistic plan for what to do with your settlement money before making major one-off decisions. Great advice!
What's an holistic plan
Don't forget to save some for future medical surgical procedures and meds 👍🏼
Good advice! I am expecting a large settlement in the next year or so, doing my research on best investment options and best company to work with.
Thank you! Doing your research now is a smart move. When the time comes, working with a reputable financial advisor can help ensure you make the best decisions for your situation. Wishing you the best with your settlement and future investments!
Only helping my mother who helped me get put on the Respidal lawsuit case and my sister
Definitely want to purchase a townhouse condo & a vacation home in Flordia & wait a few months to purchase my dream car & travel & stock up on firearms to protect my assets and values and property and myself and loved ones & help my mother to decrease on bills
Great advice 😊
Thank you! I'm glad it helped you!
Great video!🎉
Thank you very much. Have a great day!
Thank you for helpful information 👍
Thank you. I am glad you found it helpful. Have a great weekend!
Thanks 😊🎉
I’ll be contacting you real soon I’m in chicago. But I need some advice
We look forward to hearing from you soon!
Great video 👍🏾👍🏾👍🏾
How can it benefit if want to help parents paid off home or will help remodeling upgrade in home
Hello. Do you think opening a trust would be a good idea?
Really depends on your situation. It's often best to work with a financial planner who can advise on what's best for you.
I’ve been waiting almost 7yrs for my Respirdal lawsuit settlement to hit they said the deadline is December 2023 but they said they’re getting me out the way before the deadline maybe idk anymore but they said my case is strong is payout is Big
Seven years is a long time… what are they waiting on
@@Dyrin Mannnnnnnnn i don’t even know they said my case is strong and they just waiting on a $ number and the deadline is this coming December long as I get it by December for my NYE Vegas trip I’m good
@@CesarChavez-bn6iv that’s good I hope you get the max amount possible 🔥🔥
@@Dyrin right on thanks I appreciate 🙏🏽💯👊🏽
Hello
I understand that state taxes will vary from state to state but, is there any way to protect a taxable settlement from federal taxes (or at least reduce it)?
350k-400k is a ridiculously large debt to pay the IRS simply because you won a 7 figure settlement.
Thanks for you question. Protecting a taxable settlement from federal taxes can be challenging, as settlements are generally subject to federal income tax. However, there are a few strategies that individuals may consider to potentially minimize the tax liability associated with a settlement. It's best to consult with a financial planner or qualified tax professional to determine the best approach based on your specific circumstances.
@@DistrictCapital Thanks
I heard that you can only contribute earned imcome to Roth IRA. Can I contribute my settlement money to a Roth IRA?
You can contribute up to $6,000 or the amount you earn in income, whichever is less. If you make more than $6,000 in a year of earned income, you can add the maximum amount to your IRA from any source.
WHAT SETTLE MENTS YOU TALKING ABOUT
What other questions can we answer about settlement money?
I would like to invest some money I received. What do you recommend?
You mentioned one of the options is to invest in index funds, do you recommend just putting the entire balance into index funds in one shot or over time? in what increments do you suggest?
Can u dm me