Page 136 - issue
P. 136
stood behind her, bearing a gold table- between them… and investment of self.
cloth and a box of fancy silverware. But she had little time to contem- Rusi had gone out on a limb today.
“Miri,” Rusi exclaimed. “You and your plate the sudden change in her evening She was obviously duty-bound to
mother came early.” as the doorbell kept ringing and more honor her mother, but she’d gone far
and more people kept entering. beyond the call of duty today. She’d
“This is called early?” Miri asked Chana’s friends, Rusi’s friends, a few used her innate personality and love of
wryly. “I thought you said seven neighbors. fun to draw her mother closer.
o’clock.”
A crowd of fourteen made up the Perhaps the time had come for
“Oh yeah,” Rusi said. She looked party. Everyone had come for Chana’s Chana to listen to her daughter’s
over at Etty. “But we got…caught up.” special night. The memories of the year advice and call in the experts. If the
before started to recede as Chana insurance money wasn’t going to come
“Can someone please explain to me looked around the table at her friends. through the normal channels, then it
what’s happening?” Chana asked. “I Her life had once been almost perfect, was her responsibility, both to herself
seem to be at a loss.” and now it was… Blemished, and imper- and to Rusi, to call that lawyer. She
fect, but with so much to be grateful for. owed it to her daughter, and even more
“Sure,” Debbi Gershowitz said, tak- than that, she owed it to herself.
ing Chana by the arm. “It’s your birth- Towards the end of the evening,
day and your friends came over to cel- Chana found herself beside Rusi in a But before she called Attorney Hertz
ebrate.” She led Chana to the head of quiet moment. She squeezed her and got him on the case, she had
the table and sat her down. “Now you daughter’s shoulder and whispered, another call to make. Her son, Efrayim,
just sit like a good girl while Rusi and I “Thank you.” had every right to know what was going
do the setting up.” on. By keeping the information from
The vision of Alice Feldman rose to him, she was doing a favor to no one.
Bewildered, Chana watched as Etty’s her mind. She had no idea what had And if Efrayim decided to take the next
gold tablecloth was draped over the caused the distance between her and flight out of Israel to help her, Chana
table, the table set, and the piping hot her mother, but the fragile nature of wasn’t going to fight it. She was tired of
food transferred into platters. Rusi every relationship suddenly hit her. trying to tackle the whole world on her
came over to peck her cheek. “You There was nothing more natural than own.◆
thought I’d forgotten, Ma, didn’t you?” the parent-child bond, but every rela- to be continued…
tionship demanded true inner work
A lump rose in Chana’s throat. She
had indeed not expected anything from
Rusi. Not with the way that things were
Pollock continued from page 104 only chip in $300. Clearly, Obamacare 6) Do not put money into your IRA
7) If you refinanced your home, the makes it much more important to until you find out if you are allowed to
keep your income low! As your income under tax laws.
settlement sheet needs to be analyzed goes up, four things increase: federal
for deductions. It might contain deduc- taxes, state taxes, your social security 7) Get advice before any significant
tions for interest, points, and real contribution, and your health insur- financial move, especially if you are
estate taxes. ance cost! Again, planning is impor- creating income. If grandma is giving
tant. you stock which you will sell, you
Healthcare need advice. This is because grandma
Obamacare means that you are A Few More Pointers could sell the stock herself at a lower
required to buy health insurance. If 1) If children earn money, they may tax rate and give you the money
you don’t, you have to pay a penalty. have to pay at their parents’ tax rate. instead. The more money involved,
That is the bad news. The good news This is called the kiddie tax and the bigger the question. If grandma is
is that it is not too hard to get health applies through age 23 for students! giving you her house, the question is
insurance or Medicaid. In addition, really complex.
there are many exceptions to the 2) Long-term care insurance might
penalty. be deductible. Folks, all the details discussed in
this article are very important: First,
The cost of health insurance is now 3) IRA accounts can give money doing it correctly keeps your taxes
tied to your income. Yes, folks, if your directly to a charity. This can help in down. Second, keeping your income
income is low, you get a premium various ways. low might increase your eligibility for
credit. This is the main “money grab” government handout programs.
of Obamacare. It means that a mas- 4) If you have a financial account Hopefully, with a little planning you
sive welfare system is built into the tax overseas, you have to file some impor- will not have to pay any more than you
system. Let’s say the monthly premium tant papers each year: big penalties if have to.◆
is $1,200. If your income is low, the you ignore this one.
government will chip in $500 per Eli Pollock CPA can be reached at
month. If your income rises, they may 5) Be certain that a person is eli@elipollock.com.
named as beneficiary in all your retire-
ment accounts.
132 u www.wherewhatwhen.com u
cloth and a box of fancy silverware. But she had little time to contem- Rusi had gone out on a limb today.
“Miri,” Rusi exclaimed. “You and your plate the sudden change in her evening She was obviously duty-bound to
mother came early.” as the doorbell kept ringing and more honor her mother, but she’d gone far
and more people kept entering. beyond the call of duty today. She’d
“This is called early?” Miri asked Chana’s friends, Rusi’s friends, a few used her innate personality and love of
wryly. “I thought you said seven neighbors. fun to draw her mother closer.
o’clock.”
A crowd of fourteen made up the Perhaps the time had come for
“Oh yeah,” Rusi said. She looked party. Everyone had come for Chana’s Chana to listen to her daughter’s
over at Etty. “But we got…caught up.” special night. The memories of the year advice and call in the experts. If the
before started to recede as Chana insurance money wasn’t going to come
“Can someone please explain to me looked around the table at her friends. through the normal channels, then it
what’s happening?” Chana asked. “I Her life had once been almost perfect, was her responsibility, both to herself
seem to be at a loss.” and now it was… Blemished, and imper- and to Rusi, to call that lawyer. She
fect, but with so much to be grateful for. owed it to her daughter, and even more
“Sure,” Debbi Gershowitz said, tak- than that, she owed it to herself.
ing Chana by the arm. “It’s your birth- Towards the end of the evening,
day and your friends came over to cel- Chana found herself beside Rusi in a But before she called Attorney Hertz
ebrate.” She led Chana to the head of quiet moment. She squeezed her and got him on the case, she had
the table and sat her down. “Now you daughter’s shoulder and whispered, another call to make. Her son, Efrayim,
just sit like a good girl while Rusi and I “Thank you.” had every right to know what was going
do the setting up.” on. By keeping the information from
The vision of Alice Feldman rose to him, she was doing a favor to no one.
Bewildered, Chana watched as Etty’s her mind. She had no idea what had And if Efrayim decided to take the next
gold tablecloth was draped over the caused the distance between her and flight out of Israel to help her, Chana
table, the table set, and the piping hot her mother, but the fragile nature of wasn’t going to fight it. She was tired of
food transferred into platters. Rusi every relationship suddenly hit her. trying to tackle the whole world on her
came over to peck her cheek. “You There was nothing more natural than own.◆
thought I’d forgotten, Ma, didn’t you?” the parent-child bond, but every rela- to be continued…
tionship demanded true inner work
A lump rose in Chana’s throat. She
had indeed not expected anything from
Rusi. Not with the way that things were
Pollock continued from page 104 only chip in $300. Clearly, Obamacare 6) Do not put money into your IRA
7) If you refinanced your home, the makes it much more important to until you find out if you are allowed to
keep your income low! As your income under tax laws.
settlement sheet needs to be analyzed goes up, four things increase: federal
for deductions. It might contain deduc- taxes, state taxes, your social security 7) Get advice before any significant
tions for interest, points, and real contribution, and your health insur- financial move, especially if you are
estate taxes. ance cost! Again, planning is impor- creating income. If grandma is giving
tant. you stock which you will sell, you
Healthcare need advice. This is because grandma
Obamacare means that you are A Few More Pointers could sell the stock herself at a lower
required to buy health insurance. If 1) If children earn money, they may tax rate and give you the money
you don’t, you have to pay a penalty. have to pay at their parents’ tax rate. instead. The more money involved,
That is the bad news. The good news This is called the kiddie tax and the bigger the question. If grandma is
is that it is not too hard to get health applies through age 23 for students! giving you her house, the question is
insurance or Medicaid. In addition, really complex.
there are many exceptions to the 2) Long-term care insurance might
penalty. be deductible. Folks, all the details discussed in
this article are very important: First,
The cost of health insurance is now 3) IRA accounts can give money doing it correctly keeps your taxes
tied to your income. Yes, folks, if your directly to a charity. This can help in down. Second, keeping your income
income is low, you get a premium various ways. low might increase your eligibility for
credit. This is the main “money grab” government handout programs.
of Obamacare. It means that a mas- 4) If you have a financial account Hopefully, with a little planning you
sive welfare system is built into the tax overseas, you have to file some impor- will not have to pay any more than you
system. Let’s say the monthly premium tant papers each year: big penalties if have to.◆
is $1,200. If your income is low, the you ignore this one.
government will chip in $500 per Eli Pollock CPA can be reached at
month. If your income rises, they may 5) Be certain that a person is eli@elipollock.com.
named as beneficiary in all your retire-
ment accounts.
132 u www.wherewhatwhen.com u
