7 Things IRS Can’t Take From You — Most Seniors Only Know One

There is a line running through your money. On one side is everything they cannot reach. On the other is everything they can. Almost nobody over sixty five knows where that line falls in their own accounts, and the half of the rule that is missing is the half that costs money. Four hundred and fifty two thousand people who receive a Social Security check are behind on a student loan. Collection on those loans has already restarted. In this video: why a retirement plan from work has no dollar limit on its protection at all, why the account you opened yourself is a different rule with a cap, why outside a bankruptcy your own state decides it, how the money loses everything the moment it leaves the account, the three doors that open in a plan that is otherwise shut, what the husband or wife at home keeps when the other goes into care, and the fifteen per cent that reaches a Social Security check without a judge. Nothing here is advice about you in particular. This is education, not financial, tax, or legal advice. In this video: 00:00 The line running through your money 01:06 #1 The work plan with no dollar limit 02:25 #2 The account you opened yourself is a different rule 03:33 #3 Outside a bankruptcy, your state decides 04:50 #4 The money stops being protected the moment it leaves 06:03 #5 Three doors that open in a plan that is otherwise shut 07:09 #6 What the one still at home keeps 08:29 #7 Fifteen per cent, and a floor set in 1998 10:44 The seven, and which side of the line each one sits on THINGS TO ASK ABOUT / OFFICIAL LINKS: • Free legal help for people 60 and over, state by state — https://www.lsc.gov/about-lsc/what-legal-aid/get-legal-help • Find your area agency on aging (Eldercare Locator) — https://eldercare.acl.gov • Getting out of default on a federal student loan — https://studentaid.gov/manage-loans/default • Total and Permanent Disability discharge — https://www.disabilitydischarge.com • Protections for money in your bank account (CFPB) — https://www.consumerfinance.gov/ask-cfpb/can-a-debt-collector-take-my-social-security-or-va-benefits-en-1157/ • Medicaid spousal protections — https://www.medicaid.gov If you are helping somebody with a loan they signed for a grandchild, do not ask them how much it is. Ask them one thing. Is it in default right now. #SeniorFinance #Retirement #AssetProtection #SocialSecurity #StudentLoans