February 5, 2019

How to Use Health and Education Savings Accounts

Episode 270:

Tim Berry has been a tax attorney for over 20 years. He has helped thousands of people free up their retirement plan assets to invest in real estate. He is an attorney who has been dealing with IRA and 401k issues since 1997.

Main areas he helps clients in:

  • Analyzing Self Directed IRA and Self Directed 401k transactions to make sure they complied with the rules.
  • Fixing messed up rollovers
  • Fix valuation errors with self-directed IRAs and 401ks
  • Correct reporting errors on 1099s and 1040s for IRA
  • Design an estate plan for retirement plans
  • Analyze their account for violations of the prohibited transaction rules and try to repair the violations
  • Make sure their retirement plans have asset protection (some experts might tell you all retirement plans are protected, but I’ve been hired by bankruptcy attorneys to successfully take IRA assets away)

While he’s a licensed as an attorney in Washington state, he works with clients all around the country by phone, fax, and email. He typically bill by the project, not the hour. That means you don’t have to worry about any unexpected huge bill, you know exactly the amount when he starts to work.

What you’ll learn about in this episode:

  • How to use a Health Savings Account (HSA) or an Educational IRA to avoid paying taxes on your money
  • How anything you purchase for education, including transportation and supplies, is an allowable expense
  • Why transportation to get medical service, and anything a doctor tells you to do, is an allowable HSA expense
  • What Prohibited Transaction rules are, and how they apply to HSAs and Educational IRAs
  • What loopholes are available that can be used to work around the rules governing HSAs and Educational IRAs
  • What limits are in place for maximum contributions for these accounts, and how to get around them
  • Why Educational IRAs are really private family banks that you can borrow against later on
  • Why you will always have checkbook control over these accounts, and how to get started setting up an account
  • Why you need to be aware of the fees associated so that you don’t pay more in fees than you would’ve paid in taxes
  • Juan Fuentes shares a case study and the financial details of a major deal he completed

Resources:

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