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Joe Anderson, CFP\xae and Big Al Clopine CPA answer your burning financial questions in episode 61 of the YMYW podcast, ranging from how to avoid gift taxes to why it\u2019s worth it to invest in a 401(k). Original publish date September 3, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.\xa0

00:00 - Intro\xa0

04:17 - \u201cWhen we talk about long-term care planning, a lot of people assume we mean you have to buy insurance and that\u2019s one way to solve an issue, but not the only way.\u201d

06:20 - \u201cMedicare covers skilled care; they don\u2019t necessarily cover custodial care. Custodial care means you\u2019re not necessarily going to get better. Skilled care can patch you up and get you out the door.\u201d

11:20 - \u201cWhat type of loan should I use to buy out my sibling for inherited property?\u201d

16:59 - \u201cYou may have a will or a trust and that will spell out how the assets will be divvied up, but a letter of instructions and meeting beforehand goes a long way.\u201d

20:24 - \u201cCan I avoid paying gift tax? Can a grandparent gift a grandchild money for college and not have to pay a gift tax? Would the grandchild have to pay taxes on it too?\u201d

27:55 - \u201cI think it\u2019s really important to take advantage of the tax laws that are given to us. If you are a business owner, you can pay your child do something for your business and it becomes a deduction for you.\u201d

28:20 - \u201cIf you really understand what the rules and opportunities are, you can take some control over your taxes.\u201d

30:45 - \u201cI recently opened an LLC and landed my first client. Is there a limitation to how much income I can make off a single client?\u201d

31:51 - \u201cI withdrew $8,000 from my 401(k). I have retired at 59 and have not cashed the check. If I send it back, what happens? Will I still be penalized?\u201d

34:56 - \u201cHow much capital gains tax will I pay on a home I sold after living in it for only 13 months?\u201d