This is Tereo Media.

Did you know that up to 50% of your lifetime income will be wiped out by taxes?

What if you could stop this madness?

Isn't it about time you play on a level playing field

with the wealthiest 1%? Now you can. Tim Berry, attorney at law, shares here each and every

week current tactics and strategies that anyone can implement to

hack the tax code. Protect your assets and keep what's rightfully yours. It's time for

Tax Hacker Tuesday.

So the other day I was buying a car and as I was buying the car I was talking to somebody into the car dealership and they had a really interesting situation.

What had happened is they had left their old employer and they moved to a new employer. But here's the interesting situation.

They had an outstanding loan with the old employer and that loan was probably going to become a taxable event unless they paid off that loan and they didn't have the cash to pay off that loan of the old employer.

But here's a really interesting dynamic. cash to pay off that loan of the old employer.

But here's a really interesting dynamic.

They'd already moved an awful lot of money

over into their new employer's retirement plan.

And now, under the terms of the new employer's retirement plan, they were able to borrow out from that new employer's retirement plan.

So effectively, the best thing for them in their situation was to do this.

Borrow money from their current retirement plan,

use that money to pay off their loan at the old retirement plan,

and then get this.

Then they're going to transfer the proceeds what they paid off that loan with.

They're going to transfer it from the old retirement plan into the new retirement plan.

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