When are estates subject to taxes?

Retirement plan assets, when left to children, are subject to both the estate tax and an income tax called the Income in Respect of Decedent tax. What does that mean? Without proper planning, up to 76 percent of your retirement plan assets can be lost to taxes.

From physiciansnews.com

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First to die taxes

Some people erroneously believe that the spouse that dies first  eliminates federal estate taxes due to the estate tax Unlimited Marital Deduction. Keep in mind, however, that this is merely a postponement of tax. It’s true that there is no tax at the first death, but at the second death, your assets will be piled on top of your spouse’s assets and taxed at the highest rate.

From physiciansnews.com.

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The economy, and eating out

Eating in is now replacing eating out — The economy will have an impact on one’s food and beverage decisions, including less pubbing and eating more often at home.

From rediff.com.

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The ways property passes after you die

At death, your property essentially will pass one of three ways: by title, by beneficiary designation or by your will.

Joint property passes by title, meaning that it overrides your will. A surviving spouse can do whatever they want with the previously jointly owned property during life and ultimately leave it to anyone they wish at death, regardless of your desires. This can be a significant issue in second marriages.

From physiciansnews.com.

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Book Friday: I’m in Debt, Over 40, with No Retirement Savings. HELP!

I’m in Debt, Over 40, with No Retirement Savings. HELP! is a good mix of an interesting biographical narrative and sound career and financial advice.

From: Getting Older Stinks

Don’t back up

It takes 20-30 times more fuel putting your car into reverse when the engine is cool than when the engine is warm.

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Engine efficiency

It takes the engine of a typical five-year-old car about one-and-a-half minutes to reach maximum fuel efficiency

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Inflate your tires

Keep your tires properly inflated. Not only does it save you money on gas, it also cuts down on tire wear & improves handling and safety of your car.

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Shop with a list

Studies show that when you shop with a list, you spend less than if you don’t, as it helps you concentrate on picking up only what you need.

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Track your spending

Track your spending. Often just seeing your spending pattern will point out ways to save.

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Scientists found those who saw setbacks as a catastrophes had a 25% greater risk of death & died avg 2yrs earlier – direct link

Purchasing suits

Purchasing suits in either January or July is your best bet, as these months are typically when retailers reduce prices on last season’s styles.

From: http://everythingfinanceblog.com


Learning to coast (meaning to reduce your speed by 1/4th to 1/3rd of your speed) not only will significantly reduce your fuel usage, but will also save you considerable wear on your brakes.

From: autoservicewarranty.com

17% interest

Pay off high interest debts before you start saving. Earning 5% in your savings account isn’t going to do much good if you’re accruing 17% interest on your credit card debt.

From: yourcreditadvisor.com