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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Rules for tipping

There are no rules that are set in stone when it comes to tipping.

However, our basic guide to tipping gratuity is, if you’re unsure if tipping is appropriate for the service performed, go with your gut instinct.

Even if your neighbor doesn’t tip the newspaper delivery person, if you think he does a great job, then go ahead and include a tip with your payment.

From: howtodothings.com

Reduce or eliminate recurring bills

Reduce or eliminate recurring bills. Paying for services that you can do without (I.e. gym memberships, cable or satellite bill)? Consider evaluating whether you really can reduce the bill or get rid of it altogether.

From: mensplaybook.com

Pay cash for everything

Pay cash for everything. Why pay cash, you ask? Well, think about paying cash. There’s something psychological about giving up the greenbacks when making purchases. The sting is likely more evident than using a credit of debit card.

From: mensplaybook.com

Record keeping when going through a divorce

When going though a divorce become committed to recording facts, figures and events. If you call to speak to your kids – log it.

Record the date, the time, the duration and the basic theme of the conversation. Record any thoughts and observations that you had after the call.

From: associatedcontent.com