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When planning for the future, it’s important to think about how you want to pass on your belongings, like your house, car, or savings. Deciding when to transfer these assets—before or after you pass away—can make a big difference in the amount of taxes your loved ones might have to pay. Let’s explore how each option affects taxes so you can make the best choice for your family.
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The reality of retirement savings in America is starkly different from the ideal. While Americans envision needing a substantial $1.25 million for a comfortable retirement, the truth is that a significant number of older individuals are approaching their golden years without any retirement savings at all. According to a survey by financial services firm Credit Karma, about 27% of people aged 59 or older have no retirement savings.
(photo: MHM55)
In the labyrinthine world of high-value art, not all masterpieces spend their days adorning the walls of museums or luxury homes. Some find themselves in the less glamorous, albeit strategically advantageous, confines of art freeports. These storage facilities, often located near airports or in tax-friendly jurisdictions, are the art world’s open secret, a place where the wealthy can store valuable pieces—sometimes indefinitely—away from the prying eyes of tax authorities. This article sheds light on the enigmatic world of art freeports and their controversial role in the realm of tax evasion.
In business generally the way that one company takes over another is through negotiations, contracts, and payment. Look at it like this: Company A wants to obtain Company B. Company A and B begin having discussions where Company A outlines all of the advantages of being acquired by Company A (e.g. easier access to resources, streamlined processes, a stronger legal department to protect against lawsuits, etc.) until eventually an agreement is made and Company A takes over Company B.
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What does it mean to be weird with your money? According to financial guru Dave Ramsey, being weird with money means going against the grain of conventional financial wisdom. It means rejecting the status quo of debt, overspending, and living without a plan.
He urges people to figure out what most folks are doing with their money and then do the exact opposite. The reason being – most people are broke. If you emulate the behaviors and habits of the majority, you will end up with the same poor results.
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I’m a professional managed care contract negotiator for a major health system in the US who also teaches health administration classes at a local university. Let me try to be comprehensive:
There’s a difference between what’s price and cost. Hospital prices are what hospitals charge for a service. Like any other business, charges include the direct costs (supplies, clinician time, etc.) and indirect costs (power bill, departmental overhead, etc.). Included in the indirect cost is always an amount to cover uncompensated care. This is cost incurred by people who can’t or don’t pay their bills, and it’s re-allocated into future pricing, creating inflated charges, which are reported as the “price” for healthcare services in the media and quoted by politicians. edit In addition, government programs with set payment systems (i.e Medicare, Medicaid) often cover some, but not all of the direct cost of care. This too is passed on in the pricing.
[Read more…] about Why Is Going To The Hospital So Ridiculously Expensive?
For many, the standard retirement timeline looks like this: Work hard at your career until around age 65, then finally stop working and start enjoying life. But some are challenging this narrative by pursuing FIRE – Financial Independence, Retire Early.
The yield curve shows how interest rates on bonds change for different time periods. Bonds are basically loans that investors make to the government or companies. The investor gets paid an interest rate on the bond.
Don’t confuse annual salary with total compensation. The companies I worked for kept the “base pay” relatively low. In the lean years (and there are always lean years), living on the base pay was a challenge.