What Do You Call.To Old.Fashion.Way Of Courting In The Philippines 5 Stupid Ways to Lose Money to Those You Dislike and Simple Solutions to Stop it From Happening

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5 Stupid Ways to Lose Money to Those You Dislike and Simple Solutions to Stop it From Happening

1. DON’T TAKE ADVANTAGE OF TAX BREAKS – Taxes are by far the highest expense any of us have, and the problem is more than likely going to get worse. The tax laws are complex things that change every year. While most people who are employed and have a few bank statements and/or brokerage accounts can manage to prepare their own taxes with one of the many tax software programs on the market, those who have complex returns who must fill out the “Letter” . Schedules” (Schedules A, B, C, D, E etc) in depth, or amortization / amortization items should almost always use a tax professional.

SOLUTION: Have a tax professional do your return once every so many years, even if you don’t need to. If there’s anything you missed, it could be worth the one-time expense when you capitalize the savings over a period of years. For those who regularly receive property tax assessments, do you file appeals when applicable? Here in Allegheny County, where Pittsburgh is located, their appraisal method includes taking a picture of the front of the property and going along the land area already recorded. Recently the mom of a new client was assessed for a creek that ran through her property. When her son (my client) pointed this out to the board of appeal, the tax was lowered without a doubt.

2. NOT TO HAVE OR CHANGE THE BENEFICIARY INFORMATION ON YOUR LIFE INSURANCE POLICIES WHEN APPLICABLE.

John and Mary divorced three years ago. John and Mary can’t stand each other, just the mere mention of the other’s name makes the bile flow up the opposite party’s esophagus. Last year John remarried Linda. John and Linda are very much in love. Today, Juan died in a traffic accident on the highway. Today Mary is now a multi-millionaire thanks to John, and Linda is stuck paying huge closing costs from the joint bank and investment accounts? Why did this happen? John never bothered to inform his own insurance agent and his HR person at work of the major change in his life, and fill out the applicable paperwork changing the beneficiary from Mary to Linda.

I know firsthand that this happens, not only from being an insurance professional, but also because I served as Vice President of my volunteer fire company for a period of 3 years, and the “veep’s” job included maintaining insurance benefit information. During my tenure as VP, a member passed away in a firefighting related death, one of the many things the State of PA did when they came to guide us through the Line of Duty Death process was to order that the drawer with the members file. be sealed until further notice. No new information could be added or subtracted from ANYONE’s file in that drawer until I was told otherwise. After access was re-allowed, several members suddenly remembered changes that needed to be made. Thank God nothing else happened in the meantime

SOLUTION: Check the beneficiary information on your insurance policies regularly but not less than every two years or when there is a major life change including marriage, divorce, birth of children, etc. Special note: if you leave money to minors, there will need to be a guardian for the money because the court system does not usually release hundreds or thousands of dollars for children to use as they see fit. If you do not appoint someone of your own choosing, the court will appoint a trustee for the money, who may or may not be the person you would have chosen. It may or may not be the person you have chosen for the day-to-day care of your offspring.

3. NOT TO HAVE OR CHANGE THE BENEFIT INFORMATION ON YOUR IRAS

Insurance policies and IRAs have a very important point in common, they are affected by laws outside of estate law and probate processes in most cases. I say most cases because if you have cash value insurance (permanent insurance as opposed to term) its value could make you eligible to pay the federal estate tax if your estate is large enough. This is NOT a good thing to happen to you. IRA money could be subject to estate law if you name your estate as a beneficiary instead of an individual. Although if you die it will cost you nothing for not naming a beneficiary, it may cost your loved ones millions. The reason is that IRAs inherited by an individual can benefit through what is called an “IRA stretch.”

Here is a Cliff’s Notes version of the Stretch. Let’s say that after you pass away, you are at the age where you have to take Required Minimum Distributions (RMD), which means you are over 70 1/2. Let’s also say you leave your IRA to your 35-year-old son or daughter. Inheriting the IRA your son or daughter, because they are wise, go to Halas Consulting to learn the best way to prevent their new wealth. The good folks at Halas Consulting would advise your son or daughter to set up a Beneficiary IRA. Basically what happens is when ownership is transferred properly, your son or daughter still has to continue taking RMDs, but they do so based on their younger age and not your older age. This means that less is distributed to be taxed if the IRA is a traditional IRA and not a Roth IRA, which may never be taxed. If they also ask Halas Consulting to manage the money and it is set up in a proper asset allocation model, that money can potentially grow very large (we’re talking millions here) on a tax-advantaged basis with only smaller amounts of money coming in. every year, until your child hits around the half-century mark, to satisfy the RMD. This is a good thing.

HOWEVER (you just knew it was coming), if the IRA is set up or transferred incorrectly, the stretch is lost FOREVER. What if the reason this happens is because of bad advice? Most of the time the IRS says “tough beans”, there are many Private Letter Rules (PLR) from people who have claimed this and lost in the PLR. You could sue the person who gave the bad advice, but you might still lose and then you’ll be cutting legal fees in addition to losing your case. For more in-depth information on this, I recommend reading books written by IRA expert Ed Slott. These can be found at bookstores or maybe your local library (yes, that place with all the books that most people haven’t visited since they had to write their college thesis or even worse, their senior year of high school)

THE SOLUTION: Always have a beneficiary named on your IRAs and 401ks. Again, if you want to get the most out of the Stretch and call a minor. Please also name an adult whom you trust with money to act as custodian of the money until the minor reaches an age you feel they would be responsible for.

4. TRANSFER HIGHLY APPRECIATED COMMERCIAL SHARES FROM YOUR ISSUANCE PLAN TO IRA.

While on the surface this may seem like a good idea, it actually isn’t. The reason is a little-known rule called “Net Unrealized Appreciation” or NUA. Here is a brief synopsis of the way NUA works. Let’s say you had 500 shares of companies that you accumulated over your working years. For simplicity let’s say you had the option to buy this stock for $3 per share when the stock was priced at 10 in the heyday of the late 1990s. Now at retirement these shares are worth $20. If you roll over these shares to a self-directed IRA after retirement, you will owe income taxes on these shares whenever they are distributed from your IRA. Your income taxes could be quite high if you have a lot of retirement income.

THE SOLUTION: If you use the NUA properly, you will sell the shares and move the money to a non-qualified (non-IRA) brokerage account. After doing so, you will pay income tax at $7 per share, which is the amount of the difference between what you paid for the share ($3) and what the share was worth at the time you exercised your option to buy ($10 ). The difference between the price of the stock at purchase ($10), and what it is currently worth ($20), or $10 per share, will be taxed at the capital gains rate, which is currently a maximum of 15% (the top income tax rate could be more than double). Once the shares are sold and removed from the IRA, transfer the remainder to an IRA for maximum flexibility and options. The cash proceeds from the shares you just sold are no longer subject to taxes, only the interest and capital gains on this cost will be taxed if you invest the money held in the non-qualified brokerage account. To manage your taxes effectively and not get hammered with high expenses, a well-researched growth stock ETF would be a good choice here. Just make sure it fits your asset allocation model.

5. IT DOESN’T MATTER YOUR CREDIT

With the recent financial collapse still fresh in people’s minds, credit and debt have become four-letter words. But although credit CAN be bad if used improperly it can also be a lifesaver and allow you to buy many necessary things that cannot be paid for in advance in cash because of their cost. Those who pay attention to their credit score and research what makes someone’s score look better and what the various credit bureaus are looking for pay less money in interest on cars, houses, home refis and credit cards. Not to be a braggart, but a few months ago when it looked like the doom and gloom would last forever, I was sitting in my kitchen opening mail and some of the requests were ready to loan me over $50k in unsecured money. because of my good credit, and here were the people on TV who were foreclosed on houses where they owed less than that.

Another area where good credit will help you with lower payments is insurance. ALL insurance companies use something called an “insurance score” when figuring out your insurance score. For example, when you buy car insurance, it makes sense that insurance companies would look at your record for driving and moving violations, but what the hell is my credit score supposed to do, what kind of driver am I? Can’t I be a fool with money but a model citizen along the way? Well, according to research done by the insurance companies, no you can’t. Your insurance score is basically a composite of how you live your life, and those who live a responsible life can save some money. One of those components is money and how responsible you are with it. Likewise, if you have a DUI on your driving record, it could also affect your premiums on your home, health and life insurance, as well as your auto insurance.

THE SOLUTION- You get a free credit report every year from annualcreditreport.com take advantage of it. I would recommend that every year or every other year you spend about $40 and get a consolidated credit report, or “tri-merge” from all three companies. This consolidated report will give you much more detail than the freebie, and is the one banks and mortgage brokers use to decide who gets a loan (at least they did until the government came in and told them they had to lend to deadbeats and later). whole economy crashed.But I’m going out). Go through this report with a fine tooth comb. One year on mine I found a credit card account that I closed years ago and the bank didn’t report it to the credit bureaus as closed. This is your “face” and reputation in game, DON’T be ignorant of what it says.

Well here are five things you can work on to get you started, if I think of more ways I’ll write a sequel to this article. In the meantime, take care of your money, and it will take care of you.

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