The best accounts to leave to charity are pre-tax accounts like a Traditional IRA or 401(k). This is because your heirs would pay income tax on withdrawals, but the charity doesn't. Heirs/Charities vs. Uncle Sam Your money can only go three places: You can spend it....
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Latest Posts At A Glance
The Best Accounts To Leave To Heirs (Not To Charity)
The best accounts to leave to heirs are tax-free accounts (like a Roth IRA) and taxable accounts (non-retirement accounts). This is because your heirs pay no income tax on withdrawals. Heirs/Charities vs. Uncle Sam Your money can only go three places: You can spend...
Open A Roth IRA For Your Child
Open a Roth IRA for your child as soon as she has her first job. Give her decades of tax-free growth, and teach her about money in the process. Why You Should Open A Roth IRA For Your Child Tax-Free Growth A Roth IRA is not taxed while it grows, and withdrawals in...
Roth IRA For Your Child With Cash Income
This post explains how to fund a Roth IRA for your child with cash income that is not reported to the IRS. Background Your child must have earned income that the IRS knows about to contribute to a Roth IRA. It's easiest to open a Roth IRA for your child when they have...
Locum Tenens Taxes: The Complete Guide
When you work locum tenens, taxes are more complex, but there's more opportunity too. Not to worry: We've done the research for you and compiled it here. This guide gives you the confidence to enjoy the flexibility and independence of locum tenens work. As a result,...
Three Ways To Prevent Identity Theft
Here are three ways to prevent identity theft without much work. Use a password manager Many people use a few fairly weak passwords across all websites. If a hacker gets into your Netflix account, he tries the same password at your bank and your 401(k). The best...
Top Five Reasons To Use A Password Manager
A password manager makes it easy to use and remember strong passwords. Here are our top five reasons to use a password manager. Avoid getting hacked A password manager helps you avoid getting hacked by creating and storing a different strong password for each website...
How To Freeze Your Kids’ Credit
You can and should freeze your kids' credit. Here's why and how. Background Minor children are targets for identity theft because no one monitors their credit. A fraudster could get loans in your kid's name for years. Then your child applies for their first job or...
Locum Tenens Health Insurance: The Complete Guide
Some docs who work locum tenens have health insurance through a main job, or through their spouse. If that's not you, you can exhaust yourself researching your options, and end up more confused than you started. Not to worry: we've done the work for you and compiled...
How to Run Your LLC Properly
If you use a limited liability company (LLC) for locums shifts or other 1099 work, know how to run your LLC properly to get the liability protection you desire. Here’s what to do. What Protection Does An LLC Offer? Malpractice liability is always personal. In other...
Monitoring Financial Health: Debt Rate
What is Debt Rate? Debt Rate is a key indicator of your financial health. It's the percentage of your annual gross income that goes to debt payments. Total Annual Debt Payments / Total Personal Income = Debt Rate Example: Assume your annual income is $300K. If you're...
Monitoring Financial Health: Qualified Term
What is Qualified Term? Qualified Term indicates the number of years you could live on your current qualified assets. "Qualified assets" refers to money in retirement accounts. This includes pre-tax accounts like Traditional 401(k)s and IRAs, and tax-free accounts...
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