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....
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 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...
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...
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...
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...
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...
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...
What is Business Term? Business Term indicates the number of years you could live on your current business equity. Business equity includes business assets minus related debts. Business Equity / Annual Living Expenses = Business Term Example: If you have a business...
What is Savings Rate? Savings Rate is a key indicator of your financial health. It's the percentage of your annual gross income you're saving. Total Annual Savings / Total Personal Income = Savings Rate Example: Assume your annual gross income is $300K. If you save...
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