From Dr. David Eifrig in Retirement Millionaire:
Don’t die in Maryland or New Jersey if you want to avoid paying heavy estate and inheritance taxes.
Forbes recently published its “Where Not to Die” list for 2013. Maryland and New Jersey are the two states that levy both an inheritance tax and an estate tax. This can quickly eat away at the money you plan to leave your heirs.
The Arab Spring is often celebrated by reciting the roll call of overthrown autocrats. But revolutions, in the end, will be judged primarily by what they build, not what they destroy. And in this respect, a year of revolution has refashioned exhilaration into paradox.
The United States applauded the demonstrations in Egypt’s Tahrir Square. Blaming itself for too protracted an association with an undemocratic leader, it urged Hosni Mubarak to step down. But [...]
RIYADH, Saudi Arabia (AP) — Saudi Arabia says a senior prince and former defense minister has died.
The 78-year-old Prince Mohammed bin Saud was not in line for the Saudi throne, but wielded influence as part of a council of royal family members that helps select the heirs to rule the oil-rich Western ally.
When $500,000 was discovered hidden in the walls of one home a dispute as to who rightfully owned the money quickly broke out.
The contraction company who found the cash – hidden inside military-style ammunition cans – thought they should keep it while the new-homeowners argued the money was rightfully theirs.
But neither of those parties won the windfall after an Arizona court ruled that the money should be returned to the [...]
474-year-old painting stolen by Nazis given to owner’s heirs
By Ian Johnston, msnbc.com
TALLAHASSEE, Fla. — A painting – nearly five centuries old and worth millions – that was taken by the Nazis in World War II has been returned to the heirs of its original Jewish owner by U.S. officials.
If you want you can monitor this yourself, just check the CPS WIRE resource site, (50) news sites linked on their [...]
The Trajectory of Empires (February 29, 2012)
“…The production of wealth in any society depends on a feedback loop in which a portion of each year’s production becomes part of the capital needed to produce wealth in future years, and another portion of each year’s production – a substantial one – goes to meet the maintenance costs of existing productive capital. In theory, an empire could keep its exactions at a level [...]
By Andrea Coombes, MarketWatch
SAN FRANCISCO — You’d think a legislative bill to fund the nation’s highways and mass-transit systems would have no connection to your retirement savings. But that didn’t stop lawmakers from proposing an amendment to the bill that would have trimmed a valuable retirement-plan benefit.
The proposal would have raised about $4.7 billion over 10 years by changing the rules governing how people who inherit an [...]
It’s Time to Think in Terms of Gold
By Jeff Clark, BIG GOLD
A young woman – let’s call her Andrea – inherited some money from her father in late 1997. She was only nineteen at the time. Not knowing the first thing about investing, she kept the money in stocks and bonds as her father had, wanting to hold on to it until she really needed it. She played it “safe.”
She got [...]
Steve Jobs and his wife Laurene Powell are seen at the Academy Awards in 2010.
When Steve Jobs died last month, he left $6.78 billion of stock in both Apple and Disney presumably to his wife and family. His widow, Laurene Powell Jobs, may not have a better time to sell off the billions of stock and avoid $867 million in capital gains taxes.
Financial planners told Bloomberg that Powell Jobs and [...]
In 1919, he was a greedy multimillionaire who didn’t want to see his family get its hands on the vast fortune he’d amassed as a lumber baron.
But in 2011, Wellington R. Burt is the sort of generous benefactor who usually exists only in daydreams — the long-lost relative you never met who leaves you millions of dollars.
With the conditions of a strange will — which barred any money from his [...]
By Larry M. Elkin, CPA, CFPÂ®
Think you canâ€™t put a price on love? President Obama and congressional Republicans got together this week and came up with $1.75 million.
Granted, they were not thinking in those terms. They were thinking of the federal estate tax. Last year, the tax was 45 percent on estates greater than $3.5 million. In 2010, there is no estate tax. But in the [...]