The above is how the rich avoid paying tax in US. Just heard that again on the new NPR Planet Money podcast – My favorite tax loopholes. 😊 Because the personal tax is based on income rather than wealth, so the key is to minimize income. Also, buying assets such as stocks, bonds, properties, etc.Continue reading “Buy, borrow, and die”
Category Archives: Estate Planning
Fight over money
What if your parents decided to leave all their inheritance to your siblings because they have young children while you don’t? On top of that, you sibling’s spouse is a stay-home mum, and they have a live-in nanny? Would you be genuinely at peace without any resentment? Some might not while some think that itContinue reading “Fight over money“
How to minimize probate?
Probate is a legal process that takes place after someone dies to distribute the remaining property as the will (or law if there’s no will) directs after paying all the debts and taxes. First and foremost, it is to avoid probate which costs money and time. Make sure you designate beneficiary to your pension, RRSPContinue reading “How to minimize probate?”
Worthfy Financial Literacy Counselling 