Example / starter personal budget spreadsheets: https://www.reddit.com/r/personalfinance/wiki/tools#wiki_redditor-created_spreadsheets
Occupational Outlook Handbook¶
TODO: types of expenses
In the USA, in 2015, you must pay gift tax on any amount over $14,000 (per donor, per beneficiary).
So, two parents, for example, must pay taxes on any amount over $28,000.
Gift tax does not apply to e.g. trusts and, for example, direct payments for e.g. school tuition.
This affects eligibility for financial aid.
In the USA, charitable contributions to qualifying (501(c)(3)) non-profit organizations are tax deductible.
Defined benefit pension plan¶
403(b) – non-profits
457(b) – governmental employers
Health Savings Account¶
A Health Savings Account is a tax-advantaged savings account.
An employer can contribute to a Health Savings Account pre-tax.
An employee can contribute to a Health Savings Account pre-tax (*).
Health Savings Account funds roll-over from year to year.
Advance Care Directive¶
“Advance Care Directive, Living Will, Personal Directive, Advance Directive, Advance Decision”
Will and Testament¶
Estate tax is paid by the estate (after debts are paid).
Inheritance tax is paid by the beneficiaries. (“double taxation”)
If there is no will defined, the estate is “intestant”.
State laws differ.
Not all states go by the Uniform Probate Code:
“SECTION 2-103. SHARE OF HEIRS OTHER THAN SURVIVING SPOUSE.”
It is more complicated than this, but, roughly, if there is not a more specific will, the first matching class takes everything (after debts are paid and then federal (and state) estate taxes):
.0. Surviving spouse
.a.1. decendents (children)
.a.2. parents (equally)
.a.3. parents’ decendents (e.g. siblings)
.a.4.A. 1/2 each to paternal/maternal grandparents
.a.4.B. 1/2 each to paternal/maternal grandparents’ decendents
.a.5. [… speak with an estate attorney …]
.b. deceased spouse’s decendents (equally)