Word: assets
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...Krug was a great asset to our department, and all her colleagues, especially the medievalists, are sad to lose her--but happy that this excellent appointment is a well-deserved advancement of [Krug's] career," said Professor of English and Folklore Joseph C. Harris, who serves as director of undergraduate studies in the English department...
Current bankruptcy law allows most individuals and families to file under Chapter 7. Here, assets--if there are any--are pulled together by a trustee and sold off. The bankruptcy filer may be able to keep his home and a few personal possessions. Retirement accounts and pensions also cannot be touched. Proceeds from the asset sale are divided among creditors. Outstanding debts, such as credit-card or medical bills, are discharged, meaning they do not have to be paid. Again there are certain exceptions: most taxes, child support, alimony and student loans cannot be discharged. Other individuals and families--those...
...past age 70 1/2 at the time of death, it automatically gets liquidated, with taxes due. But even if you've named a beneficiary, he or she might need a distribution to pay the $1 million estate tax. Remember, the only non-IRA asset in this case is illiquid real estate. Result: $1.8 million of a $2 million IRA goes to the taxman. A small part of that may ultimately be recovered through various deductions. But poor planning can devastate an estate. No question about...
FAMILY LIMITED PARTNERSHIP This lets you give away assets at a discount, making your annual gifts or lifetime exclusion go further. A typical example would have you place shares of a family-owned business in the partnership and then give away shares of the partnership. But flps can hold any asset, including publicly traded shares. Just retain full control of the partnership with sole discretion over when to sell any assets held by the partnership. The irs then discounts the value of the assets in the partnership by up to 40%, as they are illiquid to the general partners...
...primarily with economic development. Their participation acknowledges an inescapable fact: economies cannot remain forever healthy in an unhealthy environment. PAGE looks at the natural world in a new way: not just as a beautiful place that should be preserved for aesthetic or moral reasons but also as an economic asset that delivers irreplaceable goods and services. Ecosystems temper climate, purify and store water, recycle wastes, produce food and support all the other things that make Earth a friendly oasis in a stark and lonely universe. Despite the universally acknowledged importance of these life-creating natural networks, until now no organization...