Word: owed
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...like a father to me," she says. "I owe so much...
...universities have no shame. I have friends still paying off their student loans who get hit on for money. Now I'm no Jane Bryant Quinn, but giving money away to people you still owe seems to make very little economic sense. Even the Merchant of Venice didn't have the cojones to ask for that...
...month before Elway's departure, the greatest man to ever play hockey announced he would not return for another season. Wayne Gretzky, in his self-effacing manner, told the world that his decision not to play was "tough and hard" and that he owed everything in his life to the game of hockey. Certainly, hockey and sports fans owe many of their fondest memories to someone who was aptly called The Great...
...leave behind $1 million in real estate and $2 million in an IRA. The estate tax comes to about $1 million, allowing for standard deductions and exemptions. But your estate will owe an additional $800,000 right away if heirs take the IRA as a distribution rather than leaving it intact to continue growing tax free. What might force such a distribution? If no beneficiary is named on the IRA and you are 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...
...worth noting that 97% of the population will never owe a dime in estate tax. The lifetime exemption this year and next is $675,000 per person and goes to $1 million in 2006. Married couples can easily shelter twice that amount--sums most people only dream of. Meanwhile, virtually everyone can benefit from a written will, a living will and a durable power of attorney. With each, the idea is to keep potential disputes out of court, where legal costs eat into your heirs' good fortune...