Latest news with #Ringbauer
Yahoo
27-06-2025
- Business
- Yahoo
Got a big inheritance coming your way? You may want to just say no. Here's why.
An inheritance often is seen as a financial windfall, but there are times when people may want to consider saying thanks, but no thanks. Receiving a sizable gift, if not structured properly, can have unintended consequences that may upend your financial situation or cause friction between family members. If either of those is the case, consider refusing it, experts said. It may not be worth your time, money or emotions. 'It's very important what type of asset you're inheriting -- what it can do for you and if it fits into your universe, and are you the best custodial of those assets,' said Miklos Ringbauer, certified public accountant in Southern California. The so-called great wealth transfer has begun. Nearly $124 trillion in assets will change hands through 2048, according to estimates by the consulting firm Cerulli Associates. Recipients are expected to inherit some $106 trillion of that amount, mainly from baby boomers, with the rest going to charity. Assets passed down will include cash and other liquid assets, stocks and bonds, real estate, business interests, retirement accounts, other investments, and personal property. Saying no to an inheritance isn't typical, and experts suggest you consult with a financial planner and an accountant to help you determine if it's right for you. However, some instances in which you might want to consider refusing an inheritance include if: Inheriting assets would increase the size of your estate and potentially create tax planning complications for your own heirs once it's time to pass your assets on. Accepting certain assets, such as money in an IRA or 401(k), leaves you with a big tax bill because you'd have to pay taxes on distributions, Ringbauer said. Distributions from accounts like a 401(k) or IRA are considered income, not capital gains, and could push you into a higher tax bracket. They also do not receive a step-up basis, meaning the cost basis would remain the same as the original owner. Inheriting assets causes a rift in the family. 'If mom has four kids and leaves a daughter a little bit more, if daughter takes it, people will say she stole it or mom doesn't love me as much,' said Patrick Simasko, elder law attorney and financial adviser at Simasko Law. 'If she loses relationships with her siblings, she shouldn't take it because of the emotional drama.' Accepting property that's too hard to manage or unsellable. 'Look at it before you accept,' Simasko said. 'You may not want it.' Examples include large vacant lots in isolated areas and timeshares. Neither are easy to sell but will cost you annual fees the rest of your life, he said. Claiming an inheritance can push you above income and asset limits to qualify for government programs like Medicaid or Supplemental Security Income (SSI). However, it isn't as simple as disclaiming an inheritance to stay within the limits because refusing an inheritance is seen as gifting, which also isn't allowed. Because disclaiming an inheritance can still hurt you, some experts suggest you take the inheritance and spend it down immediately to requalify for benefits. Medicaid recipients can use their inheritance to pay off debt, pay for long-term care, make home modifications for safety and accessibility, prepay funeral and burial expenses via an Irrevocable Funeral Trust, or buy assets that are exempt from Medicaid's asset limit such as furniture and appliances for one's home, clothing, or upgrading a vehicle, according to the American Council on Aging. The best way to avoid this is to ensure the 'parent doesn't leave the person money,' Simasko said. 'Use a special trust instead and the person can draw from it.' For example, assets to a beneficiary of an irrevocable trust don't affect the beneficiary's assets and wouldn't count against their qualification for government benefits, Ringbauer said. Yet, the beneficiary would be able to tap those assets. The legal process is 'disclaiming' an inheritance, which means you're refusing to accept the rights to the assets you were supposed to inherit. Here's generally how it would work: Nine months to disclaim. Since it can sometimes take up to six months to get all the paperwork – letter disclaiming, signed, and maybe notarized and witnessed, and delivered -- there's no time to waste once you discover there's an inheritance out there you don't want your name on, Ringbauer said. Disclaiming is irreversible. Once disclaimed, you can't change your mind. You must not have received any benefits or taken possession of the asset before disclaiming. Check state rules. Every state has its own rules on inheritances so you need to check those to make sure you're compliant. Disclaimed inheritances will go to the next person, or beneficiary, in line. You can't choose the person to receive the asset. If there isn't another person named as a next beneficiary, the asset would go through the probate process to be left to someone related to the deceased. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday. This article originally appeared on USA TODAY: Why you might want to walk away from your inheritance
Yahoo
30-04-2025
- Science
- Yahoo
This Culture's Linguistic Fingerprints Are Everywhere—But Scientists Can't Find Their DNA
"Hearst Magazines and Yahoo may earn commission or revenue on some items through these links." It was previously believed that the Levantine DNA of the Phoenicians spread as far as their famous alphabet, which influenced quite a few languages. DNA analysis of individuals buried in what used to be Phoenician outposts in southern Europe showed Greek and Sicilian DNA instead of Middle Eastern DNA. While the founders of these outposts were probably Phoenician, a constant flow of Sicilians and Greeks created a different DNA profile. If it wasn't for the Phoenician alphabet, you probably wouldn't be reading this right now—but the DNA of these vanished Levantine people didn't reach nearly as far as their cultural and linguistic influence did. The Phoenicians appeared in what is now Lebanon around 3,000 years ago, and were descendants of the Canaanites (of biblical fame). Gold, silver, copper, and tin were exchanged as they traveled trade routes along the Mediterranean and established hundreds of colonies. Until now, they were thought to be genetically related to the Punic people, who emerged from Phoenician outposts along coastal regions of southern Europe. That would have meant Punic people had Middle Eastern ancestry. This was what population geneticist Harald Ringbauer and his research team expected to see when they analyzed ancient DNA from the bones of some 210 individuals that had been unearthed from sites in the Middle East, North Africa, and Europe. However, most Punic genomes showed no Middle Eastern ancestry at all—instead, they were closest in genetic makeup to ancient Greeks and Sicilians. These genomes were also highly diverse, and did not always reflect the genes of other local populations. Even the name 'Phoenician' is derived from the ancient Greek phoinix—a possible reference to purple dye, which was a luxury in ancient times. Phoenicians actually called themselves 'Kena'ani.' '[Punic people] derived most of their ancestry from a genetic profile similar to that of Sicily and the Aegean,' the researchers said in a study recently published in the journal Nature. 'Much of the remaining ancestry originated from North Africa, reflecting the growing influence of Carthage.' Carthage, whose ruins still stand in Tunisia, rose as a trading empire around 500 B.C. Any North African DNA in Punic people from Europe can be explained by Carthaginian migrations through the trade routes, but not much of it was found in samples from the European sites—or even those from Carthage. Individuals from different regions were found to vary highly in their genetic makeup, with similar variations seen in Sicily, North Africa, Sardinia, and Iberia. Ringbauer thinks that the Punic populations in such disparate locations could only be genetically linked because of shared ancestry. Some individuals were actually found to be related despite having died on different continents—for example, one person in Sicily has a second cousin buried in North Africa. Before seafaring Punic traders, there was much higher genetic disparity between the peoples of Sicily and North Africa, but sailing across the Mediterranean and stopping at different outposts made journeying to far-flung regions possible for people with similar genetic profiles. When the researchers studied a tomb in the coastal district of Villaricos, Cuevas de Almanzora, Spain, became a window into Punic culture. DNA extracted from one tomb told the story of a family with Sicilian and Aegean ancestry. Buried with the deceased were painted ostrich eggs—symbolic of resurrection and eternal life. There was also an ivory plaque that appeared to be carved in the Ionian style more associated with Greece, but this did not necessarily mean that its Punic craftsman had adopted Greek culture. Phoenicians were ivory workers in their own right. Ringbauer and his team have a hypothetical answer as to why the culture of the Phoenicians spread without taking their DNA with it. Phoenician settlements might have been founded by Levantine people, but they likely experienced a continuous influx of Greek and Sicilian migrants. Generations later, genes from the original founders would not be detectable, despite the culture staying alive. The DNA of the individuals studied has already degraded for thousands of years. Before 600 B.C., Punic people cremated their dead, so genetic information from before then has been lost to time. Maybe the genetics of Phoenicians did not live on in Europe, but the Phoenician influence on the Greek and Latin alphabets did, and aspects of those two languages have since been incorporated into English. If only they knew their greatest legacy would not be genetic. You Might Also Like The Do's and Don'ts of Using Painter's Tape The Best Portable BBQ Grills for Cooking Anywhere Can a Smart Watch Prolong Your Life?
Scientific American
25-04-2025
- Science
- Scientific American
Ancient DNA Reveals Phoenicians' Surprising Ancestry
An ancient Middle Eastern civilization that developed an early alphabet spread its culture far and wide—but not its DNA, finds a 23 April Nature study of hundreds of ancient human genomes. Phoenician civilization emerged more than 3,000 years ago, centred around what is now Lebanon, before expanding across the Mediterranean Sea. Middle Eastern Phoenician city-states eventually fell to other groups, but the culture thrived farther west—most notably in Carthage, in what is now Tunisia, until its destruction in 146 BC. Phoenician city-states shared languages—recorded with an alphabet that was a precursor to Greek and Latin letters—religious practices and maritime trading economies. Many researchers have presumed that their inhabitants also shared ancestries connected to the culture's Middle Eastern origins. On supporting science journalism If you're enjoying this article, consider supporting our award-winning journalism by subscribing. By purchasing a subscription you are helping to ensure the future of impactful stories about the discoveries and ideas shaping our world today. To study this history, population geneticist Harald Ringbauer at the Max Planck Institute for Evolutionary Anthropology in Leipzig, Germany, and his colleagues analysed the DNA from the remains of around 200 people from Phoenician archaeological sites in the Middle East, Europe and North Africa. Ancestry puzzle To Ringbauer's surprise, people from Mediterranean outposts of Phoenician culture—also known as Punic people—shared no ancestry with ancient Middle Easterners, even those from sites linked to Phoenicians and their forebears the Canaanites. But neither did Punic people's genomes always resemble those of people from other local populations, such as those in Sardinia and Ibiza. Instead, Punic people shared an ancestry profile resembling those of ancient inhabitants of Greece and Sicily. Over time, North African ancestry entered the mix—reflecting the rise of Carthage after 500 BC. This unique mixture of ancestries is probably the result of a regular influx of diverse people connected by a 'Mediterranean highway' maintained by trade between Phoenician outposts, says Ringbauer. The study identified related individuals found at distant archaeological sites, including a pair of possible second cousins, one from North Africa and one from Sicily. After the fall of Phoenician city-states in the Middle East, people with ancestry from this region might have been cut off from the Mediterranean highway, says Ringbauer. The absence of Middle Eastern ancestry in Punic people doesn't surprise Pierre Zalloua, a geneticist at Khalifa University in Abu Dhabi, United Arab Emirates. 'The Phoenicians were a culture of integration and assimilation,' he says. 'They settled where they sailed.' Ringbauer would like to know why diverse Mediterranean people adopted Phoenician culture, instead of sticking to their existing practices. 'How can there be such a disconnect?' he wonders. 'Does this mean Phoenician culture was like a franchise that others could adopt? That's one for the archaeologists.'
The Hill
26-03-2025
- Business
- The Hill
Got your first job? Here are some tax tips for first time filers
NEW YORK (AP) — The deadline to file your taxes is less than a month away, and if you're doing them for the first time, you might be feeling added pressure. 'It's an incredibly daunting and stressful experience for many of them,' said Miklos Ringbauer, a certified public accountant based California. Planning ahead, doing your research and talking with experts can help first-time filers feel better about their taxes, Ringbauer said. The deadline to file your 2024 taxes is April 15. If you run out of time, you can file for an extension until Oct. 15. The extension is only to file your taxes, not to pay them. If you think you will owe taxes, you should pay an estimated amount before the deadline to avoid paying penalties and interest. If you expect to receive a refund, you will still get your money when you file your taxes. Here are some expert recommendations if you are filing taxes for the first time: Gather your documents The first step is to gather all the relevant documentation, said Eva Simpson, vice president of Member Value, Tax & Advisory Services for the American Institute of CPAs. 'Tracking down documentation is key, especially if they may be in college and have correspondence sent to their parents house,' Simpson said. Ringbauer also recommends that you make a folder, either physical or electronic, with all of the documents you need so it's easier to file your taxes. While the required documents might depend on your individual case, here is a general list of what everyone needs: — Social Security number — W-2 forms, if you are employed — 1099-G, if you are unemployed — 1099 forms, if you are self-employed — Savings and investment records — Any eligible deduction, such as educational expenses, medical bills, charitable donations, etc. — Tax credits, such as child tax credit, retirement savings contributions credit, etc. Talk to your parents Many young adults are still receiving some financial help from their parents when they're ready to file their taxes for the first time. It's important that first-time filers communicate with their parents in case they are being claimed as dependents, Simpson said. 'Being claimed as a dependent affects their standard deduction and eligibility for certain credits,' said Simpson. Having a conversation with your parents will prevent you from claiming tax credits that you might not qualify for if they claim you as a dependent. If your parents claim you as a dependent, you will add this information to your tax return. Know about tax credits and deductions Knowing if you are eligible for any tax credits and deductions is a crucial step when filing your taxes, Simpson said. Tax credits can lower the amount of taxes you owe or increase the amount of your refund. Some relevant tax credits for first-time filers include the American Opportunity tax credit and the Earned Income credit. When it comes to deductions, you can either opt for a standard deduction or itemize. Itemizing generally only makes sense if your itemized deductions add up to more than the current standard deduction of $14,600 for a single filer and $29,200 for a married couple. 'In many cases, first-time filers won't need to be itemizing their expenses,' said Simpson. Doing research or asking a professional for the types of deductions and tax credits you qualify for can save you money, Include investments and gig economy income If you freelance, work in rideshare or sell your clothes online in addition to your part- or full-time job, you must add this income to your tax returns, said Tim McGrath, a certified financial planner based in Chicago. Forgetting to add tax income from freelance work in your tax documents is a common mistake by young filers, Ringbauer said. Some gig workers receive 1099 forms from their employers while others don't, but both must document their income and expenses so they can be added to their tax returns. Know the resources available Simpson recommends that first-time filers look into the multiple resources available to file taxes for free or at a low cost. One of the is the new Direct File program, which allows people in 25 states who have very simple W-2s to calculate and submit their returns directly to the IRS for free. Aside from Direct File, IRS offers free guided tax preparation that does the math for you. This is available for people who make $79,000 or less per year. If you have questions while working on your tax forms, the IRS also offers an interactive tax assistant tool that can provide answers based on your information. The AARP also offers a tax-aid locator where you can search for tax assistance near you. Double check to avoid mistakes Mistakes can happen to everybody, but deliberately ignoring income can have more consequences, Ringbauer said. In general, if you make a mistake our you're missing something in your tax return, the IRS will audit you, which means they will ask you for more documentation. A common mistake is failing to declare a source of income such as gig work or selling products online, said Ringbauer. This, he said, should be taken very seriously. 'One of the biggest challenges is not taking it seriously, not caring about the nuances,' Ringbauer said. 'It has to be accurate and exact information whether you self prepare or you're doing it with a professional, because life is exact.' If you need to correct an error in a tax return you already filed, you can file an amended return. Keep your records It's always good practice to keep a record of your tax returns, just in case the IRS audits you for an item you reported years ago, Ringbauer said. The IRS recommends that you keep your documents for at least three years and up to seven depending on your situation. Ringbauer recommends that his clients keep records of their tax documents in a digital folder on a cloud platform of their choosing. Password-protecting your tax folders can also add an extra layer of protection against scammers. ___ The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.
Yahoo
26-03-2025
- Business
- Yahoo
Got your first job? Here are some tax tips for first time filers
NEW YORK (AP) — The deadline to file your taxes is less than a month away, and if you're doing them for the first time, you might be feeling added pressure. 'It's an incredibly daunting and stressful experience for many of them,' said Miklos Ringbauer, a certified public accountant based California. Planning ahead, doing your research and talking with experts can help first-time filers feel better about their taxes, Ringbauer said. The deadline to file your 2024 taxes is April 15. If you run out of time, you can file for an extension until Oct. 15. The extension is only to file your taxes, not to pay them. If you think you will owe taxes, you should pay an estimated amount before the deadline to avoid paying penalties and interest. If you expect to receive a refund, you will still get your money when you file your taxes. Here are some expert recommendations if you are filing taxes for the first time: Gather your documents The first step is to gather all the relevant documentation, said Eva Simpson, vice president of Member Value, Tax & Advisory Services for the American Institute of CPAs. 'Tracking down documentation is key, especially if they may be in college and have correspondence sent to their parents house,' Simpson said. Ringbauer also recommends that you make a folder, either physical or electronic, with all of the documents you need so it's easier to file your taxes. While the required documents might depend on your individual case, here is a general list of what everyone needs: — Social Security number — W-2 forms, if you are employed — 1099-G, if you are unemployed — 1099 forms, if you are self-employed — Savings and investment records — Any eligible deduction, such as educational expenses, medical bills, charitable donations, etc. — Tax credits, such as child tax credit, retirement savings contributions credit, etc. Talk to your parents Many young adults are still receiving some financial help from their parents when they're ready to file their taxes for the first time. It's important that first-time filers communicate with their parents in case they are being claimed as dependents, Simpson said. 'Being claimed as a dependent affects their standard deduction and eligibility for certain credits,' said Simpson. Having a conversation with your parents will prevent you from claiming tax credits that you might not qualify for if they claim you as a dependent. If your parents claim you as a dependent, you will add this information to your tax return. Know about tax credits and deductions Knowing if you are eligible for any tax credits and deductions is a crucial step when filing your taxes, Simpson said. Tax credits can lower the amount of taxes you owe or increase the amount of your refund. Some relevant tax credits for first-time filers include the American Opportunity tax credit and the Earned Income credit. When it comes to deductions, you can either opt for a standard deduction or itemize. Itemizing generally only makes sense if your itemized deductions add up to more than the current standard deduction of $14,600 for a single filer and $29,200 for a married couple. 'In many cases, first-time filers won't need to be itemizing their expenses,' said Simpson. Doing research or asking a professional for the types of deductions and tax credits you qualify for can save you money, Include investments and gig economy income If you freelance, work in rideshare or sell your clothes online in addition to your part- or full-time job, you must add this income to your tax returns, said Tim McGrath, a certified financial planner based in Chicago. Forgetting to add tax income from freelance work in your tax documents is a common mistake by young filers, Ringbauer said. Some gig workers receive 1099 forms from their employers while others don't, but both must document their income and expenses so they can be added to their tax returns. Know the resources available Simpson recommends that first-time filers look into the multiple resources available to file taxes for free or at a low cost. One of the is the new Direct File program, which allows people in 25 states who have very simple W-2s to calculate and submit their returns directly to the IRS for free. Aside from Direct File, IRS offers free guided tax preparation that does the math for you. This is available for people who make $79,000 or less per year. If you have questions while working on your tax forms, the IRS also offers an interactive tax assistant tool that can provide answers based on your information. The AARP also offers a tax-aid locator where you can search for tax assistance near you. Double check to avoid mistakes Mistakes can happen to everybody, but deliberately ignoring income can have more consequences, Ringbauer said. In general, if you make a mistake our you're missing something in your tax return, the IRS will audit you, which means they will ask you for more documentation. A common mistake is failing to declare a source of income such as gig work or selling products online, said Ringbauer. This, he said, should be taken very seriously. 'One of the biggest challenges is not taking it seriously, not caring about the nuances," Ringbauer said. 'It has to be accurate and exact information whether you self prepare or you're doing it with a professional, because life is exact.' If you need to correct an error in a tax return you already filed, you can file an amended return. Keep your records It's always good practice to keep a record of your tax returns, just in case the IRS audits you for an item you reported years ago, Ringbauer said. The IRS recommends that you keep your documents for at least three years and up to seven depending on your situation. Ringbauer recommends that his clients keep records of their tax documents in a digital folder on a cloud platform of their choosing. Password-protecting your tax folders can also add an extra layer of protection against scammers. ___ The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.
