Beneficiary account – Sarah Long http://sarahlong.org/ Mon, 16 May 2022 05:16:30 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://sarahlong.org/wp-content/uploads/2021/10/icon-44-120x120.png Beneficiary account – Sarah Long http://sarahlong.org/ 32 32 Cross-Border Energy Trade Addresses Current Account Imbalance in Bhutan https://sarahlong.org/cross-border-energy-trade-addresses-current-account-imbalance-in-bhutan/ Mon, 16 May 2022 05:16:30 +0000 https://sarahlong.org/cross-border-energy-trade-addresses-current-account-imbalance-in-bhutan/ Bhutan is the only country in South Asia with an energy surplus exporting more than 80% of its hydroelectricity production to India. For Bhutan, cross-border electricity trade was launched with the investment of the Indian government in Bhutanese hydroelectric projects, following the power purchase agreements, guaranteeing the kingdom’s energy market in India. Through bilateral hydropower […]]]>

Bhutan is the only country in South Asia with an energy surplus exporting more than 80% of its hydroelectricity production to India.

For Bhutan, cross-border electricity trade was launched with the investment of the Indian government in Bhutanese hydroelectric projects, following the power purchase agreements, guaranteeing the kingdom’s energy market in India.

Through bilateral hydropower development and facilitation of cross-border electricity trade, Bhutan has shifted to a higher growth trajectory since the commissioning of the 1,020 MW Tala hydropower project in 2006-07. Bhutan’s average economic growth rate increased from 6% between 1993 and 2002 to an average of 8.7% over the following ten years. The commissioning of the Tala hydroelectric project in 2006 boosted GDP growth to nearly 13% the following year and 10% the following year.

Since the country started harnessing its hydroelectric power, it has not only enabled economic growth and industrialization but also played a vital role in the socio-economic development of the country. Hydropower has become a major economic sector in the country, contributing over 14% of GDP and 27% of national income after 2002.

The benefits of cross-border electricity trade are further explained by Bhutan’s balance of trade. Cross-border electricity trade has absorbed at least Nu10 billion of the trade deficit since 2016. In 2019, for example, Bhutan would have suffered a trade deficit of Nu44 billion without the Nu16.23 billion of exports of electricity. energy to India. Similarly, in 2020, although the import bill reached a record high of Nu 67 billion, electricity exports had made up for a shortfall of over Nu 27 billion.

Moreover, Bhutan’s current account balance largely depends on cross-border electricity trade.

According to Bhutan’s trade statistics, energy exports to India can be estimated at 5,242 million units (MU) on average per year between 2016 and 2018, or nearly Nu 12 billion. The country also imports a small amount of electricity during the lean winter months, when the river flow is not even sufficient to sustain domestic consumption. This leaves a net profit of approximately Nu 11.6 billion.

Concerns were raised when the development of hydropower peaked between 2010 and 2012, which led to a shortage of rupees in the country due to huge outflows of INR on the back of the booming construction sector. . The country’s export diversification has been underpinned by fears of putting all eggs in one basket and the sort of Dutch disease surrounding the hydropower sector.

Despite concerns, the full commissioning of 720 MW at Mangdechhu in 2019 resulted in a 31% increase in power generation, generating record revenue of over Nu 27 billion. Of course, this was complemented by improved hydrology, but the year also saw its energy trade balance improve. In the year 2019, the country experienced an energy trade surplus despite importing an import bill of petroleum products worth $11 billion.

It is obvious that the country’s energy basket and energy trade balance are the ultimate beneficiaries of cross-border energy trade.

But there are more opportunities given the seasonal demand for electric power among countries in the Bangladesh-Bhutan-India-Nepal (BBIN) region and a favorable system in place to further influence cross-border power trade. A study conducted by the World Bank said that hydroelectric power in Bhutan and Nepal plays a critical role in determining the feasibility of trade. During the monsoon season, a large amount of energy is available from hydroelectric resources in Bhutan, where demand is moderate and can be sold to India and Bangladesh. For the first time during the lean winter months and due to an unexpected maintenance overhaul of the Tala hydropower station, Bhutan bought power from the India Power Exchange.

Additionally, Bhutan’s status as the first and only carbon negative country can also be partly attributed to its focus on clean, renewable energy extracted from its rivers. Aiming to encourage developing countries to invest in greenhouse gas emission reduction projects, Bhutan has also successfully constructed hydropower projects under the Clean Development Mechanism, offsetting the level of carbon emissions. from fossil fuels in India.

Contributed by

Chering Dorji

The story is covered by the Happiness Institute for research conducted on the effects of cross-border energy trading.

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I am newly independent. Should I open a health savings account? https://sarahlong.org/i-am-newly-independent-should-i-open-a-health-savings-account/ Thu, 12 May 2022 04:09:00 +0000 https://sarahlong.org/i-am-newly-independent-should-i-open-a-health-savings-account/ With healthcare costing so much, and more every year, you should know about Tax-Smart Health Savings Accounts (HSAs), especially if you’ve recently become self-employed. Here is the story. If you are self-employed, opening an HSA means taking more responsibility for your own healthcare costs instead of relying on the government. The good news: HSAs offer […]]]>

With healthcare costing so much, and more every year, you should know about Tax-Smart Health Savings Accounts (HSAs), especially if you’ve recently become self-employed. Here is the story.

If you are self-employed, opening an HSA means taking more responsibility for your own healthcare costs instead of relying on the government. The good news: HSAs offer some great tax advantages, which are explained in this column.

According to a recent report by Becoming (an HSA investment provider), HSA assets reached approximately $98 billion as of 12/31/21, held in approximately 32 million accounts. This was a year-over-year increase of 19% for assets and 8% for accounts. Becoming predicts that by the end of 2024 there will be approximately 38 million HSAs with assets approaching $150 billion.

In 2010, the Employee Benefits Research Institute reported that there were 5.7 million HSAs with account balances totaling $7.7 billion. Wow. HSAs are obviously gaining ground at a rapid pace.

The Basics of Health Savings Accounts (HSA)

Under the Affordable Care Act (also called Obamacare), health insurance plans are categorized as bronze, silver, gold, or platinum. Bronze plans have the highest deductibles and least generous coverage and are therefore the most affordable. Platinum plans have no deductible and cover a lot more, but they’re also a lot more expensive. In many cases, the ACA has resulted in large premium increases, even for those who prefer less generous plans. However, having an ungenerous plan may make you eligible to open and contribute to an HSA with the resulting tax benefits.

For the 2022 tax year, you can make a deductible HSA contribution of up to $3,650 if you have qualifying stand-alone coverage or up to $7,300 if you have qualifying family coverage (anything other than a stand-alone coverage).

For 2023, the maximum contributions will be $3,850 and $7,750 respectively. If you are 55 or older at the end of the year, the maximum contribution increases by $1,000.

You must have a qualifying high-deductible health insurance policy and no other general medical coverage to be eligible for the HSA contribution privilege. For 2022, a high deductible policy is defined as a policy with a deductible of at least $1,400 for personal coverage or $2,800 for family coverage. For 2023, the minimum deductibles will be $1,500 and $3,000 respectively.

For 2022, eligible policies may have maximum payouts of up to $7,050 for personal coverage or $14,100 for family coverage. For 2023, the maximum disbursements will be $7,500 and $15,000 respectively.

Key point: For purposes of HSA eligibility, health insurance premiums are not considered reimbursable medical expenses.

Tax treatment of HSA contributions

If you are eligible to make an HSA contribution for the tax year in question, the deadline is April 15 of the following year (adjusted for weekends and holidays) to open an account and make a deductible contribution for the previous year. Thus, there is still plenty of time for an eligible individual to open an account and make a deductible contribution for 2022, as the deadline is 4/17/23.

The write off of HSA dues is an above the line deduction. This means you can take the write-off even if you don’t itemize. More good news: the HSA contribution privilege is not lost just because you make a lot of money. If you are covered by eligible high-deductible health insurance, you can contribute and collect the resulting tax savings. Even self-employed billionaires can contribute if they have eligible high-deductible health insurance coverage and meet the other eligibility requirements explained below.

Key point: Sole proprietors, partners, LLC members, and S-Corporation employee-shareholders are generally allowed to claim separate top deductions for 100% of their health insurance premiums, including premiums for deductible coverage. high that makes you eligible for HSA dues.

Example 1: You and your spouse are a co-filing married couple. You are both self-employed and each have HSA-compatible individual health insurance policies for the whole of 2022. Both policies have deductibles of $2,000. For the 2022 tax year, you and your spouse can each contribute $3,650 to your respective HSAs and thus claim a total of $7,300 in tax depreciation on their 2022 joint 1040 form. 24% federal tax, this strategy reduces your 2022 tax bill by $1,752 (24% x $7,300). If you run this exercise for 10 years, you’ll save $17,520 in federal income tax – assuming you contribute $7,300 each year and stay in the 24% bracket. You may also be eligible for state income tax savings. Plus, you’ll have whatever’s accumulated in your HSA balances.

Example 2: For all of 2023, you will have eligible family health insurance coverage with a $4,000 deductible. You will be 55 on 12/31/23, so you can contribute up to $8,750 to an HSA for the 2023 tax year – the “normal” limit of $7,750 + additional $1,000 due to your age.

Tax treatment of HSA distributions

HSA distributions used to pay eligible medical expenses of the owner, spouse, or dependents of the HSA are exempt from federal income tax. However, you can build up a balance in the account if contributions plus earnings exceed withdrawals for medical expenses. All earnings are exempt from federal income tax. So if you are in very good health and receive little or no distributions, you can use an HSA to build a substantial medical expense reserve fund over the years while earning tax-free income throughout. of the course.

If you still have an HSA balance after reaching Medicare eligibility age (usually age 65), you can empty the account for any reason without tax penalty. If you don’t use the withdrawal to cover eligible medical expenses, you’ll owe federal income tax (and possibly state income tax), but the 20% tax penalty that applies. generally applies to unused withdrawals for medical expenses will not apply. There is no tax penalty on withdrawals after disability or death.

Alternatively, you can use your HSA balance to pay for uninsured medical expenses incurred after you reach Medicare eligibility age. If your HSA still has a balance when you leave this cruel orb, your surviving spouse can take over the account tax-free and treat it as their own HSA – provided your surviving spouse is named as the beneficiary of the account. In other cases, the balance at the date of death of the HSA must generally be included in taxable income at that date by the person inheriting the account.

Warning: HSA funds cannot be used to make tax-free reimbursements for medical expenses incurred prior to account opening.

HSA Investment Options and Providers

In some important respects, HSAs are similar to IRAs. Both have the same contribution deadlines, need an account custodian or trustee, and both can theoretically offer the same investment options (stocks, mutual funds, bonds, CDs, etc.) . That said, some HSA administrators may limit your investment choices to very conservative options, which isn’t necessarily a bad thing.

You can find an HSA trustee with an internet search. Some health insurance companies and brokerage firms have pre-arranged agreements with HSA administrators. For example, Vanguard customers can transfer funds to HSAs operated by a partner provider called HealthEquity.

The bottom line

An HSA can work much like an IRA if you can maintain good health and avoid large medical bills. Even though you have to empty the account each year to pay for uninsured health care expenses, the HSA arrangement allows you to make deductible annual contributions and pay for uninsured expenses with pretax dollars. These tax advantages can amount to substantial sums over the years. So if you are eligible for an HSA, starting one and making tax-deductible annual dues is a no-brainer, IMHO.

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Lawyer jailed for looting elderly client’s bank account https://sarahlong.org/lawyer-jailed-for-looting-elderly-clients-bank-account/ Mon, 09 May 2022 00:29:32 +0000 https://sarahlong.org/lawyer-jailed-for-looting-elderly-clients-bank-account/ Payment card: the former lawyer withdrew the client’s money for his own benefit A lawyer dismissed for “scandalous plunder” of the property of an elderly client with dementia has now been imprisoned for six years. The judge said Stephen Acres, 58, was driven entirely by his own needs, with no regard for his victim. Mr […]]]>

Payment card: the former lawyer withdrew the client’s money for his own benefit

A lawyer dismissed for “scandalous plunder” of the property of an elderly client with dementia has now been imprisoned for six years.

The judge said Stephen Acres, 58, was driven entirely by his own needs, with no regard for his victim.

Mr Acres, then a partner at Stanley De Leon Solicitors in Hertfordshire, became co-deputy for the affairs of one of his elderly clients, along with a relative of the client, due to health issues.

In 2013, following the death of his client’s relative and now sole control of affairs, Mr. Acres began withdrawing money from the victim’s bank account.

He used a debit card to withdraw money between 2013 and 2016, spending it on goods, gas, restaurants and the like for his benefit. Mr. Acres also transferred money to his personal bank account as well as to another person’s account, which was then returned to him. In total, over £340,000 was stolen.

According to Hertfordshire Constabulary, the offenses first came to light when Mr Acres repaid a personal debt to another solicitor using a check belonging to the victim’s bank account and applied to the victim’s ledger.

This was reported to the Solicitors Regulation Authority (SRA) and an investigation was opened; however, Mr Acres claimed the payment had been a mistake and the case was adjourned pending further evidence.

In May 2015, the £225,000 proceeds from the sale of the client’s house were transferred to an unknown bank account, although Mr Acres claimed it belonged to a friend of the client.

This prompted further investigation by the SRA, which also questioned other payments made from the customer’s account.

In 2016, the protection court removed Mr Acres’ access to the accounts due to mismanagement of finances and appointed another law firm, which was able to request the bank statements and additional transaction information questionable.

He was struck off in 2017 after the lawyers’ disciplinary tribunal said the “misconduct didn’t get much worse than that”.

The case was then referred to the Hertfordshire Constabulary’s Serious Fraud and Cybercrime Unit, who established that the recipient of the £225,000 was in fact Mr Acre’s former partner, who sent the case back to him majority.

He admitted to stealing the £225,000 and creating a false deed of alteration to make it look like the client had consented to it, pleading guilty before trial. However, he denied accusations of stealing other funds.

In March he was found guilty of the remaining 11 charges after a trial and last week was sentenced to six years, half of which to serve in custody.

Detective Constable Liz Heath, who led the investigation, said: ‘Stephen Acres was trusted to protect the finances of a vulnerable, elderly woman with dementia. However, once the other attorney died, he gave Acres free access to the victim’s account to use as if it were his own.

“He stole large sums of money from her, in order to pay off his debts as well as for a way of life and, although he claims he intended to pay it back, he made no attempt to do so. He just kept spending an elderly woman’s money, who had worked hard all her life and believed he was there to do the right thing for her.

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NBU fundraising special account to support the Armed Forces of Ukraine https://sarahlong.org/nbu-fundraising-special-account-to-support-the-armed-forces-of-ukraine/ Mon, 02 May 2022 06:44:00 +0000 https://sarahlong.org/nbu-fundraising-special-account-to-support-the-armed-forces-of-ukraine/ The National Bank of Ukraine (NBU) has opened a special fundraising account to support the Armed Forces of Ukraine. NBU Governor Kyrylo Shevchenko announced the opening of this special account in his February 24 video speech, reports Ukrinform referring to the central bank’s website. The number of the special account: UA843000010000000047330992708 It should be noted […]]]>

The National Bank of Ukraine (NBU) has opened a special fundraising account to support the Armed Forces of Ukraine.

NBU Governor Kyrylo Shevchenko announced the opening of this special account in his February 24 video speech, reports Ukrinform referring to the central bank’s website.

The number of the special account: UA843000010000000047330992708

It should be noted that the account accepts several currencies. It was created and opened to receive transfers from international partners and donors in foreign currencies and hryvnias.

Account information

For payments in UAH:

Bank: National Bank of Ukraine

MFO 300001

Account number UA843000010000000047330992708

Code EDRPOU 00032106

Beneficiary: National Bank of Ukraine

For payments in USD:

BENEFICIARY: National Bank of Ukraine

BIC BENEFICIARY: NBUA UA UX

RECIPIENT’S ADDRESS: 9 Instytutska St, Kyiv, 01601, Ukraine

ACCOUNT NUMBER: 804790258

NAME OF BENEFICIARY BANK: JP MORGAN CHASE BANK, New York

BIC BANK BENEFICIARY: CHASUS33

AB 0210 0002 1

BENEFICIARY BANK ADDRESS: 383 Madison Avenue, New York, NY 10017, USA

PURPOSE OF PAYMENT: to credit account 47330992708

For transfers in EUR:

BENEFICIARY: National Bank of Ukraine

BIC BENEFICIARY: NBUAUAUX

BENEFICIARY ACCOUNT: UC843000010000000047330992708

BENEFICIARY’S BANK: National Bank of Ukraine

CORRESPONDING ACCOUNT: IBAN DE05504000005040040066

CORRESPONDING BANK: DEUTSCHE BUNDESBANK, Frankfurt

SWIFT CODE: MARKDEFF

For payments in GBP:

RECIPIENT/NAME OF RECIPIENT: National Bank of Ukraine

SPELL CODE: 60-92-42

ACCOUNT NUMBER: GB52CHAS60924280033041

ACCOUNT CREDIT REFERENCE: 47330992708

BIC BENEFICIARY: NBUA UA UX

RECIPIENT’S ADDRESS: 9 Instytutska St, Kyiv, 01601, Ukraine

NAME OF BENEFICIARY BANK: JP MORGAN CHASE BANK NA, London

BIC BENEFICIARY BANK: CHASGB2L

BENEFICIARY BANK ADDRESS: 125 London Wall, London EC2Y 5AJ, United Kingdom

For payments in CHF:

BENEFICIARY: National Bank of Ukraine

BIC BENEFICIARY: NBUA UA UX

RECIPIENT’S ADDRESS: 9 Instytutska St, Kyiv, 01601, Ukraine

ACCOUNT NUMBER: 0700-01227572

IBAN CH32 0070 0070 0012 2757 2

NAME OF BENEFICIARY BANK: ZURCHER KANTONALBANK, ZURICH

BIC OF BENEFICIARY BANK: ZKBKCHZZ80A

BENEFICIARY BANK ADDRESS: Josefstrasse 222, 8005 Zurich, Switzerland

PURPOSE OF PAYMENT: to credit account 47330992708

For payments in AUD:

BENEFICIARY: National Bank of Ukraine

BIC BENEFICIARY: NBUA UA UX

RECIPIENT’S ADDRESS: 9 Instytutska St, Kyiv, 01601, Ukraine

ACCOUNT NUMBER: 81753-2

NAME OF BENEFICIARY BANK: RESERVE BANK OF AUSTRALIA, Sydney

BIC OF THE BENEFICIARY BANK: RSBKAU2S

BENEFICIARY BANK ADDRESS: GPO Box 3947, Sydney NSW 2000, Australia

PURPOSE OF PAYMENT: to credit account 47330992708

For payments in CNY:

BENEFICIARY: National Bank of Ukraine

BIC BENEFICIARY: NBUA UA UX

RECIPIENT’S ADDRESS: 9 Instytutska St, Kyiv, 01601, Ukraine

ACCOUNT NUMBER: 447-0-946243-6

NAME OF BENEFICIARY BANK: STANDARD CHARTERED BANK, Hong Kong

BIC OF THE BENEFICIARY BANK: SCBLHKHH

BENEFICIARY BANK ADDRESS: GPO Box 21, Hong Kong

PURPOSE OF PAYMENT: to credit account 47330992708

For CAD rebates:

BENEFICIARY: National Bank of Ukraine

BIC BENEFICIARY: NBUA UA UX

RECIPIENT’S ADDRESS: 9 Instytutska St, Kyiv, 01601, Ukraine

ACCOUNT NUMBER: 3144-1044-166

NAME OF BENEFICIARY BANK: BANK OF MONTREAL, Toronto

BIC BANK BENEFICIARY: BOFMCAM2

BENEFICIARY BANK ADDRESS: 100 King Street West, 24th Floor, Toronto, Ontario, M5X 1A1, Canada

PURPOSE OF PAYMENT: to credit account 47330992708

For payments in JPY:

BENEFICIARY: National Bank of Ukraine

BIC BENEFICIARY: NBUA UA UX

RECIPIENT’S ADDRESS: 9 Instytutska St, Kyiv, 01601, Ukraine

ACCOUNT NUMBER: 653-0430048

NAME OF BENEFICIARY BANK: MUFG BANK LTD, Tokyo

BIC OF THE BENEFICIARY BANK: BOTK JP JT

BENEFICIARY BANK ADDRESS: 1-2-3, Nihombashi HONGOKU-CHO, Chuo-ku, Tokyo 1003 -0021 Japan

PURPOSE OF PAYMENT: to credit account 47330992708

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Brad Rhodes: Does your retirement account need saving? – Salisbury Post https://sarahlong.org/brad-rhodes-does-your-retirement-account-need-saving-salisbury-post/ Sun, 01 May 2022 04:08:31 +0000 https://sarahlong.org/brad-rhodes-does-your-retirement-account-need-saving-salisbury-post/ Because of the accumulation benefits of tax deferral, many people have successfully created substantial IRAs or 401(K) accounts or other qualified plans. Many people are shocked at how much of their tax-deferred balances will be wiped out by current taxes when the funds are withdrawn. It’s not uncommon for these accounts to have amassed seven […]]]>

Because of the accumulation benefits of tax deferral, many people have successfully created substantial IRAs or 401(K) accounts or other qualified plans.

Many people are shocked at how much of their tax-deferred balances will be wiped out by current taxes when the funds are withdrawn. It’s not uncommon for these accounts to have amassed seven figures of dollars in total. It is also generally the case that little thought has been given to what will happen to hard-earned money when money is withdrawn from the Scheme.

Tax reductions can be dramatic
The tax-induced reduction in total assets accruing to family members can be dramatic. For example, we recently reviewed a client situation where the plan holder had a balance of $6 million. The client wanted to start distributions at age 70.5. Additionally, the client did not need any distribution to maintain his lifestyle and wanted all funds to go to the children. The client was disappointed to learn that under the client’s current structure when spread over 10 years, the $6 million would be reduced by $2.6 million due to taxes and would only earn $3.4 million dollars of net proceeds to beneficiaries.

The asset erosion of $2.6 million occurs because all funds from a qualified plan are fully taxable as ordinary income. And, contrary to common belief, the assets of an IRA do not benefit from a progressive basis when they are transmitted. So while this case was about a 43% reduction, other plans can be crushed by up to 75% due to income and inheritance taxes.

The existing plan also had other vulnerabilities. One was that the assets were all held in inequities subject to significant declines in value. Over a long period, the probability of such a reduction occurring is significant.

How to increase net to beneficiaries without risk
Fortunately, a solution that could produce guaranteed results was possible in this particular situation. We have a plan in place where taxable IRA distributions will be used to purchase the appropriate type of life insurance with the family named as the beneficiary. The client and their family can be much better off with this solution because:

  • Assets are transferred from taxable to untaxed.
  • The family’s total after-tax net worth is greatly increased.
  • The increase in assets is immediate.
  • There is no need to enter speculative investments to realize the gain.
  • Account value is not subject to market losses.
  • The results are guaranteed by some of the most important financial companies in the world.
  • The whole plan can be implemented on a set-and-forget basis.

IRA Rescue Implementation for Your Qualified Plan
Each rescue from an IRA or 401K or other qualified plan is tailor-made for your situation. For people with separate plans and assets, net benefits can go from about 25% of asset value to several times the asset value. For married couples inheriting each other’s IRAs, the after-tax return can be much higher than otherwise. IRA Rescue can be achieved by converting a client’s weakest assets – those with the largest tax liabilities – into non-taxed assets.

And even if the value of a plan’s assets increases dramatically immediately, the tax liability on plan distributions is spread over time, to the benefit of the client.

All plans can and should be coordinated with your accounting and legal, trustee and estate advisors, and of course we do.

A comprehensive solution is available with plan distributions that can be executed on time, trustees ensuring policy premiums are paid as needed, trustees providing gifts to beneficiaries, and taxes that can be paid to the funding source. These solutions can truly be set up to be set and forget while providing far greater financial benefits to those for whom a client wishes to provide financial security.

Brad Rhodes is a Lexington columnist and member of Syndicated columnistsa national organization committed to a transparent approach to financial management.

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Winter energy payments must consider climate and children, say researchers https://sarahlong.org/winter-energy-payments-must-consider-climate-and-children-say-researchers/ Fri, 29 Apr 2022 07:48:00 +0000 https://sarahlong.org/winter-energy-payments-must-consider-climate-and-children-say-researchers/ According to a study, heating a single child’s bedroom would consume nearly half of the government’s winter energy payment. The discovery prompted a healthy homes researcher to push for winter energy payments to be increased, particularly to account for different climates and the number of children in a home. The government grant is due to […]]]>

According to a study, heating a single child’s bedroom would consume nearly half of the government’s winter energy payment.

The discovery prompted a healthy homes researcher to push for winter energy payments to be increased, particularly to account for different climates and the number of children in a home.

The government grant is due to take effect on May 1, but as the nights get colder and the cost of living continues to rise, many families face the dilemma of whether to eat or heat their homes.

A Budgeting Services official says the payment has an “incredibly brutal targeting mechanism”, missing families who need it and giving it to retirees who don’t.

READ MORE:
* Covid-19: Potential spread of RSV in cold homes during lockdown worries experts
* Reduce winter spikes in child hospital admissions
* Pay it forward and keep someone warm this winter

It is paid automatically to beneficiaries from May 1 to October 1 each year, with singles receiving $20.46 per week, and couples and people with children receiving $31.82 per week.

Dr Caroline Shorter and Dr Kimberley O’Sullivan’s study of the cost of healthy heating for children’s rooms found that paying for winter energy was insufficient.

They placed radiators set at 20°C or 21°C in 152 children’s bedrooms overnight over an eight-week period in autumn and winter in Wellington, and found that it cost 46% of the d winter energy from the government to heat this one room.

It would cost parents $58 per month to heat a child’s bedroom based on an electricity price of 32.2 cents per kilowatt hour (kWh). Last year’s winter energy payment for recipients with dependent children was $127.28 for four weeks.

Trish Adams has strategies in place to stay warm this winter without having to pay big electric bills.

Chris Skelton / Stuff

Trish Adams has strategies in place to stay warm this winter without having to pay big electric bills.

A fifth of children’s rooms were so cold that parents were shivering inside, and some only heated their rooms half an hour before going to bed. A third said they “accept being cold” to save on heating costs.

The World Health Organization recommends that entire homes be heated to a minimum of 18°C ​​or 20°C for vulnerable populations.

But many Kiwis only heated one room, and previous research found the average temperature for living rooms in winter was 16.3C and 14C for bedrooms, Shorter said.

“The winter energy payment and other energy subsidies should be based on real data on energy consumption and energy costs.”

Not providing enough money to heat the whole house could undermine what the government was trying to achieve – keeping homes warm enough to reduce respiratory illnesses, she said.

THING

Vanessa and Brett Horwell wanted the warmest, coziest, healthiest home they could afford.

Energy poverty was thought to be a factor in the country’s high excess winter mortality rate – about 1,600 deaths per year – and excess winter hospitalization rates of around 7,166 people per year.

Payment should be increased as it was during the Covid 2020 lockdown, especially given the likelihood of a second wave of Omicron and the number of people in isolation at home, she said.

Payments should also be adjusted according to climatic regions and the number of children in the home.

“We think it’s important that everyone can afford to heat their home to a healthy level.”

She believed the payment should be extended to all families with young children in the same way that all pensioners have received it, with both given the option to opt out if not needed.

Payment for winter energy from the government will resume on May 1, but many families still face the dilemma of whether to eat or heat their homes.

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Payment for winter energy from the government will resume on May 1, but many families still face the dilemma of whether to eat or heat their homes.

Pensioner and Age Concern Canterbury chair Trish Adams said she had to be careful to manage rising heating costs but with the help of the winter energy payment she was confident she would would be able to pay his electricity bill.

But that wasn’t the case for others her age who rented, she said.

“People who heat one room and one room, who sit at home with a blanket on their knees and a hot water bottle, are afraid to turn on the television or the heating because they cannot pay the electricity bill. electricity Elderly people who are alone and struggling with colds and bills.

Adams said his latest electricity bill of $167 was a jump from the bill of about $100 a month earlier.

“I thought, ‘ouch, what did I do?’ But it’s cooler. I may have done a little more laundry or cooking.

The 79-year-old saves energy by using a wood-burning stove (she bought cheap firewood), using the heat pump in the kitchen for two hours in the morning, then leaning on the sun to warm up.

The last time she looked for a supplier, she opted for Powershop, which was “by far the cheapest” at the time. He recently informed her that the price of electricity would increase.

Adams only used cold washes for his clothes and did not use a dryer.

She used a fan heater in her study, which she admitted was probably ineffective.

Christchurch Budget Services Director David Marra said the payment made a big difference for many families, but had an “incredibly brutal targeting mechanism” and excluded many who needed it.

He knew an older man who had spent seven days in bed last winter because he was too afraid of the cost of turning on a heater. He lived on peanut butter sandwiches and coffee, with only his cat for company.

Other retirees, like Marra and his wife, didn’t need it because they were still working. While they were able to save money each week, other families who weren’t eligible went into debt.

They were thinking of donating their grant to a family in difficulty but not a beneficiary.

Adams says she's confident she can cover her extra electricity costs in the winter, but she feels for seniors who rent and don't have as many resources.

Chris Skelton / Stuff

Adams says she’s confident she can cover her extra electricity costs in the winter, but she feels for seniors who rent and don’t have as many resources.

Families who sought budget advice — 77% of whom earned less than the median household income of $88,454 — often only heated one room in their home and lived and slept together so they could afford it.

Many were in arrears with their electricity companies, facing penalties as a result.

Department of Social Development client service delivery manager Graham Allpress said the winter energy payment was one of the supports available and recipients could opt out if they wished.

If the government decided to increase the payment, “a significant lead time would be needed to implement this”.

Payments could not be changed for different climates or the number of children in a household, but the ministry may be able to provide “additional support for urgent heating costs, if they need it”, did he declare.

The ministry planned to make payments to 931,000 recipients in 2022. In 2021, it made payments to 908,268 recipients, at a cost of $511.7 million.

In 2020, 899 people receiving various benefits waived payment for winter energy.

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Beneficiary designation will keep bank account out of probate – Orlando Sentinel https://sarahlong.org/beneficiary-designation-will-keep-bank-account-out-of-probate-orlando-sentinel/ Thu, 28 Apr 2022 12:46:45 +0000 https://sarahlong.org/beneficiary-designation-will-keep-bank-account-out-of-probate-orlando-sentinel/ Q: If I name a beneficiary on my bank account, will this avoid probate upon my death? – MC, Orlando A: Yes. If you complete the beneficiary designation form and your beneficiary is alive at the time of your death, the bank account will not be considered a probate asset and the funds will be […]]]>

Q: If I name a beneficiary on my bank account, will this avoid probate upon my death? – MC, Orlando

A: Yes. If you complete the beneficiary designation form and your beneficiary is alive at the time of your death, the bank account will not be considered a probate asset and the funds will be released to your beneficiary outside of the probate process. –Derrick Chandler

Q: I’ve spoken with a lot of financial advisors and I feel like I’m quite conservative. I need income, but I’m afraid bonds aren’t paying much right now. What should I do? –EG, Orlando

A: Consider setting aside enough income to cover your monthly expenses for the next 12-24 months, then invest the rest of your portfolio in a mix of stock and bond mutual funds depending on a level of risk with which you are comfortable. An independent financial adviser can help you determine what should be based on your personal circumstances. – John Cash III

Have a question? E-mail askanexpert@fpafla.com. Include your name (only your initials will be printed), hometown and phone. Certified financial planners from the Financial Planning Association of Central Florida answer questions. The answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for reasons of space.

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Do I need a bank account in Thailand to buy property? https://sarahlong.org/do-i-need-a-bank-account-in-thailand-to-buy-property/ Wed, 27 Apr 2022 07:12:47 +0000 https://sarahlong.org/do-i-need-a-bank-account-in-thailand-to-buy-property/ One of the most frequently asked questions is whether a foreigner needs a Thai bank account when buying real estate. Understanding this is key to making sure everything runs smoothly and your money doesn’t get ‘stuck’. Buying property in Thailand as a foreigner requires due diligence and a thorough understanding of buying and selling procedures […]]]>

One of the most frequently asked questions is whether a foreigner needs a Thai bank account when buying real estate. Understanding this is key to making sure everything runs smoothly and your money doesn’t get ‘stuck’.

Buying property in Thailand as a foreigner requires due diligence and a thorough understanding of buying and selling procedures beforehand.

So, do you need a Thai bank account to buy property in Thailand?

A bank account is not absolutely necessary for buy a condo in thailand. You can use a lawyer’s account and/or pay the funds directly to a developer.

It is common to make a transfer from your home country bank account directly to the promoter’s bank account, especially for freehold properties. In this case, the promoter, as the beneficiary, will receive the certificate of exchange transaction (FET) and the letter of reference in the name of the buyer from the bank. The developer will retain all certificates and/or credit notes, as well as the letter from the bank until the transfer of ownership of the condominium unit. If the buyer wants to save the documents, he can submit a request to the developer.

Be sure to complete and obtain a Foreign Transaction Form (FTF) from the developer’s bank after making the transfer. You must present the FTF (or FET) form to the land office when transferring title.

Keep in mind that you must transfer the money in foreign currency. Therefore, do not convert it to Thai baht before making a transfer. The beneficiary bank in Thailand will make the conversion into Thai Baht.

Have a Thai bank account as a foreigner in Thailand

You do not need a Thai bank account for the purchase process itself. However, suppose you buy a property for investment, having a Thai bank account will help you if you plan to receive rentals from your tenants locally. Having access to local funds and local transfers through banking apps is also convenient. For example, it simplifies the process of transferring unforeseen expenses abroad.

If you want to open a simple savings or current bank account, some banks in Thailand will ask you for a valid work permit or a letter of residence of your address in Thailand from your respective embassy. Other banks can only request original copies of your passport, an original rental agreement if you are a tenant or an original sales and purchase agreement if you are a property investor. The whole process usually takes around 30 minutes and you will have a debit card and a passbook. You can use the debit card to pay or withdraw money in any country outside of Thailand.

Buying property and managing transactions in Thailand is not a complicated task if you ask for help and do everything right from the start. Before making real estate purchase transactions and transferring large sums of money, it is important to study the process in advance. It is also important to ensure that you keep all the documents and agreements involved. This will reduce the risk of encountering problems later.

If you want more information on how to open a bank account in Thailand, you can read our article on City Guide: How to open a bank account in Thailand 2022.

Expand your search for the perfect property for you in Thailand to Thai properties!

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Elon Musk will decide to reactivate Trump account: Twitter CEO Parag https://sarahlong.org/elon-musk-will-decide-to-reactivate-trump-account-twitter-ceo-parag/ Tue, 26 Apr 2022 10:36:44 +0000 https://sarahlong.org/elon-musk-will-decide-to-reactivate-trump-account-twitter-ceo-parag/ Tesla CEO Elon Musk’s acquisition of Twitter has fueled speculation that the microblogging platform could reactivate former US President Donald Trump’s account. Parag Agrawal, CEO of Twitter, said the decision to overturn Mr. Trump’s ban would be Mr. Musk’s responsibility after the takeover deal is finalized within the next six months. “Also regarding the possibility […]]]>

Tesla CEO Elon Musk’s acquisition of Twitter has fueled speculation that the microblogging platform could reactivate former US President Donald Trump’s account.

Parag Agrawal, CEO of Twitter, said the decision to overturn Mr. Trump’s ban would be Mr. Musk’s responsibility after the takeover deal is finalized within the next six months.

“Also regarding the possibility of Donald Trump’s account being reinstated, @paraga said this is a question for Elon to answer once the deal is done,” Bloomberg business reporter Kurt Wagner tweeted on Monday. evening.

Mr. Trump’s Twitter account, with more than 88 million followers, was taken down for posting tweets inciting violence following the Jan. 6 riot on Capitol Hill. His action violated Twitter guidelines.

The company defended the ban saying it was necessary to avoid “the risk of further incitement to violence.”

However, the sale of the microblogging platform has opened new discussions around reactivating Mr. Trump’s permanently suspended account.

Uninterested in the new chance to regain his 88 million followers, Mr Trump said he had no intention of joining Twitter in a recent CNBC interview.

Expressing his disappointment at Twitter’s alleged mistreatment, Mr Trump said: “No, I will not be going back to Twitter. I’ll be on Truth Social within the week. It’s on time.”

“We have a lot of registrants. I love Elon Musk. I love her so much. He’s an excellent person. We did a lot for Twitter when I was in the White House,” he said. “I was disappointed with the way I was treated by Twitter. I will not be returning to Twitter.

The acquisition of Twitter by Mr. Musk, who believes in relaxing the company’s tweeting policies, is already a threat to Mr. Trump’s startup (focusing on the freedom to express political ideologies without fear prohibition or discrimination).

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PM Jan Dhan Account Holders Can Get Rs 3000 Per Month, Here’s What To Do | Personal finance news https://sarahlong.org/pm-jan-dhan-account-holders-can-get-rs-3000-per-month-heres-what-to-do-personal-finance-news/ Mon, 25 Apr 2022 07:00:00 +0000 https://sarahlong.org/pm-jan-dhan-account-holders-can-get-rs-3000-per-month-heres-what-to-do-personal-finance-news/ New Delhi: The Modi government had introduced a pension scheme for unorganized workers called Pradhan Mantri Shram Yogi Maan-dhan Yojna (PM-SYM) for workers in the unorganized sector so that they can enjoy protection from the old age. PM-SYM is a voluntary and contributory pension scheme, under which the subscriber would receive a minimum insured pension […]]]>

New Delhi: The Modi government had introduced a pension scheme for unorganized workers called Pradhan Mantri Shram Yogi Maan-dhan Yojna (PM-SYM) for workers in the unorganized sector so that they can enjoy protection from the old age.

PM-SYM is a voluntary and contributory pension scheme, under which the subscriber would receive a minimum insured pension of Rs 3000 per month after reaching the age of 60. If the subscriber dies while receiving a pension, the beneficiary’s spouse is entitled to 50% of the beneficiary’s income as a family pension. Only the spouse is entitled to a family pension. (Also read: Has your Aadhaar card been misused? Here’s how to find out)

Another aspect of this scheme is that PM Jan Dhan account holders can also get a pension under this scheme. Let’s take a look at the Pradhan Mantri Shram Yogi Maan-dhan Yojna and how PM Jan Dhan account subscribers can avail the benefits of the program. (Also read: SBI Internet Security Guidelines for Customers! Here are 8 quick points you need to know)

Non-unionized workers whose monthly income is Rs 15,000 per month or less and belong to the entry age group of 18-40 years are eligible for Pradhan Mantri Shram Yogi Maan-dhan. In addition, PM-SYM is not expected to be covered by the New Pension Scheme (NPS), the Employees National Insurance Society (ESIC) Scheme or the Employees Provident Fund Organization (EPFO). Moreover, he should not be a taxpayer.

Subscriber’s contributions to PM-SYM must be made through an “automatic debit” feature from their savings bank account or Jan-Dhan account. The subscriber is required to pay the prescribed contribution amount from the age of joining PM-SYM until the age of 60.

In the PM-SYM pension scheme, a basic contribution of 50:50 is paid by the beneficiary and the corresponding contribution by the central government. For example, if a person enters the scheme at the age of 29, he is required to contribute Rs 100 per month until the age of 60, an equal amount of Rs 100 will be paid by the central government.

Once the beneficiary joins the scheme at the entry age of 18-40, the beneficiary must contribute until age 60. At the age of 60, the subscriber will receive the insured monthly pension of Rs 3000 with benefit of family pension, if applicable.

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