The Senate is targeting life-insurance policies that allow the rich to pass down everything from stocks to yachts to their kids tax-free. Here’s how it works.
The rich can use private-placement life insurance to save tens of millions of dollars. Life insurance is probably the least sexy area of financial planning. But for the richest of the rich, policies can slash tens of millions of dollars off their tax bills. Private-placement life insurance is a little-known tax-avoidance tactic. When structured correctly,…
I stopped giving Christmas presents to my family and friends when I was in college. I enjoy the holidays even more now.
This as-told-to essay is based on a conversation with Michael Allen, a 54-year-old author from Titusville, Florida. It has been edited for length and clarity. In 1995, I realized I couldn’t give expensive gifts anymore. I was used to buying gifts to impress my loved ones, and I received nice gifts as well. At a…
Trump tells the European Union to make a ‘large scale’ purchase of US oil and gas or face tariffs
President-elect Donald Trump has called for the EU to balance its trade surplus with the US. US President-elect Donald Trump said he has told the European Union it must purchase a large quantity of US oil and gas, or he will impose tariffs on the trading bloc. “I told the European Union that they must…
My eating disorder ruined the holidays for me. Now in recovery, I’m able to enjoy them again.
Food is a core part of holiday traditions for most families — especially mine. “Some people eat to live, but we live to eat,” my grandfather would always say. Every year, I looked forward to the over-the-top spread at Thanksgiving, and the countless decadent desserts on display at Christmas. It was wonderful — until I…
The fragrances successful women are wearing this year, from expensive Aesop scents to a Gucci perfume dupe
The key to everyday luxury in 2024 was simple: spray some perfume. The fine fragrance industry boomed throughout the year, with Women’s Wear Daily reporting that prestige scents were the fastest and largest growing sector of the overall beauty industry. Colognes were also extremely popular with men, and members of Gen Z became obsessed with…
My family has holiday traditions for the entire month of December. It’s chaotic, but I love it.
The author’s family celebrates the holiday season the entire month of December. My childhood was a little tumultuous. Because of how often we moved, we didn’t have many traditions that continued year after year. So, once I became settled, I began creating traditions for myself. One of my favorites has been making a celebration out…
Sam Altman says Elon Musk is ‘clearly a bully’ who likes to get in fights with rivals
Elon Musk (left) and Sam Altman (right). Sam Altman and Elon Musk once started OpenAI together — but now their relationship is a lot more complicated. In an interview with The Free Press on Thursday, Altman said his OpenAI cofounder was “clearly a bully” and said that Musk’s high-profile feud with his former company had…
A financially independent real-estate investor who acquired 5 new units in 5 months explains how he sources deals and his go-to wealth-building strategy
Ludomir Wanot is a Seattle-based real estate investor and entrepreneur. Real-estate investor Ludomir Wanot wants other investors to know that there are deals to be found — you just have to know where to look. “I love rentals. I love to see the physical, tangible assets,” the Seattle-based millennial, who built his wealth wholesaling and…
An employee stabbed the president of their manufacturing company during a staff meeting, police say
The president of Anderson Express, a Michigan manufacturer, was stabbed at work on Tuesday. Authorities say they’re looking into whether a stabbing during a company meeting in Michigan might have had a “copycat” motive inspired by the recent killing of UnitedHealthcare CEO Brian Thompson in New York. The Fruitport Township Police Department said in a…
