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Given the lack of a federal estate tax at the moment, is there a wealth transfer opportunity that I should be taking advantage of?
During a severe economic downturn, one expects companies to cut their dividends to preserve cash. That flexibility is an essential element of corporate fiscal management. Sure enough, during 2009 the companies in the S&P 500 index cut their dividends by an aggregate $52 billion, including a record-breaking $38.7 billion drop in 2009’s first quarter.
To stimulate more private sector job growth, Congress has enacted the Hiring Incentives to Restore Employment Act. The new law offers employers two distinct tax breaks for hiring “qualified” employees in 2010.
As a rule, financial planners favor consolidating IRAs into a single account for ease of management. Having lots of different accounts means lots of different statements and, very often, an incoherent and impulse-driven investment approach.
Ask A Trust Officer - "Carryover Basis"
What is “carryover basis”? Is this something I need to know about or plan for?
Over the years, employers have taken many steps to improve 401(k) plans, to make them more attractive to participants and to encourage higher participation rates. One of those steps was to increase the number of investment choices available, so that each participant would be more likely to find an investment alternative exactly to his or her taste.
Taxpayers are free to move money from one IRA to another, so long as they complete the transaction within 60 days. If they hold on to the funds for 61 days, they have a taxable distribution on their hands, and possible penalty taxes as well.
A recent IRS private letter ruling provides a timely reminder on the importance of understanding your will.
Social Security COLA's for 2010
Automatic cost-of-living adjustments (COLAs) were created for Social Security benefits in 1975. For the first time since then, in 2010 there was no COLA. Here are the basic Social Security numbers for your reference.
Ask A Trust Officer - January Market Trends
I’ve heard that as the market goes in January, so goes the year. Is that right? Are we looking at a down year for 2010?
Glen w. Bell, Jr., started selling tacos from his hot dog and hamburger stand in 1952. The idea of popularizing Mexican food was a big success. In 1962 Bell opened the first Taco Bell restaurant, and in 1964 he began franchising it around the country. The chain so prospered that Bell was able to sell it to PepsiCo in 1978 for $125 million in stock.
Living Trusts and Financial Privacy
Remember when “hidden treasure” resided in chests buried by pirates? Today’s precious assets may be invisible to the naked eye until retrieved from a hard drive.
Ask A Trust Officer: I Savings Bonds
There’s a lot of talk about inflation being on the horizon, with some commentators pointing to the rising price of gold as a leading indicator. Should I be looking into I Savings Bonds for some inflation protection? How do I Bonds work?
Some stocks pay dividends, and some don’t. Which ones an investor chooses is, in part, a matter of risk tolerance.
Revised Tax Credit for Home Buyers
The tax credit for first time home buyers of up to 10% of the purchase price of a home, slated to expire on November 30, was superseded when Congress enacted the Worker, Homeownership and Business Assistance Act of 2009 in November.
Window Closing on a Tax Strategy
The 2008 Economic Stabilization Act extended the window for tax-free rollovers from IRAs to charity, but that opportunity evaporates at the end of this year.
Ask A Trust Officer: Housing Prices
Do you think home prices have reached a bottom? Is a house a good investment again?
As another year comes to a close, you will have the chance to make many decisions that affect your financial well-being in the year ahead.
Historically, municipal bonds have been the Mr. Rogers of investment options: a gentle, risk-free, tax-exempt way to protect wealth.
Ask A Trust Officer: Federal Estate Taxes
What’s up with the federal estate tax? I heard that it’s suspended next year, for one year only? Should I review my will?
The Grantor Retained Annuity Trust (GRAT) has been getting quite a bit of attention from estate planners recently. The reason is that low market interest rates create a window of opportunity for passing assets to heirs without incurring much, if any, estate or gift tax.
Speaking on the anniversary of the collapse of Lehman Brothers, Fed Chairman Ben Bernanke said that from a technical perspective, “The recession is very likely over at this point.” He cautioned, however, that the economy may remain weak. In its final meeting of the quarter, the Fed seemed to confirm that view, suggesting that economic activity had “picked up.”
Should Your IRA Take a Tax Haircut
In the debate over which is better—the immediate tax deduction for contributing to a traditional IRA or the potential for tax-free income from a Roth IRA—the answer tends to turn on one’s assumptions about tax rates.
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