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There’s no doubt that it can be a real challenge for business owners to talk about succession planning. For some, it’s because their drive and entrepreneurial vision contributed so much to the success of the enterprise. For others, it’s because they can’t imagine taking a step back from the business. And for others, it has to do with not being sure what the future holds in terms of the business. All of these are understandable reasons for putting off the succession planning conversation, but they don’t diminish the true value of thinking ahead. Succession planning is not just answering the “who” question- it’s about answering the “how”, too. There are...
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It’s tax time again, and trustees and executors involved in portfolios with real estate as well as businesses holding property should be aware of the new regulations linked to tangible property. Although these new regulations are complicated, they can be an important tool for reducing 2014 tax liability with the right planning. These tangible property regulations, frequently referred to as “repair” regulations, were finalized in September 2013 and were made active for all tax years after January 1, 2014. One of the reasons for the revised regulations is that in the past, taxpayers had to content with IRS codes and Tax Court decisions that often seemed opposed...
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Even though there are often situations where these two practices blend into one another, talking about estate planning and elder law does not always mean exactly the same thing. One key way to look at what makes these two kinds of practice unique is to consider the critical questions that each aims to answer: What happens if I die? What happens if I live? Invariably, both elder law and estate planning in some ways address both life and death. Increasingly, estate planning tools help individuals capitalize on plans while they are still alive. Estate planning, however, has a much sharper focus on what happens when you die, especially when...
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This is an issue that many of our clients express during their first meetings with us. Parents with wealth are concerned about leaving just enough to their children to allow the children to succeed without leaving too much so that the heirs would become “spoiled”. When it comes to setting children up for success without making them too spoiled, parents can do a lot to install traits and virtues that promote behavior the opposite of spoiled. These virtues include generosity, thriftiness, patience, curiosity, perspective, and perseverance. How can parents promote this from birth? According to financial columnist Ron Lieber, who developed this list, parents...
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The FPA NexGen Community of South Florida has partnered with Experienced Advisors Recruiting, LLC for a complimentary educational event and luncheon on Wednesday, February 25th, at the United Way of Miami-Dade. Dave Moran, Managing Partner at Experienced Advisors Recruiting, LLC will provide a complete update on the state of the advisor recruitment industry, while focusing on the most important things to think about before making a change in your career. Unlike the more popular "break away broker" deals most industry recruiters talk about, Dave will speak to the specialized world of professional financial planning where advice, not product, is what we are...
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A recent article from The Brookings Institution by Robert C. Pozen and Theresa Hamacher ( Has the Death Knell of Active Management Been Rung Too Soon? ) points to three recent studies which conclude that efficient markets (and price discovery) require active investment management--and that passive indexing produces pricing anomalies, increased volatility, and market inefficiency. Pozen and Harmacher conclude: ",,, as the level of passive investing increases, markets become less efficient. Index funds change their holdings mainly in reaction to investor inflows and outflows, so they are much less responsive to changes in stock price or company information...
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I have a client that has basic estate planning needs and would like to sit down with a local estate attorney. Does anyone have anyone they can recommend in or around the Cumming, GA area?
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I am a fee-only financial planner and I was recently speaking with a friend in the U.S. whose mother lives in France. He thought it could be beneficial to introduce her to someone and see if a financial plan could be developed for her. It sounds like she is working with a more traditional broker, but I'm not sure. Is there a comparable designation in France and what is the best place to look for reputable planners? Thank you in advance.
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Unfortunately, I haven’t yet found a clear confirmation that a widow/widower is entitled to the delayed retirement credits (delaying beyond Full Retirement Age) of a deceased spouse, even if the deceased spouse had not yet initiated benefits. I believe the answer to be yes, but I would like to find a clear confirmation from a reliable source or the social security website. It’s an important assumption in a claim now, claim more later "restricted application" strategy, when the higher earner decides to restrict his application to a spousal benefit (at Full Retirement Age), in order to earn delayed credits on his/her own record. If the higher earner dies after...
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http://connect.onefpa.org/communities/viewcommunities/groupdetails/?ListKey=be35390e-25be-4e71-a059-88f1ef3dc5fa&communitykey=e4bd18fc-4875-4171-ab38-abe140e3e9b9&tab=groupdetails
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This question pertains to funding a bypass trust to avoid MD estate taxes. By way of simple example: couple jointly holds, within a family trust, 100 shares each of company ABC and XYZ which have a combined FMV of $50,000 on the day the husband dies. ABC has a high cost basis and XYZ has a low cost basis. The trust directs a bypass to be funded at death of first spouse. Nothing has been stepped up yet. Question: Will the law allow the wife to move the low basis XYZ and enough of the high basis ABC to the bypass as long as it sums to $25,000? If so, she could then step up only the shares that went to the bypass. The end result is...
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I am looking for a few referrals for CPA's working with high net worth individuals (over 5 Mill and under 20 Mill) in Tampa or West Palm
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Membership Director Spotlight Meet J. Christopher Boyd. Chris is as the head of Membership committee for the Massachusetts chapter of the FPA. Like many FPA chapters, Massachusetts has been rebuilding their chapter since the great recession of 2008. Thanks in large part to programs instrumented by Chris Boyd, membership numbers for Massachusetts have been on an increase. Like many advisors, family and career are integral parts of Chris’ identity. His wife, Kristen, has her credentials and also works within the same firm. Chris’ firm, Asset Management Resources, LLC, is an RIA firm that Chris started in 2008. Chris and Kristen, have 3 wonderful...
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Lauren Schadle CAE Executive Director/CEO Financial Planning Association Denver CO United States I am excited to announce that the International Community is now the International/Cross-Border Knowledge Circle. Since this is such a long-standing community, we know that many of you already know each other. But to benefit those who are newer to this group, you are encouraged to introduce yourself. Here are some ideas of what you could touch upon in your introduction. Where you are from? How long have you been in practice and what do you specialize in? What are you working on now? Will we be seeing you next week in Seattle?...
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Muni Bond Funds

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Can anyone give me a reason to have muni-bond funds in a qualified retirement account?
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Will You Be Impacted by the New Jersey Death Transfer Tax? August 27, 2014 Filed under: DING , Estate Taxes , Inheritance Taxes , New Jersey Planning , NING — Tags: Will You Be Impacted by the New Jersey Death Transfer Tax? — admin @ 8:15 pm When it comes to high-dollar decisions about estate planning, many people wrongfully believe they are not included because the federal tax exemption of $5.34 million is so high. While this is true, in New Jersey, you should be aware of the transfer tax because far more people are included under that umbrella. In New Jersey, an estate larger than $675,000 at the time of your death can trigger...
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Ken, I use "Money Guide Pro". I have found this to be the most comprehensive planner out there. Cash flow, risk management, asset allocation , what if scenarios, estate planning. A little bit of a learning curve but alot of capabilities. Hope this helps. Dan Chen
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I have a young couple as clients who have just moved to Manasquan NJ and need an attorney to help with estate planning, etc. Would welcome all recommendations. Thank you
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Budgeting: Phase 1 Most people (including me) do not like setting budgets or the budgeting process. When leading an organization however, this can determine the organizations ultimate success or failure. Let ’s take a look at what FPA-CNY considered in it’s initial budgeting process. I’ll present it in three steps. Interestingly enough, I found it very similar to the planning process we use with our clients on a daily basis... To start the process you need to determine the Chapters immediate needs and ultimate goals. Meetings: Breakfast, lunch or dinner? Combination? Cost for each? How many...
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