Surviving spouses have a new tax saving tool

Posted Leave a commentPosted in Financial Planning

Summary of Rev.Proc. 2014-18 This revenue procedure provides a simplified method for certain taxpayers with spouse deceased in the last three years to obtain an extension of time under § 301.9100-3 of the Procedure and Administration Regulations to make a “portability” election under § 2010(c)(5)(A) of the Internal Revenue Code (Code), by which a decedent’s […]

Colleges may stop offering CFP

Posted Leave a commentPosted in Financial Planning, Tax Planning

Wall Street Journal Wealth Adviser brief writes “CFP controversy hits educators. College-level educators expect to see fallout from the CFP Board’s recent troubles over how advisers have been using the “fee-only” label. For one thing, it’s likely to hurt enrollment in CFP exam courses, one professor tells Financial Planning. Some educators are wondering if they […]

Summary of Supreme Court Ruling Impact on Married Same Sex Couples

Posted 1 CommentPosted in Financial Planning

Yesterday’s Supreme Court ruling affects legally married same sex couples living in California, Connecticut, Delaware, Iowa, Maine, Maryland, Massachusetts, Minnesota, New Hampshire, New York, Rhode Island, Vermont, and Washington, the District of Columbia and five Native American tribes. The ruling affects the following common financial planning issues: 1) transfer of property to a spouse during […]

Competition in the financial advice industry

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Ideas and core content from the Accenture report at http://www.accenture.com/Microsites/financial-services-innovation-center/Documents/pdf/Accenture-Changing-the-Client-Advisor-Relationship.pdf. Presumption: The wealth management landscape is becoming more crowded as players from adjacent industries enter the space. Accenture: “All financial institutions are trying to create a competitive offering within the context of ‘holistic financial services’ and ‘leading with advice’. They seek to leverage significant capabilities and extensive existing […]

Changing expectations of wealth management clients

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This excerpt comes from an Accenture publication under the sub-title “Changes in client expectations”, annotated by me: In an earlier time, the client/advisor relationship was based on the advisor’s near-monopoly on financial information (as when I started in the industry for Drexel Burnham in the early 1980s). “Do it yourself” options for portfolio management and securities […]

Tax planning notes for 2013

Posted Leave a commentPosted in Financial Planning, News and Politics, Tax Planning

Following are unformatted meeting notes from a Presentation by Al Klingan JD, LLM, CLU, ChFC in a meeting 11/8/2012 hosted by First Financial at the Philadelphia Union League. CURRENT LAW FOR 2013 (if no congressional action) All brackets rise CG rise to 20% Dividends 39.6% Deductions phase out Exemptions phaseout Social Security to 6.2% Additional 3.8% […]

Employers may be legally required to reduce 401(k) plan fees

Posted 2 CommentsPosted in Financial Planning

This excerpt on “What Plan Sponsors Can Learn from Tussey v. ABB, Inc.” comes from a marketing email from the 401(k) Coach Program. “The importance of understanding and upholding fiduciary duties is more critical than ever as recently demonstrated by the Tussey v. ABB, Inc. verdict. A judgment against ABB and its record keeper, administrator […]