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Personal Money Planning's
e-Newsletter for November 13, 2010 (to look at past issues, click here) |
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There is an estimated $10 Billion in spare change hanging around American homes in jars, piggy banks...maybe couch cushions?
Source: World Features Syndicate |
Disclosure |
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This newsletter is produced by Gary Silverman, dba Personal Money Planning, a registered investment advisor located in Wichita Falls, Texas.
Information in this newsletter is believed to provide accurate and authoritative information in regards to the subject matter covered. However, the accuracy, timeliness, or applicability of the information is not guaranteed and is provided with the understanding that we are not rendering legal, accounting, tax, or other professional advice or services.
This publication should not be construed by any consumer and/or prospective client as Personal Money Planning's solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Nor should links provided to other sites be construed as the recommendation of the services or products mentioned on those sites. If such services are required, the help of a competent professional should be sought.
Remember that past performance may not be indicative of future results. Therefore, you should not assume that the future performance of any specific investment, investment strategy, or product made reference to (directly or indirectly) on this Website will be profitable or equal to indicated performance levels. Different types of investment involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for your investment portfolio.
Historical performance results for investment indexes and categories generally do not reflect the deduction of transaction or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results.
A copy of Personal Money Planning's current written disclosure statement discussing Personal Money Planning's business operations, services, and fees (known as an ADV Part II) is available from Personal Money Planning upon written request (and can be downloaded from our web site).
Personal Money Planning does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Personal Money Planning's web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.
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Thankful for our Veterans Veteran's Day is now past, but we should not let our veterans slip from our minds for another 363 days. Regulary thank a veteran and their families for their service and sacrifice.
--Gary
Gary Silverman, CFP P.S. Usually, our next e-newsletter would fall on the weekend after Thanksgiving, but since that tends to be a short week, I decided to give Tina a break. Our next e-newsletter will arrive in your inboxes Dec. 4. |
Seminar Announcement
| Free Upcoming Seminar |
Two Topics:
� Year-End Tax Update
� Review and Forecast of the Market
December 7 from 5:30 p.m. to 7:30 p.m.
Courtyard by Marriott Wichita Falls
3800 Tarry Street
(across from Walmart on Lawrence Rd, behind Jack in the Box)
Join Gary Silverman, CFP, and David Welch, CPA, as they discuss current issues crucial to wrapping up your financial year and starting 2011 on the right track:
� David will discuss tax issues important to be aware of as you prepare for the upcoming tax season.
� Gary will spend his time looking back at what has happened in the market in the past year and share his thoughts on where it is heading next.
We will be serving light refreshments and will have handouts, so please RSVP to 940-692-6885 or [email protected]. This will help us ensure we have enough of both.
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gary's Sunday newspaper column | Sunday Newspaper Articles You May Have Missed |
From the Wichita Falls Times Record News
When You Should Reward Yourself
A Virtual Goldmine? Gary wants to pay sales taxes on the stuff he buys on the Internet. Weird? Find out why... |
guest column
| Estate Taxes |
Excerpt From Elder Law Today newsletter by C. Dan Campbell, P.C.
Let's get started with Estate Taxes.
A little history: as part of the 2001 tax reform act, Congress increased the amount persons could give away tax-free at death (the "exemption amount") over a 10 year period. Last year it was $3,500,000. This year there is ZERO estate tax! But, next year the exemption "sunsets back" to $1,000,000 per person and a rate as high as 55%. Another significant change for this year: the cost basis of property acquired from a decedent will be the lesser of the decedent's basis or the property's fair market value as of date of death. (In the past, inherited property benefited from a "stepped up basis".) This new carryover basis rule will result in capital gains taxes that previously were avoided following a person's death. There are, however, two important exceptions to the "carryover basis rule": $1,300,000 can be allocated to any assets owned by the decedent and an additional $3,000,000 of basis increase can be allocated to properties passing to a surviving spouse. There has been talk that surely Congress will not allow the estate tax exemption to "sunset" back to $1M. I have two thoughts on this: (1) Congress may not allow it to sunset to $1M (but perhaps peg it at last year's $3.5M exemption) because the average Congressman's estate is large enough that he or she would not want his or her heirs to have to pay estate taxes -- BUT ON THE OTHER HAND-(2) President Obama can say, truthfully; : "I didn't pass this law but you know what, with the "baby boomers" going to their final reward, there may be some significant dollars we can raise through this reduced exemption!" What to do in the meantime? I tell my clients to plan for what we know-and what we know is that the exemption next year will be $1M. "Disclaimer by-pass trusts" in case of a married couple will protect up to $2M from estate taxes and that is what I generally recommend to married couples who have (or expect to have) more than $1M when the second spouse dies.
Thanks to Mr. Campbell for sharing some of his Fall 2010 newsletter with us. If you are interested in getting the newsletter, call his office at 940-696-5015. You can view his website at: http://www.cdancampbell.com/ |
Article links from |
The Economist |
The Entrepreneurial Gene?
Is there an entrepreneurial gene? Or genetics for the performing arts, or sales? Scott Shane, professor of management at Case Western Reserve University in Ohio, has studied identical and non-identical twins, and determined that genetics actually do influence which jobs people choose, how satisfied they are with those jobs, how frequently they change jobs, how important work is to them and how well they perform.
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from gary's facebook pages |
Facebook Stuff You May Have Missed: from Personal Money Planning and Gary Silverman |
Businesses "Like" Social Media
This article looks at three very different companies, and how they use social networking to better engage customers and boost revenue.
Create a plan for business succession
The Better Business Bureau published this to start small business owners thinking about what will happen to their businesses when they retire, or even if they die. Not fun to think about, but crucial to plan.
Even better than finding that crumpled $20 in a forgotten pocket...
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parting thoughts
High Altitude Attitude Swap
A man's wisdom gives him patience; it is to his glory to overlook an offense. Proverbs 19:11 Confession time. I was reading the Bible the other day and ran into the verse above. It's probably hard to believe, but I'm not perfect. I tend to get a bit miffed if I don't get what I think I deserve. For instance, on a recent flight, they had to swap a 737 aircraft for the MD80 we were originally going to fly. On the MD80 I had reserved an exit-row seat. They have a lot more leg room than other coach seats, and while I'm not tall, I do like my leg room. Well, when I boarded the new plane, I found that I no longer had an exit row seat. "Why?" I wondered; after all, the 737 has more exit row seats than the MD80 so they surely could have accommodated me. (That I know this tells you that I probably fly too much.) I was miffed. I wrote a letter to the airline and they cordially responded that when they swap out aircraft they weren't really caring about my getting the exit row. This didn't help my miffiness. While we can argue whether or not good customer service techniques were followed; and while I certainly had a legitimate beef that made my letter appropriate; it was my attitude that needed adjusting more than the airline's policy. So I will try to do a little better. I will still make my needs and wishes known, and I will definitely give feedback if I think it would be helpful for the other party. (Note to self: make sure that "helpful" isn't an excuse for revenge.) But I will try to keep my own attitude one of thankfulness for what I have, rather than what I think I deserve. This will be a work in progress. |
Gary
Gary Silverman, CFP Personal Money Planning
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�2010 Personal Money Planning. All rights are reserved by Personal Money Planning and content may not be reproduced, disseminated, or transferred in any form or by any means, except with the prior written permission of Personal Money Planning unless specifically noted. (Permission is not difficult to obtain.) The one exception is for downloading and printing information this newsletter for general education by the original recipient. |
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