Greetings!
Welcome to our enhanced Millennium Capital Management Corp. newsletter.
Your time is very valuable and I respect that. So, we are discontinuing our weekly newsletters in favor of sending you important news as and when it breaks.
Our timely distributions will include "Letters from the President," tax law changes, economic updates, company announcements and other news we feel will be meaningful to your life and your wealth.
We hope you enjoy our new strategy for remaining in touch with you. Please send us your feedback, both words of kindness and ideas for further improvement. And if you like what you see, feel free to pass it on - to your friends, family, business colleagues and anyone who may benefit from the information.
Best,
John A. Frisch, CPA/PFS, CFP
President & Founder
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| New Income-Based Repayment Plans In Effect
Federal Student Loans More Attractive |
On July 1, the federal government's new Income-Based Repayment (IBR) plan for federal student loans went into effect. Under this program, a borrower's monthly student loan payments will be based on his or her income and family size. More specifically, annual loan payments will be 15% of the difference between a borrower's gross income and 150% of the federal poverty level (the latter depends on family size and state of residence). Monthly payments are then calculated as one-twelfth of that amount. After 25 years of qualifying payments, the principal loan balance may be forgiven.
The program is open to graduates who have a Stafford, Graduate PLUS, or consolidation student loan made under either the William D. Ford Federal Direct Loan or Federal Family Education Loan programs. The loans could be for undergraduate, graduate, or professional studies, as well as for job training. To enroll in the plan, borrowers should contact their lender.
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Roth 2010 Conversions
New Parameters You Need to Know |
New Roth conversion rules take effect in 2010, eliminating current restrictions that prevent many clients from converting a traditional IRA to a Roth. In addition, a special tax rule allows clients who convert a traditional IRA to a Roth in 2010 to report half the resulting income on their 2011 federal income tax return and half on their 2012 return.
Please take a look at the ROTH IRA slideshow presentation for more in-depth information on upcoming changes.
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About Us: Located in Woodbridge, VA, Millennium Capital Management Corp. (MCMC) was founded in 1995 to help a select number of clients achieve financial peace of mind. MCMC takes a comprehensive approach to achieving all that is important to you financially. This means more then just taking care of your investments. It also means addressing your advanced planning needs, including wealth enhancement, wealth transfer, wealth protection and charitable giving.
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