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January 14, 2011 |
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Happy New Year!
Have you read our blog lately? If not, consider subscribing to our RSS feed. You can find it here.
As always, we enjoy hearing from you. Your feedback helps us improve.
Best,
John A. Frisch, CPA/PFS, CFP
President & Founder
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Tax Relief Act Overview
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On December 17, 2010, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was signed into law. In addition to providing a 13-month extension of benefits for the long-term unemployed, the legislation includes a long-anticipated extension of the "Bush tax cuts" that were scheduled to expire on January 1, 2011. Other significant provisions include a new alternative minimum tax (AMT) "patch," a major modification of the estate tax, and a new 1-year 2% employee Social Security payroll tax reduction.
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Should You Refinance Now?
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As the economy recovers, homeowners are faced with the good news/bad news prospect of a better real estate market with the likelihood of higher mortgage interest rates. For many, that leaves three choices – sell, refinance or sit tight with the mortgage they have now.
Despite the average 30-year mortgage rate that stood at 4.8 percent in late December, the decision to refinance isn’t always a great idea. In fact, it should be considered as part of an overall financial plan that is as individual as you are.
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Buying Used is Smart
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Even with hopes for a better economy in 2011, some habits learned in tough times could stand to become permanent ones. A good one might be continuing – or starting – to buy particular categories of merchandise that are used but still in good condition.
If it makes you feel better to use the term “pre-owned,” by all means do so. Expertise in a particular product category can matter a little or a lot. But here are some types of merchandise where buying used can be a very good idea:
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Getting Ready to Sell Your House
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While most experts see little good news in 2011’s housing market, economic downturn is no reason to neglect maintenance on a home or lose sight of future plans to relocate.
The critical issue is planning intelligently for what spending you do now to make sure it’s worth your money later. And even if your plan to sell your property is more than a year away, it’s not a bad idea to get your finances in order as well. In the coming months, you’ll be addressing tax issues, so it’s a good time to look at your overall financial picture with a qualified financial planner as well as a trained tax expert.
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Should You Consider LTC Insurance?
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On Nov. 11, insurance giant MetLife said it would sell no new long-term care (LTC) insurance policies after Dec. 30 though it would continue to service its 600,000 insured customers. The reason? “Financial challenges” in the long-term care insurance industry.
What does that mean? In short, that long-term care costs have proven unpredictable in the insurance industry, a world that definitely likes predictability. According to Genworth Financial, a marketer of LTC insurance, the cost of assisted living has climbed at an annual rate of 6.7 percent over the past five years and the price for a private room in a nursing home jumped 4.5 percent annually over that timeframe.
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About Us:
Located in Woodbridge, VA, Alliant Wealth Advisors (formerly Millennium
Capital Management Corp) was founded to help a select group of families
achieve all that is important to them financially. To achieve our mission
we use a consultative wealth management process, which includes both
investment consulting and advanced planning. Our approach assumes that
every client is unique; every client has varying needs and objectives;
and no two clients share the same risk tolerances, time horizons and
dreams. In addition to providing our expertise we work with clients'
existing advisors and, where there is a gap to fill, we use our own
outside experts in the fields of tax, legal and high-end Insurance.
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