We've also been doing a lot of speaking so we welcome our new readers from The Studio of Duxbury, William Raveis office in Duxbury, and the Aging Mastery Program students from the Duxbury Council on Aging.

Phew! It's been a busy few weeks of travel for us. From Georgia to Denver to Cape Cod to Kennebunkport to the Berkshires. Most of it was for business but some of it was for pleasure. (And, yes, the Bush's were in residence as noted by the flags flying.)

 

Bill organized the Financial Planning of MA annual offsite meeting at Ocean Edge in Brewster. It was a two day event filled with speakers. One of the more interesting speakers was Annie Duke. She talked about strategic decision making based upon her professional career as a poker player and her academic work in cognitive psychology. It was a fascinating talk! We learned a lot about behavioral finance which is the hardest part of our profession.

 

Recently I finished reading a very interesting book called The Soul of Money by Lynne Twist. The book helps us examine our attitudes toward money--earning it, spending it, and giving it away--which can then offer surprising insight into our lives, our values, and the essence of prosperity. Maybe you would find it interesting too?  

 

What are you reading these days? We'd love to hear. We'd also enjoy hearing what you have planned for the summer. If we can be of assistance in anyway, just reach out.  

 

Cheers,

 

'Step up' and do the research

 

Last minute craziness at the tax deadline is always interesting. This April 15 was no different. We received a call from a client questioning the cost basis of stock that her mom had gifted her. Her mother had purchased the stock decades ago and it had grown significantly. The cost basis was so low the client started to wonder if it was even real.

 

The rules regarding taxes and cost basis for inheritances are different than completed gifts given while living. And the rules may be facing some changes, but more on that later.

 

The cost basis of an inherited asset is usually the value on the date of the original owner's death. So if a mother bought shares of XYZ Co. for $1 a share and they grew in value to be worth $80 a share decades later when she died, the basis becomes $80 a share upon death. This is called "stepped-up in basis" or "step-up." With a "step-up," the value of the asset is determined to be the higher market value of the asset at the time of inheritance, not the value at which the original party purchased the asset.

 

Read more... 

Is there someone in your life that just drives you crazy? Someone who you often wonder why they are on your path?

Maybe there is a reason that you just don't understand, yet! Well, this website--Humangel--might just provide some insight. Take a peek.