Yours, Mine and Ours: How Spouses Share and Transfer Property
February 8, 2012Most couples tend to overlook important consequences and planning opportunities when deciding how to take or maintain title to property.
The Making Of A Good Manager
January 6, 2012Nineteen years ago, I returned from my family’s winter holiday, unlocked a small, empty, rented office, and started my own tax and financial planning firm. I knew what it would take for my business to succeed. I would have to become the best financial adviser I could be. I would also have to attract enough clients, and the right sort of clients, to support a growing company, as well as …
Beware Mutual Funds Using Hedge Fund Strategies
January 6, 2012With hundreds of mutual funds that use hedge fund strategies being rushed to market, there are bound to be some real dogs. After a decade of low stock market returns and high volatility, investors are clamoring for products that seek to profit regardless of the market environment. Mutual fund companies are doing their best to fill the void with products that employ hedge fund strategies. The $2 trillion private hedge …
Performance Reviews That Work
January 6, 2012I can’t think of any ritual in American business that is more widely despised than the annual performance review. Employees fear and loathe reviews that are vague or inconsistent, (How can one manager love you for showing initiative, while another lambastes you for failing to seek direction?) or that are used in some opaque way to determine compensation, or that, worst of all, are coupled with a rule that says …
Duly Noted
January 6, 2012Employer-provided cell phones nontaxable, IRS says. Employees who make personal use of employer-provided cell phones do not owe income tax on the cost of the phones or the service, as long as the phones are provided primarily for “noncompensatory” reasons, the IRS announced. Noncompensatory reasons include an employer’s need to reach employees after hours for emergencies, making employees available to customers at all times, and making it easier for employees …
New Hires and Promotions
December 15, 2011
Shomari Hearn becomes VP, leads list of promotions and new hires at Palisades Hudson.
No Interest In Foreign Accounts
November 3, 2011The IRS has been aggressive recently in pursuing tax cheats who have hidden assets in offshore accounts. Penalties for not reporting the existence of foreign accounts are steep, which concerns even honest businesses and individuals that are unsure about their filing obligations. Generally, U.S. taxpayers with a financial interest in foreign financial accounts are required to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (often referred …
Understanding Investor Biases
October 10, 2011Emotions and money each cloud judgment. Together, they create a perfect storm that threatens to wreak havoc on investors’ portfolios. One of the biggest risks to investors’ wealth is their own behavior. Most people, including investment professionals, are prone to emotional and cognitive biases that lead to less-than-ideal financial decisions. By identifying subconscious biases and understanding how they can hurt a portfolio’s return, investors can develop long-term financial plans to …
Capital Gains Planning Strategies
October 10, 2011Capital gains tax rates are at historic lows, but they are in the political crosshairs. It’s a good idea to take advantage of planning strategies now. Capital gains contribute to a taxpayer’s adjusted gross income. An investor realizes capital gains when he sells investments for more than he paid for them; capital losses are the opposite. All of an investor’s capital gains and capital losses are first combined to create …
Avoiding The Partnership Technical Termination Trap
October 10, 2011Some families have been pleased about using partnership interests for wealth transfer during the recent market lows. Unfortunately, a few have been met with unwelcome surprises — five-figure bills penalizing the partnerships for filing late tax returns. When a partnership is terminated, its final income tax return is due three and a half months from the date of termination. Unless the partnership happened to cease doing business on Dec. 31, …
