February/March 2007
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| Two
Steps Ahead
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Roth
2010–Big Opportunities?
Roth
IRA eligibility opens up in 2010; start getting
ready now!
The
Tax Increase Prevention and Reconciliation
Act (TIPRA), signed into law in 2006, repeals
the $100,000 income limit for converting traditional
IRAs to Roth IRAs beginning in 2010. Regardless
of your filing status or how much you earn,
you'll be able to convert a traditional IRA
to a Roth IRA starting in 2010. Even though
the new rules don't take effect until 2010,
you can take steps now to maximize the amount
you can convert at that time. A margin of safety
investing strategy could be especially valuable
in making the most of this new opportunity. Read
the full article . . .
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Article | Email
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More
Information:
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| Financial
Strategy
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Death,
Taxes, and Planning for the Terminally
Ill
Terminal
illness may require more income to pay for
increased medical expenses or the transfer
of assets to loved ones and engaging in estate
planning is foremost. In any case, minimizing
federal income taxes is likely to be one aspect
of your general tax planning. Depleting or
liquidating investment funds, retirement plans,
and insurance policies may become necessary
to generate sufficient cash. It is important
to understand the tax ramifications of these
financial decisions. It is also important to
understand the extent to which medical expenses
may be deducted on a federal income tax return. Read
the full article. . .
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| Wealth
Trends
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Welcome
to the Family Bank
After
setting up a complex array of trusts to avoid
paying hefty estate taxes and drafting a will
that will cover investing and philanthropic
goals, many still worry that their wealth may
make their children and grandchildren complacent
and unambitious—or worse, that it will
fall to an heir’s ex-spouse. To overcome
these fears, some choose to create a family
bank. A family bank combines a dynasty trust
with a limited liability corporation (LLC).
This setup can create long-term tax advantages
for your estate upon your death. It also allows
you to limit how much of your assets are passed
on to heirs outright, while still providing
a financial resource from which they can borrow
money throughout their lives. Read
the full article. . .
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| Notable
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Painting
by Numbers: Title Insurance on Your Art
A
German museum recently agreed to return a $12.5
million painting that was forcibly taken from
a Jewish family before World War II. Other
artworks might be subject to similar claims.
And now claims are being brought against collectors
by countries who say their historic artifacts
were illegally exported. Those aren't the only
worries art collectors face. Does the seller
have "clear title" to the artwork, giving him
the lawful right to sell the piece? Was a lien
placed on the artwork? Unlike real estate,
where title ownership can be traced and insured,
the art market has had no such form of verification
of the chain of ownership and clear title.
Now, one company has created a solution to
address this concern, a title insurance policy
that protects the art buyer as long as the
individual or his heirs own the artwork. Read
the full article. . .
Full
Article | Email
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| What
Palmerston Does and Why It Does It |
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Palmerston
Group provides fee-only financial and investment
management services based on fundamental analysis
and margin of safety principles. Palmerston’s
approach to planning and wealth management
is a blend of financial
strategy, investment
philosophy, and risk
management. At the core of this approach
is the conviction that preserving and building
wealth is best achieved through a process of
careful research and investigation in which
Palmerston Group seeks both to identify marketable
securities trading at a discount to intrinsic
value and to allocate clients’ capital
with other investment managers (through mutual
funds and managed accounts) who do the same. Please
contact Palmerston.
For
more information, visit www.palmerstongroup.com or
call 732-248-5777.
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