Archive - July 2011

1
Should You Really Fear a Government Default?
2
Why Not Raising the Debt Cieling Is Stupid and Ineffective
3
Protecting Your 401k From a Government Default
4
Why Your Spouse May Be Your Best Option as an IRA Beneficiary
5
What To Do If You Get One Of These Notices From the IRS

Should You Really Fear a Government Default?

Jul 31 2011
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Bridget Sullivan Mermel, CFP®, CPA

Hi. My name is Bridget Sullivan Mermel. I started a fee-only financial planning firm, Sullivan Mermel, Inc. We especially enjoy working with attorneys, small business owners, near retirees, and clients interested in socially responsible investing.

We practice in a small niche of the industry called fee-only, which focuses on giving un-biased advice. We don't take commission, get kick-backs, or sell products. We have no hidden agendas. Our focus is on giving our clients the best comprehensive advice possible.

I started out with a tax practice in 1997. I could see that clients wanted and needed help not just with their taxes, but with other areas of their personal finances, too. When I found out about fee-only advising, with its emphasis on giving bias-free advice, I was hooked! I love helping people understand and improve their fiances.

I worked as manager and district manager during the start-up phase of Starbucks. I also worked supporting high profile litigation and in the back office of a derivatives firm.

I have a BA in Accounting and Marketing from the University of Wisconsin, Madison and a Masters in Liberal Arts from DePaul University in Chicago. I am a Certified Financial Planner™ as well as a Certified Public Accountant.

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Dear Bridget,

Is there anything we can/should do about the pending debt-ceiling deadline?  Should I be getting cash out of the bank to pay for bills and groceries, for example?  A recent article I read makes me kind of anxious.  It says that if the politicians don’t figure something out, banks will be SOL leading to a massive cash-run on banks.

What do you think?

This isn’t a dumb question!

With the pundits out there beating fear drums, it’s difficult to ignore the drama playing out in Washington.  Talking about a run on banks is a doomsday prediction.  The markets, …

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Why Not Raising the Debt Cieling Is Stupid and Ineffective

Jul 30 2011
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Marc Schindler, CFP® All posts from Marc Schindler, CFP®
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No working life in finance is complete without commenting on the debt ceiling farce in Washington. Politicians are mostly trading soundbites rather than engaging in any kind of meaningful debate. We would like to suggest a few additional soundbites that would make the exchanges in Washington more relevant:

  • Not raising the debt ceiling is like not paying your credit card to get out of debt: STUPID and INEFFECTIVE.
  • All of the proposed plans claim to reduce the DEFICIT, but you need a SURPLUS to pay down debt. Washington is fighting about how quickly things should get worse, not how to
…

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Protecting Your 401k From a Government Default

Jul 29 2011
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Don Martin, CFP® All posts from Don Martin, CFP®
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There seems to be some hope of a solution as Congressman Ron Paul Says `No Doubt' debt ceiling will Be raised. He was interviewed on Bloomberg late Thursday 7-28-2011.

Also Roger Altman, a former Treasury Assitant Secretary did not feel we would have a Treasury default. He was interviewed on Bloomberg on 7-29-11.

David Rosenberg of Gluskin, Sheff said today he feels that the Treasury won’t default and that the crisis could be cathartic resulting in steps being taken to make the nation’s finances better.

My opinion regarding an extreme case of potential default is that if the government refused …

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Why Your Spouse May Be Your Best Option as an IRA Beneficiary

Jul 29 2011
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Jim Blankenship, CFP®, EA

Jim Blankenship is the founder and principal of Blankenship Financial Planning, Ltd., a financial planning firm providing hourly, as-needed financial planning and advice. A financial services professional for over 25 years, Jim is a CFP professional and has earned the Enrolled Agent designation, a designation that qualifies him as enrolled to practice before the IRS. Jim is also a NAPFA-registered financial advisor, which designates him as a Fee-Only Financial Advisor.

An IRA Owner's Manual
A Social Security Owner's Manual

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Since a surviving spouse gets the most tax breaks of all possible beneficiaries (other than a charity, perhaps), it seems that choosing your spouse as the beneficiary of your IRA may be the best way to go.

This is partly due to the availability of delaying taking distributions.  Any other beneficiary must begin taking Required Minimum Distributions (RMDs) by the end of the year following the year of the original IRA owner’s death.  The spouse beneficiary may defer distributions to the year in which the deceased would have reached age 70½, without taking any action.

In addition, any other beneficiary …

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What To Do If You Get One Of These Notices From the IRS

Jul 29 2011
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Russell D. Francis, CPA, CFP®

Russell D. Francis, CPA/PFS, CFP® started Portland Fixed Income Specialists, LLC in 2012. Portland Fixed Income Specialists is an Oregon fee-only Registered Investment Advisor. We do not accept commissions for financial products or referral fees. Every decision we make is based on the best interests of our clients.

We simplify the financial planning process for you by carefully considering how it applies to your unique situation. We then provide you with the information, advice and alternatives necessary to align your financial decisions with your values, needs, and goals in life. The benefits of this approach are many – you enjoy a greater understanding of the choices you make and are confident when implementing those choices.

And, because we’re a Certified Public Accounting (CPA) firm as well as a Registered Investment Advisor, you benefit from our knowledge of the complex relationship between investments and taxes.

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We have been busy this summer responding to an extraordinary increase in correspondence from the IRS. With a tax gap of over $350 billion per year and increased congressional funding for IRS enforcement efforts, the IRS appears to be stepping up efforts to enforce collections and close some of the tax gap. According to an article in Accounting Today1, from 2001 to 2009 there has been a 670 percent increase in IRS notices. It’s also paying off for the IRS…78% of audits in 2010 collected an average $6,600 in additional taxes.

Updated IRS information systems are making it easier for …

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