Earlier today the Supreme Court issued its ruling in the case of Department of Revenue of Kentucky v. Davis, stating that Kentucky's tax rules which exempt the interest earned on Kentucky muncipal bonds while taxing the interest of other state's bonds is not a violation of the so-called dormant commerce clause of the Constitution. The ruling spared what may have been a tumultuous disruption to the municipal bond market, but the Supreme Court's decision still leaves the door open for several issues...
What is the CFP Board up to now?
In a press release this morning, the CFP Board announced the creation of the new "Council on Education" for the purposes of developing a model curriculum, determining continuing education requirements, reviewing course providers, and implementing a peer review process, among other things. Huh? Isn't that what the CFP Board already does!?
Did Moss Adams Consulting Just Blow Up?
If you ask anyone in the financial planning industry who the leader is for industry consulting and benchmarking, Moss Adams is likely to be at the top of the list. At least, it was up until today.
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So who is Kevin Keller?
It's been a time of great change for the CFP Board over the past few years, and especially the past 12 months or so. The responsilibity for managing all of this change in the organization lies on the shoulders of one man - Kevin Keller. The only catch - he's also the new kid on the block.
Rigorous Analysis of Pension Options Done Right!
Many financial planners are faced with the client question: "Which pension option should I choose?" Comparing various lump sum and annual pension payout choices based on client life expectancies has often been mathematically intensive and quite difficult - at least, up until now.
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It’s Financial Literacy Month – and we need to step it up!
April is Financial Literacy Month - a time for us to reflect on what we're doing to promote and support financial literacy in the United States, and hopefully focus on making improvements. But a recent survey indicates that we need to try harder - and we might even be losing ground!
Should you be doing 2008 tax planning for your rebate check?
With the Economic Stimulus Act rebate checks set to start mailing out to taxpayers next month, based on their 2007 tax filings, many believe that no tax planning remains for the rebate checks. However, for the many individuals who will receive less than the full maximum of the rebate check (or possibly as little as nothing), tax planning opportunities do remain!
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Is your excess insurance capacity for sale? Should it be?
The pitch goes something like this: "You are eligible for more insurance than you currently have, giving you "excess capacity" for insurance on your life. Why don't you sell that capacity, since you're not using it anyway, and put the extra money in your pocket to meet your own goals?" And if it wasn't against public policy, the strategy might even work!Read More...
Fixing Missed RMDs From A Stretch IRA After It’s “Too Late”
To preserve the ability to stretch IRA distributions for a beneficiary, that individual must start taking withdrawals based on his/her life expectancy in the year after death. If those required withdrawals don't start on time, can you still rectify the situation to preserve the tax deferral?
The good news is that recent private letter ruling 200811028 (and more recently, IRS Information Letter 2016-0071) indicates the answer is "yes."
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Is It Ever OK To Buy Muni Bonds In An IRA? Yes, Sometimes…
As financial planners, we've all heard the old saw "never put a tax shelter inside of a tax shelter" - in other words, don't buy tax-exempt municipal bonds inside of a tax deferred retirement account like an IRA or Roth IRA.
Well, it seems that "never" may have just arrived. Because in an environment where the outright yield on municipal bonds is better than taxable bonds, it really can be appropriate to own a muni bond inside of an IRA!
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