tag:blogger.com,1999:blog-121319522012-01-30T22:45:11.329-05:00Trust and Wealth Management MarketingNotes for trust officers, private bankers and others concerned with estate and trust planning, from a Merrill Anderson Senior Editor and his retired mentor.Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.comBlogger20941100tag:blogger.com,1999:blog-12131952.post-39641820924603312422012-01-30T15:31:00.000-05:002012-01-30T15:31:02.110-05:00Wealth managers are creating captive trust companiesSays Scott Martin of The Trust Advisor. Most of the action seems to be in South Dakota, Delaware and Nevada. Apparently, all you need is about $100 million in assets under management.Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-39500025271126018322012-01-27T10:04:00.001-05:002012-01-27T14:17:14.077-05:00The Badges of DavosDo your wealth-management labors take place within an organization important enough to send the boss to Davos? If so, you'll enjoy Felix Salmon's guide to Davos Status Levels.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-79793645721722221552012-01-25T10:40:00.000-05:002012-01-27T09:50:44.488-05:00Ameriprise, an Eager TrusteeAmeriprise wants new trust business. And existing trust business, too. "If you have an existing trust," says this Ameriprise video, "consider the advantages of moving it to Ameriprise Financial."
Should other banks and trust companies be doing more to generate successor-trustee business?JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-51181563242056151302012-01-23T09:58:00.000-05:002012-01-23T09:58:11.987-05:00Wall Street in Winter – 1830s
Wall Street, N. Y. Public Library Digital Gallery
If you ever had to navigate around great mounds of snow in New York City, you can appreciate this i830s view, looking down Wall Street from Trinity Church. No mountains of snow. No snow plows. The snow was left in the street to provide a slippery surface for sleighs.
Sometimes simpler is better. (Say, is there an asset-allocation moral there?)JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-28894476942205774982012-01-22T21:57:00.000-05:002012-01-22T22:01:53.086-05:00Eccentricities of Affluence: FrostbitingWhy do some affluent men, even one-percenters, choose diversions that most poor guys would call cruel and unusual punishment? Frostbiting, for instance. Fortunately, marketers don't have to answer that question, just accept the reality. Hence this January, 1962 ad from Chase.
JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-40570457022132768662012-01-20T10:06:00.001-05:002012-01-20T10:06:40.299-05:00New Estate Tax Break For the One PercentAs this estate planning article reminds us, the federal estate tax exemption jumped from $5 million to $5,120,000 this year. Why aren't wealthy old people celebrating? Probably because wealth is not real popular these days. Other people's wealth, that is.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-37169588372033675802012-01-19T14:58:00.000-05:002012-01-19T14:58:00.282-05:00“Someday All This Will Be Yours”From what little I heard, Diane Rehms' program with guest author Hendrick Hartog sounds inteesting. Topic: Children who look after aged parents and the inheritance expectations of those children.
Hartog's book: Someday All This Will Be Yours: A History of Inheritance and Old Age.
One listener called in to say he disliked receiving a hefty inheritance from his father. He felt uncomfortable "JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-83084376898778706612012-01-19T09:30:00.001-05:002012-01-19T09:30:59.680-05:00Merrill Lynch, Discount Broker?Just stumbled on this news item by accident. Is B of A, through Merrill Lynch, getting serious about discount brokerage?
B of A changing fees for Merrill EdgeJLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-74122145826463534592012-01-18T11:08:00.000-05:002012-01-18T11:08:08.281-05:00Hedge Funds or Treasury Bills?A Bloomberg dispatch quotes Simon Lack, author of The Hedge Fund Mirage:
"If all the money that's ever been invested in hedge funds had been put in Treasury bills instead, the results would have been twice as good."
Other studies have been slightly kinder, indicating long-term performance that lagged the S&P 500 by 50% or so. Certainly last year was one most fund managers are glad to be rid ofJLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com3tag:blogger.com,1999:blog-12131952.post-71514330044883544272012-01-17T22:27:00.000-05:002012-01-17T22:27:54.361-05:00How Much Investment Protection for the 1%?"Who's Rich (or Smart) Enough for High-Risk Investments? asks Paul Sullivan in his Wealth Matters column. My first thought was, "Who cares?" Millionaires should fend for themselves.
Second thoughts:
The wealth requirement for an "accredited investor" – that is, someone deemed rich and smart enough to be allowed to buy private stock placements, hedge funds and other goodies – hasn't been JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-86820382431924771492012-01-16T22:10:00.000-05:002012-01-16T22:10:56.769-05:00The United Debtors of AmericaSpend, Spend, Spend. It's the American Way. Explaining how this happened requires expertise beyond our pay grade, but we can provide context:
Tales From the Twentieth Century: Borrowing Trouble.
Live Rich to Get Rich?
JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-13137240342606590622012-01-16T21:24:00.000-05:002012-01-16T21:24:28.142-05:00Silicon Valley Wealth Triggers Feeding FrenzyGoldman Sachs and various megabanks may be in lay-off mode elsewhere, but they're hiring in Northern California. The irresistible lure, according to a page-one story in today's New York Times: The Ripe Scent of New Money.
To win a piece of wealth in the feeding frenzy, the Times reports, brokers and private bankers start courting young techies as soon as liquidity events appear on the horizon. JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-80797337004488287162012-01-12T22:03:00.000-05:002012-01-12T22:03:41.674-05:00Language May Help Or Hurt Retirement SavingAn item (not yet available online) in the Jan/Feb issue of Yale Alumni Magazine spotlights a fascinating bit of research by Keith Chen of the Yale School of Management.
The language you speak, Chen suggests, affects your prudence – your ability to take the long view. Speakers of languages that grammatically distinguish between present and future events (strong FTR languages) tend to take fewer JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-92157127672633383602012-01-12T10:46:00.000-05:002012-01-16T21:36:16.093-05:00Should “The Rich” Go Into Hiding?
Regulate the banking industry more strictly
Ban high-frequency trading
Arrest the "financial fraudsters" responsible for the 2008 crash
Form a Presidential commission to investigate corruption in politics
Those were the demands Kalle Lasn and Micah White of Adbusters proposed as goals for Occupy Wall Street. The Occupiers demurred. The movement became known for generalized opposition toJLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-30196389388788474162012-01-09T10:53:00.000-05:002012-01-09T10:53:00.349-05:00Copyrights as extended estate assetsJLM's post below reminded me of something I spotted over the weekend. Back in 1976 (taking effect in 1978) the copyright law was amended to grant longer periods of protection for intellectual property. Something about the Mickey Mouse copyright approaching its end, as I recall. From Duke Law, here's a list of items from the 1950s that would have entered the public domain this year, but for thatJim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-6433118830245643772012-01-09T09:36:00.001-05:002012-01-09T09:36:43.414-05:00Estate Assets You Can HumThe Songs Remain the Same, but Broadway Heirs Call the Shots
Few recent Broadway seasons have had as much estate-driven handiwork as this one, a reflection of the rising entrepreneurship of heirs and the affection of audiences for song standards. Heirs are increasingly hands-on in trying to wrest moneymaking shows out of their ancestral trunks . . . .
AWESOME AUDRA MCDONALD IS BESS IN THE JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-38973302882589470752012-01-07T11:51:00.000-05:002012-01-07T11:51:49.482-05:00Trusts For Vacation Homes
How best can a lengthening line of descendants share use or ownership of the family vacation home? Methods mentioned in this WSJ column include an LLC (limited liability company) or various trusts –such as insurance trusts, qualified personal residence trusts (QPRTs) or dynasty trusts.
Mitt Romney's vacation home
JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-50435183845049507852012-01-06T21:29:00.000-05:002012-01-06T21:32:54.429-05:00"I Am Woman, Watch Me Retire"
"It's underappreciated how much better one large cohort of aging boomers should do financially during the traditional retirement years," writes Chris Farrell in BloombergBusinessweek: "The college-educated stalwarts of the feminist movement."
These professional women have been slightly better than men at taking advantage of 401(k) plans, he notes. And they don't have to hurry into retirement.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-70082075954842111662012-01-04T09:47:00.000-05:002012-01-04T21:53:16.710-05:00Saving Uncle Sam From BankruptcyHenry Blodget examines a plethora of GAO charts and offers a sensible (or as Congress would say, "outrageous and unacceptable") solution to Uncle's woes.
Yes, It's A New Year, And The United States Is Still Broke.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-30458094078438628992012-01-02T20:54:00.002-05:002012-01-02T20:54:34.581-05:00Dave Barry's year in reviewI'm only half way through it, and already I want to post the link.Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-21596855370898469812012-01-02T20:52:00.001-05:002012-01-03T09:37:53.895-05:00I'm disappointed in United AirlinesBut the saga is not yet over. Details to follow.
Flying today is a miserable experience, made worse when the airline you choose is incompetent. Highest prices, missed connections, lost luggage, indifferent employees inured to passenger complaints—what's not to like about United?Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-82388549322191752042012-01-02T09:42:00.001-05:002012-01-04T09:50:26.463-05:00Investing With Index Funds Sensible but DifficultInspired by Henry Blodget's latest warning not to play The Losers' Game, Felix Salmon praises index investing. But, he admits, the investment world doesn't make it easy to practice the discipline.
In a Bogleheads presentation last fall, John Bogle indicated that investment in indexed stock funds has grown steadily over the last two decades. Nevertheless, Most wealth in stock funds is actively JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-6995955580807039962012-01-02T09:23:00.002-05:002012-01-02T09:23:46.586-05:00Dogs of the Dow: Woof, Woof!Dow Dogs Vastly Outperform The Broader Dow And S&P 500 In 2011.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-27082423932815210272011-12-31T09:45:00.000-05:002011-12-31T09:51:48.536-05:00A Winter Sport For Mitt Romney?If the former Governor of Massachusetts were not otherwise occupied this winter, he might enjoy ice fishing near his house on New Hampshire's Lake Winnipesaukee.
Fifty years ago, the trust pros at Chase Manhattan thought ice fishing upscale enough to feature in this nest egg JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-10233372856013070722011-12-30T10:17:00.000-05:002011-12-30T15:56:20.951-05:00Let's Remember Pearl HarborSeriously. You'll feel better about the year ahead if you do.
On December 7 we commemorated the 70th anniversary of the attack that propelled the U. S. into World War II. Sadly, this year's gathering of veterans who survived the onslaught will be the last; their number is dwindling.
Seventy years ago, America was struggling out of the Depression. One out of five homes (and the great majority ofJLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-2719585317671266342011-12-29T21:10:00.001-05:002011-12-29T21:10:54.980-05:00Gaining Business Through Social NetworkingA Portsmouth, New Hampshire broker finds networking profitable: Tweets Are Good Business.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-57938717685070036442011-12-27T22:24:00.000-05:002011-12-27T22:27:30.185-05:00Why Congress Won't Tax Other Millionaires?Adjusted for inflation, the net worth of members of Congress has more than doubled since 1984. The top 25 Congressional wealthholders are an interesting mix of New Money, Spousal Money and Old, Trusteed Money.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-83884083991950042272011-12-27T22:09:00.001-05:002011-12-27T22:27:01.355-05:00When Wealthholders Only Rang Once
Here's a list of CEO's headquartered here in New York and their phone numbers. Go see them. Ask how this airline's printed flight schedule could be improved.
That was my marketing assignment, circa 1957. My phone calls requesting appointments always got through, answered by the CEO's secretary or, once or twice, by the great man himself. Phone calls were serious business in those days.
•
JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-36310921089006333212011-12-26T22:21:00.000-05:002011-12-26T22:21:56.884-05:00Huguette Clark Owed Millions in Gift TaxFor an eccentric recluse, Huguette Clark seemed to have had her affairs in good order, thanks to her lawyer and accountant. Now the accountant has resigned as an executor of her $400 million estate, amid charges that Huguette – and now her estate – owe the IRS some $90 million in gift taxes and penalties.
Obvious question: Who received those humongous gifts?JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-33029737125774640382011-12-24T12:30:00.000-05:002011-12-24T12:30:56.924-05:00The new 2% recapture taxOne thing you think you know about Social Security, it's a flat tax that applies the same to all earners, up to the wage base.
Not anymore.
A new recapture tax was attached to the extension of the 2% payroll tax holiday for two months. Those over the wage base will lose that 2% tax break through a recapture tax. At double the wage base, the 2% benefit will be gone. In other words, we just Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-5518303722984572952011-12-23T22:39:00.000-05:002011-12-23T22:44:39.126-05:00A One-Percenter ChristmasA Gilded Age one percenter, that is. Teri Tynes' tribute to Christmas in the New York City of the 1880's links to this report on the shocking commercialization of the Holiday. (How commercialized? Pre-stuffed Christmas stockings!)
The Vanderbilts, Astors and other one-percenters of the Gilded Age needed wealth management. Trust companies rose to meet the need. The United States Trust Company JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-3692308892788638032011-12-21T09:52:00.000-05:002011-12-21T09:52:12.280-05:00“I've left the country. You're Disinherited!”
English expats may find it more difficult to disinherit their relatives, The Telegraph reports.
Wonder what rules apply to Americans domiciled outside this country.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-87831423699841772552011-12-18T22:11:00.001-05:002011-12-30T10:47:13.763-05:00Financial Reform: The "F" WordElaine Morgillo regularly contributes a personal finance column to our Sunday paper. Today she suggests that financial reform should extend beyond banks too big to fail and gamblers using financially-engineered products.
For years, the regulation of financial advice and financial advisers has been widely criticized, both from within and outside the industry. Numerous studies have concluded JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-63077690668105907202011-12-17T07:29:00.001-05:002011-12-17T07:31:20.273-05:00Distributing Her Husband's EstateA Christmas story.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-66481891539530729062011-12-16T21:54:00.002-05:002011-12-24T09:50:02.182-05:00The Pain Trade Is All About Down-Capture
Rich and ever-changing is the language of investing. Terms new to me include
The Pain Trade. That's how hedge fund managers refer to their work this year, Financial Times reports. Through November the average hedge fund is down more than 4 percent for the year.
Up-capture. Making money.
Down-capture. Losing money.
Too much down-capture means investors are falling out of love with hedge JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-47271092507059218902011-12-14T07:30:00.000-05:002011-12-14T07:30:00.932-05:00Taxes and economic growthFrom Forbes: Obama is an Awful Economic Historian.
However, I'm less certain that additional tax rate cuts are needed today. It would be better to get a semi-permanent tax code, instead of one riddled with expiration dates.Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-81272914002162497582011-12-13T16:16:00.000-05:002011-12-13T16:16:31.545-05:00A good film for trust officers?Scott Martin of The Trust Advisor has a rave review for George Clooney and the new film, "The Descendants." However, I suspect that the film does not make a case for a corporate fiduciary.Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-88531241698983316882011-12-12T12:38:00.000-05:002011-12-12T22:28:26.123-05:00About That FaviconIf Jim Gust's post resulted in identification of this blog's new favicon, It escaped me. So I'll explain.
In its early days, The Merrill Anderson Company was a little ad agency trying to look mature in the eyes of stodgy bankers. The company letterhead featured a discreet Merrill Anderson monogram, printed in brown ink on buff paper. The first rough sketch must have looked something like this:
JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-25270072877235715362011-12-10T08:59:00.000-05:002011-12-10T08:59:08.922-05:00The new asset hoardersSenator Grassley joins me in a key concern.Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-6230396396017867292011-12-09T21:34:00.001-05:002011-12-09T21:41:52.017-05:00Coming, the Eternity App?"Siri, according to Ben Kunz at Bloomberg Businessweek, this could be the beginning of an eternal friendship. "
Guess Virtual Me really will need a perpetual dynasty trust.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-69298447215353142142011-12-09T10:25:00.001-05:002011-12-09T10:40:06.768-05:00Apple Stores: The New Disneyland
Apple's fifth New York City store opens in Grand Central Station today. The WSJ offers a telling statistic:
More people now visit Apple's stores in a single quarter than the 60 million who visited Walt Disney Co.'s four biggest theme parks last year….
Marketing moral: The Secret of Sales is Service.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-45288592076753083182011-12-05T14:59:00.000-05:002011-12-05T14:59:30.392-05:00Our faviconI have added a favicon to the blog, which is that tiny graphical element that appears to the left of the blog's name if you have it on a bookmark list, or on your toolbar. It's rather small, so if you've had trouble making it out, here it is:
Can anyone explain why this favicon is appropriate for this blog? Or, why I might think so, even if you disagree? You probably need to be an Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-77969538430651876912011-12-02T08:57:00.001-05:002011-12-02T09:06:26.373-05:00Wealth Management: Suffering in TranslationA comment on a recent post linked to this money-management blurb. Fun reading.
According to its web site, Sphinx Asia actually is based in Panama.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com2tag:blogger.com,1999:blog-12131952.post-47316134863506519912011-12-01T22:55:00.001-05:002011-12-02T09:16:48.413-05:00Christmas Price Index
Once upon a time, a playful bank economist (oxymoron?) measured inflation by calculating changes in the cost of the gifts given in The Twelve Days of Christmas. Decades later, his whimsey has become quite a production.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-76605973657041049302011-11-29T10:35:00.001-05:002011-12-26T22:03:02.207-05:00Fight over Huguette Clark's EstateHuguette Clark's estate is back in the news, propelled by reports that in 2005, at age 98, she made two wills within six weeks. The first benefited mainly her relatives. The second, which was offered for probate, left family members nothing.
Readers new to the story should see this MSNBC photo gallery for background on the Clark family,JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-81566596402144207822011-11-28T21:17:00.001-05:002011-11-28T21:29:08.947-05:00Greenwich Money Managers Win Millions
Three Greenwich, Connecticut money managers now have a lot more wealth to manage: their Powerball jackpot.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-964460927846245372011-11-28T09:18:00.000-05:002011-11-28T09:18:09.828-05:00Stimulus, for the recordThe CBO has revisited the consequences of the stimulus legislation.Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-26489757720931699982011-11-26T09:30:00.001-05:002011-11-26T09:44:37.792-05:00“Siri, Let's Look At My Trust Fund”The digital age is revolutionizing the ways people deal with their wealth.
Exhibit A: More and more private banking clients expect the same mobile access to their accounts they enjoy with their online broker.
Exhibit B: Dwolla, one guy's simple, inexpensive method of handling financial transactions via mobile phone. If his idea catches on, credit card systems could become as obsolete as the JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-21354202643001608152011-11-24T22:26:00.000-05:002011-11-24T22:26:03.473-05:00Hints on the Steve Jobs estate planAppleInsider reports Steve Jobs' wife to manage $4.6 billion trust of Disney shares. The trust will be Disney's largest shareholder. Not clear at the moment whether it is a charitable trust, which would have a dramatic estate tax impact. If it is, Jobs' surviving spouse would have plenty to live on for life just from the trustee's fees.Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com2tag:blogger.com,1999:blog-12131952.post-17948624139537227042011-11-23T16:25:00.001-05:002011-11-23T16:37:13.912-05:00Steve Jobs Outgained Warren BuffettFrom a Bloomberg column speculating on whether Steve Job's estate will sell his massive holdings in Apple and, via Pixar, Disney:
Jobs bought Pixar from “Star Wars” producer George Lucas for $5 million in 1986 and invested $50 million more in the computer animation company over a decade, according to a person with knowledge of the situation who wouldn’t speak publicly. When Jobs died, the DisneyJLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-73032515714697680282011-11-22T21:41:00.001-05:002011-11-22T22:25:57.421-05:00Rein In Donor-Advised Funds?Donor-advised funds are private charitable foundations for the rest of us. Amounts transferred to the fund are deductible, subject to the usual rules. Investment earnings accumulate tax free. And unlike charitable foundations, donor-advised funds need not pay out at least 5% a year to charitable recipients.
Cool idea! And popular. In her NY Times op-ed, Ray Madoff describes donor-advised funds JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-85054486525773835962011-11-22T09:17:00.002-05:002011-11-22T22:28:42.678-05:00Should Wealth Management Work Like an Apple Store?Ron Johnson, architect of Apple's Retail Stores, in the Harvard Business Review, as quoted at MacRumors:
People come to the Apple Store for the experience -- and they're willing to pay a premium for that. There are lots of components to that experience, but maybe the most important -- and this is something that can translate to any retailer -- is that the staff isn't focused on selling stuffJLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-69125381382155872492011-11-21T20:49:00.001-05:002011-11-22T09:29:33.956-05:00An Eighteenth-Century Steve Jobs?
Thomas Bentley
A while back we called your attention to Josiah Wedgwood, the master marketer who may have invented direct mail. Regina Lee Blaszczyk suggests more credit be given to Wedgwood's partner:
In the 1760s, a backwoods British potter named Josiah Wedgwood joined big-city merchant Thomas Bentley and created one of the world's first design-driven companies. Wedgwood and Bentley were JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-60446111783833508352011-11-21T14:28:00.002-05:002011-11-21T14:28:35.332-05:00EU resolutionNotes on capital flight and forced repatriation. Somehow, I don't think this is going to end well.Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com2tag:blogger.com,1999:blog-12131952.post-43781075937873694692011-11-19T21:47:00.001-05:002011-11-19T22:02:20.579-05:00Congress Goes Bipartisan!We were wrong. Despite the more-taxes, less-spending deadlock, Congressional Democrats and Republicans can get along just fine together. All it takes is the right incentives – at the expense of us taxpayers, naturally.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-2108129266973550752011-11-18T09:49:00.001-05:002011-11-18T09:52:58.644-05:00Sarah Palin Bashes CongressSarah Palin's ghostwriter does a tidy job of bashing Members of Congress for getting rich off Wall Street. He or she includes one of my favorite Mark Twain quotes:
"There is no distinctly native American criminal class except Congress." JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-46045030071069313252011-11-18T09:16:00.000-05:002011-11-18T09:16:53.820-05:00What does the collapse of MF Global portend?Another way to put that question is, if the customer's money is gone, why hasn't Jon Corzine been arrested yet?
This item is fascinating, and disturbing. It links to a statement by a broker who has shuttered her business and gotten out of the commodities and futures markets because she believes that they are on the brink of complete collapse. There's also quite a bit of political hyperbole, soJim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-77668319212939151402011-11-18T08:59:00.001-05:002011-11-18T14:58:12.424-05:00Canadian Writes Best-Selling Investment Book
O Canada, you're a nation making waves. First Adbusters, a Canadian activist group, came up with the idea to Occupy Wall Street. Now, as of November 17, Andrew Hallam, a Canadian school teacher, has the best-selling investment guide on Amazon: Millionaire Teacher, the Nine Rules of Wealth You Should Have Learned in School.
Hallam writes simply and clearly (that's not easy, folks!). Judging JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-58825536848125697342011-11-16T09:18:00.001-05:002011-11-16T09:44:03.302-05:00Welfare For Millionaires?What do Senator Tom Coburn of Oklahoma and Atlantic contributer Daniel Indiviglio have a common? Like most Americans, they either don't know or don't remember the difference between an income-tax deduction and an income-tax credit.
If you're in the 35% tax bracket, every $1 of home-mortgage deduction saves you 35¢. (If you're Warren Buffet, you save 17¢.) Whatever your tax bracket, every $1 ofJLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-24293565131287647522011-11-15T19:49:00.000-05:002011-11-15T19:49:15.443-05:00The Executor Was a ShirkerAnother case illustrating the advisability of naming a corporate executor – and a reminder that IRAs are not probate assets.
IN RE ESTATE OF KAMPENJLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-90449301838889397052011-11-13T22:49:00.000-05:002011-11-13T22:49:46.546-05:00How the Congressional Rich Get Richer?From tonight's 60 Minutes: Congress: Trading stock on inside information?JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-16044500171926719102011-11-11T09:42:00.000-05:002011-11-11T09:42:54.341-05:00Rich Kids Worth Remembering on Veterans DayIn 1916 a bunch of overprivileged young Yale men, including a Rockefeller and a Taft, used their privilege to launch their own private air corps.
They formed The First Yale Unit, “a privately funded air militia that became the founding squadron of the U.S. Naval Air Reserve and whose members were among the first to ship overseas and fight for their country in World War I."
You can read aboutJLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-47584073654246685812011-11-07T10:27:00.001-05:002011-11-07T10:27:06.923-05:00401(k)s Can Spell Inheritance TroubleIn the WSJ Carolyn Geer spotlights potential problems (such as the impossibility of "disinheriting" a spouse without the spouse's consent). See Battles Over Retirement Accounts.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-87035542784174187392011-11-07T09:38:00.001-05:002011-11-07T10:34:40.235-05:00Can Family Office Revenue Replace Debit Card Fees?Government regulators, general public … nobody likes bank fees relating to credit cards or debit cards. Can megabanks replace this revenue with fees for managing megawealth?
Wells Fargo will give it a try with Abbot Downing, a bank for the super rich. Formed from Wells Fargo Family Wealth and its Lowry Hill Investment Advisor, Abbot Downing will be headquartered in Chicago with branches JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-82149834090969208082011-11-04T10:32:00.002-04:002011-11-04T10:32:38.786-04:00Defending the Top 1%Leave it to a Yale man to do the job right.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-8439471857551772602011-11-02T22:05:00.000-04:002011-11-02T22:05:09.398-04:00What's In Your Retirement Fund?Superficial Pension Audits a Risk to Trust Banks and Others, reports American Banker. Precise valuation of interests in hedge funds and private equity must be difficult. How much of a discount do you take for illiquidity?
And what if the "interests" don't even exist?
Unlikely? Yes. Impossible? No. See The Emperor's New Securities.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-16111433252663195022011-10-27T10:27:00.001-04:002011-10-27T10:27:09.295-04:00Parenthood: A Lose-Lose Financial Quandary?Here's the parental dilemma:
A. Put the kids through college
B. Save enough to retire
Choose one
About 50 percent of parents choose plan A. Conventional financial planning wisdom says that's usually a mistake. See Will Kids Ruin Your Chance at Retirement?
Choose B and the kids will rack up a mountain of debt, currently averaging somewhere around $25,000 for new grads and growing yearly.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-50370317852755026902011-10-26T22:43:00.000-04:002011-10-26T22:43:44.545-04:00It’s the Top 0.1%, Stupid!Occupy Wall Streeters may think of the top 1% as filthy rich. Most are merely overachieving professionals and executives. For truly fat cats, Look to the top 0.1%. And even higher.
Top 1% = $368,238 (20.9% of income)
Top 0.5% = $558,726 (16.8% of income)
Top 0.1% = $1,695,136 (10.3% of income)
Top 0.01% = $9,141,190 (5% of income)
The graphic accompanying this NY Times JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-88985423960177235532011-10-26T09:09:00.000-04:002011-10-26T09:10:20.975-04:00Most Americans Don't Have WillsNeither do about 70 percent of Brits, according to The Telegraph's salute to National Write a Will Week.
According to a Harris Interactive study, about 55 percent of Americans die without a will.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-18413079485898871962011-10-25T21:30:00.000-04:002011-10-25T21:30:55.963-04:00Rush Limbaugh’s Estate PlanRush Limbaugh, during a discussion of the possible estate tax on Steve Jobs' billions:
Every year estate planners want to talk to me about estate planning and
it seems that they think that the primary objective of any estate
planning is going to be to keep money away from the government. So they
want to structure trusts, charitable donations, foundations, any number
of things, and I always JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-3474165223828629832011-10-24T00:27:00.000-04:002011-10-24T00:27:25.892-04:00Steve Jobs postscriptLast week, Apple closed their retail stores worldwide so that employees could participate in a company-wide remembrance of their founder. Apple has now posted the video of that event here. Note, this seems to only work with Safari. Norah Jones was delightful, and the speeches were thoughtful and moving.
60 minutes did a piece related to the upcoming Jobs biography. AppleInsider has links to Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-39401579520499828402011-10-18T22:00:00.000-04:002011-10-18T22:00:10.229-04:00Higher Incomes = Greater GivingAlmost one out of every four charitable dollars comes from donors with incomes over $500,000. This elite subset of The One Percent accounts for an even larger share of giving to charities other than religious organizations. Economix illustrates with charts. JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-45713065030244916652011-10-15T21:53:00.000-04:002011-10-15T21:53:06.255-04:00"There Is Nothing Like a Trust Fund”From five decades ago, October 1961, here's an enthusiastic ad for living trusts. Prosaic art and headline, but the body copy starts strong, "Money and trust funds were made for each other," and ends stronger: "There's nothing like a trust fund to keep families and family funds together. "
You can almost forgive the copywriter for addressing "the man" and ignoring the woman.
JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-12567526987993410922011-10-12T09:29:00.000-04:002011-10-12T09:29:04.643-04:00Secretary 3.0In the days of Mad Men (and now Pan Am and The Playboy Club) the boss had a secretary.
Times change. In recent decades many minor executives have had to fend for themselves, while CEOs have relied on Secretary 2.0: the executive assistant.
Times are changing again. Meet Secretary 3.0.
(You didn't think Steve Jobs would stop changing the world just because he died, did you?)JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-11047616563162366232011-10-11T14:01:00.000-04:002011-10-11T14:01:45.358-04:00Jobs and taxesSteve Jobs, that is. Much speculation already about his estate plan.
This item from the NYPost is, well, just stupid. Essentially, it says basis step-up will apply to all of Jobs' estate assets, so capital gains taxes will be avoided by an early asset sale. That supposedly justifies the promise of their headline, but they are silent on the more important question of death taxes.
Yahoo pointsJim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com3tag:blogger.com,1999:blog-12131952.post-16222675381097934812011-10-07T16:25:00.000-04:002011-10-07T16:25:22.615-04:00Stephen Wolfram on Steve JobsFrom the creator of Mathematica and Wolfram Alpha, an interesting remembrance.Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-77912064145703404252011-10-06T09:50:00.000-04:002011-10-06T09:52:12.494-04:00John Markoff on Steve JobsJohn Markoff must have been determined to produce an obituary worthy of its subject. In the print edition of the NY Times, his tribute to Steve Jobs starts on a quarter of the front page and continues for a full page inside.
Markoff reminds us that Jobs was very much a child of the countercultural late 1960's and early 1970's. Some CEOs get to the top by going to Harvard. Steve went to India, JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-33556711356023417092011-10-05T20:17:00.000-04:002011-10-05T20:19:46.076-04:00
http://www.cnn.com/2011/10/05/us/obit-steve-jobs/
JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-48915594491381840732011-10-04T21:55:00.000-04:002011-10-07T21:34:12.852-04:00Inheritance Reduces Wealth InequalityFrom Barron's Penta blog:
According to a major wealth study produced earlier this year, inheritances are an equalizing force that mitigates the inequalities found in American household wealth.
JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-88593584416632599732011-10-04T12:29:00.000-04:002011-10-04T12:29:17.592-04:00Interesting notes on the Durbin amendment and debit card feesFrom Richard Epstein.
I use credit cards myself, but I should probably switch.Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-20917270850563213452011-10-04T10:30:00.000-04:002011-10-04T22:00:54.935-04:00The Top One Percent Revisited
Who's the "Top One Percent"? links to charts showing how much wealth or income Americans at the top enjoyed in the aggregate. What about the individual income and net worth threshholds?
Incomewise, you need north of $380,000 a year to rank as a One Percenter.
For net worth, you need a lot more than $1 million. Last year, Spectrem estimates, about 7% of U.S. households possessed a net worth ofJLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-31624522823646764842011-10-03T12:07:00.002-04:002011-10-03T12:07:18.394-04:00Who’s the “Top One Percent”?
What a social-networked mush-up "Occupy Wall Street" turns out to be. Cursory browsing among the protest supporters took me to faith-based foundations, socialist groups and academia, now joined by such mainstreamers as Hollywood celebs, labor unions and Move On. The WP's Ezra Klein offers a primer, including a link to We are the 99 Percent.
And who is the other One Percent? Depends on JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-28898691080758624992011-10-02T15:45:00.000-04:002011-10-02T15:45:18.012-04:00Kindle FireThe new Kindle Fire might be a much bigger deal than I realized, if this article is accurate about the security dimension. Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-80859128566553343742011-09-30T10:06:00.000-04:002011-09-30T10:08:52.286-04:00Andy RooneyYou'll get your last regularly scheduled "A Few Minutes With Andy Rooney" this Sunday. Rooney may not be entirely happy that 60 Minutes is laying him off at age 92.
Rooney doesn't write about high finance much, but in one of his later columns he did rise to defend an oppressed minority:
It's time we started being nicer to the rich.
People of this Country should be aware of the contribution JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-19042051432186422922011-09-27T10:44:00.002-04:002011-09-27T10:49:17.764-04:00Evidence That Investment Education WorksAfter Google's IPO seven years ago, hundreds of shareholding Google employees became millionaires. Brokers, advisory firms and trust bankers circled about. Google took protective action, launching what amounted to a university of investing,. Lecturers included Nobel Prize winner Bill Sharpe, Burton Malkiel and John Bogle.
Did Google's initiative help newly rich employees hold on to their wealth?JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com2tag:blogger.com,1999:blog-12131952.post-2121170884808613562011-09-26T22:43:00.000-04:002011-09-26T22:43:22.263-04:00Is Your Social Networking Professional?Thanks to the Yale Alumni Magazine blog for calling attention to The Unprofessional Sides of Social Media and Social Networking. Although Christina Skinner's prize-winning essay discusses the social networking of young lawyers, others who need to appear professional may find food for thought –and online discretion.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-10823181060163718572011-09-24T10:04:00.000-04:002011-09-27T12:33:26.025-04:00Millionaires, Real Millionaires and BillionairesJohn Steele Gordon in The Washington Post joins those pointing out that Americans with incomes over $1 million do pay more income tax: Five myths about millionaires.
According to the IRS, those with adjusted gross incomes of more than $1 million paid an average of 23.3 percent in federal income taxes in 2008; those earning between $100,000 and $200,000 paid 12.7 percent; and those earning JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-38054862636585607362011-09-22T10:21:00.000-04:002011-09-22T10:21:16.150-04:00Taxpayers, Real and ImaginaryWas yesterday's New York Times article on taxing the rich as peculiar as it seemed? One reason high-income Americans pay tax at lower rates than in other countries is that the great majority actually do pay. Greece may tax the rich at higher rates. So what? Greece is the Olympic champion of tax evasion. Does not collecting a 50% tax raise more revenue than not collecting a 40% tax?
And, please, JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-67492918442352142002011-09-21T22:10:00.000-04:002011-09-21T22:30:40.597-04:00The Girl With the Family OfficeStieg Larsson's Millennium Trilogy seemed a promising choice for light summer reading – an escape from offshore tax shelters and the world of wealth management.
Except it wasn't. In The Girl With the Dragon Tattoo, Lisbeth Salander steals a fortune. Using her hacking skills, she moves 2.5 billion Swedish kroner, stashed abroad by a bad guy, into her own offshore accounts.
The Swedish films JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-28180274239858418022011-09-20T21:58:00.000-04:002011-09-20T21:58:44.815-04:00Age and InvestingLooking for highly capable investors? Start by avoiding people under 50 or over 80. (And remind those over-80s to set up living trusts!) See Jeff Marshall's blog post: Investing Skill Can Decline with Age.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-74561973038621197272011-09-18T20:27:00.000-04:002011-09-18T20:27:14.733-04:00172 Tax Breaks and What They CostThis Washington Post graphic shows what each tax break is expected to cost this year and allows you to sort breaks by category, such as education or health. Altogether these tax subsidies almost equal tax collections.JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com1tag:blogger.com,1999:blog-12131952.post-47709166830868588772011-09-16T21:35:00.000-04:002011-09-16T21:36:15.462-04:00From Laughter to LamentationSix years ago I used this quote in a blog comment because it seemed funny. Now . . .
Congress is the single strongest argument against Intelligent Design.
--Alan Abelson, Barron’s, 5/23/05
JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-71228420375836988382011-09-16T09:08:00.000-04:002011-09-16T09:08:16.488-04:00Contentious TrustsAcross the pond, The Society of Trust and Estate Practitioners has handed out its Private Client Awards 2011/2012. My favorite:
Contentious Trust and Estates Team of the Year: Taylor Wessing LLPJLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-35248829715499819652011-09-13T22:01:00.001-04:002011-09-13T22:02:38.296-04:00The Luxury of Getting Away From It AllFifty Septembers ago, when Chase ran this ad, movers and shakers could still get away from it all (except for those pesky "investment cares"). No mobile phones … no e-mail … no Internet access. What luxury!
JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-68963362332832644602011-09-13T09:57:00.000-04:002011-09-13T09:57:58.564-04:00Quote of the day:From Megan McArdle:
Providing stimulus through payroll tax cuts that are financed with tax hikes on other people is like trying to boost your household income by making your wife pay you to mow the lawn.Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-36394089665710373572011-09-12T17:51:00.001-04:002011-09-12T17:51:52.349-04:00Mitt Romney's Parable of The Faithless FiduciaryMarc Thiessen in The Washington Post:
Heated exchanges notwithstanding, the fact is that Romney and Perry both agree that Social Security is being run as a criminal enterprise. In his book, “No Apology,” Romney writes: “Suppose two grandparents created a trust fund, appointed a bank as trustee, and instructed the bank to invest the proceeds of the trust fund so as to provide for their JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-444253825972093192011-09-09T15:06:00.000-04:002011-09-09T15:06:53.558-04:00No more tax patentsBy 89-9, the Senate passed the patent reform legislation that, among other things, bars future patents on tax strategies. An estimated 150 such patents have been issued, and 160 are pending, but no more. A distinction is made for tax preparation software, which can still be protected.
In the old days laws firms used their caches of Private Letter Rulings as a type of intellectual property. Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-60112013990125364812011-09-09T10:17:00.000-04:002011-09-09T10:17:58.329-04:00Knight regs. are withdrawnFees paid for investment management services are subject to a floor of 2% of AGI. Trust fees are generally fully deductible. In Knight in 2008 the U.S. Supreme Court held that the 2% rule should apply to investment management fees paid by a trustee to an outside investment advisor. Going further, the Court held that only fees incurred because the assets were in an estate or trust (such as trust Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-12322452885429343302011-09-07T11:58:00.000-04:002011-09-07T11:58:10.240-04:00For Steve Jobs fansI'm one, you must know by now.
Here is one person's take on Steve Jobs' 10 Best Quotes for Advertising Agencies. Actually, I was underwhelmed by the quotes, but each one includes a link that sources it. So I'm really linking for the links. Those interviews cover a wide time frame. The Wired interview from 1993 is especially interesting.Jim Gusthttp://www.blogger.com/profile/03521913514595091124noreply@blogger.com0tag:blogger.com,1999:blog-12131952.post-9354615228529640072011-09-05T22:39:00.004-04:002011-09-13T09:30:58.650-04:00Can Investment Advisers Save the Economy?Savers and investors continue to suffer from an income famine. Yields on CDs are negative. Ditto for real, after-tax yields on ten-year Treasuries. Belatedly, financial journalists have realized that policies intended to bring banks back to life are toxic for savers and investors.
That's not the worst of it. What's bad for savers and investors is bad for the economy – especially now, as the JLMhttp://www.blogger.com/profile/04202556695741998690noreply@blogger.com0