What are financial scams that target elderly victims?

posted by michaelgraycpa @ 8:16 AM
September 4, 2014

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, September 5, is with attorney Naomi Comfort of Silicon Valley Elder Law, P.C. Our interview subject is “Financial scams with elderly victims.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

How did Donald Sterling’s estate planning documents work?

posted by michaelgraycpa @ 8:31 AM
August 27, 2014

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, August 29, is with attorney Naomi Comfort of Silicon Valley Elder Law, P.C. Our interview subject is “Estate planning documents in action – Donald Sterling’s story.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, August 22, is with attorney Janis Carney. Our interview subject is “Veteran’s Administration benefits for long-term care.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

Update on socially responsible and sustainable investing

posted by michaelgraycpa @ 8:54 AM
August 13, 2014

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, August 15, is with Peggy Martin, CLU, ChFC, MSFC of The Family Wealth Consulting Group. Our interview subject is “Update on socially responsible and sustainable investing.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

New – Self-directed IRA and Roth accounts must be valued each year

posted by michaelgraycpa @ 8:32 AM
August 7, 2014

Minimum distributions are required to made from an IRA when the IRA is an inherited account and when a participant-owner reaches age 70 ½. The same requirement applies to inherited Roth IRA accounts. In order to compute the required minimum distribution, the fair market value (FMV) at the beginning of the year must be known.

Optionally for 2014 and required thereafter, the IRA custodian should report the fair market value of the assets held in the account as of December 31 of the year. The IRS has issued instructions for Form 5498 stating that the FMV for certain specified assets should be reported together with codes for the related assets. One of the specified assets is real estate.

The IRS has not specified how these assets should be valued. If appraisals are required, the cost of maintaining self-directed retirement accounts could increase dramatically, possibly prohibitively.

I asked a representative for the custodian industry who will be responsible for getting the valuation amounts. The response was the custodian will report amounts provided by the account owner. If the account owner can’t provide the information, the custodian will resign from the account.

How should you plan for long-term care for a long lifetime?

posted by michaelgraycpa @ 8:20 AM
August 7, 2014

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, August 8, is with Janis Carney, attorney at law of Carney Elder Law. Our interview subject is “Life care planning.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

How can making alternative investments help reduce your investment risk?

posted by michaelgraycpa @ 7:54 AM
July 31, 2014

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, August 1, is with Craig Martin, CFP(R) of The Family Wealth Consulting Group. Our interview subject is “Using alternative investments to reduce risk.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

California extends cancellation of debt tax relief for homeowners

posted by michaelgraycpa @ 9:58 AM
July 24, 2014

On July 21, 2014, Governor Brown signed AB 1391, extending California’s exclusion for cancellation of debt income for a principal residence through December 31, 2013.

Previously, the exclusion expired December 31, 2012.

This change conforms California’s exclusion effective date to the federal exclusion, which also expired on December 31, 2013. This item is one of the extenders that the U.S. Congress will consider, probably after elections are over in November, 2014.

Remember the limit for qualified indebtedness is much lower under California’s exclusion than the federal limit. It’s $800,000 for taxpayers who file joint returns, single persons, heads of households, and qualifying widows or widowers, and $400,000 for married persons or registered domestic partners who file separate returns.

The federal limit is $2,000,000 for most taxpayers and $1,000,0000 for married persons who file separate income tax returns.

California taxpayers who reported income from cancellation of indebtedness on their 2013 individual income tax returns should determine whether they can reduce their California tax by filing an amended income tax return.

What is the role of emotions in investing?

posted by michaelgraycpa @ 8:39 AM
July 23, 2014

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, July 125, is with Craig Martin, CFP(R) of The Family Wealth Consulting Group. Our interview subject is “The role of emotions in investing.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

What are the choices of forms for a business?

posted by michaelgraycpa @ 8:30 AM
July 16, 2014

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, July 18, is with attorney Bernard Vogel III of the Silicon Valley Law Group. Our interview subject is “Choices of forms for doing business.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.