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February 2014 News

February 2014 News

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Feature Educational Article | By Michael Nelson, Esq.
FATCA Comes Online July 1, 2014
Two extensions have been granted by the U.S. Treasury before FATCA, Foreign Account Tax Compliance Act.  Very recently, notable organizations including the American Bankers Association, Clearing House Association, International Bankers Association, Securities Industry and Financial Markets Association as well as foreign governmental bodies are seeking a further delay.  However, the U.S. Treasury and the Internal Revenue Service had now clearly stated on 30 January 2014 that there will be no further extensions.  FATCA will become active on 1 July 2014.Many of my international clientele have expressed shock to me that their foreign financial institutions have been asking all account holders to complete an organizer to be shared with the IRS or have their long-standing bank accounts closed immediately.  From my various communications, in summary, these are the questions asked:Read the full story
Planning Ahead for Medicaid: The Last, Best Valentine’s Gift
By: Mike Anthony, J.D.
Medicaid Planning is about helping people who are in crisis or might face a crisis provide for their loved ones.
If you’re like me, you have been looking high and low for what to get your spouse or loved one for Valentine’s Day that tells them how much you care about them.I want to add this to your thoughts this Valentine’s Day: Often the best thing we can do for a spouse is proper long-term care Medicaid planning.Consider it the last, best Valentine’s Day gift ever! We look out for and care for our partners throughout life, but many people neglect planning for the day when they might be incapacitated and need long-term care. The lack of planning can be disastrous to a spouse. Medicaid planning is not about taking advantage of the system or helping the super-rich preserve inheritances. At the heart of it, Medicaid Planning about helping people who are in crisis or might face a crisis provide for their loved ones. Read the full story
Why “MyRA” is Useless
By: Roccy DeFrancesco, JD, CWPP, CAPP, CMP
The MyRA is really designed for someone who has little or no savings and wants to do something simple.
Ok, I’ll admit it; I was one of the few who watched President Obama’s State of the Union Address. What can I say; I’m an information junkie. The speech to me was boring and a retread of past speeches except for the unexpected announcement on the MyRA (My Retirement Account).The MyRA got my attention; and as the pundits have talked about it now for a week, I imagine many Americans wonder what it is. As such, it is important for advisors (financial planners, insurance agents, etc.) to know the basics about it and, even more important, why it’s nearly a useless savings tool.Read the full story
By Michael Nelson, Esq. Read about author

February | 2014

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