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Gene Todd, Executive Vice President/Managing Director of First Bank's Wealth Management Group

From monthly archives: January 2017

We are pleased to present below all posts archived in 'January 2017'. If you still can't find what you are looking for, try using the search box.

Last Minute Change May Have Left Some Taxpayers in a Bind

On December 23, 2016 the IRS quietly issued a notice that may have left some taxpayers counting on a charitable deduction in a pickle. The IRS deemed syndicated conservation easement transactions as a “listed transaction”. Which doesn’t sound so bad but a “listed transaction” is essentially IRS terminology for tax avoidance strategy. What is a Conservation Easement? At a very high level, the basic mechanics of the strategy starts when a landowner voluntarily places restrictions on the land (or a portion of the land) and then donates that right to a qualified organization. The idea is to conserve the land, typically from development, while the landowner can continue to own and use the property. In exchange for contributing to the greater good, the landowner is allowed a significant income tax deduction. The catch is the easement stays with the property in perpetuity. So if the property is ever sold this could reduce the sale price. Conservation easements have been around sin ...

2017 ESTATE PLANNING RESOLUTIONS

footer{ background-color: # 13294b; height: 100%; position: absolute; width: 100%; text-align: left; color: white; } Estate planning is a necessity too often overlooked. Knowing that your affairs are in order provides peace of mind for you and your family the whole year round. A checklist to help you get your estate planning started. Get Organized – Inventory all items of your financial life. Visit your financial/wealth planner.  (Retirement, Estate, College, Tax planning) Create/Update Estate Plan.  (Will, Trust, Durable Power of Attorney, Healthcare Directive, HIPPA Form) Update beneficiary forms.  (IRA, 401(k), Insurance, Retirement & Savings accounts) Evaluate your Insurance coverage.  (Life, Long Term Care, Short & Long term Disability, Umbrella Insurance) Protect Your Business – Business Succession Planning Meet with your Investment Advisor - Create an investment plan, stick with it and rebalance y ...

Tax Updates for 2017

Every year in the fall, the Internal Revenue Service announces the annual inflation adjustments for the next year. For 2017, the biggest news is there is very little change. Due to the low cost-of-living index, most of the figures did not meet the threshold to trigger an increase. Summarized below are a few highlights comparing 2016 and 2017:

 

The data contained in this article is for information purposes only and is not intended for legal, tax or accounting advice. The information was taken from sources we believe are reliable and may be subject to change.

Capital Markets Update – 2016 in Review

First Bank Wealth Management The past year was a wild ride for investors with several twists and turns along the way, yet for those who were able to stay the course, the U.S. stock market as defined by the S&P 500 turned in a very healthy 12% return for the year.  This despite starting the year with its worst opening week ever in the history of the stock market with a decline of around 6% after the first five trading days.  The rest of January wasn’t much better and by early February, the S&P 500 had fallen around 10% on concerns over China's slowing economy, falling energy prices and fears of a global economic slowdown.  But as oil prices eventually recovered and fears of a global slowdown faded, the market rebounded strongly over the rest of the year gaining almost 25% from its February lows through the end of the year. The next major event to worry investors occurred in June when the U.K voted to leave the European Union commonly referred to as “Brexit” s ...

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All First Bank blog information and content is strictly informational. It is not intended to be specific investment, tax, or legal advice. If you need detailed financial, investment, or tax advice, please contact a First Bank qualified professional. Please note, First Bank occasionally shares third-party content we find to be relevant and helpful to our audiences.