Wealth management

Legislators and the public should be aware that carry-over basis problems of estate tax repeal could be a nightmare, according to the American Association of Attorney-CPAs.

The College for Financial Planning, based here, is offering advisor training for a financial planning designation that focuses on issues related to working with seniors -- a fast-growing age group that it says will represent 20 percent of the population within the next 25 years.

FPA SEEKS BOARD NOMINATIONS: The Financial Planning Association is currently accepting nominations for its 2006 board of directors.Members of the FPA's 2005 board will elect the 2006 board from candidates nominated by June 30, 2005. The 2006 board of directors will consist of up to 18 members, including three officers. The new members elected in 2005 will each serve three-year terms beginning on Jan. 1, 2006.

With more than 76 million Baby Boomers moving toward retirement, the need to save more money for a secure financial future is clear.These individuals, who currently constitute 29 percent of the U.S. population, are putting away only one third of the estimated amount that they need to retire comfortably.

Generally, property inherited from a decedent gets a basis equal to the property's fair market value on the date the decedent died. This rule applies regardless of whether a federal estate tax return is filed.However, the fiduciary of the decedent's death can elect to value all the property includible in the decedent's estate on the alternate valuation date, but only if that will result in a decrease in both:

April's landmark bankruptcy legislation helped change the world for spendthrift Americans.By virtue of the Bankruptcy Abuse Prevention and Consumer Protection Act, Congress reformed bankruptcy laws by taking away some privileges, and then the U.S. Supreme Court gave some of them back with a ruling that IRAs would be safe from creditors. Both actions have prompted CPA advisors to rethink the strategies available to clients whose finances get out of control.

The NASD has censured and fined Raymond James & Associates Inc. and Raymond James Financial Services Inc. $750,000 for violations relating to the firms' fee-based brokerage business.

In spite of President Bush's recent efforts to push his plan to overhaul Social Security, a majority of Americans surveyed disapprove of Bush's handling of the issue, according to a recent poll.

The Financial Planning Association, Moss Adams LLP and SEI Advisor Network are seeking financial planners to participate in their biennial compensation and staffing benchmark study.

With returns on both bonds and stocks dwindling, investors are seeking higher ground. Increasingly, that means that their money finds its way into alternative investments like hedge funds.

Washington - Nearly three-fourths of workers participating in a retirement savings poll said that employers' matching contributions of up to 5 percent of their salaries would greatly influence their decision to join a savings plan at work.

New York - Private securities class-action lawsuits spiked 16 percent from 2003 to 2004, with aggregate settlements topping $5 billion - the largest amount on record, according to a securities litigation study by Big Four firm PricewaterhouseCoopers.

HIGH COURT RULES CREDITORS CAN'T SEIZE IRAS: In a unanimous decision, the Supreme Court ruled that creditors cannot seize individual retirement accounts in a bankruptcy filing, thereby classing them with pensions, 401(k)s and Social Security, which are afforded protection under bankruptcy law.

It is common to parody accountants as tightly wrapped number-crunchers oriented more toward dollars than human emotions, religious beliefs, moral debates and political controversies.

For regular income tax purposes, qualified residence interest is deductible as an itemized deduction in computing taxable income.

A majority of Californians believe that they can do a better job of investing a portion of their Social Security payments than the government can -- even though 80 percent admit that they have little or no investing experience, according to a recent poll.

The Financial Planning Association filed a petition in a District of Columbia Circuit Court of Appeals challenging a Securities and Exchange Commission rule exempting certain broker/dealers from the requirements of the Investment Advisers Act of 1940.

The American Institute of CPAs, the AICPA Foundation, the National Endowment for Financial Education and the American Red Cross have launched a new, broad-based disaster preparedness and planning guide for consumers.

The American College, based here, and the National Association of Insurance and Financial Advisors have partnered to create the Financial Services Specialist designation, a new financial planning credential.

Employers and their advisors are still trying to puzzle through the creation of health savings accounts.