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Fall
2010 |
eNews
from Neiman & Associates Financial Services, LLC |
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Greetings!
Hello
and happy fall! In this edition of eNews:
- Get
the real deal on the Texting While Driving Ban that Massachusetts
just enacted
- Read
about how we helped a woman gain control of her family money and
liberate herself financially and emotionally
- Find
out how you can purchase paper holiday cards that help
save the earth.
We
hope you enjoy this newsletter as welcome all comments. As always,
feel free to pass this on to like-minded people.
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Donating
the Use of Your Vacation Home |
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Planning |
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Will
You Get a Tax Deduction?
Recently, a number of clients have asked me about donating the use
of their vacation home to a charity, say for an auction or a
raffle. Even though the charity may be a qualified 501.c.3
non-profit organization, you cannot get a tax deduction for the
donation because you are donating a partial interest in
the property. The donation of the right to use property is a
contribution of less than your entire interest. The only way you
could get a deduction for the donation would be if you donated the
your entire interest - in other words, giving the property to the
charity.
Though you may not reap the benefits of a tax deduction, if you
rent your vacation home, donating the use of your property to a
charity auction will increase exposure to potential renters. That
increased exposure may be more valuable than the tax
deduction.
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The
Ban on Texting While Driving...It is More Involved Than You
Think |
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Do
You Really Understand the Nuances of the New Massachusetts
Law?
The
Massachusetts ban on texting while driving that went into effect on
September 30, 2010 is more than what it seems. Yes, drivers are
forbidden to text while driving. But, the new law also forbids
drivers from using a phone to:
Additionally,
the new law prohibits drivers under the age of 18 from using cell
phones and mobile devices while behind the wheel. Drivers older
than 18 may use cell phones and mobile devices provided they have
one hand on the steering wheel.
I
wouldn't be surprised if other states implement these strict rules
or even if Massachusetts moves to a hands-free model like New
York.
Regardless
of what state you're in, please be mindful and safe while
driving.
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Case
Study: Helping a Client Take Control of Family Money |
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The Tangled Web Weaved
With Family Money
At
41 years old, my client Georgie (not her real name) was a bit
frustrated by the way her money has been managed. Georgie's Uncle
Wallace - the family patriarch - was a self-made man who did well
years ago in the stock market. For most of her adult life,
Georgie's Uncle managed her investment account as well as the
accounts of her siblings and cousins in this next
generation.
Unfortunately,
Uncle Wallace's management style was best described as
authoritarian. There was no room for questioning anything,
including why a certain stock was included or excluded from the
portfolio. Wallace made all the decisions and was the gatekeeper in
terms of distributions.
When
I first sat down with Georgie, I asked her what was important to
her - what she valued in life. Her answers focused on her family,
friends, creative expression through art, travel, and her desire to
enact change through social justice work. What I heard was that her
values reflected a certain view of the world that could carry over
to her investment portfolio. In other words, she could invest with
her values. When I reviewed her current portfolio managed by Uncle
Wallace, I saw just the opposite of who she was and what she stood
for.
I
spent some time coaching Georgie on what would be expected of her
if she sought control of her funds, as well as how to handle and
frame the situation with Uncle Wallace. I advised her
to present it as both a financial values decision as well as the
need to become an owner of the funds - responsible and
accountable for her own financial future.
The
good news is that Uncle Wallace agreed to let her control her share
of the assets. Plus, he was thrilled to learn that
she was being guided by an independent Registered Investment
Advisor and fee-only Certified Financial Planner who was more
like-minded and able to construct an institutionally-managed
portfolio that better represented her ideals.
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Order
Earth-Friendly Holiday Cards |
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A
Great (and Green) Idea
If
you're planning to order paper holiday cards, consider buying them
from PaperCulture.com. Paper Culture uses 100% post consumer
recycled paper for all its cards. And through its new Cards to
Trees program, for every new order, Paper Culture plants a tree on
your honor.
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More
Great Ideas |
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Visit our website for more
great ideas. And feel free to pass along your suggestions for other
ideas that we should post.
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Neiman
& Associates Financial Services, LLC
We
help clients transform complexity into opportunity so they can live
rich, rewarding lives.
Debra A. Neiman, CFP(R)
phone: 781.641.5700
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our mailing list! |
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