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C.H. Robinson

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Debt Ceiling Commentary

Written by Summit Wealth on .

Before heading into a sure to be news filled week-end, we want to give you our view on the debt ceiling and deficit debates that are nearing O.J. Simpson-like coverage. 

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United States Credit Rating is Downgraded By Standard & Poor’s

Written by Summit Wealth on .

Comments – United States Credit Rating Downgraded by Standard & Poor’s

August 7, 2011

Shortly after 8:00pm on Friday, August 5 came the news from Standard & Poor’s of a downgrade of the U.S. long-term credit rating from AAA to AA+.  A downgrade was in the back of many people’s minds, the question was still if, and if so, when.   

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Living with Volatility

Written by Summit Wealth on .

The current renewed volatility in financial markets is reviving unwelcome feelings among many investors—feelings of anxiety, fear, and a sense of powerlessness. These are completely natural responses. Acting on those emotions, though, can end up doing us more harm than good.

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Tax Planning Opportunity To Think About – Charitable Contribution and Required Minimum Distributions

Written by Summit Wealth on .

  • Required Minimum Distribution / Charity Opportunity:  A reminder, as we work our way to the end of the year and you still have a Required Minimum Distribution to take.  With the passage of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, Congress reinstated the ability of taxpayers to make direct qualified charitable distributions (QDC) from an IRA (up to a maximum amount of $100,000) by IRA owners who are at least 70½ years of age.  The maximum QDC is $100,000 per person for 2011
  • KEY PLANNING POINT:  The QDC  is not included in taxable income and therefore no tax is due on the distribution.  That said, no charitable deduction is allowed for the QDC.
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Estate Planning Exemptions Offer Opportunity in 2011 and 2012

Written by Summit Wealth on .

Estate Planning Exemptions for 2011, 2012 & 2013

Estate Tax Exemption:  For 2011 and 2012 the basic exemption is $5 million per person with a top tax rate of 35% for both years.   As things currently stand for 2013, the basic exemption amount will revert back to $1 million per person with no portability and a top estate tax rate of 55%.

Portability of Exemptions:  The 2010 tax act allows for the transfer of a predeceased spouse’s unused estate tax exemption to the surviving spouse if an election is made by the executor of the predeceased spouse’s estate.

NOTE:  Under the current law, the portability provisions sunset at the end of 2012. 

 

Gift Tax Exemption:  For 2011 and 2012 the basic exemption is $5 million per person with a top tax rate of 35% for both years.  As things currently stand for 2013, the basic exemption amount will revert back to $1 million per person and a top gift tax rate of 55%.

NOTE:  Portability does apply to the gift tax exemption.

 

Generation Skipping Tax Exemption:  For 2011 and 2012 the basic exemption is $5 million per person with a top tax rate of 35% for both years.   As things currently stand for 2013, the basic exemption amount will revert back to  $1 million per person and a top generation skipping tax rate of 55%.

        NOTE:  Portability does apply to the gift tax exemption.

KEY PLANNING POINT:  For those looking to transfer assets to their family while they are alive, it is important that you work closely with your financial advisor and estate planning attorney in 2011 / 2012 regarding potential strategies to ensure your gifting is accomplished according to your wishes. 

North Metro: 763.355.5873
227 East River Parkway
Champlin, MN 55316-5873

South Metro: 612.987.9112
5871 Crossandra Street SE
Prior Lake, MN 55372-3337

West Metro: 763.639.3425
322 Greenhill Lane
Long Lake, MN 55356

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