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Vol. 2 Issue 5 - May 2010 - www.cannonfinancial.com
Planning Ideas - GRATs Remain in Season
 Since 1990 the value of property transferred to certain grantor trusts has been determined under what is known as Chapter 14 of the Internal Revenue Code. Under the general rule, when a grantor makes a transfer in trust to or for the benefit of a family member and retains an interest in the trust, the retained interest is valued at zero, regardless of the actual value of the retained interest. Consequently, the transfer tax benefits are comparable to an outright gift. That is, the transferred property along with post-transfer appreciation is shifted to the remainder person, but the value of the gift is the full fair market value of the property transferred.
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Practice Management -
Best Practices of Wealth Managers
 Advisors are often encouraged to transition from their role as investment advisor to the broader role of wealth manager. While there are various definitions of wealth management, one widely accepted definition is as follows:
“Wealth Management is an advanced investment advisory discipline that incorporates financial planning and specialist financial services. Read More.
Taxes - Paying for Healthcare
 The Health Care and Education Affordability Reconciliation Act of 2010 (the "Act"), signed by President Obama on March 30, 2010, guarantees coverage to many who are currently uninsured and expands coverage to those to whom it might have otherwise have been denied due to pre-existing conditions or the onset of illness at the time when the coverage is most needed.
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Workforce Training Grants - Training for New and Current Employees
Jane W., Senior Vice President at Great National Bank, believed that the bank’s Commercial Bankers were missing opportunities to refer owners and executives of client companies to the Private Bankers she supervised. Eugene K., who led the Commercial Banking operation agreed and felt that the recently expanded wealth management capabilities offered by Private Bankers would be a great “value-add” and differentiator for his Commercial Bankers.
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