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FULBRIGHT FINANCIAL CONSULTING, PA 

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Covid Hits Private Wealth

Covid Hits Private Wealth The Coronavirus is leaving a path of economic devastation, transforming the landscape of investing and taxation, and it’s challenging families to act on new risks and opportunities in managing their wealth. It’s an abrupt change in conditions, and it amounts to a "perfect storm“ threatening family wealth. Across the nation, state governments are forecasting huge budget shortfalls State and city tax revenues have plunged in the pandemic but government services, like transportation and police, continued to be provided, with no letup in expenses. Meanwhile, federal government emergency stimulus payments to individuals and financial aid to businesses have added a whopping $2.4 trillion to Uncle Sam’s long-term debt! And for the first time, the national debt is larger than the annual gross domestic product! With hikes to state and federal income taxes as well as transfer taxes on the horizon, it’s wise to review your situation with this new tax outlook in mind. For individuals with taxable estates, the current $11.58 million per person exemption from estate and gift tax will be cut in less than half on January 1, 2026. However, the exemption amount could be slashed much sooner, depending on the outcome of the November 3 election. Maximizing annual gift-tax exclusions, making charitable donations, and establishing trusts can make a big difference in preserving your family’s values, and the downside risk of failing to plan has increased. Every month, the IRS releases the minimum interest rates you are permitted to charge on loans to family members, trusts, and other entities. With this "applicable federal rate" currently at less than 1%, loans may be a savvy way to transfer wealth to the next generation for buying a home, starting a business, or making charitable bequests. With the pandemic potentially lowering the value of real estate and business assets, and frequently causing stock market volatility, optimizing low rates to make intrafamily loans may suddenly be a more viable solution to reduce taxes and boost your legacy. Finally, with tenants more often unable to pay rent, and a tidal wave of small business failures expected, landlords and business owners suddenly face an explosion in their liability exposure. Asset protection strategies to mitigate personal liability and creditor exposure require preparation before a problem arises or may not hold up to legal challenge. The destruction wrought by the virus crisis has changed tax and financial conditions and requires proactive engagement of family members as well as advice from tax, legal and financial professionals. Please contact us with any questions or to set up a meeting fulbrightteam@moneyful.com , and don't hesitate to share this video with people who might benefit from our work

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Covid Crisis and Your Financial Affairs

.Covid Crisis And Your Financial Affairs The Covid pandemic is causing families unimaginable suffering and grief, and it’s forcing many individuals to confront mortality, to consider in very real terms what will happen when their life is coming to an end. What happens to you at the end of your life is governed largely by a handful of documents. A durable power of attorney permits someone else to manage financial matters while you’re living, empowering someone you name to pay bills, write checks, or sell and purchase assets on your behalf. A health care proxy and living will names someone to make medical decisions if you’re unable to express your wishes and contains instructions about end-of-life care. This is top-of-mind for a lot of people now, understandably. A last will and testament provides the details take effect at your death for disposing of your property, and should be reviewed annually to make sure that the trustee and executor as well as guardians of minor children you appoint conform to your current wishes. A revocable trust also provides for the disposition of your property after you die but avoids the probate court process. Because courts across the country were shut down for a time and are are dealing with a surge in filings and probate cases due to the pandemic, it’s more important to have a revocable trust to avoid probate court delays. To set up a revocable trust, you’ll need to retitle bank and brokerage accounts, real estate, and other assets, so it involves signing documents with a witness present and this has become more complicated during this time of social distancing, but remote signings can be done online. It’s important to speak with family and friends, or whomever you’re appointing, about your wishes, so that they’re aware of your plans. You also want to be certain beneficiary designations on retirement plans and life insurance policies are up to date. Please contact us with any questions or to set up a meeting fulbrightteam@moneyful.com , and don't hesitate to share this video with people who might benefit from our work

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What Is Your Charitable Philosophy with Kris Putnam-Walkerly and Ed Fulbright on Mastering Your Money Radio

We’re all trying to slow the spread of SARS-CoV-2 and protect those at risk and philanthropists are in a unique position to help — but only if they have the ability to mobilize quickly, appropriately and effectively. If this global pandemic is teaching us anything, it’s that we can be responsive and flexible in the face of adversity—at a massive scale. Regardless of a philanthropist's focus, there are effective ways to soften the curve of crisis for grantees working to advance change. Now, the best known philanthropist are usually billionaires because their gifts have a lot of zeros. Robert F. Smith who paid off all the student loans of the graduating from Morehouse College, Warren Buffett who is giving away his fortune to the Gates Foundation and John Rockfeller whose foundation is about the well being of humanity in the world. The definition of philanthropist is to love humanity. Today, philanthropy means generosity in all forms. It is often defined as giving gifts of the 3 Ts (time, talent and treasure) to help make life better for other people. You do not have to be a millionaire or billionaire to be philanthropist. You can practice philanthropy by making a monetary gift, such as a donation to a cause you believe in.

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A Great Jobs Surprise, But Stay Realistic By Fulbright Financial Consulting, PA

After suffering from the effects of the coronavirus pandemic for four months, the ailing U.S. economy was widely expected to suffer another loss of four and a quarter million jobs in May, but in a stunning surprise the economy instead created 2.5 million jobs! The news was a complete surprise and a major step toward a recovery, but the road back is still likely to take many months

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Career Intelligence Quotient With Kwame Salter and Ed Fulbright on Mastering Your Money Radio

Unless you’ve given up on your career or feel that you have plateaued, the idea of getting promoted remains a driving force behind your day-to-day performance. Conventional wisdom and some empirical data suggest that the first ninety days in a new job are critical in determining if you are going to experience a ‘hard or soft landing’. One arrives at a new place without the benefit of what I call ‘relationship equity’. Relationship equity is the value that comes from knowing and working with others. The problem is that ‘relationship equity’ does not transfer to your next company–you earn it. Again, per research, you have 90 days to start building this type of equity with your new colleagues. In addition to building relationship equity, figuring out how to efficiently transition from the old job to the new one is critical. Regardless of whether the promotion is internal or to another company, the crucial question is “Whose job are you working on?” Unless you’ve given up on your career or feel that you have plateaued, the idea of getting promoted remains a driving force behind your day-to-day performance. Conventional wisdom and some empirical data suggest that the first ninety days in a new job are critical in determining if you are going to experience a ‘hard or soft landing’. One arrives at a new place without the benefit of what I call ‘relationship equity’. Relationship equity is the value that comes from knowing and working with others. The problem is that ‘relationship equity’ does not transfer to your next company–you earn it. Again, per research, you have 90 days to start building this type of equity with your new colleagues. In addition to building relationship equity, figuring out how to efficiently transition from the old job to the new one is critical. Regardless of whether the promotion is internal or to another company, the crucial question is “Whose job are you working on?”

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Fulbright Financial Consulting, PA Duham NC On A Case For Bull Market

A Case For A Bull Market In 2020 What if the optimists are right? What if the glass is half full? Although no one can predict the next move in stocks, and you don’t want to bet your retirement on it, it’s not hard to see the case for a bull market in 2020 — even after a spectacular year for stocks in 2019. The Standard & Poor’s 500 index historically trades at a market multiple of 16 to 18 times its expected earnings. Put another way, the average share in the S&P 500 historically is priced at between 16 and 18 times every dollar of profit per share it’s expected to earn in the next year. Lately the price of the S&P 500 has been trading above the normal valuation band, at about 19 times expected earnings. Normally that would be a sign of overvaluation, but what if the market multiple continues to expand? The Standard & Poor’s 500 index historically trades at a market multiple of 16 to 18 times its expected earnings. Put another way, the average share in the S&P 500 historically is priced at between 16 and 18 times every dollar of profit per share it’s expected to earn in the next year. Lately the price of the S&P 500 has been trading above the normal valuation band, at about 19 times expected earnings. Normally that would be a sign of overvaluation, but what if the market multiple continues to expand? The latest economic data from The Conference Board on the leading economic indicators, the Census Bureau on housing starts, and the Bureau of Economic Analysis on real disposable income all confirmed The Wall Street Journal’s most recent consensus forecast of economists for an expected growth rate of just under 2% for the next five quarters and the S&P 500 index once again broke all-time high price records on the news. While you never make financial plans based on things going right, sometimes the glass indeed is half-full. Please contact us with any questions fulbrightteam@moneyful.com or to set up a meeting, and don't hesitate to share this video with people who might benefit from our work.

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