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For recipients and advisers alike one of the most difficult decisions to be made is when to start taking Social Security benefits.  A recent paper by David Blanchett, head of retirement research with Morningstar, seeks to shed light on how best to make this decision.  He has performed three claiming scenarios:  receiving benefits early (age 62 vs 66); delaying benefits past full retirement age (age 66 vs 70); and the maximum realistic delay period (age 62 vs 70).  The results suggest it is best not to begin taking benefits early.

In his report Mr. Blanchett says “Most retirees would be best served delaying Social Security benefits until at least full retirement age or later, and that delayed benefits are especially valuable for females, married couples, retires who expect to invest in relatively conservative portfolios during retirement and retirees who have longer life expectancies.”  The effective return achieved by a retiree from making the optimal Social Security decision can significantly exceed the return he or she could potentially earn by investing the money received from starting benefits earlier and investing the difference, especially in today’s low interest rate environment.  He found an investor would likely need to earn an annual nominal compounded rate of return, net of fees, of more than 7% to be better off claiming benefits early.

The Blanchett report confirms what most advisers have been telling clients.  Waiting is better!  Daryl Craft  March 31, 2013

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The top marginal estate and gift tax rate went from 35% to 40%, a significant raise but still much lower than the maximum rate of 55% from the late ’90′s.  And finally, the unification of estate and gift tax rates was continued.  You may recall that until fairly recently the rates were not the same.

Among other tax matters of significance resulting from the Bill was a new maximum tax rate of 39.6%, affecting taxpayers with income in excess of $400/$450M.  The exemption for Alternative Minimum Tax (AMT) was indexed.  Previously, each year Congress had to place a “patch” on the AMT, higher than the year before, to keep it from affecting many middle income Americans.  Qualified dividends and capital gains will be taxed at 20% for those tax payers with income in excess of $400/$450M.  For tax payers with lesser amounts of income the tax rates remain at 15%.  A Medicare tax of 3.9% will now be levied on investment income and capital gains for many higher end tax payers.

On balance the changes to the estate and gift tax area are acceptable.  The certainty they bring after several years of uncertainty is welcome and will make our lives just a little bit easier.   Daryl Craft  January 17, 2013

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The article does not reflect any managed assets held by either banks or trust companies.  According to the most recent available data, trust companies in Kansas manage over $23 BILLION in assets and bank trust departments manage about $8 BILLION in assets.  This might be a surprising statistic because it clearly shows that trust companies manage the majority of the wealth in Kansas.

If you have been thinking about changing advisers or contacting one for the first time, please call us or email us at GTRUST Financial Partners.  We would be pleased to visit with you!  Daryl Craft  November 8, 2012

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I am delighted to say that if you asked the same questions of GTRUST we would have the very same answers as Bessemer Trust.  First, all of GTRUST’s revenue comes from wealth management, either managing money or providing financial planning.  We have no other lines of business.  Next, GTRUST is privately held, with most of the ownership vested in four individuals…the senior managers of the company.  Many employees own stock as well.

Most GTRUST employees have money invested with the company, and all have money in the company retirement plan, which we manage as well.  No part of any employee compensation is based on sales but all compensation is based, in part, upon the quality of service we provide and the retention of current clients.  Finally, our investment officers are compensated based on long-term performance rather than short-term returns or assets under management.

Bessemer Trust has offices in several US cities, but the closest is in Denver.  And, Bessemer Trust has a $10 million minimum account size.  Now it seems to me that when you are looking for a top notch company to work with to manage your financial affairs, Bessemer Trust is a great choice.  But for most of us in Kansas and the Midwest, GTRUST is a great choice also…we’re closer and you don’t have to have ten million dollars to get started!  Give us a call or email us.  Daryl Craft  October 30, 2012

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If you want to find out more the investment scheme just mentioned follow this link: http://www.advisorone.com/2012/10/19/ponzi-schemer-blames-mysterious-one-eyed-man-uses?t=the-client&utm_source=dailywire101912&utm_medium=enewsletter&utm_campaign=dailywire

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