NEW YORK- Wall Street drifted through a mixed Monday to open a week that could bring more action to financial markets, with several big reports on the calendar. The market was coming off a week with relatively few reports to give hints on Wall Street's central questions: When will the Federal Reserve halt its hikes to interest rates and begin cutting them, and can…
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"I think they will remain leaders next year," said David Kostin, chief U.S. equity strategist at Goldman Sachs. Experts are turning more bullish on the economy and the stock market for next year amid a widespread belief that the Federal Reserve has finished raising interest rates. Consumer prices rose 3.2% in the 12 months through October, and the Fed has boosted…
If you've invested in an IRA for many decades, it may well turn into a key source of income for your retirement. Still, you might not deplete your IRA in your lifetime, especially if you also have a pension or a 401 and other investment income. Inheritors of Roth IRAs are also required to follow the 10- year distribution rule but are not subject to income taxes on…
Spontaneous family wealth discussions can lead to regrets
Nearly four in five wealthy families have had unplanned discussions about wealth, with 26% later regretting it, according to a recent study.
—The Federal Reserve is likely to make significant cuts to interest rates next year beginning as early as March, according to a new estimate from UBS Investment Bank. Slowing inflation could enable a 2.75 percent decrease in the interest rate over the course of the year, nearly halving the current rate of nearly 5.5 percent, UBS said. UBS Chief Strategist Bhanu…
A St. Joseph man has pleaded guilty to leading an $8 million wire fraud conspiracy that cheated hundreds in the guise of running a Christian health care sharing ministry. Reynolds, CEO of the tax-exempt organization, admitted it collected more than $8 million in member "contributions," yet paid only 3.1 percent in health care claims. The Medical Cost Sharing…
Long-term care: Don’t be afraid of too many choices
Having too many long-term care options can prove daunting for advisors and clients. But it doesn’t have to be that way.
James C. Capretta, fellow at the American Enterprise Institutes, asks, "How can the largest items in the federal budget, Social Security and Medicare, be preserved without more borrowing?" Due to the growing gap between Social Security and Medicare contributions and payouts borrowing, the federal government is on the edge of a financial crisis and must borrow to…
NEW YORK— Wall Street is drifting Monday to start a week that could bring more action to financial markets, with several big reports on the calendar. The market is coming off a week with relatively few data reports to give hints on Wall Street's central questions: When will the Federal Reserve halt its hikes to interest rates and begin cutting them, and can the…
Most Americans aware of LTC’s importance, but few have started preparing
Many Americans have not taken any steps to prepare long-term care plans despite being keenly aware of its importance, a study found.
New data from CFP Board reveals that more than 6 in 10 LGBTQ+ investors (61%) report feeling financially secure.
-Entering the holiday season with high-interest debt or financial struggles can put you at risk for a debt hangover that could linger for years. Credit card balances rose to over $1 trillion in the second quarter of 2023, according to a report by the Federal Reserve Bank of New York. The average rate for credit cards assessed interest as of August 2023 was 22.77%,…
If you choose, there are always plenty of worries to be found in financial news. On the current docket, you could worry about a government shutdown. This possibly could happen in a few weeks unless Congress comes to an agreement.
Life insurance: Helping clients achieve tax avoidance
Cash value life insurance is a “tax me never” asset for clients in retirement, two insurance company executives said at a recent industry event.
The U.S. Department of Justice issued the following news release on Nov. 9, 2023:. A federal grand jury in the Eastern District of Texas returned an indictment yesterday charging a Texas couple for operating an illegal pyramid scheme that defrauded thousands of participants of more than $10 million. According to court documents, LaShonda Moore, 35, and Marlon…
Imagine with me, for a couple of minutes, the looming spectacle of Tom Brady in a Florida courtroom, defending his business ties with convicted fraudster Sam Bankman-Fried, the founder of failed cryptocurrency firm FTX:. You know the fraud and conspiracy that Mr. Bankman-Fried was just convicted of? Well, Mr. Brady sold that fraud and conspiracy to investors.”.
Charlotte Hornets' LaMelo Ball, family business sued for $200M for fraud and trademark infringements
CHARLOTTE– Charlotte Hornets' guard LaMelo Ball, his family business, and PUMA are being sued by family friend and former business partner, Alan Foster, over claims of trademark infringement and other acts of fraud. That brand became known as Big Baller Brand, Inc., and Foster, LaVar Ball, and Tina Ball each had 33 percent ownership. Queen City News reached out to PUMA…
Last week, the Federal Reserve did the right thing by leaving well enough alone, keeping the benchmark interest rate at about 5.4 percent. With the acute pressure that the board and Chair Jay Powell in particular have faced in the past several months, we're glad they've had the wisdom to know when to step back. These critics pointed to the 1970 s and the reign of Paul…
Consumers and investors were spared from a 12th rate hike when Federal Reserve officials voted in November to keep their benchmark borrowing rate steady. Don't take the pause as an indication that officials are ready to sound the all-clear on their firefight against inflation. Fed Chair Jerome Powell's main message after the Federal Open Market…
—Three men have filed a lawsuit against the Church of Jesus Christ of Latter-day Saints– also known as the LDS or Mormon church– and its investment arm, Ensign Peak Advisors, Inc. The men, at least one of whom remains an active member of the church, according to the lawsuit, allege that the church had fraudulently induced them into making donations.
