| Merrill's letter sent in error
San Francisco resident Hanne O'Grady -- a German citizen but a permanent U.S. resident with all the appropriate paperwork -- wasn't sure what to make of a recent letter from brokerage Merrill Lynch. "Because of the complexity and diversity of investments that may be available to you, Merrill Lynch has determined that your account would be best served in the country of your origin and/or citizenship," the letter said. It went on to offer several different ways that O'Grady could close her account and take her business elsewhere. "Why wouldn't they want our money?" asked her husband, Donald O'Grady. "There's nothing unusual about this account. It's just an ordinary IRA with about $30,000 in it." I checked into it and learned that the O'Gradys -- along with about 400 other Merrill Lynch customers with smaller accounts and overseas connections -- had been sent the letter in error.
Homeowners missing out on grants
UP TO 36,500 homeowners across Bolton could be missing out on grants to make their homes more energy efficient. In the past year, nearly 3,000 residents have received grants of up to £2,700 to help pay for energy-saving improvements, such as cavity walling, loft insulation, draught proofing and heating improvements. But the government says many more could benefit from its £1.5million Warm Front Grant programme. .
Brown has ‘no regret’ over pension policy
Gordon Brown on Tuesday professed no regret over his decision 10 years ago to scrap a £5bn-a-year tax credit for pension funds as he saw off a Conservative assault in the Commons on his economic record. Mr Brown comfortably survived a Tory censure motion that was rejected by 298 to 233, a majority of 65, at the close of a six-hour debate. .
Business Workshop: Private annuities, pension advice
The Internal Revenue Service wants to change the rules on exchanging property for a private annuity. The result could be the loss of a key tax break for many people with private annuities. For years, people have transferred property that has appreciated in value to someone likely to inherit it. In exchange, the person receiving the property makes an unsecured promise to make periodic payments for the rest of the life of the giver, thus creating a private annuity. It used to be that the IRS allowed the gain from the private annuity to be taxed over the lifetime of the person who is receiving it, called the annuitant. Now the IRS wants to tax the annuitant on the gain in value of the property the moment it is given away. If the IRS goes through with this proposed rule change, the use of a private annuity to transfer wealth between generations will lose all its allure for many taxpayers.
American Adults Still Expect to Retire With a Pension, According ...
NEW YORK, April 10 /PRNewswire/ -- Nearly half (48 percent) of all non- retired adult Americans expect to retire with a pension, according to a new poll conducted by Harris Interactive for the American Institute of Certified Public Accountants (AICPA). "Despite all evidence to the contrary, pensions are still regarded as a safety net for retirement," said Carl George, CPA, Chair of the National CPA Financial Literacy Commission. "Americans have to understand that many of the entitlements of their predecessors are not guaranteed. It is up to them as individuals to prepare for retirement. Otherwise, they may find themselves working far longer than they had intended." The safety net of a pension plan may not be there for many American workers, as more and more companies shift from defined benefit plans to defined contribution plans such as a 401(k).
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