The Financial Industry Regulatory Authority, universally known as FINRA, is a not for profit organization (not a government agency) that regulates member brokerage firms and the brokers that deal with the public. All securities firms that are not regulated by another self-regulatory organization (the New York Stock Exchange, for example) are required to be a member of FINRA. A Securities Helpline for Seniors (844-57-HELPS) is currently maintained by FINRA, through which older investors can seek assistance for issues relating to brokerage accounts.
In response to the growing problem of financial exploitation of seniors, the Securities and Exchange Commission has approved
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Personal Wealth Law News
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The Best Advice on the New Tax Law Comes From Duke Ellington
By rlouis
Many years ago, Duke Ellington wrote the music to “Do Nothing ‘Til You Hear From Me”, and this remains good advice when deciding what to do about the new tax law. There are many changes in tax provisions that will take effect soon, and they promise significant benefits to business owners and investors. But getting the greatest advantage from these changes will take careful planning. And will require advice from your tax experts, whether they are lawyers or accountants. There will be a thousand summaries of the new law, but the best planning will dig into the specifics of the…
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The Early Baby Boomers- Their Long Final Act Begins
By rlouis
The baby boom generation (born from 1946 to 1964) is now entering retirement years, and the earliest members of this group are well into retirement, continuation of their careers in different ways, or encore careers. When this group was born, it began a boom in building housing. When they went to school, there was a boom in school construction; and so on. Now, there is a new set of needs, and decisions to be made. This is a complicated process, but you can’t turn your back on it. I’ve been through this decision process with a number of clients and…
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Why Estate Planning Is Still, And More Important Under New Tax Law
By rlouis
After much wrangling and dealmaking, both houses of Congress have passed bills making substantial changes to federal tax law. Although it’s not entirely certain, it seems likely that there will shortly be agreement on a tax bill to become law next year. The Senate bill doubles the exemption from federal estate tax, while the House bill goes further and eventually repeals the federal estate tax. So many fewer people (or no) people will pay the federal estate tax in the future. But there are reasons why estate planning will still be important, and perhaps more important, and here are a…
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The Tax Bill Cometh
By rlouis
It now seems more likely that a tax bill of some kind will be passed by Congress this year. One prominent DC tax lobbyist told me: “This is happening.” Whether or not you agree with all of the provisions now being offered (still subject to revision on a daily basis), the dramatic changes in tax law that would occur under such a tax bill merit close study. Of particular interest are the changes in the federal estate and gift tax law. At the least, the exemptions for estate, gift and generation skipping tax would be doubled, which creates the opportunity…
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Proposed Tax Law Changes: What To Do Now and Later
By rlouis