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F i n a n c i a l , L e g a l & Ta x N e w s l e t t e r

Volume 1, Issue 1 February 2012


The Offices of 9315 is a collective group of professionals in the areas of law, tax, and financial planning. We work collaboratively or independently depending on the individuals situation. Experience has shown us that most clients have overlapping needs, therefore, we have established an office that can provide access to a cohesive plan for taxes, legal, and estate needs. These include short and long-term financial goals all in one location. We see ourselves as advocates for our clients, assisting them and their families to achieve their goals and dreams as we walk through life with them. We accomplish this goal with integrity, passion, compassion, and service.

Financial Information by Lonergan Advisors, LLC.


and inexpensively. There is a relatively simple solution to this common mistake. Who cares if this mistake is not found and fixed? Certainly not the IRS. It profits from the mistakes of omission or commission made by others. The parties who care most are those that must make do with less or do without. Think about it. Mistake One: You named your estate as beneficiary. The Problem: Naming your estate as beneficiary of your life insurance dooms the proceeds (in many states) to needless state inheritance taxes or to a higher rate than if the proceeds were payable to a named beneficiary. This mistake also makes it certain that creditors have full access to the life insurance proceeds even though most states laws provide full or significant exemption from the claims of creditors for life insurance payable to named beneficiaries such as a spouse, children, parent, or sibling. By naming your estate as your beneficiary, you guarantee that the precious dollars you wanted to go to a loved one will be subjected to the expense and potential aggravation and delay of probate. The Solution: Change the beneficiary of your group insurance at work and your individually owned policies to the persons or organizations you really want to receive it. Cut out the taxman and others who you dont want to be recipients of your life insurance.
By Steve Leimberg of Leimberg Associates. Insurance products are issued by AXA Equitable Life Insurance Company (AXA Equitable). Variable life insurance is co-distributed by affiliates AXA Advisors, LLC and AXA Distributors, LLC, New York, NY 10104. Reprinted with the permission of Stephen R. Leimberg. 2010 AXA Equitable Life Insurance Company. All rights Reserved. 1290 Avenue of the Americas, New York, NY 10104, (212) 554-1234. G23868. GE-53401 (2/10) Cat. #139112 (2/10).

This entire commentary is devoted to mistakes involving your personal and business life insurance. The mistakes are those that have occurred over and overin fact, countless times. Each of these mistakes has two things in common: First, each has potentially serious consequences in terms of both expense and aggravation. Second, each could easily have been avoided, or if found in time can be corrected quickly

Legal Estate Planning by Crain & Skillern, PLLC


Lions, tigers and bears! Oh my! Sometimes thinking about estate planning is as scary as a pack of wild animals. Understanding wills and trusts might make one feel as if they arent, perhaps, in Kansas anymore, but the differences and similarities are easy to learn. Let start small. Wills and trusts both dispose of property after death. Both are documents that dictate your wishes in written form. Wills and trusts do differ in the following ways: Privacy. Wills are private documents until they are entered in a probate proceeding. Probate proceedings are open to the public, and anyone can see how your estate was distributed after your death. Trusts are private documents. The public will be able to see that you have created a trust, but the public will not know the contents of the trust. Further, trusts are not entered into probate, and the distribution of assets will never be open to the public. Disability. A will makes no provisions for disability. A trust allows for a successor trustee to manage assets without the need for a court proceeding. Cost. Wills are less expansive in the short term, but heirs might incur more costs after death in probate attorney fees. Effort. Wills require only the effort to write one. Trusts require a little more time investment, in the transferring of assets into the trust. However, this process can (and should) be done by your trust attorney. Creditor protection. Neither wills nor trusts can shield their makers from creditors. Trusts can include provisions that shield its assets from heirs creditors. Crain and Skillern, PLLC is more that happy to provide this peek behind the curtain. If you have any questions about your estate, please contact us today at crainskillern@gmail.com.

"A group of professionals have collected together at one location, 9315 South Toledo Avenue in the Ashton Creek office complex, to offer streamlined services to women and families." ~Tulsa World
The Offices of 9315 Financial, Legal & Tax

Contact Us Today!
Financial:
Lonergan Advisors, LLC Marilee Lonergan, MS Financial Professional (918) 392-5477 Essential Strategy Consulting, LLC Gwen Stevens Financial Organizer (918) 557-5259

Tax Information by Lisa H Rhynes, CPA.


Lets Discuss the Tax Consequences of Selling Your Home If you meet certain requirements, you can keep a significant portion of the profit of the sale of your principal residence without having to pay tax on the gain. Any gain is taxed as a capital gain so the amount owed is not as high. However, any losses on the sale of a principal residence are not deductible. When you sell your principal residence, you can exclude from income up to $250,000 in gains ($500,000 if married filing jointly or a surviving spouse if the sale is within two years of the other spouses death). If you realize a gain on the sale greater than the exclusion, that amount is taxed at capital-gains rates. To qualify, you must have owned and used your home as a principal residence for at least an aggregate of two of the five years preceding the sale. The exclusion is available even if you took temporary absences, including vacations, or rented out the home while not living there. Special rules are provided for sales of the home due to certain health issues, employment reasons or unforeseen circumstances, and for members of the uniformed services. Keep in mind that if you took a First-time Homebuyer Credit, you may have to repay or recapture some or all of the loan/ credit in 2011. Also, if you used your residence as a home office, you may need to make other adjustments. Please contact Lisa H Rhynes, CPA at (918) 698-1698 for more information.

Legal:
Crain & Skillern, PLLC Estate Planning, Business Incorporation & Organizing www.crainskillern.com crainskillern@gmail.com Emily Crain, Esq. (918) 855-1774 Penni Skillern, Esq. (918) 805-2511

www.9315tulsa.com
Financial Organization by Essential Strategy Consulting
hard-earned dollars are going. Mindfulness - [mahynd-fuhl] adjective - attentive, aware, or careful. Schedule an appointment with yourself. Mark your calendar ~ once a week or once a month to take time to review your financial statements. Spend some time being mindful of where your money is going. What are your biggest expenses? Are you spending your money on what is really important to you? Are you surprised at how much you are spending on a particular item or service? Hey, when did my cell phone bill get to be $300/ month? Are you spending more money than you are bringing in every month? Once you get in the habit of reviewing where your money is going and how much you have to spend, you gain back some control and peace of mind. You are less vulnerable to mistakes or fraud against your accounts and you are able to make changes based on what is most important to you. Please contact Gwen Stevens of Essential Strategy Consulting, LLC at (918) 557-5259 for more information.

Financial Mindfulness The world is a busy place. Each of us runs out of time to get the things done that we all think are important. Few of us even balance our checkbooks each month, only glancing at the ins and outs of our checking, credit card or investment statements. We all could use a bit more mindfulness when it comes to keeping track of where our precious

Tax:
Lisa H Rhynes, CPA Individual, Estate, Trust & Small Business Tax Consultant (918) 698-1698