January 2011
January Meeting:
Linda Weathers on Short Sales and Loan Modifications
>>> REGISTER NOW FOR JANUARY 25 <<<
Plan to attend the Tuesday, January 25 meeting to hear Linda Weathers speak on Short Sales and Loan Modifications.
Linda's company, SA Short Sale Services, has been processing short sales for three years. They’ve seen a lot of change in the real estate market over those years - and they believe it will continue as it is for years to come. In her presentation, Linda will briefly go over the market numbers, loan modifications, short sales, the HAFA program and any related topics that can fit in the question and answer session.
Linda Weathers is a licensed real estate broker, mortgage broker, investor and speaker on the real estate industry. She has lived her whole life in Santa Clara County -- grew up in Sunnyvale, lived in Campbell, Santa Clara, San Jose, Mountain View -- she knows this valley and its markets. She has been involved in real estate in one form or another for ten years. Prior to that, she was in high tech materials management for 20 years managing millions of dollars of inventory and production planning.
She has a relaxed style and likes casual, but direct communication. Her primary focus is on the distressed market -- people who need help with the real estate that they can no longer afford or will not see a positive equity position again for a long time. She takes her fellow homeowners plight very seriously and personally and she fights hard to get the best result for her clients.
Linda works with agents in other markets to help them do their best for their short sale clients, too! This keeps her in tune with what's happening around the country. She processes short sales in numerous states including: Illinois, Florida, South Carolina, North Carolina, Texas, Arizona, Nevada, Idaho, Utah and more to come.
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December Meeting: Tax Updates and How to Review Client Tax Returns
Kent Noard, of FLN Financial Group, spoke last month on potential tax updates and on what to look for when reviewing a client's tax returns. Kent feels that there is a good chance that the Bush tax cuts will be extended. There are expanded reporting rules for 1099's which will require many of your clients to collect W9 information in order to issue them. For example, landlords will be required to issue 1099's for goods and services received over $600, which may now include service people like plumbers and other one-time contractors. There are some tricky changes in the basis for reporting gains on stocks. If you receive stock as a gift, the basis is the donor's basis (i.e. what the donor paid for it) not the fair market value. This makes it difficult at times to determine the basis at all. Kent also made observations about Roth IRA conversions, the Alternative Minimum Tax, and extensions.
On the topic of reviewing client tax returns, Kent pointed out a wealth of information that can be gathered from looking at the tax return that may not be apparent in a financial intake form. A few highlights of his many points include: Check the address. If the client's address had changed in the past year, you may want to check to see if the client has an appropriate level of homeowners insurance, has umbrella coverage, and appropriate titling. If the dependents listed are different from those listed on the intake form, the dependency status may have changed (or you may have an issue). If a parent is listed as a dependent, the client is unlikely to be expecting an inheritance from that parent and may need to plan for future care. If the client has had unemployment compensation in the past year, a review of their health, life, and disability coverage may be appropriate. There may also be pension rollover considerations and potential cash flow issues.
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Directory Now Up to Date
The Financial Planning Forum membership directory is now up to date. To look up a current member, go to www.financialplanningforum.org and select the Membership Directory link.
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New Dates for Committee Meetings
Are you interested in getting more involved with the Financial Planning Forum? Both the Program Committee and the Membership Committee currently have openings for new members.
Program Committee: Plan Forum Programs
David Sacarelos, Program Committe Chair, is looking for volunteers interested in helping plan future Forum programs. The group will have an initial meeting on Wednesday, January 26 at David's office, Seiler LLP, Three Lagoon Drive, Suite 400 Redwood City, CA 94065. You can contact David at dsacarelos@seiler.com.
Membership Committee: Enhance the Membership Experience
Joel Jakubson, Membership Chair, is looking for volunteers interested in looking at ways to enhance the membership experience for our current members, as well as ways of attracting new members to the Forum. If you are interested in participating in the Membership Committee, contact Joel at joel@jakubson.com or call him at (415) 309-1678.
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Renew Your 2010-2011 Membership
Have you renewed your membership yet this year? Renew your membership now by clicking renew membership> or by going to our web site www.financialplanningforum.org> and following the Renew Membership link.
Show your support by upgrading to a Sustaining Member!
Upgrading to a Sustaining Member ensures you will be listed among the honor roll of Sustaining Members. Benefits include:
- Expanded directory listing with profile and photo
- Special designation on web site
- Listed in the monthly newsletter
- Unique name badges
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Upcoming Meeting Topics
February 22, 2011
Fiduciary Panel
Fiduciaries: What Type is Best for Your Client
March 22, 2011
Russell Hancock
President of Joint Venture Silicon Valley
Silicon Valley and the Global Economy (tentative title)
April 26, 2011
Charles Packer, Attorney
Hopkins & Carley
Estate Planning Updates
May 24, 2011
Emmett Carson, Ph.D.
Silicon Valley Philanthropic Needs and the Silicon
Valley Foundation’s Response (tentative title)
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