| John Mitty Tuesday, January 1, 2013 |
South Huntington, NY 11746 - Press Release Jan 1, 2013
On January 1, Diapoules & Feinstein, CPAs P.C. provide their feedback to an article released by Financial Planning that analyzes the effects and legacy of the 2007-2010 recession.
Mira Fine, author of the article, identifies the years of 2007 to 2010 as a period that sapped a large amount of wealth from both the middle and upper classes. Fine states that the middle class took the biggest financial loss. A federal study reported that the value of homes fell by forty-two percent during the 2007-2010 period. Fine notes this as particularly important because the crux of the middle class’ wealth is based on the value of their real estate holdings. The drop in real estate impacted business owners and the wealthy less harshly, reports the article. Fine claims other investments, or the worth of a business, were critical in softening the blow of suffering real estate values.
The Financial Planning article goes on to offer an avenue for protecting remaining assets. The article states that existing estate planning allows more generous protection and ability to move a comparatively large amount of money without being taxed, a luxury that will not last in the following year. Additionally, Fine encourages, switching from a 401(k) to a Roth IRA. The rationale behind this move is to reduce income tax rates.
The sale or transfer of business is a source of uncertainty. Fine suggests that business owners might resist selling a business when it’s not at its historic peak. Fine proposes an option that includes taking advantage of business transfers that guard beneficiaries in other ways.
Because the recession resulted in mass lay-offs, the article credits the misfortune of so many as a contributing factor in the rise of many starting their own businesses. According to the article, the aid of government programs provided potential opportunity to some who were hardest hit by the recession.
Long Island CPA firm, Diapoules & Feinstein provide their interpretation of the 2007-2010 recession and its legacy. According to Jim Diapoules, “One significant idea in this article is to get appreciating assets out of one’s estate.” Diapoules goes on to state, “Since real estate values in most areas of the country are still significantly lower than their historical highs it makes sense to transfer these assets to one’s heirs to get their potential future growth out of their estate.”
Diapoules & Feinstein have been providing accounting, auditing and tax services to Greater New York City area since 1989. D&F provides our clients with great personal attention and years of professional experience in order to see them succeed and help them to feel confident.
Contact Info:
Jim Diapoules
Diapoules & Feinstein
631.547.1040
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