GJ Named a Top Wealth Manager
July 28, 2010 | 
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Glass Jacobson Investment Advisors is pleased to announce our recognition in the 2010 Top Wealth Manager Survey by “Wealth Manager” magazine. The survey represents the largest, most well established Registered Investment Advisors in the country, and we are proud to be named among them.
Read about the survey criteria and the named firms here.
Quarterly Update- Words Of Wisdom
July 14, 2010 | Subscribe to our RSS Feed
Click here to read “Words of Wisdom,” an investor Quarterly Update from GJIA’s Jon Dinkins.
Finally- Some Optimism on the Investment Front!
June 14, 2010 | Subscribe to our RSS Feed
Jon Dinkins just recently returned from two important annual conferences – The Investment Management Consultants Association and fi360 Center for Fiduciary Studies. Both conferences addressed our obligations as fiduciary consultants and “best practices” as prudent advisor, current economic trends for the domestic and foreign markets, and threats to global economic recovery. Key note speakers included some of the most prominent minds in finance – Joseph Stiglitz, Columbia University; Marvin Zonis, University of Chicago – Booth School; Richard Marston, University of Pennsylvania – Wharton; David Kelly, JPMorgan Funds; and author Michael Lewis (Liar’s Poker and The Blind Side).
The takeaways were extremely optimistic! 40 hours of lectures provided a wealth of knowledge, insight and information. Here is his Executive Summary of the information presented.
Questions?
jon.dinkins@glassjacobsonia.com
Maryland Sales Tax Holiday!
June 11, 2010 | Subscribe to our RSS Feed
Maryland will sponsor a tax-free period for qualifying apparel and footwear on August 8-14, 2010.
From August 8th through 14th, qualifying clothing and footwear priced $100 or less will be exempt from Maryland’s six percent sales tax.
“Clothing or footwear” means an article of apparel designed to be worn on or about the human body.
What is exempt?
The sales and use tax is not due on the sale of a qualifying article of clothing or footwear if:
- The sales price of the article is $100 or less; and
- The sale takes place during a period beginning at 12:01 a.m. on Sunday, August 8, 2010 and ending at 12 midnight on Saturday, August 14, 2010.
The exemption applies to each qualifying item selling for $100 or less, regardless of how many items are sold at the same time. For example, if a customer purchases two shirts for $80 each, both items qualify for the exemption, even though the customer’s total purchase price ($160) exceeds $100.
What will not qualify (and be taxed)?
The exemption does not apply to:
- Accessory items, even if they are priced at $100 or less. “Accessory items” include but are not limited to jewelry, watches, watchbands, handbags, handkerchiefs, umbrellas, scarves, ties, headbands, and belt buckles;
- The first $100 of a more expensive single article or set (as in a suit) of clothing or footwear. For example, if a customer buys a pair of pants costing $110, sales tax is due on the entire $110;
- Any special clothing or footwear primarily designed for protective use or not intended for everyday use.
A list of exempt and taxable items is available on the Comptroller’s Web site at www.marylandtaxes.com, or by calling the Taxpayer Service Section at 410-260-7980 in Central Maryland or toll-free 1-800-MD TAXES from elsewhere.
Questions?
Retired and Thinking of Relocating?
June 1, 2010 | Subscribe to our RSS Feed
When a person retires, he or she may decide to move to another state for a variety of reasons, such as living in a warmer climate, being closer to children or other relatives, avoiding state income tax, or health reasons.
If the retiree’s move is permanent, it is important that legal domicile be established in the new state. (The exact definition of domicile varies from state to state. In general, domicile is the individual’s true, fixed, and permanent home and the place to which the individual intends to return, even while residing elsewhere. A person may have more than one residence, but can have only one domicile.)
If domicile is not established, the retiree may be subject to income tax as a resident of both the old and new states. Furthermore, if the retiree dies without establishing domicile, both the old and the new states may claim jurisdiction over the retiree’s estate. However, since each state has its own rules relating to residence and domicile, both states may try to impose their income taxes on the retiree even if he has established domicile in the new state, but has not relinquished domicile in the previous state to its satisfaction.
The more time that elapses after the move and the more steps the retiree takes to establish domicile in the new state, the more difficult it will be for the old state to assert that the retiree resides or has domicile there.
The following list includes some steps that tend to establish domicile in a new state:
- Register to vote in the new location.
- File a change of address form with the post office at the old location and change the address on documents, such as tax returns, wills, contracts, insurance policies, passports, and living trust agreements.
- Obtain a driver’s license and register automobiles in the new location.
- Open and use bank accounts in the new location.
- Move items from safe-deposit boxes in the old location to the new location.
- Purchase or lease a residence in the new state. Sell residence in the old state.
- If an income tax return is required, file a resident return in the new state and a nonresident return (or no return, if appropriate) in the old state.
- File for property tax relief under a homestead exemption (if any) in the new state. (The homestead exemption will be discussed later.)
- Move all items that make a house a home such as mementos, heirlooms, sentimental items, trophies, collections, furniture, etc. to the new state.
Submitted by Sam Cohen
Questions?