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In 2009, only individuals with a modified adjusted gross income of $100,000 or less are allowed to convert a traditional IRA to a Roth IRA. But this income restriction is eliminated in 2010. So, the question becomes, Do you want a Roth IRA? To...
The year 2010 marks the first time that wealthy individuals will have easy access to a Roth IRA. Although they still won't be able to make contributions to a Roth IRA if their adjusted gross income (AGI) is too high, there will no longer be an...
Internal Revenue Code Section 408(a) defines an IRA as a trust. . . for the exclusive benefit of an individual or his beneficiaries. But Section 408(h) permits a custodial IRA to be treated as an IRA for purposes of Section 4081 and the Treasury...
Over the years, I have often been asked about whether a registered representative can borrow money from clients (or in a few cases, lend money to). The answer is either Yes, but or No, but and what comes after that makes all the difference in the...
The latest news out of UBS involves former Merrill executive, Bob McCann, who’s dealing with a non-compete clause that’s keeping him from supposedly joining the firm.
Bloomberg is reporting that Bob McCann, the former head of Merrill Lynch’s brokerage unit, is nearing a deal with his old employer that will allow him to take a job running UBS’s wealth management unit.
After months of negotiations, UBS announced it has signed a formal agreement with the IRS to end the cross-border dispute regarding alleged tax-evading UBS American clients. As a result, the names of approximately 4,450 American clients of the...
Do you have clients who want guaranteed income, but are reluctant to sign onto an annuity that pledges underlying assets to an insurance company? New hybrid products, known as “Stand Alone Living Benefits (SALBs)” combine an annuity...