July Monthly Update
The fed cut rates by a quarter point. Not enough for Mr Trump or the markets yesterday. Are we still in for a recession? recovery?
Alas it didn't work out i.e. Kawhi Leonard and the Raptors...so financially what does it mean for Kawhi if he had played in Toronto vs LA? Not much actually. While Ontario’s top combined federal/provincial marginal rate is high at 53.53 per cent, California’s combined tax rate comes close, at 52.65 per cent, consisting of a 37 per cent U.S. federal rate, a 2.35 per cent medicare tax for high-income earners and a California state income tax rate of 13.3 per cent. The California rate kicks in later but when you make $30m per year...it doesn't matter too much!
I'm a frugal individual. I come by it honestly, Scottish father, and he was also an accountant and I'm in the investment business. This leads to my interest in self-driving cars. If I can save a buck I will, much to my wife's chagrin. Unlike others I have no fear of them and in fact they can not come quickly enough. Cars are an evil necessity and they cost too much. I would be more than happy to hail a driver-less taxi to my door to take me wherever I need to go. BMW and Mercedes are announcing by 2024 driverless cars on the autobahn, so we're getting closer. DRIVERLESS
In keeping with last months bullet points on prepping your estate...Aretha Franklin case study!
Aretha Franklin didn’t respect her own estate. She may have been the Queen of Soul, but in death Aretha Franklin will have to defer to the courts to have her estate settled. The famed singer‑songwriter didn’t leave a clear will and now her estate is being contested by her sons and sought after by the IRS. The story of Aretha’s estate highlights the benefits of good estate planning and a clear will. Excerpt: "We can all learn from situations such as Aretha Franklin’s. Clients need to do the proper estate planning, think about their beneficiaries and avoid the pitfalls that come from having no estate plan. Life insurance can be integral in the planning process by solving a tax funding need or providing for beneficiaries. To paraphrase Aretha: show your estate a little RESPECT! See my blog Death of a Salesman for my ESTATE PLANNING CHECKLIST
We're number 1...but not in a good way...Canada ranks highest on the real estate bubble list! BUBBLES
Enjoy the rest of your short summer!
james hargan BA EPC | life insurance and investments | equity associates inc. | 416.903.9078
The opinions expressed in this message are those of the writer and do not necessarily reflect those of Equity Associates Inc. Mutual Funds are provided by Equity Associates Inc., registered as a Mutual Fund Dealer and an EMD Dealer in select provinces and offers products and select referrals. Individuals should always read the fund facts before investing. All other products sold other than mutual funds are not supervised or the responsibility of Equity Associates Inc.