Planned Giving News Magazine

You can accidentally disinherit your heirs
By all accounts, Anna Nicole Smith loved her baby daughter Dannielynn. She shielded her from the media, provided her with constant care and surrounded her with every comfort. She also accidentally disinherited her. Here's how: In a will executed in 2001, Anna Nicole placed all of her assets in a trust and named her son Daniel by name (rather than by the more inclusive term "my issue") as sole beneficiary. When Daniel predeceased his mother, the trust legally lapsed for want of a living beneficiary, since Anna Nicole had failed to name a contingent beneficiary for Daniel. Then, because she failed to update her will to include Dannielynn before her own untimely demise at age 39, her sole surviving child was accidentally disinherited. As a result, Anna Nicole's estate -- including the fortune she may someday be awarded from the estate of her late husband, Texas oil billionaire J. Howard Marshall II -- will likely pass through the laws of intestacy -- that is, as if she had died without a will.
12/4/2007 Jay MacDonald Yahoo Finance

Here's how you can accidentally disinherit your loved ones:

32 million tax refunds could be delayed
The Internal Revenue Service is looking hard at delaying the start of its filing season, set to kick off on Jan. 14, if Congress fails to pass legislation in the next two weeks. At issue is how to handle what could be a dramatic increase in the number of people facing a higher alternative minimum tax. (from Giftlaw) The House of Representatives has passed the Temporary Tax Relief Act of 2007 (TTRA 2007). It creates a married couple AMT exemption of $66,250 and a single person exemption of $44,350. It also extends several popular tax benefits and pays for AMT relief with increased taxes on investment and hedge fund managers. Prior to the Thanksgiving recess, the Senate Finance Committee deadlocked over the proposed tax increases to pay for AMT relief. Senate Republicans continue to maintain that tax increases are not required because the AMT was never intended to raise taxes for the middle class. As the clock continues to tick, the IRS Oversight Board outlined the potential for billions of dollars of delayed tax refunds. If there is a delay and it extends into mid-February, it would slow nearly 32 million refunds worth a total of about $87 billion, the IRS Oversight Board predicts.
12/3/07 AP

More Donors See Benefits of Giving Securities Over Cash
More donors are choosing to give charitable gifts in the form of securities - such as stock, mutual funds, and other investments - instead of cash, reports The Wall Street Journal. The current strong stock market as well as benefits of efficiency and tax savings for the donor and the recipient charity seem to be driving this trend, the newspaper says. Giving a gift of appreciated stock with unrealized long-terms gains allows a donor to claim a deduction against his or her federal income taxes for the current market value of the shares. Neither the donor nor the charity owes capital-gains taxes on the profit from the shares. According to a recent analysis by Fidelity Investments, 10 million to 20 million American households could potentially save between $2.2-billion and $4.5-billion a year in taxes by donating appreciated securities, instead of giving cash directly to charities.
Chronicle of Philanthropy 11/7/07

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THE ECONOMY: SEVEN INDICATORS - From CNN Money (as of 2/1/08)

The Indicator	What It's Telling Us	Next Update
Consumer Confidence	Sharp drop in January	Feb 26
Retail sales	Consumers are cutting back	Feb 13
Leading Economic Indicators	Slowing growth	Feb 21
Manufacturing Activity (ISM)	Manufacturing activity rebounds	Mar 7
Industrial Production	Weakest since after the 9/11 attacks	Feb 15
Job Growth	Jobs decline, first time in four plus years	Mar 7
Inflation (CPI)	Pressure is easing	Feb 20

Recent Economic News

Fed cuts by half-point, hinting at more to come - 1/30/08 MarketWatch
Fearing that financial-market turmoil and a weak housing market could cause the economy to spiral downward, the Federal Reserve moved aggressively for the second time in eight days to lower interest rates and signaled it was ready to do more as needed. The central bank lowered the federal funds rate by 50 basis points to 3%. Financial markets were hoping that the Fed would decide to cut rates by this amount. The Fed has cut rates by 1.25 percentage points in eight days, almost unheard of in central banking history. The Fed hopes that the aggressive rate cuts will help the economy weather a period of weakness marked by falling home prices brought on by the subprime credit crisis, weaker consumer spending, higher energy costs and softening job growth.

Private sector adds 130,0000 jobs in Jan., ADP says - 1/30/08 MarketWatch
Companies in the U.S. private sector added 130,000 jobs in January, according to the ADP employment report released Wednesday. The report two days before the Labor Department reports on nonfarm payroll growth for January. Adding in some 25,000 jobs created by government, the ADP report suggests nonfarm payrolls grew by about 155,000, well above the 70,000 jobs now expected by Wall Street economists.

U.S. Growth Slowed Drastically in 4th Quarter - 1/30/08 NY Times
The American economy expanded by a surprisingly weak 0.6 percent from October to December, the government reported Wednesday, offering the latest indication that the United States is already in the midst of a substantial slowdown and perhaps a recession. The reported pace of expansion was only half the rate that most economists had forecast, and it was down strikingly from the 4.9 percent clip registered last fall. The report showed that the growth in American exports slowed markedly during the third quarter, to 3.9 percent, down from 19.1 percent in the previous three months. Some economists have suggested that sales abroad could ultimately spare the economy from recession, as United States companies exploit a weak dollar and stronger growth prospects on foreign shores. The latest report punched a hole in that theory. The report also showed a weakening in the pace of growth in consumer spending, which amounts to 70 percent of the American economy. Such spending grew by 2 percent in the last three months of 2007, the government reported, down from 2.8 percent in the third quarter. From MarketWatch - The growth rate was lower than the 1.1% expected by economists.

House Sends Stimulus Bill To Senate - 1/30/08 GovExec.com "An economic stimulus bill was approved with overwhelming support in the House Tuesday, but faced an uncertain path in the Senate, where tinkering by lawmakers threatens the legislation," The Hill reports. "Key congressional leaders urged the Senate to take up the bipartisan stimulus package the House approved 385-35, warning senators they could delay help to the economy that President Bush said was badly needed during his State of the Union address." Additional - There was growing concern that the Senate would make changes that, at best, would force the package into House-Senate negotiations and, at worst, would court a presidential veto (from the Washington Post).

December Durable Goods Orders Jump - 1/28/08 Reuters in the NY Times
Stronger-than-expected orders for U.S.-made durable goods in December suggested the economy retained some life and might not need a heavy dose of interest-rate cuts, even though house prices fell a record amount in November. New orders for long-lasting goods rose 5.2 percent last month, a Commerce Department report showed on Tuesday, well above the 1.5 percent increase forecast by economists in a Reuters poll. (note - The increase far exceeded the expected 2.2% gain forecast by economists surveyed by MarketWatch.) The surprise surge in durable goods orders helped offset a report that showed home prices in 10 major metropolitan areas fell a record 8.4 percent in the year through November.

Sharp Drop in Consumer Confidence in January - 1/28/08 AP in the NY Times
Orders to factories for big-ticket manufactured goods jumped unexpectedly in December, good news amid signs that the U.S. economy may be tipping toward a recession. Still, analysts said the 5.2 percent growth in orders -- while potentially boosting industrial output in coming months -- likely came from overseas demand and that domestic growth faced continuing threats from tight credit and mortgage markets that have forced consumers to retrench. The Conference Board report Tuesday that consumer confidence fell sharply in January on worries over deteriorating business conditions and a weakening job market gave another sign of consumer angst. The New York-based business research group said that its Consumer Confidence Index dropped to 87.9 in January from a revised 90.6 in December. That put it back to about where it was in November, when it registered 87.8. The January reading was just a tad below the 88 expected by Wall Street analysts, according to Thomson/IFR.

Sales of New Homes Fell by 26% in 2007 - 1/28/08 New York Times
Sales of new homes fell last year by 26 percent, the steepest drop since records began in 1963, the Commerce Department said. Last week, the National Association of Realtors reported that sales of previously owned single-family homes, a large portion of the overall housing market, suffered their biggest annual drop in 25 years.Prices have also fallen sharply. In December, the median price of a new home fell to $219,200, down 10 percent from December 2006. For the year, the median price of new homes rose just 0.2 percent, to $246,900. But the median price of a previously owned single-family home fell for the first time in at least four decades, the National Association of Realtors said. Last month alone, sales of new homes tumbled 4.7 percent, to a 604,000 annual rate, the smallest monthly sales figure since February 1995.

Stimulus meets test - 1/26/08 Washington Post
The $150 billion stimulus package Congress and the Bush administration unveiled Thursday meets the tests most economists prescribed for the ailing economy: It is targeted, temporary and (relatively) timely. But even the fast political action on the package -- it took barely a week to negotiate -- may not be fast enough to help the economy over the next several months.

Tentative Deal Reached on Stimulus Plan - 1/24/08 NY Times
House leaders and the White House on Thursday announced a tentative agreement on an economic stimulus package of roughly $150 billion that would pay stipends of $300 to $1,200 per household, and more for families with children, plus provide tax incentives for businesses to encourage spending.

Existing-home sales fall 2.2% in December to 4.89 million - 1/24/08 MarketWatch
Resales of U.S. homes fell 2.2% in December to a seasonally adjusted annual rate of 4.89 million, the lowest in nine years, the National Association of Realtors reported Thursday. Resales are down 22% compared with the previous December and are down 32% from the peak two years ago. Sales of single-family homes dropped 2% in December to a 4.31 million annual rate, the lowest in 10 years. For all of 2007, the median sales price of an existing single-family home fell for the first time in the 40-year history of the data, dropping 1.8%. Resales of single family homes fell 13%, the largest decline since 1982.

US Mortgage rates falls to a four-year low - 1/24/08 www.freddiemac.com
U.S. fixed-rate mortgages fell in the latest week to their lowest levels since the spring of 2004, According to the most recent data released by Freddie Mac, thirty year fixed mortgage rates fell to a four-year low. The national average was 5.48% in the week ending Thursday. The prior week it was 5.69% and the monthly average a year ago was 6.22%. This was the lowest for the average since March 2004, when it was 5.40%.

Jobless claims fall to lowest level in 4 months - 1/24/08 AP in CNN Money
The number of laid off workers filing claims for unemployment benefits fell for a fourth straight week, an encouraging sign that the job market is holding up in the midst of a host of otherwise bad economic news. The Labor Department reported Thursday that applications for unemployment benefits dropped by 1,000 to 301,000 last week. It marked the fourth straight weekly improvement and pushed claims down to the lowest level in four months. The string of falling claims numbers was a welcome sign after a big increase in the unemployment rate to 5 percent in December had increased worries about a possible recession. The decline in jobless claims was unexpected. Analysts had been forecasting that the number of laid off workers applying for benefits would actually rise by 19,000 under a belief that a prolonged slump in housing and a severe credit crunch would prompt businesses to trim their employment roles.

Fed cuts interest rates by 75 basis points - 1/22/08 MarketWatch
Acting forcefully against economic risk and financial market meltdown, the Federal Reserve cut its overnight lending rate by 75 basis points to 3.50%, the Fed announced Tuesday. It was the first time the Fed had cut interest rates between meetings since the 9/11 attacks in 2001. "The committee took this action in view of a weakening economic outlook and increasing downside risks to growth," the Federal Open Market Committee said in a statement. Downside risks to growth remain. The committee met on Monday evening.

U.S. leading indicators point to slow growth ahead - 1/18/08 MarketWatch
Growth could slow and further weaken in the first half of the year, the Conference Board said Friday, reporting that a gauge of future economic growth fell 0.2% in December -- its third consecutive monthly decline. Analysts had expected a decline of 0.1% for the index of leading economic indicators. The index dropped 0.4% in November.

Bernanke endorses quick, temporary fiscal stimulus - 1/17/08 MarketWatch
Congress could help steer the economy away from recession if it adopted a quick, efficient and temporary fiscal stimulus plan, Federal Reserve Chairman Ben Bernanke told Congress on Thursday. Bernanke made it clear he wasn't forecasting a recession, but said action by Congress, along with more interest-rate cuts from the Fed, could help prevent one. In a speech that closely resembled one he gave last week that suggested the Fed stood ready to continue to cut rates aggressively, the Fed chairman advised Congress to think carefully before cutting taxes or boosting spending to stimulate economic growth.

Housing starts plunge 14% to 16-year low in Dec. - 1/17/08 MarketWatch
Construction on new homes fell 14% in December to a seasonally adjusted annual rate of 1.01 million, the slowest monthly building pace in more than 16 years, the Commerce Department reported Thursday. Housing starts for single-family homes in the West fell 16% to the lowest level since the data were first collected in 1959. National housing starts were lower than the 1.12 million pace expected by economists surveyed by MarketWatch. Building permits fell 8% in December to a seasonally adjusted annual rate of 1.07 million, the lowest since May 1993. For all of 2007, housing starts fell 25% to 1.35 million, the lowest annual total since 1993.

U.S. consumer prices rise 0.3% in December - 1/16/08 MarketWatch
Led once again by higher energy prices, U.S. consumer prices increased 0.3% in December, slightly more than expected, the Labor Department reported Wednesday. Excluding food and energy prices, however, the core consumer price index increased 0.2%, in line with economists' forecasts.

Trade gap widens on surge in oil imports - 1/11/08 MarketWatch
A record increase in imported oil prices in November sent the U.S. trade deficit to its highest level in more than a year, the Commerce Department reported Friday. The seasonally adjusted trade gap widened 9.3% to $63.1 billion in November, the largest deficit since September 2006. Economists surveyed by MarketWatch expected the trade deficit to widen in November to $59.5 billion. October's gap of $57.8 billion was unrevised.

Wholesale inventories getting leaner - 1/10/08 MarketWatch
Higher oil prices sent sales of U.S. wholesalers up 2.2% in November, the biggest gain in more than two years, the Commerce Department reported Thursday. Inventories at wholesalers grew 0.6% in the month. With nominal sales rising much faster than inventories, the inventory-to-sales ratio fell to a record low 1.07 in November from 1.08 in October. The inventory-to-sales ratio was 1.17 a year ago. Read the full report. The gain in wholesale sales was, in part, an illusion of inflation. Petroleum sales jumped 8.9% in the month, the biggest rise in two years. The figures are not adjusted for inflation. Earlier, the Labor Department reported that producer prices soared 3.2% in November, the biggest rise since 1973 The typical wholesaler has about 32.5 days' worth of sales on hand. Wholesale sales are up 14% compared with November 2006. Inventories are up 4.3%. The figures are not adjusted for price changes.

Weak December Sales for Retailers - 1/10/08 NY Times
The nation's big retail chains, a closely watched barometer of economic health, reported dreary December sales on Thursday, which may stoke fears of a recessionary downtown. Sales fell at chains as varied as Nordstrom, Macy's, Abercrombie & Fitch and American Eagle Outfitters when compared with those in the period a year earlier. Stores cited a pullback in spending by consumers and a quirk in the calendar that pushed more holiday shopping days into November than December. The size of the sales declines surprised analysts. Sales fell 11.4 percent at Kohl's, 7.5 percent at J. C. Penney and 6 percent at Gap. Even if consumers had not cut back, retailers had expected a lackluster month because of the calendar shift. So stores encouraged investors to look at the average sales for November and December combined. On that basis, overall retail sales rose 1.7 percent, the weakest performance since 2002, according to Retail Metrics.

U.S. weekly initial jobless claims fall 15,000 to 322,000 - 1/10/08 MarketWatch
The seasonally adjusted number of people filing for state unemployment benefits fell 15,000 to 322,000 last week, the Labor Department reported Thursday. It's the lowest figure since Nov. 3. The four-week average of new claims fell by 3,000 to 341,000, the lowest in a month. Meanwhile, the number of people receiving state benefits fell by 52,000 to 2.7 million. Despite the decline, the four-week average of continuing claims rose by 17,000 to 2.7 million, the most since November 2005. Compared with the same time last year, initial claims are up about 7%, while continuing claims are up about 10%.

The Housing Horror Show - 1/8/08 Forbes.com
The National Association of Realtors announced Tuesday that its index of pending sales of existing homes fell 2.6% to 87.6 in November from 89.9 in October. Economists had expecting only a 0.8% decrease. The index is used as a leading indicator of home sales. The index measures sales contracts for existing homes which usually predate the closing of the transaction by one or two months. The index had risen in September and October. Existing-home sales for December (representing closings on contracts signed in October and November) will be reported on Jan. 24. Existing-home sales have dropped 20% in the past year. (MarketWatch) The weak November reading shows demand for homes continues to slip into 2008. Housing demand has dropped as mortgage lending tightens and slipping home values and negative headlines keep worried buyers on the sidelines. At the same time, huge supplies of unsold homes have pooled. The situation does not look like it will improve anytime soon. Treasury Secretary Henry Paulson said there is no evidence that the housing market has bottomed.

U.S. jobless rate jumps to 5% as payrolls grow 18,000 - 1/8/08 MarketWatch
The unemployment rate shot up to 5% in December as job growth stalled, a sign that the U.S. economic slump has spread to the labor market. U.S. seasonally adjusted nonfarm payrolls rose by 18,000 in December, the weakest job growth since August 2003, according to a survey of thousands of businesses. Job growth was revised up by a total of 10,000 in November and October. Economists were expecting payrolls to increase about 58,000 in December. Private-sector payrolls fell by 13,000, the biggest decline in more than four years. A separate survey of households showed employment plunging by 436,000, marking the biggest decline in five years. The number of unemployed adults rose by 474,000, pushing the unemployment rate up to 5.0% from 4.7%.

Job Woes Deepen Economic Anxiety - 1/5/08 Washington Post
The unemployment rate soared and job growth came to a near-halt in December, the government said yesterday, as the housing downturn rippled through the economy. It is the strongest evidence to date that growth is slowing. The jobless rate rose to 5 percent last month, from 4.7 percent in November. Moves of that size are rare; the last time the jobless rate moved that much in a month was October 2001, just after the Sept. 11 terrorist attacks. Employers created a paltry 18,000 net jobs. Economists had forecast four times as many new positions, and it takes about 125,000 a month just to keep up with population growth.

Manufacturing job losses point to widespread cuts - 1/4/08 MarketWatch
U.S. manufacturing jobs dropped sharply in December, the Labor Department said Friday, adding to recent reports that indicate blue-collar pain is spreading beyond the auto and housing sectors. "The manufacturing sector is decelerating and it's in response to a general decline in the overall economy," said David Huether, chief economist at the National Association of Manufacturers. Manufacturing companies cut payrolls by a seasonally adjusted 31,000 jobs in December from the prior month, contributing to the weakest overall U.S. job growth in more than four years. Hours worked in the manufacturing sector fell 0.74%, the biggest drop in more than three years, while the diffusion index came in at 31.5% -- meaning that fewer than one-third of manufacturing industries were hiring last month. In a change from the start of the year, job losses in the manufacturing sector were widespread, with 16 of 21 manufacturing subsectors showing declines.

Bankruptcies jump 40 percent in 2007 - 1/4/08 CNN Money
The number of Americans filing for consumer bankruptcy increased by nearly 40 percent in 2007, according to the American Bankruptcy Institute. In a report released Thursday, the ABI said that the number of overall consumer bankruptcy filings reached 801,840 last year, compared to 573,203 in 2006. However, the report also showed that the number of bankruptcy filings declined 7.5 percent in December from November. And Chapter 13 filings - those available to individuals with regular income whose debts do not exceed specific amounts - also showed a decline from November to December.

Job Growth Sputtered in December - 1/4/08 NYTimes
Job growth shrank significantly in December, the government reported on Friday, setting off renewed fears of a recession and all but assuring that interest rates will be lowered this month. The economy added 18,000 jobs to nonfarm payrolls, the Labor Department said, the smallest monthly gain in more than four years. The unemployment rate rose to 5 percent after hovering near 4.7 percent since the summer. The weak report boosted expectations that the Federal Reserve will cut its benchmark interest rate at its policy meeting later this month. Fed officials have indicated they will focus on sustaining economic growth, even as inflation remains a concern. Economists were expecting payrolls to increase about 58,000 in December, according to survey conducted by MarketWatch. Job growth was revised up by a total of 10,000 in November and October.

Services growing slower in December, ISM says - 1/4/08 MarketWatch
Growth on the non-manufacturing side of the U.S. economy slowed slightly in December, the Institute for Supply Management reported Friday. The ISM non-manufacturing index fell to 53.9% in December from 54.1% in November, its lowest rate since March. The reading was close to the 53.8% expected by economists surveyed by MarketWatch.

U.S. mortgage rates fall - 1/3/08 MarketWatch
Mortgage rates fell this week, with the 30-year fixed-rate mortgage dropping to its lowest level in four weeks, Freddie Mac reported on Thursday. The rate drops come amid mixed signals regarding the direction of the economy and the mortgage market, Frank Nothaft, Freddie Mac chief economist said in a news release. The 30-year fixed-rate mortgage averaged 6.07% this week, down from last week's 6.17% average, according to Freddie Mac's weekly survey. The mortgage averaged 6.18% a year ago. The 15-year fixed rate mortgage averaged 5.68% this week, down from 5.79%. The mortgage averaged 5.94% a year ago.

Initial jobless claims fall 21,000 to 336,000 - 1/3/08 MarketWatch
First-time jobless claims fell 21,000 in the latest weekly data, sanding down recent increases that have worried some economists, while continuing claims kept on rising, reaching the highest level in more than two years, the government reported Thursday. Seasonally adjusted initial claims fell by 21,000 to 336,000 for the week ended Dec. 29, according to the Labor Department. The previous week's level of initial jobless claims was revised to 357,000 -- the highest level since October 2005 -- from an earlier estimate of 349,000. The four-week moving average for initial jobless claims fell 750 to 343,750. The four-week average is a better indicator of the health of the labor market because it smoothes out one-time events such as holidays or strikes, analysts say. Initial claims were at 326,000 during the same period last year. Economists watch unemployment claims closely because an increase could be a leading indicator of a slowdown. The Federal Reserve has been concerned about the economy's performance, and has cut interest rates by one percentage point since September.

Manufacturing Activity falls unexpectedly - 1/2/08 - NY Times
The manufacturing sector contracted in December for the first time in 10 months, according to the Institute for Supply Management. The private research group's manufacturing index, considered a leading indicator of recession, dropped to 47.7 from 50.8 in the previous month. Readings above 50 signal growth. Economists surveyed by MarketWatch expected the index to slide to 50.5%. Seven of 18 industries were expanding in December. The industry may also be facing trouble on the inflation front. The index for prices paid by manufacturers ticked up last month, to 68 from 67.5, even as growth slowed. According to MarketWatch, the new-orders index fell to 45.7% from 52.6%, and the production index fell to 47.3% from 51.9%. More worrying to analysts was an unexpected fall in a measure of export orders. Foreign sales have bolstered American growth in recent months as domestic demand flagged. A drop-off could precipitate a more significant slowdown than economists expect.

U.S. Nov. construction spending rises 0.1% - 1/2/08 MarketWatch
Spending on U.S. construction projects hit a two-month high in November, rising by 0.1% on strong outlays for public, state and local construction projects, the Commerce Department reported Wednesday. Spending on home construction, meanwhile, continued its slide, falling by 2.5% in November following a drop of 2.3% in October. It's the 21st consecutive decline. The overall number was a surprise. Economists surveyed by MarketWatch were expecting construction spending to fall by 0.5% in November. Year over year, however, construction spending is down by 0.1%.

Defaults on U.S. Insured Mortgages at Record High - 1/1/08 Reuters
Defaults on privately insured U.S. mortgages rose 34.7 percent in November to the highest level on record, reflecting the inability of a growing number of homeowners to keep current on their loan payments. Data released Monday by the Mortgage Insurance Cos. of America showed that 61,300 insured borrowers were at least 60 days late on payments in November. That is up from 45,325 a year earlier, and up 2.9 percent from 59,308 in October. The number had not topped 60,000 in a month since data was first tabulated in 2001. Late payments are often a precursor to foreclosure.

Sales of Existing Homes Up Slightly in November - 12/31/07 AP in NY Times
Sales of previously owned homes inched up in November but that did not change the overall bleak picture for a housing industry that has been suffering through a painful slump. The National Association of Realtors reported on Monday that sales of existing single-family homes, condominiums and townhouses rose 0.4 percent in November from October, to a seasonally adjusted annual rate of 5 million units. In the last 12 months, however, existing home sales have plunged 20 percent, underscoring the troubles in the housing sector. According to MarketWatch, Inventories of unsold homes on the market declined by 3.6%, representing a 10.3-month supply at the current sales pace. The median sales price fell 3.3% compared with a year ago to $210,200. November sales were in line with the 4.99 million annual pace expected by economists surveyed by MarketWatch.

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