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The Caldwell Trust Company Blog

Top Five Steps to Protect Your Assets During An Economic Downturn

Posted by Scott Antritt

Today’s economy has rebounded solidly from the Great Recession of 2008-2009, although growth has returned at a slower pace than historical averages. That being said, the economy remains at risk for another downturn which could come sooner rather later. Many people suffered through this past recession due to the loss of a job, negative investment returns and too much debt. Like any disaster, if you prepare today it is highly likely your financial assets will be protected during the next recession. These steps will not only give you peace of mind but will put you on the road to building wealth.

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Topics: Investments

Five Tips to Keep Your Financial Assets Safe from Inheritance Tax

Posted by Sheryl Vieira

You’ve worked hard your entire life, and now you want to be sure that your family will be taken care of after you’re gone. You’ve built wealth, but you’re worried about “death taxes,” which could substantially reduce the value of the wealth you will pass to your beneficiaries. Consider these tips to protect your beneficiaries’ inheritance.

Know the difference between inheritance tax and estate tax.

An inheritance tax is a tax based on one’s right to inherit the estate. An estate tax is a tax based upon the value of the estate at death.  The federal government imposes an estate tax but no inheritance tax. The State of Florida does not impose either of these taxes. 

Some states may charge estate and inheritance taxes.  Be certain to seek advice from your attorney or tax preparer to understand which taxes may apply in your state of residence.

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Topics: Trusts & Estate Planning

Keep It or Shred It: How Long to Keep Income Tax Returns Around

Posted by Wendy Fishman

You know you’re supposed to keep your tax records after you submit them, but when is it time to finally shred them? If you’re like most people, you may think that all tax records and receipts need to be kept forever. However, not only is this not the case, but it can also create a paperwork nightmare. Fortunately, these guidelines from the IRS will give you a good idea of when it’s safe to free up some room in your filing cabinet.

Records You Should Keep Indefinitely
  • Paperwork from when you file a fraudulent return. A better option would be to never file a fraudulent return.
  • Paperwork from years you don’t file a return. Unless you have zero income, it is advisable to file a return every year. Even if you don’t make enough money to pay taxes, you are most likely entitled to a refund or credit from the government.
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Topics: Corporate

Trusts & The Benefits: How to Make Sure Your Children Don’t Treat Their Inheritance Like They Won the Lottery

Posted by Sonya Kristie

Inheriting a large sum of money at an early age without any adult financial supervision can lead to the money being misspent very quickly. In order to preserve the assets that you wish to pass on to your child, you may want to consider establishing a trust.
 
The Benefits of a Trust
 
You, the grantor, would use your will or a living trust to name a trustee, whether it be a trusted relative, friend or corporate trust company. The trustee would be responsible to oversee any money or property that your child inherits until the child reaches a certain age that you specify.
 
Having a trust allows you to enact a greater degree of control over the amount that would be spent to support the young beneficiary on things such as food, clothing, healthcare, education and extracurricular activities.

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Topics: Trusts & Estate Planning

Giving from the Heart and Receiving Thanks

Posted by Sheryl Vieira

’Tis the time of year for our team at Caldwell Trust Company to review our sponsorship opportunities for the upcoming season. Last year, we supported more than 81 not-for-profits in our community. Some of our relationships are new while others have been longtime partners of Caldwell Trust Company, such as Suncoast Charities for Children, Boys & Girls Clubs of Sarasota County and the SKY Family YMCA in Venice.

Among our new relationships is Habitat for Humanity of South Sarasota County, Inc.  Chief philanthropy officer Doris Berkey presented Habitat’s sponsor packet to us last week. Its theme, “There’s No Place Like Home,” honors the 75th anniversary of the much-loved movie The Wizard of Oz.  Habitat’s packet overflows with the Wizard’s magic, encompassing Dorothy’s basket, which includes a heart-shaped key chain to represent the heart the Tin Man receives. In addition to the themed basket was a "Bachelor of Kindness and Giving" from the "Has a Heart University." Oh, Toto, how wonderful! We’re clicking our heels three times right now as our hearts expand with gratitude! The certificate was so thoughtful. It’s really nice when a thank you truly comes straight from the heart. It means a lot.

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Topics: Caldwell Cares

Returning the US to Robust Economic Growth

Posted by Caldwell Trust

In a pre-interview before the Matson Money Investor Symposium, Art Laffer, long-time adviser and friend of Caldwell Trust Company, gives his outline for returning the US to robust economic growth.  Currently, according to Laffer, the US economy is producing well below potential to the tune of $4.5 trillion and the number of people working stuck at around 59% of the population with no improvement in 5 or 6 years, the previous peak being 65.5%. The keys to spurring economic growth here in the US according to Laffer are: 

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Lee Thacker Jr. is named senior executive vice president

Posted by Sheryl Vieira

H. Lee Thacker Jr., has been named Senior Executive Vice President of Caldwell Trust Company. Thacker has been with the Trust Company since 1996, when he moved to Venice from Georgia, learned about Caldwell in a magazine and became a client. Soon after, Kelly Caldwell invited him to join the company as a trust officer.

Thacker has served in the banking and financial services industries since 1959. He began his banking career at a statewide South Carolina bank where he progressed to a regional position managing the staff, operations, and assets of seven offices. He was then recruited by a large Florida thrift institution where he undertook the task of starting its first banking division in order to position it as a retail bank under deregulation. He later returned to commercial banking in Georgia, where he assumed responsibility for corporate and real estate lending, central operations, and trust services at an Atlanta bank with assets exceeding one billion dollars. Discouraged by an environment of constant mergers and acquisitions, he left banking to start his own financial services firm. It prospered and he eventually sold his share to his partner so that he could pursue his interest in financial planning and investing. Based on their happy memories of Florida during the time when Lee worked at the thrift institution, he and his wife Suzanne--who also has an extensive banking background--decided to return to the sunshine state in 1996. As a result, they discovered Venice and Caldwell Trust Company, where Suzanne is the compliance coordinator.   

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Topics: Corporate

 


 

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