Home
The Washington Trust Company
Talk to Us
Account Access

It's Never Too Early -- Or Too Late -- To Start Investing for Retirement

"Time is money." -- Benjamin Franklin.

Benjamin Franklin may not have been referring to the effect of time on money accumulating in an employer-sponsored retirement plan, but his words certainly ring true to today's investor. That's because time is one of the best allies an investor has. But even if you didn't start investing in your plan until later in life, there's another old saying that you may want to heed -- "Better late than never."

Continue reading >>>

Fulfilling Your Philanthropic Vision With the Appropriate Giving Vehicle

Andrew Carnegie, perhaps the most celebrated American philanthropist, was credited with having said, "The man who dies rich, dies disgraced." Indeed, Carnegie lived by these words, amassing an enormous fortune and then giving away more than $350 million. Through his supreme acts of charity, Carnegie set the standard for generations of philanthropists.

Today's philanthropists are as diverse and unique as the causes they support. Family groups may work together to channel their charitable goals and build a philanthropic legacy that can be passed down through the years. Entrepreneurs may approach philanthropy with the same drive and commitment they apply to building their businesses. Other generous souls may simply adhere to "checkbook philanthropy," informally supporting various causes with direct cash donations.

Whatever their charitable aspirations, when selecting giving vehicles, donors of significant wealth must evaluate a number of factors, such as their need for current income, the desired level of involvement for the donor and other family members currently and in future generations, as well as important tax considerations.

Continue reading >>>

Avoid These Five Common Investment Mistakes When Planning for Retirement

Only about 14% of American workers say they are "very confident" they will have enough money to live comfortably throughout retirement. To help reduce such uncertainty from your life, consider these five common investment pitfalls -- and how to avoid them.

Continue reading >>>

 

Retirement Savings Tips for Those 50+

If you find yourself with an empty nest and a well-paying job, it may be tempting to indulge in a few splurges that were not possible when college tuition or mortgage payments were due. But before throwing caution to the wind financially, remember that you could be passing up your last opportunity to make significant headway in investing for retirement. Here are three steps to prepare financially.

Continue reading >>>

 

What To Know When A Loved One Passes

Dealing with the death of a loved one can be difficult enough without the additional responsibilities of settling the deceased's estate, particularly when it comes to bills, taxes, and other outstanding debt.

Legal requirements regarding a decedent's expenses can vary widely state by state, so if you are handling a loved one's estate, be sure to consult with an attorney. Here are some important factors to keep in mind.

Continue reading >>>

Strategies for Smart Retirement Planning

A study conducted by the Employee Benefit Research Institute estimated that Americans born between 1948 and 1954 will face a retirement savings shortfall of more than $70,000.1 How can you avoid a similar fate?

Some factors that influence your retirement savings results, such as the types of investments available to you through your plan and the performance of the financial markets, can't always be controlled. But there are some factors you can influence that can help keep your portfolio on track.

Continue reading >>>

Don't Let Inflation Erode Your Investments

What does inflation have to do with investing? Plenty. You may know that if the rate of return on your investments is less than the inflation rate, the value of your money -- in other words, its purchasing power -- will decline over time. Of course, the challenge is that no one knows what the inflation rate will be a year from now, much less 30 years down the road. However, you can develop investment strategies to help hedge against inflation.

Continue reading >>>

 

Economic Review and Outlook – June 30, 2014

After winter’s deep freeze and 2.9% contraction in the first quarter, U.S. GDP has snapped back, possibly reaching a growth rate of 3.5% in Q2. This is obviously good news, but the arithmetic is simple. First half GDP taken as a whole was very sluggish. For the full year, GDP growth may lag the low end of our forecast range of 2.5% to 3.0%. Given that growth in China has also slowed and recovery in Europe is barely perceptible, it is little wonder that the World Bank recently downgraded its full year 2014 global GDP forecast to 3.4% from 3.7%.

 

We expect that the U.S. can maintain a growth rate of about 3% for the balance of the year. The U.S. economy reached a major milestone in May when nonfarm payrolls exceeded the prior peak of January 2008 as the economy at long last recovered the job losses of the Great Recession. After four consecutive months of employment gains in excess of 200,000, it appears that job creation has moved up a notch.

Continue reading >>>

RI State Tax Exemption

The latest budget that just passed by the Rhode Island General Assembly (2014 H-7133) contains several tax provisions, including one which raises the RI estate tax exemption. Specifically, the exemption increases to $1,500,000 for decedent’s dying on or after January 1, 2015; a fairly significant increase over the current 2014 exemption of $921,655.

 

However, the law backs into the $1,500,000 exemption amount. Section 44-22-1.1(a)(4) states, in part, “the tax is a sum equal to the maximum credit for state death taxes allowed by 26 U.S.C. section 2011, as it was in effect as of January 1, 2001; provided however, that a Rhode Island credit shall be allowed against any tax so determined in the amount of $64,400.” This $64,400 credit is the maximum credit for state death taxes, pursuant to Section 2011, allowed against a $1,500,000 taxable estate.

Additionally, another major benefit of this new law is that it eliminates the “tax cliff” that in most situations, taxed the entire estate once the exemption amount was exceeded.

Lastly the $64,400 credit amount will be indexed for inflation beginning January 1, 2016.


The opinions expressed in this newsletter are those of the author and may not reflect those of The Washington Trust Company. The information in this report has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Any opinions expressed herein are subject to change at any time without notice. Any person relying upon this information shall be solely responsible for the consequences of such reliance. Performance is historical and does not guarantee future results.

The Washington Trust Company
© 2011 Washington Trust Company | All Rights Reserved
Important Information about FDIC Insurance Coverage
Maintenance