Friday Financial Five – November 15th, 2013
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Friday, November 15, 2013
Dan Forbes, GoLocalWorcester MINDSETTER™
Incoming Fed Chairwoman Yellen takes center stage
Janet Yellen stood before the Senate Banking Committee yesterday and committed to keeping the status quo due to persistent high unemployment. It wasn’t expected that specific details would emerge regarding the end of Quantitative Easing, the last weapon of the Fed’s economic influence. But if there’s not currently a plan in place regarding limits to the Fed’s ever expanding balance sheet, there needs to be soon. Again, it’s healthier if the Fed makes a calculated determination when enough is enough instead of the marketplace.
Fannie Mae and Freddie Mac are having a very good year
Frank Sinatra would be proud. It’s nice to be a government-sponsored enterprise these days, as Freddie Mac and Fannie Mae recently reported net income of almost $40 billion. Taxpayers rejoice as most of this money will go straight to the Treasury, and the aggregate of payments means both companies are close to full restitution of their government bailouts. Shareholders have benefited from a recent price jump, but they’re also still left wondering what will come of vast outstanding litigation.
Federal, RI and MA estate tax exemptions for 2014
The estate tax exemptions are out for next year. Federally, the estate tax exemption will jump from $5.25 million to $5.34 million, in an attempt to adjust for inflation. Rhode Island residents will see a small increase from roughly $910,000 to just over $921,000. The Massachusetts exemption will remain at $1 million. For RI and MA residents interested in preserving their estate from the great beyond, year end is a good time to calculate estate values and minimize tax payments for beneficiaries.
Who will inherit your Facebook account?
Speaking of the great beyond, a hot topic in estate planning is the passing of digital accounts upon death. Estate plans should include an inventory of e-mail accounts, user IDs and passwords. Digital assets, like websites, may have value as well. As for social sites, many have user agreements limiting ownership. It’s incumbent on the account user to determine how a beneficiary will access all hundred pictures of Foofie, the Springer Spaniel dressed as the Grinch’s dog, Max.
The Arian Foster IPO never lifts off
Buying stock in an athlete’s brand never seemed like a great idea, but it really doesn’t make sense when that athlete has season ending back surgery. So it goes for the IPO that Fantex hoped to offer later this month on Arian Foster, the likeable Houston Texan running back. While the Foster IPO is delayed, the company still plans to move forward with another player.
Dan Forbes is a regular contributor on financial issues. He is a CFP Board Ambassador. He leads the firm Forbes Financial Planning, Inc in Providence, RI and can be reached at [email protected] .
Related Slideshow: New England Communities With the Most Political Clout 2013
The Sunlight Foundation, in conjunction with Azavea, released data maps this week showing political contribution dollars to federal elections dating back to 1990 -- by county.
GoLocal takes a look at the counties in New England that had the highest per-capita contributions in the 2012 election cycle -- and talked with experts about what that meant for those areas in New Engand, as well as the candidates.
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25. Merrimack County, NH
Contributions, per capita, 2012: $9.86
Total contributions: $1,447,713
Merrimack County is named after the Merrimack River and is home to the states capital, Concord. Merrimack County has a total area of 956 square miles and a population of 146,761.
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24. Cheshire County, NH
Contributions, per capita, 2012: $9.88
Total contributions: $759,209
Cheshire is one of the five original counties in New Hampshire and was founded in 1771. The highest point in Cheshire County is located at the top of Mount Monadnock, which was made famous by the poets Ralph Waldo Emerson and Henry David Thoreau.
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23. Rockingham County, NH
Contributions, per capita, 2012: $9.96
Total contributions: $2,965,530
Rockingham has 37 communities and has a population of 297,820. Rockingham County also was home to the famous poet, Robert Frost
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22. Belknap County, NH
Contributions, per capita, 2012: $10.02
Total contributions: $604,512
Belknap County is one of the ten counties in New Hampshire and has a population of 60,327. It is located in the center of New Hampshire and the largest city is Laconia.
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21. Hampshire County, MA
Contributions, per capita, 2012: $10.41
Total contributions: $1,664,077
Hampshire County has a total area of 545 square miles and is located in the middle of Massachusetts. Hampshire County is also the only county to be surrounded in all directions by other Massachusetts counties.
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20. Barnstable County, MA
Contributions, per capita, 2012: $10.90
Total contributions: $2,348,541
Barnstable County was founded in 1685 and has three national protected areas. Cape Cod National Seashore is the most famous protected area within Barnstable County and brings in a high amount of tourists every year.
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19. Berkshire County, MA
Contributions, per capita, 2012: $12.49
Total contributions: $1,624,400
Berkshire County is located on the western side of Massachusetts and borders three different neighboring states. Originally the Mahican Native American Tribe inhabited Berkshire County up until the English settlers arrived and bought the land in 1724.
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18. Essex County, MA
Contributions, per capita, 2012: $13.22
Total contributions: $9,991,201
Essex is located in the northeastern part of Massachusetts and contains towns such as Salem, Lynn, and Andover. Essex was founded in 1643 and because of Essex historical background, the whole county has been designated as the Essex National Heritage Area.
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17. Chittendon County, VT
Contributions, per capita, 2012: $13.86
Total contributions: $2,196,107
Chittenden has a population of 158,504, making it Vermont’s most populated county. Chittenden’s largest city is Burlington, which has about one third of Vermont’s total population.
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16. Lamoille County, VT
Contributions, per capita, 2012: $14.82
Total contributions: $369,854
Lamoille County was founded in 1835 and has a population of 24,958. The county has 464 square miles, of which 461 of them are land.
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15. Addison County, VT
Contributions, per capita, 2012: $15.49
Total contributions: $569,299
Located on the west side of Vermont, Addison County has a total area of 808 square miles. Addison's largest town is Middlebury, where the Community College of Vermont and Middlebury College are located.
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14. Newport County, RI
Contributions, per capita, 2012: $16.02
Total contributions: $1,214,26
Newport County is one of the five Rhode Island Counties and was founded in 1703. Just like Connecticut, none of Rhode Island counties have an any governmental functions.
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13. Cumberland County, ME
Contributions, per capita, 2012: $18.33
Total contributions: $5,205,507
Cumberland County has a population of 283,921 and is Maine’s most populated county. The county was named after the William, Duke of Cumberland, a son of King George II.
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12. Windsor County, VT
Contributions, per capita, 2012: $20.57
Total contributions: $1,156,149
Windsor County is the largest county in Vermont and consists of 971 square miles of land and 5 square miles of water.
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11. Bristol County, RI
Contributions, per capita, 2012: $20.91
Total contributions: $1,027,472
Bristol County has a population of 49,144 and is the third smallest county in the United States. Bristol County was originally apart of Massachusetts, but was transferred to Rhode Island in 1746.
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10. Grafton County, NH
Contributions, per capita, 2012 :$20.95
Total contributions: $1,868,739
With a population of 89,181, Grafton County is the second largest county in New Hampshire. Home of New Hampshire’s only national forest, White Mountain National Forest takes up about half of Grafton’s total area
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9. Carrol County, NH
Contributions, per capita, 2012: 2012: $22.81
Total contributions: $1,012,10
Created in 1840, Carroll County has a population of 47,567. Carroll County was also named after Charles Carroll, the last surviving signer of the United States Declaration of Independence.
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8. LItchfield County, CT
Contributions, per capita, 2012: $22.86
Total contributions: $4,286,143
Although it is Connecticut’s largest county, Litchfield has the lowest population density in all of Connecticut. Since 1960 all Connecticut counties have no county government.
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7. Middlesex County, MA
Contributions, per capita, 2012: $32.81
Total contributions: $50,432,154
Middlesex County has a population of 1,503,085 and has been ranked as the most populous county in New England. The county government was abolished in 1997, but the county boundaries still exists for court jurisdictions and other administrative purposes.
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6. Nantucket County, MA
Contributions, per capita, 2012: $33.41
Total contributions: $344,021
Nantucket County consists of a couple of small islands and is a major tourist destination in Massachusetts. Normally Nantucket has a population of 10,298, but during the summer months the population can reach up to 50,000.
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5. Norfolk County, MA
Contributions, per capita, 2012: $35.87
Total contributions: $24,459,854
Named after a county from England, Norfolk County is the wealthiest county in Massachusetts. As of 2011, Norfolk was ranked the 32nd highest income county in the United States.
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4. Dukes County, MA
Contributions, per capita, 2012: $36.32
Total contributions: $618,960
Consisting of Martha’s Vineyard and the Elizabeth Islands, Dukes County is one of Massachusetts’ top vacation spots. Originally Dukes County was apart New York, however it was transferred to Massachusetts on October 7, 1691.
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3. Suffolk County, MA
Contributions, per capita, 2012: $40.73
Total contributions: $30,323,537
Suffolk County has a population of 744,426 and contains Massachusetts’s largest city, Boston. Although Suffolk’s county government was abolished in the late 1900’s, it still remains as a geographic area.
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2. Knox County, ME
Contributions, per capita, 2012: $45.89
Total contributions: $1,820,410
Knox County was established on April 1st, 1860 and was named after American Revolutionary War General Henry Knox. The county has a population of 39,668 and is the home of the Union Fair.
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1. Fairfield County, CT
Contributions, per capita, 2012: $55.65.
Total contributions: $51,970,701
In a population of 933,835, Fairfield County is the most densely populated county in Connecticut, and contains four of the state's largest cities -- Bridgeport, Stamford, Norwalk and Danbury.
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