OPEN finance expert Mike Periu on how to protect your state and ways to get around the impending estate tax increases. As we approach January 1, 2013, it seems less likely that we will have a solution to the fiscal cliff. One of the biggest impacts to small-business owners will be change to the gift and estate tax exemption. Current law allows you to gift and bequeath a total of $5.1 million to your heirs without paying any estate taxes. In 2013, this exemption limit is reduced drastically to … [Read more...]
Insurance Industry Well Prepared to Absorb Sandy’s Losses
OPEN finance expert Mike Periu on the insurance industry and its ability to pay out claims for Sandy. The insurance industry was not prepared for Hurricane Katrina, which caused over $75 billion in insured losses (in 2012 dollars). For Hurricane Sandy, it's a far different story. While the overall economic damage has yet to be calculated, insured losses are estimated at only $10 billion, ranking it as the 7th or 8th most costly hurricane. According to the Insurance Information Institute, the … [Read more...]
Banks waiving fees to help those affected by Sandy
OPEN finance expert Mike Periu on banks, such as Wells Fargo, Citibank, and Bank of America, waiving fees to help those affected by Sandy. Banks Waive Fees to Customers Affected by Sandy Most large banks have announced that they are temporarily waiving fees to customers that have been affected by Hurricane Sandy. The fees being waived include: out-of-network ATM surcharges, overdraft fees, late payment fees, and early withdrawal penalties on certificates of deposit. Some banks are … [Read more...]
Think Twice Before Becoming an Angel Investor
OPEN finance expert Mike Periu on what makes a successful angel investor. Many successful entrepreneurs choose to become angel investors after a successful exit (i.e. selling their companies for lots of money). But according to Andy Rachleff, CEO of Wealthfront, co-founder of Benchmark Capital, Stanford professor and University of Pennsylvania Trustee, this is a losing proposition. Angel investors generally lose money (as do most venture capital firms) because they lack two key traits that the … [Read more...]
Home Price Index Shows Important Improvement
OPEN finance expert Mike Periu on the Home Price Index and the real estate market rebound. The most important measure of home price performance in the U.S. is the S&P/Case-Shiller Home Price Index, which tracks changes in home prices on a national level and across important local markets. The index just released data for August 2012, which showed a respectable 2 percent increase in home prices across the country compared with the previous year, and a 0.9 percent increase compared to July … [Read more...]
The Hidden Costs of Hurricane Sandy Far Exceed Insured Losses
OPEN finance expert Mike Periu on successfully rebuilding your small business and the hidden costs of hurricane sandy. The Hidden Costs of Hurricane Sandy Far Exceed Insured Losses Costs of hurricane Sandy are expected to cause between $10 and $20 billion in damages. This only addresses the explicit damage, such as broken windows, flooded houses and cars crushed by trees; it doesn't take into account the far larger opportunity costs borne by consumers, businesses and government agencies that … [Read more...]
Hurricane Sandy Threatens National Economy
OPEN finance expert Mike Periu on Hurricane Sandy Threatens National Economy. As Hurricane Sandy weakens and moves westward, the process of providing assistance, assessing damage and cleanup begins along the northeast of the United States. The impact of the storm expands beyond its path and will have national repercussions. 15 percent of all U.S. flights over the past three days have been canceled with more expected. As many as 10 million homes will be without power for up to 10 days. Financial … [Read more...]
Low-Interest Loans Available for Small Businesses Impacted by Sandy
OPEN finance expert Mike Periu on SBA low-interest loans available for small businesses. Small-business owners that need financial assistance due to hurricane Sandy should tap disaster recovery loans from the Small Business Administration. The low-interest loans may be used to repair or replace real estate, machinery, equipment, inventory and other business assets that have been damaged or destroyed in a "declared disaster". The two main types of disaster recovery loans for small businesses are … [Read more...]
Disaster-recovery resources available for small business
OPEN finance expert Mike Periu on state, federal and private sector disaster-recovery resources available. As small businesses in the northeast begin to assess damage and losses due to Hurricane Sandy, a number of state, federal and private sector resources are available to provide assistance. In addition to SBA disaster recovery loans, the U.S. Department of Agriculture and FEMA offer loan assistance programs as well. FEMA also offers legal counseling and the IRS allows for expedited tax … [Read more...]
Be Aware of Your Hurricane Deductible
Financial expert Mike Periu on your insurance's hurricane deductible. October 29, 2012 In order to compensate for increased coastal development, state insurance regulators in many states allow insurance companies to add a Hurricane deductible to their homeowners' insurance policies. These deductibles apply only to damage caused by hurricanes and typically range between 1 percent and 5 percent of the home's insured value. You can confirm if you have a Hurricane deductible by reviewing the … [Read more...]
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