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Your Parents Estate - IRAs - Income Taxes I met KH in 1997 in a self-empowerment seminar about Creativity or Integrity or something like that, sponsored by Landmark Education Corporation. We were in the same subgroup which numbered 5 people out of the 80 or so in the entire seminar class which met each Tuesday for 10 weeks. We got to share with each other various life philosophies, views about relationships, work and money, and so on. KH was unemployed and trying to start a consulting
practice advising clients on business management and human resources issues,
with which he had some experience. I did not promote myself to him as a
financial advisor, but after the seminar series I got a call from him,
requesting my help on investing a moderate sum of money. I helped him
determine his goals and match them with appropriate investments. I
implemented the ideas for him by selling him the investments.
A Harvard Education Paid for By One Good Letter. Back in 1995, all he told me on the phone was that he needed my help in answering an upsetting letter he received from Harvard University. E.L. spoke fluent English, but when he got nervous he seemed to prefer in-person meetings over the phone to explain details. I did not press him for further info on the phone but left it for the Thursday night meeting. When he showed up that night, he seemed very
worried. He explained that he applied for financial aid for his son D.L. for
Yale and for Harvard. D.L. was a brilliant student and a great athlete and in
hot demand, but E.L., as an electronics engineer in his brother’s business did
not earn enough to care for his wife and other children and also pay for his
son’s education at such expensive colleges without significant financial aid.
And grants, not loans, were what were needed. He said that Harvard sent him
a letter saying that the information they independently obtained conflicted
with the information on the financial aid application form. Harvard found out
that his Federal tax return showed a dividend income of over $20,000, from which
they inferred an asset balance of over $400,000, enough to disqualify him from
financial aid. Furthermore, the discrepancy on the form brought into question
the honesty and integrity of E.L. and his son D.L., and without a good explanation,
D.L. might even be refused admission. E.L was distraught. Yale had offered $9,000
in grants while Harvard’s offer was $15,000, but they too had questioned the
dividend income. He was about to give up. He blamed himself for letting his
son down.< Boomerang Referral Referrals work in odd ways. A client of mine, RS, whom I helped with financial planning was in his fifties and progressing up the ladder in a large financial services corporation. I developed some financial strategies for him and coordinated his estate planning. Shortly after I helped him, in November, 1991 he referred to me RH, a woman who was a colleague and close friend. I helped her with comprehensive financial planning and was very involved in helping her allocate her investments, coordinate her estate planning, prepared her tax returns and did detailed tax planning, and guided her through her career and into semiretirement. more... President Bush Tax Plan "All the income tax rates should be cut," Bush said. "Our tax code should not punish success." 2-6-2001- Washington, D.C. |
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