PIMCO bond fund legend Bill Gross grabbed the spotlight a few weeks ago when he questioned the value of a college education in today’s economy.
Our ever changing tax laws seem perpetually riddled with sunset clauses. And that makes estate planning opportunities fleeting. For instance the Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of 2010 (TRA) increased the federal gift tax exclusion to $5 million.
After a period of growth and semi-stability where many hoped that the worst of the market volatility was behind us last month we experienced dramatic downturns not seen since the dark days of 2008. Some will blame the Dow’s freefall on Standard & Poor’s decision to downgrade U.S. Government debt from its AAA to a lesser AA+ credit rating.
I am sure the hearts and minds of every American reflected with great sadness on the events that took place ten years ago.  Our thoughts and prayers go out to everyone who lost a loved one on 9/11 or as a result of the terrorist attacks on America.
Following Standard & Poor’s downgrade of U.S. debt during the week of August 10th investors pulled $40.3 billion out of long-term mutual funds of all types according to the Investment Company Institute (ICI).