September - Sumner Wealth Management

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- September 2018 -

 
 

Dear Visitor, 

Here's your snapshot of what happened in the markets last week, plus some statistics about attitudes regarding the final frontier.

 

END OF AUGUST, 2018 (CUMULATIVE TOTAL RETURNS)

Equities1

Close

Week

YTD

1-Year

S&P 500

2,875

0.88%

8.9%

20.2%

DJIA

25,790

0.51%

5.9%

21.1%

NASDAQ

7,946

1.67%

15.9%

28.0%

Foreign Stocks

 

1.56%

-2.2%

5.2%

Emerging Markets

 

2.71%

-7.5%

-0.3%

 

Top Three S&P 500 Equity Sectors2

YTD

Information Technology

18.6%

Consumer Discretionary

17.2%

Health Care

12.1%

 

Bottom Three S&P 500 Equity Sectors2

YTD

Consumer Staples

-3.9%

Telecommunication Services

-1.8%

Materials

-1.1%

 

Bonds3

Week

YTD

1-Year

Yield

10-Yr. Treasury4

0.44%

-2.1%

-3.3%

2.82%

US Bonds

0.26%

-0.8%

-0.6%

3.28%

Global Bonds

0.55%

-1.5%

-1.0%

2.02%

Munis5

0.10%

0.3%

0.7%

2.65%

 

Market Indicators6

 

As of

Fed Funds Target

2.00%

08/24/18

Inflation

2.4%

07/31/18

Unemployment

3.9%

07/31/18

GDP

4.1%

06/29/18

 

 

 

*Source: Pew Research Center, survey conducted March 27 – April 9, 2018.

  1. Source: FactSet. S&P 500 is represented by the S&P 500 Index, DJIA is represented by the Dow Jones Industrial Average, NASDAQ is represented by the NASDAQ Composite Index, Foreign Stocks are represented by the MSCI EAFE Index and Emerging Markets are represented by the MSCI Emerging Markets Index.
  2. Source: FactSet. Sectors based on S&P 500 Index sector indexes.
  3. Sources: FactSet. 10-Yr Treasury is represented by the Citigroup 10-Year Treasury Bond Index, US Bonds are represented by the Bloomberg Barclays US Aggregate Index, Global Bonds are represented by the Bloomberg Barclays Global Aggregate Index and Munis are represented by Bloomberg Barclays Municipal Bond Index.
  4. 10-Year Treasury yield is calculated using the Federal Reserve H.15 Report.
  5. Munis yield is calculated using yield-to-worst.
  6. Sources: Fed Funds Rate, Federal Reserve; Inflation and Unemployment, US Department of Labor; and GDP, US Bureau of Economic Analysis.

 

Settling an Estate

Being named as the executor of a family member's estate is generally an honor. It means that person has been chosen to handle the financial affairs of the deceased individual and is trusted to help carry out his or her wishes.

Settling an estate, however, can be a difficult and time-consuming job that could take several months to more than a year to complete. Each state has specific laws detailing an executor's responsibilities and timetables for the performance of certain duties.

If you are asked to serve as an executor, you may want to do some research regarding the legal requirements, the complexity of the particular estate, and the potential time commitment. You should also consider seeking the counsel of experienced legal and tax advisors.

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Documents and Details

A thoughtfully crafted estate plan with up-to-date documents tends to make the job easier for whomever fills this important position. If the deceased created a letter of instruction, it should include much of the information needed to close out an estate, such as a list of documents and their locations, contacts for legal and financial professionals, a list of bills and creditors, login information for important online sites, and final wishes for burial or cremation and funeral or memorial services.

An executor is responsible for communicating with financial institutions, beneficiaries, government agencies, employers, and service providers. You may be asked for a copy of the will or court-certified documentation that proves you are authorized to conduct business on behalf of the estate. Here are some of the specific duties that often fall on the executor.

Arrange for funeral and burial costs to be paid from the estate. Collect multiple copies of the death certificate from the funeral home or coroner. They may be needed to fulfill various official obligations, such as presenting the will to the court for probate, claiming life insurance proceeds, reporting the death to government agencies, and transferring ownership of financial accounts or property to the beneficiaries.

Notify agencies such as Social Security and the Veterans Administration as soon as possible.Federal benefits received after the date of death must be returned. You should also file a final income tax return with the IRS, as well as estate and gift tax returns (if applicable).

Protect assets while the estate is being closed out. This might involve tasks such as securing a vacant property; paying the mortgage, utility, and maintenance costs; changing the name of the insured on home and auto policies to the estate; and tracking investments.

Inventory, appraise, and liquidate valuable property. You may need to sort through a lifetime's worth of personal belongings and list a home for sale.

Pay any debts or taxes. Medical bills, credit card debt, and taxes due should be paid out of the estate. The executor and/or heirs are not personally responsible for the debts of the deceased that exceed the value of the estate.

Distribute remaining assets according to the estate documents. Trust assets can typically be disbursed right away and without court approval. With a will, you typically must wait until the end of the probate process.

The executor has a fiduciary duty — that is, a heightened responsibility to be honest, impartial, and financially responsible. This means you could be held liable if estate funds are mismanaged and the beneficiaries suffer losses.

If for any reason you are not willing or able to perform the executor's duties, you have a right to refuse the position. If no alternate is named in the will, an administrator will be appointed by the courts.

 

About Sumner Wealth Management

Our firm assist individuals, families, and businesses in proactively preparing themselves for a broad range of financial decisions and life events by helping our clients gain income protection, financial stability, with a solid plan.  We are an integrated, Wealth Manager Specialists. 


Mark Sumner
Financial Advisor

 

Sumner Wealth Management, Inc.          
142 South Cardigan Way, ste D                                                                                                                                      
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Mooresville, NC  28117                      
Direct (704) 905 - 3594                                         
www.sumnerwealthmanagement.com                                  


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