ECONOMIC RESEARCH GROUP

MEETING

February 18, 2009

 

 

Chairman Tom Keefer called the meeting to order with 32 members present. Tom advised the group that our April meeting would be held at the Elks Lodge due to a standing reservation preempting the use of our present location. He also mentioned that the treasurer has had discussions with our caterer regarding the increase in luncheon cost and has secured a small decrease to the $ 22 we are now charging. The chairman directed anyone who wished to change locations due to costs to research the project and come to him with a detailed proposal.

 

After lunch Tom Keefer introduced our member speaker, Ed Schutzman. Ed is a graduate of Wayne State University and the University of Michigan. He attained licenses as a practicing CPA and Lawyer. After coming to California he settled in San Carlos.

 

Ed began by commenting on the distressing situation with the budget impasse in the State legislature. This does not bode well for the State or us as citizens. This added to the state of the national economy can be devastating. Turning to his main subject of the current tax code, Ed outlined some of the recent changes we should be aware of including the extra deduction for those who pay Real Estate Taxes. If you are using a tax program to file and do not intend to itemize deductions be sure to still list your paid property tax. Should you miss that the program will not realize you are due the credit.

 

During the question and answer period Eddie gave his own opinion regarding Living Trusts. Ed said he personally does not recommend nor does he have one. He suggests that California law protects most individuals if they hold their assets in Joint Tenancy as Community Property with Right of Survivorship. It was suggested that since most members have Living Trusts and Wills they should not unilaterally make changes to existing arraignments without first consulting their attorney.

 

Thanks Eddie for a wonderful presentation.

 

OUR NEXT MEETING WILL BE HELD MARCH 18 AT DONINIC’S COYOTE POINT.  Our planned menu is Chicken Teriyaki or Petrale Sole.

 

Call Bob Way (345-7014) if you have not already signed up to attend.

 

 

W. Schinagl

Secretary