It’s an Apple-and-Tesla new world. Let’s talk about paradigm shift.
Investment management in the time of COVID-19, government interference, and low interest rates. Keep an eye on the trends.
Philip Mock reviews TV series about Michael Jordan.
2020: Reasons to stay optimistic about the economy while working towards the end of the pandemic.
Congress makes charitable giving even more attractive. Read more.
Learn more about the federal agencies funding development of the COVID-19 vaccine.
The current pandemic created tough challenges for our community. And much like the OKC Bombing 25 years ago, we are collectively supporting each other. Read more.
U.S. crude sold at -$37.63 a barrel on Monday, a historic drop below zero. How did we get to this point in the oil and gas industry?
Investment Dos and Don’ts During Recession.
Historic financial stimulus bill includes provisions that impact retirement plans and how businesses can support employees affected by the COVID-19 outbreak.
You can’t control the stock markets nor stop COVID-19. Managing investments in the midst of the pandemic.
The SECURE Act eliminated a popular feature, the “Stretch IRA.” Learn how this will impact your estate planning and charitable contributions.
As COVID-19 grips the nation, the IRS delayed the deadline to file and pay federal income taxes. Read more.
Our offices are open and our services continue uninterrupted. Read more.
We are often asked about the trade-offs between buying and renting a home. In this article, Nick Gallus offers some general advice and observations to help you navigate this decision.
Learn how the SECURE Act provisions for 401(k) plans may affect your retirement plan and the retirement of your employees.
If you are considering taking a vacation in 2020, book it sooner rather than later. Learn more.
Do not fall for the Suspended Social Security Number scam.
If you are considering taking a vacation in 2020, book it sooner rather than later. Learn more.
Some resolutions are hard to accomplish. This one is easy – but very important, especially with the passage of the SECURE Act.
If you have an IRA heading into 2020, here’s what you need to know about the new tax law and how it may impact your retirement and estate planning.
Our Chief Investment Officer looks back at 2019. Stock returns were very strong, but the bond market forced investors to play the limbo game.
For your sake, I have decided to wrap up with a single reminder I regularly direct at myself.
While we are online looking for the best deals, cyber criminals are looking for opportunities to steal our sensitive information. Learn how to protect yourself.
It’s not just transferring material wealth to our children and grandchildren that we should focus on, but our own personal histories. Read more.
The financial beliefs we pass down to our children can have a significant effect on their financial outcomes. Read more.
Food waste is a serious environmental problem in the United States and other parts of the world. Fortunately, there are efforts along the chain from the farm to the consumer to help reduce waste.
Our colleague is taking an early retirement at the end of the year. Although we don’t normally announce retirements in this publication, it is important to note a few of Bob’s lasting impacts on us, his colleagues.
What do Aretha Franklin, President Abraham Lincoln and Prince have in common? Find out.
Making Sense of the Recent Yield Curve
Here we share some important guidance on when to withdraw funds from your IRA. While withdrawal may seem like an easy task, you may find yourself paying more in taxes than necessary.
Understand the risk of negative interest rates in the U.S.
TCO proudly announces that senior vice president Philip D. Mock earned the Chartered Financial Analyst designation.
Selecting an assisted living facility for a parent or grandparent is not an easy job. Understand a few key components to ensure quality care and happiness for your loved ones.
We have served our clients with a fiduciary duty since our founding in 1981.
Life’s better when you follow those two simple principles.
Does anyone care about government spending and debt? And who will pay the bill?
Are you, your family members and professional advisors rowing in the same direction when it comes to your estate plan?
Social Security benefits are an important component to retirement planning. Here’s what you need to know about receiving Social Security on your spouse.
Financial exploitation and elder abuse continue to rise. How can you protect yourself and your lifetime savings? Read Lesa’s article.
There’s been a growing buzz about cow’s flatulence contributing to global warming. What does that have to do with land usage and the economy? Read more.
It is important to invest in international stocks. Here’s why.
Two people very close to me passed away recently. My wife’s grandmother and Ed, a family friend. They reminded me of life’s greatest mystery.
A Durable Power of Attorney is a super document. It allows a trusted representative to act in your place. Learn how a DPOA can help you.
Are you a small business owner or investor? Please meet Qualified Business Income (QBI) deduction.
Batman, the first comic strip trust fund baby, turns 80 today. What lessons can we draw from the Dark Knight?
Luckily, one day, Bob discovered that a beneficiary document his aunt signed could put her estate plan at risk of entering the troubled probate waters.
“Many jobs in the future aren’t even in existence today.” Are we unprepared for what’s coming? Read more.
The oil and gas market has been a rollercoaster. Oil barrels reached the $75 price range then dropped again. What does 2019 hold for the energy industry?
We ended 2018 with high volatility, but McCormick is optimistic our investments will be better off soon. It’s not shaping up to be a straight line though.
What You Need To Know Before Signing Up for Medical Coverage.
Estate planning and asset protection are really nothing more than building and maintaining fences. A successful plan keeps the cows (assets) in and the wolves (creditors) out.
The recent market volatility got many investors in a panic. Again. What’s the best strategy to live through a bear market?
Market Observations by Bob McCormick – September 2018
Legendary singer and songwriter, Aretha Franklin died in August. Without a will. As a result, her assets are to be divided equally between her four sons per statute set by the state of Michigan. It is estimated her estate, including business interests and artistic work, is worth upwards of $80 million, so a really large estate tax also appears due. Proper estate planning would have possibly saved her family millions.
Ms. Franklin was also characterized as intensely private. How ironic then that her death without an estate plan makes her finances very public for the whole world to see. Plus, if there is litigation due to the absence of planning, the settlement could drag on for years and cost a lot of money.
Dying intestate (without a will) may be fine for some people.* Yet, the need for an estate plan usually gets stronger as we age, marry, have children, become blended families and grow our wealth. I am not going to delve into the affliction PRD-itis** (Procrastination, Rationalization, Denial), but why is it so hard for some of us to do the important planning when it comes the time?
Here are a few of the more common reasons we have heard over the years that cause inaction:
- My assets are held in joint tenancy with my spouse and in accounts with specified beneficiary designations. This may work out for some couples, at least for the spouse who dies first, and if both spouses are competent.
- My spouse and I cannot agree on a plan. This is a big hurdle so it’s definitely time to get real-world guidance from an estate planning professional so that you can try to find common ground.
- I am not sure who to leave my estate to. Remember, if you don’t decide, the state has already decided for you. Make sure you are fine with its formulas.
- I am having difficulty how best to address the need to treat one or more children differently. It is a fact of life that not all kids are ready for wealth at the same time or same age. Professionals can help design estate plans to handle all sorts of family needs and dynamics.
- I don’t want to incur big attorney fees. This may be a case of penny wise, pound foolish. You should be able to get the legal services you need at a fair price. Some estates need complex (read expensive) planning while many others do not.
- “I can ignore it since I’m not going to die right away.” “It’s too depressing.” “I don’t like to think about it.” “I haven’t had time.” “I don’t care – I will be dead.” Ok, these are not valid reasons but cases of PRD-itis. Sometimes the person suffers from a severe case and just says “I’m not going to die.” This last one has a really poor track record.
The importance of wills and estate planning cannot be stressed enough.
I don’t know why Ms. Franklin didn’t have even a will, much less a trust to keep her estate transfer private. And she appears to have been a prime candidate for more comprehensive planning to reduce estate taxes and protect assets from illegitimate heirs and other “hanger-on’ers“. Maybe she struggled with some of the same issues many of us have. Yet, the right planning will not only put our own minds at ease but make our family’s life less stressful.***
*I am not an attorney so nothing I say should be confused with legal advice.
**I made this ailment up.
***Other parts of an estate plan often include a power of attorney and an advance health care directive. These are two big items that help your family handle matters when you are alive but are unable to act or decide on your own.
Market Observations by Bob McCormick – September 2018
• 3 seconds for a cheetah to go from zero to sixty;
• Less than 1 second for an Indy 500 car to travel the length of a football field;
• Less than ½ second for a baseball to travel 60 feet, 6 inches from the pitcher’s mound to home plate at 100 mph.
I thought about the speed of things when I read that high heat and humidity in New Jersey last month was slowing down radio waves that were transmitting trade data between Nasdaq’s center in Carteret to the New York Stock Exchange’s facility in Mahwah. That’s about 27 miles as the crow flies. The 90-degree heat combined with 60 percent humidity caused the data to be delayed by about 8 microseconds.
A microsecond is one-millionth of a second. Sum up about 350,000 microseconds and you have the time it takes the average person to blink, so 8 of these is still pretty darn fast in my book.
What would the founders of the NYSE think of this as they signed the agreement under the shade of a buttonwood tree forming the exchange on May 17, 1792?
It is astounding this delay makes a difference for some investors. Not for us, mere mortals, but for computer-driven, high-frequency trading (HFT) firms the delay was noticeable – and newsworthy. Hundreds of millions of dollars were spent in 2010 on building just one fiber optics line from Chicago to New York in order to increase one-way speeds by about 3 milliseconds (3,000ths of a second) – over 300 times faster than it takes to blink. Since then, at least two competing microwave networks have been built to increase speeds by even a few more milliseconds between these two cities. Big bucks spent for minuscule, but profitable, time improvements.
Consider these speeds the next time you are sitting around in your pajamas day-trading on your laptop, trying to take advantage of the tiny little blips in stock prices that occur throughout the day. It’s not just some big powerful machine you are competing with. It is the near speed of light trading you are racing against. May the force, and very fast fingers, be with you.
We opened our doors for business over 37 years ago, not yesterday. We are not a start up, pressured for quick results. Read Joe Ray’s letter.
Many retirees mistakenly believe that once they retire they won’t have to pay taxes anymore. Your retirement success depends on planning carefully your income and taxes. Read article.
One of the fascinating aspects of managing wealth for individuals is getting to watch the wide range of human emotions play out in real time.
The Oklahoma Council on Economic Education (OCEE) is dedicated to reaching every student in Oklahoma.
According to some predictions, the estimate cost for my five-year-old to attend a four-year public university is around $175,000 and this is assuming he receives in-state tuition. A private college is expected to be closer to $475,000. Gulp!
Innovation Everywhere, Except in the Numbers
Big Brothers and Big Sisters provides children facing adversity with enduring, professionally supported one-to-one relationships that change their lives for the better, forever.
A closer look at one of our team members.
A close look at where the interest rates may be headed.
In the field of military operations, a bunker is a place for respite and rest, a place to regroup and prepare to reengage.
Family legacy properties are extremely emotional assets. The feelings triggered by the thought of parting with the family farm, lake cabin or beach house can become the cause of tension among family members.
What a predictable year it’s been.
A Message From the Desk of Tom Wilkins
When I wrote in this space last October, stock market averages had fallen sharply in August and September and investors were fearful of further declines.
Odds are you too have invested far more time than necessary researching some banal household purchase. But if you are nearing your retirement or are already in the midst of it, how much time have you have considered your income strategy in retirement? Was it more or less than the time spent on your last Amazon.com purchase?
Old age “ain’t for sissies.” There is some truth to that.
Since 1988, the nonprofit has worked with more than 350 families to realize their dream of homeownership.
Belt-tightening is taking place all across the oil and gas industry, impacting Oklahoma families…
Oklahoma Firefighters Burn Camp is a five-day summer camp that accepts children ages six to 16 who have suffered severe burn injuries or traumatic injuries causing scarring and disfigurements. It began in 1999 and is held every August at Dry Gulch USA, in Pryor, Okla. The camp is a place of unconditional love and acceptance, where scars do not limit future goals and successes.
It’s always my pleasure to share our good news in Investment Perspectives, and this news usually comes in the form of new team members to serve you.
Trust Company of Oklahoma is proud to introduce TCO Title Services, LLC.
Creating a trust is a very important step in the estate planning process; but without funding the trust, there is no value to the trust document.
How to Make a Roth Work for You
U.S. stocks were up modestly the first half of the year. The trip was anything but calm. A sharp drop early in the year was followed by a rally moving in tandem with higher oil prices.
It is estimated that on a single night in January 2014, over 578,424 people in this country slept outside, in an emergency shelter or in a transitional housing program. This epidemic is not a distant statistic, it is right here in Tulsa. Approximately 6,500 individuals flow through our local shelters each year.
Belt-tightening is taking place all across the oil and gas industry, impacting Oklahoma families.
We were in the midst of March Madness when I realized the first quarter of 2016 was like a basketball game for the markets, comprised of two unique halves.
Learn to Love the Pullbacks
by Robert McCormick
There are five words investors should always use with caution: “It is different this time”. In this article Bob suggests two unusual suspects which may explain why “different” may be happening now.
The Real Deal?
by Scott Cravens
Forget about the get rich quick schemes for a moment and read Scott’s level-headed advice about the pros and cons of owning real estate.
In this article, Jamie provides important counsel on how to prepare for your children’s future.
Tax season is unnerving enough without scammers preying on you. In this article, Bob shares the latest scam to be wary of.
Joanna Murphy reviews how important language and communication are when it comes to estate planning.
David Stanley offers some helpful questions that we should be asking our financial advisors.
Jim Arens discusses what the new year might hold for both stocks and bonds and whether the strong stock returns of 2013 are likely to continue.
In this article, Melissa Taylor sheds light on a subject that has never crossed the minds of many, Digital Assets & Estate Planning.
In this article, Zac Reynolds shares his insights on the market and the safety of Bonds.