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News

Our news articles are posted on a regular basis to give our clients relevant and timely information about matters pertaining to our financial services. Browse through our current and archived articles to learn more.

Financial & Wealth :: What Is the Gift Tax?


Gift_Taxes~001The federal gift tax applies to gifts of property or money while the donor is living. The federal estate tax, on the other hand, applies to property conveyed to others (with the exception of a spouse) after a person’s death.

The gift tax applies only to the donor. The recipient is under no obligation to pay the gift tax, although other taxes, such as income tax, may apply. The federal estate tax affects the estate of the deceased and can reduce the amount available to heirs.

In theory, any gift is taxable, but there are several notable exceptions. For example, gifts of tuition or medical expenses that you pay directly to a medical or educational institution for someone else are not considered taxable. Gifts to a spouse who is a U.S. citizen, gifts to a qualified charitable organization, and gifts to a political organization are also not subject to the gift tax.

You are not required to file a gift tax return unless any single gift exceeds the annual gift tax exclusion for that calendar year. The exclusion amount ($14,000 in 2014) is indexed annually for inflation. A separate exclusion is applied for each recipient. In addition, gifts from spouses are treated separately; so together, each spouse can gift an amount up to the annual exclusion amount to the same person.

Gift taxes are determined by calculating the tax on all gifts made during the tax year that exceed the annual exclusion amount, and then adding that amount to all the gift taxes from gifts above the exclusion limit from previous years. This number is then applied toward an individual’s lifetime applicable exclusion amount. If the cumulative sum exceeds the lifetime exclusion, you may owe gift taxes.

The 2010 Tax Relief Act reunified the estate and gift tax exclusions at $5 million (indexed for inflation), and the American Taxpayer Relief Act of 2012 made the higher exemption amount permanent while increasing the estate and gift tax rate to 40% (up from 35% in 2012). Because of inflation, the estate and gift tax exemption is $5.34 million in 2014. This enables individuals to make lifetime gifts up to $5.34 million in 2014 before the gift tax is imposed.

 

The information in this article is not intended to be tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2014 Emerald Connect, LLC.

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Financial & Wealth :: What Is the Difference Between a Fixed Annuity and a Variable Annuity?

 

fixed_vs_variable~001An annuity is a contract with an insurance company in which you make one or more payments in exchange for a future income stream in retirement. The funds in an annuity accumulate tax deferred, regardless of which type you select. Because you do not have to pay taxes on any growth in your annuity until it is withdrawn, this financial vehicle has become an attractive way to accumulate funds for retirement.

Annuities can be immediate or deferred, and they can provide fixed returns or variable returns.

Fixed Annuity
A fixed annuity is an insurance-based contract that can be funded either with a lump sum or through regular payments over time. In exchange, the insurance company will pay an income that can last for a specific period of time or for life.

Fixed annuity contracts are issued with guaranteed minimum interest rates. Although the rate may be adjusted, it should never fall below a guaranteed minimum rate specified in the contract. This guaranteed rate acts as a “floor” to potentially protect a contract owner from periods of low interest rates.

Fixed annuities provide an option for an income stream that could last a lifetime. The guarantees of fixed annuity contracts are contingent on the claims-paying ability of the issuing insurance company.

Immediate Fixed Annuity
Typically, an immediate annuity is funded with a lump-sum premium to the insurance company, and payments begin within 30 days or can be deferred up to 12 months. Payments can be paid monthly, quarterly, annually, or semi-annually for a guaranteed period of time or for life, whichever is specified in the contract. Only the interest portion of each payment is considered taxable income. The rest is considered a return of principal and is free of income taxes.

Deferred Fixed Annuity
With a deferred annuity, you make regular premium payments to an insurance company over a period of time and allow the funds to build and earn interest during the accumulation phase. By postponing taxes while your funds accumulate, you keep more of your money working and growing for you instead of paying current taxes. This means an annuity may help you accumulate more over the long term than a taxable investment. Any earnings are not taxed until they are withdrawn, at which time they are considered ordinary income.

Variable Annuity
A variable annuity is a contract that provides fluctuating (variable) rather than fixed returns. The key feature of a variable annuity is that you can control how your premiums are invested by the insurance company. Thus, you decide how much risk you want to take and you also bear the investment risk.

Most variable annuity contracts offer a variety of professionally managed portfolios called “subaccounts” (or investment options) that invest in stocks, bonds, and money market instruments, as well as balanced investments. Some of your contributions can be placed in an account that offers a fixed rate of return. Your premiums will be allocated among the subaccounts that you select.

Unlike a fixed annuity, which pays a fixed rate of return, the value of a variable annuity contract is based on the performance of the investment subaccounts that you select. These subaccounts fluctuate in value with market conditions and the principal may be worth more or less than the original cost when surrendered.

Variable annuities provide the dual advantages of investment flexibility and the potential for tax deferral. The taxes on all interest, dividends, and capital gains are deferred until withdrawals are made.

When you decide to receive income from your annuity, you can choose a lump sum, a fixed payout, or a variable payout. The earnings portion of the annuity will be subject to ordinary income taxes when you begin receiving income.

Annuity withdrawals are taxed as ordinary income and may be subject to surrender charges plus a 10% federal income tax penalty if made prior to age 59½. Surrender charges may also apply during the contract’s early years.

Annuities have contract limitations, fees, and charges, which can include mortality and expense risk charges, sales and surrender charges, investment management fees, administrative fees, and charges for optional benefits. Annuities are not guaranteed by the FDIC or any other government agency; they are not deposits of, nor are they guaranteed or endorsed by, any bank or savings association. Any guarantees are contingent on the claims-paying ability of the issuing insurance company.

 


Variable annuities are sold by prospectus. Please consider the investment objectives, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other information about the variable annuity contract and the underlying investment options, can be obtained from your financial professional. Be sure to read the prospectus carefully before deciding whether to invest.

 

The information in this article is not intended to be tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2014 Emerald Connect, LLC.

 

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Commercial Insurance :: How Does Insurance Cover Your Business Off-Premises?

Most businesses have to purchase both property and liability insurance. Lenders that have financed the purchase of buildings, equipment, furniture, merchandise and other types of property will require property insurance. In addition, many contractors and service providers find that potential customers will not do business with them if they do not have liability insurance.

Both, therefore, are essential parts of a business’s financial protection, and they both protect a business for accidents that happen on the business premises. They start to differ, however, when business owners, employees  and property venture off-premises.

Most standard property insurance policies cover property while it is on or within a specific number of feet of the premises, such as 100 or 1,000. That office laptop is covered while the salesman carries it to the parking lot and drops it on the back seat of his car, but not once he leaves the parking lot.

Some policies may provide a small amount of coverage for personal property while in transit (in an employee’s car or a company-owned truck.) However, depending on the value of the property being moved, the amount of insurance may not be enough to fully cover a loss. Depending on the policy, the amount of insurance might be $2,500 or $5,000, though some might provide more. Check with an insurance agent on the differences in off-premises coverage.

A different type of insurance, called “inland marine” insurance, covers personal property that moves off-premises. Businesses that own portable computers and tablets; contractors with expensive construction equipment; and businesses that ship inventory are examples of those that need this type of coverage. Insurers offer policies that cover multiple items under one blanket amount of insurance. When individual items have high values (such as construction machinery or valuable works of art,) the policy normally will include a list of those items and their values.

For an evaluation of your existing commercial insurance policies and for risk assessment, contact G. R. Reid Insurance Services.

 

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Financial & Wealth :: How Much Do I Need to Save?

how_much_do_i_need_to_save

Many Americans realize the importance of saving for retirement, but knowing exactly how much they need to save is another issue altogether. With all the information available about retirement, it is sometimes difficult to decipher what is appropriate for your specific situation.

 

One rule of thumb is that retirees will need approximately 80%
of their pre-retirement salaries to maintain their lifestyles in retirement. However, depending on your own situation and the type of retirement you hope to have, that number may be higher or lower.

 

Here are some factors to consider
when determining a retirement savings goal.


Retirement Age

The first factor to consider is the age at which you expect to retire. In reality, many people anticipate that they will retire later than they actually do; unexpected issues, such as health problems or workplace changes (downsizing, etc.), tend to stand in their way. Of course, the earlier you retire, the more money you will need to last throughout retirement. It’s important to prepare for unanticipated occurrences that could force you into an early retirement.


Life Expectancy

Although you can’t know what the duration of your life will be, there are a few factors that may give you a hint.

You should take into account your family history — how long your relatives have lived and diseases that are common in your family — as well as your own past and present health issues. Also consider that life spans are becoming longer with recent medical developments. More people will be living to age 100, or perhaps even longer. When calculating how much you need to save, you should factor in the number of years you expect to spend in retirement.


Future Health-Care Needs

Another factor to consider is the cost of health-care. Health-care costs have been rising much faster than general inflation, and fewer employers are offering health benefits to retirees. Long-term care is another consideration. These costs could severely dip into your savings and even result in your filing for bankruptcy if the need for care is prolonged.


Lifestyle

Another important consideration is your desired retirement lifestyle. Do you want to travel? Are you planning to be involved in philanthropic endeavors? Will you have an expensive country club membership? Are there any hobbies you would like to pursue? The answers to these questions can help you decide what additional costs your ideal retirement will require.

Many baby boomers expect that they will work part-time in retirement. However, if this is your intention and you find that working longer becomes impossible, you will still need the appropriate funds to support your retirement lifestyle.


Inflation

If you think you have accounted for every possibility when constructing a savings goal but forget this vital component, your savings could be far from sufficient. Inflation has the potential to lower the value of your savings from year to year, significantly reducing your purchasing power over time. It is important for your savings to keep pace with or exceed inflation.


Social Security

Many retirees believe that they can rely on their future Social Security benefits. However, this may not be true for you. The Social Security system is under increasing strain as more baby boomers are retiring and fewer workers are available to pay their benefits. And the reality is that Social Security currently provides only 42% of the total income of Americans aged 65 and older with at least $57,957 in annual household income.1 That leaves 58% to be covered in other ways.


And the Total Is…

After considering all these factors, you should have a much better idea of how much you need to save for retirement.

For example, let’s assume you will retire when you are 65 and spend a total of 20 years in retirement, living to age 85. Your annual income is currently $80,000, and you think that 75% of your pre-retirement income ($60,000) will be enough to cover the costs of your ideal retirement, including some travel you intend to do and potential health-care expenses. After factoring in the $12,000 annual Social Security benefit you expect to receive, a $10,000 annual pension from your employer, and 4% potential inflation, you end up with a total retirement savings amount of $760,000. (For your own situation, you can use a retirement savings calculator from your retirement plan provider or from a financial site on the Internet.) This hypothetical example is used for illustrative purposes only and does not represent the performance of any specific investment.

The estimated total for this hypothetical example may seem daunting. But after determining your retirement savings goal and factoring in how much you have saved already, you may be able to determine how much you need to save each year to reach your destination. The important thing is to come up with a goal and then develop a strategy to pursue it. You don’t want to spend your retirement years wishing you had planned ahead when you had the time. The sooner you start saving and investing to reach your goal, the closer you will be to realizing your retirement dreams.

Source: 1) Income of the Population 55 or Older, 2010, Social Security Administration, 2012

The information in this article is not intended to be tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

This material was written and prepared by Emerald.
© 2014 Emerald Connect, LLC All rights reserved.

 

For more information about Planning For Retirement or for Long Term Care Insurance Information, contact G.R. Reid.

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Accounting & Tax :: Beware IRS Imposter Phone Scams

phonepadlFederal law enforcement (FBI, Homeland Security, IRS Criminal Investigation, and Treasury Inspector General or TIGTA) are jointly investigating the “boiler rooms” that originate these calls. The TIGTA believe these operations are located in India and they are pursuing aggressively.

Callers pose as IRS agents or INS agents and have personal information such as social security numbers and home addresses. This data can be easily bought or obtained for free online which is why the imposters seem to know a lot about the person being targeted. The callers then threaten the homeowner with legal action if funds are not transmitted immediately. Many times the money is requested in gift card format! (The IRS does not want to get paid in gift cards and the IRS does not threaten to send the sheriff to your office to arrest you if you don’t go to the bank and pay immediately.)

Please ignore these calls and don’t provide any personal information to these callers who indicate they are from the IRS.

Don’t be scared or threatened.

 

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Accounting & Tax :: Saving for Higher Education: Investing in Your Child’s Future


Saving money for college is one of the most important investments most people will make in their lifetime. Fortunately, there are many investment options for college savings, with particular merits, and certain caveats to bear in mind. Investing parameters to consider include the length of time set aside for savings, the financial return on the investment, whether your child will choose college for his future, and perhaps most importantly, the tax ramifications of the investment choices.

529 Plans

A popular college savings vehicle, known as a 529 Plan, is essentially a qualified tuition plan sponsored by a state or educational institutions that is authorized by Section 529 of the Internal Revenue Service. An account holder may either invest in a prepaid tuition plan, or a college savings plan. A prepaid tuition plan allows the account holder to purchase units or credits at participating colleges and universities for future tuition (and possibly room and board), while an account holder of a college savings plan can use the withdrawals at any college or university. All 50 states and the District of Columbia offer some type of 529 plan.
The tax advantages to 529 plans are that the earnings are not subject to state or federal tax if used to cover the cost of higher education and some states allow a deduction for contributions to 529 plans. An additional benefit is that 529 plans can be funded by parents, grandparents, aunts & uncles, etc.  There is a special gift tax rule that allows five years of 529 plan contributions to be made at one time without gift tax consequences provided that no other gifts are made to that donee during those 5 years. For 2014, $70,000 ($14,000 annual exclusion times 5 years) can be deposited in a 529 plan by each donor. If the 529 investment is withdrawn and not used for college, the owners will be subject to income tax on the earnings plus a 10% federal tax penalty. Some states impose rules limiting annual portfolio allocations. Market risk must also be considered. If you have a child with a 529 plan who decides college is not for them, the account may be transferred to another family member.

Coverdell Education Savings Accounts
Coverdell Education Savings Accounts (formerly called an “Education IRA”) differ from 529 plans in that the funds can be used for primary and secondary education in addition to higher education. They are similar to 529 plans because the earnings are not taxable when used for qualified education expenses but are taxable with a 10% penalty on earnings if not. A contribution to a Coverdell Education Savings Account and a 529 plan can be made in the same year, but the contribution to the Coverdell Education Savings Account is limited to $2,000 each year. In addition, there are income limitations on the contributor to be eligible to make contributions. When the beneficiary reaches age 18, contributions can no longer be made and at age 30, the account has to be closed. Another disadvantage is that state tax deductions are not allowed for these contributions.
Custodial Accounts
Custodial accounts created under the Uniform Gifts/Transfers to Minors Act allow funds to grow in your child’s name. Gifts to these accounts are subject to the annual gift limits. Advantages of UGMA/UTMA gifts are that investment decisions are more flexible and there are no restrictions on the withdrawals. Disadvantages are that the earnings may be subject to the kiddie tax, meaning that they are taxed at the parent’s rate rather than the child’s rate. The parent also loses control of the funds once the child reaches the age of majority, which may differ on a state by state basis.

Mutual Funds            

Mutual funds provide flexibility through diversification of assets. Depending on the firm or firms managing the funds, these investment vehicles can offer great returns. Investors will be subject to taxes on gains from their dividends; however they have the advantage of being able to manage risks by balancing stocks and bonds in one portfolio. To some investors it may seem frightening that someone else is managing their money, but historically mutual funds, especially those in stocks, have proven to show great returns. So risk management and diversification may appeal to some, but don’t expect to find the income tax breaks of IRAs or 529s here.

Savings Bonds and Stock Investments

Other college saving options include the basics, such as government savings bonds or individual stock investments. These alternatives can represent the polarity of investment risk. Saving for college with bonds requires a long time of accruing interest and the investments are limited at $10,000 face value annually. Savings bonds are not taxed on their accrued interest, but their annual cap and slow growth limit their utility. Interest earned on certain Series EE or I bonds is tax free is used for qualified higher-education purposes.  Investing in stocks without a broker can be risky, and land any investor in a situation of fast gain or sharp losses. Investments in stocks are taxed on capital gains and dividend income, so even if you do make some money, don’t expect to get off scot free.

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Accounting & Tax :: ‘Kinder, Gentler IRS’ Finally Arrives at the Doorstep of the Offshore Voluntary Disclosure Program. Or Does It?

Not since Congress demanded a ‘kinder gentler IRS’ in 1998, has the individual owner of bank accounts and other financial assets maintained outside the US, seen that side of the Internal Revenue Service. For many, both inside and outside the current structure of the Offshore Voluntary Disclosure Program[s], that became a reality on June 18th. Well, sort of, – but that is often the way with the IRS.

The KINDER news:
• A significantly expanded ‘streamlined filing compliance’ procedures for non-filers residing outside the US; and for the first time, acceptance into the streamlined program for those residing inside the US. Penalties eliminated for those residing outside the US and 5% for those residing domestically.
• Existing reduced penalties for ‘non-willful’ taxpayers will be eliminated.
• Elimination of the one-size-fits all approach to encourage those ‘non-willful’ taxpayers easier paths to compliance within the program.

The not so GENTLER news:
• A widening of the 50% penalty for ‘willful’ non-filers, as well as an imposition of the 50% penalty where IRS or DOJ has already begun an investigation.
• A significant increase in the information required of taxpayers applying to the program.
• Payment of the offshore penalty at the time of the application.

The CALL-TO-ACTION news:
• JUNE 30, 2014 was a critical date! Under the many layers of ‘transitional rules’ those taxpayers currently participating in the 2012 or Prior Offshore Voluntary Disclosure Program had documents due no later than June 30.
• AUGUST 3, 2014 is also a critical date! Non-filers have to come forward and be subject to the existing 27.5% penalty if their financial institution has been publicly identified as under investigation or cooperating in an investigation. After that date, the penalty will be 50%.

The REALLY BAD news:
• The IRS gets your name on a list of overseas account owners before you come forward with a voluntary disclosure; you are open to criminal prosecution in addition to the civil penalties above.

The DEVIL-IS-IN-THE-DETAIL news:
• There are now 3 full sets of FAQs [Frequently Asked Questions], some spanning over 20 pages, for compliance with just the Overseas Voluntary Disclosure Program [OVDP]. There are 4 distinct programs and options to choose from each with its own sets of rules, compliance provisions and FAQs.

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Financial & Wealth :: How Can I Keep My Money from Slipping Away?

cash_management_basics

As with virtually all financial matters, the easiest way to be successful with a cash management program is to develop a systematic and disciplined approach.

By spending a few minutes each week to maintain your cash management program, you not only have the opportunity to enhance your current financial position, but you can save yourself some money in tax preparation, time, and fees.

Any good cash management system revolves around the four As — Accounting, Analysis, Allocation, and Adjustment.

Accounting quite simply involves gathering all your relevant financial information together and keeping it close at hand for future reference. Gathering all your financial information — such as mortgage payments, credit card statements, and auto loans — and listing it systematically will give you a clear picture of your overall situation.

Analysis boils down to reviewing the situation once you have accounted for all your income and expenses. You will almost invariably find yourself with either a shortfall or a surplus. One of the key elements in analyzing your financial situation is to look for ways to reduce your expenses. This can help to free up cash that can either be invested for the long term or used to pay off fixed debt.

For example, if you were to reduce restaurant expenses or spending on non-essential personal items by $100 per month, you could use this extra money to prepay the principal on your mortgage. On a $130,000 30-year mortgage, this extra $100 per month could enable you to pay it off 10 years early and save you thousands of dollars in interest payments.

Allocation involves determining your financial commitments and priorities and distributing your income accordingly. One of the most important factors in allocation is to distinguish between your real needs and your wants. For example, you may want a new home entertainment center, but your real need may be to reduce outstanding credit card debt.

Adjustment involves reviewing your income and expenses periodically and making the changes that your situation demands. For example, as a new parent, you might be wise to shift some assets in order to start a college education fund for your child.

Using the four As is an excellent way to help you monitor your financial situation to ensure that you are on the right track to meet your long-term goals.

The information in this article is not intended to be tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

This material was written and prepared by Emerald.
© 2014 Emerald Connect, LLC All rights reserved.

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Commercial Insurance :: Is Forming a Corporation Enough to Shield Your Personal Assets?

For hundreds of years, people starting businesses have formed corporations. They’ve done this in order to shield their private property from the obligations of their businesses. But is simply creating a corporation or a limited liability company enough to accomplish this? No.

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Both forms of ownership attempt to insulate the owners’ personal assets from the business’s liabilities. If a corporation cannot pay its debts, the owners stand to lose the amounts of their investments but not their personal holdings. However, neither the corporation nor the LLC is a perfect shield against personal liability. There are several factors that should be considered regarding these forms of ownership.

In some states, members of certain professions cannot incorporate or form LLC’s. These may include physicians, attorneys, architects, and accountants, among others. In such situations, the corporate liability shield is simply not available.

Corporations and LLC’s are required to perform certain activities. Corporations must create by-laws; LLC’s must create operating agreements. Both documents explain in detail how the organization will be run. They obligate the organization to do things such as hold formal stockholder meetings, conduct elections of officers, and so on. A corporation must also file tax returns. All of these activities cost time and money.

Corporations and LLC’s are liable for their debts, performance of contracts, and their torts. Even though the owners (or “members,” as the individuals comprising an LLC are called) have limited individual liability, the organizations have no such limitation. It must obtain funding for potential liabilities.

In extreme cases, courts may discard the liability protections entirely. Individual stockholders or members may then face legal actions. These tend to be instances  involving fraud or outrageous disregard of the public good. For example, the stockholders of a corporation that performs dangerous activities and that deliberately fails to buy liability insurance could lose their liability protection.

Individual directors and officers of a corporation can be the targets of stockholder lawsuits. This could happen if the stockholders believe that their investments have suffered because the corporation has been mismanaged.

Organizations can finance many of these liabilities with appropriate insurance in sufficient amounts. General liability insurance covers responsibility for injuries and damages to third parties. Employment practices liability insurance covers the organization’s legal liability for wrongful acts committed against current or prospective employees. Directors and officers insurance protects against stockholder lawsuits.

Corporations and LLC’s need all of these, and in large amounts. Business owners should discuss with a professional insurance agent and an attorney the limits of insurance that are appropriate for their situations. In addition to general liability policies, all businesses should purchase umbrella policies for adequate protection. Small businesses need umbrella policies that provide limits of at least $5 million. Medium to larger sized businesses should consult with a risk manager who can evaluate their exposures and suggest appropriate limits.

The corporate and LLC forms of business ownership provide many advantages to the owners. In many cases, they will protect owners’ personal assets. However, that protection is not absolute. Before you form a corporation or LLC, consult with a qualified attorney and with a professional insurance agent who can provide advice on the types of insurance coverage needed.

Contact G.R. Reid Insurance Services to arrange for a consultation.

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G.R. Reid Partners & Clients Team Up For Charity Golf Tournament Supporting Safe Center Long Island

 

G.R. Reid Associates is proud to take part in the upcoming Charity Golf Outing at Wheatley Hills Golf Club in East Williston, New York, with all proceeds benefiting Safe Center LI; one of the nation’s premier facilities serving victims of abuse. The Tournament is sponsored by New York City District Council of Carpenters Relief and Charity Fund.

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G.R. Reid Partners Jonathan Cohen, far left and Richard A. Mills, far right, with clients Matt Berger & Jamie Moore from ADDAPT. 2014 Golf Outing to Support Safe Center Long Island, Wheatley Hills Golf Club, East Williston, New York. Sponsored by New York City District Council of Carpenters Relief and Charity Fund.

“We at The Safe Center are extremely appreciative of the hard work and efforts that go into making this a great day on a beautiful golf course.” said Cindy Scott, co-Executive Director of TSCLI. “We also invite Long Island’s business community to support victims of abuse through any number of impactful sponsor opportunities.”

The event was known as the CCAN golf outing until CCAN (Coalition Against Child Abuse and Neglect) merged with the Coalition Against Domestic Violence to form The Safe Center LI. The mission is to protect, assist, and empower victims of family violence and sexual assault while challenging and changing social systems that tolerate and perpetuate abuse. Located in an historic Grumman-era building at 15 Grumman Road W., Bethpage, The Safe Center LI is a specially designed space which houses a Nassau County multi-disciplinary team where all are dedicated to restoring hope for victims of abuse. The 24-hour, multilingual hotline can be accessed at 516/542-0404. For more call 516/465-4700, visit www.facebook.com/thesafecenterli or the website www.tscli.org.

 

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