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Rhode Island Asset Protection News
Increasingly Integrated Financial Management Systems Are Expected To Support Program Managers Financial Managers, And Budget Analysts At The Same Time
OMB Circular A-127, Financial Management Systems, initially issued in 1984, was revised in 1993. This Circular sets forth general policies for Federal financial management systems and relates these policies to those in OMB Circular A-130, Management of Federal Information Resources, and OMB Circular A-123, Management Accountability and Control.
The Government Performance and Results Act of 1993 required Agencies to manage by results. In the spring of 1994, the Chief Financial Officers Council (CFO Council) adopted the following vision for financial management:
Enabling government to work better and cost less requires program and financial managers, working in partnership using modern management techniques and integrated financial management systems, to ensure the integrity of information, make decisions, and measure performance to achieve desirable outcomes and real cost effectiveness.
The Federal Financial Management Improvement Act of 1996 required each agency to implement and maintain financial management systems that comply substantially with Federal financial management systems requirements, applicable Federal accounting standards, and the United States Government Standard General Ledger at the transaction level.
Increasingly, integrated financial management systems are expected to support program managers, financial managers, and budget analysts at the same time. Information supplied by these systems is expected to become more timely, accurate, and consistent across government. Systems and data are being shared more and more by agencies with common needs.
Asset protection can help when disaster strikes
Asset Protection: More coverage generally means you will have less to pay out of your own pocket if disaster strikes. You must determine the amount you can financially afford to lose. Depending upon your determination, more insurance may be the answer. You need enough liability coverage to protect yourself from lawsuits resulting from your possible negligence.
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News about Asset Protection cases in Rhode Island and nationwide:
Definition:
Diversification of your investments, usually between U.S. and international equities, fixed income, real estate, and commodities.
Tax exempt entity
Definition:
To hold the protected assets. The stock in this tax exempt entity can be held by an asset protection trust. As a result, the stock does not show up on the balance sheet of the taxpayer and the income from the assets is likewise off the tax return of the protected client.
Marital Trusts
Definition:
A marital trust is used to benefit the surviving spouse of the person who dies. There are many reasons for creating such a trust-- to provide asset protection for the surviving spouse, or to ensure that your children are the ultimate beneficiaries of your estate.
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