Market Commentary
September saw another setback for global markets, as European growth concerns spilled over to the U.S. For the second time this quarter, investors trimmed exposure to stocks and corporate credit in favor of cash and Treasuries. This was bullish for the U.S. dollar, which remains the strongest performing currency this year. This U.S. dollar strength combined with energy supply increases from the U.S. and concerns over International growth have put significant downward pressures on many commodities. U.S. large-cap equities held up better than International shares, while Emerging Market and small cap stocks suffered the largest losses. 

 
 
An inheritance is generally worth only what your heirs get to keep after taxes are paid. So when it comes to leaving a legacy, not all property is created equal--at least as far as federal income tax is concerned. When evaluating whom to leave property to and how much to leave to each person, you might want to consider how property will be taxed and the tax rates of your heirs.