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Q. I am considering establishing a revocable trust. Should I include accounts that are jointly held?

A. This is a question you should discuss with an attorney with expertise with trusts. There are advantages and disadvantages. For example, one advantage would be avoiding probate. But there are disadvantages as well. For example, it would be complicated and expensive to change the terms of the trust, once established. You definitely need the advice of an experienced attorney before you include joint accounts in a revocable trust.

Q. In a recent column, you indicated that there was a tax disadvantage if you held money-market accounts in a state that assesses state income taxes on money-market income. I understand that you are allowed to obtain credit for the holdings in the money market account invested in U.S. government securities. Is that correct?

A. I ran your questions by Ed Slott, who is a CPA, and has expertise in this field. He agreed that you are allowed to receive a credit for securities issued by the U.S government that are held in the money-market account. Some financial institutions inform investors at year-end of the percentage of securities in their money market portfolio issued by the U.S. government. Other financial institutions, such as Vanguard, don’t spell that out for shareholders — but they do maintain this information and provide it to shareholders on their websites. The bottom line is that if you live in a state that assesses state income taxes on income from securities, and you have income from money-market accounts, you should ask your financial institution if it provides this information for you so you can minimize your state income taxes. read more

By CHRISTOPHER RUGABER, AP Economics Writer

WASHINGTON (AP) — President Donald Trump on Friday removed the head of the agency that produces the monthly jobs figures after a report showed hiring slowed in July and was much weaker in May and June than previously reported.

Trump, in a post on his social media platform, alleged that the figures were manipulated for political reasons and said that Erika McEntarfer, the director of the Bureau of Labor Statistics, who was appointed by former President Joe Biden, should be fired. He provided no evidence for the charge.

“I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY,” Trump said on Truth Social. “She will be replaced with someone much more competent and qualified.”

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By ALEXANDRA OLSON, AP Business Writer

NEW YORK (AP) — The Senate confirmed Andrea Lucas to another term as commissioner of the country’s workplace civil rights agency, demonstrating firm Republican support for her efforts to root out diversity programs, roll back protections for transgender workers and prioritize religious rights in the workplace.

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Democratic lawmakers and prominent civil rights groups fiercely opposed Lucas’ confirmation, saying she has subjected the Equal Employment Opportunity Commission to the whims of the president, who elevated her to acting chair in January and, in an unprecedented act, fired two of the agency’s Democratic commissioners before their terms expired. read more

It took two days, but SpaceX was able to avoid a looming weather threat and knock out the Crew-11 launch from Kennedy Space Center on Friday.

A Falcon 9 rocket lifted off from KSC’s Launch Pad 39-A topped with the Crew Dragon Endeavour making its fleet-leading sixth trip to orbit, heading for the International Space Station. A Thursday attempt was scrubbed with just one minute, seven seconds on the countdown clock as a storm cell opened up over the pad. Similar conditions were brewing Friday, but SpaceX managed to squeeze out the launch before lightning storms moved into the area.

On board are Crew-11 commander and NASA  astronaut Zena Cardman making her first trip to space, pilot and NASA astronaut Mike Fincke on his fourth trip, mission specialist and JAXA astronaut Kimiya Yui on his second trip and mission specialist and Roscosmos cosmonaut Oleg Platonov on his rookie flight to space.

The quartet will arrive to the space station early Saturday to replace the Crew-10 mission that has been docked since March. They will spend at least six months on board the station first as part of Expedition 73, but then part of Expedition 74 that begins this fall. read more

By DEE-ANN DURBIN and ANNE D’INNOCENZIO, AP Business Writers

It’s been almost 100 years since the U.S. had tariffs at the level they could reach next Friday.

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Once President Donald Trump’s planned tariffs take effect, Americans will see an average tax of 18.3% for imported products, the highest rate since 1934, according to the Budget Lab at Yale, a non-partisan policy research center.

Late Thursday, Trump ordered new tariff rates for 66 countries, the European Union, Taiwan and the Falkland Islands. Among them: a 40% tariff on imports from Laos, a 39% tariff on goods from Switzerland and a 30% tariff on South African products. read more