Your estate plan needs to execute the transition of wealth from one generation to the next in a tax-efficient manner. Attempting to just force all assets through a simple will without consideration of more money-conscious actions fails your legacy and those you are passing this legacy onto. The Freeze Partnership is one such technique that stands out because of its unique approach to transferring wealth while Read More

Navigating tax season can be a challenge for business owners because they must account for various deductions and credits to reduce their taxable income. As we help you come up with an effective tax strategy, one option you may not have heard about or don’t fully understand is the deduction for vehicles weighing over 6,000 pounds. This deduction is a tool for businesses that rely on large vehicles—decreasing taxable Read More

Business succession and financial planning often involve strategies tailored to optimize specific benefits for business owners. There is no one-size-fits-all answer to business succession planning, so you need a partner with a far-reaching grasp of the various strategic options. One such strategy, the “Popeye Plan”, is particularly suited for owners with consistent earnings and a distinct vision for their Read More

The end of marriage signals a major shift in your financial future, especially regarding how your assets will be distributed through wills within your estate plan. It’s common practice to designate your spouse as the recipient of all or a significant portion of assets through a will, but how does a divorce impact those designations? Thankfully, the law provides a safety net to safeguard your assets and your legacy Read More

Estate planning is a crucial element of long-term financial success and establishing an effective succession plan. Your legacy will be impacted by the decisions you make and how you prepare your assets and accounts to transition down the line. For many people, estate planning is complicated by the availability of beneficiary designations on various accounts – both designating your trust, and outside of your estate Read More

As we mentioned last week, the American workforce is evolving. Technology is allowing businesses to use alternative methods for hiring employees instead of relying entirely on in-house staff that require office space and resources. Many businesses were forced to shift to more telework due to the COVID-19 Pandemic. These changes bring inevitable questions, however, including the tax and other financial liabilities of Read More

We are seeing a historic shift in the way people work in the United States. While independent contractors have existed for a very long time, industries across the country have seen a huge surge in how many independent contractors are brought in by companies to work and produce results. The “gig economy” is a growing platform where individuals become their own bosses, soliciting opportunities from other individuals Read More

For licensed professionals, navigating the decisions surrounding business structures and their lasting implications is a crucial step toward sustained success. Professional corporations (PCs) offer a unique solution among the various options available. We wanted to elaborate on what PCs are, explore their benefits, and help you understand why they might be the right choice for many professionals. What is a Read More

Effective estate planning is crucial for proactively managing the transfer of wealth for generations to come. One of the most crucial elements of doing so comes down to the “powers of appointment.” Powers of appointment offers a unique blend of flexibility and control over asset distribution. These legal mechanisms are essential for individuals who wish to thoroughly guide the allocation of their assets, ensuring Read More