Do Beneficiary Designations Override a Will and Trust?

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

You Need to Understand the Financial Implications of Hiring a Remote Workforce

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

Are Your Workers Employees or Independent Contractors?

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

LLCs and Corporations Won’t Protect Against Professional Liability

Capturing a reprieve from certain liabilities in setting up a corporation or LLC is a crucial element of running these professional entities. However, it’s important to understand exactly what liability protections you earn and what liability you are still exposed to. Some professionals, especially those operating professional corporations, make the mistake of overestimating exactly how liability protection works and Read More

Demystifying Professional Corporations: Understanding Ownership and Benefits

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

Understanding and Utilizing Powers of Appointment

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

Intellectual Property Insights: The Fidget Spinner’s Untold Story

Around 2017, it was difficult not to notice the sudden popularity surrounding fidget spinners. This spinning toy, appealing in its simplicity, quickly became a worldwide phenomenon, engaging children and adults. However, this surge in popularity highlights a significant lesson in intellectual property (IP) rights and how vital the protection and preservation of those rights is. Catherine Hettinger is the original Read More

Understanding the Tax Implications of Different Business Properties: Sections 1245, 1231, and 1250

When managing a business, understanding the tax implications of your assets is critical for long-term viability. For small to medium-sized business owners, the complexities of business taxation are often daunting, especially regarding depreciable business property. The Internal Revenue Code (IRC) provides guidance under sections 1245, 1231, and 1250, each dealing with different business properties. It’s important Read More

In What State Should You Create Your LLC or Corporation?

Creating an LLC or corporation is a major venture that opens up doors for you and your partners to generate wealth and opportunity. One of the most crucial decisions you'll face is where to establish your business. This choice influences and is influenced by the location(s) your business operates, the structure of your business, and privacy. While many entrepreneurs default to their home state for incorporation, Read More

Tax Considerations for Asset Sales vs. Stock Sales

When businesses engage in the acquisition of another entity, the tax implications of such a deal are a crucial element that must be accounted for. Those implications look different depending on whether the deal is a stock sale or an asset sale. Each of these deals serves a different purpose in the business landscape. Working with an experienced firm that understands both tax and business law is an invaluable asset Read More