Even if you put a totally solid estate plan in place, it can turn out to be worthless for the people you love if it’s not regularly updated. Estate planning is not a one-and-done type of deal—your plan should continuously evolve along with your life circumstances and other changing conditions, such as your assets and the law. No matter who you are, your life will inevitably change: families change, laws Read More
Properly Executing a Section 351 Exchange
Owners of real property or other assets with built-in gain (and a low tax basis) may wish to transfer the appreciating property to a newly formed corporation in exchange for stock. By exchanging property for shares of a corporation’s stock, the property owner can also realize tax benefits through Section 351 of the Internal Revenue Code (IRC). Many times, transferring property to a corporation in exchange for Read More
Estate Planning Must-Haves for Single Parents
If you are a single parent, life for you right now probably couldn’t get any busier. You are likely being pulled between work, school activities, and home - and the inevitable emergencies that fill the lives of single parents everywhere. Being a single parent is a huge responsibility, even if you do share time with a parenting partner, and especially so if you don’t. Regardless, as a single parent, your children’s Read More
With Tax Laws in Flux, What Should You Do Now?
On September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a wide array of changes to federal tax laws. Specifically, the Democrats proposed a number of significant tax increases and other changes to fund the plan, including increases to personal income tax rates and the capital gains tax rate, along with a major reduction to the federal estate Read More
3 Pitfalls to Avoid When Buying an Existing Business
Whether it’s your very first or your fifth company, if you’re looking to start a new business venture, you have two options: 1) build your own from scratch or 2) buy an existing one. And while many entrepreneurs dream of building their own company from the ground up, the reality is, launching a brand-new business can be incredibly difficult. Building a business from scratch can involve years of working long hours Read More
Misclassifying Employees As Independent Contractors Can Cost You Big Time
As more and more businesses take advantage of the benefits of using independent contractors (ICs) in lieu of full-time employees, the line between worker classification can get easily blurred. While understanding the difference between the two can be quite complex, getting it right can be one of the most important business decisions you’ll ever make. This is true not only in terms of productivity and your bottom Read More
What Should Be in Your Business Succession Plan?
The statistics on transferring ownership interests of family-run businesses suggest that it’s quite difficult for a company to survive the second generation. In almost every case, the lack of a strong business succession plan is the culprit. Business succession planning is the internal and external procedures for passing on one’s business to the next owners. For family-run businesses, this often involves the Read More
3 Ways to Achieve Tax Benefits By Incorporating Charitable Giving Into Your Estate Plan
You are likely well aware of the tax benefits that come from donating to charity during your lifetime—donations to charity are tax-deductible. But you may be surprised to learn about the numerous benefits that are available when you incorporate charitable giving into your estate plan. As with donating to charity during your lifetime, dedicating a portion of your estate to a charitable cause can reduce the taxable Read More
Everything You Need to Know About Including Digital Assets In Your Estate Plan—Part 2
Recent advances in digital technology have made many aspects of our lives exponentially easier and more convenient. But at the same time, digital technology has also created some serious complications when it comes to estate planning. In fact, if you haven’t properly addressed your digital assets in your estate plan, there’s a good chance that most of those assets will be lost forever when you die. Without the Read More
Spruce Up Your Company’s Documents Before Passing On Your Enterprise
After decades of successfully running your business, you clearly have a recipe for success. Eventually, though, it will be time to pass your business on to the next generation of leadership. It takes years of hard work, a lot of communication, and a little luck to pass on your closely held business to your kids and have it survive the transition. Assuming your kids want to take over the company, they might not Read More
