The Basics of Controlled Group 401(k) Plans

Employers that match 401(k) contributions by employees often have an easier time hiring and retaining key talent. Entrepreneurs with controlling or significant ownership interests in more than one company or trade might have a difficult time keeping track of the 401(k) plan for each business. If, however, the associated companies pass one of four complex ownership tests, the owner(s) may offer all employees the same Read More

Just Married? 6 Estate Planning Essentials for Newlyweds – Part 1

As we head into the peak of wedding season, if you are a newlywed or are about to tie the knot, add “estate planning” to your do list. And yes, we imagine that at this happiest time of your life, planning for your potential incapacity and eventual death is probably the farthest thing from your mind right now, but getting it handled as part of your wedding planning is the greatest gift you can give your soon-to-be Read More

New Rules For Deducting Meal and Entertainment Expenses

Taking your clients out to dinner or to a sporting event can be a great way to get to know the people with whom you are doing business and help you develop a closer relationship. Plus, business-related meals and entertainment can be a legitimate business expense (with some exceptions) that you can deduct from your company’s income taxes.  That said, the rules for deducting meal and entertainment expenses from your Read More

6 Things You Should NOT Include In Your Will

A will is one of the most basic estate planning tools. While relying solely on a will is rarely a suitable option for most people, just about every estate plan includes this key document in one form or another.   A will is used to designate how you want your assets distributed to your surviving loved ones upon your death. If you die without a will, state law governs how your assets are distributed, which may or Read More

What You Should Know About Long-Term Care Insurance

With people living longer than ever before, more and more seniors require long-term healthcare services in nursing homes and assisted living facilities. However, such care is extremely expensive, especially when it’s needed for extended periods of time.  Traditional healthcare insurance doesn’t cover such services, and though Medicare does pay for some long-term care, it's quite limited, difficult to qualify for, Read More

How to Pay Yourself as the Owner of an LLC

One of the most exciting parts of owning a business is that you get to pay yourself. No longer forced to rely on someone else’s leadership to keep your company running or their good graces to pay you what you want or need, you get to decide how much you earn, how much you work, and reap the rewards of your best efforts. And yet, many business owners don’t pay themselves, or rely on inconsistent income, to support Read More

Choosing a Trustee For Your Estate Plan

You will have at least one person (if not multiple people) involved in the disposition of your assets in your estate plan. This could be the executor of your Last Will and Testament, Health Care Directive agent, or trustee. The job of a trustee is multifaceted and is not for everyone, but the position is vital for countless estate planners and beneficiaries. Without an effective trustee, your assets might not go to Read More

The Ins and Outs of Forming Your Business Outside Your Home State

It’s a popular myth that it’s always best to form your business in a business-friendly state, like Delaware, Wyoming, or Nevada in order to save on taxes, benefit from increased privacy, and possibly have an easier time raising capital. However, for many businesses, incorporating in these states is completely unnecessary—and it may even cost your company in the long run. Let’s break it down here, so you can make the Read More

New Developments Transform the Role Life Insurance Plays in Your Estate and Financial Planning

Within the past year, a combination of new legislation and the recent change of leadership in the White House and Congress stands to dramatically increase the income taxes your loved ones will have to pay on inherited retirement accounts as well as increasing the income taxes you owe on your taxable investments. However, purchasing life insurance may offer you the opportunity to minimize the effect of these Read More

Managing Your Digital Afterlife: A Guide To Facebook’s Legacy Contact

If you use Facebook to share, track, and report on important life events, it can provide an  intimate snapshot of your life, and it can also serve as a key part of your legacy—and one you’ll likely want to protect following your death. With this in mind, as with any other digital asset you own, you should include your Facebook profile as part of your estate plan. While you’ll want to include your Facebook profile Read More