Category Archives for Business Owners
9 Top Questions (and Answers) on the SECURE Act
If you are at or nearing retirement age or planning for retirement, there is some BIG NEWS that everyone needs to understand and act on for their own retirement planning. Just this month, the Setting Every Community Up For Retirement Enhancement (SECURE) Act was passed by the House of Representatives and the US Senate by […]
Continue readingIt’s HERE…the Tax Tables Everyone Needs to Know for 2020
One of the most anticipated (and dreaded) time of the year is when the IRS releases the tax rates for the upcoming year. It almost always happens in the last couple of months of the year. While everyone hopes their rates will go down, for most, they either aren’t going to change significantly or could […]
Continue readingThe “Four Pillars” You Need in Your Estate Plan so it “Works” the Way You Want It To
Regardless of whether you have an estate plan in place or are just starting to think about one, there are some key elements everyone should know about (or refresh their thinking about). It will be worth your time to refresh yourself (or educate yourself) on some core goals you should consider when thinking about estate […]
Continue readingDo You Have an Estate over $11M…You’ll Want to Know About This Technique
The federal estate and gift tax exemption is at an all-time high ($11,400,000 as of January 1, 2019). This means that the vast majority of people will be tax exempt when it comes to gift taxes and only a tiny percentage of people who will have taxable estates. But for those of you who do […]
Continue readingAre You Taking Advantage of the 199A Tax Deduction?
Since it went into effect on January 1, 2018, our law office has been receiving a LOT of inquiries about the new IRC §199A deduction. Most don’t understand it and those that do aren’t sure exactly how to take advantage of it, or if it even applies to them. Allow me to try and simplify […]
Continue readingWhat is “The QBI Pass Through” (simplified) and How Does it Help Me as a Business Owner?
Unfortunately, like many aspects of the law, the new QBI deduction is complex and regulations to explain the application of this provision have only partially cleared up some of the confusion surrounding its usage. Let me try and simplify this for you so you can hopefully take advantage of all it has to offer.One of […]
Continue readingWhat is a “DAPT” and Why You Should Care About It
Let me start by defining what “DAPT” stands for…Domestic Asset Protection Trust. Still confused by what it means? Many are as it isn’t something that is simple and easy to understand in the first pass. I will hopefully help you understand it better and offer you some ideas on how it can be used so […]
Continue readingAre You Going to Take Advantage of the Proposed “Clawback” Changes?
Because of the recent tax law changes, there is an interesting proposal on the table that will be voted on in March of 2019. It is expected to pass with little opposition. If it does pass, there will be some interesting “opportunities” for people between now and 2026. This is the window where you will […]
Continue readingCelebrity “Fail” Series…Fail #3…How Burt Reynolds and Aretha Franklin Failed at Estate Planning
This is the third in our “Celebrity Fail Series” that talks about how celebrities failed to do the proper planning for their estates. Besides having some great entertainment value, there are some important lessons that can be learned from some of the most recognized celebrities. It also demonstrates that effective estate planning isn’t about having the […]
Continue readingCelebrity “Fail” Series…Fail #2…How Frank Sinatra Jr. Failed at Estate Planning
This is the second in our “Celebrity Fail Series” that talks about how celebrities failed to do the proper planning for their estates. Besides having some great entertainment value, there are some important lessons that can be learned from some of the most recognized celebrities.It also demonstrates that effective estate planning isn’t about having the […]
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