We are fairly certain the last thing your 18-year-old kid is thinking about is an estate plan. And you are probably not thinking about one for them either, but you should be. Here’s why: once your child turns 18, you are no longer entitled to know about their medical records or make decisions about their…
When it comes to retirement plans, IRAs and 401(k)s provide many of the same benefits. But in certain situations, an IRA can outperform a 401(k). IRAs aren’t right for everyone, so you should become familiar with the advantages IRAs have over 401(k)s before you transfer funds or set up a new account. To help you…
Have you thought about if your business is meeting the compliance requirements? The end of the year is coming up sooner than you think, have you thought about if your business is meeting the compliance requirements? Do you know what corporate formalities you must maintain for your business? Well, you have come to the right…
How to protect yourself from costly surprises and unwelcome litigation Leasing commercial property brings a whole range of considerations that never muddy the waters when you’re renting to residential tenants. For a start, the stakes are much higher and the amount of expense you can incur from an unreliable tenant can be astronomical. Knowing your…
If your pet is beloved as a family member, you likely want to ensure that he or she will be well cared for in the event of your incapacity or death. Without explicitly stated wishes, these furry family members could end up without a home of their own, if you die or become unable to…
Donald Trump has proposed a radical tax reform agenda for his presidency. Part of this reform is his intention to repeal the estate tax. For some people, this will be a considerable change with significant repercussions. But, because more changes to the tax code are anticipated, high-net-worth families should consider what this change could mean…
I was at a sushi restaurant the other night. It was crowded, and I was only there because I wanted traffic to die down before I began a long drive home. So I sat at the bar and just ordered some food. As I was waiting for my order, a guy walks up to the…
A friend recommended that my wife and I watch “Manchester by the Sea” so, of course, it somewhat took an act of God to find night coverage for Jiya, finally slip out of the house, and go watch a movie. That alone was memorable, sadly enough. But the movie stung hard, and really hit…
Growing your business doesn’t have to mean growing your legal matters too Growing your business doesn’t have to mean growing your legal matters too. Pretty much all of us would like to keep as much money as we can and not have to worry about tax deductions every year. Just as Albert Einstein said, “the…
A comprehensive estate plan can protect the things that matter most. For many, this means their property and their family. Including provisions for the care of your children in your estate plan is essential for peace of mind. But many parents struggle with including such provisions as naming a legal guardian for their child in…
It is important to keep in mind about the new tax laws for 2018? As a business owner, it is important to keep in mind about new tax laws now that the year is coming to an end. Not only with the tax laws changing, but staying informed about how Brexit is making an impact…
If you work from home, you may be eligible for tax deductions on part of the rent or mortgage payments you make, but you may be afraid this puts you at risk of tax audit. And, rightly so. Calculating your home office deduction properly can minimize your taxes and keep you out of risk. The…
There are many reasons why people do estate planning. The most common reason is to avoid probate and to make sure your assets go to your loved ones after you die, instead of being seized by the courts. But there is another reason why some people must do estate plans and it has to…
Are you updated on 2018 laws as a business leader? Just as death and taxes are certainties, so are annual changes to laws and regulations governing businesses. This year is no exception. Most of the changes to the 2018 laws governing businesses occurred at the state level, but there were some significant changes that also…
Blended families, unmarried couples, assistive reproductive technology (ART) and same-sex unions and marriages challenge the traditional concept of “family” as it’s been known for legal purposes up until now. Significant changes in the way we define family culturally means more families are left without the valuable protection they need, in the event of a death…
So, no matter how hard I tried to stop her from growing up, our baby girl turned 2 this past week. In two years, she’s come a long way: she’s mastered the word ‘no’ ; she role plays and does impersonations; and when she really wants me to work for it, she’ll refer to me only by my first…
Being in your 20s or 30s doesn’t mean financial success is decades away. In fact, earning big money is often even more possible when in your “growing up” years because most people are a lot more willing (and able) to take risks before they get bogged down with the “realities” of life. While the old…
While tax day here in the United States is not until April 15, if you own a business and you intend to follow the rules, you’ve already started scrambling. 1099’s were due to your independent contractors February 1, and if you are filing an S or C-Corp tax return, it’s due March 15, and then…
Don’t Let Creditors Steal Your Wealth! Approximately 20 years ago, states like Delaware and Alaska became the first to create new trust laws to provide an attractive alternative for the thousands of Americans who were using offshore trusts to protect their assets. These changes allow for the creation of Domestic Asset Protection Trusts that shelter…
Caring for an aging parent is a common challenge for Baby Boomers, and now even Gen-X’ers and Millennials. And, stepping in to help manage your parents’ finances, without eroding their sense of independence and privacy, can be tricky. Many aging parents are reluctant to ask their children for help with their finances. It means a…
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