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…
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…
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…
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…
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…
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…
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…
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…
Although often perceived as a worst case scenario, bankruptcy can be an appropriate way for small businesses to recover from unmanageable debt by reorganization, reducing personal liability or liquidating business assets. Sometimes small businesses (or their owners) must turn to bankruptcy when cash flow slows or business expenses cannot be met. There are three types…
Decisions about your health care are some of the most important you will ever make. Don’t put off making plans until you are unable to assert your wishes. Including health care documents in your estate plan can ensure your decisions are always your choice, even if you cannot speak for yourself. Health care documents that…
Up until now, you alone have been running your small business. Now you need help. The moment when a small business owner decides to hire his or her first employee is one of triumph. Conversely, knowing how to start the hiring process can be a moment of confusion. If you’re ready to hire your first…
Preparing You And Your Family For The Future An estate plan is a collection of documents, prepared with the assistance of an estate attorney, that define how your assets will be managed in the event of your death or incapacitation. The end of the line is something most people don’t like to spend too much…
Baby boomers know money isn’t the only important aspect of estate planning. A 2012 study released by the Allianz Life Insurance, Co. showed baby boomers wanted to leave their family more than just financial assets. Researchers found baby boomers identified family values as some of the most important things to pass down to heirs. In…
Building a brand can transform your business into an enduring household name. But how do you build a brand when you are starting from scratch? One good place to start is developing a consistent company culture. Company culture can be leveraged to create a unique and memorable company identity. More than just a corporate buzzword,…
Power of attorney (POA) is a document that grants a specific person, called an agent, the authority to make important decisions on behalf of another person, called the principal. There are many different kinds of power of attorney. The scope of the authority the principal grants to the agent can be very broad or quite…
Building a business empire, enterprise, or even just a start-up has its price. The image of the confident and charismatic CEO often falls short of reality. Before, during and after public visibility often comes personal self-doubt, anxiety and mental anguish. Many business owners donot readily divulge the distress they feel because they don’t perceive it…
Financial aid is a valuable resource for students and their families. And sending a child off to college is one of life’s biggest (and often most expensive!) events. Unfortunately, certain assets may adversely affect student financial aid eligibility. That’s why careful financial planning is particularly important for families with college-age children. Federal financial aid eligibility…
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