For most people, it is perfectly natural to think about estate planning only in terms of planning for death. While it is certainly important for clients to make a plan for their eventual death, if that is all they plan for, their planning will be woefully inadequate. As medical knowledge and technology have improved over the decades, so too has modern medicine’s ability to keep…
Preparing for Possible Tax Law Changes after the Election
The 2020 election is almost upon us. The recent past has taught us that trying to predict the results of an election can be futile at best. Still, our clients need timely counsel regarding their wealth management, and it is our role as advisors to keep them as informed as possible when it comes to potential tax changes on the horizon. While we do not…
Christmas in July: Gifting During Uncertain Times
Changes in the federal transfer tax laws over the last few decades, as well as the economic volatility brought on by a global pandemic, have called into question the wisdom of making large lifetime gifts for estate planning and tax purposes. In today’s economic and tax environments, many professionals remain uncertain about whether advising clients to make lifetime gifts still makes sense. Given the large…
Your Role in the Trust Funding Process
For many clients, a revocable living trust is a valuable tool to ensure that the client’s finances are well managed during periods of incapacity and that the client’s loved ones are financially secure upon the client’s death. However, signing the trust agreement doesn’t end the estate planning process. The team (client, attorney, financial advisor, insurance agent, etc.) must take a final, crucial step–funding the trust.…
Obtaining Loan Forgiveness through the Payment Protection Program
One of the major provisions of the CARES Act is the Payment Protection Program (PPP), a loan program created to incentivize the retention of employees in small businesses. Under the PPP, small businesses can obtain loans to pay for payroll, mortgage interest, rent, and utilities. The deadline for submitting a PPP loan application is June 30, 2020, but because the loans will be disbursed on…
E-state Planning Alert: SECURE Act: Problem or Opportunity?
On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act, which is effective January 1, 2020, is the most impactful retirement legislation of the past decade. It increases the age for required minimum distributions from retirement accounts from 70 ½ to 72 years of age. However, among the many provisions in the new law…
Estate Planning Awareness Week: Why Does Estate Planning Matter to Your Clients?
In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, which designated the third week of October as National Estate Planning Awareness Week. Nevertheless, according to a 2019 survey carried out by Caring.com, 57% of adults in the United States have not prepared any estate planning documents such as a will or…
Tax Strategies to Move Your Clients Forward
The 2019 estate tax exemption is $11.4 million per person, up from $11.2 million per person in 2018. According to the Tax Policy Center, only 4,000 federal estate tax returns were filed this year, with only 1,900 of those returns owing tax. Some industry experts estimate that less than one percent of all estates are taxable federally. Put another way, over 99 percent of all…
The Personal Guarantee: 5 Ways Small Business Owners Can Reduce Their Liability
Small businesses make a huge contribution to the U.S. economy. Nevertheless, starting a new business is risky. Lenders view loans to small businesses, particularly start-ups, as among the riskiest they make, particularly when there is little or no credit history or business revenue on which to base their decision. In an effort to lessen their risk, lenders frequently require small business owners to sign personal…
Dealing with Negative Online Reviews of Your Business
You’ve worked hard to build your small business. Nothing is more frustrating than negative online reviews, particularly if you feel they are unjustified or have been posted in bad faith. There are several steps that you can take to prevent your business’s reputation from being damaged by unfavorable reviews. Respond promptly and professionally. More and more potential customers are turning to internet review sites like…