Tax-Saving Opportunities for Business Owners Are any of your business-owning clients curious about the new Section 199A deduction? Although the deduction became effective on January 1, 2018, guidance on how it would be calculated was delegated to the Internal Revenue Service (IRS) by Congress. For months, financial and tax professionals have speculated about various aspects of this new deduction since Congress gave us little concrete…
Your Fall “Legal Affairs” Checklist
With the fall season approaching, it’s an excellent time to review your affairs. Below is a checklist to ensure your planning meets your needs and is up-to-date: 1. When was your power of attorney last updated? A power of attorney is a valuable legal document, no matter what the circumstance. Not only is it flexible and can be prepared to meet your particular needs, but…
Big “Life Changes” Often Mean Big “Estate Plan Changes”
Many people who put together an estate plan do so when they start a family – assuming they put an estate plan together at all during their lifetime. While putting an estate plan together is a good thing to do, few people make updates once the plan has been created, despite key life events happening over the years. This is a major mistake that can…
Back-To-School Preparation: Not Just About the School Supplies
Use This Time to Revisit The Parts of Your Estate Plan That Impact Your Children Most With all the considerations about your children’s wellbeing weighing on your mind from day to day, it can be easy to forget about some of the most important factors in keeping them well cared for and secure: naming a guardian in your estate plan. When was the last time…
How to Pick a Trustee, Executor, and Agent Under a Power of Attorney
While the term “fiduciary” is a legal term with a rich history, it generally means someone who is legally obligated to act in another person’s best interests. Trustees, executors, and agents are all examples of fiduciaries. When you pick trustees, executors, and agents in your estate plan, you’re picking one or more people to make decisions in your and your beneficiaries’ best interests and in…
Insights to Protect Your Business Owner Clients
Building a business is often an all-consuming quest. Your entrepreneurial clients have spent years, maybe decades, fighting past obstacles to make their dreams a reality. It’s easy for founders to find themselves so absorbed that they forget about the “outside” world. This short sightedness can harm their relationships and health, in the worst cases. It has other consequences, too. Founders often neglect to deal with…
Keeping the Peace After You Are Gone
Planning With an Aim Towards Building Unity A will or trust contest can wreak havoc on families. The conflict can result in possibly irreparable resentment and loss of familial communication. Old rivalries and disputes can resurface during the trying time that occurs after the death of a loved one, especially a parent. But careful estate planning can help you substantially reduce the risk, or even…
How an Estate Planning Letter of Intent Can Help Your Family
Estate planning is an important task that everyone should undertake as it helps to protect your family and loved one’s financial future. But estate planning can do much more than focus on finances, it can also provide for care of those you leave behind. One aspect of estate planning that is often overlooked but can be quite useful is the letter of intent. This document…
Legal Considerations When Getting Your College Student Ready
If you are preparing to send your son or daughter off to college to pursue higher education, you may be wondering how their first semester of school will go. During this exciting new chapter in your family’s life, the last thing you may be thinking about is estate planning for your college-aged child. While your child may not have any assets (yet), once he or…
Taking Full Advantage of the 2017 Tax Cuts and Jobs Act
Key Points to Discuss With Your Clients Like all things, tax laws are constantly changing. An important part of serving your clients is responding quickly and strategically to new developments in the tax law landscape. But at the same time, a knee-jerk reaction is rarely the best course of action—often resulting in unforeseen complications in the future. The best decisions are made by professional teams…