A fair amount of my work involves helping business owners make plans for the transfer of their companies—either during lifetime or after death. Sometimes I am called on when a business owner has already begun to make plans for selling the business—but the plan seems to be falling apart. To continue reading, click here.
The federal government has a seemingly insatiable appetite for our tax money. As evidenced by some of the discussions going on in Washington these days, the hunger for tax revenues has only gotten stronger.
A number of tax incentives are built into the Code with regard to qualified plans and IRAs. That fact helps induce our clients to put money into such plans. However, Congress and the President have not prepared a free lunch. The retirement plan rules also create an end to the ability to defer income taxes for those products, in that eventually distributions—known by the acronym RMDs—are required. To continue reading, click here.
I was reading recently about the Morrissettes, and their efforts to keep the ownership of Interstate—a national moving and relocation company—in the family. The source of the story was not a book or article, but rather a case from the Tax Court. To continue reading, click here.
Every year around the tax filing deadline it feels like many of the people I talk to are looking for tax deductions that will be effective for last year. Usually, the taxpayer is seeking to reduce the surprising large federal income tax bill associated with income and profits from the prior calendar year. To continue reading, click here.
Markets have advanced so far this year, as vaccination numbers grew and new infections stabilized. U.S. stocks, as well as developed foreign and emerging markets, continued their powerful advances. The S&P 500 is up over 10% and other indices are also seeing increases. To continue reading, click here.
While many would agree that the extra spending was needed to shore up an economy devastated by COVID-19, the dangers connected to extra federal government borrowing are real. The burdensome debt must be dealt with as we move past the pandemic.
Before he was elected, President Biden announced his intention to ask Congress to raise taxes. Among the things being considered is the idea of expanding the scope of the federal estate tax. To continue reading, click here.
Recently, there have been news reports of volatile trading in a handful of both domestic and international securities. These movements have been linked to the reported liquidation of a leveraged hedge fund that experienced liquidity problems. This, in turn, caused a few investment banks that provided loans to the fund to sell collateral. To continue reading, click here.
Calendar year 2020 is over. Most folks that I know are happy to be finished with the year which will be remembered for the COVID-19 pandemic.
Unfortunately, we are not completely finished with the 2020 hangover yet. The IRS has given us until April 15 to sort out the tax results associated with that year. If you are like me, you are organizing forms sent to you from various financial institutions. Those forms contain information that is needed for your personal tax return. To continue reading, click here.
In 2017, a relatively new “investment” called cryptocurrency garnered a tremendous amount of media attention, most notably Bitcoin. While Bitcoin lost media interest at the end of 2017, it is now back in the spotlight since climbing in value. The intention of this review is not to issue a forecast of cryptocurrency, but rather briefly examine what it is and what it is not. To continue reading, click here.
You may have seen news reports about recent interest rate movements in the media. We want to keep you informed as to what is going on in the markets and offer our perspective on what that means for you and your portfolio. To continue reading, click here.
In April 2016, Prince Rogers Nelson—better known as simply Prince—passed away at age 57 unexpectedly at his home in suburban Minneapolis. Although Prince owned music-related assets worth tens of millions of dollars, he apparently passed away having prepared no will or other estate planning documents. To continue reading, click here.
On December 22, 2017, the president signed into law the Tax Cuts and Jobs Act of 2017. This Act brought about big changes to our tax system. Here’s a review of those changes, and what they mean for 2021. To continue reading, click here
I do my best to meet with clients regularly. While I enjoy their company there is usually a professional agenda behind getting together. Often things have changed—either for the client or in the outside landscape--and it is time to make adjustments to the existing plan.
Now that we are near the end of 2020—thank goodness, from my perspective—I am planning to touch base to discuss year-end ideas. A few of these strategies are unique to year-end 2020 and have a short expiration date. To continue reading, click here.
Many of my clients struggle with the high cost of health insurance coverage, particularly those who are still working full time. Comprehensive health insurance, whether purchased individually or provided in part in connection with employment, is expensive.
Some have found that combining a health savings account (HSA) with a high-deductible health plan can be an efficient way to lower the financial strain. To continue reading, click here.
My entrepreneurial clients are full of questions related to taxes. The most common one that I get is this:
Is there something I can spend money on through my business that generates a tax deduction for the company while still being excluded from my personal income?
After talking about the alternatives that might be available, we usually discuss qualified plans. Pension plan contributions are tax-deductible by the business, and the participating employee—including an owner-employee—avoids personal income tax on the front end. To continue reading, click here.
Individual retirement accounts—whether in the traditional IRA or Roth IRA guise--are some of the most powerful retirement savings tools available to individuals. They offer the opportunity to plan and save for future retirement needs, often with more flexibility and control than typical employer pension plans.
Much about IRA taxation has evolved. New rules have been passed affecting IRAs in just the last few months. To continue reading, click here.
The CARES Act includes a wide variety of provisions aimed to jump-start the U.S. economy during and after the business-slowing side effects of the coronavirus. The legislation includes direct financial assistance to individuals, indirect aid to individuals affected by COVID-19, various salves to employers designed in part to help keep people employed and miscellaneous provisions expected to help stimulate economic activity. To continue reading, click here.
On December 20, 2019, President Trump signed a spending package into law, part of which included the SECURE Act (Setting Every Community Up for Retirement Enhancement). To continue reading, click here.
On December 22, 2017, the president signed into law the Tax Cuts and Jobs Act of 2017. This Act brought about big changes to our tax system. Here’s a review of those changes, and what they mean for 2020: To continue reading, click here.
My business owner clients often use life insurance as the basis for sweetening the compensation package of one or more key employees. They may generally choose between
What is a deferred compensation plan? In short, it’s a promise to pay an executive later on for work they are doing now. To learn more about deferred compensation plans, click here.
Folks sometimes sell certain assets in order to reinvest in others. When one of my clients thinks about selling an investment, we discuss the tax consequences.
Many of the financial investments in a client’s portfolio will be capital assets. Gain on the sale of most capital assets is taxed at capital gains rates. To learn more about capital gains, click here.
My clients ask me all kinds of questions about the tax and technical aspects of financial strategies. In particular, folks are curious about the details Social Security benefits. To continue reading, click here.
Most people who are planning for retirement worry about whether they will have enough income to comfortably live on. One factor in the retirement income mix that sometimes gets overlooked is the effect of federal income taxes.
The good news about federal income taxes is that for many of those nearing or at retirement age, the rates are lower today than they have been in the recent past. The outlook isn’t all rosy though. To continue reading, click here.
Those of us who provide life insurance and financial advice to our clients understand the importance of planning for the death-time transfer of wealth. I work closely with estate planning attorneys and tax professionals to make sure my clients get the benefit of comprehensive and coordinated advice.
Not everyone is open to the idea of hiring a professional team to create an estate plan. Some are determined to do things themselves. Why? There may be several factors: To continue reading, click here.
My clients are full of questions related to taxes and law-related topics. They often ask me questions (among others) about
Here are a couple of questions posed by clients that I wanted to share with you. To continue reading, click here.
On December 22, 2017, the president signed into law the Tax Cuts and Jobs Act of 2017. This Act brought about big changes to our tax system. Here’s a review of those changes, and what they mean for 2019: To continue reading, click here.
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Unless otherwise identified, Associates on this website are registered representatives of Lincoln Financial Advisors Corp. Securities are offered through Lincoln Financial Advisors Corp., a broker-dealer and registered investment advisor, member SIPC. Investment advisory services offered through Lincoln Financial Advisors or Sagemark Consulting, a division of Lincoln Financial Advisors Corp., a registered investment advisor.
