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.
Securities: Arizona, California, Colorado, Florida, Hawaii, Massachusetts, Nevada, New York, North Carolina, Oregon, Texas, Utah, Wyoming
Insurance: Arizona, California, Hawaii, North Carolina, Texas, Wyoming, Utah
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