Planning for retirement is often the last thing recent college graduates will think about upon entering the job market and earning a steady income. However, there is no minimum age for individuals to start thinking about saving for the future, whether it is for the purchase of a new car or home, to support a […]
The income you earn can come from various sources, including employment wages, business income, investment returns, and even the lottery, if you are so lucky. As you receive money, it is important to recognize what you are required to report to the IRS and the amounts that are subject to federal taxes (and sometimes state […]
People spend a significant amount of time building their wealth and carefully creating trusts and mapping out an estate plan to protect and preserve their assets for future generations. Yet, when it comes time to naming a trustee to carry out their wishes under the terms of a trust, many people stumble. Making the right […]
On March 28, the Biden administration unveiled its fiscal budget for 2023, indicating its plan to “cut costs for families, cut the deficit and expand the productive capacity of the economy.” Among the provisions included in the budget are higher tax rates for corporations and individuals, including a new minimum tax on billionaires. Whether these […]
Physicians and other healthcare providers recognize the inherent risks of their profession, including legal and financial exposure to claims of medical malpractice. However, this professional liability is merely the tip of the iceberg when considering the legal minefield most all professionals must navigate when operating a business, employing staff, owning property and even driving a […]
Trusts can play a critical role helping individuals protect their wealth and ensure the efficient and private transfer of assets to beneficiaries after their passing. However, because the depth of breadth of different trust instruments are so vast, individuals must carefully structure their trusts in such a way that meets their unique needs and goals. […]
One of the most critical yet often forgotten steps in the estate-planning process is preparing a surviving spouse to take over a family’s financial affairs. Even if you checked off all the boxes on your estate-planning to-do list, creating a will, properly titling accounts, naming beneficiaries and structuring assets for tax efficiency, your plan may […]
The inflation adjustments to various provisions of the tax code increase significantly in 2022 due, in part, to rising consumer prices and inflation over the past 12 months. It is important to consider these changes as you engage in estate planning and preparing for tax efficiency this year and in the years ahead. However, it […]
High-net-worth families breathed a collective sigh of relief as 2021 concluded without Congressional approval of the White House’s Build Back Better economic and social services agenda. However, even with the potential demise of the bill and many of its previously proposed tax consequences, wealthy families should not put on hold the estate-planning strategies they already […]
Engaging in estate planning is the best way to ensure that your assets pass to your intended beneficiaries after your death. The more detailed and specific you are drafting your will, the better the chances your wishes will be followed. However, if you were to draw up your will today, listing all your personal possession […]
