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Wealth Watch

Reducing Year-End Taxes on Your Investments

Nobody wants additional taxes for the holidays, so throughout the year, we look for ways to minimize them.  With year-end approaching, it’s a good time to review a few strategies that can potentially reduce your tax bill. Tax-Loss Harvesting The goal of tax loss harvesting is to stay in the market while capturing the current […]

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Retiring Law Partner’s Checklist

Congratulations, Counselor, you’ve decided to retire!  After a long and distinguished career, it’s time to ride off into the sunset and start enjoying life after the law.  So, as a parting gift, we’ve put together this short checklist of things you should do as you prepare for your retirement and separation from your firm.  I […]

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RainCatching™ Revisited

As the economy continues to get back to normal, lawyers are busier than ever.  With private equity firms and public company balance sheets brimming with cash, there continues to be historically high M&A and other activities that require the work of lawyers. Given how well many law firms are performing, I thought it would make […]

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How Do I Gift My Carried Interest?

After meeting with your personal CFO and financial team, you have determined, as a private equity professional, that gifting carried interest fits within the scope of your long-term financial goals. You have reviewed future cash flows, potential income and estate tax savings, and the amount of estimated growth you are shifting to future generations. The […]

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Counselor Cobbler, Do Your Children Have Shoes?

There is an old (very old, I think) saying that goes something like this… “the cobbler’s children have no shoes.”  The idea, of course, is that the cobbler is so busy making shoes for other people that he doesn’t take time to make sure his children have shoes.  In my experience, lawyers can quite often […]

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Gifting of Carried Interest – A Strategy To Save Estate Taxes

One of the common pain points for financial professionals (private equity professionals, investment bankers, and asset managers) that we hear is “I pay too much in taxes.” Most professionals typically are talking about income taxes; however, estate taxes often get overlooked. If you are a private equity professional, one of the great tactics unique to […]

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Cash Balance Plans – What’s in It for Me?

Now that the political picture has come into sharper focus, many investors wonder what they should be thinking about in terms of tax planning.  While the Biden administration has yet to roll out specific tax-related priorities, most observers believe that some tax reform is forthcoming.  With that in mind, what should attorneys be thinking about […]

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Top 3 Year-End Planning Tips for Lawyers

As I’ve spoken with many lawyers throughout 2020, I’ve been impressed by how resilient most law firms have been.  Most lawyers have seen their firms hold steady, and some have even seen growth in 2020.  I consider that an amazing testament to the long-established truth that nothing of any importance gets done without the input […]

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Retirement Benefits for Lawyers

I have the privilege of working with many law firm partners as clients.  In my experience, law firms often have some of the best benefits for their partners and associates.  I have also found that many times lawyers don’t take the time to fully comprehend all of their firm-provided benefits and how those benefits impact […]

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Top 4 Questions Lawyers Are Asking

We all know the last several months have been perhaps the most unsettling times any of us can remember.  As a result, I have had countless conversations with clients to help them navigate these stormy seas.  I thought I would share some key questions I’m hearing from our lawyer clients and the advice I have […]

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Secret Retirement Saving Super-Power: The Mega Back Door Roth

For high earners and big savers, there are limitations on contributions to designated retirement accounts. Specifically, in 401k accounts, the maximum you can deduct from your salary is $19,500 in 2020. For those over 50, a “catch-up” contribution is allowed up to an additional $6,500. What many don’t know about 401k accounts is that there […]

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Money Lessons for Lawyers From the Ball Diamond

April is one of my favorite times of the year.  Certainly not because of the lovely April weather here in Chicago, but because normally it means baseball season is getting into full swing.  Unfortunately, the start of the baseball season has been pushed off a bit due to the impact of COVID-19, but it will […]

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