Pandemic Put a Pause on the Sale of Your Agency – Now What?
July 28, 2020
Weddings, graduation parties, and dentist appointments were not the only things put on hold during the coronavirus pandemic. COVID-19 has changed the course of all our lives regardless of whether our personal health was impacted or not. Over the past few months, I have seen firsthand the impact it has had on agency owners who […]
Best States to Retire In
June 9, 2020
Many factors influence the decision of where to retire. Family, familiarity of surroundings, climate, and cost of living are just a few to consider. What about state taxes? They are often overlooked and just “accepted” as an expense. In the current environment, the trend of where taxes could go based on the financial stability of […]
Stock Options and Restricted Stock – Key Things to Consider In this Downturn
June 2, 2020
If you are an executive working for a public company, it’s likely that a big portion of your wealth is tied to your company stock. As stock prices fall, obviously the value of your stock-based compensation also drops. This can be paralyzing. Amid the chaos, how do you answer the simple question: “what should I […]
Lessons Learned: “This Time is Different”
May 5, 2020
The COVID-19 outbreak has created stress and uncertainty in all phases of our lives. Worrying about our family’s health, learning to work from home while trying to educate and entertain children, and watching our income decline or for some completely go away has understandably caused many to panic. This stress and panic can lead many […]
FDIC Insurance – Have You Maximized Your Coverage?
April 28, 2020
During the Great Depression, the Federal Deposit Insurance Corporation, or FDIC, was created to instill confidence in the banking system. On January 1, 1934, the first deposits were insured with a limit of $2,500. FDIC insurance is backed by the full faith and credit of the US government. How well do you know FDIC coverage? […]
Gifts to Children – Making Them More Effective
February 27, 2020
Gifts are made to loved ones for many reasons. Parents may just want to give their children financial help or accomplish other worthwhile objectives. Well-planned gifts can reduce a donor’s estate for estate tax purposes and shift income taxation to or away from the recipient of the gift. Many objectives can be addressed in a […]
Top 5 Mistakes in Estate Plans – Does Yours Have Any?
December 17, 2019
The primary purpose of an estate plan is to provide for the thoughtful transition of asset ownership to intended heirs. After a plan is drafted, mistakes can creep in and upset a carefully-drafted plan. Below, are five of the more common problem areas to consider. 1. Misusing Joint Ownership Joint tenancy is a common form […]
Should My Agency Be an S Corp or a C Corp?
November 12, 2019
Recently I spoke at the Independent Insurance Agents (IIA) of Illinois annual conference on financial planning for agency owners. After the presentation which included a discussion on taxes, an owner approached me about the tax structure of his agency. He is currently structured as a C Corporation and wanted to know if that was the […]
Updating an Estate Plan – Organizing Your Thoughts
October 22, 2019
Preparing an estate plan can be an intimidating process, since final instructions for a family’s assets are memorialized. Upon death, those instructions are fixed – forever. Estate plans should be reviewed frequently as family circumstances change – children mature into adults and in-laws are introduced into a family. When children are very young, parents focus […]
Solve the 4 C’s Before Selling Your Agency
September 10, 2019
Last month I had the opportunity to moderate an M&A panel at NAHUs (National Association of Health Underwriters) Annual Conference in San Diego. The panel was focused on what agency owners should look for when considering buying or selling an agency. Panelist Mike Deagle of Benaxis and Lily Lam of OneDigital did an excellent job […]
Child’s UTMA is Ending – What Protection Exists?
August 13, 2019
Uniform Transfers to Minors Act, or UTMA, accounts are a popular way to hold investments and bank accounts for minors. Such accounts are owned by the minor but controlled by a designated adult custodian. The minor becomes the outright owner of the account assets when he or she reaches the age of majority specified in […]
Picking Up Pennies
July 11, 2019
In investments, there’s not much more boring than cash. Sure, it provides immense comfort when the markets go south, but in the long-term, cash is the piece of your portfolio which is basically set up to fail versus inflation. By that measure alone, it’s exposure should be limited. Even so, cash still plays a critical […]