Gifting of Carried Interest – A Strategy To Save Estate Taxes
March 30, 2021
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 […]
Selling the Agency on Your Timeline
March 16, 2021
Last fall, I received a phone call from Mark, an owner of a successful multi-generational insurance agency. Mark is in his late 50s and has been running the family agency for the past two decades. Mark was stressed out over the thought of selling his agency. He had multiple offers from competing agencies that were […]
Cash Balance Plans – What’s in It for Me?
February 23, 2021
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 […]
The Future is Gray, Delayed, Small, and Female
At our annual client event, Dr. Joe Coughlin, founder of the MIT Age Lab, shares how drastically retirement has changed over time, the technologies MIT is researching and building to help people age, and how demographics are driving a longevity economy we should all be aware of.
Working Wealthy – Fish Brain
January 26, 2021
Let’s be honest—2020 was a bit of a dumpster fire for many of us. Between the pandemic, a contentious election, separation from family and friends and a myriad of other pitfalls, 2020 is something many of us would like to soon forget. The symbolic act of turning the calendar page from December 2020 to January […]
Top 3 Year-End Planning Tips for Lawyers
December 29, 2020
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 […]
Watching the Sunset – Current Estate Tax Laws vs New Proposals
December 8, 2020
With the presidential election behind us and Joe Biden entering the Oval Office in January, questions and uncertainties still exist regarding his proposed tax package. With the “Blue Wave” of Democratic control over the White House, Senate, and House of Representatives seemingly less likely, major tax reform that was a pillar of Biden’s presidential platform […]
Post Election 2020 – Where Do Taxes Go From Here?
On November 17th, we hosted a virtual conversation with BDF’s income and estate tax planning experts during which we shared our insights on what the results of the election mean for estate and income tax changes in the future as well as what you need to consider before year-end given the potentially changing landscape. We […]
Working Wealthy – Time Passing, Fast and Slow
November 24, 2020
I’m guessing Daniel Kahneman will never read this blog, so he won’t be offended by my riff on his Thinking, Slow and Fast book title. Pardon the term, but in these days of COVID-19, time seems to have taken on a very different meaning and reality. And, being a relatively new parent, I’m acutely aware […]
Retirement Benefits for Lawyers
October 20, 2020
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 […]
Estate Tax Exemption – Use it Now!
October 13, 2020
Federal tax law levies a tax on the value of assets you own at death. The estate tax is levied at a 40% rate and can severely impact the transfer of wealth to future generations. Many business owners are simply unaware that the value of their business exposes them to the tax and that may […]
How Did Financial Professionals Navigate the Pandemic?
August 25, 2020
The effect of the coronavirus has been widely felt and will continue to make an impact on the future of the world for years to come. Financial professionals (private equity professionals, investment bankers, and asset managers) felt the impact both personally and professionally throughout the first half of 2020. Many financial professionals were adjusting to […]