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Tax Planning

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Estate Planning in the New “Normal”

The 2018 Tax Cuts and Jobs Act (TCJA) that went into effect this year includes many tax law changes, most of which are set to expire at the end of 2025. Among them are important changes to Estate Tax laws with the most dramatic being a doubling of each person’s federal estate tax […]

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Business Buy-Sell Agreements: 3 Areas Need Attention

Buy-sell agreements govern the purchase and sale of business ownership interests when death, disability or other significant events happen.  However, such agreements generally lack in three critical areas. Three areas that cause most concern are valuation, deadlock and retirement.  Most often, owners put together buy-sell agreements that address the easy triggering events, death and disability, […]

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Selling Your Business? 3 Critical Actions to Take Now

Business Owners put their head down and go.  Usually, they dedicate no time for extensive business or personal planning.  When the time to sell arrives, owners often move ahead without critical planning that can help boost the value of the business and enhance their overall estate and financial plans.  Spending a little bit of time […]

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Spring Cleaning Your File Cabinets

With warmer weather, more sunshine, and opening day baseball (Go White Sox!) on the horizon, I was feeling ambitious last weekend and decided to get a jump start on my Spring cleaning. As I sifted through file cabinets I was shocked as to how many statements, bills, and receipts can pile up over 12 months, […]

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3 Reasons to Change Your Estate Plan After the Tax Cuts and Jobs Act of 2017

The Tax Cuts and Jobs Act of 2017 created many planning opportunities.  The Act raised the per person estate tax exemption to $11,200,000.  Therefore, the estate tax will apply to very few people – that is until at least December 31, 2025, which is when the new law “sunsets.”  Estate planning has changed to focus […]

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Two Ways to Still Improve Your 2017 Taxes

Although most of the significant tax saving opportunities needed to be done prior to December 31, 2016, there are still several tax beneficial contributions that can be implemented before April 15th to ease your tax burden. Listed below are a couple items you should consider when preparing your taxes: Make an IRA Contribution – You […]

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Tax Reform Is Here, But Make Sure You Catch These Items…

With 2018 finally here, the new tax law is in full swing.  While much of the mainstream discussion was around the tax rates and certain deductions, there were other items included in this bill that should be considered when thinking about your 2018 tax situation.  Here are a few of the key provisions that weren’t […]

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In the Middle of a Divorce? Move Fast to Control Taxes

The Tax Cut and Jobs Act of 2017 impacted all families, but the ramifications for families in the middle of a divorce are greater than most. Alimony Historically, alimony (often referred to as spousal support or maintenance) has been deductible by the payor and taxable to the recipient.  This benefited the family because the recipient […]

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4 Critical Estate Planning Considerations – Keeping Your Plan Current

Estate planning documents receive very little attention after they are drafted.  Why?  People find the process emotional and burdensome and that is motivation enough to put off updates until next year – or several years from now! Family and law changes often make estate plans fall far short of intended goals.  Here are four critical […]

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Top 5 Year-End Tax Planning Tips

As 2017 comes to a close, now is the best time to think about and revisit your 2017 tax plan. Below are 5 year-end planning tips to make sure you are taking advantage of key tax savings opportunities before it’s too late. 1. Year-End Charitable Gifting Are their gifts you are planning to make in […]

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Strategies For Managing Your Money Amid Tax Reform

For strategies to consider when managing your personal finances, read To Manage Your Money Amid Tax Reform, Channel Your Personal CFO. This article originally appeared on Middle Market Growth magazine’s website November 30, 2017.

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10 Easy Steps – Starting a Business Owner’s Financial Plan

Business owners can be like running backs in football – put your head down and go!  However, there are many obstacles – or defenses – in the way of sustained financial success.  To transition business wealth to personal retirement assets, consider the preliminary steps presented below. Net Worth and Cash Flow Statements –  Constructing a […]

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