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Trust and Estate Planning

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Estate Tax Exemption – Use it Now!

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 […]

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Working Wealthy – The Estate Planning Cliché

Those that know me well know I love a good cliché. In fact, I usually wear them out to the point that I can feel my wife’s eyes roll when I’ve used a phrase one too many times. And so, I’m evolving. I realize that while clichés are an easy way to explain an idea, […]

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Exiting Your Business? 3 Critical Considerations

Selling a business is the culmination of years of hard work and dedication to a way of life.  The seller has one opportunity to get the sale “right” to maximize retirement wealth and preserve that which will be transferred to future generations.  Of course, there are many detailed considerations, but the early focus should be […]

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Don’t Send Your Child off to College Without This

As high school students finish their senior year of high school and head off to college, their summers are typically filled with graduation parties and goodbyes as they prepare for college. Students schedule their classes and make trips to Target to get ready for the school year, but one important detail is rarely discussed. Most […]

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Best States to Retire In

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 […]

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4 Financial Improvements to Make During Quarantine

As we all adjust to the realities of the COVID-19 pandemic, we find ourselves with a lot more time at home due to the Stay at Home order.  Our commute times are now a simple walk down the stairs, many of the social gatherings that filled up our weekends are cancelled, and that means more […]

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Six Planning Tips to Consider After the Stimulus CARES Act

Coronavirus Aid, Relief, and Economic Security (“CARES”) Planning On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed. The $2.2 trillion dollar bill provides broad relief across the American economy for businesses and individuals. Below is a summary of how it impacts individuals specifically: Recovery Rebate Checks  $1,200 to each […]

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Gifts to Children – Making Them More Effective

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 […]

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Helpful Advice When Attending a Funeral or Service

Death is an uncomfortable topic that most people do not like to discuss.  When someone dies, those that are closest to that person deal with unimaginable grief.  They may find it difficult to make it through the day, get out of bed or do routine things.  When someone experiences this type of pain, it’s a […]

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Significant Retirement Plan Changes Are Here

The Setting Every Community Up for Retirement Enhancement Act, or SECURE Act which recently passed is one of the most significant pieces of retirement legislation in the last decade.  Here are some of the key provisions contained in the SECURE Act: Increase Required Minimum Distribution (RMD) Age From 70 ½ to 72 – The SECURE […]

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Top 5 Mistakes in Estate Plans – Does Yours Have Any?

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 […]

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4 Things a Surviving Spouse Should Know About Social Security

The Social Security administration gives benefits to surviving spouses based on the deceased’s retirement benefit. If the survivor is already taking retirement benefits, they can take the higher of either their own or their deceased spouse’s benefit.  Rules on these benefits are based on the age of the survivor and if the deceased had begun […]

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