Opportunities Under the 2018 Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA) that went into effect on January 1, 2018 had monumental changes to business taxation, especially as it relates to pass-through businesses. It also resulted in huge increases in estate, gift, and generation skipping transfer tax exemptions. What opportunities does the Act offer to you and your loved ones, or your business? Federal Estate Tax Exemption Doubled With the Tax Cuts and Jobs Act, the federal estate tax and GST tax exemption doubled on … Continued

What the Tax Cuts and Jobs Act Means for Your Business

The Tax Cuts and Jobs Act (TCJA) passed by the House and Senate on December 20, 2017 represents the most significant tax legislation in over 30 years. TCJA produced significant changes to business taxation, especially as it relates to pass-through businesses. What is a pass-through business entity? Many business owners choose a business structure such as a partnership, limited liability company (LLC), or S Corporation so that they can pass income through to the owners without paying tax at the … Continued

You’ve Chosen a Guardian for Your Kids…Now What?

A critical starting point in protecting your children is choosing a legal guardian, but if you’ve already chosen a guardian, what steps can you take to ensure you’ve fully planned and protected for your minor children? Below are six key reminders regarding kids’ safeguard planning. (1) Have an exclusion document. You may have people in your life that you would never want as the guardian of your children. In circumstances like this, particularly if that person is a close family … Continued

Is Probate Really that Bad? 5 Need-to-Knows About Probate Court

Probate is the legal process through which the court sees that, when you die, your debts are paid and your assets are distributed according to your Will. If you pass away without a valid Will, your assets are distributed according to state law. Is Probate really all that bad? Unfortunately, in most circumstances…yes! Below are five “need-to-knows” when it comes to Probate Court and your estate plan. (1) Probate is expensive. All legal fees, executor fees and other costs must … Continued

A 2018 Stop Doing List for Your Business

For many of us, the first few weeks of 2018 are focused on goal creation and to-do lists for the year. While those are certainly important, I’d encourage you to add one more item to your agenda that will likely contribute to your business’ success and overall legal health in 2018: a “stop doing” list for your business. Stop blindly sweeping things under the rug. Disputes happen, particularly amongst business owners. However, if you are repeatedly “sweeping things under the … Continued

Top 5 Estate Planning Tasks Before Year-End 2017

With less than one month before the end of 2017, you still have a small window of time to address some important estate planning tasks before year-end. Consider these top five estate planning tasks before saying goodbye to 2017. #1 Get started on estate planning. If you haven’t taken any estate planning steps, mark the new year as your deadline to get started on your estate planning. Think about what your personal estate planning goals and objectives are. Research your … Continued

The Do-it-Yourself Will or Trust

There has been a recent proliferation of Do-it-Yourself (DIY) estate planning products. Whether it’s online document assistants, assorted box software packages, or self-help books, the DIY forms that these sources provide may seem attractive to individuals given they cost a fraction of what estate planning attorneys typically charge, but is it worth it in the end? Although a do-it-yourself Will or Trust may be cheap and easy, the likelihood that a DIY Will or Trust will effectively accomplish exactly what … Continued

A Common Asset Protection Strategy for Business Owners Gone Wrong

We’ve seen it far too often. Business owners, particularly those who are chiropractors, dentists, physicians and other professionals in typically high-risk professions – follow an asset protection strategy that never truly goes as planned. What’s this strategy? Many business owners transfer their assets to their spouse for asset protection purposes. Let’s consider the following scenario to see why this is a terrible idea. Brian is a successful orthodontist. He has been married to Anne for eight years. Brian decides to … Continued