INTRAFAMILY LOANS AND A FAMILY BANK

By | December 14th, 2020|Accounting and Auditing, Estate planning, Retirement, Taxation|

Among the primary goals of estate planning is to put in writing how you want your wealth distributed to loved ones after your death.  But what if you want to use that wealth to help a family member in need while you’re still alive?  This has become an increasingly common and pressing issue this year [...]

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CATCHING UP ON CATCH-UP CONTRIBUTIONS

By | November 16th, 2020|Accounting and Auditing, Estate planning, Retirement, Taxation|

When it comes to retirement planning, many people tend to focus on two things: opening a retirement savings account and then eventually drawing funds from it.  However, there are other important aspects to truly doing everything you can to grow your nest egg. One of them is celebrating your 50th birthday.  This is because those [...]

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TALKING ABOUT THE SANDWICH GENERATION

By | October 26th, 2020|Accounting and Auditing, Estate planning, Retirement, Taxation|

The term “sandwich generation” was originally coined to describe Baby Boomers caught between caring for their aging parents and their children.  Now the term applies to whichever generation happens to be grappling with the problem.  If you’re in the middle part of the sandwich, one thing that can help is having one or more honest [...]

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THE PROS AND CONS OF NQDC PLANS

By | October 5th, 2020|Estate planning, Retirement, Uncategorized|

Nonqualified deferred compensation (NQDC) plan allow participants to set aside large amounts of tax-deferred compensation while enjoying the flexibility to schedule distributions to align with their financial goals.  However, the plans also pose substantial risks.  If your (or a prospective) employer offers an NQDC plan, or you’re considering one for your business, weigh the pros [...]

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COLLEGE SAVINGS SHOWDOWN: 529s VS ROTH IRAs

By | September 25th, 2020|Accounting and Auditing, Estate planning, Taxation|

Many people assume that a 529 plan is the ideal college savings tool, but other vehicles can help parents save for college expenses, too.  Take the Roth IRA, for example.  Whether you should use one or the other (or both) depends on several factors, including how much you intend to contribute and how you’ll use [...]

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THE MARRIAGE PENALTY STILL EXISTS UNDER THE TCJA

By | June 22nd, 2020|Estate planning, Taxation, Uncategorized|

One byproduct of the Internal Revenue Code is that the tax liability of married couples who file jointly may be more than their combined tax liabilities would be as single filers.  This is the “marriage penalty.” Unfortunately, this hasn’t gone away under the Tax Cuts and Jobs Act (TCJA).  For example, through 2025, the TCJA [...]

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