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Life insurance can be a powerful financial and estate planning tool, but its benefits may be reduced or even eliminated if you designate the wrong beneficiary or fail to change beneficiaries when your circumstances change. Here are common pitfalls...
As the year winds down, business owners have a lot to think about. One item that you should keep top of mind is next year’s budget. A well-conceived budget can go a long way toward keeping expenses in line...
If you hold investments outside of tax-advantaged retirement plans, you may be able to take steps before year end to reduce your 2016 tax liability. Offsetting gains with losses Suppose you’ve sold investments at a loss this year but...
Do you dread the year-end physical inventory count? Business owners and managers often view these procedures as time consuming and disruptive. But a well-executed inventory count is more than a matter of compliance. It can also provide valuable insight...
Your estate plan likely accommodates your spouse, children and grandchildren. But have you overlooked your parents? How can you best handle their financial affairs in the later stages of life? You may want to incorporate their needs into your...
Many traditional estate planning strategies are based on the assumption that everyone involved is a U.S. citizen. But if you or your spouse is a noncitizen, special rules apply that require additional planning. General rules If you’re a U.S....
Nonqualified deferred compensation (NQDC) plans pay executives at some time in the future for services to be currently performed. They differ from qualified plans, such as 401(k)s, in that: • NQDC plans can favor certain highly compensated employees, •...
The owners of many companies launch their enterprises with a business plan — a written document outlining the company’s strategic objectives and practical means of accomplishing them. Likewise, many owners leave their businesses via a succession plan, a written...
