Should you set up trusts in a more “trust-friendly” state?
While it’s natural to set up trusts in the state where you live, you may be losing out on significant benefits available in more “trust-friendly” states. For example, some states: • Don’t tax trust income, • Authorize domestic asset protection trusts, which provide added protection against creditors’ claims, • Permit silent trusts, under which […]
Succession planning and estate planning must go hand in hand
As the saying goes, nothing lasts forever — and that goes for most companies. Then again, with the right succession plan in place, you can do your part to ensure your business continues down a path of success for at least another generation. From there, it will be your successor’s job to propel it […]
What is a business?
Differentiating the purchase of a business from the purchase of a group of assets is something that the Financial Accounting Standards Board (FASB) has been debating for years. In January 2017, the board finally published guidance to help financial executives and accountants define what a business is in the context of a business combination. […]
Can you spot the independent contractor?
January is prime time for an Estate Planning Checkup
Are you able to deduct medical expenses on your tax return?
For many people, the cost of medical care keeps going up. So if possible, you should find ways to claim tax breaks related to health care. Unfortunately, it can be difficult because there’s a threshold for deducting itemized medical expenses that can be tough to meet. To make matters worse, the threshold for senior […]
Explore all of your options when appointing the executor of your estate
The executor’s role is critical to the administration of an estate and the achievement of estate planning objectives. So your first instinct may be to name a trusted family member as executor (also referred to as a personal representative). But that might not be the best choice. Important duties Your executor has a variety […]
Going back to basics with asset protection strategies
Asset protection trusts — both offshore and domestic — can be effective vehicles for protecting your wealth in today’s litigious society. But these trusts can be complex and expensive, so they’re not right for everyone. For those seeking simpler asset protection strategies, there are several basic, yet effective, tools to consider. Some of these […]
Identify all of your company’s retirement plan fiduciaries
Your company probably offers its employees a retirement plan. If so, can you identify all of your plan fiduciaries? From a risk management perspective, it’s critical for business owners to know who has fiduciary status — and the associated liability. Here are some common, though in some cases overlooked, plan fiduciaries: Named fiduciaries. The […]
Use non-GAAP financial reporting measures with caution
The most useful metric to gauge a company’s performance isn’t necessarily net income, pretax profits or earnings per share, as defined under U.S. Generally Accepted Accounting Principles (GAAP). In some industries, investors and lenders turn to non-GAAP measures for additional information. Before relying on non-GAAP metrics, however, it’s important to understand what’s included and […]
