Trump’s Tax Plan Changes: Your Business Needs to Be One Step Ahead Donald Trump’s campaign included a range of tax modifications for individuals and businesses, and we’re still waiting to see which ones will make it into law. Many of President Trump’s tax plan changes could have a significant impact on corporate tax liability—and depending on how you structure your …
Understanding Spousal Lifetime Access Trusts A properly-drafted trust can be a powerful estate planning tool, providing care and comfort for loved ones while minimizing taxes for surviving family members. In the case of the Spousal Lifetime Access Trust (SLAT), you could be able to provide your surviving spousepartner with income for the rest of their lives (or vice versa). However, …
How to Set Up a Gun Trust in Florida A Florida gun trust is a wise choice for anyone who wishes to manage their collection legally and efficiently, particularly if they own Title II firearms, also known as NFA items. While we don’t recommend taking this on without a lawyer, our guide explains the key steps and necessary forms for …
Year End Tax Planning Guide: How to Meet Deadlines and Avoid Penalties You’ve got enough stress in the final weeks of the year without worrying about Tax Day. Unfortunately, some year end tax planning strategies can only be put in place before December 31. So, as hard as it might be, it might be worth it to pull away from …
How to Choose Between S Corp vs C Corp for a Startup When launching a new business, you’re going to make a lot of critical decisions in a short space of time. Unfortunately, rushing through tax questions is one of the most expensive mistakes entrepreneurs make. Let’s explore the pros and cons of S Corp vs C Corp for startups …
Deathbed Planning and Tax Avoidance Sink Family Limited Partnership in Tax Court Estate planning attorneys often tell clients, “It’s never too early to start planning.” Time offers more options than any other factor, and last-minute planning can lead to costly mistakes. Let’s see why one executor ended up in tax court after claiming a valuation discount on a family limited …
IRS Cracks Down on Income Tax Evasion Through Trusts If something seems too good to be true, it definitely is. Unfortunately, many people still attempt tax evasion through trusts, funneling their money through bogus entities and foreign corporations—and it isn’t pretty when the government catches up with them. The actual truth? Ignoring your wealth planning attorney’s advice has a better …
Legacy Contacts: The Easy Way to Access Social Media Accounts After Death Remember the days when losing your phone meant losing all your photos, phone numbers, notes, and other memories?? Well, have you ever thought about what would happen to all the data on your phone if you were to pass away? If your family members don’t know your passwords …
Digital Estate Planning: How to Protect Your Virtual Assets Did you hear about the dog who inherited a million dollars? Well, what about a virtual humanoid block inheriting a million coins? Technically, the block and the money don’t exist, but the coins are still worth over $1,000,000. How’s it possible? Because we’ve expanded beyond buying traditional property to enhancing our …
The One Thing You Can Do TODAY to Start Your Millennial Estate Planning Journey Now that you’re entering middle age, your days are likely packed with the dual responsibilities of caring for your children and aging parents. Unfortunately, this gives you very little time to think about yourself—and making an estate plan might not be high on your list. Let’s …
