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, …
Step-By-Step Guide to Set Up a Gun Trust in Florida
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 Checklist for Entrepreneurs
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 …
S Corp vs C Corp for Startups: Which Is Better?
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 …
Tax Court Penalties for Family Limited Partnership
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 Targets Income Tax Evasion Through Trusts
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 …
The Digital Estate Planning Checklist
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 …
Kickstart the Millennial Estate Planning Process
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 …
How to Make Your Inheritance Last
Smart Strategies for Financial Security When you think about receiving an inheritance, you likely imagine financial freedom. However, research shows that many people spend their inheritance quickly, often with little to show for it. One study found that a significant number of Americans see no long-term benefit after receiving their inheritance. Baby boomers, in particular, have been known to spend …
How to Avoid Lifestyle Creep to Grow Your Wealth
Lifestyle Creep: How to Avoid the Biggest Threat to Your First Million What do your bank account, trading account, and retirement account have in common? The numbers are never as high as you thought they were. If you’re making decent money but still find your future funds falling short, there could be a simple solution. Let’s take a look at …