Most people don’t even know how to answer that question, much less feel confident enough to answer with a resounding “yes.” The truth is that most assets are naturally not ‘asset protected.’ This means that unless you have done some planning and maneuvering specifically aimed at asset protection, well… These are the most common issues…
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It doesn’t matter whether you own a Mom-and-Pop shop, a family farm or ranch, a Fortune 500 company or anything in between…When you have a family business, you often need a reality check to keep your business what it it—a business. I obviously work with family members every day. I often catch myself using a…
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Do you have life insurance for your business and/or owned by your business? If so, the death benefit is supposed to be tax free, right? It might be. It might not be. Or worse, it could be taxed twice. Let me tell you a story about Joe. He owned a very successful business with his…
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Bill and Sue started their business several years ago. After a few years, it began to yield good profits and the tax man began knocking. During tax season they asked their accountant what they could do to get this tax bill down and, after consideration, they settled on setting up an S-Corp. This was a…
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Like most answers we give…it depends. The SECURE Act passed with flying colors at the end of 2019 and dictated several MAJOR changes to the rules around retirement plans. There were also some important tax planning notes. Some of these changes were much needed, some were unwanted, and some will require immediate attention. There also…
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