Category - Financial Planning

Secrets of “THE LAW”

July 21, 2017

If you meet an attorney claiming to know THE LAW, find a different attorney. There are many misconceptions in the world of lawyers and law stuff. A great many. One of the most prominent is the mistaken belief that just because someone has a law degree and has passed a bar exam that person knows “THE […]

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How long should you keep your tax records? IRS issues updated guidance

December 7, 2016

One of the “small talk” questions which I receive often is this very question: namely, how long are you and I required to keep copies of our tax returns and related records? Yesterday, the IRS issued a statement which generally seems consistent with past practices (at least according to my understanding), with perhaps a […]

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Is America Insolvent?

April 18, 2016

Is America on the verge of financial collapse? That depends on who you ask and what information you choose to believe. James Grant recently published an article in Time titled “The United States of Insolvency”, which paints a very bleak and alarming picture of the financial standing of the Unites States. According to Mr. Grant, the […]

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James Madison’s Wisdom For Your Business Documents

April 6, 2016

As the Father of the Constitution, Mr. Madison might have a few insights he could share with you and me in general, including with regard to our business legal papers. What did James Madison know that we don’t know? Ok, perhaps that would be a VERY long and complicated answer. James obviously knew a great […]

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IRS Wins $388 Million in Tax Court (Forbes Article)

July 3, 2015

The IRS recently won a $388 million settlement from the estate of Detroit Pistons owner Bill Davidson. While this may seem to be yet another case of the ultra wealthy not paying “their share” of taxes during life and then being required to contribute a larger share after their death, there are also several valuable lessons […]

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IRA Beneficiary–What, Why, Who and How?

January 22, 2015

When it comes to planning and protecting your assets, few things are of greater importance that having a correct understanding of your options and making wise decisions with regard to your retirement account beneficiaries. Retirement accounts come in many different shapes and sizes. Regardless of which type of retirement saving account you have, the reality […]

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New Rules For 401(k) After-Tax Rollovers (Forbes Article)

October 1, 2014

The IRS recently issues new guidelines relating to rollovers of after-tax monies in 401(k) accounts. To summarize, you are now permitted to take after-tax money from your 401(k) retirement account and roll it over into a Roth IRA, where it can then grow tax-free. Through this process, you are NOT required to pay pro rata […]

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Your Retirement Funds May Be At Risk…(and you don’t even know it)

August 9, 2014

A recent decision by the United States Supreme Court has drastically changed the landscape of retirement planning and the protections afforded to many retirement accounts. In the Clark v. Rameker decision, the U.S. Supreme Court unanimously held that an inherited IRA does NOT qualify as “retirement funds” that are protected under Section 522(b)(3)(C) of the […]

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do it yourself estate planning is penny wise and pound foolish

September 10, 2013

“Do it yourself” estate planning is not a good idea… We’ve blogged on this subject previously, but it just keeps coming up, including a few times again last week. Therefore, it’s worth revisiting this topic yet again. Imagine a scenario where you’re talking to a good friend, while sitting in the park on a sunny […]

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Estate Planning Myth: “I’m just too old…”

June 1, 2013

In the world of estate planning, there are a significant number of myths, resulting in a great deal of misinformation and misunderstanding (ok, enough with the “M” words). In any event, over time, we will address several of these myths. Today’s subject of myth-busting: “I’m too old for estate planning”. Before you laugh, you […]

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