Most Recent Attorney’s Blog Posts

  • Creative Planning Options with a Revocable Living Trust
    Estate planning is something most know they should do, but most American adults simply haven’t gotten it done.  In a survey available from AARP,  60% of American adults do not have an estate plan.  The number gets even higher for some minority populations.  In most cases, this is simply due to procrastination that “I just haven’t gotten around to it.”  Many people that I speak to as a lawyer simply don’t understand the consequences of passing away without an estate plan. One of the primary reasons for a Trust is to avoid probate, which is a court supervised process ... read more
    Source: KKOSLawyersPublished on 2017-10-17By Lee Chen
  • How a Short-Term Vacation Rental is Treated for Tax Purposes
    The popularity of renting a house, townhome or condo on a short-term basis through websites such a Airbnb, BRBO has exploded over the past few years. Just to give you an idea of how big the industry really is, consider that Airbnb is currently active in more than 65,000 cities and 191 countries, and it is projected to log 100 million guest arrivals in 2017. Looking to book a night or two in New York City? Airbnb has more than 43,000 active listings. Yes, the profits can be significant compared to a standard monthly rental property, but only when the ... read more
    Source: Mark J KohlerPublished on 2017-10-10By Mark J. Kohler
  • How a Short-Term Vacation Rental is Treated for Tax Purposes
    The popularity of renting a house, townhome or condo on a short-term basis through websites such a Airbnb, BRBO has exploded over the past few years. Just to give you an idea of how big the industry really is, consider that Airbnb is currently active in more than 65,000 cities and 191 countries, and it is projected to log 100 million guest arrivals in 2017. Looking to book a night or two in New York City? Airbnb has more than 43,000 active listings. Yes, the profits can be significant compared to a standard monthly rental property, but only when the ... read more
    Source: Mark J KohlerPublished on 2017-10-10By Mark J. Kohler
  • The IRS Does Not Approve IRA Investments – “IRA Approved” or “IRS Approved” Terms Are False
    There has been a significant increase in the amount of marketing directed toward IRA owners for non-publicly traded investments. Many of these investment sponsors and promoters are using marketing slogans like “IRS Approved” or “IRA Approved”. Don’t be fooled though, the IRS does not review or approve investments nor do they comment or issue statements on investments in an IRA. In fact, the IRS recently revised and updated IRS Publication 3125 titled, The IRS Does Not Approve IRA Investments in an effort to inform IRA investors. IRAs Can Invest into Non-Publicly Traded Investments Such as Real Estate, LLCs, and Precious Metals ... read more
    Source: Mat SorensenPublished on 2017-10-10By Mat Sorensen
  • Why Entrepreneurs need to keep their Day Jobs- At least for a while.
    I know this may sound a little odd coming from a man that has been advocating small business since age 8. I was out there on the street trying to talk my little brother into helping me with my lemonade stand and various other hair brain schemes even through high school. However, one thing I’ve learned all these years in business myself, and also consulting thousands of clients, is that although there can be amazing rewards and benefits of entrepreneurship, it is still is an ‘up and down’ financially volatile roller coaster ride…especially in the beginning. Thus, whenever I have ... read more
    Source: Mark J KohlerPublished on 2017-10-02By Mark J. Kohler
  • Why Entrepreneurs need to keep their Day Jobs- At least for a while.
    I know this may sound a little odd coming from a man that has been advocating small business since age 8. I was out there on the street trying to talk my little brother into helping me with my lemonade stand and various other hair brain schemes even through high school. However, one thing I’ve learned all these years in business myself, and also consulting thousands of clients, is that although there can be amazing rewards and benefits of entrepreneurship, it is still is an ‘up and down’ financially volatile roller coaster ride…especially in the beginning. Thus, whenever I have ... read more
    Source: Mark J KohlerPublished on 2017-10-02By Mark J. Kohler
  • Why Purchase a Rental Property Before the end of the Year?
    This may seem bold to hear from your CPA.  I’m not a realtor selling you real estate, but as a tax lawyer, I am actually trying to help you save taxes and build wealth at the same time. I consistently repeat and encourage my clients and students everywhere I go that working towards buying a rental EVERY year is critical to building a retirement and wealth.  It’s a goal that is tangible, emotional, conceivable and realistic for most Americans. Now I realize a rental may not be for everyone, AND some of you have had a bad experience before with ... read more
    Source: Mark J KohlerPublished on 2017-10-02By Mark J. Kohler
  • Why Purchase a Rental Property Before the end of the Year?
    This may seem bold to hear from your CPA.  I’m not a realtor selling you real estate, but as a tax lawyer, I am actually trying to help you save taxes and build wealth at the same time. I consistently repeat and encourage my clients and students everywhere I go that working towards buying a rental EVERY year is critical to building a retirement and wealth.  It’s a goal that is tangible, emotional, conceivable and realistic for most Americans. Now I realize a rental may not be for everyone, AND some of you have had a bad experience before with ... read more
    Source: Mark J KohlerPublished on 2017-10-02By Mark J. Kohler
  • Self-Directed Beneficiary IRAs: RMD and Investing Tips
    If you’ve inherited an IRA from a parent or other loved one, it is likely that you have a beneficiary IRA. These can be powerful accounts, but you need to understand the required minimum distribution (“RMD”) rules for your beneficiary IRA to properly utilize it. The inherited IRA may be a traditional or Roth IRA and there are three different distribution options you may elect when you inherit the IRA. Distribution Options You will have three distribution options upon the death of your loved one to receive the funds from their IRA. In general, the best option is the “Life ... read more
    Source: Mat SorensenPublished on 2017-09-26By Mat Sorensen
  • Simple is Sexy: Maximize Retirement Contributions for Tax, Asset Protection, and Estate Planning Benefits
    Many clients appreciate our ability to see the big picture.  For example, when it comes to asset protection, estate planning, and tax planning, none of these practice areas happen in a vacuum, meaning the methods and tools used for asset protection will almost always affect and impact your estate plan and/or tax plan, for good and for bad, and vice versa.  These areas should be coordinated together.  While a lot of clients appreciate that, they often times overlook or fail to maximize the full benefits that come with funding and investing with a retirement account because it just doesn’t ... read more
    Source: KKOSLawyersPublished on 2017-09-25By Kevin Kennedy
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