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Most Recent Attorney’s Blog Posts
- Do I Need a Living Trust?- What You Need to Know
Nobody wants to think about dying, but being prepared for a disaster is important in every instance, and dying with your assets disorganized could be just that: a disaster. Millions of Americans die each year without any type of estate plan in place, and this forces their families into the court system, where they experience huge expenses with probate and significant time delays when they would rather be mourning. In fact, more than 50 percent of Americans don’t even have a will or any type of estate plan whatsoever. So is a ‘Will’ the simple answer for everyone, certainly not. ... read more - Is My Pet a Tax Write-off?
It’s estimated that there are over 78 million dog owners in the U.S. and over 85 million people that think they own a cat. That’s A LOT of pets and they aren’t cheap either. Pet industry spending in the U.S. is now over $67 billion. (Source American Pet Products Association) Wouldn’t it be nice if you could get a little help from Uncle Sam as well as a tax write-off for some of that pet food, vet bills, or even that big price tag at the breeder? Well, there might just be an option to save some taxes in the process. ... read more - Solo 401(k) 5500-EZ Filing Requirement and $15,000 Failure to File Penalty Relief
Do you have a solo 401(k)? Have you been filing form 5500-EZ each year for the solo 401(k)? Are you aware that there is a penalty up to $15,000 per year for failure to file? While many solo 401(k)s are exempt from the 5500-EZ filing requirement, we have ran across many solo 401(k) owners who should have filed and who have failed to do so. If you you have a solo 401(k) and have no idea what I’m talking about, stay calm, but read on. One of the benefits of a solo ... read more - How to Write-off College Expenses and Save For Children’s Education
As I am now a parent with three kids in college, this topic has never become more important to me than it is now. Yes!! I have written on this topic for many years, but I certainly want to take it to a whole new level. I apologize for the self-serving article, but I hope it will many of you now and those planning for your children’s college education in the future. Let’s break this down into three distinct groups. 1) Those already stressed out and having to deal with paying for a student in college now; 2) Those of ... read more - The Power of the Health Savings Account (HSA)
The Health Savings Account is one of the most powerful pieces of a well designed health care strategy. It includes saving money, saving taxes, building a tax-free ‘bucket’ for health care and most importantly taking control of your own health care strategy. You save money because in order to have an HSA, you have to have a ‘high deductible health care plan’. Well, chances are you will have a lower premium with a higher deductible and save money. You save taxes because you get a tax deduction when contributing to your HSA, right on the front page of your ... read more - Last Minute Tax Strategies before Filing
Believe it or not, there are some important last minute tax strategies to consider before filing. Even if you aren’t reading this article the week before that important April deadline, there are some important ideas to consider. Most importantly, keep reading and don’t fall prey into thinking that your tax return ‘is what it is’ and there isn’t something you can do to improve your tax situation. Now if you are actually reading this before the first filing deadline, remember this year in 2018 that deadline is Tuesday, April 17th. But as you probably just noticed, I emphasized the word ... read more - Court Strikes Down the DOL’s Fiduciary Rule. Should this Matter to You?
On March 15, 2018, a federal appeals court based in Dallas, TX struck down the U.S. Department of Labor’s (DOL) so-called “Fiduciary Rule” in the ongoing war waging within the financial services industry for the past two years. This Fiduciary Rule would have required any financial advisor providing investment recommendations relating to IRAs to act as a “fiduciary” which, in general, means that the advisor’s recommendation must be in the client’s best interest. You may be saying “well, I thought my advisor was always acting in my best interest.” Unfortunately this is very seldom the case. As Mark Kohler ... read more - The Incredible Shrinking Consumer Financial Protection Bureau
Q: When does the Director of a powerful federal agency draft a report that urges Congress to pass laws that siphon away the vast majority of his authority? A: When Donald Trump is President, and the agency is the Consumer Financial Protection Bureau (“CFPB”) – the brain child of the woman President Trump likes to call “Pocahontas” – Elizabeth Warren. The CFPB is a product of the Dodd–Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), which passed in the aftermath of the financial crisis of the late 2000’s and the Great Recession. Its self-described mission is: “to make ... read more - Where Should I Title My Real Estate: An LLC, a Trust, or Personally?Real estate may be owned in your personal name, in a business name, or in a trust. You may have heard of revocable living trusts, corporations, LLCs, series LLCs, or limited partnerships. Here’s a quick guide to where you should own different types of properties. 1. Personal Residence Your home should be owned in your revocable living trust. A living trust is an excellent choice to own your personal residence as the property can pass under the terms of your trust upon your death and your heirs won’t need to go to probate court to transfer ownership. If your residence ... read more
- Top 10 Ways to Avoid an IRS Audit
Here is a list of the TOP 10 things TO do, or NOT do, in order to avoid an audit with the IRS. As many of you can imagine, an audit can be expensive and time consuming, not to mention, emotionally draining experience. Please take these to heart and I promise if you follow them you can reduce your chances of an IRS audit dramatically. 1.File your tax returns on time (even if you owe and can’t pay). One of the quickest ways to get into an audit is to not file your tax returns. I highly encourage you ... read more
