Most Recent Attorney’s Blog Posts

  • GOP Delivers Tax Reform for Christmas – Joy to the World for Individuals?
    Well, folks – it’s finally here.  Congressional Republicans spent most of the fall crafting, arguing over, and adding and deleting provisions from a sweeping tax reform bill, and President Trump just signed it into law (and held up his huge signature to the cameras).  It’s the first significant legislative achievement of The Donald’s presidency and the first major overhaul of the tax code since 1986.  Also, just like Obamacare in 2010, the new tax law passed without a single vote from the minority party.  In contrast, the 1986 tax law passed with a simple “voice vote” in the House, ... read more
    Source: KKOSLawyersPublished on 2017-12-27By Jarom Bergeson
  • GOP Tax Reform and Retirement Accounts
    Its official: We have tax reform. But, how does it affect your IRAs, 401(k)s, 529s, Coverdells, and other retirement and education savings accounts? Let’s break down what’s new, what was proposed and didn’t make it, and what stays the same. New Changes for 2018 There are two major changes effecting retirement, health, and education savings accounts in the bill: 1. Roth re-characterizations are dead. Account holders will no longer be able to conduct what is known as a Roth re-characterization. A Roth re-characterization occurs when you convert from a Traditional IRA to a Roth IRA, and then later decide that ... read more
    Source: Mat SorensenPublished on 2017-12-22By Mathew Sorensen
  • The Seven “Tenets” of Dealing with Tenants: Tax and Legal Tips for Landlords
    I realize rentals are not for everyone.  You hear horror stories of trashed properties, non-paying tenants, city citations, “meth-lab rentals”, and the list goes on.  But for every such story, there are many stories of those who have built massive wealth through owning rental real estate.  Of course, you can invest in real estate through REIT’s, but this article is for those who want direct ownership whether it’s a single-family residence, a duplex, or commercial/retail buildings.  If this is you before you take the plunge into owning investment real estate, consider these Seven “Tenets” of Dealing with Tenants: Put the ... read more
    Source: KKOSLawyersPublished on 2017-12-19By Kevin Kennedy
  • Purchasing Homeowner’s Insurance- Strategies & Pitfalls
    People who have read Mark Kohler’s Lawyers are Liars know that our philosophy with respect to asset protection is the “multiple barrier approaches” to put as many barriers as you can between you and someone who would sue you.  For owners of real estate, one of primary asset protection barriers is your homeowner’s insurance policy. No insurance policy will cover all risks under any circumstance, and so it is important for owners of real estate to request, understand and procure the right policy for their situation.   Unfortunately, getting the right policy tailored your situation may not as easy as ... read more
    Source: KKOSLawyersPublished on 2017-12-13By Lee Chen
  • What Is a Health Care Sharing Ministry – And Is Joining One a Good Idea?
    It’s that most wonderful time of the year. It’s the Obamacare Open Enrollment Period to purchase health insurance coverage for 2018 on the Individual Marketplace.  Take note though, The Open Enrollment Period has been shortened this year and expires after December 15, 2017. Health insurance premiums are rising drastically for many Americans who buy insurance on the individual market. These rising costs have caused millions of Americans to look for alternatives to Obamacare health insurance plans, which for many families are over $2,000 a month. The fastest growing option to sidestep these rising costs is known as a Health Care ... read more
    Source: KKOSLawyersPublished on 2017-11-20By Jarom Bergeson
  • Five Benefits of the Solo 401K
    For many Americans, saving for retirement is like exercising or eating healthy, we know we should do it but most of us don’t.   In fact, a survey published by the Washington Post reported that over 70% of Americans are not saving enough for retirement and a study by the US Government Accountability Office reported that as many as half of American households 55 or older have NO retirement savings at all!   A recent Merrill Lynch report estimates the average cost of retirement to be nearly $750,000 but this obviously depends on your standard of living and life expectancy.   With advances ... read more
    Source: KKOSLawyersPublished on 2017-11-06By Lee Chen
  • The New “Centralized Partnership Audit Regime” – A Seismic Shift or Much Ado about Nothing?
    An article on IRS audits…just what you needed to read before going to bed tonight, and I’m not kidding. Now, don’t be embarrassed if you haven’t heard of the Centralized Partnership Audit Regime (“CPAR”). If you think it sounds like something out of a George Orwell novel that only CPA’s and Tax Attorneys care about – well then, you’re half right. It’s not from Nineteen Eighty-Four. It is a real thing; the sort of thing people in my profession like to bring up when they’re trying to sound smart at cocktail parties – the most boring cocktail parties EVER. Anyway, ... read more
    Source: KKOSLawyersPublished on 2017-10-31By Jarom Bergeson
  • 8 Core Tax Concepts Every Entrepreneur Needs to Know
    Of the many virtues that entrepreneurs have, one such virtue is the desire and ability to get as much information and knowledge as they can by reading books, attending speaking events, researching on the internet, etc. However, ‘taxes’ aren’t one of the topics entrepreneurs seek out, and it’s for a justifiable reason. Many believe the topic of taxes to be either too boring or overly complicated, and it typically is when presented improperly.  Yet, so many business owners are starving and anxious to learn tax and legal principles. Inspired by those teachers of tax and legal topics that make it ... read more
    Source: KKOSLawyersPublished on 2017-10-24By Kevin Kennedy
  • 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
  • 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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