For years I have been writing, "If you use the right tax strategies, work with the right professional, typically a lawyer, CPA and insurance consultant, you will create a comprehensive plan to conquer the estate tax.
"Tax-free" always has a nice ring to it. The higher the income tax rate the nicer the ring. The old top rate, at 35%, was bad enough. The current highest rate — 39.6% — has created a flurry of activity to legally avoid the tax.
Sometimes the Internal Revenue Code giveth more than it taketh. Section No. 41 of the Code — creates the Research and Development tax credit, “R & D Credit” for short — is designed to be your tax pal. But he’s a complicated fella.
Small business owners (SBOs) have many legitimate complaints these days: taxes, regulations, competition (from home and abroad), can’t find good people, etc. The list goes on and on. Always has. Always will.
A group of successful, wealthy business owners, including their closest advisors, gathered for a symposium. What’s the subject? To find the perfect investment for these wealthy business owners to leverage their liquid wealth (cash, stocks, bonds, etc.) that they have accumulated. They were trying to solve the age-old problem: Successful business owners know how to make money in their business, but are lost when it comes to investing the after-tax dollars taken out of their business.
As a group, baby boomers are huge. There are 77 million of them! Born between the years 1946 and 1964, they are maturing into retirement age. But the oldest of them are redefining retirement. They are slowing down, but continue to work. One thing is certain: all of them are at an estate planning age. Roughly 70% of our current estate planning practice helps clients who fall into the baby boomer age bracket.
Readers of this column often ask me to give a second opinion, which is really a review of an existing estate plan. Typically, the plan has one to three mistakes. Sadly, each mistake causes estate tax dollars to be lost to the IRS, automatically reducing your children’s inheritance.
A full-page ad in a national weekly magazine stopped me cold. The ad's headlines said, "Five years after you quit smoking, your risk of stroke is like someone who's never smoked." A bit below the headline were these terse words, "But right now, you’re a stroke waiting to happen."
This article is about a simple strategy that few CPAs, lawyers and other professionals know exists. As you are about to learn when this strategy is used, those clients and their families who use it enjoy a huge increase in the amount of their wealth, tax-free, and no additional out-of-pocket cost.
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So much has changed since CONTRACTOR came on the plumbing industry scene.
Some of the most recent issues in the industry, affecting all contractors, are education and training, residential fire sprinklers, green building, and lead free piping.