Updates

Tax Planning for HNWI

Tax Planning for HNWI

Those with at least $1 million in liquid assets are considered high net worth individuals. If you fall into that category, it’s no surprise that you pay the most in annual taxes to the IRS, and that is unlikely to change. However, with smart tax planning, you can also save the most. It’s best to work with a tax attorney or financial advisor but in the meantime, here are some […]

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What to do if you win the powerball lottery

What to Do If You Win the Powerball Lottery

The biggest Powerball jackpot to date was $1.586 billion in January 2016, according to the Associated Press. That same year, the North American Association of State and Provincial Lotteries reported that national ticket sales reached $80 billion, which was more than sales from entertainment, gaming, and sports events combined. Everyone dreams of winning the next Powerball lottery. But as the winnings continue to grow into billions and the odds shrink […]

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Are you a lawsuit target?

Are You a Lawsuit Target?

High net worth individuals face a greater risk of being sued, especially when unemployment is high and the economy is uncertain. Now more than ever, many families and individuals are concerned that their wealth makes them a lawsuit target. In fact, 80% of households with $5 million or more in assets believe their wealth puts them at risk. That risk doubles if they are highly visible in the public, and […]

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Generation Skipping Transfer Tax

Generation Skipping Transfer Tax

For high net worth individuals, estate taxes can be hefty. In the past, one strategy to reduce estate taxes was to “skip” a generation of heirs. But many people are unaware of an additional tax that could apply when transfers are made to their descendants. The generation-skipping transfer tax (or GSTT) is a federal tax on gifts and inheritance above the estate/lifetime gift exclusion. This tax prevents you from deliberately […]

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An Estate Plan Designed to Last For Generations

Design an Estate Plan that Will Last for Generations to Come

As the American expression “Shirtsleeves to shirtsleeves in three generations” goes, family legacies have long been haunted by the fear that future generations will mismanage their inheritances. Now there is data to back up this expression. The Williams Group, a wealth consultancy firm, conducted a groundbreaking 20-year study of over 3,200 families and found that seven in ten families lose their fortune by the second generation, while nine in 10 […]

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You’re a Successful Business Owner. Great! Now What?

You’re a Successful Business Owner. Great! Now What?

If you have started a business, you know few things compare to pursuing your passion and having the autonomy to do things your way. You also know it takes more than hard work and determination to be successful. Business growth requires the right strategies and partnerships, as well as products and/or services with strong market demand. While it may seem strange, as part of those strategies, an entrepreneur should also […]

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How your perception of money and wealth changes with age

How Your Perception of Money and Wealth Changes with Age

Did you know that age influences your perception of wealth and how you use it? The impact of wealth can also significantly affect how we view things, including future perspectives on money. Understanding how our attitudes toward money changes with age might be the key to good financial planning. If you were fortunate you were introduced to money in your childhood, most likely as a gift or a birthday check […]

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Can an executor withhold money from a beneficiary?

Can an Executor Withhold Money From a Beneficiary?

When a loved one passes away an executor is responsible for settling their estate, according to the terms of their will or trust. This includes the distribution of assets to the proper beneficiaries, although assets can also be placed in a trust for a beneficiary. All debts, expenses and estate taxes must be paid before a beneficiary can receive any assets, including money. The executor is bound to follow the […]

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The benefits of renting your home from your business

The Benefits of Renting Your Home From Your Business

An asset protection trust is an irrevocable trust that is often created to protect beneficiaries from overly litigious lawsuits. Without holding legal title to any of the assets, each beneficiary has ownership of an equitable interest in the trust’s assets. If you have a sizable estate you wish to protect consider renting your home from your business for tax purposes. Under an asset protection trust, renting your home in such […]

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Business mitigation plan examples

Business Mitigation Plan Examples

Running a business involves risk, and owners accept certain levels of risk because of the potential for success. Capital risk can be the result of various factors but is often a combination of internal and external components. However, there are tools that can help business owners protect their companies from threats. One of the most preventative measures a company can take is in the form of planning. A well-structured business […]

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