My Business is Being Sued. Now What?
If you have ever been in business, you know lawsuits and fraudulent claims are common. Business litigation takes many forms including contract disputes, misrepresentation, IPR (what does this mean?) issues, employment issues, and more. All of these can seriously affect not just the revenue of a business, but its visibility and reputation as well. Because lawsuits can be time-consuming and costly, your goal is to settle in a way that […]Continue reading
HNW Tax Mistakes
High net worth individuals – those with at least $1 million in liquid financial assets – have worked hard and invested wisely to create their net worth. But while a high income and investments can help you grow wealth, it never guarantees financial success. That’s due to the fact that even the wealthy make tax mistakes that cost both time and money. If you are a high net worth individual […]Continue reading
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 […]Continue reading
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 […]Continue reading
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 […]Continue reading
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 […]Continue reading
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 […]Continue reading
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 […]Continue reading
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 […]Continue reading
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 […]Continue reading