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Do you have a family business and want to start planning for a succession plan? Structuring your family business as a Family Limited Partnership (FLP) or Family Limited Liability Company (FLLC) could be a good option for you. A properly formed and maintained FLP or...
This line of Lysander from A Midsummer Night’s Dream tells is the timeless truth of love: “The course of true love never did run smooth.” For every couple getting married, true love will lead to a strong marriage if the couple is prepared for the realities of money...
For the middle aged Americans, the reality is challenging with the increasing needs of care for their aging parents and family members. Worse, more than half of American in their 40s are the sandwich generation according to Pew Research Center. The “sandwich...
Starting a business requires a great deal of planning and execution. Exiting from your small business should entail a similar level of forethought and preparation. Nevertheless, some surveys indicate that nearly half of business owners have no exit strategy.[1] After...
M grandmother was a strong woman. When her husband was killed during the Korean War, she was only 27, and had to raise three children. Back in the days, working women were frowned upon. Women were deprived of education that could equip them for professional work - it...
Eligibility for Medicaid depends on your state's asset and income-level requirements Medicaid is a joint federal-state program that provides medical assistance to various low-income individuals, including those who are aged (i.e., 65 or older), disabled, or blind. It...
Financial winter is coming. Or is it? Despite renewed optimism that the US economy can avoid a deep downturn, economists say the chances of a recession in 2024 are still about even. Small businesses are feeling the pain from high inflation, declining consumer...
If you care about what happens to your money, home, and other property after you die, you need to do some estate planning. There are many tools you can use to achieve your estate planning goals, but a will is probably the most vital. Even if you're young or your...
Income tax basis can be an important factor in deciding whether to make gifts during your lifetime or transfer property at your death. This is because the income tax basis for the person receiving the property depends on whether the transfer is by gift or at death....
The New Year’s crystal ball wasn’t the only massive thing dropped at midnight of December 31, 2023. A new filing requirement under the Corporate Transparency Act (CTA) also became effective on January 1, 2024. Beginning January 1, 2024, CTA requires millions of...