Tax Secrets of the Wealthy: Business succession
Many of the columns I write and the seminars I give deal with family business succession planning. Can you guess the most common succession situation and related problems? Getting the business from dad...
View ArticleTax Secrets of the Wealthy: Solve your business succession problem
Own a family business? Want to transfer it to your kids? Then you’ll love this article. It’s about an old IRS letter ruling that is one of my favorites. It might be labeled “the lazy man’s way to plan...
View ArticleTax Secrets of the Wealthy: Who should own business real estate?
The first commandment of my someday-I-will-write-it bible of taxation would be “Thou shalt not put real estate into a corporation.” We see it at least a dozen times year: When readers of this column...
View ArticleBeat the estate tax; legally and easily
If you use the right tax tools and techniques together with the right professionals (lawyer, insurance consultant, and CPA), you can and will develop a plan to beat the IRS. Every time. And legally.
View ArticleQualified plans can give great tax advantage
There are many types of qualified plans: pension, profit-sharing, 401(k) and IRAs are the most popular.
View ArticleWinning the tax game for a family business
Recently, I read an article titled, “What Makes For Success?” by Kemmons Wilson, the founder of Holiday Inn. He said, “It is great to attain wealth, but money is really just one way – and hardly the...
View ArticleProtecting your estate
Trying to beat the income tax collector is a time-honored annual activity. But you only get one chance to beat (or be beaten by) the estate tax collector. In most cases, an organized estate plan leaves...
View ArticleGetting real estate out of your corporation
Years ago (from the 1950s to the late 70s), it was the custom to put real estate in a separate corporation (R/E Corp.), which would then lease the real estate to the corporation operating the business....
View ArticleGiving your kids the business
You’ve had it. After 15, 25 (well, you fill in the number) or more years of building your business, you want out.
View ArticleSecond opinion saves reader a fortune
You’ll like this true story. A reader, let’s call him Joe, of this column had completed his transfer-to-his-kids plan and his estate plan in 1996.
View ArticleMaintain charity while growing wealth
Most clients (usually readers of this column), when I ask, “What is your charitable intent?” respond with something like, “Nothing significant.”
View ArticleNew estate tax law is on the way
Let’s start with some new tax laws Congress is likely to pass before 2009 ends. You must divide these new-tax-law candidates into two distinct groups: the good guys and the bad guys.
View ArticleSeeking relief from the common estate tax
The United States has its own swine-like flu in all 50 of the United States.
View ArticleTax Secrets: Seeking relief from the common estate tax
The United States has its own swine-like flu in all 50 of the United States.
View ArticleTax Secrets: Mistakes your insurance company doesn’t want you to know about
Year after year, our office is asked to give a second opinion on the completed estate plans of owners of family businesses. It is rare – very rare – to analyze the estate plan (particularly the life...
View ArticleTax Secrets: Control both your business and your estate
When I was still a young CPA/lawyer in the mid-1950s, I did my first consultation with a family business owner who had the it’s-time-to-transfer-my-business-to-the-kids itch.
View ArticleTax Secrets: What you tax advisor doesn’t know can hurt you
The plain fact is you only know what you know. Put another way, no matter how smart you are, your knowledge is limited.
View ArticleTax Secrets: Don’t fall victim to the estate tax monster
If your net worth is high enough to be subject to the evil estate tax, chances are you worked your tail off all or most of your adult life to accumulate your wealth.
View ArticleTaxes: 227 ways to beat ‘em
There are three main ways the federal tax law picks your pocket and becomes your legal partner... Outrageous! The purpose of this article is to show you how to fight back.
View ArticleMarco residents concerned over taxes, water sewer rates
Taxes, water and sewer rates, police staffing and illegal aliens are the four topics of most concern to Marco Island residents, according to the results of a long-range planning survey conducted by...
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