What is the Legacy You are Leaving to Your Family?

As a CPA, I often talk to our clients about wealth transfer, avoiding probate, and minimizing estate and income tax. Understanding client desires and family dynamics has always been a part of that process. However, rarely do we discuss the stories, wisdom, and recipes accumulated over a lifetime and passing that to the next generation…. Read more »

Understanding the contents of a will

You probably don’t have to be told about the need for a will. But do you know what provisions should be included and what’s best to leave out? The answers to those questions depend on your situation and may depend on state law. Basic provisions Typically, a will begins with an introductory clause, identifying yourself… Read more »

What’s the difference between the two types of power of attorney?

When drafting your estate plan, you and your attorney must account for what happens to your children and your assets after you die. But your plan must also spell out your wishes for making financial and medical decisions if you’re unable to make those decisions yourself. A crucial component of this plan is the power… Read more »

Converting IRAs from traditional to Roth

Converting your traditional IRA funds into a Roth IRA could have significant tax benefits to yourself and your family members, if planned correctly. Thanks to the Tax Cuts and Jobs Act (TCJA), there is an opportunity to take advantage of historically low tax rates before the rates are scheduled to reset to the previous levels… Read more »

The Dreaded Tax Notice – What To Do Next

The relief of filing your tax return can be short lived if a tax notice is received. Technology and additional filing requirements have increased the amount of data the IRS and your home state has to compare to your tax filing. Although your tax filing may not be wrong, it may not match up to… Read more »

Tax Tips for Your Child’s Summer Job

One of the rights of passage for many high school and college students is a summer job. Not only does it put a little extra cash in their pockets and teach them work ethic, it provides them with their first opportunity to make some tax decisions. This article will provide a little guidance and some… Read more »

College financing may be an integral part of your estate plan

The staggering cost of college makes it critical for families to plan carefully for this major expense, and in many cases grandparents want to play a role. As you examine the many financing options for your grandchildren, be sure to consider their impact on your estate plan.  Make direct paymentsA simple, but effective, technique is… Read more »

Do As I Say, Not as I “Did”

Summer is upon us, and so comes the time for picnics, reunions, and oh yes, vacations! As I was getting ready for a short trip this weekend (without my family), I was busy making lists of what I needed to pack and the tasks my family would need to take care of at the house… Read more »

Being A Strong Leader | Great Leadership Is An Invaluable Tool

How often do you challenge your personal leadership skills? Why is this important to your organization? Surveys have shown that great leadership is an invaluable tool in retaining top talent. What is Leadership? Leadership involves motivating a group of people to pursue a common goal, or to accomplish a shared task. We frequently think about… Read more »