19September
2019
Leaving a Legacy for Your Heirs

Despite its name, the term “dynasty trust” has nothing to do with aristocracy. It involves preserving wealth for your heirs. Basic premise: With a dynasty trust, you transfer the assets of a business, real estate or other income-producing property to a trust. Gift tax, estate tax and the generation skipping transfer tax may be avoided on transfers if they are handled properly. Typically, a dynasty trust is set up as an “inter vivos” trust during your lifetime, but it can also be triggered by a provision in your will upon your death. Depending on the exact terms, the income accumulates…

19September
2019
Taxation Issues in the Gig Economy

Do you provide car rides through a mobile app, rent out your spare room using an online platform or repair computers for local businesses on demand? If so, you may be considered part of the “gig economy” or the “sharing economy.” Participation in this emerging method of distributing services can be a good way to earn money in your down time, pursue a more flexible lifestyle and provide cash to offset the expenses associated with owning a vehicle or a home. The IRS recently offered some guidance for this rising trend. Here’s a summary of the key points. Employee vs….

19September
2019
Estate Tax Planning Tips for Married Couples

For married people with large estates, the Tax Cuts and Jobs Act (TCJA) brings welcome relief from federal estate and gift taxes, as well as the generation-skipping transfer (GST) tax. Here’s what you need to know and how to take advantage of the favorable changes. Estate and Gift Tax Basics The TCJA sets the unified federal estate and gift tax exemption at $11.4 million per person for 2019 (up from $11.18 million for 2018). For married couples, the exemption is effectively doubled to $22.8 million for 2019 (up from $22.36 million for 2018). The exemption amounts will be adjusted annually…

05September
2019
Movin’ On: Keep Employees Well Informed

Moving a business is widely considered one of life’s most stressful events for owners and employees. There’s packing and unpacking while your staff carries on with business as usual while your staff carries on with business as usual — the prospect of losing work or documents if you aren’t extremely careful, and lost time and productivity. That’s why it’s important to prepare carefully and include your staff as much as possible in the process. When a company communicates with its employees about a new location, they are more apt to feel like they are part of the plans — and…

05September
2019
Six Keys to Successful Change in the Workplace

Employees generally hate change. Whether it’s a merger or restructuring, or a simple change in the color of the office, studies show both staff members and managers resist. The reactions may seem irrational but change can suggest an invasion of turf. Some employees feel it lowers their status or eliminates privileges. They might also worry that new procedures or equipment will make it more difficult to do the same tasks or increase their workloads. And above all, staff members fret about job security. Changes in the organization or a new boss may suggest to some that they’ll lose their jobs….

05September
2019
Value Your Business Internally and Externally

While preparing your succession or estate plan, it can be helpful to value your family business both internally and externally. You might wonder what that means — because you think your company has just one value. In fact, it can have multiple values depending on the valuation standard used. The different results can help you determine whether to keep the family business, pass it on to the next generation or sell it to an outsider. Two common standards used in valuing a family business are: 1. Investment value. This gauges internal value, which represents the value to a particular investor based on…