The word “option” makes you feel good–it denotes flexibility, choice, and gives you a sense of control. However, those “options” may not be the cherry on top of your sundae, perfectly perched on a pillow of whipped cream. They may actually be the sticky hot fudge that melts your ice cream and turns your masterpiece into a soupy mess.

Sometimes, a business sale isn’t the sale of a single “business asset”–it’s often considered the sale of the individual assets of the business (think inventory, intangibles like goodwill, capital assets, etc.) for tax purposes. This means that some assets may be taxed as ordinary income when sold while others may be taxed at lower, advantageous long-term capital gains rates.

I’m sure you’ve heard of parents depositing money into 529 accounts to pay for their childrens’ education. College isn’t getting any cheaper, and these accounts offer tax advantages while letting you grow funds to pay for future education.  So, what can 529 funds be used for? While they can be financially beneficial, there are rules and limitations that you should know so you aren’t hit with unpleasant surprises later.

However, is there a sweet spot (aka, the perfect time and place) for a corporate trustee? The truth is, it depends. But thankfully, corporate trustees can be hired for a multitude of reasons.

The world can be unpredictable and volatile. Events like global pandemics, divisive elections, or soaring inflation bring about uncertainty and fear for investors. However, the best thing you can do is stay focused on developing a plan that will help carry your success forward so you can continue building the future you dream of. As the saying goes, even if the plan is simple, it may not be easy.

Let’s be honest. Figuring out your insurance premiums can feel chaotically complicated. Tax laws are cryptic, options depend heavily on individual circumstances, and the whole system can all feel far too complex to navigate. I can feel your eyes glazing over already. It’s a wonder we don’t all rip up the papers and walk away...

Think life insurance is a complete waste of money? You’d be dead wrong. The truth is, when planning over the course of a lifetime, an insurance policy is an irreplaceable component of your financial future. Consider for a moment – the possibility of how an unexpected death in the family can affect every aspect of a person’s life: education planning, estate planning, risk management.

Actually receiving an inheritance from someone who has passed away isn’t a taxable event, but how much tax you’ll pay when you take money out of that asset—for example by selling a stock or distributing money from a retirement account—depends on the asset itself. Here’s why. Got a step-up in basis? You’ll owe less tax if you sell. When an heir receives an asset from a decedent, the value of the property must be determined.