July 29, 2016
First off, everyone needs a will. If you want to control who will inherit your assets, you need a will and possibly a revocable living trust. Without at least a will in place, the laws of your state will dictate who will inherit those assets that are not transferred by other means, such as beneficiary designations.
Beneficiary designations trump a will. The people you name as beneficiaries on your financial and retirement accounts will generally inherit the assets in those accounts regardless of instructions to the contrary in your will or other estate planning documents. For this reason, it is important to review your beneficiary designations at least once a year and when major events occur in your life (for example, marriages, divorces, and deaths) to help ensure that your beneficiary designations reflect your current wishes on who should inherit those assets.
Your estate planning documents may need to be updated if you move to a new state. The laws governing estates differ from state to state so it is a good idea to have an attorney in your new state review your estate planning documents.
This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community:
According to Forbes.com, Super Bowl viewers traditionally load up on millions of pounds of less-than-healthy foods during the big game—including ribs, pulled pork, tortilla chips, nuts, popcorn and bacon—all washed down with beer (the Super Bowl beverage of choice). If you are trying to stick to your New Year’s resolution to eat better, consider a few healthy substitutes for the traditional Super Bowl eats:
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.