How much do you really know about estate planning? This trivia will entertain and educate you.
While an obvious advantage to a 401(k) and other qualified plans is the ability to take a deduction today and postpone paying taxes until tomorrow, it is clearly not the only advantage. Even more important is the ability to invest employee retirement funds on a tax-deferred basis. As a result, whether tax rates remain the same or increase, a 401(k) plan remains a valuable tax planning tool for small business owners.
I have reached an age where the Rock & Roll legends from my generation are dying. The past year saw David Bowie, Glenn Frey, Prince, George Michael, Chuck Berry, and J. Geils – among many others – join that great rock band in the sky.
With increased longevity in the U.S. population, many retirees may find themselves in the position of helping elderly parents or relatives to manage their finances. If you have an aging parent or relative in need of assistance, consider the following information.
Some entrepreneurs who have tried cold calling in the past refuse to try again because of the high frustration levels. But as in learning any skill, practice can make you a better cold caller. Trial and error can help you discover what approaches work best for you. If you are reluctant, consider hiring a professional agency to make cold calls on your behalf. Listening in can be instructive and may give you the confidence to start making calls yourself. Above all, maintain a positive attitude and a belief in your ability to meet the needs of the person on the other end of the line.
When successful small businesses attempt to expand too rapidly, they can fail. Slow, steady growth can help a company retain its uniqueness, responsiveness, and creativity. By cultivating a small business edge, you can find your niche in the marketplace, create the potential for growth, and build a solid foundation for sustainability.
I do not suggest drafting your own will, because what you create is sometimes worse than nothing at all. However, I appreciate that some people sometimes want to take a shot at directing their estate's destiny. If you are one of these people, take note of these five suggestions before executing your document.
Mike Harris is the proud owner of a deep-sea fishing boat. Although fishing for tuna and swordfish isn’t his primary line of work, he takes the “Mariner’s Mermaid” out most weekends and often sells his catch. Although Mike considers fishing a sideline occupation, the Internal Revenue Service (IRS) may or may not agree with him. What Mike considers a bona fide business, the IRS may judge a hobby.
The careful planning of an estate requires a great deal of expertise. If you surround yourself with a professional, supportive team as you begin the process, working through its many stages and adjusting your plans over time will assure you—and those you love—that the future will be secure for all.