January 2020
This month: January 1 – New Year’s Day January 15 – 4th Quarter Estimated Payments Due January 20 – Martin Luther King Jr. Day Start tax planning for the new year – Adjust withholdings – Organize filing records – Schedule tax consultation – Rebalance investment portfolio Welcome 2020. A new year calls for a […]
Avoid these mistakes when setting up a trust
When setting up a revocable trust, you need to be diligent about asset transfers, beneficiary designations and funding formulas. Failure to complete certain steps can prevent the trust from acting as you intended, creating additional cost and unintended consequences for your estate. Common issues include the following: Failure to transfer assets Setting up a trust […]
Setting up a medical ID on your phone
You may already be familiar with the idea of setting an “in case of emergency” contact that displays on the lock screen of your phone to let emergency personnel know whom to call if you’re found alone unconscious or unable to speak. Smartphone providers now offer enhanced options that let you provide even more emergency […]
Naming a guardian for your children
Resist the urge to avoid naming a guardian as part of your estate plan simply because it’s not easy to imagine someone else raising your children. If you don’t, you leave the guardianship of your children up to the courts if you pass away. Think about who, starting with your family members, would be the […]
Life insurance trusts: fund or collapse?
An Irrevocable Life Insurance Trust (ILIT) has long been a fundamental tool for managing federal estate tax liabilities. But with a sizable increase in the federal estate tax exclusion, some families are wondering if their ILIT is even relevant anymore. An ILIT owns your life insurance policy for you, essentially removing it from your estate. […]
Passage of SECURE Act anticipated by year-end
Estate planners have been watching Congress closely, waiting to see what will happen with the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The legislation, designed to boost Americans’ retirement savings, has implications for individual savers and for those planning to pass an inheritance to the next generation. The SECURE Act passed the House […]
Report: Companies must be prepared for cybersecurity regulations
Report: Companies must be prepared for cybersecurity regulations A new report indicates that companies need to prepare for a flood of cybersecurity regulations nationwide. The 2019 Compliance Landscape Report by Edgile, a cyber risk and regulatory compliance partner to Fortune 500 companies, reviewed state bills, resolutions and laws across the country. The report states that […]
Legal pitfalls of crowdfunding campaigns
Legal pitfalls of crowdfunding campaigns You have the next big idea and need some cash to make it happen. Crowdfunding campaigns, such as Kickstarter and IndieGogGo, can be effective ways to get a boost, offering contributors a reward in exchange for a financial contribution to the future of your business. Before you jump in, it’s […]
Landmark decision allows suits against companies for collecting biometric data
Landmark decision allows suits against companies for collecting biometric data In a ruling that’s expected to have widespread implications, the Illinois Supreme Court has held that consumers can sue companies for collecting biometric data, including facial scans or fingerprints, if the companies fail to disclose how the information will be used. The court unanimously said […]
OSHA revises electronic recordkeeping rule; Labor groups file suit
OSHA revises electronic recordkeeping rule; Labor groups file suit The Occupational Safety and Health Administration (OSHA) has eliminated the requirement that employers electronically submit Forms 300 (Log of Work-Related Injuries and Illnesses) and 301 (Injury and Illness Incident Report). OSHA published the revised rules in the Federal Register at the end of January. The rule still […]