Articles

Should you sell your life insurance policy?

Older Americans with a life insurance policy that they no longer need have the option to sell the policy to investors. These transactions, called “life settlements,” can bring in needed cash, but are they a good idea? If your children are grown and your mortgage is paid off, you may decide that there is no longer a reason to be paying premiums every month for a life insurance policy, or you may reach a time when

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Estate planning when you have a stepfamily

Ideally, a second marriage that joins two families together is a joyous occasion that creates one bigger family unit. Unfortunately, it too often also can eventually produce inheritance fights between stepparents and children. A good estate plan is necessary to help avoid these types of family squabbles. When two people marry who both have children from previous relationships, complications can arise. Married people typically leave everything to their spouse, so children from the previous relationship may

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Providing for a caregiver child

Taking care of an aging parent can be a full-time job. Children may have to give up paying jobs in order to provide adequate care. Unfortunately, caregiving is usually unpaid work. Parents who want to compensate a child who takes on the burden of caregiving may do so in one of several ways: Caregiver agreements. Caregiver agreements are an increasingly popular way to ensure a caregiver child is compensated for his or her work. A caregiver agreement (also

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Don’t Overlook Renters Insurance

Do you rent an apartment or condo? If so, do you have renters insurance to protect your belongings and to cover you against liability claims? A surprising number of renters don’t bother with insurance. Some assume they’re covered by their landlord’s policy. Wrong! Usually that covers only damage to the building and liability claims against the landlord. Others say their belongings aren’t worth enough to justify the cost. But add up how much it would cost

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Cross-Training: Essential for Small Business Survival

Have you considered cross-training your employees to ensure more than one person knows all key functions? Cross-training can be a win-win situation for you and your employees. Large companies often use it to prepare managers for future promotions. But in small companies, it can be the difference between success and failure. Why companies cross-train Cross-training provides greater flexibility in scheduling, especially when dealing with unexpected workload and staffing issues. It also helps employees develop expertise in

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Businesses Get More Time to Apply For PPP Loans

Legislation provides other business relief provisions Here’s what you need to know about the Paycheck Protection Program (PPP) loans and other business relief provisions of the recently-passed American Rescue Plan Act. PPP loan application deadline extended. The deadline to apply for PPP loans is now May 31, 2021. Sick leave extended. If your business provides sick leave for COVID-related reasons, you might get reimbursed for the sick pay through a tax credit. Businesses which voluntarily provide

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New Tax Breaks Benefit Millions

What you need to know The recently-passed American Rescue Plan Act contains several tax breaks for you and your family. Here are the major provisions of the bill that could mean more money in your pocket during the 2021 tax year. Child tax credit (CTC) The CTC for 2021 increases from $2,000 to $3,000 for kids ages 6 to 17 and $3,600 for kids ages 5 and under. To receive the full tax credit your adjusted

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ALERT! Late Tax Legislation Creating Havoc

Individual tax return deadline moved to May 17 Congress’ recent move to retroactively make a portion of 2020 unemployment income tax-free is creating havoc during this year’s tax filing season. Here is what you need to know. Background Unemployment compensation was received by millions of Americans during 2020 because of the pandemic. While unemployment income was necessary for many who lost a job, it’s also normally classified as taxable income to be reported on your tax

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Non-Compete Agreement Enforcement in Massachusetts: What You Need to Know

In many industries, non-compete agreements are a standard part of employee contracts. However, until subject to such an agreement, or until responsible for enforcing it, most people will not give a non-compete clause a second thought. Whether you are seeking to enforce a non-compete agreement against a former employee, or whether you have been subjected to an unfairly onerous non-compete agreement, you need the support of an experienced employment law attorney. What Makes a Non-Compete Agreement

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SEC expands accredited investor definition

In order to participate directly in private equity markets, individuals must meet the Security Exchange Commission’s definition of an “accredited investor.” Now, new rules have expanded that definition, opening a few more opportunities for investment in private equity and hedge funds. Previously, requirements were based largely on financial status. An individual needed an annual income of at least $200,000 (or $300,000 combined with a spouse) and a net worth of at least $1 million, not including

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