How do you teach your children responsibility to others, and in their finances? If you are an entrepreneur, you might consider requiring their serious efforts at your business or practice. At a young age, children can perform many meaningful and needed jobs, from running the vacuum and other cleanin[...]
Archive for the ‘Tax Matters’ Category
The New Estate Tax Regime
First we predicted that the Congress would not fail to amend the expiring estate tax provisions; then 2010 arrived and the sunset of the 2001 – 2009 tax law came with nothing having been done. The elections of 2010 seemed to place the House and Senate on opposite sides of the issue, with Presi[...]
Free Money
The answer to “Why an ILIT?” If you have a taxable estate, then an Irrevocable Life Insurance Trust creates free money. Really. OK, so your estate is going to be taxable. You get it. Your family will be paying out a chunk. In order to be prepared for that reality, you can choose to keep [...]
§ in Tax Matters
WHEN MAY YOU DEDUCT LEGAL FEES?
When and whether legal fees are deductible depends upon the underlying purpose of the fees. If deductible, some fees are considered capital in their nature, and must be combined with depreciable or amortizable assets, and deducted over time. First Rule: In general, legal fees incurred by a busine[...]