Posts by Parker Elmore

KEY POINTS Neglecting to name a beneficiary means your assets may be designated to your estate and become subject to probate. Plan ahead to review your beneficiary information once per year and when major life changes happen. Avoid subjecting your loved ones to the probate process by designating both primary and alternative beneficiaries. You may…

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Mid-aged man helps older woman determine her required minimum distribution amounts for 2021

Key Points The one-year waiver of required minimum distributions (RMDs) for retirement accounts that were authorized under the CARES Act is over. The SECURE Act in 2019 changed some rules regarding RMDs which will now be in effect. Those that are 72 years and older will need to start taking their RMDs this year to…

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Close up of two people reviewing financial documents

On February 12, 2021, the House Ways and Means Committee approved additions to the new COVID-19 relief package that will most likely be approved by the end of February. It includes key elements related to single-employer plans including 401(k) and defined benefit plans.   The legislation is being prepared to come up for a House vote on February…

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Person sitting at the end of a dock on a large lake

For many, asset protection is an after-thought, if thought about at all. Are you aware that retirement accounts such as Individual Retirement Accounts (“IRAs”), 401(k)s and Defined Benefit (“DB”) plans receive protection from creditors and bankruptcy? Asset protection is often associated with high-net-worth individuals, business owners, professionals such as doctors, surgeons, attorneys, and CPAs, as…

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Tax documents surrounding by the scrabble letters spelling out Tax Season and a calculator

Background December 2017, the Tax Cuts and Job Act (“TJCA”) was signed into effect. If you’re the owner of a pass-through entity (S corporation, LLC, or partnership), are you aware of the tax deductions available under the TJCA and the Internal Revenue Service (“IRS”) section 199A? Basically, taxpayers with taxable income that is less than…

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Helping Hands

While 2020 was a challenging & unusual year in many ways, here at Odyssey we were fortunate to continue honoring the firm’s corporate giving policy. This policy is based on the Pledge 1% program and was further refined using Nicholas Kristoff’s, of the New York Times, annual giving guide.   Each year we ask our team (management…

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4 blocks showing the year 2020 being turned to the year 2021

As we close out 2020, I wanted to take a moment to express a sincere thank you to all of our clients, partners, vendors, employees and everyone else for all their support during the year. I recognize that everyone experienced the year differently with some experiencing great physical, mental & emotional stress while others have…

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