Retirement

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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Small Business Owner standing with an ipad in the front of a restaurant

KEY POINTS A new bill has been introduced to the House which will build upon recent changes made with the passage of the SECURE Act. The bill is intended to help you save for retirement, directly targeting those just starting and those nearing retirement age. If you’re an employer, the bill also provides provisions that…

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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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Close up of a man's hands who is dressed in a business suit. His hand has stopped a line of falling blocks from hitting the rest of the blocks still standing.

As we try to bestow good tidings and wishes onto 2021, we must also weather the aftershocks of 2020 which include a very prevalent global pandemic. According to an article by Pew Trusts, many states are facing budgetary shortfalls due to a loss in revenues coupled with the increasing demand for public health and other…

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Person at a starting line about to run

“The best time to plant a tree is 20 years ago. the second-best time is right now.” Chinese Proverb If you’ve been thinking about starting a 401(k) plan, now is the perfect time! New changes through the SECURE Act are giving small businesses even more incentive to start. Employers with fewer than 100 employees who…

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