Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, making a 2016 contribution is likely a good idea. Benefits beyond a deduction Tax-advantaged retirement plans like IRAs allow your money to grow …
Last year a break valued by many charitably inclined retirees was made permanent: the charitable IRA rollover. If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. Satisfy your RMD A charitable IRA rollover can be used to …
Business owners often use C corporations as a means of limiting personal liability. Typically, the owners attempt to shield their personal assets from business related liabilities. While this can be a useful protection in some circumstances, like preventing a business creditor from placing liens on personal assets, it is often the case that the owner is protecting himself from an …
Intergenerational squabbles don’t just make for tense holidays. Failures of trust and communication can put family wealth into jeopardy. Read more at institutional investor Source: Keep Family Disputes from Sinking Family Finances
Source: Tony Nitti, a Forbes Contributor: view article on Forbes.com As the town of Springfield’s resident oligarch, C. Montgomery Burns earned the ire of the townspeople through any number of misdeeds, including blocking out the sun, having the Rolling Stones killed, and stealing Christmas from 1981 through 1985. But even the fictional Mr. Burns never sunk as low as his real-life namesake, who …
Family limited partnerships (“FLPs”) give senior family members a tax efficient way to shift wealth to future generations while still exercising control over their assets. As an added benefit, by forming a FLP, senior family members remove assets out of their estate—generally at a reduced transfer tax value. The FLP structure consists of a general partner and limited partners who typically …