Family Limited Partnership (FLP) Vs Family Limited Liability Company (FLLC) If you own and operate a family business, a family limited partnership (FLP) or family limited liability company (FLLC) has the potential to become a valuable component of your overall estate plan. A properly formed and maintained FLP or FLLC offers the opportunity [...]

The Entrepreneur's Secret Weapon: How a Business focused CPA Firm Can Propel Your Business to Success In the fast-paced world of entrepreneurship, success often hinges on making smart financial decisions. And the quality of those decisions often hinges on the quality of your advisors.   As your business grows, so does the complexity [...]

The primary reason for purchasing life insurance is to ensure that upon passing, our loved ones will have enough money to cover remaining debts and final expenses. It's also a method for securing our loved ones' future living costs, at least temporarily. It might seem unjust, therefore, that estate taxes can diminish life [...]

When you die, all of the assets you leave behind are part of your estate. Your estate consists of your assets — all of your money, real estate, and worldly belongings. Your estate also includes your debts, expenses, and unpaid taxes. After you die, somebody (your executor) must take charge of your estate and [...]

One of the main reasons we buy life insurance is so our loved ones will have enough money to pay off our remaining debts and final expenses when we die. We also purchase life insurance to provide for our loved ones’ future living expenses. That’s why it may seem unfair that life insurance [...]

Durable Power of Attorney (DPOA): An Essential Estate Planning Tool A Durable Power of Attorney (DPOA) is a vital legal document that empowers someone you trust—referred to as your attorney-in-fact—to manage your financial and property-related affairs if you are unable to do so yourself. This authority typically comes into play if you become [...]

You may be fortunate enough to have a defined benefit plan to help fund a comfortable retirement. These plans are often referred to as traditional pension plans, defined benefit plans promise to pay you a specified amount at retirement. To help you understand the role a defined benefit plan might play in your [...]

What Legal Documents are Important When Your Child Becomes an Adult Whether your child is going off to college, out into the work force, or splitting time between work and school, there are several significant changes that happen once they turn 18 years old. Your child is now legally an Adult. When your [...]

Tax planning plays a crucial role in managing business finances and maximizing profitability. One effective strategy that entrepreneurs and small business owners can employ is the utilization of S Corporations (S Corps) to minimize their FICA (Federal Insurance Contributions Act) and Medicare tax liabilities. By understanding the unique advantages and considerations of S [...]