One of the biggest benefits of running a family business is being able to employ your minor children. By hiring your kids, you have the opportunity to teach them the value of hard work, give them experience managing money, and support them to save for their future. Plus, employing your minor children also comes with some substantial tax-saving benefits. And with the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, those benefits are now better than ever.
Bob Ross's philosophy in both painting and life was that there "were no mistakes in life… just happy little accidents." Sadly, as detailed in the recent Netflix documentary Bob Ross: Happy Accidents, Betrayal & Greed, Bob's failure to coordinate his business agreements with his estate plan was anything but happy, leaving his only son unable to benefit from his father's fame and fortune. His planning failures have led to an ugly court battle between his former business partners and his family.
This latest phishing scam is just one of numerous threats that your company faces when it comes to digital security. In addition to scams involving stolen funds, your business is also susceptible to data breaches, hacking, network failures, and other malicious actions targeting your sensitive client and business data. So, it's best to stay in strict compliance with an ever-evolving set of federal and state laws governing data privacy to avoid any risk that may affect your business.
If you are a single parent, life for you right now probably couldn't get any busier. You are likely being pulled between work, school activities, and home - and the inevitable emergencies that fill the lives of single parents everywhere. It's a huge responsibility, even if you do share time with a parenting partner, and especially so if you don't. Regardless, as a single parent, your children's lives are now largely in your hands, and the best way to protect them is through estate planning.
Giving donations to a charitable cause is a noble act of kindness. And you are also likely well aware that as with donating to charity during your lifetime, dedicating a portion of your estate to a charitable cause can reduce the taxable value of your estate. But it doesn’t end here. You may be surprised to learn about the numerous benefits available when you incorporate charitable giving into your estate plan. Learn more here!
Growing your small business can be tricky. In fact, rapid growth can actually harm your company if you don't plan properly. And, even if you've implemented processes, technology, and outsourcing to deliver your core product or service and maximize growth efficiently, your company is still at risk if it doesn't have effective legal, insurance, tax, and financial (LIFT) systems. In fact, without solid LIFT systems, your business is just one accident, audit, or lawsuit away from ruin.
Wills and trusts are two of the most commonly used estate planning documents. Both documents are legal vehicles designed to distribute your assets to your loved ones upon your death, but the way in which they work is quite different. To know the best way to determine whether or not your estate plan should include a will, living trust, or some combination of the two, meet a Personal Family Lawyer for a Family Wealth Planning Session.
Remote work offers a number of benefits for both you and your team. Without a physical office, startup costs and overhead are significantly lowered. But running a remote workforce also comes with its own unique challenges. This is especially true when it comes to managing your team and keeping them engaged and motivated. With this in mind, adopt these three strategies to engage better and manage your remote workforce.
Although DMX was successful in music and movies, the rap icon experienced serious legal and financial problems. His story proves that regardless of your financial status, planning for your potential incapacity and eventual death is something you should take care of, especially if you have children. The saddest part of this whole situation is that all the conflict, expense, and trauma that DMX’s loved ones are likely to endure could have been prevented with comprehensive estate planning.
As more and more businesses take advantage of the benefits of using independent contractors (ICs) in lieu of full-time employees, the line between worker classification can get easily blurred. Though independent contractors can give your company an edge in today's "gig economy", but misclassifying your workers can cause you big-time in penalties, including fines, back taxes, and unpaid benefits.