You may be currently facing this dilemma: You’ve retired (or you’re approaching retirement) and, while you want to maintain your current standard of living, you also want to preserve as much of your wealth as possible for your family. This balance can be difficult to achieve, especially when your [...]
When it comes to digital assets, it’s important to know that, unlike many assets, they leave little to no “paper trail.” Thus, unless your estate plan specifically provides for them, it may be difficult for your family to access these assets — or even know that they exist. Let’s [...]
Health Savings Accounts (HSAs) allow eligible individuals to lower their out-of-pocket health care costs and federal tax bills. Since most of us would like to take advantage of every available tax break, now might be a good time to consider an HSA, if you’re eligible. Not only can an [...]
It’s not uncommon for people to address the fact that they may one day become physically incapacitated and unable to make critical medical decisions themselves. They do this by including health care powers of attorney or advance directives in their estate plans. But what if your family has a [...]
According to the Alzheimer's Association, nearly seven million Americans aged 65 and older have Alzheimer's Disease, a number expected to double by 2050. Although there's no cure, optimizing brain health is crucial. Begin now, while you’re still healthy. In June, during Alzheimer’s and Brain Awareness Month, consider taking a [...]
Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have a parcel of appreciated land that you want to subdivide into lots, develop them, and sell them off for a big profit. Either way, you’ll incur [...]
Career development is an ongoing process of managing your work life, learning new skills, and advancing towards your career goals. Whether you are just starting out or are a seasoned professional, focusing on your career growth is crucial for achieving long-term success and fulfillment. This blog will explore effective [...]
While much of your estate plan focuses on actions that take place after death, it’s equally important to have a plan for making critical financial or medical decisions if you’re unable to make them for yourself during your lifetime. This is why including a power of attorney in your [...]
Newburg | CPA News Brief - December 6, 2023 As the year-end approaches, we wanted to provide you with some reminders regarding Form 1099 filing requirements for 2023. Form 1099 Filing Requirements and New Changes for 2023 There are a number of different 1099 forms that report various types [...]
There are several reasons why you may want to move a trust to a more favorable jurisdiction. For instance, to avoid or reduce state income tax on the trust’s accumulated ordinary income or capital gains. However, before doing so, it’s critical to understand the risks. Revocable trust vs. irrevocable [...]
