It has been ten years since the IRS started winning big in foreign bank account cases. Some people have gone to prison, but the vast bulk of offshore accounts have been disclosed under the IRS programs designed for taxpayers to come forward. In fact, the IRS has collected over $10 billion in taxes and penalties, and more keeps coming in.
There are many changes set to take effect this tax season. Until we complete our 2018 tax returns, it’s hard to know specifically how these new changes will affect us and our personal financial situations. Until then, here are a few final reminders to help you prepare.
Divorce is expensive. Few households live on less than 50% of their income so splitting it in two almost always results in a lifestyle adjustment no matter how much money and income the family has. For families where one spouse is the primary breadwinner, going through a divorce is about to get even more expensive.
There’s more to an estate plan than just a revocable trust and a will. Your estate plan should also include Ancillary documents such as a living will and Health Care proxy. In this article we touch on some of the Ancillary documents you might include in your estate plan and their importance.
Most successful businesses are aware of the importance of succession planning. If you plan on making your business last for years to come, then you need to carefully create a succession plan and keep it updated.