"What is your exit plan?"
Business owners should start asking themselves this question on the day they open their doors. But they don't. There are many reasons for this, beginning with the hope that the business will never fail. Even in the rare businesses that do last, however, there inevitably comes a day when the owner wants to leave the business. Preparing for that day is the key to a smooth transition.
Commercial real estate is one of the industries that was heavily impacted by the COVID-19 pandemic. According to Barclays, a long-term shift to remote work could lead to a 10%-20% structural reduction in demand for office space. The lender also predicted that between 15% and 17% of U.S. shopping malls may need to be redeveloped for other uses. The industry also is concerned about inflation, interest rates and pending legislation.
A life settlement is a way to get cash for a life insurance policy you no longer need or can no longer afford. For older adults struggling to pay health care costs or who need long-term care in retirement, or for those who are younger but have terminal illnesses, it can be a lifeline.
The end of the year always means the possibility of last-minute tax changes, and this year, that's especially true. Some of the new legislation may mean major changes starting in the new year, but other proposed bills, such as new capital gains and qualified dividend tax rates, may take effect retroactively. And taxes on the wealthy may go up, too.
It's been a very busy year at the IRS, with many special tax changes. Below is a review of some of the top issues you will want to discuss with your tax preparer as the year draws to a close and again when you meet to prepare your returns.
Sometimes, marriage can stymie the financial life of even the savviest person. You go along living your life, working, eating, sleeping — and suddenly you discover that your household paid far too little in taxes. What's worse, you signed the joint return. Now what?
Imagine this. If you put $100K away for 150 years, at 8% your grandchildren or your great grandchildren would be worth a BILLION dollars.
The Social Security Administration reviews key numbers each year and usually makes adjustments. In a recent release, the SSA announced what is and is not changing for 2022.
The rules governing the deduction of charitable contributions can be pretty strict. However, legislation has relaxed a number of them as long as donors take advantage of them by the end of 2021. So, both individual and businesses taxpayers should get up to speed on the temporary rules and take out their checkbooks before year-end.
Estate planning is about defining and living out your legacy during your lifetime. It enables you to enjoy the impact your plan has on the people and organizations you support. But there are a lot of myths that still need debunking:
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