Have you named contingent beneficiaries?
January 5, 2022 Knowledge Center
Have you named contingent beneficiaries?

Although your will or revocable trust governs the distribution of many or most of your assets, certain assets — such as retirement plans, insurance policies, and bank or brokerage accounts — require you to name a beneficiary (or beneficiaries). This can be an advantage, because when you die, the funds can pass directly to your […]

A blended family requires smart estate planning
December 23, 2021 Knowledge Center
A blended family requires smart estate planning

If you’re married and have children from a previous marriage plus children or stepchildren from your current marriage, your family is considered a blended family. And because you’ll likely wish to pass your wealth on to all of your biological children but also provide for your spouse and perhaps any stepchildren, estate planning can get […]

Taking marketability discounts on controlling interests
December 23, 2021 Knowledge Center
Taking marketability discounts on controlling interests

In a business valuation context, the term “marketability” refers to the ability to quickly convert property to cash at minimal cost. While publicly traded stocks are readily marketable, interests in private companies typically require substantial time, cost and effort to sell. To the extent that public stock data is used to value private businesses, a […]

Looking for a 2022 safety net for your business? Act on EIDL funding before year end
December 22, 2021 COVID-19
Looking for a 2022 safety net for your business? Act on EIDL funding before year end

As the new year approaches, the future of the Build Back Better Act (BBBA) — and the strength of the economic recovery — remains uncertain. One thing that’s not uncertain when it comes to your business is the impending deadline to apply for COVID-19 Economic Injury Disaster Loan (EIDL) funding, some of which needn’t be […]

Stock market investors: Year-end tax strategies to consider
December 22, 2021 Knowledge Center
Stock market investors: Year-end tax strategies to consider

Year-end is a good time to plan to save taxes by carefully structuring your capital gains and losses. Consider some possibilities if you have losses on certain investments to date. For example, suppose you lost money this year on some stock and have other stock that has appreciated. Consider selling appreciated assets before December 31 […]

Could an FLP fit into your succession plan?
December 22, 2021 Knowledge Center
Could an FLP fit into your succession plan?

Among the biggest long-term concerns of many business owners is succession planning — how to smoothly and safely transfer ownership and control of the company to the next generation. From a tax perspective, the optimal time to start this process is long before the owner is ready to give up control. A family limited partnership […]

How are court awards and out-of-court settlements taxed?
December 21, 2021 Knowledge Center
How are court awards and out-of-court settlements taxed?

Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed by the federal government, and perhaps state governments. Hopefully, you’ll never need to know how payments for personal injuries are taxed. […]

Rolling forecasts provide flexibility in uncertain times
December 20, 2021 Knowledge Center
Rolling forecasts provide flexibility in uncertain times

Forecasting how your company is likely to perform over the next year can be challenging, especially when it’s unclear where the markets are heading. But accurate forecasts are critical when managing a business. For example, they may be used to order inventory, hire additional workers, apply for loans and credit lines, and evaluate investment alternatives. […]

The 401(k) contribution limit will increase in 2022
December 20, 2021 Knowledge Center
The 401(k) contribution limit will increase in 2022

The IRS recently announced that the amount individuals can contribute to their 401(k) plans will increase in 2022. The tax agency has also announced other cost‑of‑living adjustments affecting dollar limitations for pension plans and retirement-related items for tax year 2022. Let’s look at some highlights. Rising limit First and foremost, the contribution limit for employees […]

The Information Security Tsunami | LABJ
December 17, 2021 In the News
The Information Security Tsunami | LABJ

by David Lam | This article originally appeared in The Los Angeles Business Journal.   Pioneers of the information security field have known for decades how important it is—and forever will be—to protect one’s data. When my business partners started our practice in 2001, large companies were already well aware of this fact, so our […]

Prepare for a new year by reviewing your estate plan
December 15, 2021 Knowledge Center
Prepare for a new year by reviewing your estate plan

Hopefully, you already have a sound estate plan in place to protect the interests of your heirs and minimize potential estate tax liability. But that doesn’t mean you’re completely in the clear. You can’t just fill out the paperwork, lock up the documents in a file cabinet or store them electronically, and forget about it. […]

With year-end approaching, 3 ideas that may help cut your tax bill
December 13, 2021 Knowledge Center
With year-end approaching, 3 ideas that may help cut your tax bill

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. 1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest […]