Contributing to a Roth 401(k) plan may help achieve estate planning goals
When it comes to your 401(k) plan, you may have a choice to make regarding contributions. Should you make them on a pre-tax basis or on an after-tax (Roth) basis? The right answer depends on your current and expected future tax circumstances and the estate planning implications. Contact the CPAs and estate planning advisors at SEK with your questions.
Closing a business involves a number of tax responsibilities
While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If yours is among them, we can help you take care of various tax obligations. Contact the CPAs and tax advisors at SEK with questions and to discuss these issues.
Provide for multiple generations using a dynasty trust
A dynasty trust can preserve substantial amounts of wealth (and potentially shelter it from federal gift, estate and generation-skipping transfer taxes) for generations to come. The trust can be established during your lifetime, as an inter vivos trust, or part of your will as a testamentary trust. Contact the CPAs and estate advisors at SEK for more information.
Six tax issues to consider if you’re getting divorced
Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, they should be considered to keep taxes to a minimum. Contact the CPAs and tax advisors at SEK with your divorce financial issues.
If your business has co-owners, you probably need a buy-sell agreement
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can: 1) transform your business ownership interest into a more liquid asset, 2) prevent unwanted ownership changes, and 3) avoid estate tax hassles with the IRS. Contact the CPAs and business tax advisors at SEK about setting up a buy-sell agreement.
Planning your estate? Don’t overlook income taxes
The high federal estate tax exemption means that many people aren’t concerned with estate tax. But you should still consider saving income tax for your heirs. A gift carries a potential income tax cost because the recipient receives your basis upon transfer. He or she could face capital gains tax on the future sale of the gifted property. Contact the CPAs and tax advisors at SEK with your tax planning questions.
Be aware of the tax consequences of selling business property
If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply. Contact the CPAs and tax advisors at SEK with your tax questions.
How your board should evolve over your nonprofit’s life
A board of directors is critical to keeping a not-for-profit focused over the years as it grows. But how do nonprofit boards change over time? In part, it depends on the organization and its mission. Its life stage will also help determine your board’s priorities, responsibilities and composition. Contact the business advisors at SEK for help with your nonprofit.
A self-directed IRA can benefit your estate plan — but know the risks
IRAs can be powerful estate planning tools. With a “self-directed” IRA, you may be able to amp up the benefits of these tools by enabling them to hold nontraditional investments that offer potentially greater returns. However, it may also present unfavorable tax consequences. Contact the CPAs and tax advisors at SEK for your estate planning questions.
An overview of the updates to 2 Code of Federal Regulations (CFR) Part 200 (Uniform Guidance)
Uniform Guidance is a framework introduced by the Office of Management and Budget (OMB) and used across various government agencies and departments for grant management.