Is your revocable trust fully funded?
A revocable trust — sometimes known as a “living trust” — can provide significant benefits. They include the ability to avoid probate of the assets the trust holds and facilitating management of your assets in the event you become incapacitated. To obtain these benefits, however, you must fund the trust — that is, transfer title of assets to the trust or designate the trust as the beneficiary of retirement accounts or insurance policies. Contact SEK's estate planning advisors for assistance.
Give your nonprofit organization’s members a reason to renew
When inflation is high, it’s common for people to cut expenses by deciding not to renew subscriptions and memberships. For charities and associations that depend on membership fees, this trend can be distressing — if not catastrophic.
Look to a SWOT analysis to make better HR decisions
Many business owners spend most of their time developing strategic plans, overseeing day-to-day operations and, of course, putting out fires. Yet an underlying source of both opportunity and trouble can be human resources (HR).
Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty
Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified retirement plan before age 59½.
Business owners: Now’s the time to revisit buy-sell agreements
If you own an interest in a closely held business, a buy-sell agreement should be a critical component of your estate and succession plans.
Save time & keystrokes with recurring transactions in QuickBooks Online
Your time as a business owner is valuable. Don’t waste any of it doing duplicate data entry.
A refresher on nonprofit endowment management
If your not-for-profit has an endowment, you probably know it’s a major responsibility. Endowment investments generally need to be managed by a financial expert, and your organization must adhere to certain regulations, particularly when it comes to spending.
4 business functions you could outsource right now
Simply put, it’s never been easier to outsource certain business functions so you can better focus on fulfilling your company’s mission and growing its bottom line. Here are four such functions to consider. Contact our HR advisors or business advisors for more information.
Valuing tangible property donations isn’t as simple as you may think
A new refugee resettlement charity had only just begun operating when its director realized something: She wasn’t sure how to value the many donations of clothing and household goods community members had dropped off.
How the new SECURE 2.0 law may affect your business
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. Contact the business tax advisors at SEK with your business questions.