Author: Mary Miles A 529 plan is a tax advantage savings plan designed to help pay for education as governed by Section 529 of the Internal Revenue Code. Typical investors are parents who designate their children as beneficiaries of the 529 accounts. The 529 plans grow tax-deferred, and withdrawals are tax-free and penalty-free if used to […]
As the Coronavirus pandemic continues to sweep through the United States, schools are shuttering for the Fall session, employers are extending remote work plans, and the nation’s healthcare system is preparing for an upward trend in positive COVID-19 cases, hospitalizations and, sadly, deaths. With the rates at which people have suddenly fallen ill and become incapacitated from…
Chances are, you know someone who has been sued. Maybe that someone is you. The fact is, your enviable position as a successful business owner comes with a major downside: You are a potential target for lawsuits (some of which may be frivolous and unfounded) and other attacks that can wreak havoc on your…
A case recently decided by the Illinois Appellate Court (Herbert v. Cunningham, 2018 IL App (1st) 172135, December 28, 2018, Cook Co., 6th Division) issues an important reminder to anyone who is considering or has completed a journey through divorce or domestic separation: Make sure to update your estate plan documents, beneficiary designations and…
Asset Protection Every business owner and professional practitioner should invest in a rock-solid asset protection plan geared to protect one’s assets against the claims of existing and prospective creditors. Many business owners, professionals, and other wealthy individuals dedicate a lifetime to building their wealth and success, but put everything at risk by underestimating the potential […]
