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A Dynasty Trust Keeps on Giving Long Into the Future
With a properly executed estate plan, your wealth can be enjoyed by your children and even their children. But did you know that by using a dynasty trust you can extend the estate tax benefits for several generations, and perhaps indefinitely? A dynasty trust can protect your wealth from gift, estate and generation-skipping transfer (GST) ...

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What Is A Trust?
Trusts are separate legal entities, like corporations. Trusts hold assets for you or for the benefit of others. Assets inside a trust are managed by a trustee who has legal responsibility for managing and overseeing trust proceeds in accordance with your wishes. The trust stipulates how your assets should be managed, and how, when and ...

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Valuation Often Affects Succession Plans in Hard-to-See Ways
Any business owner developing a succession plan should rightfully assume that regular business valuations are a must. When envisioning the valuation process, you’re likely to focus on its end result: a reasonable, defensible value estimate of your business as of a certain date. But lurking beneath this number is a variety of often hard-to-see issues. ...

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Don’t Let Lapping Fraud Run Circles Around Your Business
Lapping, or using receipts from one account to cover theft from another, is one of the most common methods of skimming from company accounts. But with vigilance — and a little knowledge — you can prevent this type of fraud from damaging your business. Spot the scheme Lapping scams usually start small, with an employee ...

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Who Should Own Your Life Insurance Policy?
If you own life insurance policies at your death, the proceeds will be included in your taxable estate. Ownership is usually determined by several factors, including who has the right to name the beneficiaries of the proceeds. The way around this problem is to not own the policies when you die. However, don’t automatically rule ...

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4 Ways to Get (and Keep) Your Business Data in Order
With so much data flying around these days, it’s easy for a company of any size to get overwhelmed. If something important falls through the cracks, say a contract renewal or outstanding bill, your financial standing and reputation could suffer. Here are four ways to get — and keep — your business data in order: ...

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Thorough Due Diligence Can Protect Your Acquisition From Fraud
In today’s rough-and-tumble world of mergers and acquisitions (M&As), buyers need to get to know business sellers and their executives, test their representations about asset condition and financial performance, and screen for common fraud schemes. Here’s why. Whose Side are They on? Without adequate M&A due diligence, unwary buyers could fall victim to false representations ...

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A Crummey Trust Can Preserve the Annual Gift Tax Exclusion
Traditionally, taxpayers have looked for ways to make the most of the $14,000 annual gift tax exclusion, and using a Crummey trust is one way to do that. But with the federal gift and estate tax exemption currently at an inflation-adjusted $5.49 million and the possibility of an estate tax repeal, it may seem that the ...

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Critical Connection: How Costs Impact Pricing
As we head toward year end, your company may be reviewing its business strategy for 2017 or devising plans for 2018. As you do so, be sure to give some attention to the prices you’re asking for your existing products and services, as well as those you plan to launch in the near future. The ...

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How Some Spouses Attempt to Hide Income and Assets During Divorce
Parties to divorce sometimes accuse their spouses of hiding income or assets. Unfortunately, such accusations occasionally are true. Clearing the Fog Failure to disclose income or assets may be explained by a simple lack of knowledge. A spouse may not realize, for example, that an executive benefit provided by his or her job is included ...

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