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Immigrants who are detained by Immigrations and Customs Enforcement (ICE) officers and placed in removal proceedings in Louisiana will most likely be either be housed either at the LaSalle Detention Facility in Jena, Louisiana or the Pine Prairie Correctional Center in Pine Prairie, Louisiana. These facilities are run and operated  by The Geo Group, Inc., ...

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Rev Up Retirement Offerings with an NQDC Plan
Many business owners and executives would like to save more money for retirement than they’re allowed to sock away in their 401(k) plan. For 2017, the annual elective deferral contribution limit for a 401(k) is just $18,000, or $24,000 if you’re 50 years of age or older. This represents a significantly lower percentage of the ...

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Use a Noncharitable Purpose Trust to Achieve a Variety of Goals
Generally, trusts must have one or more human beneficiaries, but there’s an exception for certain “purpose” trusts. One type of purpose trust that you may be familiar with is the charitable trust. But don’t overlook the noncharitable purpose (NCP) trust as a potential tool for achieving your estate planning goals. What is an NCP Trust? ...

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4 Tough Questions to Ask Before Expanding to a New Location
Is business going so well that you’re thinking about adding another location? If this is the case, congratulations! But before you start planning the ribbon-cutting ceremony, take a step back and ask yourself some tough questions about whether a new location will grow your company — or stretch it too thin. Here are four to ...

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Don’t Overlook Tax Apportionment When Planning Your Estate
If you expect your estate to have a significant estate tax liability at your death, be sure to include a well-thought-out tax apportionment clause in your will or revocable trust. An apportionment clause specifies how the estate tax burden will be allocated among your beneficiaries. Omission of this clause, or failure to word it carefully, ...

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Listening to Your Customers by Tracking Lost Sales
“Sorry, we don’t carry that item.” Or perhaps, “No, that’s not part of our service package.” How many times a year do your salespeople utter these words or ones like them? The specific number is critical because, if you don’t know it, you could be losing out on profit potential. Although you have to focus ...

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The Stretch IRA: A Simple Yet Powerful Estate Planning Tool
The IRA’s value as a retirement planning tool is well known: IRA assets compound on a tax-deferred (or, in the case of a Roth IRA, tax-free) basis, which can help build a more substantial nest egg. But if you don’t need an IRA to fund your retirement, you can use it as an estate planning ...

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Does Your Business Have too Much Cash?
From the time a business opens its doors, the owner is told “cash is king.” It may seem to follow that having a very large amount of cash could never be a bad thing. But, the truth is, a company that’s hoarding excessive cash may be doing itself more harm than good. Liquidity Overload What’s ...

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Make Sure Your Company is Prepared for Any Disaster
What could stop your company from operating for a day, a month or a year? A flood or fire? Perhaps a key supplier shuts down temporarily or permanently. Or maybe a hacker or technical problem crashes your website or you suddenly lose power. Whatever the potential cause might be, every business needs a disaster recovery ...

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The Business Judgment Rule:  Protect Your Management Decisions
Most people - even lawyers - choose to do business in some corporate form, rather than individually, in order to protect personal assets from business liabilities. The most common forms of business entities are corporations and limited liability companies. The choice of entity often depends on which entity offers the best tax attributes for the ...

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Piercing the Corporate Veil:  An Ounce of Prevention Is Worth A Ton
Every person has skin and bones that protect their body from bumps and bruises from the outside world. A corporation or other business entity is no different. In short, a corporation (or limited liability company or partnership) is a legal “person.” The corporate body is supposed to protect the owners from bumps, bruises and liabilities ...

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Two Sides of the Same Coin:  Planning For the Wealthy and Non-Wealthy Client
Not everyone is lucky enough to have an estate tax problem, which is a good problem. As a practical matter, the vast majority of individuals in this geographic region are well below the net worth that Congress has deemed to be “rich” (currently $5.49 million per person). For individuals fortunate enough to have wealth issues, ...

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ABLE Accounts Can Benefit Loved Ones with Special Needs
For families with disabled loved ones who are potentially eligible for means-tested government benefits such as Medicaid or Supplemental Security Income (SSI), estate planning can be a challenge. On the one hand, you want to provide the most comfortable life possible for your family member. On the other hand, you don’t want to jeopardize his ...

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Fine-Tuning Your Company’s Compensation Strategy
As a business evolves, so must its compensation strategy. Hopefully, your company is growing — perhaps adding employees or promoting staff members who are key to your success. But other things can spur the need to fine-tune your compensation strategy as well, such as economic changes or the rise of an intense competitor. A goal ...

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IRS Simplifies Procedure for Obtaining Extension to Make Portability Election
Earlier this month, the IRS issued a Revenue Procedure that allows certain estates to make a late portability election without first filing a ruling request. Portability is a tax law provision that permits a surviving spouse to take advantage of the deceased spouse’s unused combined gift and estate tax exemption (currently $5.49 million). But portability ...

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