A prior blog discussed the taxation of trusts generally and that they could be taxed as grantor trusts or nongrantor trusts. This blog will focus on the advantages and disadvantages of taxation as a grantor trust. A grantor trust is one that is taxed to the grantor (or other substantial owner) pursuant to the rules […]

We are in the business of transforming lives here at the Academy. Although this phrase is very specific, it is also vague. Generally speaking, lives can be transformed in a multitude of ways. One thing is certain though, transformation happens almost daily and on varying levels of the spectrum. When I first heard “transforming lives,” […]

Each person has a permanent exclusion amount of $5 million which they can give during life or at death. That amount is inflation adjusted. The Tax Cuts and Jobs Act doubled that exclusion for years 2018 through 2025. In 2018, the inflation adjusted, temporarily doubled, exclusion is $11.18 million. Shortly after passage, questions arose regarding […]

We all know that time is precious. It’s our most valuable resource and we have full control of how we spend it. Using this logic, if going to bed is a function of time, then sleep is also precious…it’s just that most of us don’t think of it this way. Moderate sleep deprivation has the […]

As we gather around the Thanksgiving table, we see the faces of our loved ones and we contemplate how grateful we are for them and for all our blessings. “We must find the time to stop and thank the people who make a difference in our lives.” – John F. Kennedy, 35th President of the […]

People have increasingly shorter attention spans and are looking for instant responses to their questions. In today’s environment of immediate gratification, offering a live chat feature on your website may be the deciding factor in whether or not you connect with your prospects and retain them as clients. Implementing Live Chat software on your law […]

A Qualified Domestic Relations Order (“QDRO”) is part of federal law that allows a domestic relations order in state court to transfer ERISA accounts, such as 401(k)s, from the spouse who is the “participant” in the plan to the other spouse without triggering a tax event. Typically, a QDRO is done in the context of […]

Trusts can be very useful vehicles to control assets during life and after death. During life, they can be especially helpful to control assets during periods of disability. After death, a trust can provide asset protection, remarriage protection, asset management, and many other benefits which might not be available otherwise. Generally, trusts are income taxed […]

There are many ways to give back. Some give back through donations of cash or property. Other people give back by donating their time or expertise. Some people do both. When you give cash to a public charity, for example, you can deduct your contribution up to 60% of your adjusted gross income. For example, […]

As the workforce evolves, we hear more and more about companies incorporating fun, games, and leisure into the office. The benefits of having fun at work are numerous, and research shows that taking time to plan activities in the workplace may even increase productivity! A study called It Pays to Play, commissioned by BrightHR, found […]