Financial Planning Insights

Making your way through paper tax forms is a headache under the best of circumstances. But it also means there is no system in place to make sure you're getting all of the deductions and credits you deserve. While the IRS can make corrections and has systems in place to pick up on likely errors, there is no guarantee that those systems will help..

Any person or company that is providing a service needs to have E&O coverage, which is the insurance that protects against errors and omissions. If a business owner is providing a service as a part of his or her job description than E&O coverage should be in place for protection against a liability accident, employee mistake, or unnoticed..

When you are a small business owner, you have a variety of information to consider. When you can get your business accounting strategies in order in the beginning stages of your business, you will be able to successfully keep track of the tons of paperwork that you will see going in and out of your office.

There are always risks involved with being in business; how owners manage these risks often determines their long-term sustainability and profitability. There are many factors to consider when assessing and guarding against these risks, thus, being proactive in managing them is wise. We're here to lay down the foundation for risk management..

Many people do not consider estate planning either because they believe it is only for the wealthy, or because it is not something they want to consider. While it may not be fun to consider what will happen to your estate after you are gone, there are many reasons to consider estate planning, and many benefits that doing so can provide you with...

You and your partners didn’t start your business with the idea that one day, circumstances would result in one of you exiting the firm. But life doesn't care what kind or how successful a business is, sometimes misfortunes happen that cause your plans to change. Your best preventative defense against a whirlwind of unpleasant outcomes can be found..

Risk management is the process of pinpointing possible risks, evaluating them, and highlighting them. It also involves laying down extenuation measures to minimize or even reduce the possibility of occurrence of such risks to zero. Such risks include potential financial crises, project investment failure, credit risks, natural disasters, accidents..

Trusts fall into two seemingly simple categories: revocable or irrevocable. However, things get more complicated from there. One type of irrevocable trust is a Qualified Personal Residence Trust. This is useful because the value of the home is not counted as part of your estate when it is in this trust. Timing is crucial when using a QPRT to pass..

First off, you may be wondering what an irrevocable trust is; or you may be unfamiliar with trusts in general and need to know more before considering one. Essentially, a trust is a legal arrangement that provides for the ownership, management, and distribution of your property for the rest of your life, as well as after you are gone.