If you have real estate in your corporation, raise your hand and keep reading. About once a month someone calls the office asking, "How can I get real estate out of my corporation without being taxed to death?"
Actually, we could write a small book about the various facts and circumstances that impact the process of removing real estate from a corporation.
Do you think that qualified retirement plans (pension plans, profitsharing plans, IRAs, 401(K) plans and so on) are the best thing since sliced bread? The clear answer is it all depends on (1) whether you need the money and, in fact, do use your plan funds for your retirement (a great tax deal); or (2) you turn out to be rich (my definition of rich is you are in the highest income tax bracket-—40 percent—and highest estate tax bracket—55 percent). If you are already rich or become rich in the future, all of your qualified plan money, in the end, will be caught in a huge tax trap.
Everywhere you turn, you see ads for deferred annuities: by banks, savings and loan associations, brokerage houses and, of course, insurance companies. The ads-—and the sales people—usually tout the tax advantages as the reason you should buy.
The cost of sending your kids or grand- kids to college has skyrocketed. And predictions are that college costs will continue to rise each year in the foreseeable future.
This is a true, sad, tax-war story. A business owner (let’s call him Joe), has just completed his estate plan and his plan to transfer his business to his kids.
Joe and Sam each own 50 percent of a successful business. Each is worth about $9 million, but neither has any significant cash or liquid-type investments.
Social Security taxes have been and remain a scandalous burden if you make money by the sweat of your brow.
First, the basic rules: Social Security taxes are imposed not only on employees and employers, but on self-employed individuals as well.
What's the best way to help your son (or daughter) start a new business?
Suppose your daughter Pam needs $50,000 to start her new venture. You've reviewed the concept and think she can make a go of it.
Sooner or later—as the years spin by, the message becomes crystal clear—you must transfer your business. And if you're typical, the transfer will be made to one or more of your children.
Chances are you've never even heard of the subject matter that we are about to discuss: viatical settlements (VS). A VS is a transaction involving an existing life insurance policy that is sold.
