Should You Name a Trust as IRA Beneficiary? BY THEUS LAW OFFICES An IRA is a popular vehicle to save for retirement, and it can also be a powerful estate planning tool. Some people designate a trust as beneficiary of their IRAs, but is that a good idea? The answer: possibly. IRA Benefits The benefit of [...]Continue reading

Estimates vs. Actuals: Was Your 2018 Budget Reasonable? BY THEUS LAW OFFICES As the year winds down, business owners can be thankful for the gift of perspective (among other things, we hope). Assuming you created a budget for the calendar year, you should now be able to accurately assess that budget by comparing its estimates to [...]Continue reading

Unleash the Power of a Nonspringing Power of Attorney BY THEUS LAW OFFICES Estate planning typically focuses on what happens to your children and your assets when you die. But it’s equally important to have a plan for making critical financial and medical decisions if you’re unable to make those decisions yourself. A crucial component of [...]Continue reading

Consider an Intrafamily Loan to Cover Estate Taxes BY THEUS LAW OFFICES Sometimes estates that are large enough for estate taxes to be a concern are asset rich but cash poor, without the liquidity needed to pay those taxes. An intrafamily loan is one option. While a life insurance policy can be used to cover taxes [...]Continue reading

Devote Some Time to Internal Leadership Development BY THEUS LAW OFFICES Many factors go into the success of a company. You’ve got to offer high-quality products or services, provide outstanding customer service, and manage your inventory or supply chain. But there’s at least one other success factor that many business owners often overlook: internal leadership training [...]Continue reading

Family Businesses Need Succession Plans, Too BY THEUS LAW OFFICES Those who run family-owned businesses often underestimate the need for a succession plan. After all, they say, we’re a family business — there will always be a family member here to keep the company going and no one will stand in the way. Not necessarily. In [...]Continue reading

How Incomplete Nongrantor Trusts Can Help Avoid State Income Taxes BY THEUS LAW OFFICES With the federal gift and estate tax exemption at $11.40 million for 2019, people whose estates are below the exemption amount are shifting their focus to income tax reduction. High-income taxpayers — particularly those who live in high-income-tax states — may want to [...]Continue reading

A Prenup or a DAPT: Which is the Better Choice? BY THEUS LAW OFFICES If you or one of your adult children is getting married, you may be concerned about protecting your family’s assets in the event of a divorce. A prenuptial agreement can be an effective tool for overriding marital property rights and keeping assets [...]Continue reading

Estate Planning Lite: College-Aged Children Need a Basic Estate Plan BY THEUS LAW OFFICES If your son or daughter currently is home from college on winter break, now is a good time to sit down and discuss a few estate planning documents he or she should have at this stage of life. Let’s take a closer [...]Continue reading