Financial

How to pass on your possessions may seem like the main point of estate planning, but passing on possessions has evolved. We are living in times when “stuff” isn’t as coveted by the younger generations. Tastes change right along with technology and what once may have been considered as a “had to have” item, could now be considered worthless to keep. In estate planning you’re typically thinking about your money and large assets like your home. But you should
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Rule 126(2) of the European Patent Convention (EPC) establishes the “10-Day Rule” of the European Patent Office (EPO). The Rule stipulates that official communications issued by registered mail from the EPO are considered to have been delivered 10 days after the date specified on the communication, known as the “notification date.” This is important because, for some communications, the deadline for responding is calculated from this date. Uncertainty caused by this calculation has prompted the EPO to amend the
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How to protect your digital assets should be top of mind as our lives move more online. Your digital assets may be a huge part of your estate and you may not even know it. Many think that tangible assets are all that needs to be in an estate plan, like your house, your money, etc. But now is the time to take stock of how much of your life is online and how you can protect your digital
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Five years ago, cryptocurrency was probably not on your radar, let alone a part of your estate plan. Today, it may be an important investment in your portfolio. You could even own some nonfungible tokens (NFTs), which are powered by the same blockchain-based technology. Despite the dizzying fluctuations in the value of these assets, you should ensure that they are included in your estate plan so you can preserve them for your heirs.
Preserving Cryptocurrency: What to do Now
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A common call into our office is one from a residential landlord wondering what to do in the following scenario: a tenant moved out at the end of their lease, but they left a lot of property behind, and the landlord is wondering what their options are.

Security Deposit

The magic number to remember for security deposits is 21. A landlord must return any amount of the security deposit not withheld, plus an accounting for any withholdings from the
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Late last year, the Federal Trade Commission (FTC) released the final amendment to its Safeguards Rule, expanding on the types of entities covered by the Safeguards Rule and the specific elements required of the covered entity’s security program in order to adequately protect customer information. The deadline for compliance is approaching quickly. On December 9, 2022, all covered entities will be expected to comply with the amended Safeguards Rule.Covered entities include all financial institutions under the FTC’s authority, including
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UPDATE: Compliance deadline extended to June 9, 2023.Late last year, the Federal Trade Commission (FTC) released the final amendment to its Safeguards Rule, expanding on the types of entities covered by the Safeguards Rule and the specific elements required of the covered entity’s security program in order to adequately protect customer information. While the effective date for certain requirements under the Safeguards Rule was initially delayed, the deadline for compliance is approaching quickly. On June 9, 2023 (formerly December
Continue Reading Covered Entities Must Comply with FTC Safeguards Rule

An estate plan often focuses on tangible property such as jewelry, artwork, money, and vehicles. However, in this age of technology, it is important to remember to include planning for your digital assets. Digital assets consist of everything we own online. Because we spend more time on computers and smartphones than we ever did before, you may not realize how much digital stuff you own, from photos and videos to online accounts, cryptocurrency, and nonfungible tokens (NFTs).
Why Is
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Losing a loved one is the hardest time in one’s life and knowing what not to do when a loved one dies is so important. With the to do list that comes along with making arrangements after your partner’s passing, sometimes decisions can be made hastily or even brushed to the side. Grief is different for everyone, and during an emotional time we never know how we are going to react. We have guides for what to do
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On October 21, 2022 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits.  All of the limits shown below have increased (in some cases significantly) from last year.
 

Qualified Plan Limit
Cost-of-Living Adjustments

401(k) and 403(b) elective deferral limit

2022 – $20,500

2023 – $22,500

$200,000 compensation limit

2022 – $305,000

2023 – $330,000

$160,000 defined benefit limit

2022 – $245,000

2023 – $265,000

$40,000 defined contribution limit

2022 – $61,000

2023 –
Continue Reading 2023 Qualified Plan Cost of Living Increases, 2023 Social Security Taxable Wage Base

Sometimes it isn’t as easy as leaving everything to your kids… do you need an incentive trust?
Regardless of your wealth, all of our family dynamics are different. You may have children that you want to leave everything to, but there may be one thing holding you back. Considering the maturity of your trustees is important when creating your estate plan. If you aren’t sure that your children would be able to handle an inheritance, or the responsibility of
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Opening your own business may have been your dream, but sometimes all that comes along with running the business can be overwhelming. With all your hard work, thinking about exiting your business usually isn’t in the forefront of your mind. Succession planning for business owners can seem daunting, but you’ve worked so hard to open and run your business, why not make sure it ends up in the right hands when the time comes? You may want to keep
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Retirement Plan Developments

IRS Extends Additional Deadlines for Adopting Amendments Under CARES Act and CAA
The Internal Revenue Service (IRS) has extended the deadline for amending eligible retirement plans to reflect provisions relating to plan loans and coronavirus‑related distributions under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and qualified disaster‑related distributions under the Consolidated Appropriations Act of 2021 (CAA).  The IRS announced the extension in Notice 2022‑45.

The CARES Act allowed qualified individuals to receive favorable
Continue Reading Retirement and Health Plan Legal Updates, Compliance Deadlines

The challenges of owning a business are what keep many from even reaching for their dreams. Add in a worsening economy and rising inflation and the challenges of owning a business become even greater. Starting a business isn’t always easy to begin with, but if you do successfully open your business, how do you keep afloat during tough times? We recently read that “91% of small business owners already struggle with the current economy’s impact on their industries,
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As individuals grow older, they are often inclined to add a child to their financial accounts to assist them with paying bills and managing assets. While this strategy is convenient, it can lead to financial abuse and can also derail estate plans.

A joint account is a financial account with one or more owners, who both have rights of survivorship. Upon the death of one owner, the balance of the account passes to the surviving owner without probate, regardless
Continue Reading How Joint Accounts Can Ruin Your Estate Plan

Estate planning is full of big decisions, and thinking “who do I name in my estate plan?” is probably the biggest one. In your estate plan you’ll be naming the people whom you wish to take over your finances, assets, and administering your belongings. It can be a tough decision. Here is a breakdown of who you are naming in your estate plan and ways to pick the best candidates.
Who Do I Name in My Estate Plan?
We
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