Many Americans think that Social Security and Medicare are one-size-fits-all programs that offer no opportunity for choice or customization. But in fact, taking the time to fully understand how these programs work and to consider the most effective ways to include them in a long-term financial plan can significantly expand their usefulness.
Americans and Canadians frequently run into their neighboring country’s tax laws. Although dealing with international tax concerns is often complicated, a special relationship between the United States and Canada offers some protection for citizens who earn income or conduct business in both countries.
A family office may have many purposes, ranging from helping younger generations understand how to handle wealth responsibly to simply ensuring that bills are paid on time. Just as every family is different, every family office will also be unique. However, while the needs of a given family may vary, successful family offices have certain qualities in common. These practices allow offices to provide the very highest levels of service […]
Section 529 plans have grown into one of the most common ways to save for college. While the decision to establish a 529 plan account is often simple, managing the assets over time can be much more complicated. The rising costs of higher education, which have outpaced inflation consistently in recent years, have raised the stakes. With more than $200 billion invested in 529 plans, savers are clearly looking to […]
Building a successful business takes years of effort and attention. Having expended plenty of blood, sweat and tears over that time, business owners want to maximize their value when selling. Many of the qualities that make a business owner successful will benefit a business seller, too. However, not many owners have much experience in selling a business. It is a long, complex process. Here are some of the major issues […]
A Minnesota Lawyer Is Off To The Races. Minneapolis attorney Stefan Tolin purchased his first mare in 1990. The mare’s foal had an injury-shortened career at the track before Tolin put him out to stud. Tolin was a hands-on, if absentee, owner, calling the Louisiana farm that housed the horse daily and visiting 14 times between 2002 and 2004. Tolin claimed tax losses in his breeding business for each of […]
For fans, news of an upcoming tour featuring a favorite artist prompts celebration. For musicians, a tour can and should be just as exciting – but it is also much more complicated. Whether you take care of your own recordkeeping or work with a road manager, you should still take time to understand the basics of how your tour’s finances work.
After a tour, musicians have many tax considerations to bear in mind. Don’t neglect deductions, state taxes or international taxes.
The Bill & Melinda Gates Foundation is the largest and arguably the best-known private foundation in the United States. While not everyone who creates a successful foundation will be like the Gateses, the couple can be a useful model when deciding whether a private foundation meets your charitable goals.