Search Results

Businesses unable to apply in time for loans from the initial Paycheck Protection Program (PPP) allocation have another opportunity to submit an application after the U.S. Senate passed a bill appropriating additional funding for the program. Similarly, businesses that submitted loan applications which could not be approved by the SBA because of th...

On April 30, the IRS released guidance providing that Paycheck Protection Program (PPP) loan borrowers may not deduct costs that are paid for with loan proceeds that are forgiven under the CARES Act. Additional guidance is provided on this and other provisions of the PPP, including loan forgiveness and mortgage interest obligations. While PPP loan ...

At the core of philanthropy, charitable giving stems from a desire to benefit a cause or program. That desire is even stronger during turbulent times. When moving forward with your charitable giving, there are a few key points to keep in mind to help maximize your strategy, including tax incentives and planning opportunities that are available...

Can a pandemic-induced market downturn become an opportunity for investors looking to modify their portfolios? Learn how constructive changes, including going from ETFs to tax-managed SMAs, can present the best chance to improve overall portfolio health.

The coronavirus pandemic has upended markets, the economy, and people’s livelihoods. Few things feel like they’re under your control. When it comes to investing, what should investors and their advisors do? While it may be strange to contemplate why the pandemic could also reshape taxes, the choices you make around investment taxes...

The passage of the Coronavirus Aid, Relief, Economic, and Security (CARES) Act brings much needed tax relief to individuals, families, and businesses. While the CARES Act provides many potential sources of relief, the focus here is on the key personal and business tax provisions in the Act, and how such measures can provide support in the short ter...

Financial planning is a long-term process, so it’s important to begin by building a strong foundation upon which the rest of your plan can grow. The foundation of your plan is designed to provide financial stability and protection. With these features in place, now may be an excellent time to examine opportunities to grow your assets and ulti...

Every year, life insurance carriers capture approximately $25 billion of economic value from policy owners and trust beneficiaries when the policies of older insureds are surrendered or allowed to lapse. Of that amount, high-net-worth families forfeit around $10 billion because they weren’t aware of how they could recapture the value of those...

When considering where to establish a Private Family Trust Company (PFTC), South Dakota is continually chosen as the top regulated PFTC jurisdiction in the United States. The low PFTC capital requirements and maintenance costs make the set-up an easier process. Other compelling reasons include asset protection, best privacy jurisdict...

Through thoughtful planning, there are ways to anticipate many possible issues—including the unanticipated—when doing your long-term and perpetual intergenerational trust planning. Consequently, detailed and flexible trust drafting is generally very helpful.

Estate planners and advisors will need to contemplate the political climate in an election year, particularly given certain political opposition to the extensive changes made by the Tax Cuts and Jobs Act of 2017. Key considerations and trends that provide planning opportunities in 2020 and beyond include strategies to utilize the increased federal ...

The question of how to structure a trust is of increasing importance, particularly in light of recent trends, including the expected ruling in North Carolina Dept. of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust. One key decision that families and their advisors have regarding long-term trusts is whether to establish a single pot trust ...

The U.S. Department of the Treasury released a set of frequently asked questions late on April 6, 2020, to clarify several issues with Paycheck Protection Program loans. These FAQs present the SBA’s interpretation of several provisions of the program, in some cases contradicting interpretations from banks, lawyers, and other advisors. A summa...

The COVID-19 pandemic has caused significant burdens for employers and employees alike. While some businesses struggle to survive, others are fortunate enough to be in a position to help employees as they face hardships created by the crisis. Many employers in the latter category are looking for ways to best help employees who are facing financial ...

The COVID-19 crisis continues to disrupt everyday life. In response, the CARES Act of 2020 was signed into law in the U.S. to provide some relief. A summary of the key provisions in the CARES Act for individuals include delayed due dates for tax returns, enhanced charitable contributions, no required minimum distributions from IRAs and retirement p...