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If you’ve done any research into employee benefits for your business recently, you may have come across a bit of alphabet soup in the form of “HSA + HDHP.” Although perhaps initially confusing, this formula represents an increasingly popular model for health care benefits — that is, offering a Health Savings Account (HSA) coupled with, as required by law, a high-deductible health plan (HDHP). RequirementsAn HSA operates somewhat like a...
Read moreOne of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited partnership (FLP) can help owners enjoy the tax benefits of gradually transferring ownership yet allow them to retain control of...
Read moreConverting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover you would have been better off if you hadn’t converted it? Before the Tax Cuts and Jobs Act (TCJA), you could undo a Roth IRA conversion using a “recharacterization.” Effective...
Read moreDo you need a trust protector? Maybe, if you aren’t completely confident the trustee will carry out your wishes. A trustee manages the trust on a day-to-day basis, while the protector oversees the trustee and weighs in on critical decisions, such as investment transactions involving large dollar amounts. Although it’s tempting to provide a protector with a broad range of powers, this can hamper the original trustee’s ability to manage...
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