DISSECTING THE IMPACT OF THE NEW TAX LAW

Given the unprecedented quick passage and signing into law of the new Tax Cuts and Jobs Act, it will likely be many months before tax attorneys and financial analysts are able to accurately and fully gauge the short- and long-term impact of the new legislation – both on individual and corporate taxpayers as well as the economy as a whole. To date, we’ve barely scratched the surface of the myriad opportunities and obstacles the new law will present.

 

Planning for Healthcare Costs in Retirement

How much will you need to save?

According to recent data published by the Employee Benefits Research Institute (EBRI) the average American couple with median prescription drug expenses will need to save $265,000 in order to have a 90% probability of covering just their out-of-pocket healthcare costs (e.g., Medicare premiums, deductibles and copays, as well as dental, vision and hearing) over the course of their retirement.

 

 

BALANCING BUSINESS NEEDS AND PERSONAL WEALTH

Aligning the Finances of Business and Family

Your family business is much more than a career; it’s the culmination of a lifetime’s worth of passion, commitment, late nights and working weekends. There’s no question that the responsibilities and demands of running a business can be all-consuming. So many people – from clients and suppliers to your employees and their families – depend on the critical decisions you make every day.

 

 

 

You, Inc.: The Leap Into Self-Employment

 

After working for someone else, self-employment can be an exhilarating change. But it is also fraught with potential pitfalls, including the possibility of running out of money before your new venture even gets off the ground. One way to help improve your chances of success is to do as much advance planning as possible. As you can see in the U.S. Bureau of Labor Statistics chart below, about 50% of new businesses will close within their first five years of existence.