We are proud to share the following article, recently published in Forbes. The focus was a strategy to reduce tax on the sale of a business in coordination with estate and charitable planning goals. A NIMCRUT is a trust that allows you to provide income to yourself or others for life, or for a term
Minneapolis / St. Paul Business Journal Leadership TrustBy Sharon Olson, President, CFP and Nicole Scanlon, J.D., Managing Director, Family Wealth. Olson Wealth Group brings wise counsel and clear strategies to deliver real-life returns for generational wealth. My company helps families build wealth and pass it down through generations. But of course, it’s more than just
Today is Give to the Max Day! Consider joining thousands of generous donors in helping to support local charities. While giving cash is one way, there are many other ways to maximize your generous donation so that it fits within your financial plan. #GTMD20
IRA owners are seeking alternative ways to incorporate tax effective giving strategies into their estate plans. One way to maximize a gift to a beneficiary, while also benefiting a charity of choice, is by using a Charitable Remainder Trust (CRT).
Do you have a "dusty will"? When it comes to estate planning, this article illustrates what can happen if "life events" such as marriage, divorce, birth of a child or grandchild, move to another state, death of a beneficiary or receipt of an inheritance are overlooked.
This article discusses some common mistakes people make when leaving tax deferred retirement assets to their heirs. These costly errors can reduce your client’s legacy and prevent their wishes from being carried out.
We recently had a discussion with a client about their loved family members, their dogs. They are married with no children and love their pets as much as they would as children. They have also served as foster parents to several dogs over the years. Part of their estate plan was to provide their pets with consistent care and security beyond their lives. Just like a lamp is a piece of personal property, pets are considered personal property under state law. You can’t leave property to property. So how can you ensure that your pet is taken care of if you are disabled or die?
IRS rules are so stringent that virtually any proposed transaction between a family foundation and a disqualified person should be considered a potential act of self-dealing which can lead to an ugly audit and potential fines.
Did you know that a 529 College Savings Plan can transfer to other beneficiaries while avoiding tax penalties? This way, you can contribute to the education costs for multiple generations.
The LPL Research Retirement Environment Index is a state by state holistic view into the pre-retiree landscape that provides depth and balance in six broad categories that reflect retiree desirability on housing, healthcare, housing, quality of life, education and wellness.