Personal Property Memorandum?
During estate planning, intentions for major assets, like money and real estate, are set using a will and or trust, and these documents are legally binding. It’s a wise idea to also create a personal…
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The Best Estate Plan: A Will And A Trust
A will is an essential legal tool for detailing how you want your assets to be distributed after death. Importantly, through a will, you also name a guardian for minor children. It’s wise to go…
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Equal Love, Unequal Inheritance?
Though it’s customary to divide assets equally among children, there is no law saying that parents must do so. In fact, parents do not have to leave anything to their children. Still, when making a…
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Avoid Complications: Joint Accounts?
Estate planning should simplify life for your loved ones, not complicate it. Many people believe that adding an adult child or other heir as a “joint owner” on a bank account is the simplest way…
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Retirement Plan Sponsor? 10 Points
Business owners who sponsor retirement plans are putting employees on the path to secure retirement—-clearly this is a great thing to do! Plus, sponsoring a retirement plan can benefit the business, and even draw talented…
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Insights From Accountants: Sponsoring a 401k?
While often associated with taxes and financial statements, CPAs play a critical role in the health and compliance of the company 401(k) plan. Accountants act as financial watchdogs, auditors, and advisors, ensuring everything from accurate…
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Eroding Employee Trust?
For employees, a company-sponsored retirement plan is a cornerstone of their financial future, and a tangible measure of their employer’s commitment to their well-being. Operational mistakes with the plan strike at the very heart of…
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Loyalty and Prudence Vs Forfeitures?
Legal contests continue, as long accepted 401k practices related to the handling of plan forfeitures come under courtroom scrutiny. Yet another in the wave of ERISA “forfeiture lawsuits” against retirement plans, which began popping up…
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ERISA Litigation: So What, Now What?
Copying and pasting meeting minutes. Vague investment policies. Lack of prudent process around plan fees. Unclear protocols regarding the use of forfeited funds. These are all examples of sloppy retirement plan management practices that ERISA…
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