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Contractormag 10146 Life Insurance

Life insurance is still a way to deny the IRS

Dec. 12, 2017
My original goal for this article was to begin an analysis of the proposed overhaul of the Internal Revenue Code and how to beat the new tax monster at his own game. No luck. ...
Contractormag 9993 Crash And Burn

Joe’s estate plan crashes and burns

Nov. 13, 2017
Although Joe was a planner, after he went to the big business in the sky, his estate plan and business succession plan (for Success Co.) turned into an economic and tax tragedy...
Contractormag 9836 Cemetary

You need a life plan, not a death plan

Oct. 17, 2017
There is an army of real-life lawyers who don’t ever seem to get things done. I’ll bet the farm that most contractors reading this column — who have done estate planning — can...
Contractormag 9566 Handover

You should swap your old insurance policy

Sept. 11, 2017
Recognize that often your CPA's (or any other professional advisor's) ability to help you is more a matter of experience than knowledge.
Contractormag 8292 Zombies

How to beat IRS double-tax monster ... legally

May 11, 2017
To make it easy, suppose you take one dollar out of your plan: the IRS gets 36 cents in income tax When you go to the big business in the sky, the IRS estate tax monster socks...
Contractormag 7897 Strategy

Family limited partnership is perfect tax-planning strategy

April 7, 2017
Each state has passed legislation recognizing FLIPs The quality of the valuation expert you hire can make or break your sought-after tax results You can transfer almost any kind...


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eBook: Building Your Plumbing Business Brand

Nov. 10, 2023
The articles collected here will give you guidance on how to build your brand into something respected, depended on, and instantly recognized.
Contractormag 3558 Irs

How to keep retirement plan dollars away from IRS

Dec. 9, 2016
The money going into the plan is immediately 100 percent tax deductible and your earnings are tax deferred until you take the money out You can get nailed for State estate tax...
Contractormag 3419 Estateplan

Estate planning basics

Oct. 13, 2016
For 2016, every person is entitled to what is called a unified credit (we call it a "freebie") of $5.45 million As of today, 20 states have an estate tax; this area is in a constant...
Contractormag 3198 Taxes

10 Ways to win the estate tax game

July 13, 2016
Your wealth transfer plan (if you want to legally beat the estate tax) must start while you are alive Do not put money in a pension or profit-sharing plan — IRA or other qualified...
Contractormag 3147 Family

Your estate plan is a family matter

June 17, 2016
This is the estate planning story of a real-life column reader from the Midwest If Joe and Mary both got hit by the proverbial bus today, the estate tax monster would gobble ...