December 2014

23 Dec

The Solo 401(k)

A retirement savings vehicle designed for the smallest businesses.

A solo 401(k) lets a self-employed individual set up a 401(k) plan combined with a profit-sharing plan. You can create one of these if you work for yourself or if you own a small business with just 1–2 full-time employees (FTE) including yourself (the second FTE must be your spouse).1

11 Dec

How to Decant a Trust

If you would like to pass wealth from one generation to the next while incurring a minimal amount of tax, you may have set up an irrevocable trust, or you may be considering doing so. However, irrevocable trusts are, by their nature, restrictive. The ultimate beneficiaries of your irrevocable trust will face restrictions on how much and when assets can be pulled from the trust. In addition, if you or the beneficiaries later need to change the irrevocable trust's trustee, it can be very difficult to do so.