Succession Planning for CPAs
Eventually, you’ll come to the day when it’s time to hang up your accounting hat and settle into retirement bliss. And while you’ve probably helped many clients develop tax-efficient succession strategies, have you ever considered your own, especially regarding your retirement goals? This article lays out some of your options as the owner of an […]
A Small Business Owner’s Guide to a Tax-Efficient Retirement
As a small business owner and CPA, you understand the importance of saving for retirement. Having a sizeable nest egg can make a significant difference in your retirement lifestyle, allowing you to live the retirement you’ve always dreamed of. However, simply sticking to a budget, investing as much as possible, and withdrawing from your savings […]
When and Why to Rollover your IRA or 401(K) into an Annuity
While saving for retirement, you may have heard of rolling over your IRA or 401(K) into another account or financial product. For example, you can roll your retirement savings into an annuity, an insurance product, a brokerage account, or another retirement plan, amongst others. But should you roll over your retirement savings, and if so, […]
Maximizing Your Generosity Before TCJA Sunsets
As the year draws to a close and the spirit of giving is in the air, it’s a timely reminder for CPAs and financial professionals to revisit estate planning strategies. This period is not just a season of generosity but also a critical juncture for tax planning, especially in the waning days of the Tax-Cut […]
Is Your Estate Ready for the Post-TCJA Era?
You’ve worked hard to build up your accounting practice. Decades of hard work have translated into a sizeable estate, and now it’s time to start considering your legacy with as little possible going to the IRS. Since it is the season of giving, you may want to consider a gifting strategy to begin the process […]
Annuities vs Life Insurance: What’s the Difference?
You want to plan for retirement, yet there are so many uncertainties – life expectancy, the size of your nest egg, market volatility, and finally, health concerns to top it all off. You seek stability, a safety net, and perhaps something to leave your loved ones. Who do you turn to? Where do you turn […]
New MYGA Annuity Rates: How CPAs Can Benefit
Attention all CPAs looking to bolster their long-term financial strategy: Sweeping changes have been made to MYGA (Multi-Year Guaranteed Annuity) products that CPAs will want to pay attention to. As we dive into the final quarter of 2023, several companies have raised their rates on MYGA annuities, making them an increasingly attractive option for those […]
Understanding Spousal Survivor Benefits for CPAs
Nobody wants to experience it, but unfortunately, some of us will: the loss of a spouse. While you may be quite adept at handling financial complexities as a CPA, deciphering the nuances of Social Security survivor’s benefits during such a time can be challenging. However, your choices at this difficult moment can have financial consequences […]
The Intersection of Investments and Insurance
Retirement planning often feels like sailing between two essential points—growth and security. While investments offer the promise of compounded growth over time, insurance provides the peace of mind that comes with asset protection. But where is the line between overexposure and overprotection? Every dollar that isn’t invested is a dollar missing out on compound growth, […]
When (And When Not) to Consolidate Retirement Accounts
According to the U.S. Census Bureau, about 35% of working-age individuals have a 401(K), 403(B) or 503(B) retirement account. These are significant numbers, showing many Americans are taking proactive steps to achieve a successful retirement. However, Americans also change jobs about every five years. What this means is that many Americans often face the decision […]
