It’s common in divorce cases for an interest in a closely held business or professional practice to be the marital estate’s most valuable asset. In many states, when the owner-spouse brings this asset to the marriage, a valuator may be called upon to distinguish between active appreciation in the business’s value (which is generally subject to…
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How to Avoid Penalties on Early Retirement Account Withdrawals
Economic fallout from the COVID-19 crisis may cause some cash-strapped individuals to default on loans they’ve taken out from company qualified retirement plans, including 401(k) and profit-sharing plans. Defaulting on a plan loan will cause adverse tax and retirement-saving consequences. Here are the details. Retirement Plan Loan Basics A participant in an employer-sponsored qualified retirement plan…
Do You Have Will Power?
According to a recent report, only 42% of Americans have estate planning documents, such as a will or living trust.1 This may not be entirely surprising. No one wants to be reminded of his or her own mortality or spend too much time thinking about what might happen once they’re gone. Tip: Let Them Know Your will may…