There are many types of professional practices. Examples include medical, architecture, engineering, accounting, advertising, design and law. From a business valuation perspective, it’s important to recognize the common denominators these businesses share. Reliance on Intangible Assets Professional practices provide services rather than sell products (at least primarily). In addition, education, licensing and continuing education requirements may limit the…

Should you transfer wealth during your lifetime or transfer it to heirs after your death? Answering this question can be complicated because many factors are involved. For example, you might want to take advantage of the inflation-adjusted $12.06-million gift and estate tax exemption now, since the exemption amount is scheduled to be cut approximately in half after…

Successful estate planning generally involves passing on your assets to your heirs at a low tax cost. To help achieve that goal, there are a few things to keep in mind about retirement accounts. Required Minimum Distribution FactsUnder tax law, you cannot keep money in a traditional IRA indefinitely. Eventually, it must be distributed. The amount…