David B. Mandell, JD, MBA, is an attorney and author of 10 books on legal, tax and financial issues, including "Wealth Secrets of the Affluent," published by John Wiley & Sons, Inc., the largest business book publisher in the world. He is a principal of the financial consulting firm
OJM Group, where Carole C. Foos, CPA, works as a tax consultant. They can be reached at 877-656-4362 or
mandell@ojmgroup.com.
SPECIAL OFFERS: For a free hardcopy of the book "Wealth Secrets of the Affluent," please call 877-656-4362. If you would like a free eBook for Kindle, Nook or iPad/iPhone, please download "Fortune Building for Business Owners & Entrepreneurs: The Keys to Corporate Structure, Tax Reduction, Asset Protection and Wealth Creation" at
www.fortune-building.com.
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Friday, October 30, 2015
Imagine you're planning a family vacation. Your spouse wants to drive, while you want to book a flight. If you're planning a trip to the campground near your house, it would be ridiculous to fly. If you're planning a trip to Europe, driving is out of the question. Your destination largely influences how you will get there, and it's the same with financial planning.
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Friday, July 10, 2015
Everyone wants to reduce income taxes. Limited liability companies (LLCs) and family limited partnerships (FLPs) are tools that can allow for tax savings on passive income by "borrowing" the lower tax rates of family members. FLPs and LLCs are quite similar. You can think of them as closely related, like brothers and sisters, as they share many of their best characteristics.
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Friday, March 27, 2015
Let's assume you have one highly appreciated asset you would like to sell but are reluctant to do so because of the significant capital gains taxes you would owe. At the same time, you are looking for ways to reduce your current year's taxable income and would like to receive an ongoing income stream. Moreover, you would like to diversify your overall investment portfolio.
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Monday, March 02, 2015
The will to give is strong in many people. As a society, we cherish the right to give to the charitable institutions of our choice. This will to give is what we refer to as "charitable intent." We want to give. Often, the biggest hurdles to giving are that we do not know how to give or we assume that our family will suffer as a result of our giving. Our goal here in this article, is to show you a few ways to make such gifts in a tax-savvy manner.
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Wednesday, January 14, 2015
Despite the importance of shielding the business and its assets from potential threats, most business owners are so busy building the business that they ignore protecting its assets. Most asset protection specialists focus their efforts on shielding personal assets from potential threats.
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Monday, November 24, 2014
Joint ownership is the most popular form of ownership for a married couple's real estate and bank accounts. With joint property, when one joint owner dies, property owned in joint ownership automatically passes to the surviving joint owner(s).
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Thursday, October 30, 2014
Are you OK with the possibility of a completely arbitrary set of outdated laws determining how your hard-earned estate is distributed? Are you OK letting these laws determine how much each family member receives and how much estate tax is taken out, while completely leaving out any funds for charitable organizations you supported all your life? Are you OK with the state subjugating your will and replacing it with their own in deciding how the fortune you amassed is split?
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Thursday, September 25, 2014
The will to give is strong in many business owners and executives and in Americans of all types. As a society, we cherish the right to give to the charitable institutions of our choice, and the tax code favors such gifts. Our goal here in this short article is to show you a few ways savvy clients make charitable gifts that benefit the charity and their families at the same time.
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Thursday, September 19, 2013
There is truly no better time than now over the last 30 years to focus on post-tax efficiency. As you likely know, when President Obama signed the Taxpayer Relief Act of 2012 in early January 2013, taxes increased on high-income taxpayers like many business owners and executives – in some cases, dramatically.
