IRS Makes Rare Midyear Mileage Rate Adjustment
Article Summary: The IRS typically adjusts the cents-per-mile rate each year, but has made a change effective July 1 due to quickly rising fuel prices. Click through to find out what exactly is changing, and by how much. Full Article The IRS has announced an increase in the optional standard mileage rate for the final […]
The Inflation Reduction Act: What Does It Contain?
Article Summary: It’s one of the most sweeping and most controversial bills passed in recent years. There’s a lot of confusion about what it will and will not do. Click through for a quick summary of the main provisions to see how it may affect you. On August 12, Congress passed the Inflation Reduction […]
Cutting Costs During Inflationary Times
Category: Retirement and Estate Planning / Investment Keywords: budget, cards, costs, credit, expenses, offer, interest, monthly, things, planning Landing Page URL: https://newsletter.homeactions.net/landing_page/18476/158851 Article Summary: Coming on the heels of the disruptions caused by the COVID-19 pandemic, the current inflationary cycle feels even more severe than it is. Click through for some practical cost-cutting suggestions. Full Article The inflationary […]
Cutting Costs During Inflationary Times
Category: Retirement and Estate Planning / Investment Keywords: budget, cards, costs, credit, expenses, offer, interest, monthly, things, planning Landing Page URL: https://newsletter.homeactions.net/landing_page/18476/158851 Article Summary: Coming on the heels of the disruptions caused by the COVID-19 pandemic, the current inflationary cycle feels even more severe than it is. Click through for some practical cost-cutting suggestions. Full Article The inflationary […]
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Special Needs Trusts Basics
ecall that a trust is a living entity that owns assets and provides how those assets are to be utilized while the beneficiary is alive and then what happens to remaining assets upon the beneficiary’s death (see Trust Document Basics here to read more). There are different types of specialized trusts used for specific purposes. […]
Special Needs Trusts: Basic Parameters
Per POMS section on Special Needs Trusts – SI01120.203 – 42 USC 1396p(d)(4)(A) and (C) set forth exceptions to the general rule of counting trusts as income and assets for the purposes of determining Medicaid eligibility. Basic Requirements for Special Needs Trusts My article on Special Needs Trusts, explains, in greater detail, the basic requirements […]
Wills vs. Trusts: What’s the Difference?
A will is a written document expressing your wishes for disposal of your estate and can also name guardians of minor children. It becomes active after your death. A trust is a legal vehicle that holds assets and is managed by a trustee for the benefit of another party. There are several different kinds of […]
Know the Basics of Business Valuations
A business valuation can serve any of several purposes, but the goal is always the same: to find out the value of your business in dollars and cents. Armed with this knowledge, you’ll never be caught off guard. Arguably, the most important part of a valuation is not a step in the process — it […]
Thinking About a Private Equity Partnership?
According to consulting firm McKinsey & Company’s annual survey of private markets, businesses raised $7.3 trillion from private markets in 2020, and 61% of those funds came from private equity. The availability of private equity investors can be good news for business owners. But before you make up your mind about whether a private investor […]
At Tax Time, Don’t Forget the States!
Most states have a state income tax in addition to the federal income tax, and in some cases, certain localities have their own income taxes on top of those. Now is a good time to check to make sure you’re up on the rules, which can often change with little notice. New policy in Colorado […]
What To Know About Organ Donation
You may need an organ transplant if one of your organs fails or is damaged by disease or injury. In an organ transplant, doctors remove an organ from another person and place it in your body. Doctors must specifically match donors to recipients to reduce the risk of transplant rejection, which can happen if your […]
Succession Planning 101: What Is Your Exit Plan?
“What is your exit plan?” Business owners should start asking themselves this question on the day they open their doors. But they don’t. There are many reasons for this, beginning with the hope that the business will never fail. Even in the rare businesses that do last, however, there inevitably comes a day when the […]
SSA Updates Key Numbers for 2022
The Social Security Administration reviews key numbers each year and usually makes adjustments. In a recent release, the SSA announced what is and is not changing for 2022. Here are the key changes: The maximum taxable earnings for the Social Security portion rises from $142,800 to $147,000. (There is no limit on the Medicare portion.) […]
The IRS has announced the new retirement plan numbers for 2022.
The IRS has announced the new retirement plan numbers for 2022. Retirement limits for 401(k) and similar plans are up. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased to $20,500, up from $19,500. IRA limits have changed for certain savers. If […]
Ott Law Firm
Ott Law Firm zealously advocates for clients from all walks of life. We use cutting edge technology, litigation savvy and a dedicated strategic vision to get our clients the best possible results. Our nationwide practice has offices in St. Louis and coming soon to Chicago and Miami. Our dynamic legal practice strives to provide zealous […]