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Archives for November 2020

Avoid these four estate planning deadly sins

November 25, 2020 by Apel Associates

Avoid these four estate planning deadly sins

According to literature, the “seven deadly sins” are lust, gluttony, greed, laziness, wrath, envy and pride. Although individuals may be guilty of these from time to time, other types of “sins” can be fatal to an estate plan if you’re not careful. Here are four transgressions to avoid. Sin #1: You don’t update beneficiary forms. […]

Filed Under: Blog Tagged With: beneficiary, estate planning, trusts

Lessons of 2020: Change management

November 25, 2020 by Apel Associates

Lessons of 2020: Change management

The year 2020 has taught businesses many lessons. The sudden onset of the COVID-19 pandemic followed by drastic changes to the economy have forced companies to alter the size of their workforces, restructure work environments and revise sales models — just to name a few challenges. And what this has all meant for employees is […]

Filed Under: Blog Tagged With: 2020, Change management

Employees: Don’t forget about your FSA funds

November 24, 2020 by Apel Associates

Employees: Don’t forget about your FSA funds

Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears, here are some rules and reminders to keep in mind. Health FSAs  A pre-tax contribution of $2,750 to a health FSA is permitted in both […]

Filed Under: Blog Tagged With: Dependent care FSA's, Flex Spending Arrangement, FSA, Health FSA's

The importance of S corporation basis and distribution elections

November 23, 2020 by Apel Associates

The importance of S corporation basis and distribution elections

S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation generally get no tax benefit from such losses. Conversely, as an S corporation shareholder, you can deduct your percentage share […]

Filed Under: Blog Tagged With: basis, distribution elections, S corp, s corporation

Only specific trusts are eligible to hold S corporation stock

November 19, 2020 by Apel Associates

Only specific trusts are eligible to hold S corporation stock

S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, no more than one class of stock and only certain types of shareholders. In an estate planning context, it’s critical that any trusts that own S corporation stock — or […]

Filed Under: Blog Tagged With: ESBTs, Grantor trusts, QSSTs, S corp, s corporation, Testamentary trusts, trusts

Putting the finishing touches on next year’s budget

November 18, 2020 by Apel Associates

Putting the finishing touches on next year’s budget

By now, some businesses have completed their 2021 budgets while others are still crunching numbers and scrutinizing line items. As you put the finishing touches on your company’s spending plan for next year, be sure to cover the finer points of the process. This means not just creating a budget for the sake of doing […]

Filed Under: Blog Tagged With: Budget, budgeting

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