LG Legacy Group, LLC

11/11/2022

Your bravery, sacrifice, and strength do not go unnoticed. Thank you for your service.

09/23/2021

Are you ambitious enough to open a second location of your business? The idea may have merit, but you’ll need to explore all aspects of it first!

The U.S. economy has been nothing short of a roller-coaster ride for the past year and a half. Some industries have had to overcome seemingly insurmountable challenges, while others have seen remarkable growth opportunities arise. If your business is doing well enough for you to consider adding a lo...

08/27/2021

If you’re knowledgeable about a wide range of financial investments, then a “self-directed” IRA might be right for you.

If you’re the type who would rather order ala carte rather than a set entrée, you might prefer a “self-directed” IRA. With this option, you may be able to amp up the benefits of a traditional or Roth IRA by enabling them to hold nontraditional investments of your choosing that can potentially...

07/14/2021

If your business sponsors a 401(k), you and your participants will be happy to learn that the IRS has extended relief from the “physical presence” requirement related to plan signatures. Details here.

As mitigation measures related to COVID-19 ease, it will be interesting to see which practices and regulatory changes taken in response to the pandemic remain in place long-term. One of them might be relief from a sometimes-inconvenient requirement related to the administration of 401(k) plans. A vi...

06/02/2021

If you’re refocusing your estate planning from reducing estate tax liability to increasing asset protection, consider a “hybrid” domestic asset protection trust.

One benefit of the current federal gift and estate tax exemption amount ($11.7 million in 2021) is that it allows most people to focus their estate planning efforts on asset protection and other wealth preservation strategies, rather than tax minimization. (Although, be aware that President Biden ha...

05/28/2021

Happy Memorial Day weekend from all of us at LG Legacy Group!

05/18/2021

If your powers of attorney are more than a few years old, review the documents and revise if necessary.

Although much of estate planning deals with what happens after you die, it’s equally important to have a plan for making critical financial or medical decisions if you’re unable to make them for yourself. Carefully designed financial and health care powers of attorney allow you to designate a tr...

02/18/2021

Learn the factors that should figure into your decision regarding who should own your life insurance policy.

Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. Even though for many families, federal and state estate taxes aren’t a concern, life insurance continues to offer many benefits for these nontaxable estates. For this reason, it’s important to properly...

01/05/2021

Most of us are ready to turn the page on 2020. If you’re a business owner, after the confetti clears in 2021, make sure everyone at your company is thinking about ways to build the bottom line.

Some might say the end of one calendar year and the beginning of another is a formality. The linear nature of time doesn’t change, merely the numbers we use to mark it. Others, however, would say that a fresh 12 months — particularly after the arduous, anxiety-inducing nature of 2020 — creates...

12/11/2020

There are certain assets that can prove burdensome to address in an estate plan. S corporation stock is one of them. Learn which four trust types can 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 tru...

12/03/2020

Few business owners look forward to creating an annual budget. Nonetheless, this is an important process that can be made better by attending to some key details.

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 fo...

11/13/2020

Among an executor’s duties include protecting the estate’s assets, distributing property to beneficiaries according to the will, and paying the estate’s debts and taxes. Who is the right person for this job?

The executor’s role is critical to the administration of your estate and the achievement of your estate planning objectives. So your first instinct may be to name a trusted family member as executor. But that might not be the best choice.   Duties of an executor Your executor will have a variety ...