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All Posts By

Michael Delgass

planning partners law

Planning Challenges for Rising Partners at Top Law Firms

By Blog
Attorneys at the largest, most selective law firms work in a rarefied space. They serve leading companies, advise top officials, and walk hallowed hallways alongside the nation’s elite. And a select few may eventually become partners – both a professional and financial triumph that promises status and other rewards. Years of creating complex financial plans for legal professionals has highlighted that the transition to partner can be financially difficult. While making partner can seem to be the key to financial success, in the short-term many new partners are not prepared for the transition to partner – grabbing the golden key…
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IRS RMD

Return of 2020 RMDs Allowed by New IRS Announcement

By Blog
On June 23, the Internal Revenue Service issued a notice that told taxpayers they could unwind any required minimum distributions from their retirement accounts that they had taken in 2020. This provides a significant opportunity for IRA beneficiaries who didn’t need this money for expenses. They can put these distributions back into their IRAs to grow there tax-deferred, lowering their total tax bill. Required Minimum Distributions In general, IRA beneficiaries who are at least 72 years old (or 70½ if they were born before July 1, 1949) are required to take a certain fraction out of their regular IRAs each year.…
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Special Needs Planning & Special Education Planning

By Blog
An Introduction It’s hard to believe that the beginning of a new school year will soon be upon us. However, those of us with children who receive special education services may look upon it with more dread than anticipation. For some, the school year evokes thoughts of PPTs and due process complaints, not back-to-school shopping. The personal aspects of advice around special needs and education — the constant feeling that you must fight tooth and nail to protect your child — combine with my professional role as an advisor to parents in a similar position, moving me to do more…
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Credit reports and credit scores

Equifax Data Breach – Suggested Next Steps

By Blog
There is much we still don’t know about the massive data breach that occurred at Equifax, one of the three credit reporting bureaus. As of now, it appears that over half of the adult population of the United States – about 143 million people – had their personal identification information stolen. This data could include social security numbers, names, addresses and dates of birth. In other words, all that a fraudster would need to impersonate you and open new accounts, credit cards, etc. Other information like credit card numbers and drivers licenses also seems to have been stolen from a…
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Understanding the Proposed Regulations for FLPs and Family Businesses

By and Blog
If you’re a family business owner or you created a family limited partnership (FLP), you may be wondering about the proposed Treasury Regulations that were released earlier this month.  You may have even tried to read an article or two on the topic.  If you’re wondering whether you should care about the proposed regulations and why, please read on. Background Valuation discounts for transfers of business interests between family members can be a powerful gift and estate tax planning tool.  Most discounts relevant to this discussion can be put into two general classifications: (1) lack of control, and (2) lack…
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