Multi-generational living is not exactly new, and as people are living longer, it may start becoming more common. Shared households bring many benefits, including convenience. Why should a nurse daughter travel 20 miles a day to take her mom’s blood pressure, asks The Mercury’s article “Do shared living arrangements make sense?”
If aging in place is your goal, then long-term planning needs to be considered, including how the house will function as you age, accommodations for the people who will care for you and how to pay for care, says the Record Online in the article “Start planning now so you can ‘age in place.’”
The Quentin Tarantino movie, starring Brad Pitt, Leonard DiCaprio, and Margot Robbie, features the Manson killings and ends with a shocking bloodbath 50 years after the grisly murders.
Wealth Advisor’s recent article, “Charles Manson’s grandson can profit off of Once Upon a Time…In Hollywood,” also notes that the movie prominently features a song called “Look at Your Game, Girl,” written by aspiring songwriter Charles Manson before his followers’ murderous spree. The tune is sung a cappella by girls in Manson’s ‘family,’ as they walk through Los Angeles and forage for food.
Tarantino said that he only used Manson’s music, after assuring himself that his family wouldn’t benefit, and that royalties and licensing fees would go to the victims’ families. However, since the movie was released, controversy has exploded and a DailyMail.com investigation has discovered the issue around Manson’s music is far more complicated and likely to wind up in court.
There are some people who sign their will once in their life and never change it. They may have executed their estate plan late in life, or after they were diagnosed with a serious disease. However, even if your family life and finances are pretty basic, there are still changes in the law that you may need to incorporate into your estate plan. Some of the people that you named in your will could also have died or moved away.
For the business owner, the success of their business impacts their daily lives. The success of their succession plans (say that five times fast!) is inexorably linked to having a well-conceived and properly prepared plan, that is coordinated with their estate plan. Both plans need to be built to withstand challenges, which are outlined in the article “Five events that can ruin a succession plan” from Kenosha News.
Let’s take a closer look at the “Five D’s of Succession Planning.”
Once there has been a diagnosis of dementia, there are a number of issues that families need to address, including legal issues. The best way to approach this task, says being patient in the article “Alzheimer’s and the Law” is to meet with an estate planning attorney who can guide the family in planning for the future, and creating the needed documents.
Where you store estate planning documents and digital assets matters. So does whether your heirs will have access to them.
CNBC’s recent article, “Here are the best ways to secure important financial documents,” says that estate planning documents are very important, and you must make sure you keep them safely secured. The same is true about digital assets, passwords and social media accounts.
Busy small business owners have many tasks on their plates: A significant one is staying on top of important tax and filing deadlines. These important dates may vary depending upon the business’ structure. Here are some of the most critical deadlines business owners may need to meet over the next few months.
Federal tax deadlines
- September 16, 2019 is the extension deadline for partnerships and S corporations to file their income tax returns. It is also the deadline for third-quarter estimated tax payments if you are a self-employed individual or have substantial non-wage income.
- October 15, 2019 is the extension deadline for C corporations, sole proprietors, and individuals to file income tax returns.
- November 15, 2019 is the extension deadline for tax-exempt organizations to file income tax returns.
- December 31, 2019 is the deadline for 401(k) contributions for yourself or your employees. For the contributions to count for 2019, the account must be created and funded by December 31st.
- January 15, 2020 is the deadline for fourth-quarter estimated tax payments for self-employed individuals or those with substantial non-wage income.
- January 30, 2020 is the deadline to file Form 1099-MISC if you have non-employee (independent contractor) compensation to report. However, for all other reported payments, the deadline is February 28, 2020, and if you file electronically, the deadline is March 30, 2020.
Note: State taxes are typically—though not always—due at the same time as federal taxes. A few states allow state tax returns to be filed a couple of weeks (or in the case of Louisiana, a month) later than the federal returns. It is essential to be aware of potentially different deadlines for state estimated tax payments as well.
State filing deadlines
It is important not to forget state annual or biennial filing requirements, though these deadlines will vary depending upon the state and your business structure. Most states—though not all—require either an annual or biennial report or statement to be filed, typically either on the anniversary of the date you formed your business or on a specific date mandated by state law. These types of reports are frequently required for business entities such as corporations, limited liability companies (LLCs), and limited partnerships. They are often accompanied by filing fees that must be paid by the same deadline. If you file your report late, there may be a late fee, and failing to file at all could result in the administrative dissolution of your company, as well as the loss of the liability shield provided by the business entity.
There may also be a state franchise tax imposed on business entities such as LLCs, limited partnerships, or corporations. This tax, which varies from state to state, is often due at the same time as the annual report—either on the anniversary date of the formation of the business or a date specified by state law. The due date may also vary depending upon the type of business entity.
Sales tax deadlines
The deadlines for filing and paying sales taxes vary depending upon the state (you must pay a sales tax in states in which your business has a tax nexus, that is, a sufficient connection or degree of business activity, which may include online sales) and often on the volume of your sales. They may be due monthly, quarterly, or annually, depending upon the state.
Local, state, and federal licenses and permits
If your business is required to obtain any licenses, permits, or certificates from the federal, state, or local government, they may need to be renewed periodically. The renewal requirements and deadlines for your licenses or permits will vary, and it is important not to let them expire. Failing to renew your licenses and permits could result in fines, notices, or even the closure of your business.
Contact Us for Help
Many small business owners are completely immersed in the day-to-day operations of their businesses and have trouble finding the time to stay on top of the filing deadlines they must meet to avoid fines, penalties, interest, or worse. If you have questions about the deadlines applicable to your business, we can help.
Call us (228) 460-5243 or email us at firstname.lastname@example.org to find our how your business planning attorney can help you.
Legal disclaimer: The information in this article is provided for information purposes only and should not be construed as legal advice. Your should not act or refrain from acting on the basis of any content included in this article or on our website (www.perklawgroup.com) without seeking legal or professional advice.
A recent study by Ameriprise Financial found that more than one-third of adult children say they haven’t had a conversation about their parents’ long-term financial goals. Even though discussing this delicate topic may seem uncomfortable, addressing it now can help avoid challenges and uncertainty in the future. To that end, the Ameriprise Family Wealth Checkup study found that those who talk about money matters, feel more confident about their financial future.
That may be an idealistic portrayal, but there is some truth to it. It is no longer unusual for families to engage in estate litigation, according to The Northside Sun’s article “Do You Have a Will or a Trust? Why?” Many families who have estate plans incorporate trusts to ensure that their directions are followed.