Nonqualified Plans – Baiting the Benefit Hook

Attracting and retaining qualified employees and managers is always a challenge for companies of all sizes. Most employers realize competitive salaries are not the only things desired by the best workers. Sought-after employees also expect compensation packages to include valued benefits. A qualified retirement plan is a traditional component of many employee benefit packages. As a business owner, you’re likely to appreciate the advantages: Your contributions are tax-deductible and accumulate on a tax-deferred basis. However, these plans can be difficult to administer and contain many regulations restricting employee eligibility, participation, vesting, and employee contributions. What’s the alternative? Nonqualified plans offer the flexibility to selectively choose whom you’ll cover and how much you’ll contribute for each individual. Many companies use them to supplement or replace their qualified plans. Although there is a wide range of nonqualified plans from which to choose, executive bonus plans and deferred compensation plans are among the …

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The New 2017 Tax Reform Bill

The New 2017 Tax Reform Bill – Perspectives from a Financial Advisor: Early in the morning of December 20, 2017, the Senate passed the “Tax Cuts and Jobs Act” by a party-line vote of 51 to 48; (Republican Senator McCain was absent for medical reasons). Irrespective of your political affiliation most would agree that this legislative achievement is the most sweeping overhaul of the US tax system in more than 30 years. Naturally, the question we are all asking is “how does this impact me and my family?” Well, that’s a challenging one to answer because everyone is different, but let’s examine the changes from 30,000 feet. Please remember, however, that this summary is by no means meant to be considered tax advice – you should consult your advisor to determine how it might impact you personally. Implications for the US Economy? By almost all accounts, the Tax Cuts and Jobs …

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How the Smartphone Affected an Entire Generation of Kids

As someone who researches generational differences, I find one of the most frequent questions I’m asked is “What generation am I in?” If you were born before 1980, that’s a relatively easy question to answer: the Silent Generation was born between 1925 and 1945; baby boomers were born between 1946 and 1964; Gen X followed (born between 1965 and 1979). Next come millennials, born after 1980. But where do millennials end, and when does the next generation begin? Until recently, I (and many others) thought the last millennial birth year would be 1999 – today’s 18-year-olds. However, that changed a few years ago, when I started to notice big shifts in teens’ behavior and attitudes in the yearly surveys of 11 million young people that I analyze for my research. Around 2010, teens started to spend their time much differently from the generations that preceded them. Then, around 2012, sudden …

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A Helpful Overview Of All Your Digital Property & Digital Assets

Digital property (or digital assets) can be understood as any information about you or created by you that exists in digital form, either online or on an electronic storage device, including the information necessary to access the digital asset. All of your digital property comprises what is known as your digital estate. What Is Digital Property? For the purposes of digital estate planning, digital property can be broken down into three main categories: Personal digital property Personal digital property with monetary value Digital business property Personal Digital Property Personal digital property includes: Computing hardware, such as computers, external hard drives or flash drives, tablets, smartphones, digital music players, e-readers, digital cameras, and other digital devices Any information or data that is stored electronically, whether stored online, in the cloud, or on a physical device Any online accounts, such as email and communications accounts, social media accounts, shopping accounts, photo and video …

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Will Net Neutrality Impact Financial Planning?

Will Net Neutrality Impact Financial Planning? Perspectives from a Financial Advisor: You’re probably tired of hearing about, talking about and thinking about Net Neutrality. And I suspect your opinions on this topic are along ideological lines. But from my perspective as a financial advisor, the idea of repealing Net Neutrality is worrisome. Let me explain. As most know, “Net Neutrality” is the basic principle that prohibits internet service providers (like AT&T, Comcast or Verizon) from slowing down, speeding up or completely blocking content, websites or web-based applications you and I want to use. Let’s Ignore the Free Speech Issue for a Second I don’t want to get into a divisive discussion about whether Net Neutrality enables and protects free speech. Nor do I want to debate how much Net Neutrality will devastate certain communities that cannot afford to pay. And I don’t want to get into an argument about whether …

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