Now is the ideal time to start year-end tax planning so that credits and deductions can be maximized before the December 31st deadline.  Below you will find a variety of tax-saving strategies clients should consider using immediately so that they can get their 2015 tax house in order well in advance of the fast-approaching holiday season. Plan Now for a Bountiful Fall Harvest The last thing clients want to worry about during the holiday season is tax planning. Now is the perfect time to discuss the following tax-saving opportunities with clients so they can implement them in the next few weeks: Check the portfolio to determine which dud stocks can be sold to harvest losses and offset gains – keep in mind that short term losses are the most effective for offsetting capital gains and advisors must wait at least 31 days to buy back that dud stock to avoid

Estate planning has truly evolved over the past 20 years. Gone is the uncertainty about federal estate taxes and the absolute requirement for married couples to use complex trusts to minimize these taxes. But also gone is planning for the “traditional” family. In this issue you will learn why estate planning has become more complicated and what your clients need to do now to insure their estate plans are flexible enough to roll with the changes. Warning:  Estate Planning Today is Harder Than Ever Before In 1995 the federal estate tax exemption was only $600,000 and the estate tax rate was 55%. Back then it was easy to accumulate a taxable estate by simply owning a home, a few investments and some life insurance. And while married couples could pass on two times the exemption ($1.2 million) free from estate taxes if they incorporated Marital/Family Trusts into their estate plan,

While approximately 10,000 cases are appealed to the U.S. Supreme Court each year, only 75 to 80 make it to oral argument. Of those 75 to 80 cases, there are usually only a few that grab the media’s attention. This newsletter highlights three landmark decisions handed down in 2015— Comptroller v. Wynne, King v. Burrell, and Obergefell v. Hodges—that could affect how your clients are taxed, pay for healthcare, and plan their estates. Comptroller v. Wynne – A State Can’t Double-Tax Income Earned Outside of the State Legal Issue: Does Maryland’s state income tax scheme violate the U.S. Constitution by “double taxing” a resident’s income earned from economic activity in another state that also taxes the same income? Decision, 5 – 4: In a taxpayer friendly decision, the Supreme Court ruled that Maryland’s “double taxation” scheme violates the dormant Commerce Clause of the Constitution. This case involved a Maryland couple,

The practice of medicine is a profession fraught with liability. It’s not just medical malpractice claims either – employment related issues (wrongful termination, sexual harassment, and discrimination), careless business partners and employees, and contractual obligations (personal guarantees, leases, business agreements, etc.) add to the increased risk assumed by a physician in private practice. Couple these practice-related liabilities with personal liabilities (divorce, vehicular accidents, rental real estate), and it is clear that your physician clients need to protect themselves from more than just professional negligence claims. In this issue you will learn: Types of insurance physicians should have in place; State exemptions that protect certain types of assets from the claims of creditors; and The role of business entities in liability planning for physicians. Tip #1 – Insurance is the First Line of Defense Against Liability Liability insurance is the first line of defense physicians should use to protect themselves. Liability