business | Lanning Financial https://lanningfinancial.com Mon, 13 Dec 2010 19:39:18 +0000 en-US hourly 1 https://lanningfinancial.com/wp-content/uploads/2023/07/cropped-LFI_Logo_Vertical_Small-32x32.png business | Lanning Financial https://lanningfinancial.com 32 32 Check Off These Items on Your Checklist https://lanningfinancial.com/check-off-these-items-on-your-checklist/ Mon, 13 Dec 2010 19:39:18 +0000 http://lanningfinancial.wordpress.com/?p=321 No waxing poetic this week. Just some bulleted items for you to add to your end-of-the-year craziness: Call your accountant if you have not already for end-of-the-year tax…

The post Check Off These Items on Your Checklist first appeared on Lanning Financial.]]> No waxing poetic this week. Just some bulleted items for you to add to your end-of-the-year craziness:

  1. Call your accountant if you have not already for end-of-the-year tax planning.  The possible Bush tax cuts extension is making a mess of everyone’s planning. Come join in the fun.
     
  2. If you’re going to convert your IRA to a Roth IRA this year so that you can pay the taxes over two years, you need to do that now.
     
  3. Get your payroll service in order.  If you have not been happy with your payroll service or are hiring someone for the first time, you need a solid payroll company.  January is the best time of the year to make a change.
     
  4. Get your business planning done.  Record your accomplishments.  Let go of your “failures.”
     
  5. No New Year’s Resolutions.  Remember, they don’t work in January.  Wait until at least February 2nd.  The gym will be emptier by then anyway.

It’s the home stretch of 2010.  Enjoy!

The post Check Off These Items on Your Checklist first appeared on Lanning Financial.]]> Deferring Taxes and Ending Up Financially Ahead https://lanningfinancial.com/deferring-taxes-and-ending-up-financially-ahead/ Mon, 07 Dec 2009 17:00:41 +0000 http://lanningfinancial.wordpress.com/?p=45 Bemoaning not having sold a piece of real estate four years ago when values were higher?  What if you could sell now, not do a 1031 exchange, and…

The post Deferring Taxes and Ending Up Financially Ahead first appeared on Lanning Financial.]]> Bemoaning not having sold a piece of real estate four years ago when values were higher?  What if you could sell now, not do a 1031 exchange, and come out financial ahead, even with values lower?  If this is you, read on.

As a member of the Estate Planning Team, I can work with clients to implement a tax strategy called the Deferred Sales Trust™, which just got its private letter ruling from the IRS this summer.  This strategy allows owners of highly appreciated assets—real property, businesses, private stock—to sell those assets and defer the capital gains taxed owed. Those clients can then earn money on the money they owe the government and can come out ahead financially with proper planning.  Even in a down economy.

How the DST works

The process starts with a property owner transferring ownership of the property to a dedicated trust, which promises to pay the client with an “installment sales contract.”  The trust then sells the property, stock or other capital asset to the buyer. The contract promises payments to the owner or their trust and those payments can be structured to continue to future generations with additional estate planning.  The tax code does not require payment of the capital gains tax until the seller starts receiving installment payments.  The DST is not unlike a no-risk “seller carry-back” financing structure.

The Deferred Sales Trust™ has the ability to generate substantially more money over the long run than a direct and taxed sale. It is also superior to a direct installment sale as the concerns of a defaulting buyer are eliminated.  Check it out:  www.mydstplan.com/jlanning

The post Deferring Taxes and Ending Up Financially Ahead first appeared on Lanning Financial.]]>