WealthCounsel Staff


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The COVID-19 Relief Bill: What Business Owners Need to Know Heading into 2021

By WealthCounsel Staff on Jan 8, 2021 10:15:40 AM

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On December 27, 2020, President Trump signed into law H.R. 133, the Consolidated Appropriations Act, 2021 (the Act). Included among the Act’s nearly 5,600 pages are provisions related to COVID-19 pandemic relief. Key tax provisions include: (1) Paycheck Protection Program (PPP) updates, including the allowance of deductions for qualified expenses paid for with PPP loan proceeds that are subsequently forgiven, the extension of the program, the introduction of “second draw” PPP loans, and the expansion of eligible expenses for which PPP loan proceeds can be spent; (2) the extension of paid sick and family leave and family credits for wages paid through March 31, 2021; and (3) the extension of the employee retention credit under the Coronavirus Aid, Relief, and Economic Security (CARES) Act through June 30, 2021.

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Give Your Practice a Gift For The Holidays

By WealthCounsel Staff on Dec 25, 2020 10:00:00 AM

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A membership to WealthCounsel is the best gift you could give to your practice (and yourself!). WealthCounsel has everything you need to build and run a thriving estate planning or business law practice. 

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From Old to New: The Basics of Trust Decanting

By WealthCounsel Staff on Dec 18, 2020 10:00:00 AM

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It may seem surprising to use a wine analogy to explain a legal concept, but when discussing trust decanting, pouring wine is often a part of the conversation. When you take a bottle of wine and slowly pour the wine from the bottle into a different container, you are separating the wine from any sediments that may have formed in the bottle. This process is called wine decanting. Decanting ultimately makes the wine taste better as it removes the harsh taste of built-up sediment. Similarly, trust decanting allows a trustee to modify an irrevocable trust by “pouring” the trust assets into a new trust that has different, often more favorable terms. If a trustee has the discretionary power to distribute trust assets to and for the benefit of a beneficiary, decanting enables a trustee to use this power to dictate the terms of a new trust. 

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