Experienced and effective leadership is a key component of long-term business success. However, only 35 percent of businesses have a formalized succession plan—a startling statistic considering that retiring Baby Boomers will comprise the largest exit from the workforce in US history. Whether you own your practice or advise business-owning clients, succession planning is vital to ensure a smooth transition. Keep reading to learn some top techniques and considerations to keep in mind.

If an individual receiving Supplemental Security Income (SSI) receives certain types of payments, those payments must be reported to the Social Security Administration (SSA) and their benefits may be reduced, often quite significantly. The most common distribution that would need to be reported is payment of income in the form of food or shelter, referred to as In-Kind Support and Maintenance (ISM). This type of income is any payment from a third party (including from a trust) for the necessities of life—food and shelter. ISM occurs when distributions are made not only for groceries, rent, or a mortgage payment, but also for basic utilities such as natural gas, water, electricity, sewer service, and garbage collection.

Last week, the SSA published a proposed rule that seeks to exclude food from the ISM calculation.

The Challenges of Planning the Client’s Legacy of Place and Togetherness

Written by Timothy Borchers

The vacation home . . . It evokes an image of family and friends enjoying time together at a cottage or cabin, lodge or ranch, somewhere away from it all—the lakeside or seaside, in the country, or on the slopes—in a scene that is repeated year after year. 

It could be a Hyannis Port compound like the Kennedys’ or equivalent to Shrek’s shack in the swamp, but more likely, it is something in between. Regardless of whether it is modest or upscale, when everyone from Grandpa down to the youngest grandkid says in a giddy moment, “This place is awesome! I hope we can enjoy it forever!”, it is not just a home, it is an heirloom property.