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Successful Family Business Succession Planning or How to Become a Member of the Henokiens Association

A common goal of owners of family-held businesses is for the business to survive for generations to come while still being owned or managed by the family.  The odds do not favor the survival of family businesses to the third generation.  Yet, there are businesses which do survive and survive very well for many generations. …

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How to Break Up with Your Service Provider

Have you ever tried to end a service contract only to be told your request is too late, as the contract you signed contained an automatic renewal provision?

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The Best Gift To Your Family (and it doesn’t cost a thing)

There is one gift you can easily assemble in under ten minutes, at no cost, that will someday be greatly appreciated by your loved ones. A letter of instruction can provide great comfort and relief to your family when you are not available to provide guidance in person.

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Tips & New Initiatives for Health Care Plans from the Federal Department of Labor

Mary Rosen, the Associate Regional Director of the United States Department of Labor for New England including Upstate New York gave a presentation Wednesday on common issues with health care plans. She also described six tips for common plan errors and three new initiatives the DOL is working on. This seminar hosted by Anthony Stevens…

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Start the New Year Right: Keep in Mind Savings Opportunities in your HSA

Do your New Year’s resolutions include increasing your savings? Congratulations, this decision will benefit you and your family greatly. If your employer offers a retirement plan such as a 401(k); this is an opportunity to save for the future using tax deductible dollars and have the protection of a qualified retirement plan. In addition your…

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Divorced? Is your Retirement Plan Beneficiary Really Who You Think it Is?

This is not a typical topic for a blog post during a holiday week, but nonetheless it is an issue of which we should all be aware. Going through a divorce can be analogous to the loss of a loved one. The emotional side-effects can be very difficult and the division of assets can be…

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Business Update: A Seminar for Clients and Friends of the Firm

Mackenzie Hughes attorneys strongly believe in keeping their clients informed on the latest developments in law and business.

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Restriction On Valuation Discounts Forecasted – Gift Now

Employees at the U.S. Treasury Department have spoken publically about pending regulation changes that would significantly restrict the ability to take valuation discounts in certain circumstances. Many practitioners are recommending that their clients act now and make gift of appreciating assets to the next generation to avoid the implication of these proposed restrictions.

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Should You have a Revocable Living Trust?

A Revocable Trust is a tool used by estate planners which can work very well, if it fits the particular circumstances. A Revocable Trust does not avoid income or estate taxes, and this blog will not cover the asset protection uses for these trusts (see Protecting your Home from the Catastrophic Cost of Long Term Care…

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Another Day – and Another Large Scale Identity Theft

The recent attacks: The IRS announced recently that criminals have gained unauthorized access to  approximately 100,000 individual tax accounts through the “get transcript” application.  The information accessed includes taxpayers’ social security numbers, birth dates and addresses.

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