Articles From Lumsden McCormick

Self-directed IRAs can enhance traditional and Roth IRAs' benefits by allowing investments in alternative assets, potentially offering higher returns. However, they come with significant risks and tax implications that require careful management. Individuals considering self-directed IRAs should evaluate these factors to optimize their estate planning strategies.

Nonprofit boards must evolve as their organizations grow, transitioning from a focus on daily operations in the early years to strategic governance as the nonprofit matures. Key strategies include diversifying board membership, establishing committees, and maintaining a balance between new ideas and experienced guidance. Implementing term limits can help keep the board dynamic and open to change.

As July marks the midyear point, manufacturers have a prime opportunity to reassess their tax strategies and implement measures to reduce their 2024 tax liabilities. Tailored to the unique circumstances of each business, the following seven tax-reduction strategies can help optimize financial outcomes and ensure compliance with current tax regulations.

Borrowing from a closely held corporation at lower rates than commercial lenders can be financially beneficial, but it is essential to establish a legitimate loan agreement with proper structuring and documentation to mitigate risks such as reclassification by the IRS as additional compensation or taxable dividends.

This article discusses five essential elements for effective estate planning, which are holistic coordination, current beneficiary designations, trust funding, correct asset titling, and ongoing plan review.

Nonprofit organizations can use fringe benefits as a strategic tool to attract and retain talent, especially when they face the challenge of lower compensation compared to for-profit entities. Some cost-effective and innovative benefits solutions, such as wellness programs, retirement savings plans, dependent care accounts, and education reimbursement programs, can appeal to the diverse needs and preferences of nonprofit employees.

We outline important third quarter tax filing dates, including July 15, July 31, and September 16.

The article explains the concept of undue influence and provides tips to protect your estate plan from undue influence claims, such as using a revocable trust, verifying competency, preventing the appearance of undue influence, communicating with family, and including a no-contest clause.

Job rotation is a strategic initiative that allows nonprofit employees to enhance their skills, productivity, and adaptability by switching roles within the organization. This practice benefits both the organization and the employees, as it ensures continuity of operations, strengthens internal controls, increases employee value and commitment, and fosters a supportive work environment.

For sustained profitability in the manufacturing sector, management must emphasize the importance of profit enhancement over revenue expansion. The strategies include optimizing overhead costs, leveraging negotiation opportunities, investing in modern equipment, strengthening the workforce, reviewing business entities, and prioritizing operational efficiency.