A Look: 529 Plans and Alternative Options For Education Expenses
529 plans are popular education-savings tools due to their tax-deferred growth and tax-free withdrawals for qualified expenses, such as tuition and books. They offer generous lifetime contribution limits, which vary by state, and have been made mor ... READ MORE
Family Conflict After Death: How to Avoid Becoming A Cautionary Tale
In this article, we'll explore some of the most common sources of post-death family conflict and provide practical steps you can take today to avoid becoming a cautionary tale. ... READ MORE
Assessment Collection Policies: Best Practices for HOAs and Condo Associations
Timely assessment collection is critical to the financial health of homeowners associations (HOAs) and condominium associations. Boards have a fiduciary duty to collect assessments systematically and fairly, ensuring the community has the resources ... READ MORE
Why Hire a Management Company for Your HOA or Condo Association—and How to Choose the Right One
Whether you're transitioning from self-management or looking for a new property management company, hiring the right management partner is a pivotal decision for your HOA or condominium association. Professional management brings expertise, efficien ... READ MORE
Welcome Noah Glover-Ettrich
McGrath North's Tax and Estate Planning Group is pleased to announce the addition of a new attorney to its formidable roster: Noah Glover-Ettrich. ... READ MORE
Planning Your HOA or Condo Association Election: A 3-Step Guide for Success
Election season is a critical time for homeowners associations (HOAs) and condominium associations, and successful elections require thoughtful planning. With notice requirements and deadlines to manage, it's important to start early to ensure compl ... READ MORE
DIY Estate Planning: Common Pitfalls and Mistakes
Creating a comprehensive estate plan is a crucial step in ensuring that your assets are distributed according to your wishes, wealth transfer taxes are minimized, and loved ones are adequately provided for after your death. Some people consider a "d ... READ MORE
Budgeting Best Practices for HOAs: A Comprehensive Guide for Financial Success
A well-planned budget is the backbone of any successful homeowners association (HOA). It ensures the community's financial stability, supports essential services, and prepares for future needs. Here are the best practices your HOA should follow to c ... READ MORE
Retirement Plan Matching Contributions on Student Loan Repayments
In August 2024, the IRS issued Notice 2024-63 (the "Notice") which addresses the SECURE 2.0 Act provision permitting retirement plan matching contributions on student loan repayments. The Notice is effective January 1, 2025 for calendar year plans a ... READ MORE
What Quorum Options Do HOAs Have? Strategies for Overcoming Voter Apathy
Homeowners associations (HOAs) often face challenges in meeting quorum requirements during board elections. Many owners fail to return their ballots, leading to delays and complications. This article explores practical options for addressing quorum ... READ MORE
Charging Stations for Electric Vehicles: A Guide for HOAs and Condo Associations
As electric vehicles (EVs) grow in popularity, homeowners associations (HOAs) and condominium associations are increasingly faced with questions about EV charging stations. While the transition to EV infrastructure presents unique challenges, carefu ... READ MORE
When a Terminated Property Manager Refuses to Transfer HOA Records: Solutions for Boards in Disputes
Changing management companies can be a stressful time for homeowners associations (HOAs), but what happens when the outgoing property manager refuses to hand over association records until they're paid? Unfortunately, this scenario isn't uncommon an ... READ MORE
Money-Saving Strategies for HOAs and Condominium Associations: Proven Tips from Real Communities
Running a successful condominium association or HOA involves more than maintaining common areas and enforcing rules—it requires sound financial management to keep costs in check while maintaining community standards. To inspire your next budget over ... READ MORE
Proposed Legislation Restricting Authority of HOAs and Condo Associations
There are 2 pieces of legislation wending their way through the Unicameral that should be of interest to all of your HOA and Condo Association clients. ... READ MORE
Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens And Domestic Reporting Companies
Well, finally some good news about the dreaded Corporate Transparency Act (the "CTA"). The US Treasury Department announced yesterday that the Department won't be enforcing the CTA against US citizens or domestic companies. ... READ MORE
Annual Filing Reminder for Condo Associations: What Nebraska Law Requires
As the year winds down, it's essential for Nebraska condominium association directors to ensure compliance with a key legal requirement: the annual filing with the Register of Deeds office. Missing this deadline can have serious implications, so let ... READ MORE
How To Help Your Clients Prepare Their Upcoming Budgets
It may be time for your Association clients to start preparing their budgets. Given these inflationary times, it's important to prepare a well thought out budget and to help prepare your Associations for cost increases and other changes in the upcom ... READ MORE
Navigating The 3 Inevitable Exits Every Family Business Leader Will Face
With all of the "New World" problems that were closing in on an "Old World" industry, Niccolo decided it was probably a good time for him to step back and let a younger generation take the company forward to find new solutions. At age 68, Niccolo kn ... READ MORE
Create An Advisor Team Which Collaborates
One of my favorite TV shows as a young boy was Mission Impossible. The show always began with Jim Phelps deciding to accept the mission and then selecting the team needed for that specific mission from his Impossible Mission Force portfolio. Fourth ... READ MORE
Know What Port You Are Sailing To
As the Roman statesman and philosopher Seneca wisely observed: "If a man knows not to which port he sails, no wind is favorable." Put slightly differently, French philosopher Michel de Montaigne suggests: "A man who does not have a picture of the wh ... READ MORE
Overcoming The Big "Fourth Quarter" Roadblocks
Every business owner faces a number of roadblocks when thinking about, planning for and eventually exiting his or her business. These roadblocks exist whether your Fourth Quarter is nearby or far off, anticipated or unexpected. ... READ MORE
Who Is Impacted By Your "Fourth Quarter"?
Everyone's financial and family well-being depends to a large degree on how well our economy performs, i.e. on how well the economy produces and sustains good jobs for the 150 million Americans who want a job outside the home or for the three billio ... READ MORE
What Is "Fourth Quarter" Planning?
Most of us would never invest in a publicly held company on the stock market if no process existed for seeing that investment grow, for fairly valuing that investment and for being able to exit that investment at fair value at a time of your choosin ... READ MORE
12 Reasons For Incredible "Fourth Quarter" Results
Over the past several years, I have spoken with business owners around the country who had decided they had reached the point of being ready to leave their businesses. However, no one was stepping up to provide them the Fourth Quarter advice, guidan ... READ MORE
Corporate Transparency Act: Considerations For Trusts And Trustees
The Corporate Transparency Act (the "Act") was enacted in 2021 as part of the National Defense Authorization Act to create transparency in business entity ownership and prevent illegal business activity. The Act was passed on January 1, 2021, and fi ... READ MORE
The Elephant in the Room
An "elephant in the room" is, of course, any situation which is very obvious to a group of persons but which is not being openly discussed. The "elephant in the room" in many closely held businesses is the question of what will happen to the busines ... READ MORE
Am I In or Near My "Fourth Quarter" Yet?
Beginning with the "Fourth Quarter" First does not mean that you must carve in stone a departure date from your business or the terms and conditions of your departure. If you are like most business owners, you have played, and will continue to play, ... READ MORE
Beginning With Your "Fourth Quarter" In Mind
My Dad could see that I was getting frustrated. He had introduced me to puzzles at a young age. He always liked to work out how the pieces needed to fit together. Working on a book of mazes, I kept making the wrong turns and hitting dead ends. "The ... READ MORE
What Happens When...?
How do today's Family Business Pioneers achieve lasting success? Whether instinctively or methodically, we see them asking and answering some version of essentially the following two key questions time and time again: "What will be the probable, al ... READ MORE
Today's Family Buisness Pioneers
Every family business leader who lives to explore and create new opportunities and to find new ways to advance the lives of their colleagues, customers and family are Business Pioneers in my book. ... READ MORE
2023 Nebraska Tax and Incentive Legislative Update: Nebraska Makes A Move To Improve Its Competitive Business Climate
In our "Nebraska Business Expansion Decision Guide," we identified the 22 State and Local Site Selection Features that we experience are most commonly considered by companies when deciding where to locate, or expand, a business. These 22 Features co ... READ MORE
Retirement Plan Enhancements On The Way
For many months Congress has been working on retirement savings enhancements that expand and build on the SECURE Act of 2019. Although multiple proposals are being discussed, which include SECURE Act 2.0, the RISE & SHINE Act and the EARN Act, I wil ... READ MORE
Organizing The Family: The Purpose And Operation Of A Family Office
After a matriarch and/or patriarch of a family (often referred to as the first generation or "G1") accumulates wealth, whether through closely held business arrangements or other investments, the G1 generation begins to consider how and in what form ... READ MORE
McGrath North COVID-19 Resource Guide
McGrath North is continuously providing important information for our clients and friends who are dealing with the implications of the novel coronavirus (COVID-19) pandemic. This page serves as a repository of all of our coronavirus information whic ... READ MORE
New IRS Retirement Plan Corrections For Overpayments And Other Errors
The Internal Revenue Service ("IRS") recently released Revenue Procedure 2021-30 (the "Updated Procedure"), providing some new guidance regarding recoupment of overpaid benefit payments and other plan failures. ... READ MORE
Privacy is Power - Episode 5: Top 5 Data Privacy and Security Topics In The News
2021 is already heating up with privacy and security regulatory changes. Congress is getting closer to federal legislation, regulatory agencies are finding ways to get involved and the first national cyber director in history was sworn in by the Whi ... READ MORE
The COBRA Quandary: A Look Into How The Pandemic Took Plan Sponsors And Insurers For A Spin While Administering Continuation Coverage
It is no secret that COVID-19 has brought unprecedented hardship to the nation. In a race to provide relief to Americans during a time of crisis, the past year has involved numerous significant changes to employee benefits. ... READ MORE
Corporate Planning When Multiple Owners Are Involved
Stock restriction and buy-sell agreements are a critical element when organizing any business where multiple owners are involved. Generally, these agreements establish a procedure for purchasing a shareholder's interests when they die, become disabl ... READ MORE
Eighth Circuit Sides With Employer's Attendance Requirements In FMLA And ADA Case
An employer recently scored a win in the United States Court of Appeals for the Eighth Circuit when a unanimous three-judge panel concluded that the company did not violate the Americans with Disabilities Act ("ADA") or the Family and Medical Leave ... READ MORE
Parents: Why You Might Want To Consider Opting Out Of The Advanced Child Tax Credit Monthly Payments
Pursuant to the American Rescue Plan Act enacted earlier this year, the child tax credit was increased to $3,000 annually per child for children ages 6 to 17, and $3,600 annually per child for children under age 6 (up from $2,000 per child). ... READ MORE
Charlie's Exit Plan Legacy: "Let My Spouse Deal With It"
Research shows there are 12 principal reasons business owner transitions, successions and exits fail. Each of these reasons impacts the company's longevity and ongoing annual profitability as well as an owner's transition and future exit results. ... READ MORE
