The Lasting Echoes of Encouragement SEEDS OF SUPPORT
A kind word of support can lead to a lifetime of personal or professional fulfillment.
the firm, I said, “Oh, that sounds like a great combination!” He replied, “Well, you should consider doing both because you’ll never know when you’ll need your business degree in the law field. You should do it!” At that moment, I realized that combining law and accounting was doable — and that realization has served me well. That said, I still remember how it felt before I received the encouragement I needed, so I do what I can to make my firm a place of trust that fosters openness and honesty. I suspect that most of you reading this have worked in at least one place where nobody felt they had a voice, and, as a result, things blew up or didn’t get done. I never want my firm to be that place. We all make mistakes, but that’s okay. We learn from our shortcomings and move on. We wouldn’t be able to advise and serve our clients as we do if we didn’t encourage each other to be our best every day. This National Day of Encouragement, tell someone the words they need to hear to get themselves on their best path. You’ll never know where your positivity will lead them.
I recently learned that Sept. 12 is the National Day of Encouragement. The idea of a day devoted to encouragement led me to reflect
on the people whose support helped me succeed in life and how I work to pay that forward in our work here at the firm.
Mentoring or advising fellow professionals — whether they’re lawyers or not — is an essential part of my life. I’ll never forget being a lowly intern at a law firm between my sophomore and junior years of college. There was one attorney in particular who seemed to do great work, and I wanted to be like him as I grew into my career. I was still unsure of myself back then, to the point where I’d look at the wall when he spoke to me in his office.
Then, one day, something clicked. As I listened to him explain how he utilized his law and accounting degrees at
THE POWER OF CHARITABLE REMAINDER TRUSTS Where Purpose Meets Profit
Helping others always feels good, but the benefits of having an altruistic spirit are more significant than you may realize.
donating your assets to charity. However, doing so would deprive you of the increased income you’d receive by establishing a CRT, transferring it to that trust, and later selling it. Proceeds from that sale can then be directed toward investments that produce new income for the rest of your life or a specified period. Whatever is left in your CRT upon your death can then be transferred to one or more designated U.S. charities. Is a CRT right for you? Consider this: If you buy $100 in Apple stock and later sell it for $500 at a time when the capital gains tax rate is 20%, you’ll be responsible for paying 20% on $400. By having a CRT, you can reduce or avoid that 20% tax and have an opportunity to use your asset as a tool to generate new income. As with most trust-related matters, creating a successful CRT is a more nuanced process than explained here. Please contact us for more information and guidance on making your highly appreciated assets work for you.
Whether you wish to contribute to your church, alma mater, or any humanitarian organization near and dear to you, creating an irrevocable Charitable Remainder Trust (CRT) is a fantastic way to practice philanthropy while maximizing your income and tax advantages. It is designed to provide you with a new income source while combining charitable income tax deductions and future estate tax deductions. When utilized properly, it can reduce or eliminate capital gains taxes on property, stocks, and other highly appreciated assets. Having a CRT in place can potentially solve one of the most significant dilemmas facing clients who want to maximize an asset of this nature: Selling it will lead to hefty capital gains taxes, and keeping it as part of your estate until you pass away will result in increased estate taxes. You can always receive a charitable income tax deduction by
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