The importance of responsible giving
One of the benefits wealth gives us is an ability to be financially generous to friends and family members. For many of us, the primary reason why we build wealth and make sacrifices is to provide and share it with others.
In theory, sharing wealth and making monetary gifts is always easy. It can be if the giving is done responsibly. However, money has the potential to complicate relationships, even among the closest spouses and families. These complications can end up being disruptive or even destructive to the family dynamic.
When a person or a couple wants to share wealth, they should do so with clear intentions, a thoughtful plan, and an awareness of the effects it will have on others. We have helped many clients and families over the years share their accumulated wealth. Here are some of the lessons we have learned along the way.
I believe in Capitalism. It is the backbone of the financial markets. It provides resiliency to the American economy that has endured for decades, through periods of boom and bust. This foundation of our financial system is formed by the achievements of American business—thousands of companies, both large and small—that solve problems, invent solutions, and promote innovation to help improve people’s lives.
With the 2016 filing season underway, we wanted to bring a scam to your attention that the IRS recently declared is headlining this year’s list of tax scams.
Scammers make unsolicited calls claiming to be IRS officials. They demand that the victim pay a bogus tax bill. They con the victim into sending cash, usually through a prepaid debit card or wire transfer. They may also leave “urgent” callback requests through phone “robo-calls,” or via a phishing email.
Many phone scams use threats to intimidate and bully a victim into paying. They may even threaten to arrest, deport or revoke the license of their victim if they don’t get the money.
Scammers often alter caller ID numbers to make it look like the IRS or another agency is calling. The callers use IRS titles and fake badge numbers to appear legitimate. They may use the victim’s name, address and other personal information to make the call sound official.
Here are five things the scammers often do but the IRS will not do. Any one of these five things is a tell-tale sign of a scam.
If you're a Client, you’ve likely heard me talk about the importance of my family in my life. You probably know the basics about our household: I am married and have two young children. Like many husbands and fathers, my first priority is to make sure we have a roof over our heads and food in our kitchen.
But then, my thoughts turn to other needs, especially those of our children: Will they do well in school? Who are their friends? Will they be in good health? Will they find success throughout their lives?