What Beneficiaries Need To Know – What Should You Do When an Account Owner Passes Away?

August 15, 2016 by Yeo & Yeo

If your loved ones have invested, saved or insured themselves to any degree, you may be named as a beneficiary to one or more of their accounts, policies or assets in the event of their deaths. While we all hope “that day” never comes, we do need to know what to do financially if and when it does.

Legally, just who is a beneficiary? IRAs, annuities, life insurance policies and qualified retirement plans such as 401(k)s and 403(b)s are set up so that the accounts, policies or assets are payable or transferrable on the death of the owner to a beneficiary, usually an individual named on a contractual document that is filled out when the account or...

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Estate Planning Should Include Your Online Accounts

July 5, 2016 by Yeo & Yeo

Helping you plan for and protect your assets and your legacy is something we are very passionate about. We want to pass along some information about an area that you cannot afford to overlook in the estate planning process.     

Estate planning 2.0 – protecting your digital footprint

The growing popularity of online commerce and social media websites and applications has created a new challenge for executors and family members when a loved one dies. As more people choose to eliminate paper statements and opt to access account information online, including online banking ...

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Stock Market Volatility Can Cut Tax on a Roth IRA Conversion

June 21, 2016 by Yeo & Yeo

This year’s stock market volatility can be unnerving, but if you have a traditional IRA, this volatility may provide a valuable opportunity: It can allow you to convert your traditional IRA to a Roth IRA at a lower tax cost.

Traditional IRAs

Contributions to a traditional IRA may be deductible, depending on your modified adjusted gross income (MAGI) and whether you participate in a qualified retirement plan, such as a 401(k). Funds in the account can grow tax-deferred.

On the downside, you generally must pay income tax on withdrawals, and, with only a few exceptions, you’ll face a penalty if you...

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Insuring Your Business with a Buy-Sell Agreement

June 9, 2016 by Yeo & Yeo

Life insurance is designed to help protect a household from the financial hardships that may follow the untimely death of a primary wage earner. But how will a death affect a small business?

One way of safeguarding a business is to create a buy-sell agreement. A buy-sell agreement is a contract between different entities within a corporation to buy out the interests of a deceased or disabled member. A buy-sell agreement also can protect the business from loss of revenue and cover the expense of finding and training a replacement.

Types of Buy-Sell Agreements


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Yeo & Yeo’s Michael Espinoza Named Volunteer of the Year by Junior Achievement of Northeast Michigan

May 2, 2016 by Yeo & Yeo

Yeo & Yeo CPAs & Business Consultants is pleased to announce that Junior Achievement of Northeast Michigan has named Michael L. Espinoza, CRPC, one of its two Volunteers of the Year. Espinoza was honored at the Junior Achievement Hall of Fame awards dinner on April 28 at the DoubleTree Hotel in Bay City.

Click here to see photos of Michael Espinoza's dedication to community service and read about the appreciation individuals throughout the community have for his faithful volunteerism.

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Ground Rules for Deductible Contributions to Traditional IRAs

March 3, 2016 by Yeo & Yeo

Making a tax deductible contribution to a traditional IRA is an easy and quick way to lower your tax liability. But this doesn't work for everyone. Here's a checklist to see if you might be eligible for this last-minute strategy:

1. Have you and your spouse (if you're married) reported sufficient "earned income" in 2015 to offset what you plan to contribute to your IRA for 2015?

2. Were you younger than 70 1/2 on December 31, 2015? If you turned 70 1/2 last year, you can't make a deductible contribution.

3. Were you covered by an employer-sponsored retirement plan in 2015? If so, your eligibility...

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