Latest news with #accountant
Yahoo
2 days ago
- Business
- Yahoo
My late husband's employer is forcing me to take 10% 401(k) distributions. Help!
My husband of 59 years died in 2023 at 83 years of age. I was the beneficiary of his 401(k), which was still administered by his employer as a retiree. We had already taken the necessary required minimum distributions for 2023. Those RMDs amounted to approximately 5% of the total amount in the account. I was 83 at the time. I was allowed to establish a new account under my name with his employer, which I chose to do because the fees were minimal and the account was doing very well. Mortgage rates plunge to 10-month low, opening window of opportunity for house hunters My late husband's employer is forcing me to take 10% 401(k) distributions. Help! Why Nvidia and other chip stocks are shrugging off Trump's latest tariff threat Last year, because I had no need to access any funds, I just waited for the company to automatically send me my RMD at the end of the year. I was very surprised to receive a check that amounted to 10% of my balance. I spoke to a representative and questioned this amount. A company representative said the account needed to be emptied within a 10-year period. I questioned whether this was correct as I believed the 10-year period applied to any beneficiary other than a spouse. My accountant stated that since I received the money I had to pay taxes on this distribution, which I fully understood, and he agreed with the 10-year rule. I tried researching this on the Internal Revenue Service site, but it was rather confusing. Can you clarify the rules for me? A Widow Related: 'The sky has not fallen — yet': Is it time to start worrying about a recession? I have a solution for you, but first a message: Before I answer your question, it would seem impolite not to congratulate you on your 59 years of marriage — and those years before you tied the knot — that you shared with your late husband. I also want to offer you my condolences. These financial headaches are not uncommon in the wake of a spouse passing. Although he's gone, I hope that you shared many happy years together, and have many good memories now. As for your question: You are right to be confused and vexed by the mixed messages – it's a complicated process. The Internal Revenue Service has the following guidance on your issue, and you can and probably should quote this to whomever is overseeing your 401(k), but you probably need to move this account. If the company does not respond in a timely and appropriate manner, hire a trusts and estate attorney to speak to them on your behalf. This is what the IRS says about spouses who inherit 401(k)s: You are an eligible designated beneficiary, defined as a spouse or minor child of the deceased account holder. 'An eligible designated beneficiary may take distributions over the longer of their own life expectancy and the employee's remaining life expectancy or follow the 10-year rule IF the account owner died before that owner's required beginning date,' the IRS says. Those capitals are my own. 'You are right to question the response you received, because under the SECURE Act, a surviving spouse is considered an eligible designated beneficiary and is generally permitted to take distributions over their life expectancy rather than being subject to the 10-year rule,' says Sarah Gaymon, director of tax services at Berkowitz Pollack Brant Advisors + CPAs. However, there are wrinkles to this rule. 'Unfortunately, the IRS regulations and the Internal Revenue Code under §401(a)(9) allow employer plans to impose more restrictive distribution rules than those required by statute. In practice, some employer plans choose to impose the 10-year rule or even require lump-sum distributions, regardless of the beneficiary's eligibility for life expectancy treatment.' 'It sounds like from your question that you kept your account in your spouse's prior employer's plan,' she adds. 'So, although the SECURE Act allows you to stretch the distributions over your life expectancy, the plan document may require a different distribution treatment than you are otherwise allowed, and if this is the case, as I suspect it to be, then, the plan document unfortunately will control the distribution options available to you.' Gaymon recommends confirming all of the above with the employer-sponsored plan. If it is correct and still an option, she suggests you roll the account to an IRA separate from your husband's prior employer and then choose treatment as a spousal beneficiary. This should give you more flexibility and allow you to take the RMDs on your life expectancy, which may potentially lower the annual distributions. What's done is done, as far as the IRS is concerned, so you will have to pay taxes on any withdrawals made up until this point. 'Perhaps there are still some options that you can explore to lower the RMD amount in the future,' Gaymon says. As for the other 90% of these funds, you have a plan. His 401(k) is a gift and, once you navigate the RMDs, I hope you enjoy these next years as your late husband would have wanted for you. Related: I'm 70, a widow and struggled financially. How do I let go of the resentment I feel towards my wealthy, unhelpful brother? The Moneyist regrets he cannot reply to questions individually. 'My retirement is going to be a disaster': I'm 59 and have $45,000 in my 401(k). I earn $72,000. Am I doomed? I have early Alzheimer's and my husband has stage 4 kidney disease. We just inherited $50K. How can this help us? 'I have Type 1 diabetes': I'm 64 with a $1.3 million 401(k). Is it too late for long-term-care insurance? Astera Labs' stock is rocketing. Why analysts predict even more gains for the AI chip play. 'She lives alone': My mother-in-law, 86, gets $1,300 in Social Security. Is that enough to live on? Upstart's stock takes a mysterious dive after earnings. What's behind the move. 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Forbes
5 days ago
- Business
- Forbes
How To Get Clients From Instagram (& TikTok) Without Spending A Dime
Ding! It's another DM. 'Hey, I saw your post about [whatever it is you do]. Can we talk?' What if you could get clients from Instagram and TikTok that way? Simple incoming DMs that land in your inbox because of your short-form content. That's it. No cold, cringey emails to write and send. No terrible networking events where someone corners you to talk crypto theories. No LinkedIn messages where you pretend you're 'circling back' when really, you're just desperate to pay the rent. Think getting clients from social media without spending money sounds too good to be true? I get it, especially if you're a consultant, an accountant, or an attorney still convinced that Instagram and TikTok are just for beauty bloggers, unboxers, and gym bros. That they're 'not for B2B' because 'real' clients come from referrals, networking, and LinkedIn outreach. Yes, that playbook still works. But I'm here to tell you that across industries, B2B service professionals are building thriving practices by posting Reels. They're closing retainers through DMs and landing corporate contracts without spending a dime on ads. And the best part? You can do it, too, all without a funnel, a ring light, or even a class on hashtags. You just need a message worth hearing—and the guts to press publish. How B2B service professionals get clients from Instagram and TikTok Many people get social media for B2B wrong. They think that if you're B2B, the only way to get clients from Instagram and TikTok is to 'go viral.' But it's no longer the only way because both Instagram and TikTok now function as search engines. Nearly 40% of young professionals use these platforms to find information rather than relying on Google. Your content doesn't need millions of views, but it does need to be discoverable by the right people at the right time. Think searchable captions. Clear value propositions. Content that helps someone solve a problem in less than 60 seconds. Because the algorithms reward relevance more than follower count, a single Reel can still get you 25,000 views with just 500 followers—if your message strikes the right chord. The providers who've figured this out love that you can punch above your weight, even as a solo service provider. Here's why it's possible. No one wants to read a white paper in their feed. But a 30-second Reel showing how to handle a difficult client convo? That's gold. Instagram Reels, Stories, and carousels let you showcase your insights and perspectives, your voice, and your approach to helping, all without directly asking for a sale. That's important because, in B2B, people need to know, like, and trust you before they're willing to buy. And trust is a lot easier to develop when people can see your face, hear your voice, and get a feel for who you are. Forget schedulers. You can easily get clients from Instagram and TikTok through simple conversations in the DMs. A potential client will see content that resonates, check your bio, and message you. If your earlier posts have led people to trust you, the conversation can move from 'I loved your video' to 'How can we work together?' in minutes. This no-cost approach to acquiring clients also works at any stage. People discover you, warm up to your content, and hire you—all without leaving the app. How two lawyers built a firm with zero marketing spend Attorneys Nichant Makar and Rawina Gavri didn't set out to become influencers. They were law students burning the midnight oil and cramming for exams like everyone else. But while classmates memorized case law, Makar and Gavri had a side hustle creating short-form legal content on Instagram. They weren't trying to go viral. They just wanted to make the law feel less intimidating. Today, Makar and Gavri co-run CleverLaw, a digital-first firm based in Germany with more than 300,000 followers across platforms and a client roster built almost entirely through social media. 'Our law firm has no marketing costs,' says Makar. 'We generate our clients organically through Instagram and TikTok.' I interviewed them to find out exactly how they do it so you (and I) can learn from their approach. 'We attract attention through TikTok,' says Makar, who goes by DerJurist on the platform. 'But most of our clients reach out through Instagram.' Early on, they realized that TikTok and Instagram play different roles in the zero-cost acquisition journey. TikTok is chaotic, fast-moving, and built for discovery. Its algorithm can surface your video to 25,000 people, even if you have just a few hundred followers. But when someone's interested—when you catch their attention—they don't stay on TikTok. They head to Instagram, which is where the vetting begins: 'If this person is legit, they'll have more content on Instagram.' And if your Instagram content builds trust, the next step is simple. They send a DM. That's when the follow turns into a conversation, and the conversation turns into a client. The content strategy they use to make the approach work is simple as well. Makar shares day-in-the-life content and fast-paced legal explainers on TikTok, videos that rack up thousands of views and spark curiosity. Gavri, who goes by DieJuristin, does the same, adding employment law tips and behind-the-scenes glimpses of firm life. The tone is smart and accessible. Their approach mirrors that of workplace wellbeing coach Kelsea Warren, The Seamless Coach. 'The content that brings me new clients is educational, short-form videos,' she says. Warren, who has 40,000 Instagram followers and 80,000 on TikTok, generates 75% of her revenue through social media. 'From global organizations to small businesses, the key players in these organizations are on the platform, usually for their own personal use. They usually approach me after discovering a video I've posted about burnout.' CleverLaw's content isn't complicated. They film most videos on their phones, edit with in-app tools, and post without overthinking. They don't worry about perfect lighting. There are no paid promotions. Maybe they'll apply a light filter, depending on the vibe. 'The only rule we really have,' says Gavri, 'is to keep showing up.' They split responsibilities strategically. Makar handles most TikToks and DMs, while Gavri focuses on visuals and educational posts for Instagram. They batch content creation when possible, post consistently, and don't stress about perfection. Everything they post is designed to build trust. They avoid jargon, keep the focus on relevance, and always lead with value. CleverLaw's content focuses on solving one problem per post. Whether it's explaining traffic violation rights or breaking down employment law basics, each video answers a specific question their ideal client is asking. 'If someone can walk away from our content feeling like they understand their rights a little better, that's a win even if they never become a client,' says Gavri. Their approach meshes with what business coach Kaeli Sweigard calls 'insight-driven content.' Sweigard, who says she quit her job and built a $100,000-per-year coaching business through organic Instagram content, explains why she avoids over-teaching. 'If your content is constantly teaching the 'how,' your client simply goes to use that advice,' she says. 'But if your content instead reveals why your audience's current approach isn't working, you create demand.' One of CleverLaw's posts—a TikTok about how a flawed speed measurement led to a dropped traffic fine—went viral. A viewer messaged the firm on Instagram asking if the same flawed device led to their ticket. Makar looked into it, found the same error, and got the case dismissed. That client told friends. Several followed CleverLaw's accounts. Over time, Makar says, one video turned into five new clients. Warren had a similar experience with viral content. She says one post increased her follower count by an astounding 10,000 times. 'I went from 300 to 30,000 followers in three days when it first went viral,' she says. 'I had over 60 sales calls booked, secured a brand partnership with Urban Decay, and was featured in several media outlets.' All from a single piece of content. Initially, not everyone supported CleverLaw's focus on social media. Colleagues dismissed it as 'unserious.' A few potential clients were skeptical, unsure whether two social-savvy lawyers could handle complicated legal matters. 'We had to overcome a lot of skepticism,' says Gavri. 'But once people saw our success—and our legal wins—they stopped questioning whether social media was the right channel for us.' This challenge isn't unique to lawyers. Warren faced similar doubts in the corporate wellness space, but she plowed ahead anyway. 'Burnout is pretty boring, but it's very real to those experiencing it,' she says. 'My advice is to have fun with your content, even if the topic isn't fun. If you don't enjoy what you're saying or how you're saying it, the users on the platform won't either.' As CleverLaw grew, Makar and Gavri developed systems to handle increased demand. Their content calendar focuses on educational posts that address common legal questions, behind-the-scenes content that humanizes the firm, and client success stories that provide social proof. 'Since it's getting increasingly harder to be seen on social media, a common mistake I see from other service providers is leaning too heavily on trends and not posting original, niche-specific content,' Warren says. 'It helps to have a reference framework that's unique to you and your business, coupled with a strong opinion.' CleverLaw's framework is simple: Make legal concepts accessible, show personality without sacrificing professionalism, and always prioritize client education over self-promotion. The results speak for themselves. CleverLaw has built a thriving practice without spending on traditional marketing. Their approach proves that authenticity and consistency can outperform expensive ad campaigns. A reality check: Time, results, and what works to get clients from Instagram Before you dive in, let's address a few practical questions: How much time does creating content for Instagram and TikTok really take? And will it work for your industry? Most successful B2B content creators spend three to eight hours each week on content creation and community engagement. That time includes scripting, filming, editing, and responding to DMs. The key is batching: Film three to five pieces in one session rather than scrambling to create something new daily. Warren's approach is efficient. 'My growth started when I paired getting ready every morning with a burnout chat. Over time, that chat became a habit. And those are still some of my best-performing videos, even when I repost them years later.' Don't think zero-cost client acquisition is just for lawyers or coaches. Consulting firms are making money on Instagram and TikTok, too; TikTok's 2023 economic report showed that the platform brought in $14.7 billion for small- to medium-sized businesses in the United States. Even enterprise software companies like Salesforce, ClickUp, and Zapier use thought leadership and humor for lead generation. Your next steps: From lurker to client magnet to getting clients from Instagram Ready to turn your expertise into client conversations? Here's your action plan. If you're wondering whether you can actually get clients from Instagram, the answer is yes. And you don't need ads, a big team, or a perfectly curated feed to do it. You just need clarity, consistency, and the courage to share what you know. The pipeline is real. The tools are free. And your next client might already be watching, just waiting for that one post that makes them say: 'This is the person I've been looking for.'
Globe and Mail
5 days ago
- Business
- Globe and Mail
What this semi-retired accountant did with $3-million from multiple inheritances
The beneficiary: 'Brian,' as we'll call him, is a self-described 'middle-aged accountant in the suburbs.' More specifically, he's 56, semi-retired in Ontario and, since his beloved wife died far too young, a widower. Together they have one grown newlywed daughter who will someday inherit everything that Brian's got left over – but hopefully not any time soon. In the meantime, should Brian tell his 30-year-old daughter what's coming? The inheritance: As an only child with a handful of childless uncles, Brian was well-positioned 'at the tip of a funnel' to inherit the extended-family fortune – if there was one. 'I never really talked to my parents or anyone about money or wills, it just wasn't a subject of discussion,' says Brian, who had an inkling cash could be coming his way but was also well aware it could just as easily go to charity when the time came. 'I sort of half-expected that money was coming, which isn't enough, so I prepared for life without it.' Brian went to business school and became an accountant, both of which proved very helpful when an ample inheritance indeed came his way. Brian and his late wife received a series of lump sums: First, a couple hundred grand from his mother-in-law; next, $800,000 from his father who'd accumulated wealth through home ownership; and finally, a series of lump sums from extended family. All this added up to a collective amount of almost $3-million, which Brian and his wife considered communal. 'We always operated as a family and pooled all our money,' he says. 'Fortunately, we very much saw eye-to-eye when it comes to money. I'm an accountant; she was a much better accountant.' What they did with it: The money-savvy couple did exactly what they would have advised their clients: 'Primarily, we stuck it in the bank in GICs, mutual funds – the regular stuff,' says Brian. They paid off their car loans and started making maximum (and additional, direct-to-the-principal) payments on their mortgage. 'Once those were gone, our income stayed the same but the expenses dropped way down.' The couple was newly flush but not quite sure how to actually enjoy their money. 'We weren't three-weeks-in-Bali people anyway, but with more money in the bank, we did try to travel more and have a little bit more fun,' he says. The pair took a big trip throughout Western Canada and his wife splurged on the motorcycle she always wanted. Good thing, too, since the couple was soon sidelined by his wife's cancer diagnosis. In retrospect, those so-called 'splurges' were money well spent. 'I'm so happy I get to say I don't think we missed out on much,' says Brian, who's trying to keep the life-is-for-living sentiment in mind going forward – within reason. 'If I want to enjoy myself, I do. If I want an expensive bottle of wine, I get it,' he says. 'But I also think it's my responsibility to pass on more than I got.' For that, he's since invested in stocks that pay decent dividends. The revelation: A generation later, Brian's in a similar position as his parents once were and wrestling with the same question about when and how to pass along the family money. 'I consider myself in charge, at the moment, but I realize that will change,' he says. Like his parents, Brian's been deliberately vague about how much money he's got and how much is likely coming his daughter's way – though in this case his money (literally) talks. 'I give [my daughter] enough so she knows that Dad's not hurting, but not enough that Dad's bleeding money,' he says. He paid for her wedding, for example, and gifted the newly married couple a generous cheque – plus a note about how he'd like to discuss what they might do with it (ideally, in his opinion, home ownership). But that conversation hasn't happened yet, and since he values his close relationship with his daughter over all else, Brian isn't pushing it. Were his daughter to give every penny of the family fortune away to charity, which she might, Brian's long accepted that that's their prerogative – as it was his. 'It'd be none of my business,' he says. 'I won't be in charge anymore and I won't reach out from the grave either.' Some details may be changed to protect the privacy of the person profiled. We want to thank them for sharing their story. Have you recently received an inheritance and would like to participate in Inherited? Send us an e-mail.
Yahoo
7 days ago
- Business
- Yahoo
Burford Capital Limited (BUR) to Release its Q2 2025 Results on Aug 7
Burford Capital Limited (NYSE:BUR) is one of the . On July 24, Burford Capital Limited (NYSE:BUR) announced that it will release its fiscal second quarter results for 2025 on August 7. The company delivered strong results in the fiscal first quarter of 2025. Management noted that despite the first quarter being naturally slow for legal finance, the company had a strong start to the year with new business volumes growing significantly. As a result, realizations totaled $163 million for the quarter, which was significantly higher than Q1 of the previous two years. Moreover, Burford Capital Limited (NYSE:BUR) also grew its revenue by 253.08% year-over-year, driven by growing capital provision income and asset management income. Management remains confident for the upcoming financial release. An accountant meticulously going over documents in her office, exemplifying the company's commitment to accuracy and detail. Burford Capital Limited (NYSE:BUR) is an international finance company that provides capital to businesses and law firms to fund commercial litigation and arbitration. While we acknowledge the potential of BUR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
Daily Mail
7 days ago
- Business
- Daily Mail
Santander promised me free banking for life - can it really now get away with charging me £120 a year?
When Diana Grogan, 62, opened her business bank account with Abbey National in 2006, she was promised free banking for life. The alternative therapist, who lives in Blackburn, Lancashire, had been advised by her accountant to open an account when she switched from being a sole trader to a limited company.
