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To our friends who are tax and estate planning professionals: By now, you’ve read/heard of the horrific news that the IRS destroyed an estimated 30 million paper-filed information returns in March 2021 due to the backlog. Here is a set of a few other articles that I hope you find interesting and helpful to your practice.  Cultivant was spotlighted at Kenmore Business Alliance this morning, thanks to Bothell-Kenmore Chamber of Commerce. Hoon, our co-founder, spoke on the importance of planning ahead for business owners so they can leave their businesses by design rather than by default.  To our friends who are tax and estate planning professionals, I hope you're off to a great start in 2022. Well, 2022 tax season is upon us, so I thought I'd share a few (hopefully) relevant and timely tax-related articles.  Some people, because of the wealth they have accumulated, won’t have to rely on their retirement plan savings for retirement income. As a result, they often want to leave all or most their IRA (or 401(k) and other retirement plan assets) accounts to their heirs.  According to one study, 70% of rich families lose their wealth by the second generation. Worse, by the end of the third generation, nine out of ten of these families are no longer wealthy.  |