Choosing a trustee for a trust is an important decision. The role of trustee carries key legal responsibilities. The best option is usually a person, such as a trusted friend or family member, or a financial institution. This article summarizes a trustee’s responsibilities and details the qualities — and qualifications — a trustee must have.

On an annual basis plan administrators have to deal with the stress of the dreaded top-heavy testing. They worry whether highly compensated employees (“HCEs”) will have “excess” salary deferrals returned to them due to the plan failing the actual deferral percentage/actual contribution percentage (“ADP/ACP”) discrimination tests? To the rescue come the “safe harbor” rules that nearly always eliminate the need to worry about passing these tests, but be aware that these rules have risks also.

It’s one thing for business owners to desire to grow their companies. But it’s another thing completely to get from here to there. This article details some common sense steps to help owners achieve their growth goals, including developing a growth strategy, implementing solid processes and controls, and staying current with the latest technology. The article notes that, without continuous strategic planning and communication, it can be easy to miss changes that might cause necessary modifications to the company’s business practices. The sidebar also notes the importance of fostering solid relationships with lenders and investors.

Employees’ retirement timing decisions will depend on a variety of factors, including their accumulated vested assets in an employee benefit plan. Another key variable is social security. But the social security benefit “claiming strategy” that’s best for them isn’t always an easy calculation. This brief article highlights online social security benefit calculators that can help.

In a typical phishing scam, a criminal tricks someone into providing personal information, and then uses it to steal cash or the target’s identity. The W-2 phishing scam is one type among many. This brief article describes how this con works and details how businesses can take steps to reduce their risk. Education is crucial, so it’s imperative to notify all employees — especially those in areas that handle sensitive data — of the scams.

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There’s no doubt that hiring someone to regularly clean your home, care for your children or an aging parent, or maintain your yard has the potential to help your life run more smoothly. There are many unexpected or hidden issues when you hire household help. You need to stay on top of the relevant legal, tax and reporting responsibilities. Here are some highlights of the tax-related obligations associated with household help.