Insights

Tax Tip: Make sure you chose the correct ownership structure when buying a vacation home.

Having a well-crafted estate plan can help ensure your wishes are carried out after your death, providing a peace of mind that your family will be taken care of as intended.

A Bed for Every Child's build a bed program took place at MBK on June 13th in collaboration with Charter Oak Financial Group and Colebrook.

For the month of May, MBK held a pet drive spearheaded by Francine Murphy and Caitlin Humphrey. Donations went to Better Together Dog Rescue and Westfield Homeless Cat Project.

On June 4th, MBK hosted the Final Leg of the Law Enforcement Torch Run for Special Olympics. The rally was spearheaded by Lauren Foley and Chris Soderberg. Together they brought together several business to cheer on the athletes and officers as they carried the torch through Massachusetts.

Tax Tip: Without proper planning, there’s a risk that the government will confiscate your guns or that the executor of your estate, your trustees or your beneficiaries will inadvertently commit a felony. Plan ahead by considering creating a gun trust and appoint a trustee who has experience on gun laws and safety.

On May 30th, Team MBK volunteered at the Food Bank of Western Massachusetts’ Cultivating for Community Farm in Hadley. They planted basil, tomato, and lettuce, and installed netting to protect the young crops.

Business owners either established or just starting up, should maintain accurate records for income and expenses. Carefully documenting expenses is essential to claiming all eligible tax deductions. Having good standing records can help defend amounts reported on tax returns in case of an IRS audit or court challenge.