Forensic Accounting & Generational Wealth Management: Foodman CPA's Compliance Matters
MAY 2016
In This Issue
  • "Sherlock Holmes" in Bankruptcy
  • "Who Doesn't Have It, Does It, and Who Has It, Misuses It"

For more information on Foodman's services please click on offerings listed below:

The Foodman Philosophy
and Approach
 
 Tax and FATCA Services
Advisory Services
Case Studies

"SHERLOCK HOLMES" IN BANKRUPTCY

According to the US Court system, there were over 900 thousand bankruptcy filings during the fiscal year ending March 31, 2015. Although this number has been decreasing over the last 4 years (there were 1.5 million filings in 2011), bankruptcy is still with us given the 2008 economic downturn and the slow pace of recovery. Economic despair, a single unfavorable event, illness, negative cash flows or deteriorating creditworthiness are main drivers for bankruptcy filings. Additionally, greed, which can lead to fraud, continues to trigger and generate bankruptcy filings. 
 

"WHO DOESN'T HAVE IT, DOES IT AND WHO HAS IT, MISUSES IT"

From the Silent Generation (1928-1945), to the Baby Boomers (1946-1964), to the Generation X (1965-1980) to the Millennials (1981 to 1997) - the question remains: Is creating Long-Term family wealth possible? The answer is yes. Although, it isn't necessarily an easy task.