Medical Savings Accounts

Medical Savings Accounts

by Bernard Fruchtman, Esq.
(This article is excerpted from TaxTalk – Plain & Simple)

Background:

Since Jan 1, 1997 small businesses and self-employed persons have been allowed to establish Medical Savings Accounts (MSAs).

MSAs are like IRA’s for medical expenses. Contributions are put into an account and invested. The money canbe withdrawn from the MSA to pay qualified medical expenses.

MSA’s can only be established by businesses with no more than 50 employees and self-employed persons. It’s a pilot program and only open to 750,000 taxpayers. It’s first come first served so the early bird will get the worm. No new MSA’s will be allowed after 750,000 are established More…

Connecting and Separating Family and Business (Part II)

Connecting and Separating
Family and Business (Part II)

Connecting and Separating Contexts

Such contextual notions can provide a port of entry into the unique complexities of family businesses. It should be clear at this juncture that there are no simple, objective containers (contexts) called “family”and “business” within which people behave and make meaning. To reiterate the points made above, contexts:

  • are critical in the creation and determination of meaning;  
  • are constructed relationally and interpretedindividually;  
  • often cannot be “pinned down” unambiguously;  
  • are themselves contextualized (thus making paradox possible); and  
  • are consistencies or stabilities in a world of flux, a kind of relational “constant” woven of ephemeral strands (and thus are themselves subject toalteration when the changing of one or more of the strands changes). More…