Being proactive vs. reactive with tax planning will have a tremendous impact on profitability and long-term wealth creation. Keep in mind, I am not a CPA and I am not giving tax advice. Rather, I’m passing on information that I learned as a practice owner and now implement in my financial planning practice. While not an exhaustive list, here are a few items to contemplate in 2025 as you watch the dollars in your practice.
Life Trustee Dies -- Had Pledged $50,000 to Life
Dr. Kenneth Lipke, who recently pledged $50,000 to Life College in matching funds, died unexpectedly on January 3, 1992.
Dr. Lipke, a Palmer graduate, bought a struggling steel plant in 1972 and turned it into Gibraltar Steel Corporation, a thriving company with annual sales of over $100 million.
Dr. Lipke, a native of Buffalo, New York, was an active leader in the community: a board member of the National Conference of Christians and Jews; honorary chair of the United Cerebral Palsy Telethon; and director for the Buffalo Council, Boy Scouts of America.
His many awards include the Presidential Citation from Presidents Ford and Carter, and the AMVETS Silver Helmet Award for Americanism in 1987, an honor formerly bestowed on Harry Truman, J. Edgar Hoover, and Kate Smith among others.
Dr. Lipke's challenge to match his pledge was taken up during Life's homecoming in November -- $10,000 from Dr. Andrew H. Krantz and his wife Dr. Kimbrough Williams Krantz. It was the largest single gift ever given by Life College alumni.
Donations may be made in his name to Life College, Development, 1269 Barclay Circle, Marietta, Georgia, 30080.