A simple search online these days can turn up lots of advice regarding the importance and benefits of buy-sell agreements, deferred compensation agreements, and life insurance in family business succession planning. While knowing this information is valuable when thinking about the transition of a family business from one generation to the next, none of it will come into play until a business owner is prepared to face reality and take action. Believe it or not, very few entrepreneurs … [Read more...]
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Updating Your Plan: Your Trust or Will
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including your primary vehicle, such as a trust or will. Read on to learn more. … [Read more...]
Choosing Beneficiaries Is Not Enough
Determining who should inherit your assets is a surprisingly difficult task for many of us. However, with time and due consideration, an answer comes. Now you are ready to tell the world who should inherit your assets and who should not get anything. This seems relatively straightforward. However, things often are not as simple as they superficially appear. Mary Bartels drafted a will in 1977 in which she left a sewing machine, photographs, and a china cup to her daughter. For her … [Read more...]
Five Estate Planning Myths
Estate planning. It’s on everyone’s “should do” list, but it rarely seems to make it to the top of the “to do” list. Maybe that’s because estate planning is surrounded by myths and misconceptions. People think it’s only for the wealthy, or only for the elderly. The truth is, everyone needs some form of estate planning because estate planning is life planning. Let’s do away with five common estate planning myths: Estate Planning is Only for the Elderly. Physicist Niels Bohr said, … [Read more...]
New Administration Could Mean HUGE Tax Hikes
While there’s still so much debate going on with the fate of our country, there’s one clear thing, Biden’s proposed tax plan may result in a significant tax increase for some if passed. Every day that goes by could be a missed opportunity to take advantage of current law. The new tax plan could be passed anytime this year or in the coming years. If passed this year, it could be made retroactive as early as January 1! Not sure if this will impact you? Here are the highlights of what’s … [Read more...]
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