Any business can benefit from a comprehensive business succession plan. That is because most people do not anticipate having to suddenly step out of a company. An unplanned exit could be catastrophic to the business, even one that is reliant on the franchise model. Many franchisors already require that franchisees have a succession plan in… Read More »
Blog Posts Page 6
Estate Planning for The Remarried Widow
There are financial complexities that come with entering any new marriage, and widows or widowers should be aware of the complexities related to their estate plans as well. According to research completed by the Pew Research Center, approximately half of previously married adults beyond age 65 had remarried, and the number was even higher for… Read More »
What Is a Generous Retirement Plan?
It is important to have a plan not just for how you’ll get to retirement but how you intend to use those funds after you get there. Retirement can be an excellent time to generously give your talents, assets and time. There are some primary things you should consider as you work towards moving into… Read More »
Family Conflict Likely to Be the Biggest Estate Planning Issue Going Forward
Are you worried about sharing estate planning concepts with your family because you’re concerned that someone might not agree with your goals? A recent analysis of professional planners identified that family conflict is perceived to be the biggest threat to the process of estate and financial planning in the future. Although estate tax reform is… Read More »
Couples Must Keep These Estate Planning Tips in Mind
Whether you’ve already tied the knot or have no intention of moving forward with marriage, estate planning is necessary. Parts of your life may already be intertwined and the law and various strategies can be used to help protect you and your loved ones in the future. There are five primary considerations for couples who… Read More »
Simplify Your Financial Life with This Checklist
Planning ahead into the future and looking for retirement and estate planning opportunities can give you peace of mind and also make things easier for your loved ones if you suddenly were to become incapacitated or pass away. A financial planning checklist can make things easier for you now and well into the future. Most… Read More »
Do the Middle Class and Millennials Need Estate Planning Too?
With all of the recent updates to tax laws, some people may be more hesitant than ever to move forward with an estate plan. Every can take advantage of a sit down meeting with a lawyer. Although many people will not be subjected to the federal estate tax and will not have too much of… Read More »
Business Sale Planning Tips
When you are looking forward to the future of your business and ultimately exiting that business in order to accomplish other goals, such as retiring or if you’ve simply gotten bored with the process itself, you need to have these planning tips in the back of your mind. Ultimately, you should approach business succession planning… Read More »
Business Succession Planning for Franchises
You might think it is initially annoying when a franchiser requests or requires that you as a franchisee maintain a succession plan. However, this is a win-win situation. All parties will be able to work together on business contingency plan that can benefit everyone in the event of a sudden departure in a franchise business…. Read More »
What You Need to Know About Contingency Buy Sell Agreements
Many business owners don’t want to think about what will happen to their company if they were suddenly unable to be there because of death or disability. Many owners realize that they are key to the organization and that without appropriate business succession planning, that the company would be in real trouble overnight if there… Read More »
Should You Take Your RMDs Earlier in The Year?
Many people put off the process of taking their required minimum distributions until closer to the end of the year. This is particularly problematic, however, if the party who is required to take those minimum distributions, passes away if the beneficiaries have a small period in which to take the year of death required minimum… Read More »
Tips for Selling Your Business Without Dealing with The Capital Gains Tax
More small businesses have been sold in recent months because of the increase in the economy and the rising number of investors who are looking to diversify their portfolio. People with investment capital are now looking for positive investments outside of the stock market. Building on a successful business enterprise is one form of alternative… Read More »
Is Your Living Trust Not Appropriately Funded?
A living trust is only beneficial to you if it has been properly funded. The establishment of a revocable living trust has become of increasing importance in recent years as more people seek to have a privacy in their estate and to avoid probate. However, if you fail to transfer the title of the assets… Read More »
Are You Expecting Too Much from a Power of Attorney?
A power of attorney is one of the most foundational estate planning documents but you need to understand how to reap the benefits from using one and the restrictions placed on it. You may name one or more agents and typically this is an adult child to act on your behalf in a power of… Read More »
What You Need to Know About the Portability of a Spouse’s Unused Exemption
Prior to estate planning laws being updated in 2010, an important part of the estate planning process for a married couple was to equalize asset value, in which both parties had legal title. Each spouse had their own lifetime gift tax and estate exemption; however, those exemptions couldn’t be shared. The portability rule, however, allows… Read More »
What You Need to Know About the Basics Behind Trust Funds
Many people do not understand the basics of how trusts work and assume that these are only applicable to high net worth individuals, businesses, or children of very wealthy heirs. While this is certainly true in some situations, there are also some circumstances where a trust fund may become an integral part of your overall… Read More »
Gary Coleman’s Messy Estate Provides Lessons for Others
Gary Coleman, the star of the 1970s TV show Diff’rent Strokes passed away suddenly in 2010 and left behind an estate planning mess. He passed away at only 42 years old. He married aspiring actress, Shannon Price, in 2007 and ultimately got divorced from her later. The couple continued to live together following their divorce,… Read More »
Trusts Are Valuable for Estate Planning and Asset Protection Planning
One of the most crucial issues to consider when putting together an asset protection plan or an estate planning strategy is whether or not the use of a trust is still appropriate. Protection of assets for young beneficiaries is one of the leading reasons why a person may consider using a trust. Many beneficiaries may… Read More »
Social Media Being Increasingly Used to Memorialize Their Loved Ones
Online profiles are no longer just for the living, but can be an important source of powerful memories after someone has passed away. The memory can still live on when someone’s Facebook page or other social media profile is memorialized and more people than ever are encountering this situation and thinking about their individual wishes…. Read More »
Is Now a Good Time to Incorporate Paying Off Your Home Loan as Part of Your Estate and Financial Planning Strategy?
Estate planning and financial planning strategies often shift based on major changes in your life, such as a marriage, divorce, birth of a new child, or other significant circumstances. The passage of the new federal laws surrounding estate taxes and gifting may lead you to go back to the drawing board about your home equity… Read More »