Succession planning is crucial for business owners who wish to transfer their company to someone else. Whether you plan to keep the business in the family, promote from within, or sell to a third party, a comprehensive business succession plan will make the transition smoother and more profitable.
The Importance of Business Valuation in Succession Planning: Why It’s the First Step
Having a succession plan in place is a critical part of ensuring your business will continue after you step down from running it. The first step in the succession planning process should involve determining your business’s fair market value.
Understanding Business Valuation in Succession Planning
How to Fund a Buy-Sell Agreement: Key Options to Consider
A buy-sell agreement is a contract stating when and how business owners can buy out or sell a co-owner's share when the owner leaves the business. An effective buy-sell agreement should always include a plan to fund the ownership transition in the event of one of the owner's deaths, retirement, or...
Tax Considerations in Buy-Sell Agreements: What You Need to Know
When creating a buy-sell agreement, it’s important to consider the many tax considerations involved. Working with an experienced attorney can help you navigate the tax-related challenges of implementing a buy-sell agreement.
A buy-sell agreement is an important tool for business owners creating a business succession plan. If multiple...
The Solo Ager’s Guide to Wills, Trusts, and Guardianships
Planning for the future can feel daunting for solo agers. Unlike traditional family setups, solo agers—those who may be single, childless, or without nearby relatives—face unique challenges when preparing for their later years.
While these challenges can seem complex, there are straightforward ways to ensure your wishes are honored...
Solo Aging: Essential Estate Planning Tips for Independent Seniors
Aging independently is rewarding, but it requires thoughtful planning to ensure your future remains secure and fulfilling. Estate planning is especially important for solo agers, as it can address unique concerns and provide a sense of control over your legacy, healthcare, and finances. This guide covers essential estate planning tips for solo...
Snowbirds and Estate Taxes: Planning for Financial Security in Two States
Many retirees split their time between two states, enjoying the best of both worlds. While this lifestyle offers benefits, it can also complicate your financial and estate planning—especially regarding taxes. Snowbirds must understand how dual residency impacts estate taxes to avoid surprises and ensure their loved ones are financially secure. Here,...
Navigating Dual Residencies: Estate Planning Strategies for Snowbirds
Many retirees find joy in splitting their time between warmer climates during the winter and cooler ones in the summer, making them what many call "snowbirds." If you have dual residencies, ensuring that your estate plan considers the legalities and tax implications of living in multiple states is crucial. Let’s explore...
Common Mistakes When Drafting a Power of Attorney
A power of attorney (POA) is an essential document in an estate plan. It grants someone you trust the authority to make decisions on your behalf if you're unable to do so. Whether it involves managing your finances or making healthcare choices, a well-crafted POA ensures that your wishes are honored. However,...
Revoking or Updating Your Durable Power of Attorney: What You Need to Know
A durable power of attorney (POA) is a vital legal document granting someone the authority to make certain decisions on your behalf should you become temporarily or permanently incapacitated. Whether handling financial matters or medical decisions, a well-crafted POA ensures your wishes are carried out when you cannot act.