When crafting an estate plan, many people naturally focus on assets, property distribution, and financial security. While these elements are essential, your healthcare decisions and medical privacy require equal attention. A vital yet frequently overlooked part of your estate plan is the HIPAA authorization. Understanding why this document is necessary can protect...
Mergers and Acquisitions as an Exit Strategy in Business Succession Planning
Every business owner reaches a point where they need to consider the future of their company beyond their leadership. Whether preparing for retirement, moving on to new ventures, or simply wanting to ensure the business continues to thrive, having an exit strategy is essential.
While some owners choose to...
Family Business Succession: Should You Consider a Merger or Acquisition?
For many business owners, keeping the company within the family is the ideal succession plan. However, not all family businesses have the next generation ready—or willing—to take over. When internal succession isn’t an option, owners must explore alternative strategies to ensure the business continues to thrive.
One option...
Maximizing Your Business Value Before Succession: Key Factors to Consider
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,...