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There are several ways to ensure that a plan will accomplish what it’s meant to. Work with a counseling-oriented attorney as opposed to a word-processing attorney. Unfortunately, most estate planning is little more than word-processing. You don’t need a professional advisor for that. The professional’s value comes from counsel and advice based on knowledge, wisdom,… Read more »
I have a small company, but want to offer benefits. What are my options? Any benefit provided will enhance employee retention. There are companies across the United States that specialize in benefits planning for small businesses. In addition to the usual insurance plans for life, health, dental, vision, and disability, there are a wide range… Read more »
First of all, consider that a will takes effect only upon your death.. It has no bearing on how you and your business are cared for during your life when you can’t take care of yourself. An often-overlooked part of estate planning is planning for mental disability. Perhaps you’ve been in the uncomfortable position of… Read more »
What Are Asset Protection Trusts? Generally, Asset Protection Trusts are irrevocable trusts that are established by the business owner for his own benefit (referred to as “self-settled”) and the benefit of his or her spouse and family. The trust is a discretionary trust, that is, no one can compel the trustee to make distributions. It… Read more »
Why is Succession Planning Important in the Running of a Family Business Ironically, Companies pour considerable resources into marketing, research and development, information technology and personnel development, but fail to plan for the succession of the company. It is extremely important to have a succession plan in place, and to communicate that plan to the… Read more »
There are four primary goals of a successful transfer: Generating sufficient financial reserves for the owner’s retirement after active involvement in the business ends. Transferring the business intact (and for its maximum value if sold to a third party) to the owner’s chosen beneficiaries Minimizing the cost of transfer Providing sufficient liquidity to pay the… Read more »
Were you recently involved in the launch of a product or business? Were you the one who supplied the majority of the funds? If you feel that you have not received your full share of the profits that you were promised, you can take action. This is also true if you have not even received… Read more »
Do you have a dispute with the IRS that’s headed to tax court? Don’t try to take on the IRS on your own. You need to work with tax lawyers in Chicago like Anthony J. Madonia & Associates. If your tax dispute is headed to tax court, it means you’ve exhausted all other options. As… Read more »
Does My Investment Strategy Depend on my Age? Age is definitely one factor that is considered in a risk analysis when discussing investment strategy. Some have used a rule of thumb called the “rule of 100.” That involves subtracting your current age from 100. If you are 70 years old, for example, the resulting number… Read more »
Buy/Sell Agreement to Ensure Your Business Stays in the Family A buy/sell agreement is the best way to ensure the business goes to your family, along with a source to fund the transfer of the business to them. Normally, the company carries enough insurance to allow the company to either buy out non-family members or… Read more »