Happy New Year! As we turn the page to a New Year, there is optimism that the business climate in 2014 will continue to improve. For the privately held business, that means caution and planning as the Affordable Care Act and changes in the Tax Law impact the bottom line and hard-earned assets.
Anthony J. Madonia & Associates, Ltd. founder, Tony Madonia, was recently interviewed for the radio segment, Exit Your Way, on UR Business Network. Tony provided insights and perspective on the impact that good planning can have on taxes and the family legacy.
Part Two of our four part overview of the Benefits of Estate Planning for the Business Owner continues as we focus on Integrating the Estate Plan into the Business. These are not mutually exclusive and we discuss why.
As our lives and the lives of our employees become more complex, there may be the need to take time to address personal or family issues. A good knowledge of the Family Medical Leave Act (FMLA) ensures that you are accurately providing and administering this benefit.
We hope to add some valuable information in an age of information overload. As always, call us if we can help you or your organization in any way.
Interview with Tony Madonia on Exit Planning and Why.
INTEGRATING THE BUSINESS IN THE ESTATE PLANAfter establishing your six basic estate planning documents (Living Trust, Pour-over Will, Health Care Power of Attorney, Living Will, Durable Power of Attorney, Asset Transfer), the next step is to incorporate them into a plan that will work to the advantage of your business.
There are four areas that must be addressed in this process:
TRANSFER OF OWNERSHIP INTERESTS
When transferring ownership interests in your business, you must make sure that those interests are legally transferrable and do not violate any business agreements previously made.
FMLA REGULATIONS MIGHT BE YOUR BUSINESSThe early days of the Clinton administration saw the passage of the Family and Medical Leave Act (FMLA) of 1993. With this mandate, the federal government aimed “to balance the demands of the workplace with the needs of families.” The Act requires covered employers to provide unpaid leave and job protection to their employees for qualified family and medical reasons. As a business owner or HR manager, it is important to understand whether your employees qualify under FMLA, to ensure your company’s compliance with federal law and provide your employees with their lawful rights and benefits.
Why Do So Few Companies Have a Mobile Device Policy? Read Here
Businesses need support and advice. They especially need support in times of exponential growth, during economic challenges, and in transition.
Anthony J. Madonia and Associates, Ltd. is a premier law firm located in vibrant downtown Chicago that focuses on Corporate Law, Mergers & Acquisitions, Taxation and Estate Planning.subscribe archives