/Succession Planning

Art Collectors Should Use Tax Laws to Protect Heirs

By | May 4th, 2016|Succession Planning, Tax Planning|

With proper plan­ning, collectors can enhance the financial benefits of their art collection.  If you are a serious art collector, you should be aware of the numerous tax issues related to the ownership and transfer of art and collectibles. Following is a discussion of some of the more relevant tax issues and related tax planning [...]

ESOPs – A Multifaceted Strategy for Your Manufacturing Business

By | January 20th, 2016|ESOPs, Succession Planning|

Corporate finance, employee benefits and succession planning likely are key issues you have to contend with as an owner of a manufacturing company. Did you know that there’s a multifaceted strategy that can handle all three issues? It’s the employee stock ownership plan (ESOP). But before getting too excited about ESOPs, it’s important to learn their drawbacks as well as their benefits.

Rolling Over your IRA? Be aware of potential penalties

By | September 30th, 2015|Succession Planning|

If you are planning to move funds from one IRA account to another, be sure you understand new rules related to IRA rollovers. Old rules allowed taxpayers to rollover (transfer funds) from each IRA account once every 12 months, regardless of how many IRA accounts the taxpayer owns. This meant that a person with 4 separate IRA accounts could do 4 rollovers each year.

Retirement Plan Options for Your Business

By | September 17th, 2014|Business Advice, Succession Planning|

Does your business offer a retirement plan for employees? If not, it may be time to consider setting one up. A retirement plan may be beneficial for several reasons. It can help you to recruit employees as part of your overall compensation package, and can help your employees by giving them a tax-advantaged way to save for their retirement.

10 Ways to Prepare for Retirement at Any Age

By | May 21st, 2014|Articles, Estate & Trusts, Succession Planning, Tax Planning|

When should you start planning for retirement? Many people start saving in their 20’s but it is never too early or too late to start. Fortunately the tax law provides subsidies to help people save for retirement. Below are 10 ideas for you to consider as you are either starting your journey, towards the end, [...]

Are you a Baby Boom Entrepreneur?

By | March 12th, 2014|Articles, Business Advice, Succession Planning|

The oldest of the baby boomers—born between 1946 and 1964—currently are winding down their careers, including thousands of business owners. Unlike previous generations, however, baby boom entrepreneurs are expected to face fierce competition when courting potential buyers. With approximately 25% of the total US population made up by baby boomers (as of 2011), many as [...]

Dividing Your Estate Plan Around Specific Assets Can be Tricky

By | February 3rd, 2014|Articles, Estate & Trusts, Succession Planning|

Planning your estate around specific assets is risky and, in most cases, should be avoided. If you leave specific assets—such as homes, cars or stock—to specific people, you may inadvertently disinherit them. Here’s an example that illustrates the problem: Andrew has three children—Robert, Anna and Tim—and wishes to treat them equally in his estate plan. [...]

Business Succession Planning at Year End

By | December 30th, 2013|Articles, Business Advice, Succession Planning|

Year end is a time of planning for many business owners. Right now, your borrowers are strategizing about ways to grow, minimize tax and budget for the year ahead. An important part of this process is succession planning and preparing the next generation of management for what lies ahead. You, of course, have a vested [...]

Now is the Time for Gift and Estate Planning

By | December 11th, 2013|Articles, Estate & Trusts, Succession Planning|

With the holiday season here, many people are thinking about estate planning and making year-end gifts to family members. Last year, taxpayers scrambled to make last-minute asset transfers in case the historically generous gift and estate tax exemptions expired or rates skyrocketed. This year, taxpayers face a calmer estate planning landscape because Congress passed a [...]

The Role of ESOPs in Retirement Planning

By | October 16th, 2013|Articles, Business Advice, ESOPs, Estate & Trusts, Succession Planning|

Most business owners have a lot of wealth tied up in their companies. If you’re in the same boat, how can you convert some of that wealth into cash to help pay for your retirement? Many C corporation owners have found that an Employee Stock Ownership Plan (ESOP) — a qualified retirement plan, similar to [...]

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