/Tag: estate planning

Including Elderly Parents in Your Estate Planning

By |2016-11-05T00:20:38+00:00November 7th, 2016|Categories: Estate & Trusts|Tags: , , , |

Your estate plan likely accommodates your spouse, children and grandchildren. But have you overlooked your parents? How can you best handle their financial affairs in the later stages of life? You may want to incorporate their needs into your own estate plan while tweaking, when necessary, the arrangements they’ve already made. Here are four critical [...]

Use Caution if You and Your Spouse Have Similar Trusts

By |2017-05-24T13:42:05+00:00August 24th, 2016|Categories: Estate & Trusts|Tags: , , |

When spouses have similar irrevocable trusts for each other’s benefit, they can be subject to the “reciprocal trust” doctrine. It prohibits tax avoidance through trusts that 1) are interrelated, and 2) place both grantors in the same economic position as if they’d each created trusts naming themselves as life beneficiaries. What not to do Suppose [...]

3 Steps to Estate Planning

By |2020-03-30T21:47:30+00:00February 10th, 2016|Categories: Blog, Estate & Trusts|Tags: , , , , |

If you own assets, you have an estate. This means that nearly everybody has an estate, whether it is small or large and therefore should have a written plan. Without a plan in writing your state of residence will choose who receives your assets when you die. The state's choice may not be the result you intended. We see issues like this even in very large estates. How can you ensure your intentions will be realized? We outline three basic steps to get you started in planning:

Closing Out Financial Records for the Recently Deceased

By |2017-05-24T13:42:14+00:00October 28th, 2015|Categories: Estate & Trusts|Tags: , , , , |

There is nothing easy about losing a loved one. Matters tend to get even more difficult if you are the person in charge of finalizing the financial matters for the decedent. No matter the value of the assets left behind, there are always loose ends to address.

Are You a Baby Boomer with a Closely Held Business?

By |2017-05-24T13:42:15+00:00September 14th, 2015|Categories: Business Advice, Tax Planning|Tags: , , , , , |

Baby boomers are beginning to retire in droves. Many will want to transfer their businesses to family members while others will want to sell and use the funds to finance their retirement years.

A Blueprint for Strong Cash Flow

By |2017-05-24T13:42:15+00:00August 5th, 2015|Categories: Business Advice|Tags: , , , , , , |

Cash flow is the lifeblood of any business, but it’s particularly critical for construction companies. And, in today’s economy, the construction industry’s typically modest profit margins are even thinner than usual. That’s why it’s essential to lay a solid foundation for healthy cash flow, starting with the contract. In many cases, it’s possible to negotiate contract terms that can accelerate the flow of cash.

10 Ways to Prepare for Retirement at Any Age

By |2017-05-24T13:42:24+00:00May 21st, 2014|Categories: Articles, Estate & Trusts, Succession Planning, Tax Planning|Tags: , , , , , , , , |

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 |2017-05-24T13:42:26+00:00March 12th, 2014|Categories: Articles, Business Advice, Succession Planning|Tags: , , , , , , |

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 |2017-05-24T13:42:30+00:00February 3rd, 2014|Categories: Articles, Estate & Trusts, Succession Planning|Tags: , , , , |

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 |2017-05-24T13:42:30+00:00December 30th, 2013|Categories: Articles, Business Advice, Succession Planning|Tags: , , , , , , , |

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 [...]

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