/Tag: succession planning

Consider Social Security in your retirement planning

By |2017-05-24T13:42:13+00:00December 2nd, 2015|Categories: Estate & Trusts, Tax Planning|Tags: , , , , |

If you are approaching retirement age and will qualify for Social Security benefits, you need to decide when to start collecting. You can begin as early as age 62 or as late as age 70. Within that window, your monthly receipts will increase for each month you delay taking benefits. Many people take a passive approach to this decision, heading into retirement without an actual plan. It is typically more of an afterthought. Having a plan and looking at your personal situation ahead of time can make a big difference in your benefit payout.

Retirement Plan Options for Your Business

By |2017-05-24T13:42:22+00:00September 17th, 2014|Categories: Business Advice, Succession Planning|Tags: , , , , , |

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 |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. [...]

The Role of ESOPs in Retirement Planning

By |2017-05-24T13:42:31+00:00October 16th, 2013|Categories: Articles, Business Advice, ESOPs, Estate & Trusts, Succession Planning|Tags: , , , , , , , , |

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 [...]

Six Steps for a Smooth Business Sale

By |2017-05-24T13:42:32+00:00July 15th, 2013|Categories: Articles, Business Advice, Succession Planning|Tags: , , , |

Selling your business can be an emotional and life-changing decision. Despite years of hard work and nurturing your business, it might be time to sell. Following are a few key steps that can make the process easier: 1. Be Realistic  Don’t try to make assumptions of what your business is worth. Hire a seasoned appraiser [...]

A Family Limited Partnership for Your Succession Plan

By |2017-05-24T13:42:34+00:00March 27th, 2013|Categories: Articles, Business Advice, Succession Planning|Tags: , , , , , , , |

One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. In many cases, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited partnership, or FLP, [...]

2- Succession and Estate Planning For a Fruitful Retirement

By |2017-05-24T13:42:43+00:00March 14th, 2012|Categories: Articles, Estate & Trusts, Succession Planning|Tags: , , , , , , |

In my previous post I talked about assessing where you are and planning for succession. In this discussion I want to cover your estate plan and picking the right partners. Think retirement The first considerations for retirement planning are your health, lifestyle and any financial obligations. You will use these to determine your required revenue [...]

1- Succession and Estate Planning For a Fruitful Retirement

By |2017-05-24T13:42:43+00:00March 12th, 2012|Categories: Articles, Estate & Trusts, Succession Planning|Tags: , , , , , |

You’ve worked for many years to build a successful company, and now you’re starting to think about retirement. To ensure a smooth exit from the workplace, establish your retirement and estate plans now — well before you’re ready to sell or transfer your business. Early planning will help ensure that you adequately provide for your [...]

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