As a business owner, planning for retirement requires more effort, foresight, and strategy. In addition to navigating the wide range of retirement account options available to business owners, you must also ensure that your chosen strategy aligns with your overall estate plan.
If you prefer the idea of transferring your business to longtime, trusted employees who have contributed to the company’s success over the years, there are two options to consider: a management buyout (MBO) and an employee stock ownership plan (ESOP).
A comprehensive estate plan is also meant to positively impact your life by planning for and providing necessary protections while you are still around to reap the benefits.
If you and your partner choose not to marry, you must have an estate plan tailored to your individual situation. Without an estate plan, your partner generally has no legal authority to make decisions for you if you become injured or incapacitated (unable to manage your own affairs) or to inherit from you when you pass away.
Since creating your estate plan, have you thought about updating it? If you are like most people, probably not.
State-level estate and inheritance taxes (often referred to collectively as death taxes) can significantly impact how much ultimately passes to a person’s loved ones, making it essential to understand state death tax rules when creating a comprehensive estate plan.
You do not need to spend countless hours worrying about your estate plan. Just ask yourself nine simple questions to stress test your plan and determine whether it is time for an update.
Military service brings unique benefits, responsibilities, and considerations that require thoughtful coordination to ensure that you and your loved ones are fully protected.
Life is always changing, and your estate plan should change with it. Instead of thinking of it as a one-time chore, understand that it is an ongoing process that must keep pace with your life to ensure that your loved ones and your wishes continue to be protected.
Almost every state has some form of homestead exemption law primarily focused on reducing property taxes and protecting home equity from creditors. While the best-known homestead law is rooted in the nineteenth century’s westward expansion, the underlying principle—a secure home for families—has evolved into a variety of state-level property protections.