Background: Proper Estate Planning includes not just the Wills and important legal documents; it also involves ensuring assets are properly titled and beneficiaries are designated. These are things that simply cannot be done postmortem. Many people take the time to complete these important tasks, but few have open conversations with their families about such matters.
Case Studies
SIMPLE Gets Easier!
Background: Technically, there are eight different styles of retirement plans that could be established for small businesses. Each type has separate rules, regulations, and requirements. Based on the employer’s goals, they can have employer contributions as little as $0 or as high as over 25% of total payroll. We can often combine types of plans to get even higher employer contributions, if desired.
Business Transition – The Good, The Bad and The Ugly
Background: A silent business partner passed, leaving his shares equally to his two children. The current active business partner runs the business. The silent partner’s children know very little of the activity of the business. One of the two kids would simply like to “cash out” indicating he would accept $20,000 for his shares. This is The Good!
Business Transition – The Good, The Bad and The UglyRead More
Long-Term Care Strategies
Background: Long-Term Care (LTC) expenses are one wildcard that can significantly alter the course of a client’s financial future. Often times if someone has indications of needing care or significant …
Golden Handcuffs
Background: In this tight labor market, top talent of companies are being hit hard by executive search firms to go work elsewhere. Businesses need to get proactive and creative about …
Multi-Generation Succession
Background: A family business we have worked with for years had one owner ready to retire and now facilitates a 4th Generation Succession. The owner ready to retire has been involved in the business for close to 50 years, so his exit was quite emotional! The transition would need to be one that not only had the proper legal structure and financial benefits but confirmed this family legacy was carried on and all parties felt appreciated and respected in the transition. It’s rarely just about the numbers!
Adjusting Your Business Value
Background: A long-time business client had not updated their business’ value in a few years, so when they decided to make the necessary updates, the value had significantly increased. While …
A Good Place to Save Money
Background: In a lackluster interest rate environment, it is not uncommon to have clients ask where they can find a safe place to save some cash and at least earn …
