Small Business Owner? Know What Can Happen to Your Business If You Become Incapacitated or Pass Away

Preparing your company for your incapacity or death is vital to the survival of the enterprise. Otherwise, your business will be disrupted, harming your customers, employees, vendors, and ultimately, your family. For this reason, proactive financial planning — including your business and your estate plan — is key. Below are some tips on how to protect your company and keep the business on track and operating day-to-day in your absence. Read More

5 Reasons to Protect Your Retirement Accounts Now

A special trust called a “Standalone Retirement Trust” (SRT) can protect inherited assets from your beneficiaries’ creditors. Spouses can use SRT to shield one or the other from creditors, SRT will provide oversight and instruction on how much beneficiaries receive and when, SRT can protect beneficiaries from creditors, SRT can avoid disqualification on need-based government assistance programs and you can also avoid disinheritance of children after remarriage. Read More

Rewarding Your Employees By Giving Them the Business

Retiring from your business can be a tough decision.  To ensure that what you have built continues on, there needs to be a plan for succession.  For some people, they have spent years grooming a child or other family member to take over, wanting the business to stay in the family.  Others look to sell to a third party for a quick way out that will also give them a nest egg for their next phase of life.  However, there is a third option–transferring the business to your employees. Read More

Passing Along a Benefit, Not a Burden

Most business owners have their estate planning prepared because they are worried about what will happen to their business after they are dead.  However, proper estate planning has the added benefit of allowing you to make plans for what will happen if you are incapacitated or needing to be away from your business for an extended period of time. Read More

Business Sale: Stock Sale Treated as Asset Sale

As a general rule, most small business sales are conducted via an asset purchase agreement which transfers the assets of the company and leaves the liabilities with the seller unless specifically assumed by the buyer. There are occasions, however, when a business transaction can more effectively be completed using a stock purchase agreement. There are two Internal Revenue Code (IRC) sections that will permit the sale of a business under a stock purchase agreement to be treated or deemed an asset sale. Read More

Exit Planning v. Estate Planning for Business Owners

Business owners are often focused on the growth and success of their businesses and sometimes don’t think about what they ultimately want to happen to their business during their lifetime and beyond. Exit planning and estate planning are used to help business owners define what they want to happen to their businesses in the future and create plans and documents to help ensure their stated objectives are achieved. Read More