Owning your own business can be a great endeavor that takes a lot of passion and drive. Many small business owners focus on the day-to-day management and growth of the business, rather than thinking about a time when he or she may not be in the business. This is a far too common mistake. Future plans for your enterprise are even more important when one child works in the business but the others do not. Keeping the peace among your children after you are no longer able to participate in the business requires careful balancing of your estate plan. Read More
Are Any of These 11 Mistakes Lurking in Your Estate Plan?
Does your estate plan measure up? Are any of the following 11 estate planning mistakes lurking in your estate plan?
1) Lack of Healthcare and Disability Planning. The majority of deaths occur in hospitals or other institutions. Patients may be incapacitated to the point where they can no longer communicate their healthcare wishes. Advance Directives and a Healthcare Power of Attorney can identify healthcare proxy decision-makers, specify wishes for end-of-life care, and provide a formal plan to control financial and property matters. Read More
Caution: Creditors Now Have Easy Access to Inherited IRAs
Most people don’t know the law has changed: inherited retirement accounts no longer have asset protection, meaning they can be seized by strangers. Fortunately, retirement account protection still exists by using Standalone Retirement Trusts. Read More