LegalZoom reported that 75% of small-business owners have no formal succession plan.¹ While the number may shock, it doesn’t surprise since so many small business owners are consumed by the myriad responsibilities of running their businesses.Nevertheless, owners ignore succession planning at their peril, and possibly at the peril of their heirs. There a number of […]
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‘Estate Planning’ Category
Only 30% of all businesses put on the market for sale are actually sold, according to the National Federation of Independent Business.¹As a business owner, ascertaining the value of your business is important for a variety of reasons, including business succession, estate tax estimates, or qualifying for a loan. There are a number of valuation […]
Perhaps Bette Davis said it best when she observed, “Old age is no place for sissies.” ¹The challenges seniors have met throughout their lives have made them wiser and stronger, preparing them for the unique challenges that come with aging. As we age, the potential for cognitive decline increases, ranging from simple forgetfulness to dementia. […]
When an individual dies, the executor is faced with an important decision that has the potential to impact the taxes owed by the estate and its heirs.¹The executor will have the option of valuing the estate on the date of death, or on the six-month anniversary of death—the “Alternate Valuation Date.” Pick a Date For […]
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