Blogs

Estate and business successions tend to go hand-in-hand. Most entrepreneurial business owners overlook the need to plan for the succession of their business.

Your business is part of your estate. Often it is a large part of the estate. During the estate planning process, a business owner should discuss with an estate planning attorney how the business is structured, and how the owner would envision the sale or transfer of the business at the time of death.

Some of the issues not addressed are:

The Disability and Death Expense Funnel is an analogy used to describe how your estate could lose value due to expenses such as estate taxes, probate fees, legal fees, and other administrative costs. At the top of the funnel are assets that can be impacted, like retirement plans, personal property, real estate, life insurance, and business interests.

When it comes to estate planning, many people are tempted by the seemingly easy and cost-effective options offered by online services. However, before making a decision, it’s important to understand the differences between online and in-person estate planning. Here are several things to keep in mind when considering your options.

On December 29, 2022, President Biden signed the SECURE 2.0 Act as part of the Consolidated Appropriations Act of 2023. This new legislation will greatly impact employee retirement plans 401(k), 403(b), IRA and Roth accounts.

It is one of the biggest pieces of retirement legislation in decades and may help small businesses by: boosting tax incentives to employers for offering retirement plans and offering financial incentives to employees to sign up for retirement plans.

Below are some of the highlights: