Placing an individual in the role of trustee for your estate is something that should be done with care. This person will serve as a fiduciary, remaining responsible for managing your assets. It’s important that the trustee and the person hiring such an individual understand that trusteeship is not a quick or simple job. This […]

As a result of a federal law that became active in 1993, states were required to recover long-term care expenses for those aged 55 and over after an individual passed away. Each state also had the option to go after all health expenses, too. There were exemptions made for estates that included a surviving spouse, […]

The IRS recognizes the legitimate business concern of creating a small and closely-held insurance company in order to cover some of the risk associated with various business entities. If the company is defined as a small one, the insurer does not have to pay any tax on underwriting income. Usually the definition of small means […]

  One of the most important aspects of valuing a business is in the timing- you must have the will to do it now and carry this momentum forward. Even in times of feeling overwhelmed or burdened by day to day stress, unplanned events must be considered.  In fact, in times of high stress it […]

As children grow older and leave the home, as retirement takes away much of the interaction with work contacts, and as the possible loss of a spouse impacts an elderly individual, being alone becomes the norm. Unfortunately, it can also be a dangerous problem if you don’t plan ahead for how you can stay socially […]

If you were party to an alimony arrangement where the other spouse has received benefits, it’s not uncommon for circumstances to change over time. Alimony recognizes that one party should be receiving support and that another party is responsible for providing it, usually for a set period of years or until certain conditions are met.  […]

If someone comes to you seemingly out of the blue to make an offer on your business, tread carefully. Although this can seem exciting, you need to carefully vet this individual and determine whether it’s the right fit for your business.  One of the biggest problems with the unsolicited offer is that it pulls attention […]

Putting together wills and powers of attorney are cornerstones of estate planning. In the aftermath of 9/11, an attorney in South Carolina approached first responders and firefighters only to learn that as many as 80 percent were without these critical documents.  While we often suggest on this blog that everyone have a will, it’s especially […]

If you tuned into yesterday’s post, you saw the basic information about how holding companies work and the general situations where they make sense for either an individual or a corporation. Today, we’re going into a little more detail about holding companies.  Many large holding companies will put the entity receiving income from subsidiaries in […]

Leaving behind a legacy after you pass away requires perceiving and planning to avoid several common pitfalls. Make sure you’ve completed the estate planning process at least once in a comprehensive manner, with yearly check-ins scheduled. Watch out for these common issues:  Failing to include contingency beneficiaries on a retirement account Not planning for the […]