A recent survey of 513 business owners indicated that more than 400 of them were concerned about the possible implications of a lawsuit or divorce. Despite these broad concerns (which are certainly fair, given the litigious environment we live in and high divorce rates common across the country), only fifteen percent of those surveyed had […]

There are plenty of stories about the challenges of moving on from a business when it’s time to leave, but there are also more positive stories about proven paths for successful business exits. One such example is that of Arbor Investments LLC in Michigan after the sale of 208 Arbor Drug Stores in 1998.  The […]

Unfortunately, when it comes to fraud, there is a perfect storm targeting senior citizens. Many of the scammers who target this population are extremely crafty and have compelling stories and displays to make it look as if their operation is legitimate. Steering clear of these situations can be difficult; read on to learn more.  As […]

The Supreme Court’s recent decision has already had a big impact around the country, and it certainly influences the legal rights of same-sex couples with regard to taxes and spousal benefits. There are several different ways that this influences current planning. If you are planning to get married in light of the recent ruling, read […]

For many years, company owners have used LLCs and limited partnerships to pass on businesses to their heirs. Passing on these business interests might also be accompanied with a transfer of marketable securities wherein the partnership keeps control but the gift overall reduces assets and therefore the tax burden.  This practice is now under scrutiny […]

Asset protection is a term that is thrown around quite a lot in planning circles, and depending on who you talk to, the definition in use could be different. In general, however, there are two stages to asset protection. In the first stage, you evaluate all of the possible scenarios under which risks may expose […]

  Succession planning is a complex process that involves the big picture of your business years down the road, but key to that success is finding the right people to take over main management positions. Where possible, it’s a good plan to have successors across the board prepared for next steps.  Although the specifics will […]

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 […]