Category: Tax Planning
Whether it’s a farm or a manufacturing facility, family businesses are a key part of the global economy. Family business owners are not always very good about keeping their estate plans up to date. Circumstances change: the value of the business may grow or shrink, relationships within the family may change, and tax laws change. […]
Sitting down for “that conversation” with family members is never an easy thing when it comes to planning for the next generation to take over the family business, especially when the business is a farm. But succession planning for farm families is a critical piece to ensure that the land and the business continue for […]
Successfully achieving a tax-efficient transfer of the family business across the generations requires good estate planning that is regularly updated to adapt to changing situations. Most family business owners do have estate plans in place, but they are often out of date, and this presents problems. Family businesses matter in a way that might be […]
One of the most commonly-asked question to estate planning attorneys is “How much money do I need to retire?” The two questions underlying that question: how long will I live, and do I have enough money? If your health is good and your health habits are good, you may live longer than your parents, although […]
People are happy to spend hours and often, incomprehensible sums of money planning weddings, but when it comes to financial planning, they are “too busy.” Advance planning helps couples as they make the transition from giddy romantics to a financial and legally-bound partnership dealing with the realities of adult life. Working with trusted advisors, including […]
For farmers, land is far more than an asset to be valued and sold. Land is a legacy to be protected, a resource that generates income and, if land has been passed down from generations, the cornerstone of their family’s heritage. The goals of estate planning for farm owners involves planning for the needs of […]
Naming the right person as the executor of your estate is one of the hardest and most important decisions. Knowing what to do if you’ve been named an executor can feel overwhelming. Being named an executor is an honor – it means that someone trusted your judgment and your ability to handle complex tasks on […]
Unlike people who work for an employer and can set automatic deductions for their IRA accounts, self-employed people need to set up and contribute to retirement accounts. Two of the most frequently used accounts are the Simplified Employee Pension (SEP-IRA) and the Solo 401(k). Contributions to both are tax-deductible, allowing the entrepreneur to obtain tax-deferred […]
The details are still unknown, but family limited partnerships and family limited liability companies are being scrutinized by the IRS and the US Treasury and changes are coming. The IRS is looking to close a loophole that has worked very well for many years for wealthy families. The IRS is about to get tough on […]
Life is about changes, both good and bad. Children grow up and marry and have children of their own. Families experience the pain of divorce. New families are created when divorced parents remarry. Many of these changes require revisiting and making changes to your estate plan. Even when your family life is stable, laws change […]
