Most businesses are unable to financially support a disabled owner or key employee, even for a short period of time. Thus, your business strategy should include the development of a disability income plan for the benefit of yourself and your business. In doing so, you will help protect your personal and business interests for the long term.
Be sure to consult with your qualified team of tax, legal, and financial professionals. Early and thorough planning can help you avoid these common mistakes, meet your financial goals, and leave a lasting legacy for your loved ones.
Many companies operate under the assumption that there is no limit to growth, as long as sales continue to increase. However, growth can easily exceed a company’s financial resources and jeopardize the overall health of the business. The key is to determine an affordable growth rate.
Having a buy-sell agreement assures the departing owner (or the family) that there is a guaranteed buyer who will buy the business at a fair price. The buying shareholders benefit because the agreement enables them to continue the business without having to negotiate with outside parties.
It is never easy to plan for death or disability. However, leaving your grown children in the dark about your key financial, medical, and estate planning matters can result in confusion and delay at a time when clarity and timeliness may be of the essence. Though these preparations may seem burdensome at first glance, once you “fill in the picture,” you and your children can rest assured that your affairs will be properly managed according to your wishes should the need arise.
When we put together a comprehensive retirement plan for our clients, the starting place is always with your retirement wish list. A good adviser will want to learn all about you: what you want to accomplish in retirement, what kind of lifestyle you hope to have and what you worry about most.
Boosting profits and competitiveness by making continuous improvements in production costs, product quality, customer service, and delivery are the goals of the lean model. Companies that apply lean production or management techniques strive to create a culture of waste reduction, ongoing improvement, and worker empowerment.
A business succession plan is a comprehensive look at the estate planning picture that can include everything from shareholder buy-sell agreements to management plans, and any other documentation that will help ensure the smooth operation of the business. While traditional estate plans are designed with tax minimization in mind, business succession planning, in addition to such considerations, is aimed at maintaining the future health of the business.
While it may be impossible to predict whether, or to what extent, your estate will be subject to taxation at the time of your death, creating and maintaining an estate plan provides essential legal and financial protection for your heirs.
In recent years, “estate planning” has become one of the more popular financial catchphrases; and, rightfully so. Estate planning encompasses the management of assets while alive in order to help ensure the proper disposition of those assets at death. In some situations, it can also include strategies to minimize taxes and maximize asset transfer to heirs.
