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GIVING THANKS The season of gratitude is here again, and it’s almost time for me to don my chef’s hat.

In addition to providing the cash to recruit, hire, and train replacements, key person insurance can help replace lost profits so that the success of your business may continue uninterrupted.

Your of domicile can have a significant impact on your estate plan, and may also affect your state tax liability. Also, not all states define property ownership in the same way.

For most people, there are few problems as “taxing” as tax problems with the Internal Revenue Service (IRS). Indeed, it can raise the blood pressure of even those with the most laid-back personalities.

Owners of small businesses have much the same concerns as everyone else, except they are personally responsible for the fortunes of their enterprise.

Advance directives by durable power of attorney, health care proxy, or living will are relatively inexpensive and easy to establish, and should be considered essential estate planning tools.

There are many tax deductions available to those in today’s workforce. However, it’s worth a consultation with your tax professional to determine what particular deductions may be available and beneficial to you.

A business succession plan helps reassure all parties a business will continue to operate and helps prevent problems by coordinating each owner’s estate plan with the business.

None of us can predict what the future may bring. By planning today, you may help ensure that you have the financial resources for quality LTC should you need it.

Tax planning is more advantageous when done during the year and well in advance of year’s end.