We all know the old adage, “never put all your eggs in one basket.” Well, too often, business owners may do just that. However, not only is another saying, “variety is the spice of life,” true, but diversifying into a variety of investments also makes sound financial sense.
Even if you are just starting to build your estate and do not need complex estate planning, there are several steps you should consider taking immediately in order to protect your family and to reduce expenses in the event of your death.
While a majority of Americans say they don’t like doing their income taxes, around one-third report that they enjoy preparing their tax returns, according to the results of a survey by the Pew Research Center.
In the rush of daily business activities, business owners can lose sight of what they had originally hoped to accomplish through their continuous efforts. Over time, as the business grows, personal objectives may also change.
For unmarried partners, more creative estate planning strategies will be the key to counteracting restrictions imposed by laws that favor legally married couples.
When your business has a loss, your participation in your business may limit your ability to take that loss and reduce your taxes.
By interacting with others in a casual manner, social networking can be a great way to build your business and make some new friends along the way.
By using survivorship life insurance, and addressing the issue of estate taxation now, you will have taken important step toward preserving the future of your family business.
If you're considering retirement, you may want to think about purchasing an annuity to provide you with steady income, either short or long term.
The future of your business is in your hands. Your qualified financial, tax, and legal professionals can help you develop estate planning strategies to allow your business to continue fruitfully.
