Family businesses account for much of this country’s domestic product and are essential to the American Dream. Whether it is a century-old international automobile manufacturer or a group of local dry-cleaners, family involvement in the business is a common goal. Like anything worth keeping, it takes work to preserve.
Posts Categorized: Business Planning
Elite families passing their wealth from generation to generation does not just happen. Evidence suggests that it is the exception rather than the rule.
Sudden wealth can be a life-changing experience that can improve your life and the lives of those around you, but only if you keep it. Those with more assets are bigger targets for lawsuits. Don’t let your sudden wealth suddenly get stripped from you. Protect your assets before you get the windfall and you will sleep a little easier knowing your assets are better shielded.
It is important to understand how liability works in order to plan how to avoid it.
Pope Benedict, 85, is reportedly the first pope to retire in almost 600 years, which made his decision all the more momentous. He cited health issues for his decision, but for the growing number of retirement-aged professionals who are still hale and hearty, the decision gets more complicated.
Chalk one up for the taxpayers!
What not to do when figuring out how to make sure your business will outlive you.
It has been said that seventy percent (70%) of Americans have done no estate planning. I would suspect this number may be even higher among business owners when it comes to creating an exit or succession plan for their business.
There were a number of important tax developments in the fourth quarter of 2011. Be sure to consult your trusted tax advisors if any of these apply to you.
70% of intergenerational wealth transfers fail, according to research conducted on over 3,250 families who transferred wealth.