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
Can Family Wealth Go On For Generations?
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 Needs Protection
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.
Asset Preservation Planning: “Inside Out” vs. “Outside In” Liability
It is important to understand how liability works in order to plan how to avoid it.
Lifelong Careers – When Do You Retire?
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.
Tax Court Upholds Formula Gifts
Chalk one up for the taxpayers!
Three Deadly Mistakes of Business Succession Planning
What not to do when figuring out how to make sure your business will outlive you.
Business Exit Planning – Begin With The End In Mind
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.
Fourth Quarter 2011 Tax Developments
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.
Study Shows Inherited Wealth Is Squandered
70% of intergenerational wealth transfers fail, according to research conducted on over 3,250 families who transferred wealth.