The old saying “No one plans to fail, but many fail to plan” has special applicability to business owners. From the very outset, business owners need to be aware that even the most basic business model entails considerable financial strategies.
Protecting your business is as important to us as it is to you. We will review with you various avenues for protecting income, expenses and succession planning, to works towards your business and family financial stability.
Let’s consider how business owners can take these strategies to another level through:
Business Succession Planning
Key Person Insurance
Funding Buy Sell Agreements
401k/403b Plans
Executive Bonus Plans
Employee Benefits
Disability Insurance
Business Overhead Coverage
While Estate Planning is often associated with the wealthy, in reality, anyone who wants to pass on assets to their heirs needs to think about their estate plan. In addition, estate planning takes into account the guardianship of minor children, the Succession Plan for a business and a variety of other related issues. Like any aspect of financial planning, an estate plan should be reviewed and, if needed, updated periodically.
Common Mistakes
Not checking beneficiary
Leaving survivors to search for your assets and accounts
Assuming that estate planning is a one-time event.
Overlooking the need to update Wills, Healthcare Proxy and Power of Attorney’s
Establishing a trust and failing to retitle assets to the trust.
Understanding the complexities that an Executor/Executrix are faced with
Estate tax calculations and profitable assets
Correct titling for ease to Executor/Executrix
Need help understanding some common estate planning terms? Download this quick reference quide!
Estate Planning 101
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.
Lifelaw, Harry M. Scarmella Esq. and Turning Tides Financial are not registered broker/dealers and are not affiliated with LPL Financial.
