As a business owner, you know that change is inevitable. From team members and company growth to overhead costs, consumer demands, and all things between, your organization is a dynamic entity – flexibly moving and adjusting as the market shifts over time. You have built a resilient company trusted by employees, investors, and customers. But what happens if you, the leader and visionary, decide it is time to move on? In a perfect world, business succession is a smooth transition where most customers and stakeholders are none the wiser about a significant difference at the top level. However, sometimes the leadership change needs to be sudden, maybe for personal reasons like illness or even death, and how do you ensure operations continue and your assets, family, and stakeholders are well-protected? A business succession plan needs to be in place, ready to be executed when needed. Without one, your security, integrity, company, employees, and investors are all at risk. So, what exactly IS a business succession plan, and what does it entail?
You are working hard – building wealth, utilizing retirement accounts, and maybe already talking with financial advisors. You have a clear path to the goals you set for yourself long ago – even if they may have changed a bit as life ebbs and flows. So, what happens next? We hear a lot about planning for retirement, but estate planning is equally important. The latter requires foresight, but it also ensures that your loved ones are taken care of and that your hard work now can still benefit them later. To efficiently protect your well-cultivated retirement assets from creditors, and distribute them to your chosen beneficiaries, a See-Through Trust should be explored and created. See-Through Trusts are a key estate-planning tool, but there are a few things you should know before moving forward.
On March 25, 2021, Senator Bernie Sanders and Senator Sheldon Whitehouse introduced the “For the 99.5 Percent Act” (referred to in this blog as the “99.5% Act”), a piece of legislation that would change federal estate and gift taxes. Here are the highlights you need to know:
- Reduces the federal estate tax exemption from $11.7 million to $3.5 million
- Reduces the gift tax exemption from $11.7 million to $1 million
- Tax rates increase for gift, estate, and generation-skipping tax (GST) at a progressive rate
Now that tax season is wrapping up, we can all take a deep breath. With the pandemic looming over all of us in 2020, change has become the only thing we can consistently count on these days.
Well-run capital markets pair capital investors with those seeking to invest assets in profitable ventures. Highly efficient capital markets, in turn, give numerous benefits to those providing the investment capital, opening the floodgates for a variety of ethical decisions. The choice between right and wrong is not always crystal clear. Financial complexities can stump even … Read moreThe Investigation and Disciplinary Process of the Professional Conduct Program