Trust & Estate

Transfer a family business in a tax-smart way

Is a family-owned business your primary source of wealth? If so, it’s critical to plan carefully for the transition of ownership from one generation to the next. The best approach depends on your particular circumstances.

If your net worth is well within the estate tax exemption, you might focus on reducing income taxes. But if you expect your estate to be significantly larger than the exemption amount, estate tax reduction may be a bigger concern.

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Does your family have a mission statement?

Typically, much of the estate planning process focuses on money. But the most successful estate plans are founded on relationships. Building and preserving family wealth isn’t an end in itself. Rather, it’s a tool for promoting shared family values or encouraging family members to lead responsible, productive, healthy lives. Drafting a family mission statement can be an effective way to define and communicate these values.

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Family matters: Stepchildren and your estate plan

If you have unadopted stepchildren, estate planning is critical to ensure that your property is distributed the way you desire. Stepchildren generally don’t have any inheritance rights with respect to their parents’ new spouses unless the spouse legally adopts them. If you have stepchildren and want them to share in your estate, one option is to adopt them. Another is to amend your estate plan to provide for them expressly.

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What Are the Most Common Retirement Planning Mistakes?

tax services accounting services CPAs Retirement Planning

A good plan will hold up over time and keep you on track, but a better one will adapt to the unforeseen changes that life may throw your way. Making a retirement plan may give you a satisfied feeling, but it is important to check back in with it over the years to make sure it remains concrete. Your goals, finances, and career path are just some of the countless factors that might change throughout your life.

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