Friends and colleagues of ours are heading out for a two week vacation in Greece. They are celebrating their 30th anniversary with a few days in Athens and then the rest of the time on the beautiful island of Milos. It should be an amazing trip, and also a reminder to all to make sure…

Much of the wealth in the United States is created by business owners. Although many owners start out as sole proprietorships, as the business grows, they may want and need to consider a more formal approach to owning their business. The key question is how to choose among entity options. First, seek advice. Because of…

Life insurance is a unique asset used to accomplish any of the following: The creation of an estate where circumstances have kept the estate owner from accumulating sufficient assets to care for his loved ones in the event of a premature death. To protect a business value due to the loss of key employees. For…

Although estate planning documents may be signed, the estate planning process is not complete until asset titles are changed so that they can be controlled by those documents. The act of retitling assets is called funding. So, when the estate planning attorney or your financial advisor speaks of funding your trust, for example, he or…

Did you ever consider that you might want to do “special needs” planning even if you don’t have any special needs children or grandchildren? Can you imagine how one of your children could come to have special needs after you’re gone? One of our colleagues relates this story. Sid and Elaine had three children, and…

Bill Johnson is a typical business owner and entrepreneur. He’s a visionary and a big-picture thinker. He’s a risk-taker, but his risks are calculated and he’s wise in the ways of business. Bill’s day is filled with the typical challenges of a small business owner: finding new customers, serving current customers, dealing with employees, keeping…

For years there has been talk about doing away with the Federal estate tax. So far, this year’s most popular question from clients is, now that the estate tax is gone, do we still need to do estate planning? The short answer is that if estate planning was only about the tax, then estate planning…

For years there has been talk about doing away with the Federal estate tax. The tax bill, passed in the closing days of 2017, partially achieved that goal for most American taxpayers. The new law increases the amount that a single person can pass during life or at death to $10M. This amount is to…

You’re selling your business. What should you watch out for? As our population ages, more and more business owners are looking to sell their business. Some want to cash out and retire. Others want to bring in employees as owners and stay involved in the business. And others would like to transfer the business to…

Last month we looked at guardianship, the first of two issues that affect planning for minor children. This month we will look at some ideas for leaving money to minor children. We start with the idea that minors cannot really own investments outright. As such, dealing with gifts of sizeable amounts of money, investments, and…

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