WHY IT’S NEVER TOO EARLY TO THINK BUSINESS SUCCESSION

Many business owners don’t think about succession because they don’t think it’s relevant at that moment in time. The business owner may be relatively young, or may feel that he or she will work in the business for the rest of their life. Rarely do business owners have that much control over the process. With a business succession plan, however, you can take greater control over your business’s future and plan for events that may force succession earlier than you anticipated. READ MORE

THREE TYPES OF RETIREMENT PLANS FOR YOUR SMALL BUSINESS

As a small-business owner, you have a lot on your plate. If you’re like many business owners, one area that you may not have gotten around to yet is establishing some form of retirement plan benefit for you and your employees. In today’s competitive labor market, a retirement plan can make all the difference between recruiting top talent and losing them to a competitor. READ MORE

DO YOU HAVE A TRANSITION PLAN FOR YOUR BUSINESS

According to research from the Family Firm Institute, only one-third of family-owned businesses are successfully transitioned to the second generation. What’s the biggest expense you will face in retirement? Housing costs? Discretionary expenses like dining out, shopping and travel? Depending on your income level, taxes could certainly be a major cost. One of the biggest, though, may be something you The transition from accumulation to distribution isn’t as simple taking withdrawals from your accounts. READ MORE

TRANSITIONING FROM RETIREMENT ACCUMULATION TO DISTRIBUTION

If you’re like many American workers, you’ve spent years or even decades contribution to your employer’s 401(k) plan or even your own IRA. However, after you retire, these types of accounts may become distribution vehicles rather than saving vehicles. The transition from accumulation to distribution isn’t as simple taking withdrawals from your accounts. READ MORE

IS YOUR LEGACY PROTECTED FROM PROBATE

You’ve worked hard your entire life to build your legacy. While it may not be a pleasant exercise, now may be the time to think about how those assets and that legacy will be distributed to the next generations after your death. Even with a will, your assets may have to go through probate, which is the legal process for settling an estate. Fortunately, there are steps you can take to limit the number of assets that go through probate, thus reducing delays and maximizing how much of your legacy actually gets passed to your heirs. READ MORE