When you are caught up in your day-to-day activities it can be difficult to take a step back and look at the bigger picture. This is certainly true for a small business owner because it takes so much time and energy to run your business successfully. Retirement and estate planning involve some complexities for everyone, but when you are a small business owner you have added issues to consider. When you work for a company you can simply put in your notice and accept your plaque as you walk out … [Read more...] about Estate Planning and Small Businesses
Small Business Planning
It is relatively easy to understand how important asset protection planning for Nevada residents can be. Most people want to make sure their assets are protected, including real estate, investments, business interests, and even personal property. Just consider the costs of malpractice, business (E&O), and other forms of liability insurance, which are rapidly increasing. It is certainly important to be preemptive in protecting your assets from potential creditors, whether that is through … [Read more...] about Asset Protection Mistakes Nevada Residents Must Avoid
While there are several types of business entities to choose from when establishing a business, different business structures have different benefits and risks. The sources of tax and legal liability are different depending on which business form you choose to create. This information should help give you a basic understanding of the most common business structures. Sole Proprietorships are not true “entities” If you are the only owner of your business, and you choose not to register the … [Read more...] about Business Entities that Save on Taxes
Pass through businesses are the most common form of business entity utilized by closely-held and family-owned businesses. The number of pass-through entities has continuously increased over the last 30 years, while the number of traditional C corporations has steadily decreased. Currently, pass-through businesses make up approximately 94% of all businesses in the United States. Additionally, pass-through businesses earn more than 64% of all net business income, employing more than half of all … [Read more...] about Pass-Through Businesses: An Overview
Every business owner needs to develop a plan for transferring their business. Some day you will want to retire, and you need an exit strategy. Or you may just want to ensure that your business will continue to prosper after your death. You invested substantial time, energy and resources into building your business, so of course you would want to ensure that your legacy will be properly conveyed to your heirs. One of the main goals of any business succession plan is to preserve the wealth of … [Read more...] about Minimizing Transfer Taxes with a Business Succession Plan
Definitely. All business owners expose themselves to some legal or financial risks when they start the business. Whether a business transaction has gone bad, or a business partner has objections to how the business is being run, lawsuits and liability are always a possibility. Small businesses need asset protection, just as larger business and even individuals do. Why is asset protection necessary? The reality is, not all legal or financial risks are obvious. When you sign a lease or open a … [Read more...] about Do Small Businesses Need Asset Protection?
If you own a family business, then business succession planning must be a priority. Eventually, you will want to retire. But with a family-owned business, it is not as simple as turning in your letter of resignation and simply not going in to work anymore. Your only concern is not whether you will have sufficient income to retire comfortably, but more importantly, what will become of the business. Questions like: who will take over management of the business and how will ownership be … [Read more...] about What is Succession Planning?
Some need the money and postpone retirement or get a part-time job; others simply have the urge to keep busy in some constructive way during retirement and choose to do some type of work. These days financial planning experts often write about the value of working longer. This can be necessary if you simply need more time to accumulate the resources that you need to retire. Others who don't absolutely have to work choose to do so because they want to have plenty of discretionary income so they … [Read more...] about Working on Your Own Terms During Retirement
It can be quite an exciting and challenging adventure to go into business for yourself. As we all know the majority of start-ups do not succeed in the long run so you have to defy the odds to gain traction and become successful. Because of the demands involved in starting up a business how you will be exit the business may not be the first thing on your mind. However, once you know that you are in fact going to be in it for the long haul you should ask yourself how you or your estate … [Read more...] about Business Owners: How Will You Exit?
Life insurance is a very important and useful element that is included in most estate plans. The most common use for life insurance is as an income replacement vehicle, and it is vital for people who have family members relying on their income. Even if you are relatively young, there are no guarantees and the well-being of your family is at risk if you do not have adequate coverage. In addition to its value as an income replacement vehicle, life insurance is used in estate planning for other … [Read more...] about Balancing Inheritances With Life Insurance