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Showing 4 posts from August 2014.
Work with experienced attorney to set up smart succession plan
Succession planning is something every business owner has to thing about at some point to one extent or another. As we mentioned in a recent post, careful thought and working closely with trusted individuals is important succession planning, as is getting started early. Particularly important is the development of an ongoing process for succession management so that the process is well-established by the time one retires. More >
Helping Those Who Have Served
In fiscal year 2013, spouses, parents, and children of deceased veterans from World War II, Korea, Vietnam, Kuwait, Iraq and Afghanistan received $6.7 billion in Veterans Affairs pensions or payments. Despite this staggering number, there are still many veterans (and families) who are unaware of their potential eligibility for a wide range of benefits through the U.S. Department of Veterans Affairs. It is important for veterans to know that the benefits are available even if the veteran did not directly retire from the military or suffer injuries in the line of duty. More >
A Hollywood Lesson for Everyday People: Trusts
Phillip Seymour Hoffman, an accomplished actor, died suddenly in February at age 46 of a suspected drug overdose. Seymour had a long-term companion, Marianne O'Donnell, with whom he had three young children. Under the terms of his Will, a significant chunk of his $35 million-plus estate was left to O'Donnell. The media and estate planners have examined the Will, which has led to several estate planning issues garnering public attention. His Will was written before the birth of his last two children and never updated; thus, his estate plan is completely silent about his wishes for them. The actor's death also highlights the effect that marriage can have on an estate plan. Because Hoffman and O'Donnell were not married, nearly $14 million must be paid in estate taxes - an outcome that could have been avoided had the couple tied the knot (at the federal level, any property passing to a spouse at death is free of estate taxes, therefore delaying any federal estate tax until the surviving spouse's death). More >
Business succession planning best begun early
Passing on a business is not always an easy thing for business owners to do. Not only must one identify the goals toward which one wants to direct the company itself and the means of getting the company there, one must also identify trusted individuals who share that vision and who are willing and capable of leading the company in the right direction. More >
