Family LLCs for Estate and Asset Protection Planning
With the (likely *fingers crossed*) repeal of the Federal Estate Tax, asset protection planning is going to be the primary motivation for complex estate planning moving forward. Family Limited Partnerships have been a staple of higher net worth planning for decades, but Family LLCs are on the rise for good reason. There are several advantages to utilizing a Family LLC…
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Solopreneurs: Your Business will Die With You
To borrow a line from Dr. Seuss’ “Oh the Places You’ll Go”: “I’m sorry to say so, but sadly it’s true”, if you’re a solo business owner in North Carolina, the chances are that you have no business succession plan in place and should something happen to you – whether it be death or incapacity – your business will crumble.…
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Taming the B.E.A.S.T.
For individuals and families with any significant assets, planning for the unexpected can be overwhelming – where to begin, what to include, mitigating risk as much as possible, and still accounting for use and flexibility of assets. Life can be a B.E.A.S.T. – death, creditors, market fluctuation, taxes, etc. Implementing holistic, overall planning is how you tame the B.E.A.S.T. B: Buy-Sell…
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Business Owners, Listen Up: 4 Business Succession Tips
Many business owners are just too busy with building a successful business that they fail to create an exit plan for retirement or unexpected death. Often the death of an owner can be crippling for a business, especially small businesses with limited remaining employees. Worry not. Here are four tips for creating a successful business succession plan: 1. Create an…
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Drama-Free Business Succession Planning
Regardless of the type of business you own, your death will, without a doubt, bring about a lot of emotion and stress in you family and in your business. Sometimes, the death of the family patriarch/matriarch business owner creates drama that will negatively impact your business, or even lead to its demise. Proper business succession planning can prevent drama from…
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