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Why Your Heirs or Beneficiaries May Receive a Smaller Inheritance Than You Thought

Posted by Chris Peterson | Aug 20, 2020 | 0 Comments

The effort that you put into planning your estate today can have a significant impact on how much of your money and property end up in the hands of your heirs or beneficiaries. Still, it is important to properly set expectations for your beneficiaries. Not all expenses can be avoided, and loved ones need to understand that mentally spending money that they may never receive can be, at best disappointing, and at worst, financially disastrous.

Seven Ways to Avoid Family Fights over Your Property

Posted by Chris Peterson | Aug 17, 2020 | 0 Comments

Far too many families end up fighting, or at least experiencing tension, over a family inheritance. But it does not have to be that way. Having counseled families for years, we offer the following pearls of wisdom to help your family avoid fighting over your property when you are gone.

What Is a Business Succession Plan?

Posted by Chris Peterson | Aug 13, 2020 | 0 Comments

Transitions in business are prompted by retirement, sudden illness, incapacity, death, or other major life events. Failure to plan for the inevitable transitions of life puts a business’s survival at risk. By carefully crafting your business succession plan, you can facilitate the proper preparation needed for a smooth transition in the company.

How to Help Your Loved Ones (and Assets) Avoid Probate

Posted by Chris Peterson | Aug 07, 2020 | 0 Comments

Today, many people are using a revocable living trust instead of a will or joint ownership as the foundation of their estate plan. When properly prepared, a living trust avoids the public, costly and time-consuming court processes of conservatorship or guardianship (due to incapacity) or probate (after death). Still, many people make a big mistake that sends their accounts and property and loved ones right into the court system: They fail to fund their trust.

Estate Planning for Franchise and Multilevel Marketing Business Owners

Posted by Chris Peterson | Aug 03, 2020 | 0 Comments

An interest in an MLM or franchise business may not automatically transfer to your beneficiaries, even if you include it in your will or trust. Further, if it is permitted to be transferred, it may be forfeited if your beneficiaries fail to meet certain contractual requirements. This is because the transfer of those interests is governed by the terms of the agreement you entered into with the franchisor or MLM company.

Retirement Account Basics for 2020

Posted by Chris Peterson | Jul 31, 2020 | 0 Comments

The COVID-19 pandemic has led to volatile markets. In response , Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act was primarily aimed at providing quick and substantial relief to individuals and businesses affected by the economic shutdown In addition, the new legislation contains other provisions concerning retirement accounts that may lower your tax bill for 2020.

How to Choose the Right Business Attorney

Posted by Chris Peterson | Jul 30, 2020 | 0 Comments

A skilled attorney is a critical part of any business owner’s advisory team. Business attorneys are equipped to assist you in handling a variety of tasks that can protect you from potential legal and business pitfalls, in addition to solving existing legal issues. As important as they are to your team, finding the right business attorney may be challenging if you do not know what to look for.

Understanding How LLC Members Pay Taxes

Posted by Chris Peterson | Jul 24, 2020 | 0 Comments

Limited liability companies (LLCs) are one of the most popular types of business entities. The LLC’s flexible taxation options are one reason it is preferred; LLC members can, for the most part, choose how they would like to be taxed.

What You Need to Know about Paying Yourself as a Single-Member LLC

Posted by Chris Peterson | Jul 16, 2020 | 0 Comments

You are a new business owner and have decided to organize your business as a limited liability company (LLC). You are its sole owner and work for the company. How do you pay yourself? Are there guidelines regarding how often and how much you are entitled to? How do self-employment taxes come into play? The answers to these questions depend on how your LLC is taxed.

Education Funding Flexibility in Light of COVID-19

Posted by Chris Peterson | Jul 15, 2020 | 0 Comments

Education will still be costly. In times of uncertainty, it is important for your planning to be as flexible as possible while still meeting your needs. Some techniques for funding education expenses require that the funds be spent only on certain items to take full advantage of tax breaks and incentives.

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