Leaving a Legacy & Business Succession
We want you to be informed, understanding investment/wealth management best practices and on new strategies to grow your nest egg!
Click these links to download printable documents.
____________________________________________
You’ve successfully owned and operated your business for years. Now, you’re ready to retire. How do you exit, and be sure your legacy lives on after you step down?
Should you sell your business, or give it away? Should your structure your plan to go into effect during your lifetime, or at your death? Should you transfer your ownership interest to family members, co-owners, employees, or an outside party?
The key is to pick the best strategy for your circumstances and objectives, and to seek help from financial and legal advisors to carry out your plan.
(Be sure to read Business Succession – Buy Sell Agreements)
Business Succession Planning (print version)
___________________________________________
Business Succession – Buy Sell Agreements
A typical buy-sell agreement allows a business entity or other business owners to purchase a departing owners interest at a predetermined price.
Buy-sell agreements offer protection from disruption of operation, entity dissolution, or business liquidation, as well as shelter from unfair treatment by a departed partners heirs.
The included case study illustrates how one business owner put a plan in place to hand his business over.
Business Succession – Buy Sell Agreements (print version)
____________________________________________
Family Limited Partnerships & LLC’s
If you own and operate a family business, a family limited partnership (FLP) or family limited liability company (FLLC) could become a vital component of your estate plan.
A properly formed and main- tained FLP or FLLC can facilitate the transfer of your business to the next generation, protect assets from potential creditors, and minimize income, gift, and estate taxes.
Family Limited Partnerships (print version)
____________________________________________
You’ve worked hard over the years to accumulate wealth, and you probably find it comforting to know that after your death the assets you leave behind will continue to be a source of support for your family, friends, and the causes that are important to you. But to ensure that your legacy reaches your heirs as you intend, you must make the proper arrangements now.
There are four basic ways to leave a legacy: (1) by will, (2) by trust, (3) by beneficiary designation, and (4) by joint ownership arrangements.
Leaving a Legacy (print version)
____________________________________________
Retirement Plans For Small Businesses
If you’re self-employed or own a small business and you haven’t established a retirement savings plan, what are you waiting for?
A retirement plan can help you and your employees save for the future. And you’ll be in good company-over 1 million small businesses with 100 or fewer employees currently offer workplace retirement savings plans.
Retirement Plans for Small Businesses (print version)
____________________________________________