The Importance of a Buy-Sell Agreement

When  you’re  starting  a  new  business  venture  with  new  partners,  you  tend  to  think  about  financial contributions,  roles  that  each  partner  will  play,  and  how  you  will work  together  to  make  the  business succeed.    You’re  usually  not  thinking  about  the  eventual  end  of  the  business  because  you figure  you’ll have 20 years or so to worry about that later.  But … Read More

Planning for Art and Collections

Art is estimated to be a $40 Billion industry.  There are approximately 17,500 museums, 25,000 galleries, 25,000  historical  societies,  and  50,000  art  shows  in  the  United  States alone.    Business  Week  recently reported that approximately 1/3 of families with a net worth in excess of $10 million are art collectors.  And those personal collections, valued at $4 – $6 Trillion nationally, … Read More

Have You Planned For Your Digital Assets?

Have you ever considered what happens to your family pictures and all of your other digital assets after you die?  It seems that traditional photo albums are fast becoming a quaint practice of earlier non-digital generations.  Today, most holidays, summer vacations, travel, graduations, weddings, and other important events are memorialized in digital photos and video – much of which is … Read More

2016 Annual Family Reunion™

We look forward to seeing everyone at the Annual Family Reunion this year!  If you have not already done so, please make sure to return your Asset Review Report (green paper) to our office as soon as possible. Please remember to bring your Operator’s Manual, Red Estate Planning Portfolios, your personal calendar and your address book to the Annual Family … Read More

Special Uses of Life Insurance for Business Owners

business sucession planning

John and Betty Smith own a successful family business that was recently appraised at a value exceeding $15,000,000. While they’re extremely happy about their success, the appraisal results have raised some new concerns. For one thing, they are now facing the prospect of paying federal estate taxes and state inheritance taxes. They recognize that most of their wealth is tied … Read More

Keeping the Business in the Family Through an Installment Sale

Estate Planning for Families

For many business owners, the family business represents the largest asset of the estate. And when next-generation family members are involved in the business, estate planning and business succession planning are intricately related. John Jenkins owned two successful businesses. The first was a beer distributorship operating in five states. The second was a group of seventeen senior living complexes. John … Read More

Keeping that Vacation Home in the Family

Protecting Family Assets

  Some of the greatest family memories are built around family vacations.  And those memories seem to be magnified when vacations are held at the same location every year, such as a family vacation home.  It’s not unusual for families to keep those homes for decades, to be shared and enjoyed by each subsequent generation of loved ones. One planning … Read More

Regardless Of Estate Size, the Revocable Living Trust Remains the Foundational Tool of the Estate Plan

The revocable living trust acts as a will substitute and contains instructions for managing your assets during your life as well as upon death. It is created during your lifetime and becomes effective immediately when you sign it.  But it will only control those assets that are transferred into the name of the trust.   You can transfer property to the … Read More

Business Magic: Systems and Processes

Author Michael Gerber, in his famous “E-Myth” book series, stresses the idea of working “on” the business instead of just “in” the business. Does it ever seem like you are always “putting out fires” instead of working on the really important things that will grow your business and increase its value? Do you ever feel overwhelmed? Do you find yourself … Read More