Steps You Can Take Now to Create a Succession Plan

Steps You Can Take Now to Create a Succession Plan

Many small businesses are family owned. While family owned businesses enjoy the benefit of familial solidarity, their strength is often threatened when it's time for leadership to be passed down. Succession plans help ensure the transition from owner to owner is an easy one, but many small and family-owned businesses do not have such a plan in place.

 

You may think that succession planning doesn't reap immediate benefits, and as a result overlook it as a critical component of your current business success. However, what we’ve repeatedly found is that succession planning now strengthens your business, supports it to grow now and allows for the longevity and legacy you desire.

 

And, the best part of succession planning is that it can allow you to chart the vision for your future, as the business owner, so that you can begin to experience the freedom you may have desired when you first started your business.

How (and Why) to Disinherit a Child or Grandchild

Completely disinheriting a child or grandchild should be reserved for extreme circumstances.  And, if those circumstances exist in your family, it’s critical to ensure that you’ve taken the proper planning steps so that you are not leaving your loved one’s with a guaranteed lawsuit or other conflict after you are gone. Read on, if you are considering disinheriting a child or grandchild.

Why Startups Need Lawyers, Not Legal Templates

Why Startups Need Lawyers, Not Legal Templates

When growth and funding are top priorities, it is wise to not let legal soundness fall to the wayside. Not surprisingly, 1 in 10 startups fails due to overlooked legal issues. Without a lawyer looking out for your best interests, it’s easy to miss common legal mishaps that pose a threat to any startup.

 

Mistake #1: Many startups rely on legal templates easily downloadable online to “cover their bases” and save money. What seems like a wise choice from an economic perspective can lead to significant liability if you don’t know what you are doing. Tax forms and incorporation documents might be free to download, but most entrepreneurs don’t have the legal know-how to be sure the forms are being utilized properly. Minor errors or oversights in those free legal templates can spell disaster down the road in the form of lawsuits or worse.

Recently Divorced? Here’s Why You Should Put Aside Your Differences Come Tax Season

Divorce can wreak havoc on your finances. But what many divorced couples don’t realize is that they can expect to face recurring financial challenges during tax season for years after the divorce is finalized. While divorce is often adversarial, leaving both spouses with animosity in its wake, tax season is an opportune time to put aside those differences and cooperate to reach a mutually beneficial outcome.

 

Filing taxes in the midst and even after divorce can be complicated. Even after a divorce, many couples retain financial ties in the form of ongoing support, shared assets, lingering retirement plan divisions, and tax breaks, all of which can significantly affect tax liability. You can avoid another bitter battle by sitting down with your ex-spouse—and ideally a trusted lawyer—to discuss a few key issues.