A new law called the Corporate Transparency Act (CTA) goes into effect on January 1, 2024. Under this law, owners of certain business entities must file a specific report with the federal government. In it, they must include details about the ownership of their entity...If you have an entity (corporation, LLC, family limited partnership, etc.) as part of your existing estate plan, read on for important information about how to comply with this new law.
Owning your own business or investment portfolio can be incredibly rewarding. But if you don't protect it, all your hard work could be for nothing. Some of our clients choose to create a family limited partnership (FLP) to protect their assets, themselves, and their families from taxes, creditors, and probate.
Involving family members in your business isn’t a course of action to take lightly. If you are considering this option, it is best to approach it as seriously and professionally as you would any other business venture.
There are many positive aspects of being part of a family business. Relative (no pun intended) job security and financial benefits are two that readily come to mind.
A family business owner knows that as the business grows, they must consider how the business will prosper when he or she exits the company.
If you’re fortunate enough to own a small business, has your enterprise flourished into something a bit more complex than you ever would have expected?
You may be one of the many family business owners who can’t imagine ever fully stepping down from your company. You may imagine yourself busy in a mentoring role for many years to come.
Is your growing business still a one-person operation? As your company continues to grow and the workload increases, it is easy to find yourself not having enough hours in the day to accomplish everything that needs to be done. At such a turning point, many small business owners turn to their families for help.
There are many positive aspects of being part of a family business. Relative (no pun intended) job security and financial benefits are two that readily come to mind.
By using survivorship life insurance, and addressing the issue of estate taxation now, you will have taken important step toward preserving the future of your family business.
