Most startup companies, seeking or anticipating high growth, rely on some form of outside financing. That financing can take the form of incurring debt from a creditor (e.g. a bank loan), or selling equity, i.e., ownership, in the business. The variations on these sources are seemingly endless. This blog discusses the pros...
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The “Stretch” IRA was commonly used as an estate planning tool which allowed beneficiaries to enjoy the benefits of IRA asset growth, either tax-deferred (or, in the case of a Roth IRA, tax-free) for their lifetime. With the passage of the SECURE Act, IRAs inherited after December 31, 2019 must pass...
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Many business owners elect to end their fiscal year on the calendar year. This provides a great time to reflect on business plans and entity maintenance requirements. Failure to do so can not only stifle business growth and evolvement but may result in significant and unnecessary risk. While each business is different,...
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Every company, and its employees, wants the annually holiday party to be a fun celebration. Employer get the opportunity to demonstrate their appreciation for their workforce and all their collective hard work. Employees need to be mindful that a company holiday party is a unique event, and while celebrating, maintain a professional...
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Without a buy-sell agreement in place, business owners risk face unnecessary risk, and are open to events that can disrupt their business and decrease its value. It is estimated that three out of four business owners lack documented succession plans, (to include buy-sell agreements. If government estimates are correct, and nearly 52...
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Historically, between one half and one third of all small and mid-sized businesses will be sued in any given year. Over a business’s lifetime, approximately 90% will face litigation. While litigation costs vary depending on the type of lawsuit, today’s business owner can anticipate legal costs alone over $125,000. This...
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The internet has created access to information that was unthinkable a generation ago. That access has provided the motivated DItYer with the ability to tackle almost as many issues as they have the time to handle: with easy instructions on home improvement and repairs, to learning how to play that elusive musical...
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A loved one has recently passed, and you have been informed that you are named as the successor Trustee of their Trust, or the Personal Representative of their estate. Or perhaps you had a joint Trust with your significant other and you are now serving as the sole Trustee. You know you...
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For many clients, philanthropy is already part of their everyday life. Whether it be involvement in one or more charitable organizations, or regular giving to religious or civic organizations. As we are approached to develop estate plans, many clients are surprised to learn of the many ways they can provide for longer...
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A Totten Trust Account, or Totten Trust, is named after a 1904 New York state court case in which a person opened a bank account and named a beneficiary of the account after he passed. Prior to this decision, other courts invalidated this sort of arrangement. Today, Totten Trust Accounts are...
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