Spokane Succession Planning for Business Owners Q: Is there a process for succession planning in Spokane? In the past you’ve written a lot about succession planning; now you seem very focused on estate planning. So, which am I looking for and how do I tell someone what I need help with? A: Most people mistakenly …
10-Step Succession Planning Checklist for Business Owners Read More »
Estate tax law is a political football in which each new administration plays offense or defense depending on their party’s point of view regarding taxes. Under the last administration, America’s farmers and family business owners enjoyed the most favorable tax law since the estate tax was implemented back in 1916. The new administration wants to …
Once upon a time, there was a farmer named Timm. He lived on a dairy with his faithful wife Mildred and their four children. The family grew up working together. They milked the cows, put up hay, fed the animals, cared for the crops and tended the vegetable garden. The Timms loved their growing family …
Succession Planning: Equal Isn’t Fair And Fair Isn’t Equal Read More »
Newport Estate Tax Planning Newport estate tax planning should be on your to-do list. It is hard to do, but if you can, forget about the estate tax! Before you start making your list of things to do for the week, consider this. Forget about the estate tax just for a moment. Not that it …
Contingency Plan in Spokane Do I need a contingency plan in Spokane? Succession plans are usually designed to accomplish the owner’s goal of transferring ownership and management responsibility to the successor during the owner’s lifetime. However, a sound succession plan must also provide a contingency plan in the event an owner’s premature death or disability …
I’ve often said a properly drafted and adequately funded buy-sell agreement may be the best legal document in an owner’s filing cabinet. A buy-sell agreement may help by: Preventing unwanted persons from becoming owners. Ensuring continuity of ownership through a number of triggering events. Providing a ready market for closely held business interests. Establishing a …
