There are many tools in the estate planning toolkit, so there is an ideal course of action that can be implemented to address any situation. This is one of the reasons why it is important to discuss your objectives with an attorney. Many people do not understand what is possible, and uninformed decisions can yield negative consequences. With this in mind, we will look at a couple of different ways that life insurance can play an integral role in estate planning for small business … [Read more...] about Life Insurance Provides Succession Solutions
business succession planning
Estate Planning Solution for Business Partners
Small business owners face certain estate planning challenges, and this can be particularly true when there is a partnership. What would take place if one business partner was to pass away? There is a widely embraced business succession solution that is often utilized when this type of scenario exists. Let’s look at the details. Buy-Sell Agreements Let’s explain by way of example. Suppose you are one of three small business partners. Your business is thriving, and the share that is owned by … [Read more...] about Estate Planning Solution for Business Partners
The Psychology of Family Limited Partnerships in Vermont
Unfortunately, family limited partnerships in Vermont, or FLPs, have gotten a bad rap in recent years. Some insist they’re golden opportunities for the IRS to audit while other say they’ve become abusive methods of transferring wealth with no tax repercussions. But even if that’s true, and we’re not saying it is, there are many benefits to these financial planning options. Perhaps the real downside has to do with the family dynamic itself. Keeping it in the Family First things first – before … [Read more...] about The Psychology of Family Limited Partnerships in Vermont
