A common and often costly mistake when it comes to business succession planning is not starting the process early enough.
According to the Exit Planning Institute of Ohio, recent studies show that over 60% of the current U.S. business market is owned by baby boomers (those born between 1946 and 1964), who are ready to exit or transition their business over the next 10 years.
The new, buzzy Netflix documentary on the late, beloved, iconic public broadcasting TV host, painter Bob Ross—“Bob Ross: Happy Accidents, Betrayal and Greed”—documents how the artist’s son, Steve, now 55, was allegedly robbed of his late father’s inheritance by the artist’s business partners.
Small business owners have their hands overflowing with issues, and they devote most of their time to matters related to the smooth running of the business. Having no time to think about other matters, they do not bother about estate planning for them.
What happens at your company when a shareholder dies or becomes disabled, or wants to leave? These are just two of the potential scenarios that can be properly addressed with a buy-sell agreement.
If you do not learn from your mistakes, you are doomed to repeat them. In Estate Planning, if you do not learn from other’s mistakes, you are likely to repeat them.
With the threat of COVID-19, we’ve all come face-to-face with our mortality, but are you prepared for the worst?
If you plan to pass your business to your offspring, there is more to keep in mind when creating your succession plan than your descendants—there are also their spouses—especially if they become ex-spouses.
The press has made much of the handwritten will that Larry King executed in the months before he died and in which he purports to change his prior will executed in 2015, to leave his estate equally between his children.
You don’t actually appoint someone power of attorney (POA). A POA is a document that you execute that allows someone to act on your behalf.
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