While 88% of business owners believe their family will control their business in five years, statistics from Family Business Institute show that only 33% of businesses survive to transfer to the next generation, and only 10-15% continue to the third generation.
While it’s never fun or pleasant to think about what will happen to them if the worst should happen to us, it’s very important to consider how we can ensure that they are well cared-for when and if we are no longer able to care for them ourselves.
The Internal Revenue Service (IRS) recently issued much anticipated proposed regulations that clarify and revise some of the required minimum distribution (RMD) rules for qualified plans (i.e., 401ks, 403bs, etc.) and individual retirement accounts (IRAs).
These vacation homes may also comprise a significant portion of the family’s wealth. Therefore, it’s understandable that homeowners want to pass their properties and family traditions to future generations.
Two years into the pandemic, countless lives have been impacted by COVID 19. Faced with daily reminders of the consequences of this illness, estate planning seems to be on the minds of many.
When it comes to owning property in two different states, you may wonder how to manage these in your estate plans.
In 2017, Congress doubled the exemption starting in 2018, and the amount will continue to rise with inflation through 2025. This expansion helped reduce the number of taxable estates to about 1,300 for returns filed in 2020 from about 5,200 in 2017, according to the latest IRS data.
You may want to consider some financial issues before walking down the aisle again.
Beyond not making a will at all, here are the biggest mistakes that estate planning attorneys see clients make.
In 2022, the annual exclusion for Federal Gift Taxes increased to $16,000 per person per year. Although there is near-universal acceptance of the importance of gifting, there are several issues you should consider before making any gifts.
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