On September 13, 2021, the House Ways and Means Committee released the text of the proposed legislation to fund the Build Back Better Act. In addition to reducing the current lifetime gift/estate and generation-skipping transfer ("GST") tax exemptions by approximately...
Mistakes to avoid when it comes to business succession planning
A business succession plan is a vital tool in establishing the wishes of an owner and protecting a company's future. If you run a business, you can best preserve your legacy by avoiding the following common missteps when it comes to your succession plan. Mistake #1:...
Tips for talking to your children about your legacy
Thinking about your legacy and the gifts you want to leave to your children can happen long before you want anything to change. It can start the day your child is born, or you decide to open a new business. Eventually, you will likely want to do more than think about...
Agree to review buy-sell agreements each year
It is critical for business partners or co-owners to make a plan for what will happen to their business should something happen to one of the partners – whether that means one partner retires or passes away. Many California partners opt to create a buy-sell agreement....
Have you completed a gap analysis for your succession plan?
Business owners must take several steps to create an effective succession plan. After all, there are many aspects of succession required to ensure that the business – and its legacy – continue. One of the essential steps business owners must complete when creating...
Organization: An important element of estate planning
When it comes to running a successful business, attention to detail and organization are critical. These characteristics are also important for business owners to implement when it comes to their estate plan. An organized estate plan is an effective estate plan. And...
Powers of attorney: How can they help business owners?
One of the most important aspects of running a successful business is mitigating any risks the business could face. This requires business owners to adapt and plan effectively for the future. Unfortunately, this often means that California business owners must...
A succession plan must be up to date
Many sources, including this blog, advise business owners on how important it is to begin succession planning early. After all, an effective succession plan is not only a plan for a business owner’s retirement. It is also a plan to protect the business’s assets and...
Three tips to prepare your successor to take on the business
Creating a business succession plan is critical for every California business owner. However, successfully transferring a business requires more than a plan – it also requires action. Business owners must prepare their successor, so the transition is smooth for both...
What should business owners consider when choosing a successor?
Some business owners know exactly who will take over their business. They might choose a sibling or their child to step up and take over the family business. Or, entrepreneurs who run large companies might choose a co-owner or partner to take over after they leave the...
Celebrating 36 Years
