If you want your business to survive after you leave—whether your departure is because of retirement, illness, or death—it is important to develop a plan to retain your key employees during the transition period. A stay bonus is an incentive that could persuade them to remain with your company, increasing the likelihood of its continued success. Read here to know how a stay bonus can help.
Collecting life insurance policy proceeds is not always a complicated process, but after the death of a loved one, everything seems difficult. You want to be prepared and avoid having more stress added on during such a tough time. Knowing all the steps that need to be taken beforehand will help you get access for the proceed easier and in much less time. Here is how the process works, and what you should be aware of.
Having a Trust for your children will certainly help them in the future, but only if you have the right plan set up for that Trust. In order to help your family from losing all their inheritance from mistakes or bad decisions, you have to make sure you leave them with right trust. Placing inheritance in a trust will protect your family from any threat that could come from irresponsible behavior or external risk. Read here how inheritance in a trust works.
Selling your appreciated assets will not give you as many tax and income benefits as a Charitable Remainder Trust (CRT) will. Don’t sell your assets when there are better options for you such as a CRT, where you will save yourself from income and estate taxes but still have a lifetime income for yourself and your family. Learn here about how donating to a Charitable Remainder Trust will benefit you as well as how it works and the different options available.
You may think your pets are family, but the law considers them to be nothing more than personal property just like your cars, furniture, and electronic devices. In order for the law to treat your pets the way you want them to be treated, it is your responsibility to make that clear through estate planning. If you would like your pets to be taken care of properly after your death, you have to plan ahead to ensure their safety and care when you are not able to do it yourself.
Choosing a life insurance policy may not be as simple as you think, there are multiple type of policies to consider when deciding which one is best for you. It can be confusing to understand life insurance so here are the different types of policies along with pros and cons of each. Take a look at these different policies and see which one would be most beneficial in your situation.
People often assume a Will is everything they'll need to take care of their business when something bad happens to them, but that can actually cause more problems and cost for their family than necessary. To ensure your business is passed on to your family exactly the way you want, you need to have a comprehensive plan that takes your life and business into account. Now check out these 4 key elements every business owner must have in their plan.