Every entrepreneur understands the value of effective business planning but seldom are those who are aware of the critical role estate planning plays in their company's success. Without a proper estate plan, the business you worked so hard to build could be at serious risk if something happens to you or in the event of incapacitation. Don't put your most valuable asset at risk. If you haven't created a proper estate plan, your business is missing one of its most essential components.
Biden’s proposed Build Back Better plan would require approximately $7 trillion. Such an astounding amount of revenue most likely means a surge in taxes. Biden’s policy front is zeroed in on high-income taxpayers, and yes, that includes corporations and estates. You might want to plan ahead to minimize legal and financial repercussions arising from these proposed changes. From increased business taxes to lowered itemized deductions, here is an outline of Biden’s economic plans.
Superheroes never die, they just fade away. Chadwick Boseman’s Black Panther legacy will surely live on for years to come. However, with the court currently probing into his million-dollar estate, King T'Challa might be remembered differently by the public. Apparently, the actor died without completing estate arrangements causing his widow to petition to be named administrator. As sad as it sounds, Boseman is one of many celebrities who neglected to create a detailed and thorough estate plan.
With record-breaking 80 million votes, Joe Biden is well on his way to the White House. When he finally takes over in 2021, there will be key changes to watch out for especially in the tax landscape. Biden is set to inherit a battered economy so he is essentially focused on increasing revenue from taxes. As estate owners, now is the perfect time to update your existing estate plan in preparation for a massive political realignment next year. Here are the probable major economic shifts for 2021.
While estate planning is probably one of the last things your teenage kids are thinking about, given the dire threat coronavirus represents, when they turn 18, it should be their and your number-one priority. At 18, they become legal adults in the eyes of the law so you no longer have the authority to make decisions regarding their health care & finances if something happens to them. While you can't totally prevent your child from any unforeseen maladies, you can put a plan in place to assure th
2020 saw the passing of one of Marvel’s greatest superheroes, The Black Panther, King T’Challa. After four years of box office hits and hospital treatments, Chadwick Boseman has succumbed to colon cancer, ending a stellar career and leaving a million-dollar estate behind. However, it turns out that Boseman died without a will. Though this is a fairly common occurrence, such a situation has legal consequences that might take ages to resolve. Not to mention costly and even distressing.
Trademarks give the business its identity. They literally “mark" everything related to the business from its products, letterheads, processes, facilities, and more. But with company logos and taglines flooding the Internet for marketing, it is very easy for a trademark to fall into the wrong hands. At first, it may cause only confusion for your customers but it might bring a pile of expensive lawsuits later. Protect your business now by developing relevant and updated trademark strategies.
The staggering events of 2020 have greatly affected each person’s overall mental and emotional health. Faced with sudden changes such as sickness, loss, or unemployment it is difficult to stay positive. No pun intended. However, this may be an opportunity to invest in your most important asset—yourself. It is a time of unearthing your skills and talents that may have been stored away all this time. As each person is unique you surely have something to offer that nobody else could. You could be t
2020 has set unprecedented variables in business with the advent of COVID-19. You will never know what could go wrong at any given moment. It is possible for your business to be completely swept away by the pandemic without means of protection. One of these means is having comprehensive insurance coverage. This can cover almost anything from properties, professional services, computer systems, business and employment practices and more.
Advanced health care planning is an ideal way to prepare for the future. Being unable to relay your healthcare instructions in the event of death or incapacity will be an added emotional burden to your already distressed loved ones. With the current pandemic overloading hospitals everywhere, it becomes more urgent to put your documents in place before it is too late. Find out what other directives to include in your plan to expedite the decision-making process and to ensure your family’s safety.