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Category: Succession Planning

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July 22, 2024
The Danger of Using Company-Owned Life Insurance to Fund a Buy-Sell Agreement

The case of Connelly v. United States was decided by the Supreme Court on June 6, 2024.  The case concerned the valuation of a business for estate tax purposes.  Crown C Supply Co. was a business co-owned by two brothers, Michael and Thomas Connelly.  When Michael Connell...

August 18, 2023
Roth Conversions – a Case by Case, Year by Year Decision

Roth Conversions attract a lot of conversation in the personal tax and wealth management realm.  Here are some common overall goals of a Roth Conversion and some general scenarios where the strategy may be particularly appropriate.  ...

June 9, 2023
Age and Life Based Milestones

Curious how to navigate your financial journey? Our team summarizes what you should be taking into consideration when reaching "age based" and "life based" milestones....

April 12, 2023
10 Things You Need to Know About Secure 2.0

Congress passed secure Act 2.0 at the end of December 2022 the article below summarizes some of the major elements of this far-reaching bill. Individuals and employers will want to be aware of the changes this bill is making....

February 14, 2023
Minnesota Long-Term Care Legislation

We wanted to bring your attention to a long-term care topic working its way through the Minnesota legislature. It mimics current legislation in place in the state of Washington and in serious consideration in California, New York and Pennsylvania. States, which end up beari...

December 8, 2021
Could an FLP Fit Into Your Succession Plan?

Among the biggest long-term concerns of many business owners is succession planning — how to smoothly and safely transfer ownership and control of the company to the next generation. From a tax perspective, the optimal time to start this process is long before the owner i...

November 29, 2021
IRS Announces Adjustments to Key Retirement Plan Limits

In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights:...

June 2, 2021
The Long and Short of Succession Planning

For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon....

March 10, 2020
How’s Your Buy-Sell Agreement Doing These Days?

Most companies wouldn’t go into business without some basic types of insurance in place, such as property coverage and a liability policy. For a company with more than one owner, there’s an additional type of risk-management arrangement that needs to be established: a bu...

September 17, 2019
The Succession and Retirement Planning Puzzle

Succession and retirement planning is an interesting puzzle.  Everyone needs to plan for retirement. But as a business owner, you face a distinctive challenge in that you must save for your golden years while also creating, updating and eventually executing a succession pla...

March 8, 2019
Using Knowledge Management to Develop Your Succession Plan

As the old saying goes, “Knowledge is power.” This certainly rings true in business, as those who best understand their industries and markets tend to have a knack for staying on top. If that person is a company’s owner, however, great knowledge can turn into a vulnera...

December 10, 2018
Succession Plans for Family Businesses

Those who run family-owned businesses often underestimate the need for a succession plan. After all, they say, we’re a family business — there will always be a family member here to keep the company going and no one will stand in the way. Not necessarily. In one all-too...