Growing a business is a difficult undertaking today as business owners must confront a myriad of tax laws and regulations while trying to effectively create products or services, manage their employees, develop and cultivate clients, and do so profitably.
Everyone has their own reason for gifting their assets or a portion of their income to charitable organizations. Some find comfort in helping others who are less fortunate, while others simply want to share their good fortune.
Not everyone is equally prepared for retirement. While some of us are fortunate to have built a nest egg that should last us through our Golden Years, others will depend on government programs for retirement income.
In a small business setting, it could take years to find or develop the executive talent needed to build the business to the next level. Executive talent is hard to come by, and it is even more difficult on the business when it walks out the door in pursuit of another opportunity.
If you wish to leave behind a meaningful legacy, be it for loved ones or a charitable institution, you need to put a well-thought-out estate plan in place. Without an established plan, the fate of your estate could be determined by the government, lawyers, or people that don’t have your best interests and wishes in mind.