Author: dwhitney

Why Should I Consider Having a Living Trust as Part of My Business Succession Plan?

“Business succession planning” deals with your eventual exit from the business, both intended and unexpected. In the case of your death, succession planning includes how to handle legal ownership of the business, how to ensure business can legally be conducted, and how to designate who can legally managing the business after your death, (Of course, everyone’s circumstances are different, and no single strategy is appropriate for everyone. So, it’s important to consult with your legal, tax and business advisory professionals before choosing a particular solution for your own family and business.) There very good benefits and reasons for using...

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Living Trust—Don’t Leave Earth Without One

What is a Living Trust, and Should I Have One? Having a Living Trust can save the cost and delay of probate proceedings at your death. But, the biggest reason for having a Living Trust is the peace of mind about how much easier it makes things for your loved ones while they are adjusting their lives after your disability or death. Let’s explore what a Living Trust is, what happens if you don’t have one, and what things a Trust can mean to you and your loved ones.   First, What is a Living Trust? A Living Trust...

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What Is a Professional Corporation or Professional LLC

What Is A Professional Corporation or Professional LLC (and Are You Required to Have One?) For a lot of very good reasons, I recommend that most business owners organize their business as either a corporation or limited liability company (LLC). An LLC, and especially a corporation, has many advantages, including some additional layers of asset protection, certain options and opportunities for managing owner compensation and tax liabilities, and more options for benefits and retirement plans for both you as the owner and your employees. If you are a member of a licensed profession, the reasons for having a corporation...

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