Making Cents: Planning for Children with Special Needs or Dependency Issues
Between what appears to be a larger percentage of children born with special needs and the recent epidemic of opioid addiction and dependency, many parents need specialized guidance in order to best assist these children and ultimately, protect their assets from the issues that can easily drain any estate. The core issue is the child’s…
Making Cents: Price Inflation may be Higher than you Think it is
Calculating the rate of inflation seems rather simple. If you pay $10 for something today and one year later that item costs $11, you would think that the item has inflated by $1 or 10% over the past year. But when it comes to the rate of inflation, there is yet another variable to factor…
Succession Plans for Privately Held Businesses – Part III
In the last two weeks, we’ve talked about the different parts of planning for business succession. In our first article, we talked about the operational preparations that must be made (read the article here). Then last week, we started discussing the financial implications of business succession, including valuations of the business and any real estate…
Succession Planning for Privately Held Businesses Part II
Last time, we wrote about the operational side of succession planning. In case you missed it, you can read it here. Continuing with our series, we’re moving on to the financial side of succession. There are a few key ingredients: who will become the new owners of the deceased shares, and what are the financial…
Making Cents : Game Changing Life Transitions that need Attention
Most people approach their financial planning on a piecemeal basis. They look at their portfolio every now and then. They talk to an estate planner every 10 or 20 years, even though it should be more frequent. They buy their life insurance in a vacuum and never look at it again. They buy and sell…
Avoiding Battles about Money
According to a 2012 Harris Interactive poll, about 36% of all couples aged 55 – 64 argue about money. That’s the highest percentage amongst any age group and significant because people in that age bracket are either retired early or thinking about the day that they may stop working. Most life and financial transitions are…
Succession Plans for Privately Held Businesses – Part 1
The Operational Side of Succession Planning As an owner of a private business, you know that nothing lasts forever. And that includes you, your management team, and other key players in your business eco system. I’d like to start the conversation as if the majority, if not all, of this privately owned business is…
Busting Myths of Financial Service Firm Independence
Most financial services firms tout their independence and how they are always looking to do what is in the best interests of their clients. But the truth, of course, isn’t so simple. Let’s start by busting a few myths about adviser independence. First may be the myth that because someone practices as a fee-only adviser…
Making Cents: How do you know when it is Time to Sell your Business
If there’s one big mistake that business owners make, it’s failing to exit their business on their terms and within a proper time frame. Simply put, too many owners stay in the saddle too long and miss the opportunities to time their exit well. They miss it for a myriad of reasons. Some don’t make…
Making Cents: Family Business Succession – Enhancing the Odds of Success
The odds of successfully transitioning a business from one generation to the next are extremely low. In fact, as each generation grows to the point of needing a successor, it is even less likely that a transition to the next generation can be successfully accomplished. Succession is something that should always be on the minds…