Penning Group Blog

The Penning Group blog is written and edited by the advisors and attorneys of The Penning Group, providing practical business, personal, and legal information. To view blog posts by category, choose a topic area from the sidebar menu.

Tuesday, July 12, 2016

Key Elements of a Family Business Succession Plan

A family business succession plan is a multifaceted plan. When done correctly, a succession plan for the family business addresses various key issues in the business as well as at a personal level.

There are a number of critical elements you need to consider for any business plan. The following are six key areas your family business succession plan needs to address.

First, make sure you address your own personal retirement...

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Tuesday, July 12, 2016

A family business succession plan is a multifaceted plan. When done correctly, a succession plan for the family business addresses various key issues in the business as well as at a personal level.

There are a number of critical elements you need to consider for any business plan. The following are six key areas your family business succession plan needs to address.

First, make sure you address your own personal retirement planning. Without this step, it is hard to know how long you may need to continue working in order to build your retirement resources, or how much money you can expect to have when you are ready to retire. Going through the retirement planning process...

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Monday, June 27, 2016

Will Meets the Web – Estate Planning for Digital Assets

Will Meets the Web – Estate Planning for Digital Assets

Federal and State Legislation Trail Real-World Use of Digital Assets, Potentially Increasing the Difficulty of Identifying and Conserving These Assets for Heirs and Beneficiaries

Historically, we all have viewed...

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Sunday, June 5, 2016

Businesses Can’t Agree Not to Poach Employees

It might be tempting to formally agree with other business owners in a niche field not to poach one another's employees, but it is illegal – and recently, some businesses have paid a high price. Eight hospitals in the Detroit area paid $90 million to settle claims that they had exchanged information with one another about how much they paid their nurses. The hospitals had allegedly conspired to limit...

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Tuesday, April 26, 2016

How to Avoid Common Trust Mistakes

Trusts can be the linchpin of a solid estate plan. It is important to remember that you can't just set up a trust and forget about it. It is a good idea to periodically review how your trust is working to make sure you and your family are getting the full benefit of it. Not doing so can be costly and may cause unintended consequences with respect to one's estate plan.

Here are just a few things to consider and some common mistakes to avoid:

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