Blog — Family Business

Tuesday, September 29, 2015

Should You Tell Your Children About Your Estate Planning?

Often, one of the hardest decisions people make in the estate planning process is how much (and when) to tell their children or other heirs about their plans. 

There is no single right answer for everybody: what to do depends on the nature of your planning and your family circumstances. But it is worth giving the issue some consideration. 

Many people are hesitant to reveal the details of their family's...

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Wednesday, September 9, 2015

Life Insurance as Part of Your Estate Plan

Even if you have a relatively modest estate, life insurance can be an important part of your estate planning for the obvious reason that it can substantially increase the estate’s value. In the case where there’s a premature death and a young family is in need of support, life insurance may be the primary means for that family's financial survival.

For larger estates, life insurance can be useful by providing the liquidity necessary to pay...

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Tuesday, September 8, 2015

Life Happens Life insurance has evolved to keep up with changing consumer demands

The following guest blog is written by Ted Kotsakis, Chief Executive Officer of PLUS Financial Network. He has been in the insurance business since 1985 and has held managerial positions with Prudential and AIG Life prior to creating PLUS Financial Network.

Ted is a current member of NAILBA, NAIFA and AALU and is a past President of NAIFA of Greater Detroit. Ted's unique experience and...

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Tuesday, August 18, 2015

Sale of Business Interests Can Trigger Surprise Tax Results

Did you know that if more than 50% of the interests in a partnership or LLC are transferred within a 12-month period, the business technically ceases to exist under federal tax law?

That is true even if the business continues to operate as normal for all other intents and purposes.

This "technical termination rule" isn't the end of the world, but it is something you need to be aware of. For one thing, a special tax...

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Tuesday, August 18, 2015

How to Avoid Common Trust Mistakes

A trust is oftentimes the foundation of a solid estate plan. It is important to remember that you just can't 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 the trust document and its terms. Not doing so can sometimes lead to unintended results. 

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

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