Blog — Family Business
Saturday, May 31, 2008
Fortunately, there is a traditional alternative to wills and probate. It is called a revocable living trust. It avoids all probate and makes sure your plan won’t be altered by the court or relatives at your death or disability.
Probate is the legal process through which the court makes sure that, when you die, your debts are paid and your property is distributed according to your will. If you don’t have a will, the state has laws that govern how your assets are distributed among your relatives. The probate court can also take control if you become physically or mentally incapacitated.
What’s so bad about probate? Well, probate can be an expensive, time consuming process in...
Read More...Monday, March 31, 2008
Okay, you've started your own business or purchased an existing business; worked nights and weekends to make it survive and grow; sacrificed time with your family; so what's your exit plan?
With increasing pressures facing business owners, there seems to be little or no time to devote to the question of what happens to the business when the owner wants to, or has to because of death or illness, transfer ownership. Most closely held business owners have spent a lifetime building their businesses, resulting in the business being the most valuable asset to accommodate retirement or investment in new ventures.
While a lack of exit planning is understandable, the results can...
Read More...Monday, March 31, 2008
With the onset of technology and ever expanding markets for even the small business owner, many businesses are operating in multiple states. That being the case, it is incumbent on management to know the states in which the business must pay taxes. The process of determining tax liability can be quite complex.
Generally, a business will owe taxes in states where the business has a “nexus” or connection. The nexus would start in the state where the business is incorporated. In addition, any state where the business has a headquarters or owns property, employs employees or other company representatives, may trigger tax liability. There may also be a standard whereby a state looks...
Read More...Monday, March 31, 2008
If you are like most of our businesses, you probably have a company website. You may also have a specially-designed company logo that you use on your website and elsewhere to “brand” your business in the marketplace. What you may not have done, however, is take the necessary steps to protect your all-important logo from infringement by competitors. If your business is set up as either a Michigan corporation or limited liability company, your company name itself is protected from infringement within the state of Michigan. Your logo, however, is not protected unless you have separately registered it with the state. (Your logo, incidentally, is called either a “trademark” or “service mark...
Read More...Monday, March 31, 2008
With the onset of global natural disasters, and a tight economy which has strained private charities, there is an increasing demand for charitable giving. There are several ways to provide benefits to charities. Depending on the alternative you choose, helping your favorite charity may help you maximize your tax savings.
Options for charitable giving as part of your estate plan include:
• Cash. The simplest way to contribute both from your perspective and that of the recipient charity is a cash gift. Cash gifts (bequests), like any other contributions you make at the time of your death, are fully deductible for estate tax purposes.
• ...
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