Penning Blog

Tuesday, September 23, 2014

In my experience assisting families with succession planning for legacy assets such as their family business, cottage or farm, the biggest challenge I’ve found is making sure there is enough money to pay for the immediate obligations after the current owner’s death. These obligations can be in the form of taxes, possible interruptions to business operations, and revenue and debt service. The obligations also may extend to longer-term capital needs such as paying the bills for these assets. 

One solution that provides the necessary operating capital for covering family-owned property and other assets is purchasing life insurance. In the event of the current owner’s death, life...

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Tuesday, September 23, 2014

Domestic violence has been making news headlines lately, mainly because of the high-profile cases of the National Football League players Ray Rice, Adrian Peterson and others. This publicity has drawn attention to the ambiguity surrounding the NFL’s established policy on domestic violence and other off-the-field transgressions by players.

Factors to Consider

The NFL exists in its own, somewhat unique atmosphere. The fact that the NFL has a complicated (and apparently rather flexible) policy on domestic violence does not, in itself, mean that all employers should have one. Here are some factors an employer should consider before implementing a domestic...

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Tuesday, September 9, 2014

People view life insurance as a contingency plan if something bad happens in life. That view, however, is not the whole picture when it comes to considering life insurance as a planning tool. Life insurance can be a solution to several challenges in estate, business and cottage planning situations. As such, it is not only a contingency plan, but it can be a primary tool to serve a specific purpose in a person's overall succession plan.

Traditionally, the purpose of life insurance is to replace a wage earner’s income in the event of his/her unexpected or premature death. But that is not the full story. Life insurance can be a valuable tool to provide liquidity to pay estate taxes...

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Wednesday, August 27, 2014

Periodically Dan Penning will appear in the local media to discuss various matters relating to Cottage Law, Estate Planning, Business Succession Planning and Asset Protection.

On July 31, 2014, Dan appeared on Dennis Prout’s (CFP®Prout Financial Design) Retirement Planning Radio Show on WTCM...

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Thursday, May 15, 2014

Families Preserve Their Best Memories of the Family Cottage Through Succession Planning

Spring triggers the annual migration of cottage/cabin owners back to their summer homes after the long, cold winter – or, for those more fortunate, spending time at warm climate retreats. Spring also brings the excitement and anticipation for a new season of warm, muggy nights, fishing, watersports, campfires, and the constant coming and going of family members and guests at the family cottage.

As I reflect on the start of another summer season fresh with new inquiries about cottage law matters such as ways to protect and plan for the future of many family cottages,...

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