While 88% of business owners believe their family will control their business in five years, statistics from Family Business Institute show that only 33% of businesses survive to transfer to the next generation, and only 10-15% continue to the third generation.
The first step in getting your affairs in order is to gather up all your important personal, financial and legal information, so you can arrange it in a format that will benefit you now and your loved ones later.
The Internal Revenue Service (IRS) recently issued much anticipated proposed regulations that clarify and revise some of the required minimum distribution (RMD) rules for qualified plans (i.e., 401ks, 403bs, etc.) and individual retirement accounts (IRAs).
Does your retirement budget account for all of these costs?
What Is Residuary Estate?