Do you own a business? Have you considered what needs to be done with the business when doing your estate planing?
If you own a business, it is important to have a management succession plan. Do you have a buy/sell agreement for your family business interests? Have you considered a gift program that involves your family owned busines, especially in light of "estate freeze" rules?
These rules were enacted by Congress to prevent people from articially freezing their estate values for tax purposes. These are all things that you can consider when doing your estate planning with your own business. As a fellow business owner you should be able to answer the following questions:
- Are you paying too much for plan administration services for your qualified retirement plan?
- Are you spending too much time administering the plan?
- Does your current plan have trouble passing discrimination testing?
- Does you plan offer employees enough investment option?
If any of these quesitons ring true for you, a turnkey, benefit-sensitive retirement plan may be just what you need. Call our office and we can help you evaluate your options, protect your business and plan for your business's prosperity.