Owning a business is a lot like parenthood. In fact, research shows that brain activity when founders look at their own companies is similar to when parents look at their children. It makes sense. Just like with a child, you nurture your business to grow, succeed, and benefit your customers and clients, your employees, and society.
Deferred compensation plans are a popular option for high earners. First of all, they can save professionals a lot of money during their working years—and in their retirement years as well. When using a deferred compensation plan, the professional can defer a portion of their income to the plan where it can grow tax-free.
Whatever your reason for giving this year, it’s important to know how your charitable contributions can impact your financial plan. In fact, being strategic and intentional in your 2021 contributions can create tax benefits for you while benefiting your chosen charity.
With more than two decades in the financial services industry, we’ve come across many pieces of sound financial advice. You’ve probably heard some of them as well, such as the importance of living within your means, managing risk, and investing for the future. It would be wise to follow any of those lessons, but if we could give just one piece of financial advice, it would be to avoid procrastination.
While your day-to-day focus is on running your family business, it's important to keep an eye on the future as well. If you haven't considered business succession planning yet, here's where to start.
Are you charitably inclined? A charitable remainder trust might help you balance taking care of yourself and making the world a better place.