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What Executors and Trustees Need to Know About Their Tax Responsibilities When Someone Passes Away

Tax Responsibilities Executors and Trustees

Key Takeaways Executors and trustees are responsible for managing assets, paying debts, distributing property, and fulfilling the deceased individual’s tax obligations. Required filings may include federal and state income, estate, trust, gift, and inheritance tax returns, depending on the circumstances. Missed deadlines can lead to penalties, interest, or personal liability, making early guidance from tax and legal advisors essential. …

Why Clean Financial Statements Increase Company Value

Many business owners believe buyers purchase companies based on one thing: Profit. Profit certainly matters. But here’s what experienced buyers know: Numbers only create value when they can be trusted. Imagine you’re considering buying two companies. Both generate $2 million in annual revenue. Both report the same level of profitability. One company provides timely financial…

Exit Planning Is Really Business Planning

When most business owners hear the phrase “exit planning,” they immediately think about retirement. “I’ve got another ten years.” “I’m not ready to sell.” “I still enjoy coming to work every day.” If that sounds familiar, you’re not alone. The truth is, exit planning has very little to do with leaving your business. Instead, it’s…

Accounting Automation That Pays Off: What to Automate and What to Measure

Key Takeaways Start with repetitive accounting tasks that use structured data and require significant manual effort. Keep approval controls and experienced human reviewers in place as automation expands. Measure time savings, error rates, exceptions and data risks before deciding whether to scale. Accounting teams often spend valuable time on repetitive work that keeps the books…

Preparing for Due Diligence Before You Have a Buyer

Many business owners assume due diligence begins after a buyer makes an offer. The best time to prepare for due diligence is several years before you expect to sell. Due diligence is the process a buyer uses to verify the information presented about your company. The buyer will review your financial results, tax filings, contracts,…

How to Build a Business That Doesn’t Depend on You

Many business owners take pride in being essential to their company. They approve major decisions, maintain key customer relationships, solve operational problems, review every important proposal and step in whenever something goes wrong. That level of involvement may have helped build the business. Over time, however, it can also limit the company’s growth and reduce…

Five Value Killers Buyers Notice Immediately

When business owners think about selling, they often focus on revenue, profit and the purchase price they hope to receive. Buyers look at those items too. But buyers also look closely at risk. A business may be profitable and still receive a lower valuation if buyers believe the company is too dependent on the owner,…

What Is Your Business Really Worth?

Many business owners have a number in mind when they think about the value of their company. Sometimes that number is based on what they need for retirement. Sometimes it comes from what a friend sold their business for. Sometimes it is based on years of sacrifice, long hours and the emotional value of what they built. …

Dear F+H: Do I need a trust, or are they just for the ultra-wealthy?

Dear F+H: All of my friends are telling me I need a trust. I always thought trusts were only for the ultra‑wealthy. I already have a Will, what benefit could I even get from a trust? — Confused About Trusts Dear Confused: Believe it or not, trusts aren’t just for the ultra‑wealthy. In fact, many individuals and families benefit from adding a…

Don’t Wait Until You Sell: Why Succession Planning Starts Today

Many business owners spend decades building a successful company. They serve customers, develop employees, manage risk, make sacrifices and create value over many years. Yet one of the most important questions often gets delayed: How will the business transition when the owner is ready to step away? Succession planning is frequently treated as something to address shortly before retirement or…