Legacy & Estate Planning

Protecting Your Legacy After You Leave

Imagine selling the business you spent 30 years building and then watching everything you cared about change within a few years. The employees you worked so hard to develop leave. Long-standing customers move on. The culture changes. The company’s reputation takes a different direction. Perhaps even the family relationship you hoped to preserve becomes strained…

The Importance of Buy-Sell Agreements

If you own a business with one or more partners, there is a question you should be able to answer: What happens to my ownership interest if one of us dies, becomes disabled, retires, or simply wants out? If the answer is “I’m not sure,” you are not alone. Many successful businesses operate for years…

Should You Sell to Family, Employees or an Outside Buyer?

For many business owners, deciding when to leave the business is difficult. Deciding who should take over is often even harder. After spending decades building a successful company, your transition isn’t just a financial decision. It’s a personal one. Should you pass the business to your children? Sell it to loyal employees? Or maximize value…

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. …

College is Underway, But It’s Not Too Late: Why Your 18-Year-Old Needs a Power of Attorney

The boxes are unpacked, the dorm room is set up, and the fall semester is officially in full swing. As a parent, you might finally be breathing a sigh of relief. But before you completely check “college prep” off your list, there is a critical legal reality you need to address: If your child is…

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…

529 Plans vs. Trump Accounts: Choosing the Right Savings Tool for Children

Updated Oct 1. with the latest updates to Trump Accounts Families now have more than one tax-favored way to save for a child’s future. For many years, Section 529 qualified tuition plans have been the primary tax-advantaged vehicle for education savings. Beginning under the 2025 legislation, Congress also created Section 530A “Trump accounts,” a new IRA-like savings account for eligible children. Updated October…

What Happens If You Become Incapacitated Tomorrow?

Most people spend time planning for what happens after they pass away. Far fewer spend time thinking about what happens if they’re still here but unable to make decisions. And yet, from a practical standpoint, incapacity is far more likely than an immediate death event. A medical emergency. A sudden illness. A cognitive decline that…