Estate planning is a critical part of protecting your personal wealth, but for business owners, it’s even more complex. Your business is likely one of your largest assets, and without a comprehensive plan, it could face uncertainty, tax burdens, or even dissolution upon your death or incapacity. Below are some of the most common estate…
Accidents, illness, or aging-related decline can leave anyone—regardless of wealth or status—unable to make personal decisions. For business owners and individuals alike, this raises an important question: Who will make decisions for you if you can’t? Two of the most essential tools in any estate plan are powers of attorney and advance directives. These documents…
It’s interesting to note that the concept of success is inherently part of business succession, yet a significant number of American businesses lack a formal succession plan. So, what exactly is business succession planning, and how does it contribute to both your personal success and the prosperity of your business? Key Considerations in Business Succession…
The existing federal estate and gift tax exemption stands at an impressive $13.61 million per individual ($27.22 million for couples), but this is set to decrease significantly on January 1, 2026. The exemption will automatically revert to $5 million, adjusted for inflation (estimated at $7 million), if there are no legislative changes. This cap includes…
Benjamin Franklin famously quipped, “If you fail to plan, you are planning to fail.” From the very beginning, you had a plan for your business to succeed. You set goals and developed methods to achieve those goals. Your business has stood the test of time because you anticipated problems and solved them. But if your…
As you may know, one of the large areas of practice at NorthStar Law Group, P.S. is estate planning. Depending on the client, we may recommend either a Last Will and Testament or a Revocable Living Trust to held administer a client’s estate on death. Even within a Will, we sometimes advise our clients to…