This year, we are experiencing the most significant tax reform since 1986. What have we learned since then? Instead of speaking for ourselves, we’ve invited CPA Jonathan Sluis on the air to discuss the pros and cons of the new tax plan. After assessing his current clients’ situations, he anticipates that over 86% of them will benefit from the new plan.
How? He will tell you!
Tune in today to find out what you need to know when filing your 2018 taxes. Here’s a hint: It’s all about perspective, strategy and simplicity!
Fewer than half of the population has a written will, and even fewer business owners have a formal succession plan. Recently interviewed by The Ticker, Curtis Kuttnauer of Golden Circle Advisors said, “In the United States, there are over 70 million Baby Boomers, with 11,000 turning 65 years old every day. Of these … it is estimated there is one business owner turning 65 years old every 57 seconds. There are 12 million businesses that are expected to be sold in the next 10 to 15 years, representing $15 trillion worth of assets.”
Let that sink in.
Today, Shea will be interviewing two business owners – Dennis Prout himself and Casey Petz. Both are advisors for different reasons and both have worked with clients who are transitioning their businesses. They want you to consider creating a succession plan that will preserve your legacy and the families that depend on you.
Listen to this episode and hear Dennis Prout discuss the variety of retirement accounts available and even give some example situations for saving.
Of the 200 business owners surveyed by Wilmington Trust Corporation, 58% of them have not created a transition plan. When asked why, 78% of them said that they enjoy running their company. Even more shocking, 45% of these business owners are over the age of 65. From our observations, an entrepreneur may have an easier time facing death than their last day of work. Today’s special guest, Casey Petz, is a coach for entrepreneurs. When his father passed away unexpectedly, Casey was left with a family business to unravel … and it started at his father’s hospital bedside. Casey knows full well the fallout from failing to plan.
Election day is behind us, and the holidays are in front of us. Before the end-of-the year distractions and commotion begin, let’s get ahead of the New Year with a checklist from Ed Slott. We know that the last thing on your mind will be your retirement accounts, but understand that missing deadlines can be expensive. That being said, there are 19 ways to prepare for 2019!