Articles written by Colton Groome Insurance Advisors
Articles written by
Colton Groome Insurance Advisors
Five Ways to Accidentally Create a Big Tax Bill with Your Business' Life Insurance
Life insurance is a great business tool when properly implemented and managed. However, failure to properly manage the policies, follow the terms of accompanying agreements, and submit and retain any required tax documents can lead to unexpected tax problems and expenses.
Business Buy-Sell Planning
Most business owners have given at least some thought to whom they would like to eventually take over their business. Regardless of your preferred transition path, a properly structured and maintained operating agreement with buy-sell provisions can help outline what happens in such planned or unplanned events. It memorializes intentions regarding transition events, helps protect the business (and your family), helps avoid valuation tax surprises, and ensures orderly transitions.