Secure Equity, Inc.

Description

Have you been looking forward to the day you can retire, perhaps turn your business over to a son or daughter, or sell it? Even if you are not planning to stop working, you need to plan for the day you cannot run your business due to unforeseen illness or death. Most business owners do not take the time to plan for how they will leave their business. They are busy running the company, or they don't know where to start. But if you continue to own a business until you die, it will be included in your estate and could be subject to substantial estate taxes. Your family could be forced to sell the business or its assets at 'fire sale' prices. Then you will have worked hard all these years so that the vultures and Uncle Sam, not your family, will reap the benefits. Planning for how you will exit from your business should be an integral part of your estate and retirement planning. Proper planning now can provide you with retirement income, reduced income and estate taxes, and even let you benefit a charity if you so choose, regardless of whether you transfer your business to family members at discounted values, to employees, or to an outside buyer.

Mr. Mosteller is a member of the Financial Planning Association, American Bar Association, and National Academy of Elder Law Attorneys. He is a principal of Liberty Asset Management, Inc. and the founding partner of the law firm of Mosteller & Holmberg, P.C., with a practice focusing in estate planning and estate/trust administration. He is also a licensed insurance producer. Mr. Mosteller published his book, “If You Can’t Beat ‘em, Join ‘em,” in 2007 in an effort to provide retirees and those nearing retirement with a simple yet comprehensive overview of estate and investment planning topics. He was featured in Crain’s Chicago Business and has been heard during the WBBM noon business hour as part of the “portfolio doctor” and “stock picker” segments of the show. Mr. Mosteller is married and has three daughters; his free time is spent coaching his kids, golfing and scuba diving. Richard K. Holmberg, J.D.

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