Small Business Owners
We specialize in advising small business owners and helping them plan for the future.
Our Founder, Debra Taylor, grew up working in her family’s tax and accounting practice, Azarian and Company, which she eventually took over before starting Taylor Financial Group on her own. This firsthand experience with advising small business clients and entrepreneurs is what makes us distinctly qualified to assist small business owners today.
Services we can assist with:
- Setting up the Company Retirement Plan
- Investing for the Founders
- Goals Planning and Retirement Planning
- Succession Planning / Buy Sell Agreements
Planning for the Future of a Small Business
Small business owners struggle with many issues. Because each small business owner has different goals, planning for their business has to be all the more specific. Effective financial planning for a small business could mean the difference between failure and success. There are many things a small business owner needs to consider, but don’t. For instance, 30% of small business owners haven’t calculated how much money they will need in retirement, and more than 75% of small business owners lack a formal plan for transferring their business to a new owner when approaching retirement*. We are here to help you with these issues and to guide our small business clients towards thoughtful and efficient planning.
Securing Your Personal Financial Future
For many small business owners, their business is their retirement plan. However, this all-your-eggs-in-one-basket approach can be dangerous for a number of reasons. The primary reason for concern is that if you rely solely on the liquidation of your business to sustain you through retirement, and your business falters, your wealth goes with it.
At Taylor Financial Group, we can help you choose your retirement plan and invest your money to make sure it aligns with your goals, regardless of the direction your business takes. On a business and a personal level, we can help determine the nature of your needs, the urgency of your needs, and the risk involved. We can also evaluate the state of development your business is in, the state of your industry, and how your financial plan lines up with your business plan.
When all of these aspects are suitably aligned, your small business is capable of great success, and your retirement and financial future can be more secure, too.
The biggest mistake small business owners can make is to think they can do it all on their own. By hiring a financial advisor to assist in the financial aspect of running a business, you can feel more comfortable concentrating your full efforts on running the day to day aspects of your business. Contact us today to find out how we can help.
When Should I Start Worrying About Putting Together My Estate Plan?
Answered by Sarah Duey, JD, CFTA, CAP®, Vice President, Trust Services
Answered by Sarah Duey, JD, CFTA, CAP®, Vice President, Trust Services
Who wants to spend an afternoon thinking about their mortality? No one, which is why more than half of Americans don’t even have a will.
The foundation of your estate plan is a Last Will and Testament. Without a will, you are leaving the disposition of your assets and the guardianship of your minor children to a court. In Nebraska, for example, if someone were married at the time of death and died without a will, the spouse does not receive all of the assets if the person who died has children.
Even from this one example, you can see that creating and structuring a will is complex. Let’s look at a few of the basics to help you start this important conversation.
What is a will?
A will is a legal document that directs what happens to your stuff, directs who will handle your stuff (your executor) and directs what happens to your children by naming a guardian to take care of them.
Where can I get a will?
Check to see if your employer offers any kind of legal benefits. Some employers offer their stakeholders help in getting a will created. There are also online will-creation services. However, the big pitfall of the “DIY” will is that while a lawyer checks that the will complies with legal standards no one is verifying its correctness.
Hire an estate planning attorney
For most people creating a will, hiring an estate planning attorney makes the most sense. The attorney verifies accuracy and can work with your financial advisor to confirm your will coordinates with your financial accounts, your savings plan and legacy wishes. Plus, the attorney can point out things that you may have never thought of – there are a lot of angles here, and a lot you can do to make sure your loved ones are well cared for.
It’s important to find an attorney who specializes in estate planning. State laws are constantly changing and you want to work with someone who is in that area of law on a daily basis so you can ensure you have a plan that complies. Ask friends and co-workers if they know a good estate planning attorney if you don’t know anyone. You can also look up your local estate planning council or bar association to see if they can give you some names to help with creating a will.
Next, you’ll want to connect with several estate planning attorneys and determine the best fit. Ask about the process and what fees you will likely face and ask about what you need to do to prepare for your next meeting. You’ll likely want someone who is younger than you so he or she can continue to help you with your planning needs throughout your lifetime.
Your estate planning attorney might have a questionnaire to complete prior to your first visit. There are important questions that the attorney will want to ask and get answers to. Usually, an hour will set the attorney up for success in getting what he or she needs to draft a plan that accurately outlines your wishes and correctly complies with your state’s laws.
What About a Trust?
Of course, creating a will is absolutely necessary regardless of whether you add a trust to your list of estate planning documents. But a common question is “do I need a trust?” Again, not surprisingly, the answer is, “it depends.”
A trust can be an important step toward fulfilling your family’s financial goals. There are specific advantages to having a trust: continuity of asset management, privacy and tax savings are among a few.
What is a Revocable Living Trust?
A living or revocable trust provides for the organization and management of your assets during your lifetime, including any periods of disability. In addition, having your assets in a trust during your lifetime will prevent your estate from having to pass through a court-supervised process if you only have a will (or no will) at the time of your death.
Creating a trust also provides an incredible amount of flexibility after your death. For example, you could have your trust divide up your assets after you are no longer living and create new trusts for your children to protect them against creditors and divorce.
The Drawbacks to Trusts
Trusts do have a downside. Compared with wills, creating trusts comes with additional work of funding the trust and making sure all assets are in the trust. Your attorney can discuss the options for creating and funding a trust with you. Regardless, you’ll still need a simple will, as a back-up, even if you do some trust planning.
Prioritize Your Estate Plan
Whether you decide to create a trust, prioritize getting your will and powers of attorney completed. Creating a will and other estate planning documents isn’t a Herculean task. The bonus of getting it done is that you’ll sleep better at night knowing you have a plan to take care of loved ones when the day comes and you are no longer able to.
Your financial advisor can help you begin this conversation in a way that makes sense for you and your family. Knowing not just your holdings, but your style and values will help you shape a legacy that expresses your care for the people and causes you love. Let’s talk!
This is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought. Cetera Advisor Networks LLC does not provide legal or tax advice.