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Business Planning

The Family Limited Partnership

Posted on: April 10th, 2015
A family limited partnership will let you remove your business, and any future appreciation on it, from your estate now, and still keep some control. It is especially useful when the business might otherwise have to be liquidated to pay estate taxes. Stocks, real estate or insurance can also be used instead of a business....

Business Owners: Have You Planned Your Exit?

Posted on: April 10th, 2015
You've worked hard building your business, but have you thought about what will happen when you are no longer there running the show? According to one study (Small Business Review, Summer 2001), only 30% of all family-owned businesses survive to the next generation; only 12% make it to the third generation; and a meager 3% are functioning into the 4th generation and beyond....

Three Ways to Transfer Your Family Business

Posted on: April 10th, 2015
For family business owners, estate planning is crucial to the success of the business. If you have not already drafted an estate plan that includes the succession of your business, begin today. Not only will early planning allow you to slowly implement the plan, thereby increasing its chances of success, but early planning will also ensure that your family’s main source of income is protected....

What You Need to Know About the FLLC

Posted on: April 10th, 2015
One popular yet confusing estate planning tool is the Family Limited Liability Company (“FLLC”). FLLCs are frequently created as part of an estate planning strategy used to facilitate gift giving to a person’s children and grandchildren. FLLCs are also used to shield assets from creditors....

Three Mistakes to Avoid When Planning the Succession of Your Business

Posted on: April 10th, 2015
Many small business owners are focused on running their business, rather than planning for its succession. By focusing only on the here and now, however, a business owner can set his or her business up for failure once it is time to relinquish control....

Basic Standards of Conduct for Partners in a Partnership and Members of an LLC

Posted on: April 10th, 2015
Statutorily Imposed Duties. State statutes provide that individuals associated with partnerships shall discharge his or her duties in good faith, with the care an ordinarily prudent person in the like position would exercise under similar circumstances and in a manner he or she reasonably believes to be in the best interests of the partnership....
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Leonard A. Hagen, J.D., LL.M.
Sound Estate Planning, PLLC
152 3rd Ave. South, Ste. 107
Edmonds, WA 98020
Phone: (425) 967-7287
len@soundestateplanning.com

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