Preparing for the Future:A Business Owner’sChecklist

As you can see, planning for your future and the future of your business involves making many choices. This checklist can help you assess your needs and determine the best plans you can lay for the future.

If you would like more information on any of the areas we’ve discussed in this guide, just complete the form below. We can help you create a plan that will best suit both your needs and the needs of your business.

Business Planning Needs Evaluation

Please check all choices that apply to your situation.

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Business Structure

Have you considered all the advantages and disadvantages of each type of entity and how each could apply to your business?

Would the new S corporation rules allow you to now use that business structure where it was previously not feasible?

Can new shareholders now be brought into an existing S corporation because of the tax law change?

Can an LLC be used for a new business structure or a new portion of your existing business?

If your business has more than one owner, do you have a buy-sell agreement in place?

Have you kept your buy-sell agreement up to date, accounting for any changes in business value or ownership structure?

Are you using the appropriate structure for your buy-sell agreement (redemption vs. cross purchase)?

Do you currently have the right amount of insurance to fund the agreement?

Should you use a separate entity to hold the insurance policies?

Nonqualified Deferred Compensation Plans

Do you have the appropriate compensation plans in place to motivate and retain key people?

Does it make sense for key executive to be part of a group term policy?

Have you considered using life insurance as an informal funding mechanism for a deferred compensation plan, or in place of such a plan, for your business?

Have you considered a split-dollar insurance arrangement for key executives?

Would the use of a welfare benefit plan be appropriate for your business?

Qualified Retirement Plans

Have you considered the various plan types and adjusted your strategy to balance maximizing your deferral and minimizing your cost?

Is your plan the best place to purchase life insurance?

Have you planned for the distribution of large retirement plan balances?

Estate Planning

Is a family limited partnership right for you?

Could a GRAT be an effective means of shifting value out of your estate while maintaining control, retaining an income stream and leveraging your use of the gift tax exemption?

Are you making maximum use of an irrevocable life insurance trust?

Have you considered the use of a charitable remainder trust?

Types of Insurance

Have you evaluated the various types of insurance and determined which one or combination best suits your needs today and for the future?

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Business Planning Pricing

Pursuant to recently-enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.

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