How To Handle Your Estate Fort Wayne IN

Like most Americans, printing business owners must deal with their fair share of estate and tax planning issues. Many are either individually or family-owned operations that have numerous transitional and tax consequences when the operating principals decide to transfer the business. As such, many firms should begin planning for the day when the principal owner or a managing family member seeks to pass the business on to the next generation.

Estate Planning

The first aspect of any estate plan is to create or revise a will and a power of attorney. A will provides instructions as to how to dispose of one's property after death, while a power of attorney is something that will permit someone to act on a person's behalf in the event of disability. These documents assist a person's survivors in avoiding state interference when disposing of the person's property. A power of attorney also permits someone to run the business in case the principal owner is unavailable. Similarly, many should consider a health care proxy so that medical decisions can be made according to a person's wishes.

Additionally, those associated with print shops should consider establishing retirement plans. Roth IRAs, traditional IRAs, and other investments, as well as life insurance, may assist a person in providing for retirement and the care of dependents. Further, other consideration should be given to planning for major events, including a child's education expenses.

Accordingly, a well-considered estate plan is essential for any printing business owner.

Tax Planning

Tax planning is also a critical consideration for any estate plan. Printing businesses have two overall tax concerns: individual and business. To prepare for these tax assessments, they should retain experienced tax counsel, or an accountant to appropriately plan for and satisfy these obligations relating to personal and business income taxes, capital gains taxes, employee, social security, sales and other forms of federal, state or local taxes.

Many tax situations are highly technical, and require expertise beyond many associated with printing businesses. In fact, tax professionals are sometimes the only ones who understand and are able to navigate the complexities of the codes.

Consider both personal and business estate and tax plans to ensure the maximum benefits for you and your beneficiaries.

Ernest E. Badway is a partner with the New York and Newark, N.J., law firm of Saiber Schlesinger Satz & Goldstein LLC, practicing business law where he advises and counsels printing clients on corporate, business, litigation, employment, and many other matters. Contact him at eeb@saiber.com or call (973) 622-3333.