Posts Tagged "family"

Family – From Eight Weeks to Eight Decades

Posted by on Sep 17, 2018 in Family Business, Personal Freedom | 1 comment

We celebrated my father’s 80th birthday last weekend with family and friends at the gorgeous Bluefield Inn. All three of his sons were there as were his daughter in-laws and five grandchildren. Tears of joy were shed when we met the newest additions to our family, his beautiful twin great-granddaughters, my great-nieces. The twins are only eight weeks old. There was a striking comparison of a life well lived for eight decades with the promise of lives that lay ahead. Basking in the love that swirled in the air, the celebration reminded me of my passion for family. Not only biological family, but the people that drift in and out of our lives as we journey through the...

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Affordable Care Act

Posted by on Apr 1, 2015 in Health Care Reform | 0 comments

Affordable Care Act

Obamacare: the tax impact of the Affordable Care Act explained You’ve no doubt heard of ‘Obamacare’, the neat buzzword for the Affordable Care Act. But what is it? And how is it likely to affect your tax return? Congress passed the Affordable Care act back in 2010 and, at the time, the potential impact seemed a long way off. But the 2015 tax filing season is now upon us and it’s clear that there are some very direct effects. And they’ll impact on every American – including you. Getting qualified health insurance To begin with, you’re now required to obtain health insurance for the entire year. And not just for yourself, but also for anyone who’s listed as...

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What Happens If You Don’t Get Good Advice On Estate Planning?

Posted by on Jan 3, 2014 in Family Business, Tax, Tax Planning, Transition Planning | 0 comments

We all want to do the best for our family, and those we care about, after we die.  If you’ve invested a lifetime of hard work in setting up and successfully running a family business then you are likely to feel some concern about what will happen to the business too. You may want the business to be handed over to the next generation or, if it must be wound down, that it is done so in such a way that it delivers maximum benefit and minimum stress to both family members and employees.  Proper business transition planning will ensure that things happen as you wish them to after your death as well as after your retirement. It’s very critical to get good advice...

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Business transition planning with the death of a family member

Posted by on Dec 12, 2013 in Family Business, Transition Planning | 0 comments

Business transition planning with the death of a family member

As accountants, we are often connecting with our business clients on a variety of life and family issues, and how they affect the successful running of that business.  The death of a family member affects your business even more, and the problems in dealing with the death are exacerbated. Not only must the survivors deal with their personal grief, they must also deal with its impacts on the business, including those associated with business transition planning (or ‘succession’), and at a time when their coping skills are likely to be compromised. Dealing with the loss of a family member is never an easy ride. The pain of the loss depends on many things;...

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Children in the family business: Do they really want it?

Posted by on Dec 5, 2013 in Family Business, Transition Planning | 0 comments

Here’s another story for you about children in the family business and passing it on to the future generation – and like all good stories, this one is true.  It is the uncle of someone I know, who was a farmer. This man and his brother owned a large and very successful farm. They had taken over the running of the family owned businesses from their father, and he had taken it over from his. Both brothers were highly ambitious and worked extremely hard. They had big plans to grow the business and they regularly worked very long hours starting work early in the morning and working through till late in the evening. Their plans came to fruition. Most of the profits were...

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