Sometimes, a business sale isn’t the sale of a single “business asset”–it’s often considered the sale of the individual assets of the business (think inventory, intangibles like goodwill, capital assets, etc.) for tax purposes. This means that some assets may be taxed as ordinary income when sold while others may be taxed at lower, advantageous long-term capital gains rates.

Are you wondering when to buy long-term care insurance? It seems like a no-brainer…People live longer nowadays and we’ll all probably need long-term care at some point. Buying a long-term care policy sounds like the responsible thing to do. According to a study revised in 2016 by the Urban Institute and US Department of Health and Human Services, about half of today’s 65-year-olds will develop a disability and require some long-term care services.

You wouldn’t begin the process of working with an architect to build your dream home if you didn’t know what your current home was worth and were reliant on proceeds from selling it to fund the project. Sure, there are things like “comparables” as a starting point, but your home has its own unique features and circumstances that will ultimately drive the value.

I’m sure you’ve heard of parents depositing money into 529 accounts to pay for their childrens’ education. College isn’t getting any cheaper, and these accounts offer tax advantages while letting you grow funds to pay for future education.  So, what can 529 funds be used for? While they can be financially beneficial, there are rules and limitations that you should know so you aren’t hit with unpleasant surprises later.

When it comes to actually paying the bill for your child to go to college, there’s an option that schools don’t advertise. In fact, you’re probably going to have to proactively ask about it. What is it? Paying for all four years of undergraduate costs upfront. Basically, rather than paying your child’s university bill on a semester basis, you pay a portion or most of the expenses upfront when they enroll.

Receiving an inheritance is overwhelming—especially when your loved one had specific wishes for how the inheritance should be used. You may quickly realize how many options you have and that you don’t know the best way to maximize your newfound wealth while fulfilling those wishes.

However, is there a sweet spot (aka, the perfect time and place) for a corporate trustee? The truth is, it depends. But thankfully, corporate trustees can be hired for a multitude of reasons.

There’s no way to put enough emphasis on the importance of succession planning. Consider for a moment all that you do for your business–from all of the major strategic decisions to the small daily tasks that keep things moving forward, and everything in between. You’ve worked hard up until this point, and would ideally like to stop burning the midnight oil post-sale with little to no follow-up commitment on continuing to oversee your life’s work.