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Estate Planning For The Wealthy and Not-So-Wealthy

Estate planning is important for both the wealthy and not-so-wealthy.  Even if your estate is not large enough to require payment of estate taxes at your death (for 2017, the estate tax lifetime exemption amount is $5,490,000), having the proper documents in place at your death can minimize the burden placed on your loved ones.  Consider the following items when devising an estate plan:

Create A Will

This is an important first step in the estate planning process.  Wills help you make sure your wishes are carried out with respect to distribution of property, and if you have minor children, a will can be used to designate a guardian or guardians.

Avoid Probate

Documents can be put into place that will eliminate the need for the costly and time-consuming probate process.  In preparing an estate plan, all assets should be examined to determine the best way to title the property so the assets will be distributed according to your wishes and to minimize the expense of the final distribution of your assets.

Where To Start

Your attorney and wealth management advisors (brokers, bankers, CPA, etc) can assist you in the estate planning process to ensure you have a plan in place that is optimal for you.

Whether you need to devise a new estate plan or update an existing plan, having the proper documents in place is the key to providing peace of mind for you and your family. Contact us today to learn more!

5 Tips To Protect Your Financial Future

With the ever-changing tax laws, our principal members and staff work diligently to stay up-to-date and keep you informed of strategies that can help save and protect your financial future. As you’re gathering your tax documents, consider some of the tips below that can significantly help in protecting your future!

1. Determine which type of IRA is best for you.

If you’re fairly young, expect to be in a similar tax bracket when you retire, or are concerned about cash flow during retirement, the Roth IRA might be best for you. If you’re older and expect to be in a lower tax bracket, you may be a candidate for a deductible IRA.

For a side-by-side comparison of Traditional and Roth IRAs, click here.

2. Think about the best ways to gradually transfer your estate tax-free.

Consider establishing a gifting program under which you and your spouse can transfer a combined $28,000 each year to any number of recipients.

3. Contribute the maximum amount allowable to a tax-deferred retirement plan.

This includes “catch-up” contributions if you are 50 or older.

4. Create a business succession plan.

On average, only one in three closely held businesses successfully passes on to the next generation.

Click here for succession planning ideas and ways that you can help protect your company’s future.

5. Set up a trust to meet your long-term financial goals.

To get started, view these commonly used trusts.

For other tips and ways to protect your financial future, contact us today for your no-cost consultation!

Best Business Law Firms in Greensboro

We work with many attorneys and law firms throughout Greensboro and the state of North Carolina. Through referrals and working on joint projects, we have found 5 law firms that are especially great to work with.

The 5 best business law firms in Greensboro (in no particular order):
Carruthers & Roth

Carruthers & Roth was founded in 1937 and is located in the heart of Greensboro. They are a mid sized law firm offering big-firm capabilities delivered with the personal attention and responsiveness expected from a small town practice. Their clients include large multinational corporations, closely-held businesses, individuals, and entrepreneurs. To see a full list of their practice areas, click here!

Contact Info:

Phone: 336-379-8651 | Website: www.crlaw.com

Brooks Pierce

Brooks, Pierce, McLendon, Humphrey & Leonard, LLP is a business law firm providing comprehensive strategic counsel and innovative solutions. Their clients include: businesses, individuals, government, and non-profit institutions. The firm’s expertise extends to every aspect of business law (antitrust, mergers and acquisitions, start-up and publicly traded companies, trusts & estates, and many more).

Contact Info:

Phone: 336-373-8850 | Website: www.brookspierce.com

Womble Carlyle

Womble Carlyle is one of the largest and most technologically advanced business law firms in the Southeast. They have been serving the Greensboro region since 2001 after realizing Greensboro to be a key business center in North Carolina. The office includes 15 lawyers whose practices include: specialty areas of capital markets, corporate and securities, health care, intellectual property, and business litigation. The office is also home to several lawyers of the Firm’s Supply Chain Management practice group which provides supply chain solutions to businesses. While the firm was originally established in 1876 in Winston-Salem, it now comprises more than 550 lawyers in fourteen offices across the state of North Carolina.

Contact Info:

Phone: 336-574-8030 | Website: www.wcsr.com

Tuggle Duggins P.A.

Since 1974, Tuggle Duggins P.A. has been serving businesses and business owners with interests in the Carolinas. Tuggle Duggins is a multi-specialty, multi-disciplinary law firm focused on the needs of closely held businesses and business owners. They provide representation in legal matters ranging from conventional, personal, and business issues to complex legal matters. Their goal is to provide long-term client relationships and delivering exceptional services and results to their clients.

Contact Info:

Phone: 336-378-1431 | Website: www.tuggleduggins.com

Hagan Davis

Hagan, Davis, Mangum, Barrett & Langley, PLLC is a well established and trusted group of attorneys in Greensboro, NC. Dedicated to helping their clients achieve their business objectives effectively and efficiently. Hagan Davis has a proven track record for success, particularly in complex legal matters. There is no typical client of the firm, however most of their clients are influential in business, philanthropy, education, and sports. They deliver results to entrepreneurs and high-income individuals alike.

Contact Info:

Phone: 336-232-0650 | Website: www.hagandavis.com

If you need a business law firm in Greensboro, NC, these five law firms are the best place to begin your journey. Each firm comes highly recommended by the Principal Members at LBA Haynes Strand. If you would like a specific attorney’s information, please contact us.