Succession Planning Challenges in Family-Owned Businesses and How to Overcome Them
In the scenic area in and around Baton Rouge, Louisiana, family values and business aspirations often intersect. That’s why succession planning here is a vital aspect of preserving the legacy of family-owned businesses. This process is fraught with challenges that require the legal knowledge and skills Kallio Law Firm, LLC provides. Our...
Maximizing Tax Benefits in Charitable Giving Through Estate Planning
While most people focus on providing for their loved ones through their estate planning, charitable giving might be something you want to add to your overall plan. Charitable giving lets you help causes that are close to your heart while at the same time allowing you to minimize tax burdens on your...
How to Properly Plan for Your Aging Parents’ Long-Term Care
Seeing your parents age is more than just emotionally upsetting — it can be financially stressful. Effective planning is crucial, yet it can be tough to get started, and that means you could end up in the middle of a crisis with fewer options for your parents. It’s important to start today...
Estate Tax vs. Inheritance Tax: Key Differences And Planning Considerations
Many people assume estate tax and inheritance tax refer to the same thing. That’s not the case. Understanding the distinction between these taxes can help you choose better estate planning strategies to protect your legacy. But what is the difference between these two types of taxes?
What...
What Are the Benefits of Preparing a Will?
A will is an important estate planning document, and yet the majority of Americans don’t have one. It’s a document that will help ensure your estate wishes are respected. A will also protects your legacy and ensures your loved ones are taken care of when you’re no longer around. If you’ve not...
Legal Considerations in Buying or Selling a Business
There are legal considerations you have to address to ensure a smooth transition when buying or selling a business. These legal considerations play a crucial role in safeguarding your rights and helping ensure a fair deal. If you’re getting ready to buy or sell a business, here are some key legal considerations...
How an Attorney Can Help Your Business in Contract Drafting
Having a business means dealing with contracts. You could have contracts for employees, clients, vendors, and many others. When well executed, contracts are helpful tools that minimize liability exposure and protect your interests.
Having a well-drafted contract is essential, but the process of drafting requires experience and skill. That’s...
Tax-Efficient Strategies for Business Structuring and Reorganization
As a responsible business owner, you must maximize profit while minimizing taxation. Tax efficiency revolves around developing strategies that allow you to pay the lowest amount of tax allowed under the law.
The decisions you make regarding your business structure when you first launch your company — or later...
Documents You Should Bring When Meeting With an Estate Planning Attorney
It’s a common misconception that only the wealthy elite have estates, but “estate” simply refers to the assets you’ve accumulated during your lifetime. This could include a family home or other real estate, money in the bank, retirement accounts, an investment portfolio, and life insurance policies, among other assets.
Why a Business Succession Plan Is Necessary for Your Small Business
It’s not unusual for individuals with a home, a retirement plan, and other valuable assets to think about where they want their wealth to go when they pass away. Whether you choose to create a last will and testament, a living trust, or some other form of estate plan, it’s wise to...
