Small Bites Of Talking Wealth Planning

By: Yum! Center For Global Franchise Excellence At The University Of Kentucky
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  • Summary

  • A podcast that shares important business principles and practices in easy to digest episodes. More information can be found at: https://business.louisville.edu/learnmore/smallbites/
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Episodes
  • Planning For The Late Stage Business Owner

    Planning For The Late Stage Business Owner
    Sep 20 2023
    Podcast Show Notes: Introduction: Kathy and Becca delve into essential planning considerations for late-stage business owners in this episode of Small Bites of Business Insights. Highlighting the importance of estate planning, charitable planning, transition planning, and legacy planning for late-stage business owners. Estate Planning for Late-Stage Business Owners: Emphasizes the need for a comprehensive estate plan, focusing on treating children fairly or equally when the largest asset is the business. Discusses strategies like bifurcating real estate from the business or restructuring stock classes to ensure equitable distribution. Charitable Planning: Explores tax advantages in charitable planning, showcasing how a charitable beneficiary for assets like an IRA can minimize tax implications and benefit charitable organizations. Transition Planning: Stresses the significance of transition planning, whether it's a sale, passing on the business, or changing ownership. Advocates for careful planning to ensure the smooth transition of the business and its assets, addressing concerns of employees and future generations. Sophisticated Wealth Transfer Strategies: Explains complex wealth transfer strategies, highlighting valuation discounts and minority interest transfers to optimize the use of exemption amounts and facilitate business succession. Legacy Planning: Encourages the creation of a family constitution and storytelling about the wealth's origin, values, and intended use for future generations. Suggests co-investing, forming charitable foundations, or engaging in meaningful family discussions to maintain family unity and shared responsibility for the wealth legacy. Conclusion: Reiterates the importance of careful planning and strategic considerations for late-stage business owners to ensure a smooth transition and a lasting family legacy. Hosts: Dr. Kathy Gosser, YUM! Assistant Professor of Franchise Management and Director of the Yum! Center for Global Franchise Excellence www.business.louisville.edu/yumcgfe Rebecca McDade, JD - Attorney https://www.linkedin.com/in/rebecca-mcdade-86b8407a/
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    14 mins
  • Planning For The Mid - Stage Business Owner

    Planning For The Mid - Stage Business Owner
    Sep 13 2023
    Podcast Show Notes Introduction: Kathy and Becca discuss essential planning considerations for mid-stage business owners. Recap of the early stage planning, emphasizing the need for a basic estate plan. Key Points: Estate Planning for Mid-Stage Business Owners: Mid-stage business owners need a comprehensive estate plan, including a will, revocable trust, powers of attorney for health care and property, and an advanced directive. Emphasizes the importance of revisiting an existing estate plan to accommodate changes in family dynamics, business growth, and assets. Reviewing Liquidity Buckets and Financial Goals: Encourages mid-stage business owners to review liquidity reserves and assess financial goals. Discusses the significance of maintaining an emergency fund and considering education funds for children and grandchildren. Wealth Transfer Strategies: Advises considering wealth transfer strategies, especially due to the impending reduction in the exemption amount in 2026. Highlights gifting business interests to children as a viable strategy, emphasizing the importance of responsible wealth transfer. Retirement Planning: Recommends evaluating and possibly enhancing retirement plans for mid-stage business owners, considering the potential longevity and health. Discusses options for robust retirement plans beyond IRAs to secure a comfortable retirement. Business Transition Planning: Explains business transition planning and the various ways to transition a business, including gifting, selling, or a combination of both. Emphasizes the importance of ensuring a smooth transition, adequate compensation for employees, and evaluating key employees' roles. Preparedness for Unexpected Events: Advocates for being prepared for unexpected events, emphasizing the importance of ensuring the business remains sustainable in the absence of the owner. Conclusion: Reiterates the significance of strategic planning and preparation for mid-stage business owners to secure their business and financial future. Hosts: Dr. Kathy Gosser, YUM! Assistant Professor of Franchise Management and Director of the Yum! Center for Global Franchise Excellence www.business.louisville.edu/yumcgfe Rebecca McDade, JD - Attorney https://www.linkedin.com/in/rebecca-mcdade-86b8407a/
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    19 mins
  • Insurance

    Insurance
    Sep 6 2023
    Podcast Show Notes In this episode of "Small Bites of Business Insights," Becca and Kathy delve into crucial aspects of wealth planning for early stage business owners. Here's a summary of their discussion: Importance of Basic Estate Planning: Establishing a will and a revocable trust helps control asset distribution and ensures assets go to intended beneficiaries. Essential elements include powers of attorney for healthcare and property, and an advanced directive. Building Liquidity Buckets: Emergency fund: 6 to 12 months' worth of living expenses for unexpected circumstances. Midterm and long-term goals: Saving for future plans like home purchase, education, or retirement. Retirement planning: Establishing 401(k), SEP IRA, or IRAs to secure post-retirement financial stability. Understanding Asset Titling: Exploring various ways of holding assets, such as in an individual's name, joint tenancy, trusts, or business entities. Choosing the right titling method can impact transfer taxes, probate avoidance, and creditor protection. Choosing the Right Business Entity: Assessing business risks, tax implications, creditor protection, wealth transfer strategies, and operational activity to determine the most suitable business structure (e.g., LLC, partnership, C corp, S corp). Insurance for Business Owners: Life insurance can assist in cash flow management, fund business buyouts, or create wealth for equalizing asset distribution among beneficiaries. Long-term care insurance is vital for covering medical needs, especially during later stages of life, to preserve business and other personal assets. Planning for Generational Wealth: Emphasizing the importance of sound planning to secure and pass on wealth across generations while maintaining financial stability for the family and the business. Seeking Professional Guidance: Recommending consulting with estate planning attorneys and corporate attorneys to structure business entities effectively and ensure comprehensive financial planning. The episode sheds light on fundamental aspects of wealth planning that every early stage business owner should consider. Stay tuned for the next episode, where they'll discuss mid-stage business planning. Hosts: Dr. Kathy Gosser, YUM! Assistant Professor of Franchise Management and Director of the Yum! Center for Global Franchise Excellence www.business.louisville.edu/yumcgfe Rebecca McDade, JD - Attorney https://www.linkedin.com/in/rebecca-mcdade-86b8407a/
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    24 mins

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