Business,Continuation,Plan,htt business, insurance Business Continuation Plan
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https://accountingsolutionsltd.com/accounting-articles/business-continuation-plan/Installing a solid business continuation plan that will actually work and stand the test of time can be quite challenging. The biggest problem is that the laws regarding taxation in this area are constantly changing. The Changing Tax Laws When I first started completing Business Continuation Plans, the Federal credit over which a decedents estate would be forced to pay tax was well under $1,000,000 with the State of Illinois using the same credit on their return. Now the Federal credit is well over $5,000,000 and the state credit is closer to $4,000,000. Its very difficult to put anything in place that will work because you don’t know when a person is going to pass away. The Changing Will of the Business Owner The first thing that I do in the creation and implementation of a business plan is to ask the business owner what the ultimate goal is. Let’s that that this business owner has three children and he want’s the business to go to the eldest. We write the business continuation plan and put everything into place. Three years go by and the eldest does something to piss off the spouse. Now the business is going to the second child. We rewrite everything and put it into place. A couple of years go by and the second child develops a drug habit. Now the business owner doesn’t know what to do because the third child doesn’t want the business. You get the idea. Your constantly trying to hit a moving target. The best thing to do when you are sitting down with a business continuation planning specialist is to have clear set goals in place. After everything is done, it is going to need to be updated and revisited to make sure that everything is inside the applicable wealth transfer estate laws. If you are having problems with your Business Continuation Plan or have issues with your accounting in general, we would love to help. I enjoy hearing from my readers, and can be contacted at [email protected] Additional Accounting Articles and information on my firm can be found at www.AccountingSolutionsLtd.com
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