By Stuart | WRAL TechWire
By Stuart

By Stuart


Posts by By Stuart


Incorporating asset protection into your business succession plan

Editor’s Note: Stuart B. Dorsett is the head of the Trusts and Estates Practice Group at Ward and Smith, P.A. When business owners engage in business succession planning, they typically focus on only two things: (i) minimizing estate and gift taxes on the transfer of equity ownership in the business and related assets to children and grandchildren; and (ii) selecting and grooming a successor manager. Obviously, these are the critical components of a successful plan of succession, but too frequently another critical component – asset protection – is overlooked. The transfer of a business to a younger generation presents...

Read More

International estate planning: Issues arising when your estate crosses national borders

Editor’s Note: Stuart B. Dorsett is a member of the Trusts and Estates Practice Group at Ward and Smith, P.A.By Stuart B. Dorsett, Ward and Smith, P.A. There are two basic estate planning issues that need to be addressed if you reside in the United States: • Planning for distribution of property at death. You should have a Last Will and Testament to direct how your property will be distributed after your death. Alternatively, you can use a Revocable "Living" Trust Agreement for this purpose and also to avoid probate. In either case, the document should (a) designate the...

Read More

A lawyer’s view of life insurance for the business owner – A wise investment?

Editor’s Note: Stuart Dorsett is a member of the Trusts and Estates Practice Group at Ward and Smith, P.A. I am not an insurance salesman. Nonetheless, I have a keen appreciation for the unique role that life insurance can play in addressing the business planning and estate planning needs of the business owner. In contrast, most of my clients have an almost visceral negative reaction to the idea of purchasing life insurance because business owners typically view life insurance as a poor investment of capital. Generally speaking, I agree that life insurance is a poor investment for the insured,...

Read More