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Month: December 2021

Small business succession planning

PERSPECTIVES IN THIS ISSUE Estate planning Small business succession planningWhat if you prefer to sell your business? Retirement planning    Important 2022 retirement planning numbers PhilanthropyDirect charitable gifts from an IRA Estate Planning Succession planning is more important than ever. In an average year, about 600,000 establishments go out of business, according to the Federal Reserve. The advent of the pandemic was feared to boost that figure sharply, which led to Congress adopting the Paycheck Protection Plan. The legislation appears to have softened the blow of the pandemic on business, because as of last April there were only about 200,000 excess business closings, again according to Federal Reserve data. About 70,000 of those were units of major companies that did not themselves go out of business, and 130,000 were separate businesses. Personal services businesses were hardest hit. The full effects of the pandemic continue to be felt, as in the severe

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