Making Cents: Getting your business to the next generation

By: John P. Napolitano, CFP®, CPA, PFS, MST

Most businesses in America are small businesses. A large portion of those small business are classified as family business. Family businesses can range from those run by siblings, cousins or other relatives and those that may have a multi-generational situation. A common goal is to keep the business in the family. The odds are against you for getting to the second generation, and even less as you go deeper into the family tree. Advance planning of a transition can save a lot of heartache, money and taxes.

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Making Cents: Lending to Friends and Family

By: John P. Napolitano, CFP®, CPA, PFS, MST

 

On occasion we may get requests from friends or family to borrow some money. Some have strict rules about not lending to friends and family, which is a sure fire way to shorten the conversation. But others cannot resist the request and frequently find themselves as the bailout king or queen of the family. 

If you are the one who can’t resist lending or simply want to help, consider following some of these simple rules to help protect everyone involved in the private lending transaction.

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Making Cents: 2020 Estate moves to make now

By: John P. Napolitano, CFP®, CPA, PFS, MST

As the fourth quarter rolls on, there are financial moves that you may consider making in 2020 that may add up to significant estate tax savings in the long run. While this issue is a bit political, nevertheless, it’s an issue and it would be irresponsible for families in my home state of MA with net worth greater than $2 million to ignore. Your net worth for death tax purposes may include any life insurance or other assets that may mature upon your death along with everything else you own.

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