Business Planning Checklist

Covering the basics for a new business

Do you have a written will?
Have you reviewed your present will to be sure it is up to date?
Have you considered key-person life insurance on yourself to protect your family and cover debts?
Have you protected yourself against disability?
Do you provide group life, disability and medical plans for your employees?
Have you completed an estate analysis to compare your assets with your objectives?
Have you considered a stock redemption agreement or a buy/sell agreement with partners or stockholders?
Have you considered tax-sheltering income in an individual retirement account?

When your business is established and growing

Have you reviewed your present will and business arrangements?
Have you completed an estate analysis to review your tax situation?
Have you considered using equivalent exemptions trust agreements to save estate taxes?
Have you considered increasing group insurance and key-employee insurance?
Have you reviewed the income and estate tax advantages of sheltering moreæ income in a qualified retirement plan (pension, profit-sharing or 401(k)?
Have you considered increasing fringe benefits for employees?

When you approach retirement

Have you reviewed wills and trusts with your accountant, attorney, bank trust officer and life insurance agent?
Have you increased selective fringe benefits (salary continuation plans and splits dollar plans) for your most important employees?
Have you considered deferring income through deferred compensation plans?
Have you considered making charitable bequests to save income and estate taxes?
Have you considered reorganizing your business to make transfer easier?
Have you considered reorganization agreements?

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