Business Planning Checklist
- Formation Stage - when yours is a new business
- Accumulation Stage - for a business that is established and growing
- Mature Stage - when you approach retirement
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?