Successful estate planning generally involves passing on your assets to your heirs at a low tax cost. To help achieve that goal, there are a few things to keep in mind about retirement accounts. Required Minimum Distribution FactsUnder tax law, you cannot keep money in a traditional IRA indefinitely. Eventually, it must be distributed. The amount…

What is the value of my business? That’s the question every business owner wonders from time to time. But the correct answer varies depending on the purpose of the appraisal. Different rules and “standards of value” may apply depending on how the report will be used. Fair Market ValueIn the United States, the most widely recognized and…

The excess earnings method was originally created to compensate wineries and distilleries during Prohibition. Business valuation experts often criticize this method, calling it ambiguous, over-simplified or outdated. But it’s still used in some jurisdictions as a way to value small businesses and professional practices, especially in a divorce setting.   IRS Definition The excess earnings method is the subject…