I meet with business owners every day who fail maximize the value of their business and take advantage of tested and proven strategies to virtually eliminate the confiscation of wealth from taxation. After my discussions, here is a list of questions that are most frequently asked.

1. My attorney says I need estate planning. Should I do that first before I make my business planning decisions?
2. Is there a way I can treat all of my children, even those who are not participating in my business fairly?
3. The estate tax is going to kill my ability to leave anything to my kids. Is there a way to effectively beat the estate tax?
4. Can I transfer my business to my business involved children tax free?
5. Is there a way I can guarantee my assets are protected form creditors? (ex-spouses, in-laws, and lawsuits)
6. What is the best way to plan for my retirement and how do I fund it?
7. Can I reduce the value of my business legally for tax purposes?
8. If I do retire, will I have enough to support my lifestyle (and my spouse’s) for the rest of my life?
9. Can you show me a way to fund education for my children and grandchildren without risk?
10. My current estate plan around my business is complicated. Is there a simpler way for me to understand what I have?

The answers to all the questions except 1, 6, and 8 are yes in almost every situation. Number 1 is definitely No. Questions 6 and 8 require more investigation and conversation. I have argued for years that traditional estate and business planning lacks creativity because, quite simply, “we always do it this way.” Remember, if a business can have a simplified process, it maximizes production (billable hours).

If you want answers to your own personal business planning questions, drop me a not to ron@ronhammons.com. I will take the time to get back to you and give you the staright answers you deserve. It’s your money, Keep it!

Ron