We asked attorney Howard C. Stross to share with you some insight that business owners need to know. Enjoy…

TEN BUSINESS & PERSONAL PLANNING RESOLUTIONS For 2009

1. Resolve to confer on an ongoing basis with your attorney and CPA to assure that your business is structured to lawfully protect your personal assets from business creditors.

2. Resolve that you will hold regular shareholder, member, partner or board of directors’ meetings for your business and you will preserve written minutes of those meetings.

3. Resolve that you and your business partners, members or shareholders will have an up to date buy-sell agreement that is funded or has a formula for installment payments.

4. Resolve that you will plan for your family business succession. (Possibly junior prefers to be an astronaut and not run the family business.)

5. Resolve that you will retain the ongoing services of a CPA to consider the income tax and accounting aspects of your personal, investment and business decisions.

6. Resolve that you and your spouse will take advantage of both of your estate tax exemption amounts. (Both spouses for 2009 each have an exemption amount of $3 1/2 million. In effect, if correctly planned and implemented, the exemptions total $7 million for a married couple for 2009.)

7. Resolve to name currently available successor agents, health care surrogates, personal representatives and trustees in your estate and disability planning documents. (You do have an estate and disability plan that considers your business and personal interests don’t you?)

8. Resolve that you will have up to date beneficiary designations for retirement plans and IRA accounts.

9. Resolve to include provisions in your trust agreement for your beneficiaries’ asset protection purposes, i.e. to lawfully protect your beneficiaries from predators and creditors.

10. Resolve to obtain long term care insurance or to implement a plan to finance your long-term care needs.

If you would like detailed information on any of the above resolutions, please call Attorney Howard Stross.

STROSS LAW FIRM, P. A.
REAL ESTATE LAW • TITLE INSURANCE • BUSINESS & ESTATE PLANNING
Howard C. Stross *†‡ hstross@strosslaw.com
Dwayne F. Jotch djotch@strosslaw.com
1801 Pepper Tree Drive, Oldsmar, FL 34677
Phone: 813-852-6500 Fax: 813-852-6450
Or visit www.strosslaw.com

*Also admitted in Michigan and District of Columbia
†Board Certified Real Estate Attorney (Florida)
‡Member, National Network of Estate Planning Attorneys