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The Benefits of Business Succession Planning

Business succession planning is an essential element of any successful business owner’s long-term strategy. It is the process of developing and implementing a plan for the orderly transfer of ownership and management of a business to the next generation, family members, or key employees. Business succession planning is especially important, where many businesses are family-owned and operated.

Business owners often overlook succession planning, which can be a costly mistake. A well-executed business succession plan provides a variety of benefits, including:

• Continuity: A succession plan helps ensure that your business will continue to operate successfully after your departure. It provides a roadmap for the transfer of knowledge, skills, and expertise from one generation or owner to the next.
• Minimizing Disruption: A well-thought-out succession plan helps minimize the disruption that can occur when a business owner retires or passes away. With a clear plan in place, the transition of ownership and management can be seamless, allowing the business to continue operating smoothly.
• Reducing Taxes: Business succession planning can help minimize the tax burden associated with the transfer of assets from one generation to the next. Careful planning can reduce or eliminate estate taxes, capital gains taxes, and other taxes associated with the transfer of ownership.
• Protecting Assets: Business succession planning can help protect the assets of the business and the owners. A well-crafted plan can help minimize the risk of litigation, protect intellectual property, and ensure that assets are transferred in a manner that is consistent with the owner’s wishes.
• Preserving Family Harmony: Family-owned businesses often face unique challenges when it comes to succession planning. A well-developed plan can help preserve family harmony by providing a clear roadmap for the transfer of ownership and management.

  Developing a Business Succession Plan

Developing a successful business succession plan requires careful consideration of a variety of factors. Some of the key steps in the process include:

1. Identifying Potential Successors: The first step in developing a business succession plan is to identify potential successors. This may include family members, key employees, or outside buyers.
2. Developing a Timeline: Once potential successors have been identified, it is important to develop a timeline for the transfer of ownership and management. This timeline should be flexible enough to accommodate unexpected events but structured enough to ensure that the transition is smooth.
3. Valuing the Business: Valuing the business is a critical step in the succession planning process. A professional valuation can help ensure that the business is transferred at a fair price and that all parties are satisfied with the transaction.
4. Structuring the Transaction: Once the business has been valued, it is important to structure the transaction in a manner that is tax-efficient and consistent with the owner’s wishes. This may involve the use of trusts, buy-sell agreements, or other legal structures.
5. Communicating the Plan: Communication is key to the success of any business succession plan. All parties involved should be informed of the plan and their roles in the transition process.
   
   Working with a Business Succession Planning Attorney

Working with a business succession planning attorney can help ensure that your plan is effective and legally compliant. If you are a business owner, it is important to work with an experienced attorney from Silverman Law Office, PLLC, to develop a plan that meets your specific needs and goals. With the right plan in place, you can ensure that your business will continue to thrive for generations to come.

Do I have a case for a Medical Mistake?

Have you or a loved one been injured while in the care of a medical professional? Unfortunately, this can happen all too often and leave people with, sometimes, irreversible injuries that could affect their day-to-day life for the rest of their life. When this does happen, there is something that can victims of medical mistakes can do, they can take legal action with the assistance of a medical mistake attorney in Baltimore, MD, such as from Cohen & Cohen, P.C., to get the justice and compensation they deserve for the pain and suffering they have had to endure. It is recommended that you seek legal advice from a professional before moving forward with a legal claim to ensure that you have the legal guidance you need to succeed.

Examples of Medical Mistakes

As you would probably guess, there’s no limit to the types of medical mistakes that can occur in the medical field, however, there are some more common areas for mistakes to take place that can lead to injury for the patient. Here are some of the areas that more commonly result in a legal case:

• Birth Injuries – this could include injuries to the baby and/or the mother. Injuries in the this area are often severe and irreversible and could affect the child for their entire life, such as injuries like cerebral palsy.
• Misdiagnosis or Failure to Diagnose – this can happen in many ways, and can result in serious injuries because you have been treated for the wrong ailment, or not received treatment at all due to the fact that you were not properly diagnosed for it. In these cases no treatment or wrong treatment is the cause of further injury.
• Prescription Errors – Taking the wrong meds can serious, and it can happen that a patient does not get prescribed the appropriate medications for their ailment, or not the appropriate dosage. When this happens, it can lead to serious, long-term injuries.
• Surgical Errors – There is a certain amount of risk in any surgery, but when standard practice was not followed by the surgeon, or they were careless/negligent, it can result in an injury that was avoidable. A surgical error can leave a patient injured in many ways and possibly even requiring further surgical procedures.
• Anesthesia Errors- Anesthesia is the drug used to fully sedate the patient (or “put you under”) for a surgery or other medical procedure, it is powerful and useful, but can also be dangerous when not used and monitored properly. These errors can range from moderate to severe (even including death) when the appropriate amount of anesthesia is not maintained throughout a medical procedure.

Call a Medical Mistake Attorney

If you’ve been injured in some way while in the care of medical professional, don’t hesitate to speak with a medical mistake attorney about your case and legal options. An attorney can review your case and help you determine the best plan of action and next steps for your case. Give yourself the peace of mind having an experienced attorney by your side and providing the legal guidance. Contact a law firm today!

Should I be Worried about Tax Fraud?

When it’s tax season, everyone in the country has taxes on the mind and getting theirs filed before the deadline. Filing taxes can be a complicated process, and some people may be concerned if they filed them properly, or if they could be accused of tax fraud by the Internal Revenue Service (IRS). Tax fraud can be serious and the consequences, if convicted, can include being required to pay the rest of the taxes, large fines, and sometimes even jail time. If you have concerns or questions about tax fraud, a tax fraud lawyer in Hanover, MD, such as from Crepeau & Mourges, can answer any questions and provide legal advice.

What Constitutes Tax Fraud?

Put simply, tax Fraud is intentionally or knowingly lying on your taxes for the purpose of evading taxes. Such as claiming you made less money than you actually did, claiming dependents that don’t actually qualify as dependents, or including false right offs. Lying on your taxes also includes omitting information entirely, such as alternative incomes or hiding bank accounts. There is also money laundering to consider, which is another aspect of tax fraud and includes reporting false transactions as a way to explain illegally obtained funds.

Accidental Tax Mistakes

Making mistakes on your taxes is usually much less serious in the consequences than tax fraud because tax fraud excludes accidental or unknowingly paying incorrect taxes. Tax mistakes are not intentional and usually just result in needing to make a correction by paying the correct amount, and possibly some fines. Even being contacted by the IRS for tax mistakes can be unsettling, and you may want to consider talking with a tax lawyer.

Talk with a Tax Fraud Lawyer

White-collar crimes, like tax fraud, can still be serious with very real consequences. If you have concerns of being accused of tax fraud or have already been contacted by IRS and possibly even charged already with tax fraud, it is strongly recommended that you speak with a tax fraud lawyer about your legal defense options, next steps, and what to expect as the case proceeds. An experienced lawyer can provide you with legal guidance that could make the difference in the outcome of your case being a good one for you. Whatever your situation, make sure to give yourself a good chance to come out of the case with a positive outcome. Contact a law firm today to speak with a lawyer about your situation.

Is Tax Fraud a White-Collar Crime?

One of the common “white-collar” crimes is tax fraud, as a tax fraud lawyer in Hanover, MD, such as from Crepeau & Mourges, can explain. White-collar crimes are non-violent crimes but can still result in hefty fines or jail time if convicted, because they can involve large amounts of illegal income, fraud, and a knowing or intentional breaking of the law.

Types and Examples of White-Collared Crimes

There are multiple types of crimes that are considered white-collar, which is named as such because these criminals are typically business people (traditionally known for wearing white-collared shirts). By definition, a white-collar crime is a crime that does not include violence, but some type of theft (not in person, like a bank robbery) or other illegal financial gains – which is why tax fraud is a prime example of white-collar crime. Other types of white-collar crimes include, but are not limited to:

• Tax Fraud or Evasion
• Embezzlement
• Insider Trading
• Corporate Fraud
• Ponzi Schemes
• Extortion
• And more…

Penalties for White-Collar Crimes

Like most crimes, there is a multitude of possible penalties and degrees of penalty depending on the specific circumstances of your convictions. Some of the more common penalties are fines, jail time, paying restitution to injured parties, forfeiture of assets, probation, and community service. Some of the less considered consequences of being convicted of a white-collar crime are social and employment difficulties and isolation,  because it could be hard to find a job once potential employers learn of your past, and friends and family may treat you differently. There is also the emotional trauma of being humiliated in a courtroom for your actions. 

Work with a Lawyer

As you can see, white-collar crimes can have serious consequences and jail time even though they are non-violent in nature. The court typically takes these crimes very seriously and may not look on you favorably if you are charged with one of these crimes. Having an experienced lawyer by your side can prove to be beneficial. A lawyer can offer legal advice, a defense strategy, representation in court, and guidance on the entire legal process. It is typically recommended that you seek professional legal counsel when facing any type of legal charges against you, no matter the nature of the crime. Contact a law firm today to schedule an initial consultation with an experienced lawyer in your area who can get started right away on your case.

What to Know About Tax Audits

Most people agree that the worst thing that could happen to you regarding taxes is being audited by the Internal Revenue Service (IRS). An audit by the IRS is typically invasive, extensive, and generally uncomfortable to experience, as a tax audit lawyer in Hanover, MD, such as from Crepeau & Mourges, can explain. Tax audits are conducted to verify that the information provided is accurate and does not necessarily mean that they are incorrect. However, typically the returns audited are ones that are suspected to have errors and inaccuracies.

Who Can be Audited?

In short, anyone has the potential of being audited. Whether you are a business, a high-earning individual, or a low-earning individual, you could be chosen by the IRS for an audit. The IRS sometimes chooses who to audit based on statistics from a computer scoring system that flags returns that are questionable because of things like drastic changes from previous years, such as income. The IRS will typically audit only for the past two years of returns, but in some cases has the right to go back six years.

What does an audit entail?

The process of an audit starts with initial contact from the IRS letting you know that you will be undergoing an audit. The audit will then be conducted either by mail or with an in-person interview. Because the purpose of the audit is to verify that your return was accurate, you will be asked to provide documentation that explains why you took the position you did in your return. It is important to provide all of the information as asked by the IRS auditor. You may even want to work with a tax lawyer who knows the process and can work directly with the auditor on your behalf.

Work with a Tax Audit Lawyer

If you are being audited, there is no time too soon to talk with a tax audit lawyer. A lawyer can discuss your situation, the audit process for your specific circumstances, and what to expect next. You may not be able to find an ally more experienced and helpful than a tax audit lawyer, because they know the laws and process for taxes and audits. When you are being audited as a business or individual, you find it beneficial to have the legal guidance of a lawyer. Contact a law firm today to schedule an initial consultation to discuss your situation and next steps.