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Estate Planning and Your Web Design Business

It can be difficult to think about estate planning when you’re working hard on a daily basis to keep your web design business running and profitable. External and internal pressures are always present, and you have to acknowledge that and allocate time to work on your long term goals. One of those goals should be to protect and preserve your business assets and income for your beneficiaries, such as your spouse or children. You can do that through proper estate planning.

Write a Will

The first item you’ll need for estate planning is a written will. There are so many free and cheap templates and samples available, that there is really no excuse not to have one. If you don’t write how you want your assets to be disposed, then the probate courts will do it how it sees fit. For example, if your dream is to have your children take over your business or give them the option to sell your assets to pay for their living expenses, you need to write that in a will. Don’t rely on inheritance laws to give you the outcome you want. A probate court judge may end up giving away your business assets to other beneficiaries while still complying with state laws. You should avoid handwritten wills because they can lead to extensive legal battles, and some states do not recognize them as valid.

Create a Trust

If your web design business is tied up in probate court, then your beneficiaries may not be able to do much to sustain it until the legal process is complete. That can have a detrimental effect on the business, and creating a trust is one way to avoid the need to go to probate court. The trust allows you to hold your business assets on behalf of your beneficiaries. When you die, the assets are not considered a part of your estate. They will be distributed to your beneficiaries, or your web business will be transferred to them, the way you describe in a written trust agreement. Your beneficiaries do not get to own the trust until you die, and you can determine when they receive assets. You can create a living trust now, or a testamentary trust which begins upon death.

Give Gifts

Estate taxes can take a toll on your web design business. Federal tax laws can lead to a significant reduction in what your beneficiaries will be left with after probate. You can reduce your estate taxes by giving gifts to your beneficiaries while you’re still alive. According to gift tax laws, you can give up to a certain amount without triggering a gift tax. For example, you could give a gift up to $12,000 in 2011 to a beneficiary without paying a gift tax. The amount changes from time to time, but you can check the IRS website for the most up to date information.

Consult with an estate planning attorney about the needs of your web design business. It would be painful to the ones you leave behind to work so hard at building a business, only to lose some or all of it in the probate process.

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5 Ways to Find Insurance for Your Employees

You may be obligated to find insurance for your employees under federal and state laws. Good job candidates also factor in employee benefits when deciding which job to accept, and you may need to find insurance to hire and retain them. It’s important to compare plans so that you can meet your legal requirements at the lowest price possible. Here are 5 ways to find insurance plans online and offline:

1 – Your Insurance Agent

You should begin your search with a call to your insurance agent, and for good reason. Insurance companies reward customers with multiple policies by awarding them with discounts. If you have business insurance with your insurance company, that’s even better. You should still call your agent if you only have personal insurance products, such as homeowner’s or renter’s insurance.

2 – Local Insurance Agents

If you don’t have an insurance agent that you’ve worked with in the past or are not happy with the discount offered, try other local insurance agents. Give them a call to discuss your need to find insurance for your employees. Those agents often have a network of agents who they work with in case they are unable to provide a specific product. You also may feel more comfortable meeting in person with an agent to discuss your needs in more detail, rather than with an online insurance broker.

3 – Online Insurance Brokers

One of the quickest ways to find insurance for your employees is to submit a request for a quote with an online insurance broker. You can get quotes for group and individual rates and easily compare benefits. The problem is that some online insurance brokers are not trustworthy and it can be difficult to determine who to submit your information to. You should always check the Better Business Bureau’s website at www.bbb.org before sharing personal information. It’s also important to use your discretion when it comes to the type of information you’ll submit to get a quote.  For example, you may want to withhold your social security number, and submit your employer identification number instead.

4 – Chamber of Commerce

You should check with your local Chamber of Commerce to see what options are available to your for small business group health insurance. The Chamber may offer excellent group rates for employers who want to provide health, disability or life insurance to employees. You have to be a member to access those benefits, but the cheaper insurance rates may be worth it.

5 – National Association of Health Underwriters

You can find health insurance agents that are reputable and held accountable through the National Association of Health Underwriters (NAHU). You can also get help from NAHU with the enrollment process as well, with purchasing decisions. You can learn more at www.nahu.org.

It’s important to do your homework when you want to find insurance for your employees. Don’t just compare the premium price, but also the policy terms. Not all policies are made equal, and you don’t want to end up paying the same price for fewer benefits.

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