Do you know how much to save for college? Here’s how much you should save, how to start, and how to talk to your kids about higher education.

*The following article was contributed by Greg Maddox, Senior Business and Exit Advisor at Cultivate Advisors Every business owner will exit at some point, and we all hope it will be on our own terms and timeline. However, only 20% of those who try to sell actually do. Well, why is that? Most business owners aren’t actually preparing their business for a sale.

Have you seen the price for private and even public universities lately? If so, it’s likely you experienced a bit of sticker shock. The national average net price increase for the cost of attendance is bordering on 5% for both private and public universities in recent years, so this is a common challenge many families are facing.  Despite the temptation to bury your head in the sand it’s worth facing the fact that college is still very much worth the investment.

Most business owners will agree: scaling a profitable business is not easy. It takes a strong vision, sufficient capital, the right leadership and great talent to build a valuable business asset. Even if you never decide to sell, creating a profitable business asset is an incredible way to build wealth. However, many business owners lack the right playbooks and resources to unlock the wealth trapped in their business.

If retirement is on the horizon for you or if you have already taken the leap, you may have amassed savings and wealth but aren’t sure how to go about living off of that in retirement. Moreover, you may not have thought about “sequence of return risk”.

Usually, owners of pass-through entities pay federal and state income taxes on the net income “passed through” to them on their personal tax returns. The business entity itself does not pay income taxes. Virginia’s General Assembly developed a system where the business entity itself is taxed at the state level, effectively allowing a federal deduction for the full amount of income taxes paid to the state.

Start by defining the purpose of your wealth. In other words: What’s the money for? What are you trying to do with your wealth, and why does this matter to you or future generations? Reframe the language surrounding your wealth by identifying your family values.

Usually, owners of pass-through entities pay federal and state income taxes on the net income “passed through” to them on their personal tax returns. The business entity itself does not pay income taxes. Recognizing that combined state and local income taxes plus property taxes generally exceed $10,000 for many business owners, some states have developed a system where the business entity itself is taxed at the state level.