The New Hampshire state motto, “Live free or die,” is arguably one of the most memorable in the country with roots in the battleground of the American Revolution. Proudly emblazoned across license plates and memorabilia, the adage is not only championed by state residents, but has now taken on new meaning for the ultra-affluent outside of state limits as well.

Experienced runners would never embark on a marathon without adequate training. Taking on this physical and mental long distance feat shouldn’t be entered into lightly and without defined strategies for how to cross the finish line. The same can be said for the challenges small business owners face, which include launching, operating, growing and ultimately exiting their ventures at the end of their careers. Unfortunately, many business owners fail to thoroughly prepare for the last stage of the marathon – a successful sale or transition.

As we approach the end of the year and focus ahead on 2019 financial planning needs, we wanted to remind you of an important planning tool which will soon be phased out.

The underused and not well-known social security planning technique has to do with filing a restricted application to receive spousal benefits while allowing your benefit to grow until age 70.