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If you have your own business, you may wish to keep the business within your family or sell it, before or after you pass away. Regardless of which option you choose, careful planning will ensure the business can stay up and running and be protected from large, unexpected tax liabilities.
It’s important to understand that the value of your business may continue to grow between the time you plan your estate and when you pass away, and that the taxable estate will include the value as of your date of death.
The terms “family business” or “small business” can be misleading, especially when you consider the impact these businesses have on the U.S. economy. According to a recent estimate by The Family Business Institute, there are around 24 million family-owned businesses in the United States. These businesses generate 64% of the gross national product (GNP) and employ approximately 82 million people (62% of the workforce).
Fear of what will happen if you turn over the reins. Sibling or family disagreement. Financial uncertainty. However, the cost of not planning can be enormous.
According to recent data from the Family Firm Institute, while more than 30% of all family-owned U.S. businesses survive into the second generation, only about 12% are passed onto the third generation.
Let us guide you through the process. We will work side by side with your trusted financial professionals to put a plan in place that can accomplish your goals while preserving your legacy.
We understand that to you, an estate plan is more than just a financial decision; it is a decision that will have a long-lasting and direct impact on your loved one ones. As such, all estate planning strategies that are employed are tailored to your specific needs. No two estates nor families are alike, and your estate plan should reflect that.
Our law firm is one of the most experienced estate planning law firms in the country, with more than 34 years’ background helping clients in Michigan. In fact, our firm has assisted more than 10,000 families with their planning needs, resulting in millions of dollars of life savings and assets protected.
For more answers to your questions contact us today!