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Do not put your future at risk; if you do not have an estate plan already, the time to create one is now. We can help – contact us today!
Adequate planning can ensure your business will be preserved as you want it to be.
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).
Why is succession often Avoided, rather than Planned?
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.