Learn about succession planning strategies business owners.
- Lack of proper financial planning is a surefire way to lose the family business you’ve worked so hard to create.
- You can implement a number of business transition strategies to help you maximize your legacy’s ultimate value.
- As your family and business change, so should your plans for their futures.
Like many owners of closely held family businesses, you’re likely working hard every day to sustain your business and help it thrive through always-changing economic conditions. The last thing you are focused on is how you will preserve your wealth and transition your business to future generations. However, now is the time to ensure that you have a solid business transition plan in place that will not only help your successors take over your company, but also help to reduce the estate tax burden on the next generation.
As a business owner, you can implement a number of succession planning strategies to help you maximize your legacy’s ultimate value.
WEALTH TRANSFER STRATEGIES
Reducing potential estate and gift taxes should be a critical component of your holistic succession planning strategy, and there are many types of estate planning tools available that can help you transfer your wealth efficiently. The following four strategies are most relevant to business owners interested in transferring wealth, and they are particularly advantageous for transferring those assets that have the greatest potential for appreciation.
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