Create a family business succession plan that works for you.
Every business needs both a short- and long-term plan in place for unexpected and planned events.
Ideally, succession planning should begin the day you take over a business.
Those parents that are most successful at passing the torch are the ones that have created a culture in which transition is welcomed and encouraged.
Take steps now to secure your future while reducing taxes on your estate.A number of tools are available to help you ensure your firm’s future, reduce the size of your estate, and lessen your tax liability.Stock redemption, special-use valuation, and discounting stock can all help to ease the estate tax burden.Entities such as LLCs and charitable trusts also offer unique tax minimization benefits.
