Estate Planning for Family-Owned Businesses
Family business owners face unique challenges surrounding how to preserve the family business—a symbol of their heritage. Sadly, over 70 percent of all family businesses don’t survive the transition to the next generation. Estate taxes play a significant role in that problem.
However, estate taxes aren’t the only costs chewing up assets passed from one generation to the next. Estate Administration expenses and other settlement expenses can significantly reduce an owner’s legacy. On top of that are the problems surrounding the fair distribution of those assets to heirs.
Estate Planning Solutions
Your business poses two estate planning challenges:
- How can you preserve it so that you can pass it on intact to the next generation
- How will you equitably distribute it among your heirs.
Achieving these two goals means planning in advance for such expenses as estate taxes, as well as implementing strategies that give you maximum control over how, when, and to whom ownership of your business transfers. Contact our office for more information about your options.
Also be sure to read more about Business Planning and Asset Protection strategies here.