Business Ownership Succession
If your business is among the 73 percent of U.S. businesses that are family owned, planning for business succession can be even more critical. Did you know that a staggering $7-10 trillion -- much of which is business assets -- will be transferred to the younger generation during the next decade and one-half? That doesn't mean the kids will take over all those businesses; history shows that the second generation only takes over 30 percent of family-run firms. Between now and your retirement, you will need to answer questions like:
- Will I pass on ownership to the second generation or will I sell the business as retirement approaches?
- How will my retirement needs be met while assuring that the business will survive for its successors?
- How can I best organize my estate to minimize estate taxes and avoid the necessity to sell the business at a bargain basement price just to pay the tax bill?
Our financial professionals can help you answer these questions.
For other estate planning services (wills and trusts), contact an attorney or other certified professional who specializes in estate planning services.
