It's no wonder why estate planning is avoided. But it is necessary because it enables the owner/entrepreneur to benefit from their financial investment in the company. While tax planning is the number one priority for doing estate planning, families in business want estate planning to help the next generation run the business. Estate planning can also help you assure economic security and asset protection for the senior generation.
Estate planning is also necessarily for equitable treatment of the children.
It's often difficult for parents to treat their children equally because they're so different. As a result, it's important to develop a plan. Then, once the plan is established, the family needs to get together and discuss how the parents plan to address the adult children equitably. Often the younger generation can make suggestions and clarifications that allow the parents to fine tune their plan with their estate planning professionals.
Whether it's effective tax planning, guaranteeing seniors' economic security or planning the equitable distribution of assets in the future, effective planning today can ease the burdens of running the family business tomorrow. We can help with your estate planning starting now. Email us
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