What Is A Business Succession Plan And What Will It Accomplish?

Video Transcription:

A business succession plan, hopefully, is the best strategy to allow for the transfer of an asset, usually at death but not always, from one generation down to the next, and so there’s a lot of different ways to do that. Should I just wait until I die and leave my business to my son by will? Should I transfer it to him now? Suppose my daughter is highly involved in the business. My son is a musician, has no interest in business. Should I leave the business 50/50 to the two kids? Probably not because the one that’s involved with the business is now going to be partners with the one not involved. So maybe we need to find a way of getting some assets to the non-business kid and get the business to the business-involved kid. And what’s the most efficient way and the most tax-sensitive way to accomplish that? Hopefully the business succession plan is a plan that’s the best answer for that particular family. Have more questions? Then contact us today to schedule a free consultation! Doane & Doane – Top rated Tax & Estate Planning Attorneys