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| Family & Business Planning |
| We provide legal audits for succession planning to family owned businesses and their owners. |
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Maximizing the benefit of one's possessions long-term, including personal wealth or a family business, requires wise strategic decisions and sound management. Assessment of a family business' current operations, and anticipating life changing events that affect it, is the focus of family business succession planning. |
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A succession-planning audit is a comprehensive way to determine the viability of the overall business operation, current asset protection strategies, current estate planning and wealth transfer strategies. |
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The Audit will determine whether the procedures and plans currently in place will satisfy the family business owner’s overall goals and objectives for the family as well as for the business. Several facts are critical to the accuracy of the Audit, such as: Who are the people involved in the business and what is their relationship to the business owner -family, employee, contractor? Is the goal for the business to remain family owned and operated? Does that answer depend? What is the value of the business? Is there an integrated estate plan? |
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The Audit will also include recommendations for maintaining maximum control of and benefit from the business for the owner and/or spouse during their lifetimes and at their death, to minimize Federal Estate and Income Tax, to transfer ownership of the family business in the most tax-advantageous manner, to apportion their estate among family members, and to create enough liquidity to pay taxes due. |
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