As 2025 approaches, family business owners face new financial, legal and operational challenges that require proactive planning to ensure long-term success and smooth transitions.
Similar in function to an individual or family trust that owns assets and property, a business trust holds business ownership rights and assets.
The Estate of The Union Season 2|Episode 5 is out now! Happy New Year! To kick off the first episode of 2023, host Brad Wiewel,
Failing to properly plan for disability, death, or the ultimate transition of a family business can lead to disastrous financial consequences for both the business and the family.
You spend a lifetime building your business, so it’s crucial to have a game plan when it’s time to leave. Being prepared will help optimize the transition from a financial and tax perspective.
No one enters a relationship — be it personal or business — thinking it will fail. However, what happens when it does?
Trusts could be an incredibly powerful tool to help business owners protect their business and reach their wealth goals.
While 88% of business owners believe their family will control their business in five years, statistics from Family Business Institute show that only 33% of businesses survive to transfer to the next generation, and only 10-15% continue to the third generation.
In general, a last will and testament is an easy and straightforward way to state who gets what when you die and name a guardian for your minor children.
We currently have the highest estate tax exemption and the lowest intra-family interest rates in history. That combination alone is significant, but when mixed with the potential for lower estate and gift tax exemptions and depressed business valuations, you have a potent catalyst for transitioning ownership.
