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.
There are two sides to a succession plan. One is for the operation of the company, and the other is for the ownership of the deceased owner’s share.
The family vacation home is often a point of pride, a place for reconnecting and making memories. A vacation home, whether it’s in the mountains, near the sea, on a lake, or on a farm, can have sentimental as much as economic value.
The new federal law is called the Corporate Transparency Act (the “CTA”). The purpose of the CTA is to create a comprehensive, searchable, national database of companies.
A frequent complaint by next-generation members is that the senior generation never fully lets go of business tasks.
You don’t have to be ultra-wealthy for a family limited partnership to make sense.
You and your spouse may visit the same primary doctor, financial advisor and tax preparer. However, what about preparing your wills?
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.
Robert, the older brother, and Lon, the younger one, were close as they were growing up in the Queens borough of New York City. However, when their mother passed away and left the bulk of her estate to Robert, Lon was devastated.
If you want to protect your family’s legacy from unnecessary taxes, divorce and creditors over the course of many generations, a dynasty trust could be your best friend.
