Succession Planning

WARNING: Passing Your Business to a Family Member or Associate Can Be a Risky Proposition.

7 out of 10 family owned businesses will not survive the transfer of the business from one generation to another. Lack of planning and discomfort discussing topics such as aging, death, and financial affairs will more often than not result in loss of a business due to estate taxes, family discord, or some combination thereof.

If you want to assure that the business you worked so hard to build will be there to support future generations, you must clarify your plans for succession and finalize, as well as legalize your priorities.

Get professional advice for dealing with these key issues and more…

  • What will happen to your business? Do you wish to keep it in the family, sell it to a third party or pass it on in some other manner? We can help you weigh the advantages and disadvantages of each of your options, as well as help you determine how the business can best provide for you as you enter your retirement years.
  • If you are not running the business, who is? Ownership of the business and management of the business are often two distinctly separate entities. How will your retirement or death affect the day-to-day decision making of how the business is run? Will your children take active roles in the running the business, or will they exist as owners only? Clarifying your expectations in legal terms and making these decisions in advance will help ease the transition of ownership, as well as management, without further risk of detriment to the business as a whole.
  • How can you minimize the tax burden upon transfer? When businesses transfer ownership, taxes are a reality regardless of the relationship between the parties. Review your options with an expert in the field in order to make the decisions that will best support your family members and the business.

Remember that inherited assets, such as family businesses, are often the cause of tremendous emotional strain and stress for individual family members. It is best to address any actions that might be seen as fair or unfair ahead of time, so that family members know what to expect and why you are making the decisions that you are making.

They may not realize, for instance, that the tax implications of inheriting a business might be more burden than they could financially handle or that decisions involving management vs. ownership have been taken into account.

Contact us about our Succession Planning Services to determine the value of your business, before restructuring your business, to review the tax consequences and tax projections of your actions, and to help you plan for retirement.

Let Us Help:

Jay Walia’s Case for Umbrella Insurance

So, this is the time of year when IRS notices start pouring into Worcester County mailboxes. And while the IRS has put a hold on a lot of those, some are still trickling through.And no one likes getting them.The problem right now is that the IRS is still in “treading...

Buy Now Pay Later Pitfalls Worcester County Shoppers Should Beware

Although the strain of tax season is behind us, I know we all are feeling the weight of financial strain on our daily lives.The pressure cooker of inflation, pandemic / post-pandemic, cultural upheavals, global friction, political shifts, etc. has really taken its...

When Amending a Tax Return Is Right for Worcester County Taxpayers

Here we are in May. The tax deadline is in the rearview … and we’re still here for our Worcester County friends. Ready to rock on your behalf. Today I’m talking about second chances.Ctrl + Z. Ever used that keyboard shortcut? It’s also known as the “undo” button...

How Worcester County Taxpayers Can Wisely Spend A Tax Refund

By the time you read this, the tax deadline will have just passed and our Worcester County tax office will be taking a long, deep breath. (Serenity now!) These days have been a whirlwind of activity for us here at Accounting Solutions, Inc, and not just because of tax...

Why Disability Insurance Matters – Jay Walia’s Take

Now that the tax deadline has come (and gone - whew!), it’s time to start thinking about the rest of 2022… and future possibilities of all kinds – both good and, well, not so good. The good? There are steps Worcester County taxpayers like you can take now to help...

How Worcester County Retirees Can Stretch That Retirement Fund

You might not feel this as much in your bones as we do here, but the tax deadline is getting very close. This year, for reasons that at this point in our season would take way too long to explain, the tax deadline is April 18th (not 15th).We’re...

House Hacking Guide for Worcester County Homeowners

There’s a lot going on out there right now as the visible signs of spring begin to emerge. While the birds sing with the morning sun and longer hours of sunshine brighten everyone’s outlook – the whistle of mortar shells continues to echo throughout Ukraine and the...

Jay Walia’s Perspective on Tax Filing Extensions

Today’s issue we’re diving into tax filing extensions… and Worcester County people do this for all kinds of reasons. Truthfully, extended deadlines and delays have been pretty commonplace in the tax world over the last few years. Sometimes life smacks you in the face...

NFT Tax Implications for Worcester County Investors

While many things are dividing the world right now, it’s good to know people can still unite around shared interests… like college basketball. According to an American Gaming Association (AGA) survey, something like 45 million people planned to wager $3.1...

2021 Tax Credits Worcester County Taxpayers Can Bank On

Believe me, I’ve seen some of the craziest tax claims in my office over the years, but claiming captured military equipment hasn’t been one of them. Recently the Ukrainian government assured its people they wouldn’t be held liable for taxation on any Russian...

Ready to come in for an appointment?

Click here to schedule a time to meet with us. We will NOT make dealing with a tax professional as painful as it’s been in the past!

Contact Us