Succession Planning Lake Forest
If you own a real estate property and a family business, retirement isn’t a simply matter. You need to plan ahead for estate succession and wealth protection and transfer. Succession planning Lake Forest services needs to be a priority for any family that runs a family business, because statistics show that most family owned business fail to survive their founder. The risks involved are not only family discord but estate taxes, as well. Developing a good succession plan is one of the conditions of the survival of a family owned business through the transition from one generation to the next.
There are many legal, financial and tax aspects to take in consideration and this is a highly complex matter. In order to achieve this goal you need help from a firm specialized in estate succession planning. Succession planning Lake Forest is one of these specialized firms that can come to your help and advise you on all the steps you should take to design a sound succession plan and implement it successfully.
What Success Planning Services Can Protect Your Wealth?
Succession planning Lake Forest provide legal services in estate and business succession planning, wealth preservation and transfer to family owned businesses, individuals, families, trusts, estates, and foundations. They can help designing a succession plan, minimize the impact of taxes, and fulfill fiduciary obligations. Their consulting advice is creative yet practical, coming with real life solutions. The consulting firm can work closely with the clients’ current advisors, including investment professionals, accountants, and key business associates.
In general, a comprehensive succession plan should take in consideration the following aspects:
- Whether or not you intend to keep the business in the family or sell it to a third party.
- Who will manage the business after you are gone. Ownership and business management are two different things, and you need to plan ahead for both. You may decide to transfer equal shares of business ownership to all your successors, but transfer the business management to just one of your children.
- How to minimize the tax impact on the wealth transfer. The tax burden can be significant when transferring a family business, because the business is not a liquid asset but taxes are due.
- How to make the wealth transfer fair and not add discord and stress to your successors.
The next step after you decide on the key issues above is to start designing your succession plan by focusing on the following five issues: tax projections, retirement projections, business restructuring, business valuation, and tax consequences. Creating a well-structured succession plan will ensure your peace of mind, knowing that the wealth you have been working hard to accumulate will be well preserved and transferred to your successors.
Because business succession planning can be affected by many factors, such as availability of capital, or general economic conditions, it is wise to have the support of a reliable succession planning firm. Succession planning Lake Forest firms offer advice and legal counsel that has a dynamic nature and a specialized firm can diligently track changes in the tax code, succession law, and general market conditions to help you adapt your plan to the unexpected. Succession planning Lake Forest is one of the trustworthy and reputable firms in the field.