Succession Planning

Does your family business’s succession plan include estate planning strategies?

Estate Planning, Federal Estate Tax, FLP (Family Limited Partnership), Gift and Estate Tax, Trust, Uncategorized / Douglas Freeman

Family-owned businesses face distinctive challenges when it comes to succession planning. For example, it’s important to address the distinction between ownership succession and management succession. When a nonfamily business is sold to a third party, ownership and management succession typically happen simultaneously. However, in the context of a family business, there may be reasons to […]

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An FLP can save tax in a family business succession

FLP (Family Limited Partnership), Gift Tax, Small Business, Tax Cuts and Job Acts (TCJA), Tax Planning, Tax Savings / Douglas Freeman

One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited partnership (FLP) can help owners

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