How to plan for business succession, move assets to family, lower taxes
Article Abstract:
Business continuity can be ensured by transferring business ownership to family members and others. Selling assets can also ensure reduced value for taxable estate and can motivate new owners to make the business more successful in the future. Aside from selling or transferring assets to family members, a smooth business succession can be done by effecting a family annuity, entering into a buy-sell agreement and discounting value of ownership. Ten options on how to give away, sell, transfer or capitalize stocks are discussed.
Publication Name: The Business Owner
Subject: Business, general
ISSN: 0190-4914
Year: 1998
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Planning your business' future without you in it
Article Abstract:
A businessperson can plan ahead to ensure smooth business continuity even when unforseen circumstances occur or when he retires. Planning should include estimates of needed cash and ensuring adequateness and liquidity of funds. Other steps to consider are making sure of the adequacy of life insurance, getting into a buy-sell agreement with the company itself or other company owners, transferring assets to family members, increasing compensation, among others. Other business continuity techniques are discussed.
Publication Name: The Business Owner
Subject: Business, general
ISSN: 0190-4914
Year: 1998
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Your family: How to plan wisely, save taxes, and protect the assets you give them
Article Abstract:
Owners of closely held businesses can boost equity inside and outside the company and save taxes by transfering money, assets, ownership and tax liabilities to family members and the business itself. Business owners can have their children or spouse own affiliated companies so the owners can diversify and boost equity outside the company. Owners can protect what they give to their families by creating a living trust to allow flexibility, shun probate costs and expedite asset distribution.
Publication Name: The Business Owner
Subject: Business, general
ISSN: 0190-4914
Year: 1997
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