by Brian Mahany
Although we are a full service tax firm, most people think of us only for our fraud and offshore reporting work. Our team of highly specialized tax lawyers can also assist in tax and estate planning. According to recent studies, 25% of family businesses plan on a change of ownership in the next 5 years yet many have no succession plan.
Baby boomers are now reaching retirement age. Many business owners are planning to turn over the reins to someone else. Sometimes that is a family member. Sometimes it is a third party. Either way, plans should be made now.
Often we see cases in which a business owner dies suddenly. Then, of course, it is too late to do any planning. A successful business that has been in a family for decades could be liquidated at forced sale prices or given to distant relatives simply because there was no plan in place.
We also see situations were an estate must pay significant taxes simply because no one had engaged in meaningful tax and succession planning.
The old adage about a little planning avoids future problems is especially true with small family businesses. A little money and a well thought out plan now could save your heirs a fortune in future legal fees and taxes. It also avoids a great deal of uncertainty and stress.
Our tax lawyers can be very helpful in preserving your assets for future generations, protecting your legacy or avoiding future disputes and squabbles. Even if everyone is cooperative and agrees to how a business should be divided or transferred, there is often no money to fund the purchase and sale. Once again, a little planning can avoid many future problems.
For more information about our tax planning services, contact attorney Bethany Kroes at 414.223.0464 or by email at . Our team of tax and business succession attorneys include lawyers with advanced post doctoral degrees in tax and CPA’s.
Mahany & Ertl – America’s Tax Lawyers. Offices in Milwaukee, Wisconsin; Detroit, Michigan; Portland, Maine; Minneapolis, Minnesota and coming soon, San Francisco, California.