Personal and business income tax planning are critical issues that need to be coordinated to achieve financial goals for the owner personally. Maximizing the equity in the business when it is sold or otherwise transferred requires careful planning. Poor tax planning can cause an owner to lose a significant part of what has taken a lifetime of work to build. A review of alternatives to minimize income taxes, in addition to accounting procedures, is completed. Determining alternatives to maximize the value at the time of the sale or transfer is equally
important.
Estate distribution plans are important in order to allow the business owner to pass on hard earned assets to his heirs without excessive estate taxes significantly reducing the amount going to future family generations. Sophisticated planning techniques are reviewed with the goal of enhancing the estate assets while the business owner is alive and to maximize the amount his heirs will receive from the family estate.
Access to tax attorney’s that have the expertise to specialize in these key areas is essential. These attorney’s work with a business owner’s existing legal and accounting professionals to create the best solutions for the client.