Tax and succession plans help preserve family wealth, and when a family business is involved, provide stability for key employees, whether family members or others. This area involves high emotions, and a very high tax penalty for being unprepared. So advance planning starts with the necessary wills and trusts to assure a smooth transition to the next generation. And for a family business, we look at how the business is set up – corporation, limited partnership, limited liability company, etc. – in order to minimize tax now, and during the future transition to the next generation. In addition, a well thought out succession plan assures security for family members, helps maintain harmony among family and key employees, plus provides for the perpetuity of the organization.
In addition, we advise individuals and businesses with comprehensive tax representation including planning, preparation of returns, and litigation.