Planning for how you will exit from your business should be an integral part of your estate planning and retirement planning. Lack of planning can result in substantial income taxes and estate taxes. You could be forced to sell the business or its assets at “fire sale” prices. Worst of all, the transition may cause irreparable damage to family relationships. At Hallock & Hallock, we will counsel with you about what will happen with your family business upon your retirement, death, or disability. Proper planning can provide you with retirement income, reduced income taxes and estate taxes, and even let you benefit a charity. Proper planning will allow the transition to occur in manner that minimizes the likelihood of family strife. Planning now to exit your company will result in you and your family receiving the best possible results.
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