One of the chief concerns facing owners of family or closely held businesses is how to effect an orderly and affordable transfer of the business to family members or a key employee.
Orlowsky & Wilson, Ltd. knows that failure to plan for orderly business succession can result in both monetary losses, and even loss of the business itself. Estate taxes alone can claim up to 45 percent of a taxable estate, frequently resulting in businesses having to liquidate or take on tremendous amounts of debt just to stay afloat following an owner’s death.
One of the more important aspects of business succession planning is working out the financial pitfalls following the death of the business owner; answering questions like: Where will the money come from to pay taxes? Or, if the business is a partnership: Where will the money come from to buy out the deceased partner´s share?
Many of these business succession planning questions can be answered through the proper use of such funding vehicles as life insurance, annuities, and disability insurance, and often at little or no net cost to the business. But the time to work these things out is before the situation arises, not afterwards. Selecting qualified advisors, such as Orlowsky & Wilson, Ltd. will help assure that your plan legally, profitably, and affordably considers your needs and objectives.
To schedule your free initial consultation, email or call us today! 847-325-5559