Estate Planning
Estate Planning PDF Print E-mail

Estate Planning has traditionally been concerned with preparing testamentary documents and avoiding estate taxes. These are two important items, but they are not the only issues in estate planning for family and closely held businesses. To properly prepare an estate plan, consideration must also be given to the practical needs of both the business and the family.

Specific Services

Family Smart Estate Planning

The overemphasis on the avoidance of estate taxes causes business owners to adopt strategies that are – bluntly – unwise when it comes to the needs and wishes of the family and the stakeholders of the business. The Family Business Institute puts the focus back where it belongs: the practical needs and wishes of the family and business come first and strategies are tailored around those needs rather than being myopically focused on avoiding taxation.

Avoiding the “Big Three” Family Business Estate Planning Mistakes

Because estate planning is so complicated and business owners are unfamiliar with the lingo and tools of planning, they often fall prey to three simple but all too common mistakes. Our thorough process rectifies the mistakes and as a result, can save millions of dollars of unnecessary taxation.

Avoiding “Affluenza”

One of the common fears of business owners is that – through well intentioned gift and tax avoidance strategies – they’ll put great wealth into the hands of family members who aren’t ready for it. They want their children and grandchildren to be productive members of society, but they worry about how the young people could be affected by receiving large sums of money or other assets.

The Family Business Institute can help relieve these concerns with a combination of techniques like Family Incentive Trust plans, counseling about the meaning and appropriate uses for wealth, and by developing “Family Charters” or sets of family values which can help families determine the meaning and purpose of their success – and pass those values along to others.

The Family Business Institute Difference

Our commitment to helping you achieve breakthrough success is absolute. Drawing upon our unparalleled experience in working with family enterprises across virtually all industries and business functions, we educate our clients about the need to utilize a comprehensive and integrated approach for the benefit of their family business system. The Family Business Institute differentiates itself by addressing not only the typical financial side of the family business triangle, but also the other two sides which deal with operational and/or interpersonal issues.

Ready to Learn More?

In addition to the services listed above, the Family Business Institute can also assist you with many more services in the area of Estate Planning. For more information, contact us at (877) 326-2493.