2 ways to transfer a family business

Sep 25, 2018 | News

If a family-owned business is your main source of wealth, it’s critical to plan for the transition of ownership in your estate plan. One option if estate tax isn’t a concern is an estate defective trust. It’s designed so that your beneficiaries are the owners for income tax purposes, which will result in lower “familywide” taxes if your beneficiaries are in a lower tax bracket. And the assets remain in your estate for estate tax purposes and so will be eligible for a step-up in basis at death. Other strategies are available. Contact us to learn about your options.