In the world of business, success is usually measured in dollars and cents. After all, the more money you make, the more financially comfortable your family can become. As you continue to grow your business, however, you will need to figure out a way to guide and manage all of the assets you amass during your entrepreneurial career with a view to eventually passing it on to future generations.
Our team of seasoned accountants often recommend that our small business entrepreneur clients consider creating a family office. Our CPAs make this suggestion for a wide variety of different reasons, including:
Over the years, our Atlanta small business tax specialists have counseled small business entrepreneurs on how to not lose thousands or even millions of dollars in taxes when passing wealth from one person to the next. Inheritance taxes, income taxes, and other hidden costs can quickly add up to take a significant chunk out of the value of your assets.
However, if you choose to follow the advice of our Atlanta tax professionals by creating a family office, you may be able to minimize or even completely eliminate these tax payments. Family offices allow small businesses to create an integrated tax planning strategy that is designed to allow entrepreneurs and their families to keep hold of as much of their hard-earned money as possible.
If a member of your family is known to be a little flippant about how and when they spend their money, it is understandable that you may be nervous about simply handing your wealth over to them through direct inheritance. After all, even the largest inheritance can quickly dwindle away if it is not managed correctly. When you work with one of our elite small business financial specialists, you will gain access to a multitude of advisory services that can help preserve your earnings. From capital planning and management assessments to succession planning and exit strategies, our small business financial advisers are here to consult with you on all of your small business financial planning needs.
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.