Business & Tax Planning

What role do Business and Tax planning play in an Estate Plan?

Business and Tax Planning make up one key aspect of a well engineered Integrated Estate Plan. Durfee Law Group considers all other aspects of your estate as well. We prepare a diagram in advance to determine the best solution for your needs. After diagramming a solution, we review the plan with you and further determine whether asset protection is right for you. If needed, Durfee Law Group sets up your business entities and figures out how they will be disbursed and taxed. With the right solutions, we create a plan to minimize your tax liability and protect your business for generations.

Business Entities and Estate Planning

Tax Planning

Why does this matter?

Business Succession

Too often, failure to plan leaves family members scratching their heads after parents pass away. They wonder, “What did mom and dad want?” This happens in the business world just as it does in families. However, getting your business interests integrated with the rest of your estate plan allows for a more seamless transition when the time comes.

Moreover, if any of the children or family members want to continue running the business, it helps to have a plan in place to know what is going to happen with the business.

Asset Protection

In addition to how the business will pass from one generation to the next, it helps if there’s a business to pass. Which means if tragedy strikes and someone sues the business, you have a plan for that. Then your asset protection planning for your business and personal assets pays dividends.

Tax savings

Part of the benefit of undergoing business and tax planning includes saving on taxes. Also, when the time comes where you could either pay taxes or give the money to a charity, we have a plan for that.