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Succession Planning

Succession planning is an unavoidable issue facing every closely held business.  It is a process that is more than mere estate or retirement planning.  A succession plan guides the business owner to deal with each vital facet of perpetuating the business.  It should include business and financial management, stock ownership and family participation planning. 

Succession planning maps out a process of transferring equity ownership and management responsibilities in the event of retirement, death/ and or disability of the business owner.  It also plans for transfers via sale to existing shareholders, sales to management, sales/gifts to family members, or the sale/merger with outside interests.  In addition, implementing a comprehensive succession plan puts systems and procedures into place that will assist with management transition issues. 

Planning for the future of a business can mean the difference between success and failure for the continued viability of a business.    

Succession planning will help to: 

  • Mitigate future shareholder disputes
  • Allow the business owner to plan for shareholder events
  • Eliminate the uncertainty for future financial obligations
  • Protect the continuity of the remaining principal shareholders
  • Reduce income/estate taxes for both the buyer and the seller 

A properly structured plan will include:

  • A clearly defined leader to succeed the current owner and assume responsibility
  • A formal business evaluation which should be kept up to date
  • A buy-sell agreement
  • A plan to guide the company through the transition process

Our team of experts will: 

  • Evaluate current arrangements, shareholder agreements and key management incentive plans
  • Identify objectives of potential purchasers
  • Determine valuation criteria and perform a valuation
  • Identify funding mechanisms based on the selling shareholder’s liquidity needs
  • Explore deferred compensation to selling shareholder as a component of the post sale income stream
  • Coordinate drafting of legal documents

 

Estate Planning

Regardless of your age or economic situation, proper planning is essential in ensuring your assets will be preserved and distributed according to your intentions. Although death and taxes are inevitable, you can reduce your tax burden with effective planning.

In devising an estate plan it is important that you not lose sight of your overall objectives. Even if you are a layperson at estate planning, you are the best person to determine the fate of your assets. Such decisions include: the risks you should incur to continue building your estate, the security measures taken to ensure its preservation, the amounts provided for the education of your children, the amounts to be set aside for retirement, and the distribution of your wealth after your death.

Without planning, your assets could be distributed by law in a manner that produces results you never intended. In addition, your estate might be forced to sell the family business or real estate at distressed rates to raise cash to pay federal and state estate taxes.

You Need Good Advice

Your desires and objectives for your estate will need to be considered in light of laws and taxes. Careful planning can substantially reduce taxes in most cases, leaving a greater portion of the estate for those whom you wish to receive it. Although the final decisions are yours, the complexities of most estates and the variety of options available require you to seek competent advice.

Our estate planning specialists will help you develop and implement strategies to:

  • Set your personal goals and objectives

  • Estimate your net worth

  • Preserve and build your wealth

  • Determine insurance needs

  • Ensure adequate retirement income

  • Minimize estate and other tax liabilities

  • Maximize trust, gifting and planned giving benefits

  • Plan efficient transfer of your assets

  • Monitor and adjust your estate plan as needed

How HLB Gross Collins Can Help You?

We can review your assets, project how your estate will grow, and determine the taxes that will be due. We can help you minimize estate taxes through various estate planning strategies. We can advise you on such matters as:

  • Ownership and titling of assets

  • Estimating cash needs

  • Charitable gifting

  • Education planning

  • Succession planning

  • Retirement considerations

  • Drafting a will (in conjunction with your attorney)

  • Life insurance planning

  • Investment Mgt. & monitoring

  • Trusts

  • Gifting programs

We can also help you with important non-tax decisions, such as managing assets for your children as minors and young adults. We also have the expertise for any problems you may have with state inheritance taxes and probate considerations.

Finally, it is important to review your estate plan periodically as your personal situation and the tax laws change.

Personal Financial Planning

HLB Gross Collins P.C. develops personal financial plans that help clients effectively use their assets and income to reach their financial goals. These goals may be related to retirement, education, death, disability, estate planning and insurance and investment planning. Our services include:

  • Assessing and analyzing your financial resources
  • Identifying the most beneficial strategies
  • Developing a comprehensive plan to help you achieve life goals
  • Coordinating the plan’s implementation
  • Reviewing and revising the plan as needed

With a personal financial plan as a guide, clients can make wise decisions concerning estate planning, retirement, personal family budget management, taxes, insurance, investments and their children’s education.
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HLB International is a world-wide network of independent professional accounting firms and business advisers, each of which is a separate and independent legal entity and as such has no liability for the acts and omissions of any other member. HLB International Limited is an English company limited by guarantee which co-ordinates the international activities of the HLB International network but does not provide, supervise or manage professional services to clients. Accordingly, HLB International Limited has no liability for the acts and omissions of any member of the HLB International network, and vice versa.