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Six Things Family-Owned Firms Should Know About Succession Planning


For family-run firms, a crucial concern centers around ensuring the longevity of the business they’ve spent years building and the assets they may have accrued. It usually means the process of prepping children to take over the business itself, as well as any assets in the firm’s portfolio. NREI consulted with attorneys specializing in succession planning for tips that family-run businesses may want to keep in mind.

Among the chief goals of succession planning is providing continuity of management, in addition to minimizing the tax costs of transferring property interests to new generations, according to Bruce W. Tigani, attorney and chair of the tax, estates and business practice group at Morris James, a law firm based in Wilmington, Del.

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Julian Schubach is an Investment Advisor Representative of Nosuris, Inc., a New York State Registered Investment Advisory. Investment Advisory Services are offered through Nosuris, Inc., a NYS Registered Investment Advisory. Please visit www.Nosuris.com for additional disclosures. Check the background of this firm on FINRA’s BrokerCheck.

©2016 by Julian Schubach