The lifetime estate tax exemption is expected to drop from $13.61 million to $5 million next year. Due to this significant decline, more of your family business’s value may be subject to estate taxes upon the owner’s death. How do you prepare for this decline? With new strategies to protect assets, plan estates, and restructure ownership. At the heart of this is the need for a strong succession plan.
According to Zac Lange, succession planning is about “maximizing and preserving the family’s wealth.” However, succession planning is complex. You must balance the company’s needs with those of the family. And your plan must align with family shareholders’ objectives. How should families plan for succession while preparing for the lifetime estate tax exemption decline?
It starts with transparent conversations. Learn tips on how to navigate the complexities of succession planning in a family business in “Ownership and Succession Planning in 2024.”
Read about succession planning in a family business here.
Become a Member for Your Expertly Curated Advice
Joining the Family Wealth Library means access to the information the legacy builders need to navigate family dynamics and protect our wealth. We can keep what is ours by managing familial challenges and building trust and transparency.