Estate Planning attorneys, Frank Chesters and Vance Antonacci, from McNees Wallace & Nurick provide a brief overview of their recent seminar on business succession planning. Here, they share tips on how to preserve a family business owner's most valuable asset.
Frank's tip: business owners need to identify the objectives for their own individual succession planning. Determining factors are often their own economic objectives both during See more +
Estate Planning attorneys, Frank Chesters and Vance Antonacci, from McNees Wallace & Nurick provide a brief overview of their recent seminar on business succession planning. Here, they share tips on how to preserve a family business owner's most valuable asset.
Frank's tip: business owners need to identify the objectives for their own individual succession planning. Determining factors are often their own economic objectives both during their lifetime and in retirement, and also consider the possibility of an untimely death.
Vance's tip: In developing a business succession plan, it is important to keep income tax and federal estate tax efficiencies, and asset concentration avoidance in mind. No plan is going to be right for one person and for another. The key is to plan.
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