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Procrastination. That's what many successful business owners do, instead of effectively planning for the future.
Now that they have accumulated sizable wealth, they become immobilized by seemingly conflicting concerns: how to retain control of their assets as they approach retirement age, retain enough income to live on after retirement, minimize their children's estate taxes, and provide for their families' security after they die.
Mixed into the equation may be a desire to eventually pass on the business to the next generation.
These goals need not be at odds with each other, however. There are ways to maintain control of the family business or other assets and generate an income stream, while keeping a lid on your estate tax bill. You may want to consider some of the following strategies as you map out your future:
* Family Limited Partnership. Estate leveraging, discounting and …