Claiming Your Parent as a Dependent
If you pay over half the cost of supporting a parent, he or she is considered your dependent for federal income tax purposes — which may qualify you to some significant tax breaks.
Privately held businesses, especially those owned by the baby boomer generation, should be considering the next steps for the future success of their business. You’ve likely invested a lot of time and resources into achieving a successful enterprise and worked to follow a strategic plan, hitting milestones and planning for continuity. However, as you think about the longevity of your company, you may not have given any thought to a succession plan.
The statistics for continuity among family-owned businesses are telling: only about two-thirds of those businesses will survive to the next generation and only 5 percent will survive to the fourth generation. Whether you own a family business or are part of an executive team managing the business, it becomes increasingly important to give serious thought to a succession plan.
Prepare for the succession of your company, no matter how far away.
Succession planning includes taking the time to determine who is most suitable to run the business after you, and allowing for time to instruct others about the intricacies of the business, including the values that you believe should be upheld.
Your management team must educate themselves about the organization in areas where they’re lacking. In addition to transferring leadership responsibilities, there’s the issue of transferring your ownership interests, which is also complex and requires careful tax planning.
Let our succession planning professionals help pave the way for continued growth.
Careful succession planning is essential for the successful transition of your business to the next generation. Our independence and objectivity enable us to make recommendations that are in line with your business goals. We will work with you to develop a succession plan that will help ensure the long-term success of your business.
For more information about succession planning services from Lumsden McCormick, contact a service leader below or complete the form below.
Understand what opportunities are available to help your business grow such as 0% state corporate income tax. Ask Cory and Alan questions at the end of this informational webinar.Learn More