Services Provided
Trust and Estate Planning, Business Law, Real Estate
Situation
Our client was a very successful business person who had worked with us over the years to grow their business, including purchasing and leasing property, buying smaller businesses that were brought into the umbrella company, and negotiating and executing hundreds of contracts through the years. Eventually this business success led to a very successful exit and retirement and a strong desire to preserve wealth for future generations.
Approach
What most business people fail to understand are the incredible tax implications of almost every business decision. Tax planning at every stage is critical to preserving wealth, and it is even more critical when planning to pass along that wealth to heirs and other loved ones. Taxable events can wipe out the value of years of hard work, if not managed properly. Understanding and using all the legal tools at his disposal, Mike and his team set about to structure the right trust and estate plan to meet the client’s goals. Those included to preserve their wealth with minimal tax implications, and help provide a legacy that will live on for decades.
Outcome
The plan provided for the needs of the client, including a clear path to pass on wealth to future generations. It also included provisions that made the tax implications far less than they would have been otherwise – absent Mike and his team structuring the correct approach.