Entrepreneur in Transition:
As they move into their 60s and 70s, many entrepreneurs begin to consider how best to transition into retirement while passing on their business to their children. In most cases, their paramount concerns are to:
- Remain involved in the business
- Create a secure retirement for themselves
- Pass on the business to their children without paying unnecessary taxes
- Leave a legacy for their favorite charity
Weinheimer Wealth Management can craft a plan to meet their goals and more. Using the full $10.5 million in estate tax exemptions from the American Taxpayer Relief Act of 2012 and a trust, a business exit strategy can be implemented whereby adult children can purchase the business without impoverishing themselves or depriving their parents of the capital they need to retire.
The parent’s estate plan can be set up to include a provision for ongoing support of their favorite philanthropic organizations. Weinheimer Wealth Management also has the ability to work with grandchildren and future generations to educate them on the financial, philanthropic and business legacy they can expect to eventually receive.