Father’s Day – What Happens When Dad Needs To Stop Working?

Lawyers call it “succession planning.” This simply means what do you need to do to organize your business to transfer to the next generation, retire, or simply sell the business. Even though more businesses are becoming woman-owned, most of my business owner clients are men.

What happens if the business owner gets sick? Is there a plan in place to take over the business? Who will run the business?

Suppose the owner suddenly dies? The same issues apply.

What if the owner wants to retire? Many times the most significant asset is the business and without selling it, a satisfactory retirement is not possible. What are the taxes to be paid and how can we plan to minimize the take of the various State and Federal governments?

I know thinking about death, disability and illness, old-age, and retirement can be difficult. Nevertheless, it is so much better to start planning when everything is okay rather than in the midst of a crisis.

Ronald J. Cappuccio, J.D., LL.M. (Tax), business and tax attorney, has more than 30 years of tax and business law experience. As a lawyer since 1976, admitted to practice before NJ State and Federal Courts, including the US Tax Court and the Court of Federal Claims, I have helped clients from around the U.S. as well as multi-national clients. I have dedicated my life to agitating people – especially the IRS and government functionaries. I have never worked for the IRS and therefore I do not have to worry about them as former colleagues. Fighting the government so you can keep your money is just plain fun for me!

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