Thoughtful succession planning is important for all businesses, particularly family-owned businesses. Working with an accountant and an attorney will help you understand the tax consequences of the transfer and develop a succession plan that will work best for your situation.

• Estate and Gift Taxes
  If you give someone money or property during your life, you may be subject to federal gift tax. The money and property you own when you die (your estate) may be subject to federal estate tax.
• Management In Family-Owned Business 
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  Business succession planning provides business stability, tax savings, and, most of all, peace of mind. However, developing an effective plan requires hard work, discipline, communication, and teamwork.