© 2015 by Tritium Private Wealth Strategies, LLC

 

IRS CIRCULAR 230 DISCLOSURE

To ensure compliance with requirements imposed by the United States Treasury Department, you are hereby informed that any advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.   This advice may not be forwarded without our express written consent. 

This prominent disclaimer will not appear, however, if the written tax advice is in the form of, and meets the requirements of, a "covered opinion" (a term defined in the Circular 230 regulations).  Generally, a "covered opinion" issued by us will include written opinions we provide to clients who have retained Tritium Private Wealth Strategies, LLC to advise them on federal tax consequences of specific transactions, which is a practice which we do not undertake.

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Please be advised that any legal opinions or discussions contained herein should not be construed as or relied upon as legal advice to the client or to his advisor. The client should work with his/her own legal counsel to determine the course of action appropriate for the client's particular situation.

 

Tritium is not engaged in the practice of law, and will provide no legal services to you.  You are further advised that no legal privilege of confidentiality exists for any information transmitted or shared with Tritium and its personnel.

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Business Succession

What Are The Benefits Of a Sound Succession Plan?

  • Ensures a proper valuation of the business interests, reducing the possibility of conflict between successors.

  • Drastically reduces the cost and time required for settlement of the deceased’s estate.

  • If properly funded, can provide cash flow for operations when the business needs it the most. This can prevent the forced liquidation or sale to third party due to cash flow.

  • Elimination of conflict between active and inactive children.

  • Ensure ownership remains within your bloodline.

  • Peace of mind. 

The Bottom Line

Business owners seeking a smooth and equitable transition of their interests should seek a competent, experienced team to assist them in this matter.

 

If your objective is to continue the business after death, and not have it liquidated or sold to a third party, several options and considerations are possible. 

Transition To Family Or Family Sub-Groups

  • Active vs. Inactive Ownership

  • Conflicting Interests

  • Estate Equalization

  • Criteria (age, education, time in business) 

Transition To Employees

  • Key Employee Retention to assure they remain at the company.

  • Equitable balance between employee ownership and value passed on to heirs. 

Management Buy Out

Qualified team of people, hand-picked, that can continue operations and handle the proper administration of your succession plan.